Li Wei. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2002. / Includes bibliographical references (leaves 79-84). / Abstracts in English and Chinese. / English Abstract --- p.ii / Chinese Abstract --- p.vii / Acknowledgements --- p.vi / Table of Contents --- p.vii / List of Graphs and Tables --- p.ix / Chapter Chapter 1: --- Introduction --- p.1 / Chapter Chapter 2: --- Literature Review / Chapter 2.1 --- Social Security and Savings --- p.3 / Chapter 2.2 --- Pension Funds and Financial Markets --- p.10 / Chapter 2.3 --- China's Pension Reform --- p.14 / Chapter Chapter 3: --- China's Pension Reform / Chapter 3.1 --- The Evolution of Pension System --- p.18 / Chapter 3.2 --- The Background for Current Reform --- p.21 / Chapter 3.3 --- The New Pension System --- p.27 / Chapter 3.4 --- Key Issues for Future Reform --- p.31 / Chapter Chapter 4: --- The Impact of Pension Reform on Private Savings in China / Chapter 4.1 --- The Theory --- p.36 / Chapter 4.2 --- The Model --- p.40 / Chapter 4.3 --- Data and Methodology --- p.45 / Chapter 4.4 --- Empirical Results --- p.49 / Chapter Chapter 5: --- The Interaction between Pension Reform and Financial Marketin China / Chapter 5.1 --- The Effects of A Funded Pension System on Financial Market --- p.53 / Chapter 5.2 --- Pension Reform and Financial Market in China --- p.59 / Chapter Chapter 6: --- Experiences of Chile and Singapore and the Implications for China / Chapter 6.1 --- The Pension Reform in Chile --- p.69 / Chapter 6.2 --- The Central Provident Funds in Singapore --- p.70 / Chapter 6.3 --- The Implications for China --- p.71 / Chapter Chapter 7: --- Conclusion --- p.76 / Bibliography --- p.79 / Data Appendix --- p.85

A quality corporate disclosure environment is vital for an efficient market. The ultimate purpose of this thesis is to study the information environment of the Chinese capital market. There are different types of participants playing equally important roles in the smooth functioning of the Chinese capital market. I attempt to study the information issue from three different perspectives using three separate essays. / Apart from raising the awareness on the importance of quality corporate disclosure in the smooth functioning of a capital market, this study provides evidence supporting the importance of a transparent information environment for analysts' earnings forecast accuracy and how opinion dispersion among financial analysts and investors at large affects subsequent stock returns. Allowing investors a thorough understanding of the Chinese capital market mitigates misconception and can help foreign funds and local investors to make investment decisions in the China capital market. / In my second essay, my focus is on financial analysts; examining the role of information disclosure and the accuracy of analysts' earnings forecasts. Using all the Chinese firms included in the I/B/E/S files, I evaluate the predictive accuracy of analysts' earnings forecasts. Apart from examining the relative forecast errors of the analyst vis-a-vis a naive forecast model as well as studying the determinants and explanatory variables of the differential analysts' forecast errors between groups of firms, regression analysis is also conducted to evaluate such determinants. / In my third essay, I recognize that investors at large react differently to information disclosed and my focus is on the dispersion of opinion among financial analysts. I examine the role of such differences in opinion in relation to the cross section of future stock returns in the Chinese capital market. Results show that stocks with higher dispersion in analysts' earnings earn lower return than otherwise similar stocks. Results also suggest that a more correct interpretation of dispersion in analysts' forecast is as a proxy for investors' opinion differences about a stock rather than as a proxy for risk. / In the first essay, my focus is on a general information user level, looking at what information is available in the capital market as disclosed by firms. My first essay analyzes the firm-specific news announcements for Chinese firms listed on the Shanghai and Shenzhen stock exchanges with foreign ownership (firms issuing B shares) to gain an understand of the current information disclosure environment in the China stock market. I establish a news database which permits an examination of the distributional characteristics of the news items by categories, firm nature and timing. This essay also reports a positive relation between frequency of news disclosure and the total market capitalization, the total asset and the percentage of tradable share of a firm. / Lui Man Ching Gladie. / "August 2003." / Source: Dissertation Abstracts International, Volume: 64-09, Section: A, page: 3409. / Supervisor: In-Mu Haw. / Thesis (Ph.D.)--Chinese University of Hong Kong, 2003. / Includes bibliographical references. / Electronic reproduction. Hong Kong : Chinese University of Hong Kong, [2012] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Electronic reproduction. Ann Arbor, MI : ProQuest dissertations and theses, [200-] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Electronic reproduction. Ann Arbor, MI : ProQuest Information and Learning Company, [200-] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Abstracts in English and Chinese. / School code: 1307.

