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Information disclosure system impact on the Hong Kong and Shanghai stock market performance

Author: ZhangXin
Tutor: WangZuo
School: Zhejiang University
Course: Finance
Keywords: Information Disclosure System Law and Finance Assignment scoring system Event Study Comparative Study
CLC: F832.51
Type: Master's thesis
Year: 2010
Downloads: 156
Quote: 0
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Abstract

This study in mainland China and Hong Kong markets listed companies 'information disclosure system as entry point, first through the legal analysis of the two methods listed companies' information disclosure system in many different aspects and advantages and disadvantages, and then other modern event study financial research methods to the information disclosure system on two different pairs of Shanghai and Hong Kong stock market microstructure, the impact of macro-level empirical test performance, and further explore the pros and cons of the system. This article first Chinese mainland and Hong Kong markets listed companies' information disclosure system overview and summary of the current situation, and thus the information disclosure system of the two markets have a general grasp, and then places the information disclosure system for the two differences in the details do microscopic analysis, and then using the scoring system will be in front of the assignment theory comparable results quantify it, whether it is at the macro level or micro-level theoretical comparison can be more intuitive. Empirical part, three different paths through theoretical analysis is the difference in the information disclosure system for both the impact of stock market performance to be verified: first event study selected two dual-listed company disclosure event 4 Case inspection, analysis of the same event window market share price of the two cumulative excess returns and excess returns, drawn from different information disclosure system would impact the stock price performance; LLSV along the path of the second test, namely By comparing the Chinese mainland and Hong Kong in recent years, certain economic indicators to verify the information disclosure system differences on the economy, financial markets, and which is also able to compare the pros and cons of different systems; Finally, through statistical analysis of the two types of law enforcement , frequency, etc, difference from another perspective to examine differences in the systems previously for comparative study. Concludes its entirety and make relevant conclusions and recommendations. In research into the road, the paper continues the past two decades the study of law and finance ideas, and abroad in recent years about the information disclosure system and information disclosure system development impact on the securities market research as a basis for comparison is not the system remain in relatively abstract theory, but on the legal system of indicators will be assigned scoring research system into the information disclosure system comparison, the final adoption of modern finance event study method empirical study verified the disclosure of both cities systems in different places for the two stock markets, then draw useful policy recommendations.

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