典型文献
Premiums between Cross-listed Shares:Determinants and Assessment of Financial Reform Policy Effectiveness
文献摘要：
This paper explores determinants of price premiums between A-share and American depositary receipts(ADR)or H-share and sheds light on policies using daily data from cross-listed companies from 2002-2020.Market sentiment and financial openness are critical in explaining both types of price premiums.Expected exchange rate changes significantly impact the A-share versus ADR premium but liquidity is essential for the A-share versus H-share premium.The introduction of Shanghai-Hong Kong Stock Connect in November 2014 has effectively increased the price discovery capacity of the A-share market,and investors were more adaptive to the RMB foreign exchange rate volatility after Chinese exchange rate system reform in 2015.The paper provides insights into future capital market reform in China.
文献关键词：
中图分类号：
作者姓名：
Xuechun Zhang;Ruihui Xu;Xue Liu
作者机构：
Research Bureau,People's Bank of China,China;Research Institute,People's Bank of China,China
文献出处：
引用格式：
[1]Xuechun Zhang;Ruihui Xu;Xue Liu-.Premiums between Cross-listed Shares:Determinants and Assessment of Financial Reform Policy Effectiveness)[J].中国与世界经济（英文版）,2022(03):75-99
A类：
Premiums,premiums,depositary,receipts
B类：
between,Cross,listed,Shares,Determinants,Assessment,Financial,Reform,Policy,Effectiveness,This,paper,explores,determinants,price,share,American,ADR,sheds,light,policies,using,daily,data,from,cross,companies,Market,sentiment,financial,openness,critical,explaining,both,types,Expected,exchange,rate,changes,significantly,impact,versus,but,liquidity,essential,introduction,Shanghai,Hong,Kong,Stock,Connect,November,has,effectively,increased,discovery,capacity,market,investors,were,more,adaptive,RMB,foreign,volatility,after,Chinese,system,reform,provides,insights,into,future,capital,China
AB值：
0.640765
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