Float, speculation and stock price : evidence from the split share structure reform in China

• Main Authors: Hwang, Chuan-Yang, Zhang, Shaojun, Zhu, Yanjian
• Other Authors: Nanyang Business School
• Format: Article
• Language: English
• Published: 2020
• Subjects: Business::General; Bubble; Float
• Online Access: https://hdl.handle.net/10356/139026
• Institution: Nanyang Technological University

The Split Share Structure Reform in China offers a unique opportunity to test whether the supply of tradable shares (i.e., float) has a significant impact on the degree of speculation. After firms completed the reform, their float increased by 31% on average, while turnover and trading volume also i...