List of Appendices

Appendix 1 Legal Development in the Chinese Equity Market / 276

Appendix 2 Information on Predictor Variables / 280

Appendix 3 Correlations between Excess Market Returns and Predictor Variables / 287

Appendix 4 Correlations amongst Predictor Variables / 296

Appendix 5 Percentile Thresholds and Signals from Predictor Variables / 297

Appendix 6 Sensitivity Analysis： Length of Time Invested in Equities / 306

Appendix 7 Sensitivity Analysis： Percentile Thresholds for Forecasting Rules / 307

Appendix 8 Sensitivity Analysis： Equity Market Index / 308

Appendix 9 Sensitivity Analysis： Small Sample Bias / 309