2014投资学第8章投资技术分析.pptVIP

Does “hot money” drive Chinas real estate and stock markets? Meanwhile, in the past few years the effervescent Chinese real estate market has been surging rapidly. Chu and Sing (2004) believe that the growth of real estate prices in China is largely because of significant influx of foreign capital into the market. In an effort to quell the speculation on residential properties, since 2005 the Chinese central government has imposed, along with other supply regulations, an idle land tax, a land appreciation tax and a business tax on properties held for less than five years, but the effects appeared to be little. Real estate prices continued to rise with vigor until early 2008, when some signs of slowdown have appeared. Based on these observations, the drastic movements of real estate market and stock market in China actually appear to involve a complex structure, most likely due to the huge amount of existing speculative funds or capital. * An evaluation of the impact of stock market reforms on IPO under-pricing in China: The certification role of underwriters The benefits of a developing financial sector for an economy are many. The financial sector develops and income per capita grows when financial reforms are implemented in conjunction with improvements in the institutional environment(Levine, 1999,2005). Developing stock markets provide a channel for the profitable use of domestic savings, improve investment productivity by efficiently allocating funds based on a market mechanism, and increase effective corporate governance through market oversight(SinghWeisse,1998). An effective and active IPO market is a pre-condition for the development of a nascent stock market, a fact which the experience of China has unequivocally demonstrated. * * An evaluation of the impact of stock market reforms on IPO under-pricing in China: The certification role of underwriters * * An evaluation of the impact of stock market reforms on IPO under-pricing