A study of returns on dual listed stocks on Hong Kong and Mainland stock exchanges | |
| Author | Lo, Mei Yiu |
| Call Number | AIT RSPR no.SM-07-36 |
| Subject(s) | Stock exchanges--China Stock exchanges--Hong Kong (China) |
| Note | A research study submitted in partial fulfillment of the requirements for the degree of Master of Business Administration in International Business |
| Publisher | Asian Institute of Technology |
| Abstract | By the end of 2006, thirty-four out of thirty-seven dual listed stocks on Hong Kong and Mainland stock exchanges were first listed in Hong Kong; due to the well-established listing requirements in Hong Kong Stock Exchange helps fostering the investors' confidence and raising visibility of the stocks. This founding is consistent with the opinions of other researchers on the reasons for the listing location. For the study period from 2000 to 2006, there were 16 A-share listings, the initial average returns was 60.1 % which complied with Mok and Hui, 1998, Su and Fleisher, 1999 and Loughran, 2006 on abnormal initial returns from A-share on the listing date. While the premium of A-shares over the opening price of H-shares found in our study was 12.98%, this also matched the study of Lee and Poon, 2005 which pointed out the reducing in premium of A-shares over H-shares from 830% in 2000 to 22% in 2005. Our study showed that majority of H-shares in our sample experienced a price increase from the announcement date of the A-share listing to the actual listing date. While there was no significant difference in one-month and one-year comparison of post-A-share IPO abnormal returns on A-shares over H-shares. |
| Year | 2007 |
| Type | Research Study Project Report (RSPR) |
| School | School of Management (SOM) |
| Department | Other Field of Studies (No Department) |
| Academic Program/FoS | Master of Business Administration (MBA) (Publication code=SM) |
| Chairperson(s) | Venkatesh, Sundar |
| Examination Committee(s) | Tang, John C. S;Dimmitt, Nicholas J. |
| Scholarship Donor(s) | AIT Fellowship |
| Degree | Research Studies Project Report (M.B.A.) - Asian Institute of Technology, 2007 |