Further Evidence on the Comparative Efficiency of Chinese 'A' and 'B' Shares

J. Wang, B. M. Burton, G. M. Hannah

    Research output: Contribution to journalArticlepeer-review

    3 Citations (Scopus)


    This study examines differences in the extent of predictability in the pricing of the two main classes of equity traded in China, namely: A shares (available to Chinese investors) and B shares (traditionally available only to non-Chinese investors). The study extends previous work by conducting a wider range of analyses and extending the sample period until the relaxation of rules preventing domestic investors from purchasing B shares. The results suggest that earlier evidence of greater predictability in the pricing of B shares is not entirely robust to changes in the method of analysis, and may only partially explain why Chinese authorities have recently decided to widen participation in the B market.
    Original languageEnglish
    Pages (from-to)20-39
    JournalStudies in Economics and Finance
    Issue number2
    Publication statusPublished - 2004


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