Type of Document	Dissertation
Author	Guo, Enyang
URN	etd-10132005-152510
Title	An empirical examination of price behavior on the Hong Kong stock market
Degree	PhD
Department	Accounting and Information Systems
Advisory Committee	Advisor Name Title Keown, Arthur J. Committee Chair Bonomo, Vittorio A. Committee Member Hansen, Robert S. Committee Member Kumar, Raman Committee Member Morgan, George I. Committee Member Shome, Dilip K. Committee Member
Keywords	Stocks Prices China Hong Kong Stock exchanges China Hong Kongd
Date of Defense	1990-07-18
Availability	restricted
Abstract This dissertation examines stock price behavior on the Hong Kong stock market in terms of normality of returns and the efficiency of that market. The results reveal that the Hong Kong stock market is efficient, although the degree of efficiency is somewhat different from what has been found for securities traded in the U.S. market. Moreover, it was found that as a small but active stock market, the Hong Kong market is sensitive and highly vulnerable to international events. The study also analyzes the relationship among different national equity markets, i.e., the U.S., the U.K., Japan, and Hong Kong. The results show that a substantial amount of multi-lateral interaction is present among national equity markets. In addition, some common seasonal patterns of stock price movements appear across the different national markets, and innovation transmissions from market to market are significant and efficient. The study provides added support to the hypothesis of an integrated world financial market.
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