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JOURNAL OF APPLIED BUSINESS AND ECONOMICS
Quality Award and Market Performance: An Empirical
Investigation about Chinese Stock Market
Author(s): Xiangzhi Bu, Jinmei Tang, Robert Guang Tian
Citation: Xiangzhi Bu, Jinmei Tang, Robert Guang Tian, (2012) "Quality Award and Market Performance: An Empirical
Investigation about Chinese Stock Market," Vol. 13, Iss. 3, pp. 25 - 35
Article Type: Research paper
Publisher: North American Business Press
Abstract:
Based on the empirical data from the Chinese stock market and by using an event study method, this
paper investigates the relation between the quality award and the market performance of the publicly
listed firms that have won quality awards from 2001 to 2009 in China. Our findings show that in the
short-term the winners would get significantly accumulated abnormal returns, which differed because of
the companies’ size, risk in investment and the prestige of the awards. In the short-run, firms with larger
sizes, higher debt ratios, and the China Quality Award (CQA) winners can get accumulated abnormal
high returns. Prior leakage of the awards information announcement has played a certain role in the
process of abnormal high returns.
