英国格罗斯特郡大学论文代写 :中国概念股

13 2月 英国格罗斯特郡大学论文代写 :中国概念股

英国格罗斯特郡大学论文代写 :中国概念股

学者J. Fu(2011)认为,中国概念股被认为是在中国大陆注册的公司的股票,同时也是海外股票市场的一部分。Hsieh and Walking(2006)对概念股进行了分析。Hsieh和Walking(2006)运用Fama和MacBeth的方法,试图找出概念股票成功的决定因素。该方法对每只概念股票采用累积买入持有收益率法,发现与其他公司相比,有许多小公司的收益较低。因此,如果这些公司被认为是概念股票,因为在较小的公司的不对称性更高,它可能导致从投资者的错误估值到一个高度严重。值得注意的是,投资者的注意力直接关系到公司的规模。由此可以理解,发行概念股的中小企业受到的投资者关注较少,被客户低估。对于概念股,投资者的注意力可能与投资者对某一特定公司的投资兴趣会发生变化的行为有关。Verrecchia(1983)和Bushman(2004)认为概念股在竞争对手披露有用信息的风险中是自愿帮助的。

英国格罗斯特郡大学论文代写 :中国概念股
根据国际资本资产定价模型(Solnik, 1974)的预测,可以认为外国投资者将会持有由其进行投资的国家的投资组合。虽然在有投资者关注条件的环境下,外国投资者在选择外国资产时可能需要考虑一些具体的优势,而不仅仅是做投资组合(Lu et al, 2013)。Kang and Stulz(1997)是第一个研究投资者注意力及其与概念股票市场关系的人。他们发现,在股票市场上的外国投资者持有更多的公司在制造业和大公司的股票,这些公司的业绩相当好。这是因为这些公司缺乏投资者的关注。Dahlquist和Robertsson(2001)还假设概念股票市场中的外国投资者对现金头寸较多、支付股利价值较低、所有者对公司有较大控制权的大公司表现出偏好。Liu和Chow(2011)的另一项观察发现,在1996年至2000年期间,在中国概念股市场上的外国投资者青睐大公司和低账面市值比股票。

英国格罗斯特郡大学论文代写 :中国概念股

According to the scholar J. Fu (2011), China concept stocks were something that were considered to be the stocks of the companies which have been registered in mainland China, while they were the part of the overseas stock markets as well. Hsieh and Walking (2006) performed the analysis of the concept stocks. Hsieh and Walking (2006), applied the procedure of Fama and MacBeth in order to figure out the determinants of the success of the concept stocks. In this method, the cumulative buy and hold return method was used for each and every concept stock and it was found that there are many smaller firms in which there are lower returns in comparison to other firms. Thus, if these firms are regarded as concept stocks because the asymmetry in smaller firms is much higher, it may lead to a misevaluation from investors to a high severity. It is important to note that the investors’ attention has a direct relationship to the size of the firms. Thus, it can be understood that the smaller firms who give concept stocks suffer from less investor attention and are disvalued by the customers. In case of concept stocks, investor’s attention can be related to the act in which the investor is interested for investment in a specific firm will vary. According to Verrecchia (1983) and Bushman (2004), it was stated that the concept stocks voluntarily help in the risk of disclosure of useful information to the competitors.

英国格罗斯特郡大学论文代写 :中国概念股
According to the prediction done by the International Capital Assets Pricing Model (Solnik, 1974), it can be said that the foreign investors will have a hold on the portfolio of those nations where the investment is done by them. Though in an environment where there is a condition of investor attention, foreign investors may require to consider some of the specific advantages while doing the selection of the foreign assets other than just making the portfolio (Lu et al, 2013). The very first person to investigate on the investors’ attention and its relation to the concept stock market were Kang and Stulz (1997). It was found by them that the foreign investors which are there in stock markets held much more shares of the firms in manufacturing industries and large firms where the performance of the company was quite good. This was because these firms had low investors attention. Dahlquist and Robertsson (2001) had also assumed that the foreign investor in the Concept Stock Market showed preference for the large firms where there are a large number of cash positions, the value of dividends paid are quite lower, and the owners have much dominance over the company. Another observation was done by Liu and Chow (2011), who observed that the foreign investors who were there in the Chinese concept stock market favoured large firms and low ‘book to market’ stocks during the time period from 1996 to 2000.