Market Reaction of the Restricted Shares Reducing: Mechanism and Features
This paper analyzes macro and micro transmission mechanism of market reaction of restricted shares. Logical analysis finds that market reaction mechanism of the lift of restricted shares can be decomposed into cumulative effect, early response and reducing effect, which are proved by empirical test. The test also shows: cumulative effect is one of critical factors of market fluctuation: there are significantly negative early response and reducing effect, and market reaction is negative overall;early response is obviously stronger than reducing effect, and there is lift day phenomenon: most of the pressure of lift information is digested in advance, and the lift impact on investors psychology is far greater than that on reduction itself.
Restricted Shares Release Market Reaction Cumulative Effect Early Response Reducing Effect
Zhujia Yin Jianhuan Huang
School of Economics and Management Changsha University of Science & Technology Changsha, China School of Economics and Trade Hunan University Changsha, China
国际会议
北京
英文
803-807
2009-07-24（万方平台首次上网日期，不代表论文的发表时间）