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| 1 |
ID:
143439
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| Summary/Abstract |
The November 2008 Chinese stimulus package seemed to provide almost ideal preconditions for governmental success based upon its size, its concentration on infrastructure, accompanying fiscal expansion at the local level, and supportive expansions in bank lending rates. Our sectoral-level analysis suggests that investor reactions were quite tightly focused, however, with Shanghai market outperformance concentrated primarily in the nation's property, construction, and building materials sectors. Further significant post-stimulus gains accrued to the specifically targeted automobile, steel and textile industries. Meanwhile, Chinese company listings in Hong Kong and New York evinced little sectoral outperformance.
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| 2 |
ID:
089558
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| Publication |
2009.
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| Summary/Abstract |
This paper examines the importance of sentiment effects on asset allocation decisions in mainland China and beyond. Rising stock market sentiment appears to have negatively and significantly impacted Chinese savings account growth over the 2003-2007 period. Investor sentiment also exerted consistently significant effects on the discounts attached to Chinese B-shares, H-shares and ADRs by foreign investors. Although the sample period is limited by availability of the sentiment data, the indicated effects remain most robust when controlling for relative stock market performance, liquidity levels, expected exchange rate movements, and such 'indirect' sentiment measures as market and firm-specific price-earnings ratios.
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