Residual state ownership and stock market integration: evidence from Chinese partly privatised firms
(2017)
Journal Article
Li, H. (2018). Residual state ownership and stock market integration: evidence from Chinese partly privatised firms. Quarterly Review of Economics and Finance, 67, https://doi.org/10.1016/j.qref.2017.05.004
This paper assesses China’s integration with the global stock market over its privatisation process, by examining the asset pricing mechanisms of Chinese firms under different levels of state ownership within a two-beta CAPM framework. We derive time... Read More about Residual state ownership and stock market integration: evidence from Chinese partly privatised firms.