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Studies on Price Manipulation in China’s Stock Market

Author: ZouXiaoShan
Tutor: FengBangYan
School: Jinan University
Course: Finance
Keywords: China’s stock market Price manipulation Information asymmetry Investors’ behavior
CLC: F832.51
Type: PhD thesis
Year: 2005
Downloads: 1628
Quote: 12
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Abstract


Price manipulations widely exist in China’s stock market which is newly developed. The researches on price manipulation have taken broard attention. But most of them focus on the market of developed markets. Few have taken China in consideration. As price manipulation is extremely harmful to stock market, it should be studied thoroughly.Pric manipulations, which are illegal, have many causes. There’re two conditions in the process of manipulation: information asymmetry and investors’ irrationality. Manipulators have more information than normal investors. Positive feedback effect and disposition effect widely exist in individual investor, while investors as a whole have the bias of herd behavior.The price manipulations in China are much more different from other countries. The defaults in ownership structure, capital structure and investor structure, etc, lead to widely-existing manipulations in China.Pric manipulations are a hindrance to the development of stock market. Investors lost their confience and leave the market with the flooding of manipulations. With the analysis of above, the author build a logistic model to effectively detect price manipulation in the market. The government need do a lot to prevent manipulation. The reforms on market structure, insider trading, investor education and law and rules, etc, will be helpful to prevent manipulations and protect investors.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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