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dc.contributor.advisorChen, Jun
dc.contributor.advisorFrijns, Bart
dc.contributor.authorSun, Yiou
dc.date.accessioned2018-11-06T03:03:35Z
dc.date.available2018-11-06T03:03:35Z
dc.date.copyright2018
dc.identifier.urihttp://hdl.handle.net/10292/11952
dc.description.abstractInternet companies are developing rapidly and are harder to value due to a greater uncertainty regarding their future growth. This study is using a group of listed Chinese internet companies to investigate whether the idiosyncratic volatility (“IV” hereafter) of Chinese internet companies is significantly higher than that of the control firms, and, if so, whether such a higher IV is driven by measures of greater uncertainty regarding their future growth. I compare the internet companies to three control groups, including (1) all other A-shares firms, (2) firms that are most identical in accounting figures but from other industries, and (3) high-tech firms. There are three main findings. Firstly, I find that the IV of Chinese internet companies is significantly higher than the first and second control groups. Secondly, IV has shown a more significant effect on the stock returns of the Chinese internet companies than all control groups. Thirdly, I find that the book-to-market ratio of internet firms has a more significantly negative effect on IV than that of all control firms. In sum, my results imply that internet companies have more firm-specific risk due to the uncertainty of their future growth. I believe that my study can contribute to a better knowledge on how to value an internet company.en_NZ
dc.language.isoenen_NZ
dc.publisherAuckland University of Technology
dc.subjectIdiosyncratic Volatilityen_NZ
dc.subjectInternet companiesen_NZ
dc.subjectChinese stock marketen_NZ
dc.subjectComparison with other industriesen_NZ
dc.titleDeterminants of Idiosyncratic Volatility for Internet Companies: Evidence from Chinaen_NZ
dc.typeDissertationen_NZ
thesis.degree.grantorAuckland University of Technology
thesis.degree.levelMasters Dissertations
thesis.degree.nameMaster of Businessen_NZ
dc.rights.accessrightsOpenAccess
dc.date.updated2018-11-05T11:10:35Z


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