NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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The Real Value of China's Stock Market

Jennifer N. Carpenter, Fangzhou Lu, Robert F. Whitelaw

NBER Working Paper No. 20957
Issued in February 2015

---- Acknowledgments ----

We thank Viral Acharya, Franklin Allen, Yakov Amihud, Jennifer Arlen, Michael Brennan, Kalok Chan, Hui Chen, Zhiwu Chen, Will Goetzmann, Joel Hasbrouck, Peter Henry, Kose John, Alexander Ljungqvist, Anthony Lynch, Thomas Philippon, Qi Bin, Qian Zhiyi, Alexi Savov, Antionette Schoar, Myron Scholes, Kim Schoenholtz, Mike Spence, Johannes Stroebel, Jiang Wang, Shujin Wang, Jeff Wurgler, Hongjun Yan, and seminar participants at the China International Conference in Finance, China Securities Regulatory Commission, NBER Chinese Economy meeting, Renmin University Alumni Association, Shanghai Stock Exchange, and Yeshiva University for helpful comments and suggestions. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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