{"id":"https://openalex.org/W4300102813","doi":"https://doi.org/10.3386/w20957","title":"The Real Value of China's Stock Market","display_name":"The Real Value of China's Stock Market","publication_year":2015,"publication_date":"2015-02-01","ids":{"openalex":"https://openalex.org/W4300102813","doi":"https://doi.org/10.3386/w20957"},"language":"en","primary_location":{"id":"doi:10.3386/w20957","doi":"https://doi.org/10.3386/w20957","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w20957","pdf_url":"https://doi.org/10.3386/w20957","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"},"volume":null,"type":"report","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://doi.org/10.3386/w20957","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5066088271","display_name":"Jennifer N. Carpenter","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I1321305853","display_name":"National Bureau of Economic Research","ror":"https://ror.org/04grmx538","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1321305853"]},{"id":"https://openalex.org/I57206974","display_name":"New York University","ror":"https://ror.org/0190ak572","country_code":"US","type":"education","lineage":["https://openalex.org/I57206974"]},{"id":"https://openalex.org/I63966007","display_name":"Massachusetts Institute of Technology","ror":"https://ror.org/042nb2s44","country_code":"US","type":"education","lineage":["https://openalex.org/I63966007"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Jennifer Carpenter","raw_affiliation_strings":["New York University Stern School of Business 44 West 4th Street, Suite 9-190 New York, NY 10012-1126","MIT Sloan 50 Memorial Dr. Cambridge, MA 02142","NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138","participants at the China International Conference in Finance, China Securities Regulatory Commission,"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"New York University Stern School of Business 44 West 4th Street, Suite 9-190 New York, NY 10012-1126","institution_ids":["https://openalex.org/I57206974"]},{"raw_affiliation_string":"MIT Sloan 50 Memorial Dr. Cambridge, MA 02142","institution_ids":["https://openalex.org/I63966007"]},{"raw_affiliation_string":"NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138","institution_ids":["https://openalex.org/I1321305853"]},{"raw_affiliation_string":"participants at the China International Conference in Finance, China Securities Regulatory Commission,","institution_ids":[]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5000962435","display_name":"Fangzhou Lu","orcid":"https://orcid.org/0000-0002-8496-1217","observed_orcids":["https://orcid.org/0000-0002-8496-1217"]},"institutions":[{"id":"https://openalex.org/I1321305853","display_name":"National Bureau of Economic Research","ror":"https://ror.org/04grmx538","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1321305853"]},{"id":"https://openalex.org/I57206974","display_name":"New York University","ror":"https://ror.org/0190ak572","country_code":"US","type":"education","lineage":["https://openalex.org/I57206974"]},{"id":"https://openalex.org/I63966007","display_name":"Massachusetts Institute of Technology","ror":"https://ror.org/042nb2s44","country_code":"US","type":"education","lineage":["https://openalex.org/I63966007"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Fangzhou Lu","raw_affiliation_strings":["MIT Sloan 50 Memorial Dr. Cambridge, MA 02142","NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138","New York University Stern School of Business 44 West 4th Street, Suite 9-190 New York, NY 10012-1126","participants at the China International Conference in Finance, China Securities Regulatory Commission,"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"MIT Sloan 50 Memorial Dr. Cambridge, MA 02142","institution_ids":["https://openalex.org/I63966007"]},{"raw_affiliation_string":"NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138","institution_ids":["https://openalex.org/I1321305853"]},{"raw_affiliation_string":"New York University Stern School of Business 44 West 4th Street, Suite 9-190 New York, NY 10012-1126","institution_ids":["https://openalex.org/I57206974"]},{"raw_affiliation_string":"participants