Journal of Academy of Business and Economics, January 1st, 2003
ABSTRACT
The paper compares the "failures" in the U.S stock market with Chinese stock market recently. The authors find that the phenomena of the failures in two markets are very similar: the boom-bust of the stock prices, the corporate accounting scandals, and the negative effects on the whole economy. However, the causes of failures are much different. The failures in the U.S stock market are "Market Failures", caused by the lack of regulations relative to the rapid changes of the financial market. While the failures in the Chinese stock market are "Government Failures" caused by too many...
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