File Download

There are no files associated with this item.

  Links for fulltext
     (May Require Subscription)
Supplementary

Article: Hollowing out of the Real Economy: Evidence from China’s Listed Firms

TitleHollowing out of the Real Economy: Evidence from China’s Listed Firms
Authors
KeywordsChina investment property
Hollowing out of real economy
Stock market returns
Issue Date2016
PublisherHigher Education Press. The Journal's web site is located at http://journal.hep.com.cn/fec/EN/1673-3444/current.shtml
Citation
Frontiers of Economics in China, 2016, v. 11 n. 3, p. 390-409 How to Cite?
AbstractThe paper studies an often-observed phenomenon of diversification of manufacturing firms into real estate development in East Asian economies. Utilizing a sudden change in China's accounting standards that requires firms to disclose information about their real estate holdings for investment purpose (or investment property), we examine both the impact of such diversification on firms' investment in their original business and the stock market response to such diversification. Our results confirm there exists underinvestment in original business (or hollowing out of the real economy) for firms diversifying into real estate, and that there is a lack of investor response to such diversification, in both short-run and long-run. Our study calls for further research on the role of real estate development in the long-run competitiveness of developing economies.
Persistent Identifierhttp://hdl.handle.net/10722/262271
ISSN
2015 SCImago Journal Rankings: 0.130
ISI Accession Number ID

 

DC FieldValueLanguage
dc.contributor.authorXu, L-
dc.contributor.authorShao, X-
dc.contributor.authorTao, Z-
dc.date.accessioned2018-09-28T04:56:23Z-
dc.date.available2018-09-28T04:56:23Z-
dc.date.issued2016-
dc.identifier.citationFrontiers of Economics in China, 2016, v. 11 n. 3, p. 390-409-
dc.identifier.issn1673-3444-
dc.identifier.urihttp://hdl.handle.net/10722/262271-
dc.description.abstractThe paper studies an often-observed phenomenon of diversification of manufacturing firms into real estate development in East Asian economies. Utilizing a sudden change in China's accounting standards that requires firms to disclose information about their real estate holdings for investment purpose (or investment property), we examine both the impact of such diversification on firms' investment in their original business and the stock market response to such diversification. Our results confirm there exists underinvestment in original business (or hollowing out of the real economy) for firms diversifying into real estate, and that there is a lack of investor response to such diversification, in both short-run and long-run. Our study calls for further research on the role of real estate development in the long-run competitiveness of developing economies.-
dc.languageeng-
dc.publisherHigher Education Press. The Journal's web site is located at http://journal.hep.com.cn/fec/EN/1673-3444/current.shtml-
dc.relation.ispartofFrontiers of Economics in China-
dc.subjectChina investment property-
dc.subjectHollowing out of real economy-
dc.subjectStock market returns-
dc.titleHollowing out of the Real Economy: Evidence from China’s Listed Firms-
dc.typeArticle-
dc.identifier.emailTao, Z: ztao@business.hku.hk-
dc.identifier.authorityTao, Z=rp01097-
dc.description.naturelink_to_OA_fulltext-
dc.identifier.doi10.3868/s060-005-016-0022-6-
dc.identifier.hkuros292956-
dc.identifier.volume11-
dc.identifier.issue3-
dc.identifier.spage390-
dc.identifier.epage409-
dc.identifier.isiWOS:000390954500004-
dc.publisher.placeChina-
dc.identifier.issnl1673-3444-

Export via OAI-PMH Interface in XML Formats


OR


Export to Other Non-XML Formats