所属栏目:资本市场/市场有效性

What's in a 'China' Name? A Test of Investor Sentiment Hypothesis
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发布日期:2010年02月28日 上次修订日期:2010年02月28日

摘要

We study whether firm name has an effect on firm valuation. Some Chinese firms listed on U.S. stock exchanges have the word "China" or "Chinese" included in their company names ("China-name stocks"), whereas others do not ("non-China-name stocks"). During the China stock market boom in 2007, we find that China-name stocks significantly outperform non-China-name stocks. This is not due to differences in firm characteristics, risk, or liquidity. We also find a significant increase in both abnormal returns and trading volumes of existing China-name stocks to the listing events of new Chinese initial public offerings. This "China-name effect" is largely consistent with the hypothesis that optimistic investor sentiment during the China stock market boom drives up China-name stocks more than non-China-name stocks.
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Kee-Hong Bae; Wei Wang What's in a 'China' Name? A Test of Investor Sentiment Hypothesis (2010年02月28日) https://www.cfrn.com.cn/lw/13058.html

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