Introduction – Backgrounds
• The size and specificity of the Chinese stock market
make it particular attractive.
• Three key features of the Chinese stock market:
• Dominated by retail investors→ increased turnover
• Centrally controlled, bank-dominated, and uniquely
relationship-driven
• → SOEs’ special treatment
• Limited history of short sales
• 2010.3 allow to short sell 90 stocks
• 2016.12 expanded to 950 firms
• → long-only portfolios
2021/10/1 Long Zhen 3
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