Stock Liquidity and the Pricing of Earnings: A Comparison of China's Floating and Nonfloating Shares | |
Lou, Fang1; Wang, Jiwei2; Yuan, Hongqi3 | |
刊名 | EMERGING MARKETS FINANCE AND TRADE
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2014-05-01 | |
卷号 | 50页码:140-157 |
关键词 | China earnings pricing stock liquidity |
ISSN号 | 1540-496X |
DOI | 10.2753/REE1540-496X5003S308 |
英文摘要 | The reform aimed at converting nonfloating shares to floating shares in China provides a setting in which shares are subject to different levels of liquidity constraints. We show that the severity of these constraints is inversely related to the extent to which earnings information is reflected in share prices. Specifically, before the reform, transfer prices of nonfloating shares reflect much less earnings information than the market prices of floating shares. After the reform, however, transfer prices of nonfloating shares reflect more earnings information, although the weights are still less than those found in market prices. Thus, China's unique setting shows that share liquidity affects the way earnings are priced in stock. |
WOS研究方向 | Business & Economics ; International Relations |
语种 | 英语 |
出版者 | ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD |
WOS记录号 | WOS:000349848000009 |
内容类型 | 期刊论文 |
源URL | [http://10.2.47.112/handle/2XS4QKH4/1756] ![]() |
专题 | 上海财经大学 |
通讯作者 | Wang, Jiwei |
作者单位 | 1.Shanghai Univ Finance & Econ, Sch Econ, Shanghai, Peoples R China; 2.Singapore Management Univ, Sch Accountancy, Singapore 178902, Singapore; 3.Fudan Univ, Sch Management, Shanghai 200433, Peoples R China |
推荐引用方式 GB/T 7714 | Lou, Fang,Wang, Jiwei,Yuan, Hongqi. Stock Liquidity and the Pricing of Earnings: A Comparison of China's Floating and Nonfloating Shares[J]. EMERGING MARKETS FINANCE AND TRADE,2014,50:140-157. |
APA | Lou, Fang,Wang, Jiwei,&Yuan, Hongqi.(2014).Stock Liquidity and the Pricing of Earnings: A Comparison of China's Floating and Nonfloating Shares.EMERGING MARKETS FINANCE AND TRADE,50,140-157. |
MLA | Lou, Fang,et al."Stock Liquidity and the Pricing of Earnings: A Comparison of China's Floating and Nonfloating Shares".EMERGING MARKETS FINANCE AND TRADE 50(2014):140-157. |
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