Demystifying China’s Stock Market
The Hidden Logic behind the Puzzles
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Beschreibung
Mainstream research has rationalized China’s stock market on the basis of paradigms such as the institutional approach, the efficient market hypothesis, and corporate valuation principles. The deviations from such paradigms have been analyzed as puzzles of China’s stock market. Girardin and Liu explore to what extent, in the perspective of Chinese cultural and historical characteristics, far from being puzzles, these 'deviations’ are rather the symptoms of a consistent strategy for the design, development and regulation of a government-dominated financial system.
This book will help investors, observers and researchers understand the hidden logic of the design and functioning of China’s modern stock market, taking a political economy view.
Mainstream research has rationalized China’s stock market on the basis of paradigms such as the institutional approach, the efficient market hypothesis, and corporate valuation principles. The deviations from such paradigms have been analyzed as puzzles of China’s stock market. Girardin and Liu explore to what extent, in the perspective of Chinese cultural and historical characteristics, far from being puzzles, these 'deviations’ are rather the symptoms of a consistent strategy for the design, development and regulation of a government-dominated financial system.
This book will help investors, observers and researchers understand the hidden logic of the design and functioning of China’s modern stock market, taking a political economy view.
Provides an original, innovative and thought-provoking perspective on China’s stock market Examines the political economy aspect of influences at work in the IPO and stock market control/regulation process Analyses the intricacies of the domination of the market by China’s government and administrative apparatus Reviews the inherent speculative character of the market, which is a by-product of state-dominance Highlights the wide departure from the standard template of stock-market organization and functioning for emerging markets
Autor*in
Eric Girardin
Themen in »Demystifying China’s Stock Market«
China's stock market Chinese political economy Chinese economics Corporate valuation principles Corporate governance Stock‐market organization Emerging markets Economic bubbles Short bull episodes Long bear markets Liberalization of the financial system The Efficient Market Hypothesis Corporate Valuation Principles The Institutional Approach Government-controlled economies