' '&' ' ' '&' ' ' '&' ' ' '&' ' ' '&' ' ' '&' ' ' '&' ' ' '&' ' ' '&' ' ' '&' ' ' '&' ' ' '&' ' ' '&' ' ' '&' ' 标题:Understanding the variation of foreign share price discounts- a study of dual-listed Chinese firms

演讲人:Steven Wei, Hong Kong Polytechnic University

功夫：3月10日（周二）下午1:30-3:00

地址:新楼214教室

提要：This paper investigates what drives the price disparity to vary in the ' '&' 'ldquo;twin' '&' 'rdquo; shares (A shares traded largely by domestic investors while B- and H- shares traded mainly by foreign investors) in China. Extending the variance decomposition framework of Vuolteenaho (2002), we decompose the unexpected price disparity into two terms: difference in expected return news and difference in cash flow news. Our results show that diff