Information asymmetry, east–west cultural differences, and divergence in investor reactions
研究了2018年中国废除国家主席任期限制后，中美投资者反应的分化，发现美国投资者更悲观，导致在美上市中概股表现逊于国内匹配样本，且政治关联显著影响股价。
Abstract This paper investigates the divergence in investor behaviour between the United States and China following the abolition of the Chinese presidential term limit in 2018, which may, in part, have reflected the heterogeneous opinions expressed in public online media regarding this event. Compared with Chinese investors, the sentiment among US investors was considerably more pessimistic. Accordingly, we find that Chinese companies listed in the United States significantly underperformed relative to a sample of propensity score‐matched firms listed in China. Additionally, we find that the political connectedness of firms to the Chinese government strongly influenced the stock prices of US‐listed Chinese firms.