Price and volume effects for stocks traded under the CPF approved investment scheme (AIS) : the new evidence
The CPF Liberalisation Scheme was first announced on 26 January 1993 by our senior Minister, Mr Lee Kuan Yew. The announcement was welcomed by many businessmen and professionals, who see that it will help to boost the stock market and increase market liquidity. Our study examines the price and v...
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| Main Authors: | , , |
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| Other Authors: | |
| Format: | Final Year Project |
| Language: | English |
| Published: |
2015
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| Subjects: | |
| Online Access: | http://hdl.handle.net/10356/63036 |
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| Institution: | Nanyang Technological University |
| Language: | English |
| Summary: | The CPF Liberalisation Scheme was first announced on 26 January 1993 by our
senior Minister, Mr Lee Kuan Yew. The announcement was welcomed by many
businessmen and professionals, who see that it will help to boost the stock market
and increase market liquidity.
Our study examines the price and volume effects of AIS stocks and NAIS stocks
under the above event. Hence, our empirical test covers the test period relating to
the event date : 26 January 1993. Using daily prices and trading volumes of the
SES All Singapore index and the stocks included in our AIS and NAIS samples
from 20 August 1992 to 31 March 1993, the result of this study suggests that both
AIS and NAIS stocks have insignificant price effects but significant increase in
trading volumes. |
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