at the China International Conference in Finance, China Securities Regulatory Commission,","institution_ids":[]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5039580501","display_name":"Robert Whitelaw","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I1321305853","display_name":"National Bureau of Economic Research","ror":"https://ror.org/04grmx538","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1321305853"]},{"id":"https://openalex.org/I57206974","display_name":"New York University","ror":"https://ror.org/0190ak572","country_code":"US","type":"education","lineage":["https://openalex.org/I57206974"]},{"id":"https://openalex.org/I63966007","display_name":"Massachusetts Institute of Technology","ror":"https://ror.org/042nb2s44","country_code":"US","type":"education","lineage":["https://openalex.org/I63966007"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Robert Whitelaw","raw_affiliation_strings":["New York University Stern School of Business 44 West 4th Street , Suite 9-190 New York , NY 10012-1126 and","MIT Sloan 50 Memorial Dr. Cambridge, MA 02142","NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138","New York University Stern School of Business 44 West 4th Street, Suite 9-190 New York, NY 10012-1126","participants at the China International Conference in Finance, China Securities Regulatory Commission,"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"New York University Stern School of Business 44 West 4th Street , Suite 9-190 New York , NY 10012-1126 and","institution_ids":["https://openalex.org/I57206974"]},{"raw_affiliation_string":"MIT Sloan 50 Memorial Dr. Cambridge, MA 02142","institution_ids":["https://openalex.org/I63966007"]},{"raw_affiliation_string":"NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138","institution_ids":["https://openalex.org/I1321305853"]},{"raw_affiliation_string":"New York University Stern School of Business 44 West 4th Street, Suite 9-190 New York, NY 10012-1126","institution_ids":["https://openalex.org/I57206974"]},{"raw_affiliation_string":"participants at the China International Conference in Finance, China Securities Regulatory Commission,","institution_ids":[]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":3,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":true,"cited_by_count":78,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9901999831199646,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9901999831199646,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.00419999985024333,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.0034000000450760126,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/chinese-stock-market","display_name":"Chinese stock market","score":0.949999988079071},{"id":"https://openalex.org/keywords/stock-price-informativeness","display_name":"stock price informativeness","score":0.972000002861023},{"id":"https://openalex.org/keywords/corporate-investment-efficiency","display_name":"corporate investment efficiency","score":0.7770000100135803},{"id":"https://openalex.org/keywords/capital-allocation","display_name":"capital allocation","score":0.6830000281333923},{"id":"https://openalex.org/keywords/risk-pricing","display_name":"risk pricing","score":0.5440000295639038},{"id":"https://openalex.org/keywords/illiquidity-discount","display_name":"illiquidity discount","score":0.6769999861717224},{"id":"https://openalex.org/keywords/market-segmentation","display_name":"market segmentation","score":0.5640000104904175},{"id":"https://openalex.org/keywords/cost-of-equity","display_name":"cost of equity","score":0.6209999918937683},{"id":"https://openalex.org/keywords/shadow-banking","display_name":"shadow banking","score":0.8320000171661377},{"id":"https://openalex.org/keywords/deposit-insurance","display_name":"deposit insurance","score":0.9169999957084656},{"id":"https://openalex.org/keywords/stock-market-efficiency","display_name":"stock market efficiency","score":0.38600000739097595},{"id":"https://openalex.org/keywords/economic-growth","display_name":"economic