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Developing short-selling on the mainland Chinese equity markets

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CFMR_063.pdf (179.0Kb)
Date
2006
Author
Clunie, James
Ying, Tongshan
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Abstract
We review the theory and evidence on liquidity, price discovery and market efficiency associated with securities lending and short-selling. We also study the efforts by the Hong Kong and Taiwan stock exchanges to develop short-selling. We build on this to generate ideas for the development of securities lending and short-selling in mainland China. We argue that a phased program of reform, well-implemented, can help build confidence in the mainland Chinese equity markets, by aiding price discovery and improving market liquidity. JEL classification: G15; G18
URI
http://hdl.handle.net/1842/1839
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  • Business and Management Research Publications

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