Provided that the investors have different information processing abilities in segmented markets, I build a two-stage model including heterogeneous beliefs of investors to prove that heterogeneous beliefs and short sale constraint is one of the reasons which result in lower H-share price than...

By means of Event Study, Panel Data Regression and Feasible Generalized Least Squares, we discuss the influence of uncertainty of information on the Post-Earnings Announcement Drift. We find that there are not significant differences between the H-share financial statements and the A-share...

China's high national savings rate-one of the highest in the world-is at the heart of its external/internal imbalances. High savings finance elevated investment when held domestically, or lead to large external imbalances when they flow abroad. Today, high savings mostly emanate from the...

This study examines how macroeconomic performance competition is related to the investment allocation at firm level. We use different GDP competitions as proxies of dynamic macroeconomic condition. We find that the effect of GDP competition on fixed assets investment is significantly positive....