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While there is only little transformation to the absolute power of the party-state to be detected, some grassroots democratic experiments, however, are receiving enormous attention of the world, especially village elections. Nevertheless, this preliminary exercise of democracy is widely characterized as a mixed bag of results. Since its first conduction, it has experienced immense development and bought great impact not only on different rural political institutions, but also on common mass villagers, as well as changes to the local governance. But at the same time, the limitations of the factual effectiveness of these elections can hardly be underestimated and such aspects as the standardization of electoral procedures are still to be further improved. Moreover, given the wide variations across Chinese countryside and the strong oppositions from all levels, the future of China’s village elections remain hard to gauge.
This thesis examines the application of intrinsic value models considering segmentation between foreign and domestic investors’ stock segments in China. Within the framework of international portfolio investment theory, segment-specific price differences are theorized to be not caused by irrational behavior but consistent with economic theory. Theoretical comparison of equilibrium and intrinsic value models suggests the latter to be more suitable regarding the Chinese market environment. Correspondingly, in this thesis the relevance of intrinsic value models for Chinese stock prices is examined empirically. It is concluded that price differences can be ascribed to unequal investment opportunities and segment specific characteristics. Nevertheless, results from the domestic and Hong Kong risk-free rate proxy lead to the conclusion that intrinsic value models cannot be considered better suited than linear factor models.