Made available in DSpace on 2016-03-15T19:34:03Z (GMT). No. of bitstreams: 1 (Ivo Cordeiro Pinho .pdf: 1368947 bytes, checksum: 40ba1a65fe1f8c8445c4db73e1ae5c81 (MD5) Previous issue date: 2007-02-08 / Information is an asset of great value in the capital market, as so it must be regulated for the purpose of promoting the market s credibility and guaranteeing the investor s trust. Therefore, this research was conceived with the objective of studying the juridical regimen of the information in the stock market, being the subject analyzed from a double perspective: the right of the shareholder s to the information and, especially, the right of the market to the information. Related to this latter aspect, the adoption of the full and fair disclosure principle, that consists in the wide and honest revelation of information, as the market regulation philosophy, in the United States and in the whole world, must me examined. Moreover, regarding to the theme, it is necessary to consider the repression to the insider trading and the manipulation of the market as a consequence of the disclosure system. At last, it is important to detach the new instruments of information control, mainly those related to corporate governance and the new rules imposed by the Sarbanes-Oxley Act. / A informação é um bem de grande valor no mercado de capitais, devendo ser regulada com vistas a promover a credibilidade do mercado e de garantir a confiança dos investidores. Essa pesquisa foi, então, idealizada com o objetivo de se estudar o regime jurídico da informação no mercado acionário, analisando-se a matéria a partir de uma dupla perspectiva: o direito do acionista à informação e, principalmente, o direito do mercado à informação. Quanto a este último aspecto, cabe examinar a adoção do princípio do full and fair disclosure, consistente na divulgação ampla e honesta das informações relevantes, como filosofia de regulação do próprio mercado, nos Estados Unidos e em todo o mundo. Mais que isso, cabe, ainda, estudar a repressão ao insider trading e à manipulação do mercado, como corolários do sistema de disclosure. Por fim, é importante destacar os novos instrumentos de controle da informação, em especial aqueles relativos à governança corporativa e às novas regras impostas pelo Sarbanes-Oxley Act.

Chen, Chen. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2010. / Includes bibliographical references (p. 89-94). / Abstracts in English and Chinese. / Table of Contents --- p.vi / Chapter 1 --- Introduction --- p.1 / Chapter 2 --- Literature Review --- p.6 / Chapter 2.1 --- Operations and Finance Interface --- p.6 / Chapter 2.1.1 --- Single Period Setting --- p.6 / Chapter 2.1.2 --- Multi-Period Setting --- p.11 / Chapter 2.2 --- Trade Credit --- p.13 / Chapter 2.3 --- Supply Chain Contracts --- p.14 / Chapter 3 --- The Model --- p.16 / Chapter 3.1 --- Model Description --- p.16 / Chapter 3.1.1 --- The Basic Setting --- p.17 / Chapter 3.1.2 --- The Bank Loan Setting --- p.19 / Chapter 3.1.3 --- The Trade Credit Setting --- p.19 / Chapter 3.2 --- Demand Distribution Properties --- p.22 / Chapter 4 --- Retailer's Perspective --- p.24 / Chapter 4.1 --- The Single Period Problem --- p.24 / Chapter 4.2 --- The Basic Setting --- p.33 / Chapter 4.3 --- The Bank Loan Setting --- p.37 / Chapter 4.4 --- The Trade Credit Setting --- p.43 / Chapter 4.5 --- Summary --- p.47 / Chapter 5 --- Supplier's Perspective --- p.48 / Chapter 5.1 --- Single Period Results --- p.48 / Chapter 5.1.1 --- The Basic Setting --- p.49 / Chapter 5.1.2 --- The Bank Loan Setting --- p.53 / Chapter 5.1.3 --- The Trade Credit Setting --- p.60 / Chapter 5.2 --- Two-Period Problem --- p.69 / Chapter 5.3 --- Summary --- p.71 / Chapter 6 --- Numerical Study and Insights --- p.72 / Chapter 6.1 --- The Single Period Supply Chain --- p.72 / Chapter 6.1.1 --- Impact of Different Financing Schemes --- p.73 / Chapter 6.1.2 --- Supply Chain Efficiency --- p.77 / Chapter 6.2 --- Capital Constrained Retailer in Two-Period Setting --- p.79 / Chapter 6.2.1 --- Impacts of Different Financial Schemes on the Retailer --- p.79 / Chapter 6.2.2 --- Saving for the Future --- p.82 / Chapter 6.2.3 --- Comparison of the Single- and Two-Period Settings --- p.83 / Chapter 7 --- Conclusion and Future Research --- p.84 / Appendix / A Log-concavity of Some Common Distributions --- p.87 / Bibliography --- p.89

