We examine foreign ownership restrictions that lead to the separate trading of shares that are eligible and not eligible for registration by foreign owners. We document a statistically significant decline in Liquidity for investors following the beginning of separate trading of the foreign and domestic tranches. (C) 1997 Elsevier Science S.A.
机构:
Hunan Univ, Business Sch, Changsha, Peoples R ChinaHunan Univ, Business Sch, Changsha, Peoples R China
Tang, Rong
Tian, Yuan
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Ryukoku Univ, Fac Econ, Kyoto, JapanHunan Univ, Business Sch, Changsha, Peoples R China
Tian, Yuan
Chen, Shou
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Hunan Univ, Business Sch, Changsha, Peoples R China
Hunan Univ, Financial Dev & Credit Management Res Ctr, Changsha, Peoples R ChinaHunan Univ, Business Sch, Changsha, Peoples R China
Chen, Shou
Zou, Ziran
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Hunan Univ, Business Sch, Changsha, Peoples R China
Hunan Univ, Financial Dev & Credit Management Res Ctr, Changsha, Peoples R ChinaHunan Univ, Business Sch, Changsha, Peoples R China
机构:
Penn State Univ, Smeal Coll Business, University Pk, PA 16802 USA
Tsinghua Univ, PBC Sch Finance, Beijing, Peoples R China
Tsinghua Univ, CCFR, Beijing, Peoples R ChinaPenn State Univ, Smeal Coll Business, University Pk, PA 16802 USA
Cao, Charles
Petrasek, Lubomir
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Fed Reserve Syst, Board Governors, Washington, DC 20551 USAPenn State Univ, Smeal Coll Business, University Pk, PA 16802 USA