caa a22 4500 469053968 CHVBK 20180323132837.0 cr unu---uuuuu 170328e19921001xx s 000 0 eng 10.1007/BF01732899 doi (NATIONALLICENCE)springer-10.1007/BF01732899 CPF stocks: Prices, returns and volatility [Elektronische Daten] [Swee-Sum Lam, Kai-Chong Tsui] We identify a unique phenomenon in the Central Provident Fund (CPF) stocks where stock prices increase in the absence of fundamental changes in firm value. CPF stocks are stocks endorsed by the Central Provident Fund Board in Singapore as approved investment for its members. CPF stocks offer significant price appreciation and value preservation as well as abnormal returns in the bull market before the October 1987 market crash. We find evidence of noise trading in bull markets and price pressure effects that persist through bearish market conditions. Faculty of Business Administration National University of Singapore, 1992 Lam Swee-Sum aut Tsui Kai-Chong aut Asia Pacific Journal of Management Kluwer Academic Publishers 9/2(1992-10-01), 243-251 0217-4561 9:2<243 1992 9 10490 https://doi.org/10.1007/BF01732899 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/BF01732899 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Lam Swee-Sum aut NATIONALLICENCE 700 1- Tsui Kai-Chong aut NATIONALLICENCE 773 0- Asia Pacific Journal of Management Kluwer Academic Publishers 9/2(1992-10-01), 243-251 0217-4561 9:2<243 1992 9 10490 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer