Turnover Rate and Speculative Bubble: An Empirical Study Based on A, H Share of Dual-listed Companies
In existing researches on the dispraity of A, H shares of dual-listed companies, turnover rate is generally regarded as a proxy variable for liquidity, which ignores the speculative meaning of turnover. In fact, high turnover rate often reflects strong speculative characteristics of investors in A share market. In this paper the true meaning of turnover rate is considered that it’s unreasonable to use turnover rate as a proxy for liquidity. The turnover rate of dual-listed companies is not reflected as liquidity but speculation in A share market. And the meaning of turnover rate of dual-listed companies is not clear in H share market.
turnover rate speculative bubble A H shares of dual-listed companies
Zhang Yang Bai Wei
Department of Public EconomicsXiamen UniversityXiamen, China Department of Public Economics Xiamen University Xiamen, China
国际会议
哈尔滨
英文
176-179
2011-01-18（万方平台首次上网日期，不代表论文的发表时间）