Griffiths and White (1993) offered little support for the hypothesis in their
evaluation of Canadian block trading around the tum-of-the-year. The window-
dressing hypothesis does not have supportive evidence in China’s stock markets as
the capital of institutional investors account for a small percentage of the market in
this study period. Ten large fund companies, each of which controls 2 billion Yuan,
were created after June 1998. Besides, block trading is seldom detected near the
end of the year in the absence of bullish or bearish marketing.
Ogden (1990) claimed that ...
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