所属栏目:家庭金融/行为金融

Can Stock Trading Suspension Calm Down Investors During Market Crises?
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发布日期:2021年12月25日 上次修订日期:2021年12月25日

摘要

This paper studies the trading behavior of investors facing a large number of firm-initiated stock trading suspension events during the Chinese stock market crisis in July of 2015. Using account-level trading data from the Shanghai Stock Exchange, we find that investors with a higher fraction of holding value in suspension sell less (or purchase more) of non-suspended stocks. Consequently, non-suspended stocks whose shareholders having high average account level suspension fraction experience a relative price appreciation, which subsequently reverses. These evidences indicate that trading suspension can calm down investors and therefore helps to stabilize the volatile market in crisis time.
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Weihua Chen; Jennifer Huang; Donghui Shi Can Stock Trading Suspension Calm Down Investors During Market Crises? (2021年12月25日) https://www.cfrn.com.cn/lw/13416.html

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