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Social Trust and Differential Reactions of Local and Foreign Investors to Public News

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NBER2015-04-01 更新2025-01-04 收录
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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

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2015-04-01
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