The market setting of the Chinese securities markets is unique because of: (1) a mandatory requirement to release reported earnings within 120 days after the fiscal year ends; (2) a practice of announcing earnings and dividends simultaneously; and (3) a high percentage of shares in the hands of...

iThis study examines the stock-price behavior of Chinese stock markets in the Shanghai and Shenzhen Stock Exchanges. There are strict stock-ownership restrictions in China. Foreign investors can only trade B shares, while domestic investors can only trade A shares. Under this two-tier trading...