Dissertation > Excellent graduate degree dissertation topics show

The split share structure reform of market overreaction

Author: ZhaoXiaoHu
Tutor: LuoLi
School: Yunnan University of Finance
Course: Accounting
Keywords: Split share structure reform Overreaction Consideration
CLC: F832.51;F224
Type: Master's thesis
Year: 2010
Downloads: 53
Quote: 0
Read: Download Dissertation

Abstract


Split share reform period, abnormal spike in the stock market, the traditional financial theory is unable to make a reasonable interpretation. In this paper, the theory of behavioral finance theory of anomalies in the market analysis, and proposed market overreaction hypothesis. The CSI 300 listed companies as research samples, empirical analysis of the overreaction of the securities market in 2006 - 2008. The results show: the split share structure reform period, the stock market there is significantly overreaction; high price rate is one of the cause of the split share reform period market overreaction. This paper is to expand the study of the following four parts: the first part of the main contents are: analysis of the split share structure reform and the impact of this policy on the stock price from an economic point of view. Theoretical analysis of the split share structure reform impact on stock prices do not consider external factors. The first, according to the theory of supply and demand, qualitative analysis of the split share structure reform of the stock; price game model, the use of non-tradable shares and holders of tradable shares tradable share reform and the impact on stock prices for the quantitative analysis. The main contents of the second part: the split share structure reform of non-tradable shareholders and tradable shareholders game analysis of the situation for investors. The split share structure reform of non-tradable shareholders and tradable shareholders status is not reciprocal, the unequal status of the game, the price level is less than the theoretical level. After the intervention of the government, non-tradable shareholders and tradable shareholders status changes, the interests of the redistribution. The third part of the main contents are: share reform, investors change the situation in which the investors cognitive, emotional deviations occur, thereby creating a market overreaction. The investment process reflects the psychology of investors, due to the presence of cognitive biases, emotional deviation deviation, eventually leading to the different asset mispricing, and asset pricing deviation will in turn affect investors' understanding and assessment of such assets . Study, come to one of the causes of the split share structure reform and change in the market over-reaction to the high rate of price of non-tradable shareholders and tradable shareholders cognitive, emotional deviation. The fourth part of the main contents are: overreaction of the market, the investor's strategy selection. Share price performance overreaction phenomenon peculiar formation, to make the right decisions for investors to develop specific feasibility of operating the program.

Related Dissertations

  1. Corporate Governance of Listed Companies in China Impact on Corporate Performance,F224
  2. Through the "Turen Design" of Case Analysis of the Actuality of Chinese Landscape Design,TU986.2
  3. The Research on the Mao Zedong’s Thought of Overall Consideration,A841
  4. Corporate Governance Effect of Non-tradable Shares Reform,F224
  5. On Understanding and Application of the Principle of Substantial Change of Circumstances,D923.6
  6. The Impact of Ownership Structure on the Voluntary Disclosure,F276.6;F224
  7. P2P Traffic Optimization System,TP393.02
  8. Empirical Study on Value Investment in China’s Stock Market,F224
  9. A Study on the Relation of the Managerial Ownership and Corporate Performance Before and after the Reform of Non-tradable Shares,F272
  10. The Empirical Research of Differences Between A Shares and H Shares,F832.51
  11. The Relationship between the Stockholder’s Rights Structure and Dividend Distribution Policy after Equity Separation,F275
  12. Research on the Influence of Chinese Shareholder Structure Reform to the Stock Market,F832.51
  13. Research of the Problems in Prosecutorial Reporting of China,D926.3
  14. On the Historical Development and Cultural Consideration of Man-machine Relationship,N02
  15. Research on the Ownership Structure and Corporate Performance of Listed Companies in Anhui Province After the Split Share Structure Reform,F832.51;F224
  16. Empirical Analysis of Split Share Structure Reform,F275;F224
  17. Split-share Structure Reform’s Effect on Agency Costs,F275
  18. The Relation between the Changes of Ownership Structure and Corporate Performance and Quality of Disclosure,F272;F233
  19. The Benefits and Losses of Share-separating Reform in China,F832.51
  20. Empirical Study on Shanghai A-share Stock Market Overreaction,F832.51

CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
© 2012 www.DissertationTopic.Net  Mobile