Las diferencias existentes entre la teoría financiera y las estrategias administrativas no han llegado a tener una participación conjunta en beneficio de la maximización de rendimientos que ellos siempre han atendido de manera independiente. Bavaria es uno de los pocos casos documentados académicamente para ser usado como caso de estudio en Latinoamérica, y es porque cuando estuvo en la administración del Grupo Santo Domingo, tuvo diversas decisiones en las que influyo la diversificación corporativa y las adquisiciones de empresas con el fin de expandirse para así convertirse en un gran grupo cervecero sino también en un gran holding luego de la escisión. La presente investigación nos llevará a ver por qué la teoría administrativa sigue centrándose en los problemas habituales del riesgo específico a través de la diversificación corporativa, cuando la teoría financiera dicta todo lo contrario para centrarse únicamente en el riesgo y el rendimiento como componentes de la teoría del portafolio. Con la finalidad de que cada uno de nosotros comprendamos el valor que aporta cada una de estas perspectivas, y se sugiera de que existe la necesidad de buscar una cohesión teórica entre ambos pensamientos, para lograr un beneficio en la búsqueda de rendimientos hacia las empresas que se encuentran en un mercado cada vez más competitivo y cambiante tanto por la innovación como la satisfacción de nuevas necesidades en los seres humanos. / The differences between financial theory and management strategies have not come to have a joint participation in benefit of the maximization of returns that they have always attended independently. Bavaria is one of the few cases documented academically to be used as a case study in Latin America, and is because when he was in the administration of the Santo Domingo Group he had several decisions influenced by corporate diversification and acquisitions of companies in order to expand to become a large beer group but also a large holding after the split. The present investigation will lead us to see why administrative theory continues to focus on the usual problems of specific risk through corporate diversification, when financial theory dictates the opposite to focus solely on the risk and performance of the components in the company portfolio theory. In order that each of us understand the value of each of these perspectives, and suggest that there is a need to seek a theoretical cohesion between both thoughts, to achieve a profit in the returns to the companies that are in the search for a market increasingly competitive and changing both for innovation and the satisfaction of new needs in human beings. / Trabajo de Suficiencia Profesional

