Suchergebnisse

AbstractWe document three interesting phenomena in the Chinese stock market related to the complexity of stock tickers: Companies with more complex stock tickers are (1) held by fewer investors; (2) witness a lower turnover; and (3) experience lower returns during post‐IPO period. The change‐in‐change analysis based on ticker‐changing events generates consistent results. Such results are strong among companies with a higher level of individual investor ownership and stronger information asymmetry. Our findings confirm and extend Green and Jame (Journal of Financial Economics, 2013, 109:813–834) and support that cognitive fluency and name recognition influence investor behavior and asset prices.

The merger and acquisition (M&A) of Carlyle and Xuzhou Construction Machinery Group (XCMG) is an important takeover case between a foreign corporation and a leading Chinese enterprise in recent years that deserves the special attention of researchers interested in the Chinese political economy. This case involves multiple actors and a complicated institution environment. For the agreement to be reached, this M&A case required the approval of Xuzhou municipality, Jiangsu province and the central government of China. Regulatory authorities such as the State-owned Assets Supervision and Administration Commission of the State Council (SASAC), National Development and Reform Commission (NDRC) and Department of Foreign Investment Administration and Ministry of Commerce of China were also actively involved in the process. Moreover, the M&A activity of Carlyle-XCMG took place in the context of an important shift in China's development strategy from "market in exchange for technology" to "independent innovation". In accommodating the shift, the state administration adjusted its development-oriented ideologies towards "independent innovation", which had had an impact on the M&A case of Carlyle and XCMG. (China/GIGA)

"This book sheds light on financial decision making and lays down the major biases in human behavioral decision making, such as over-confidence, naive extrapolation, attention, and risk aversion, and how they lead investors and corporations to make considerable mistakes in investment. It draws on a large body of literature, from psychology and social psychology to, most importantly, behavioral economics and behavioral finance. It also looks at the progress in behavioral finance research over recent decades and includes research outputs based on retail and institutional investors from the United States, China, and many other international financial markets. The book focuses on China's financial reforms and economic transition and includes many cases from that country to highlight the importance of behavioral finance and investor education. It therefore provides much needed in-depth understanding of the Chinese capital market"--The publisher.

Disappointing performance -- Unsettled investors -- Under-diversified portfolios -- Mistimed timing and misguided stock picking -- Disappointing mutual fund performance -- Irrational mind -- Behavioral biases and investment decision making -- Difficult history -- Learning by investing? -- Overconfident CEOs -- Catering CEOs -- Risk management! Risk management! -- Regulation and government decision making: the behavioural biases of governments and regulators -- How to reform