This thesis systemically investigates the effects of trading constraints, which serve as an exogenous source of extreme illiquidity, on asset prices by investigating the restricted shares in the China Stock Market, the largest population of restricted shares 11 the world. This thesis documents the illiquidity discounts of 77% on average of restricted shares relative to their freely-traded counterparts with identical voting rights and identical dividends in same listed firms from 1994 to 2004. In 2005, the Chinese government launched a so-called Split Share Structure Reform to terminate all trading constraints.
| Identifer | oai:union.ndltd.org:bl.uk/oai:ethos.bl.uk:498789 |
| Date | January 2009 |
| Creators | Hou, Wenxuan |
| Publisher | University of Manchester |
| Source Sets | Ethos UK |
| Detected Language | English |
| Type | Electronic Thesis or Dissertation |
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