List of Figures

Figure 2.1 Number of listed companies – China versus selected developed markets， 1993 – 2010 / 24

Figure 2.2 Amount of capital raised in the year， China，1993 – 2010 / 27

Figure 2.3 Monthly performance of SHA， 1993 – 2010 / 31

Figure 2.4 Number of listed companies， China， 1993 – 2010 / 36

Figure 2.5 Difference between one-year fixed deposit rate and inflation rate， China， 1993 – 2010 / 44

Figure 2.6 Ownership structure for listed companies in China / 45

Figure 5.1 Fixed rolling window method / 136

Figure 5.2 Omega ratio / 142

Figure 5.3 Expanding window method / 147

Figure 6.1 Excess market return levels and signals from predictor variables / 187

Figure 6.2 Market timing strategies versus benchmarks / 194

Figure 6.3 Sensitivity analysis – percentile thresholds for forecasting rules / 205

Figure 7.1 Coefficient estimates for Model Ⅰ / 250

Figure 7.2 Coefficient estimates for Model Ⅱ / 251

Figure 7.3 Coefficient estimates for Model Ⅲ / 251

Figure 7.4 Autocorrelations （0 – 12 month） for predictor variables in Model Ⅲ / 254