Jia, Chunxin
[VerfasserIn]
;
Xiong, Wei
[Sonstige Person, Familie und Körperschaft];
Wang, Yaping
[Sonstige Person, Familie und Körperschaft]National Bureau of Economic Research
Social Trust and Differential Reactions of Local and Foreign Investors to Public News
Erschienen:
Cambridge, Mass: National Bureau of Economic Research, April 2015
Erschienen in:NBER working paper series ; no. w21075
Umfang:
1 Online-Ressource
Sprache:
Englisch
DOI:
10.3386/w21075
Identifikator:
Reproduktionsnotiz:
Hardcopy version available to institutional subscribers
Entstehung:
Anmerkungen:
Mode of access: World Wide Web
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Beschreibung:
This paper uses the segmented dual-class shares issued by several dozen Chinese firms---A shares to local Chinese investors and H shares to foreign investors---to compare reactions of local and foreign investors to the same public news. We find that local investors react more strongly to earnings forecasts by local analysts, while foreign investors react more strongly to forecasts of foreign analysts. This finding highlights social trust as a force driving people with different social backgrounds to react differently to the same information