| 投资者是理性的吗?——基于ST公司交易特性和价值的分析 |
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| 引用本文： | 张海燕,陈晓.投资者是理性的吗?——基于ST公司交易特性和价值的分析[J].金融研究,2008(1). |
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| 作者姓名： | 张海燕 陈晓 |
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| 作者单位： | 清华大学;清华大学 北京; |
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| 摘 要： | 以1998年到2004年全部A股公司为样本,本研究系统考察了被特别处理(ST)公司的股票交易特性与估值。结果发现,当上市公司被实施ST以后,其股票交易显著偏离市场指数,呈个性化波动态势;在被实施ST期间,公司价值被显著低估。这一发现意味着投资者在投资ST股票时,总体是理性的,ST政策发挥了预期的警示作用。
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| 关 键 词： | 特别处理 交易特性 价值估计 |
Are Investors of ST Stocks Rational? |
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| Zhang Haiyan Chen Xiao.Are Investors of ST Stocks Rational?[J].Journal of Financial Research,2008(1). |
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| Authors: | Zhang Haiyan Chen Xiao |
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| Abstract: | By taking all A-share firms as the sample from 1998 to 2004,this study explores the trading and val- uation of all firms under Special Treatment(ST).The study shows that stock prices and trading of ST firms sig- nificantly departure from market index,presenting more firm-specific motivation.Moreover,the value of ST firms is significantly underestimated.The findings point out that investors are rational enough to consider the warning effect of ST regulation. |
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| Keywords: | Special Treatment trading valuation |
| 本文献已被 CNKI 等数据库收录！ |
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