growth","score":0.3630000054836273}],"concepts":[{"id":"https://openalex.org/C191935318","wikidata":"https://www.wikidata.org/wiki/Q148","display_name":"China","level":2,"score":0.6116644740104675},{"id":"https://openalex.org/C2780299701","wikidata":"https://www.wikidata.org/wiki/Q475000","display_name":"Stock market","level":3,"score":0.5947620272636414},{"id":"https://openalex.org/C2776291640","wikidata":"https://www.wikidata.org/wiki/Q2912517","display_name":"Value (mathematics)","level":2,"score":0.533780038356781},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.46460264921188354},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.40062659978866577},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.39626801013946533},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.38185304403305054},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.19771918654441833},{"id":"https://openalex.org/C205649164","wikidata":"https://www.wikidata.org/wiki/Q1071","display_name":"Geography","level":0,"score":0.1690475046634674},{"id":"https://openalex.org/C105795698","wikidata":"https://www.wikidata.org/wiki/Q12483","display_name":"Statistics","level":1,"score":0.13051080703735352},{"id":"https://openalex.org/C166957645","wikidata":"https://www.wikidata.org/wiki/Q23498","display_name":"Archaeology","level":1,"score":0.04419797658920288},{"id":"https://openalex.org/C2779343474","wikidata":"https://www.wikidata.org/wiki/Q3109175","display_name":"Context (archaeology)","level":2,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.3386/w20957","doi":"https://doi.org/10.3386/w20957","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w20957","pdf_url":"https://doi.org/10.3386/w20957","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"}],"best_oa_location":{"id":"doi:10.3386/w20957","doi":"https://doi.org/10.3386/w20957","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w20957","pdf_url":"https://doi.org/10.3386/w20957","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W4300102813.pdf","grobid_xml":"https://content.openalex.org/works/W4300102813.grobid-xml"},"referenced_works_count":60,"referenced_works":["https://openalex.org/W1499550068","https://openalex.org/W1556410356","https://openalex.org/W1632858629","https://openalex.org/W1984272629","https://openalex.org/W1985808284","https://openalex.org/W1988545908","https://openalex.org/W1991268278","https://openalex.org/W1995834279","https://openalex.org/W2024877304","https://openalex.org/W2043619364","https://openalex.org/W2046857068","https://openalex.org/W2050031929","https://openalex.org/W2059520058","https://openalex.org/W2068919039","https://openalex.org/W2086694747","https://openalex.org/W2086825613","https://openalex.org/W2102281187","https://openalex.org/W2104795328","https://openalex.org/W2110038962","https://openalex.org/W2116347131","https://openalex.org/W2125520394","https://openalex.org/W2131177033","https://openalex.org/W2131773668","https://openalex.org/W2136120210","https://openalex.org/W2136315417","https://openalex.org/W2141906935","https://openalex.org/W2154187126","https://openalex.org/W2162671961","https://openalex.org/W2166215547","https://openalex.org/W2183687737","https://openalex.org/W2321565299","https://openalex.org/W2606685609","https://openalex.org/W2606730574","https://openalex.org/W2607358096","https://openalex.org/W2890302625","https://openalex.org/W2891507585","https://openalex.org/W3021915290","https://openalex.org/W3121183785","https://openalex.org/W3121401171","https://openalex.org/W3121439179","https://openalex.org/W3122067807","https://openalex.org/W3122075419","https://openalex.org/W3122225907","https://openalex.org/W3122236941","https://openalex.org/W3122551571","https://openalex.org/W3123131948","https://openalex.org/W3123545589","https://openalex.org/W3123760756","https://openalex.org/W3123893550","https://openalex.org/W3124083727","https://openalex.org/W3124611984","https://openalex.org/W3124948273","https://openalex.org/W3125499115","https://openalex.org/W3125935778","https://openalex.org/W4230975173","https://openalex.org/W4239467316","https://openalex.org/W4239701050","https://openalex.org/W4256070839","https://openalex.org/W4300848904","https://openalex.org/W4302795995"],"related_works":["https://openalex.org/W2051583734","https://