Investors' Behaviour in the Chinese Stock Exchanges: Empirical Evidence in a Systemic Approach

Caterina Lucarelli and Giulio Palomba ()

No 297, Working Papers from Universita' Politecnica delle Marche (I), Dipartimento di Scienze Economiche e Sociali

Abstract: This paper investigates the Chinese mainland Stock Exchanges and their following interconnecting features: savers' attitude towards stock investments, investors' trading behaviour and stock returns explanations. We evaluate the eectiveness of the recent eorts made by the Chinese authorities to improve the level of legal protections for shareholders and the opening-up of the Chinese Stock Markets to foreign investors. The whole analysis is carried out through a system of simultaneous equations. The main results are that Chinese shareholders and stock markets are mostly driven by emotional behaviour. Stock market returns are barely influenced by the overall chinese economic booming, but reveal the presence of speculative influences. Investors' behaviour, as well as general trading activities, hardly seems to be aected by the legal framework introduced by the national Authorities.

Keywords: chinese stock exchanges; corporate governance; investors' behaviour; shareholders' rights; system of simultaneous equations (search for similar items in EconPapers)
JEL-codes: C30 F30 G18 (search for similar items in EconPapers)
Pages: 19
Date: 2007-09
New Economics Papers: this item is included in nep-cna, nep-rmg, nep-sea and nep-tra
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (8)

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Working Paper: Investors’ behaviour in the Chinese Stock Exchanges: Empirical Evidence in a Systemic Approach (2007)
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