【摘 要】
：
The size of the Chinese stock market,including stocks listed and traded in Shanghai,Shenzhen and Hong Kong exchanges,is the second largest in the world.The
【机 构】
：
Wharton School University of Pennsylvania
【出 处】
：
Third Symposium on Emerging Financial Markets: China and Bey
论文部分内容阅读
The size of the Chinese stock market,including stocks listed and traded in Shanghai,Shenzhen and Hong Kong exchanges,is the second largest in the world.The poor performance of this market,especially since the recent global financial crisis,relative to developed(US)and large emerging economies(Brazil,Russia,India and South Africa)as well as unlisted firms in China,has been striking.This is despite the fact that the Chinese economy,also the second largest in the world,has been the fastest growing globally for the past three decades.With firm-level data from over 80 countries for the period 2000-2012,we find that the poor performance cannot be explained by risk or undervaluation of listed firms in China.Instead,factors such as the problematic IPO and delisting processes,and corporate governance related to self-dealing are main contributors.
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