Yang Ting:Short sellers at home and abroad: Their respective roles in the price discovery of cross-listed firms

Time:1202,2019View:29

Time: November 28, 2019 (Thursday) 13:30

Venue: Room 102, Building No.1, Hongkou Campus

Speaker: Yang Ting,Senior lecturer in the Department of Finance, Auckland University of Technology, New Zealand

Host: Professor Zhang Jian

Topic: Short sellers at home and abroad: Their respective roles in the price discovery of cross-listed firms

Abstract:

We examine the respective role of short selling in both the home and the host market in the price discovery of mainland Chinese firms cross-listed in Hong Kong. We find that short-sellers of A-shares in mainland China contribute significantly more to the price discovery than short-sellers of corresponding H-shares in Hong Kong, and the latter group benefits from the presence of the former group but not the other way around. Short-sellers in mainland China promptly react to the arrival of negative news, while short-sellers in Hong Kong do not react to such news, and tend to follow their counterparts in mainland China. We posit that the institutional differences in short selling between the two markets possibly explain the findings.

Guest Speaker:

Yang Ting has been teaching finance courses in undergraduate and graduate programs in the department of finance, Auckland University of technology, New Zealand since 2004. In May 2005, he received his PhD in finance from Nanyang Technological University in Singapore. His current research interests focus on corporate finance, micro-market structure, and corporate investment. His research findings have been published in Journal of Banking and Finance, Pacific-Basin Finance Journal, International Review of Financial Analysis, and he has lectured in international academic conferences for many times.



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