資本市場對於一國社會經濟的發展，佔有舉足輕重的地位。一方面，企業生產所需之資本，透過股票或債券等證券的發行，在資本市場迅速籌集資金，推動國家經濟不斷成長；另一方面，國民儲蓄認購企業發行之證券，分享企業經營之成果，從而達成「均富」之目標。台灣資本市場的建立，可以民國51年2月9日「台灣證券交易所」成立為里程碑，發展迄今已逾37年，市場規模日益壯大，並朝向國際化的方向發展。臺灣資本市場的發展就如臺灣經濟發展之縮影，二者亦步亦趨，密不可分。藉由對臺灣資本市場深化程度之探究，將能清楚地看出資本市場在臺灣經濟發展歷程中所佔的比重與發揮的功能。所謂「資本深化」（Capital Deepening），係指資本市場中資金累積的速度。民國五O年代是臺灣經濟的黃金時期，此階段之資本深化程度於五十二至五十五年間為最高；民國六O年代經歷兩次能源危機，但我國堅強之因應能力使得資本市場得以順利發展，深化程度維持穩定；到了七O年代，台灣經濟呈現起伏不定的變化，尤其是七O年代末期，資本市場深化程度大幅提升，但這是市場不正常發展的結果；八O年代迄今，資本市場全力朝自由化與國際化發展。在臺灣資本市場的發展歷程中，遭逢七次重大危機。此七次危機是以股票市場之「十年均線」為標的，本文開創性地歸納出六段加權股價指數於十年均線以下的時期，這六個時期分別為民國71年8月至72年1月、民國79年2月至79年10月、民國81年9月至82年1月、民國84年8月至85年3月、民國87年8月至87年9月與民國88年1月至88年2月；此外，民國83年10月，洪福證券公司發生鉅額跳票，造成股市連續暴跌一個星期，股價指數於六個交易日內重挫1059.04點，跌幅達14.75%，資本市場受創程度不亞於前述六個時期。從臺灣資本市場發展的軌跡中，可以發現影響資本市場起伏變化的因素主要有： 經濟循環、政治因素( 國際形勢的變化、 戰爭的影響、 國內重大政治事件、 國家的重大經濟政策)、 貨幣供給與利率、油價、 企業經營狀況與人為操縱等。此六項因素左右資本市場發展過程之盛衰起伏。 第一章 緒論 ……………………………………………………1~9 第一節 研究背景與目的 …………………………………1~4 第二節 研究內容與流程 …………………………………5~7 第三節 研究方法與限制 …………………………………8~9 第二章 資本市場與國家經濟發展 ……………………………10~29 第一節 「資本」概念的論述 ……………………………10~15 第二節 資本的形成－儲蓄和投資的相關理論 …………16~26 第三節 資本市場在經濟發展中所扮演的角色 …………27~29 第三章 臺灣資本市場之發展歷程 ……………………………30~82 第一節 臺灣資本市場的建立 ……………………………30~41 第二節 臺灣資本市場運作制度之演變歷程 ……………42~62 一、 證券市場管理方面 ……………………………42~47 二、 證券發行市場方面 ……………………………48~51 三、 證券流通市場方面 ……………………………52~55 四、 證券服務業方面 ………………………………56~59 五、 證券市場國際化方面 …………………………60~62 第三節 臺灣資本市場發行與交易之變遷 ………………63~82 一、 股票之發行與交易情形 ………………………63~78 二、 債券之發行與交易情形 ………………………78~82 第四章 臺灣資本市場深化程度之演進 ………………………83~123 第一節 衡量「資本深化」程度指標的建立 ……………83~105 第二節 民國五o年代 ……………………………………106~109 第三節 民國六o年代 ……………………………………110~114 第四節 民國七o年代 ……………………………………115~119 第五節 民國八o年代 ……………………………………120~123 第五章 臺灣資本市場遭逢七次危機之背景、成因、解決政策與借鑒 ………………………124~160 第一節 民國71年8月至72年1月 ……………………124~130 第二節 民國79年2月至79年10月 ………………… 131~136 第三節 民國81年9月至82年1月 ……………………137~143 第四節 民國83年10月 ………………………………144~147 第五節 民國84年8月至85年3月 ……………………148~152 第六節 民國87年8月至87年9月 ……………………153~156 第七節 民國88年1月至88年2月 ……………………157~160 第六章 結論 ………………………………………………… 161~170 第一節 本文主要發現 …………………………………161~164 第二節 本文政策性意涵 ………………………………165~169 第三節 可進一步研究之方向 …………………………170 參考文獻 ……………………………………………………171~180 / Capital market plays a key role in one country's economic development. On the one hand, enterprises can acquire the capital that they demand through issuing securities in capital market; on other hand, the public can share the profits of enterprises by purchasing securities in capital market. The foundation of "Taiwan Stock Exchange" on February 9, 1962 was a milestone in Taiwan's capital market history. Taiwan's capital market development is a miniature of Taiwan's economic development. The significance and functions of Taiwan's capital market in different stages of Taiwan's economic development can be observed clearly by exploring "Capital Deepening". "Capital Deepening" is the speed of capital accumulation in capital market. From 1962 till now, Taiwan's capital market has encountered seven severe crisives-from August 1982 to January 1983, from February 1990 to October 1990, from September 1992 to January 1993, from August 1995 to March 1996, from August 1998 to September 1998, from January 1999 to February 1999, and October 1994. Overall, there are six main factors which influence Taiwan's capital market deeply. They are business cycles, political factors, money supply and interest rate, oil price, enterprises, and personal manipulation.

