Investors' Behaviour in the Chinese Stock;Exchanges: Empirical Evidence in a Systemic;Approach
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.
chinese stock exchanges, corporate governance, investors' behaviour, shareholders' rights, system of simultaneous equations
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