Quantifying the impact of the November 2014 Shanghai-Hong Kong Stock Connect

被引：42

作者：

Burdekin, Richard C. K. ^{[1
]}

Siklos, Pierre L. ^{[2
]}

机构：

[1] Claremont Mckenna Coll, Claremont, CA 91711 USA

[2] Wilfrid Laurier Univ, Waterloo, ON, Canada

来源：

INTERNATIONAL REVIEW OF ECONOMICS & FINANCE | 2018年 / 57卷

关键词：

Capital account liberalization; Stock returns; Sentiment; Shanghai; Hong Kong; INVESTOR SENTIMENT; CHINA;

D O I：

10.1016/j.iref.2018.01.001

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The November 2014 Shanghai-Hong Kong Stock Connect represented an important step in China's capital account liberalization, allowing relatively free movement of investor funds between the two markets for the first time. We offer a quantification of the effects of the new program, examining Northbound and Southbound flows of funds over the first two years of the Stock Connect. While controlling for other sentiment and liquidity effects, we test how these flows may have affected the extent of the premium seen for local A-share listings in Shanghai relative to the prices accruing to the same companies in Hong Kong market trading.

引用

页码：156 / 163

页数：8

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