Does the Capital Market Opening Improve the Price Discovery Efficiency of Stock Market? An Empirical Research Based on Shanghai-Hong Kong Stock Connect
Table 2
Descriptive analysis.
Before opening
After opening
Opening stocks
Non-opening stocks
Full
Opening stocks
Nonopening stocks
Full
Price_info
Me
−4.791
−4.646
−4.676
−4.804
−4.646
−4.692
Med
−4.634
−4.472
−4.511
−4.671
−4.513
−4.543
Delay
Me
0.795
0.795
0.795
0.799
0.802
0.801
Med
0.795
0.795
0.795
0.8
0.803
0.803
Open
Me
1
0
0.21
1
0
0.292
Med
1
0
0
1
0
0
Size
Me
16.044
15.037
15.247
16.726
16.015
16.223
Med
15.882
14.91
15.089
16.641
15.908
16.083
Leverage
Me
0.522
0.431
0.45
0.505
0.432
0.453
Med
0.526
0.422
0.453
0.502
0.416
0.444
Roa
Me
0.051
0.038
0.041
0.043
0.032
0.035
Med
0.043
0.033
0.035
0.035
0.028
0.03
Growth
Me
0.155
0.145
0.147
0.107
0.141
0.131
Med
0.112
0.084
0.094
0.052
0.042
0.046
Firstholder
Me
0.407
0.357
0.367
0.397
0.338
0.355
Med
0.407
0.338
0.352
0.393
0.321
0.336
Managershare
Me
0.021
0.13
0.107
0.024
0.12
0.092
Med
0
0
0
0
0.002
0
Boardsize
Me
9.485
8.747
8.902
9.256
8.464
8.695
Med
9
9
9
9
9
9
Independ
Me
0.374
0.371
0.372
0.377
0.375
0.376
Med
0.333
0.333
0.333
0.364
0.364
0.364
SOE
Me
0.689
0.392
0.454
0.666
0.398
0.476
Med
1
0
0
1
0
0
Note. Me and Med, respectively, means the mean value and the median value.
