In 1990, three stock exchanges were opened in Shanghai, Shenzhen and Beijing. Partial privatization of China's enterprises began with offering two types of shares: A shares are sold only domestically to locals and are denominated in local currency; B shares are denominated in dollars and are...

Market timing offers an attractive alternative to buying-and-holding assets if the investors can predict market movements accurately. The objective of this paper is to test the profitability of market timing between two national equity markets and to determine the required level of predictive...