Abstract

Based on the value of the investment theory, using the annual compound growth returns rate as major indicator after adjusting the price according to ex-rights and dividends, this article conducts an analysis of the Long-term investment returns during 1991 to 2008 of the Shenzhen Stock Market. Study found that long-term investment returns of the industry are quite different, and existing large-cap effect and the small firm effect, also having a clearly volatility characteristic compared to Treasury yields.

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