隨著承銷產業的競爭越來越激烈，承銷商在承銷的過程中，所扮演的角色 為何，以及不同承銷商、不同承銷方式，其所承銷的新股，在績效表現上 是否有差異，是本研究的主要課題。本研究針對七十六年至八十二年上市 之公司，發放問卷，問卷主要目的是對其主辦承銷商的表現進行評估，問 卷區分為兩個部分，一部分評估承銷商能力，一部分評估承銷商投入；此 外，蒐集每件上市案的承銷方式，並且計算這些新上市股票的績效，包括 ：中籤率、異常報酬率、週轉率、每股盈餘成長率，將這些資料經由因素 分析、集群分析、變異數分析處理，主要是為了驗證四個假說：1.聲譽佳 的承銷商，在承銷商表現因素上較佳。2.採包銷的方式，在承銷商表現因 素上較佳。3.承銷商表現越佳，新股績效越佳。4.採包銷的承銷方式，所 承銷的新股績效較佳。將上市公司對於主辦承銷商的評估進行因素分析， 承銷商能力區分為兩個因素：「聲譽形象與專業能力」、「對市場狀況的 熟悉程度與和其他相關機關的關係」；承銷商投入區分為三個因素：「幫 助公司健全制度、處理上市事務及穩定上市後股價」、「深入了解公司營 運狀況及為公司規劃資金用途」、「輔導人員組成與輔導時間」。再以集 群分析將上市案區分為三群：「聲譽與專業能力導向群」、「關係與市場 狀況導向群」、「能力與投入不足群」。以變異數分析針對四個假說進行 檢定，檢定結果為：1.假說一獲得支持，聲譽佳的承銷商在承銷商表現因 素上較佳。2.假說二部分獲得支持，採包銷的方式，在某些承銷商表現因 素上較佳，其他因素上則不然。3.假說三無法獲得支持，承銷商表現越佳 ，其新股績效並未越佳。4.假說四獲得支持，採包銷的承銷方式，所承銷 的新股績效較佳。最後本文針對上市公司、承銷商以及政府主管機關，提 出建議。首先對上市公司提出建議：1.選擇承銷商時，應首重承銷商的聲 譽形象與專業能力。2.包銷方式較為有利。接著對承銷商提出建議：1.透 過聲譽形象與專業能力建立競爭優勢。2.應選擇和其形象符合之公司進行 承銷。3.在承銷過程中，應深入了解公司營運，並協助公司健全制度。對 政府主管機關的建議：1.減少對承銷費用之限制。2.承銷制度的重新設計 。3.加強對承銷商的管理。

This research is based on native companies and underwriters¡¦ perspectives to discuss the advantages and decision making process of listing a company¡¦s stocks in Taiwan capital market or in oversea markets. It further analyzes the strengths and weaknesses of Taiwan and Hong Kong capital markets in legal and trading aspects, when also taking the costs into consideration. By analyzing the advantages/disadvantages of each capital market and the encourage policies of both governments, it illustrates the factors that influence a company to choose a favorable market in order to maximize its value. This research compares the following issues¡G A. The IPO regulations of Taiwan and Hong Kong capital markets B. The scales of Taiwan and Hong Kong capital markets C. The costs for IPO in Taiwan and Hong Kong capital markets By referring related articles, it induces the following results¡G A. Common benefits from IPO¡GMore convenient channels for fund raise, increasing international reputation, enhancing internal control system and management, brain gain, more Merger & Acquisition opportunities, and providing shareholders flexible financial planning. B. Planning IPO in local or foreign markets, a company¡¦s consideration would be different. The differentiation is mainly from¡G 1. different goals and strategies 2. different costs and benefits 3. different requirements and qualification for going public. C. The reasons for low management fee are¡G 1. Since underwriters mainly focus on capital gain, not management fee, there is not enough motivation for them to adjust the rate of management fee. 2. numerous underwriters result fierce price competition 3. management fee is related to industry/economy growth and recession 4. Investors might doubt whether the probability of their participating in security allocations is not equal to others. Last, this research provides the conclusion and recommendations. Via comparing these two capital markets, we look for the best solution to change the inferior position of Taiwan capital market and underwriters, and at least provide useful information for our government authorities, underwriters, and companies who are interested in going public in Hong Kong.

