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The authors examine the behavior of the Chinese equity markets to determine whether the equity markets are efficient or not. A previously unexplored data base provides the source for observing market behavior of the two principle equity market in China. These markets have unique characteristics different from those in the more established markets in the United States, United Kingdom and Japan among others. In particular, they study the role of the financial crises. The observations suggest that that differences in statistical measures occurred before and after the financial crises.
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