精明理财或追星：来自中国北方贸易的证据

 Smart Money or Chasing Stars: Evidence from Northbound Trading in China

摘要

In this paper, we propose a predictor, Abnormal Holding Ratio (AHR), to measure abnormal shares holding of northbound investors through China Stock Connect Mechanism, to explain the cross-sectional returns in the China’s A-share stocks listed on Connect Mechanism. Firms receiving the high AHR generate substantially higher future returns than those with the low AHR. The predictability of AHR is robust after controlling for size, book-to- market ratio and some other famous asset pricing factors. Moreover, AHR is positively related to the firms’ fundamentals, especially profitability.

视频内容提纲与介绍

教授专家完整视频

视频内容精彩回顾与总结

温馨提示

关于版权：本报告视频版权归报告人所有；仕仕行对该视频享有录音录像制作者权及使用权；未经允许，任何单位和个人不得转载、复制或用作他途，一经发现，将依法追究法律责任。