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Research On Noise Trading Of China's Stock Market And The Empirical Study Of Its Impact

Posted on:2010-05-06Degree:MasterType:Thesis
Country:ChinaCandidate:Y DouFull Text:PDF
GTID:2189330338476557Subject:Management Science and Engineering
Abstract/Summary:PDF Full Text Request
This paper, based on the assumption of rational man in modern financial theory, starts with Behavioral-Finance and theories related to Asset Pricing Models. After the full quote and comment on the basis of relevant financial documents , the noise of China's Shanghai stock market trading conditions as an entry, the paper points out the performance and the causes of noise trading Shanghai stock market in China ,and make a systematic studies on the extent of its presence , the impact on the market efficiency ,the cover-up of manipulation and the volatility of the stock price . The main content can be divided into two parts.First, I make an empirical research on the extent of noise trading in the past three years of China's Shanghai stock market.I analysis the special performance of the noise trading with two major means in the aspects-quantitative and qualitative in securities market of China.In the aspect of quantitative, with the Shanghai stock market composite index as the research object, respectively, analysised the price-earnings ratio, volatility,the bubble factor and the discount of the Closed-Ended Fund.Basied on this,I make an empirical study on the securities market of China in the past three years.From the result of the empirical study,combining the stock market in China in detais recent years, I analysis the causes of the noise trading,and proposed the corresponding countermeasures and some suggestions.Secondly, I make an empirical research on the impact of the extent of noise trading in the past three years of China's Shanghai stock market.Taking the Shanghai stock market index as the current condition, I made an empirical study on the impact of China's Shanghai stock market under the noise trading. In this paper,I make a systemaic empirical study on the three aspects -the impact of the impact on the market efficiency,the cover-up of manipulation and the volatility of the stock price separately.According to results, combining with China's securities market in recent years, I analysised and interpreted the specific situation of it, and I make some suggestions to the development of the stock maket..Finally, I conclude from the results of the empirical according to the results of the empirical studies. Combined with the inadequacy of existing empirical research, I proposed some recommendations for futher study.
Keywords/Search Tags:Noise Trading, Noise Trading Risk, The Extent of Noise Trading, The Impact of Noise Trading, Empirical Study
PDF Full Text Request
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