openalex.org/W885626320","https://openalex.org/W3120433931","https://openalex.org/W2463164742","https://openalex.org/W7065900328","https://openalex.org/W2518800189","https://openalex.org/W7096104521","https://openalex.org/W133512010","https://openalex.org/W211992125","https://openalex.org/W2962000139"],"abstract_inverted_index":{"China":[0],"is":[1,75,134,272,292],"the":[2,52,55,71,123,130,157,199,236,242,260,276,309],"world's":[3,310],"largest":[4],"investor":[5],"and":[6,16,83,101,104,109,151,169,215,228,266,282],"greatest":[7],"contributor":[8],"to":[9,31,36,50,146,179,191,212,223,257,296],"global":[10,181,213],"economic":[11,232],"growth":[12,99],"by":[13],"wide":[14],"margins,":[15],"will":[17,33,220],"remain":[18],"so":[19],"for":[20,96,107,155,275],"many":[21],"years.The":[22],"efficiency":[23,227],"of":[24,54,125,139,161,195,201,244,279],"its":[25,117,162,230,249,267,297],"financial":[26],"system":[27],"in":[28,70,90],"allocating":[29],"capital":[30],"investment":[32,141,200,226],"be":[34,147,221,308],"important":[35,222,312],"sustain":[37],"this":[38,187,210,245],"growth.This":[39],"paper":[40],"shows":[41],"that":[42,138,208,248],"China's":[43,58,173,202,225,289],"stock":[44,59,85,112,126,143,167,174,217,237,290,304],"market":[45,60,110,113,144,175,211,291,305],"has":[46,61],"a":[47,76,120,253,273,293],"crucial":[48,294],"role":[49],"play.Since":[51],"reforms":[53,207],"last":[56,131,270],"decade,":[57],"become":[62],"as":[63,69,119],"informative":[64],"about":[65],"future":[66],"corporate":[67,140],"profits":[68],"US.Moreover,":[72],"though":[73],"it":[74],"segmented":[77],"market,":[78],"Chinese":[79],"investors":[80,89,182,214],"price":[81,127,218],"risk":[82],"other":[84,91,166,283],"characteristics":[86],"remarkably":[87],"like":[88],"large":[92,97],"economies.They":[93],"pay":[94],"up":[95],"stocks,":[98,100],"long":[102],"shots,":[103],"they":[105],"discount":[106],"illiquidity":[108],"risk.China's":[111],"no":[114],"longer":[115],"deserves":[116],"reputation":[118],"casino.In":[121],"addition,":[122],"trend":[124],"informativeness":[128,219],"over":[129],"two":[132],"decades":[133],"highly":[135],"correlated":[136],"with":[137,165],"efficiency.China's":[142],"appears":[145],"aggregating":[148],"diffuse":[149],"information":[150],"generating":[152],"useful":[153],"signals":[154],"managers.On":[156],"buy":[158],"side,":[159],"because":[160],"low":[163],"correlation":[164],"markets":[168],"high":[170,177,188],"average":[171],"returns,":[172],"offers":[176],"alpha":[178,189],"diversified":[180],"who":[183],"can":[184],"access":[185],"it.Yet":[186],"amounts":[190],"an":[192],"inflated":[193],"cost":[194],"equity":[196],"capital,":[197],"constraining":[198],"smaller,":[203],"more":[204],"profitable":[205],"enterprises.Further":[206],"open":[209],"improve":[216],"increase":[224],"fuel":[229],"continued":[231],"growth.Finally,":[233],"we":[234],"interpret":[235],"market's":[238],"recent":[239],"gyrations":[240],"through":[241],"lens":[243],"research,":[246],"arguing":[247],"post-crisis":[250],"lag":[251],"was":[252],"rational":[254],"downward":[255],"adjustment":[256],"competition":[258],"from":[259],"rapidly":[261],"expanding":[262],"shadow":[263],"banking":[264,302],"sector,":[265],"enormous":[268],"rally":[269],"year":[271],"cheer":[274],"roll":[277],"out":[278],"deposit":[280],"insurance":[281],"Third":[284],"Plenum":[285],"reforms.More":[286],"than":[287],"ever,":[288],"counterpart":[295],"extraordinary,":[298],"relationship-driven,":[299],"but":[300],"opaque":[301],"sector.China's":[303],"may":[306],"now":[307],"most":[311],"crystal":[313],"ball.":[314]},"counts_by_year":[{"year":2025,"cited_by_count":1},{"year":2024,"cited_by_count":4},{"year":2023,"cited_by_count":5},{"year":2022,"cited_by_count":4},{"year":2021,"cited_by_count":4},{"year":2020,"cited_by_count":13},{"year":2019,"cited_by_count":12},{"year":2018,"cited_by_count":11},{"year":2017,"cited_by_count":9},{"year":2016,"cited_by_count":5},{"year":2015,"cited_by_count":4},{"year":2014,"cited_by_count":3},{"year":2013,"cited_by_count":2},{"year":2012,"cited_by_count":1}],"updated_date":"2026-10-30T12:39:25.321706","created_date":"2022-10-03T00:00:00"}
