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An Empirical Study on Discount of H Shares and Information Asymmetry

LIU Xin (Post-doctor Station, Shanghai International Group, Shanghai 200002,China)  
The price of foreign shares is lower than that of those listed in the A stock market in China. This phenomenon is so called "foreign shares discount". Through an empirical analysis, this paper attempts to study the phenomenon of H shares discount of dual-listed company's in order to find out the key factors affecting H shares discount and its degree. The result shows that the information asymmetry is one of the key factors affecting the degree of H shares discount and that there exists direction in information asymmetry between the A stock market and the H stock market in China.
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