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SHANGHAI STOCK EXCHANGE (2) answer(s).
 
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ID:   086591


Can price limits help when the price is falling? evidence from / Wong, Woon K; Bo Liu,; Zeng, Yong   Journal Article
Wong, Woon K Journal Article
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Publication 2009.
Summary/Abstract We use transactions data to explore the magnet effects of price limit rules on the Shanghai Stock Exchange (SHSE). When limit hits are imminent, stock prices are found to approach the price limits at faster rates, with higher trading intensity and larger price variation, supporting the magnet effect hypothesis of Subrahmanyam [Subrahmanyam, A., 1994. Circuit breakers and market volatility: A theoretical perspective. Journal of Finance, 49, 237-254.]. Moreover, when stock prices approach the floor limits, we observe lower than normal market conditions' trading volume and trade size but a wider spread. The panic selling psychology of individual investors for fear of illiquidity and the strategic trading decisions of discretionary traders during periods prior to price limit hits at the floors are conjectured as possible explanations for the observed price behaviors. Post-limit-hit analysis reveals evidence of delayed price discovery at the ceiling limit but price reversal at the floor.
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2
ID:   115711


Natural environment disclosures in the annual reports of Chines / Yuan Qi; Taplin, Ross; Brown, Alistair M   Journal Article
Brown, Alistair M Journal Article
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Publication 2012.
Summary/Abstract This paper analyzes the level of natural environment disclosure (NED) in the year ending 2007 annual reports of Chinese-listed companies. Using a simplified NED index that accommodates a developing country setting, the results show a low level of NED. Only 2% of sampled companies make disclosures for all eight basic environmental issues in the NED index. Larger companies and resource companies disclose significantly more NED. Clearly there is scope for Chinese regulators and entities to improve the reporting of natural environmental issues. Strategies are explored to consider how NED might be improved.
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