Empirical test for bubbles in Chinese stock market

摘要：

In this paper,we estimate the bubbles of equity in Chinese A-stock market.At first we calculate the fundamental price by real option model.Then,we estimate the bubble by OLS model.We find that the market equity value is affected by both the theoretical equity value (fundamental) and common beliefs.Generally speaking,investors do rely on the fundamental when estimate the corporate value.But at the same time,common beliefs also play an important role here.

关键词： bubbles common belief Chinese Stock Market

作者: Siying Liu Zhihui Gu

作者单位: Department of Corporate Finance,Business School of Nankai University,Tianjin 300071,PR China

会议类型: 国际会议

会议名称: International Symposium on Financial Engineering and Risk Management(2008年金融工程与风险管理)

会议地点: 上海

会议语种:英文

页码: 58-61

在线出版日期: 2008-06-01（万方平台首次上网日期，不代表论文的发表时间）