Overview
- Provides an original, innovative and thought-provoking perspective on China’s stock market
- Examines the political economy aspect of influences at work in the IPO and stock market control/regulation process
- Analyses the intricacies of the domination of the market by China’s government and administrative apparatus
- Reviews the inherent speculative character of the market, which is a by-product of state-dominance
- Highlights the wide departure from the standard template of stock-market organization and functioning for emerging markets
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Table of contents (5 chapters)
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Front Matter
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Back Matter
Keywords
- China's stock market
- Chinese political economy
- Chinese economics
- Corporate valuation principles
- Corporate governance
- Stock‐market organization
- Emerging markets
- Economic bubbles
- Short bull episodes
- Long bear markets
- Liberalization of the financial system
- The Efficient Market Hypothesis
- Corporate Valuation Principles
- The Institutional Approach
- Government-controlled economies
- The Phoenix Market
About this book
Mainstream research has rationalized China’s stock market on the basis of paradigms such as the institutional approach, the efficient market hypothesis, and corporate valuation principles. The deviations from such paradigms have been analyzed as puzzles of China’s stock market. Girardin and Liu explore to what extent, in the perspective of Chinese cultural and historical characteristics, far from being puzzles, these 'deviations’ are rather the symptoms of a consistent strategy for the design, development and regulation of a government-dominated financial system.
This book will help investors, observers and researchers understand the hidden logic of the design and functioning of China’s modern stock market, taking a political economy view.
Authors and Affiliations
About the authors
Eric Girardin is Professor of Economics at Aix-Marseille University and Researcher at Aix-Marseille School of Economics, France. He is visiting Professor at Beijing University-HSBC Business School, UK. He was a member of the Advisory Council of the Asian Development Bank Institute (Oct 2004-Sept 2012).
Zhenya Liu is Professor of Finance and Econometrics at the School of Finance, Renmin University of China, Beijing and Research Associate at CERGAM, Aix-Marseille University, France. He previously worked as Professor and Lead of Applied Quantitative Financial Economics at the Business School of the University of Birmingham, UK.
Bibliographic Information
Book Title: Demystifying China’s Stock Market
Book Subtitle: The Hidden Logic behind the Puzzles
Authors: Eric Girardin, Zhenya Liu
DOI: https://doi.org/10.1007/978-3-030-17123-0
Publisher: Palgrave Pivot Cham
eBook Packages: Economics and Finance, Economics and Finance (R0)
Copyright Information: The Editor(s) (if applicable) and The Author(s) 2019
Hardcover ISBN: 978-3-030-17122-3Published: 01 October 2019
eBook ISBN: 978-3-030-17123-0Published: 13 September 2019
Edition Number: 1
Number of Pages: XXI, 125
Number of Illustrations: 7 b/w illustrations, 8 illustrations in colour
Topics: Asian Economics, Capital Markets, Macroeconomics/Monetary Economics//Financial Economics, Economic Policy