We derive empirical predictions from the standard investment-cash flow framework on the functioning of internal capital markets (ICM), but circumvent its criticism by focusing on parent cash flow and investment opportunities. We test these predictions using a unique data set of parent firms and their listed and unlisted subsidiaries in 90 countries over the period 1995-2006. We find that company and country institutional structures matter. (1) Ownership participation of the parent firm in the subsidiary plays a crucial role for the proper functioning of ICMs. The larger the ownership stake of the parent, the better the functioning of the ICM. (2) The best functioning cross-border ICMs can be found in the sub-sample of firms with parents from a country with "strong" institutions and subsidiaries from a country with "weak" institutions. (3) Unlisted subsidiaries are much more dependent on the ICMs their parents provide than listed subsidiaries. Thus, ICMs are not per se "bright" or "dark", their proper functioning depends on how they are set up. (authors' abstract)

Islamic finance is acquiring a growing respected place in the world financial system and its market share has been growing by more than 15 percent annually for the last ten years. Sukuk is the financial instrument which is considered to be the icon of the Islamic finance now. It is now one of the fastest growing financial instruments in the world. In this thesis, Sukuk and its original structures are defined and discussed. The features of each structure and their practicality are also highlighted. The main and most important contribution of this thesis is adiscussion and an analysis of the risk identification of Sukuk structure. The management of risk associated with Sukuk structure is also a matter of great importance. A qualitative research approach adopted with unstructured interviews with different experts both in the Islamic and traditional finance field from three different countries. Respondents observe that Islamic capital market is growing and it has established its identity in the world financial market. This bright picture of Sukuk success brings some major risks which are identified as, regulatory risk, Shariah compliance risk, liquidity risk, market risk, credit risk, risk related to underlying asset, third party risk. It is found that risk management practices are very weak at the moment and these risks are not currently well managed.These risks are more and complex and there are no well standardized and documented techniques which can be used to hedge these risks. Sukuk are exposed to these risks .Notmuch importance has been given to the risk management yet and the main focus remainson the issuance of Sukuk .It observe that without proper risk management of the Sukuk structure its success story will always remain under question.

My dissertation consists of three essays in international capital markets. In Chapter I, we examine the herd trading behavior of institutional investors trading around the world. Using a new transaction-level trades database of 531 U.S. institutional investors trading across 37 countries for the period 2002-2009, we find robust evidence of intra- and inter-period herdings at the monthly frequency. We find no evidence that trades by institutions in our sample destabilize local stock markets. Further analysis shows that: (i) in the buy side, both intra- and inter-period herdings are more pronounced in countries with weaker information environments; and (ii) in the sell side, intra-period herding is more pronounced in countries with stronger information environments, whereas inter-period herding is not significantly related to information environments. In Chapter II, we document that the degree of co-movement between bilateral USD ex- change rates has increased substantially since the introduction of the euro in 1999 and investigate what drives the increased co-movement. For each of our 33 sampled bilateral USD exchange rates, we measure the degree of co-movement using the R-square from re- gressing weekly exchange rate changes on the weekly world exchange rate factor. Our results show that, for the majority of sample exchange rates, the R-square has increased substan- tially over the period 1999-2010. Specifically, the average R-square was 0.15 in 1999, but it increased to 0.47 by more than 200% in 2010. Further analysis reveals that the rising influence of the euro relative to USD over a third currency can explain most of the increase in the measured co-movement over time. In Chapter III, we examine the level and trend of U.S. domestic market integration. For each of our sample states, we construct the state (market) portfolio comprising public firms headquartered within the state and compute R-square, our measure of integration, from regressing state portfolio returns on national stock market factors. Using weekly returns, we estimate the regression for each year of our sample period 1963-2008. The key findings are: (i) For the majority of sample states, the R-square exhibits a statistically significant upward trend, implying that U.S. domestic stock markets were not fully integrated and have been integrating during the sample period; (ii) consistent with the previous result, the explanatory power of the state factor over individual stock returns has been decreasing for the majority of states; and (iii) the increasing integration of U.S. domestic stock markets is associated with the decreasing home state bias, suggesting that investors' pursuit of nation- wide investment opportunities may be a significant driver of domestic financial integration.

Diss. Stockholm : Handelshögsk., 2003.