Shareholder Conflicts of Values and Preferences, Policy Uncertainty, and Price Gaps Between Dual‐Listed A‐ and H‐Shares in China
研究中国内地投资者集体主义与香港投资者个人主义价值观冲突如何影响A股和H股的价格差距、交易量及波动性，利用2014年互联互通和2018年贸易战数据验证。
ABSTRACT Investors in Mainland China embrace collectivism and government‐driven socio‐economic development, while their peers in Hong Kong cherish individualistic ethos and democratic governance policies. We test the hypothesis that these conflicts of values and preferences amplify the positive gaps in price and trading volume of dual‐listed A‐ and H stocks in Shanghai and Hong Kong stock exchanges but dampen the associated relative price volatility. Our findings drawn from the stock market integration initiative of Hong Kong and Mainland China in 2014 and the 2018 trade wars between China and the United States offer persuasive support for this novel narrative.