Taking advantage of proxy variable of stock price manipulation like ownership concentration and earning management to examine the price difference between two market. In addition to liquidity or demand elasticity,etc, using manipulate variable of premium market(A-shares compared to H-share,TDR compared to HK-share) to investigate if manipulation can explain stock price difference. Empricial results show that premium not only concern to market system, but also connect to manipulation factors.The degree of premium will decrease as time progressd.

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