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The China-U.S. Equity Valuation Gap
The China-U.S. Equity Valuation Gap
The China-U.S. Equity Valuation Gap
The China-U.S. Equity Valuation Gap
25Oct
Finance

The China-U.S. Equity Valuation Gap

25 October 2023 | 10:30p.m.-12:00p.m
KK 1121, K. K. Leung Building, HKU
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Speaker:

Prof. Xiaoyan Zhang
Xinyuan Chair Professor of Finance
Associate Dean
PBC School of Finance
Tsinghua University

Abstract:

The Chinese earnings yield differential relative to the U.S. switches from negative to positive around 2009, with the aggregate variation masking substantial cross-sector variation. Changes in sectoral composition and (changing) growth expectations are not important determinants of the variation in China-U.S. valuation differentials. Instead, changes in ownership structure, and most importantly cross-sectional and temporal variation in financial openness, are the key contributors. In addition, we show that IPOs in the banking sector and its internationalization played a critical role in the (relative) valuation change.

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214th Congregation (Summer Congregation 2025)
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214th Congregation (Summer Congregation 2025)
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Semiparametric Identification of the Discount Factor and Payoff Function in Dynamic Discrete Choice Models
Semiparametric Identification of the Discount Factor and Payoff Function in Dynamic Discrete Choice Models
Semiparametric Identification of the Discount Factor and Payoff Function in Dynamic Discrete Choice Models
Semiparametric Identification of the Discount Factor and Payoff Function in Dynamic Discrete Choice Models
Semiparametric Identification of the Discount Factor and Payoff Function in Dynamic Discrete Choice Models
18Jun
Economics | Seminar
Semiparametric Identification of the Discount Factor and Payoff Function in Dynamic Discrete Choice Models
18 June 2025 | 2:15 PM - 3:30 PM
KK 910 K. K. Leung Building, HKU
Prof. Katsumi Shimotsu
The China-U.S. Equity Valuation Gap
About Speaker
Prof. Xiaoyan Zhang

Chair Professor of Finance | Tsinghua University | PBC School of Finance

The China-U.S. Equity Valuation Gap
25 October 202310:30p.m.-12:00p.m
KK 1121, K. K. Leung Building, HKU
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