China financial research: A review and synthesis |
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| Institution: | 1. University of International Business and Economics, Beijing 100029, China;2. Renmin University of China, Beijing 100872, China;3. University of Florida, United States;4. Western Kentucky University, United States;1. Department of Finance, Deakin Business School, Deakin University, 70 Elgar Road, Burwood 3125, VIC, Australia;2. Accounting and Finance, Business School, University of Western Australia, M250, 35 Stirling Highway, Crawley 6009, WA, Australia;1. Business School, Hunan University, Changsha 410082, China;2. Center of Finance and Investment Management, Hunan University, Changsha 410082, China;3. School of Business, East China University of Science and Technology, Shanghai 200237, China;4. Center for Polymer Studies and Department of Physics, Boston University, Boston, MA, 02215, USA |
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| Abstract: | We review the financial research on China as a transitional economy over the past 15 years or so. This review sheds light on several important issues that are pertinent for an emerging financial market—how regulation can affect the prices of different financial assets; how and why markets are segmented; corporate governance effects between major and minor shareholders in an emerging market; the importance of a bank-based financial system; interactions between the financial market and the goods market; how market participants can complete the market; and how an emerging financial market emulates established markets and evolves over time. Many unexplored financial issues remain unexplored, and more research is warranted into, what theories are at work, and what are missing. |
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