Chen, G M; Lee, Bong-Soo; Rui, Oliver - In: Journal of Financial Research 24 (2001) 1, pp. 133-55
We study market segmentation in China's stock markets, in which local firms issue two classes of shares: class A shares available only to Chinese citizens and class B shares available only to foreign citizens. Significant stock price discounts are documented for class B shares. We find that the...