Wong Ho. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2003. / Includes bibliographical references (leaves 64-66). / Abstracts in English and Chinese. / Chapter 1 --- Introduction --- p.1 / Chapter 2 --- Literature Review --- p.4 / Chapter 2 --- Data Descrition --- p.9 / Chapter 2.1 --- Definition and Notation of Some Key Variables --- p.11 / Chapter 2.2 --- Summary statistics --- p.12 / Chapter 3 --- Determinants of Annual Changes in Leverage --- p.18 / Chapter 4 --- Determinants of Leverage --- p.33 / Chapter 5 --- Summary and Conclusions --- p.41 / Chapter 6 --- Tables / Chapter 6.1 --- Table 1.1 to 1.6 --- p.43 / Chapter 6.2 --- Table 2 --- p.49 / Chapter 6.3 --- Table 3.1 to3.6 --- p.52 / References --- p.64

This study examines the differential effect of each of the ten largest bank failures on shareholders' wealth of non-failed banks over the period from 1973 through 1984. It examines how contagion and information effects of major bank failures have changed over time. FDIC policy for settling failures has important implications for system stability, and has changed over time. This study's purpose is to provide empirical evidence on the effects of FDIC policy. The FDIC's handling of the Penn Square failure signaled a policy shift and offers a unique opportunity to examine changes in market reactions to large bank failures. The literature on the capital market effects of major bank failures provides limited evidence on the impact of bank failures and related FDIC policy. Most fail to discriminate between contagion and information effects, and conduct analysis on one (or a few) bank failure(s) in the mid-1970s using traditional event study methodology. This study considers multivariate regression (MVRM) an appropriate methodology for bank failures which are likely to have simultaneous impact on non-failed banks. MVRM, which accounts for contemporaneous cross-sectional dependence of residuals, has three advantages over standard residual analysis: no "event clustering" problem, multiple hypotheses tests, and computational efficiency. This study uses daily stock-return data for fifty-one non-failed commercial banks. For each bank failure, the non-failed banksare grouped into three portfolios: "information-related," "large," and "small." The impact on each portfolio is tested for an average effect and joint hypotheses on excess return. This study offers evidence on no contagion effects and lack of information effects before Penn Square, strong information effects since Penn Square, contagion effects in post-Penn Square failures, and capital market discipline on large banks since Penn Square. There has been a change in the nature of the impact of bank failures since Penn Square.

The purpose of this project is to discuss the merger between NYSE Group and Euronext, forming a new holding company named NYSE Euronext.

Univ., Diss.--Frankfurt am Main, 2006. / Literaturverz. S. 15 - 39.

The current study examines the extent and magnitude by which global and regional shocks are transmitted to the volatility of returns in the stock markets of South Africa, Egypt, Nigeria, Botswana, Mauritius and Egypt. This is done so as to make inferences on the level of the domestic market‟s integration into the regional and world capital markets. By applying multivariate and univariate GARCH models, using weekly data from June 1995 to May 2010, the main empirical findings are threefold. Firstly, the volatility analytical framework finds statistically significant and time-varying volatility spillover effects from the regional and global markets to the South African market. Global shocks are generally stronger and account for up to 23.9 percent of the volatility of South Africa‟s equity market compared to weaker regional factors which account for less than 1 percent of domestic variance. Only in countries with strong bilateral trade and economic links with South Africa, such as Botswana and Namibia, is it found that regional factors are more dominant than global factors for domestic volatility. Compared to the other African markets, the joint influence of foreign shocks on domestic volatility is highest in South Africa and Egypt, two of Africa‟s largest and most developed markets. The results further demonstrate that for all the African markets the explanatory power of both regional and global factors for domestic volatility is not constant over time and tends to increase during turbulent market periods. Secondly, the analysis of the determinants of South frica‟s second moment linkages with the global market suggests that the volatility of the exchange rate plays a cardinal role in influencing the magnitude by which global shocks affect domestic volatility. The increased global integration in the second moments cannot be attributed to either increased trade integration, convergence in inflation rates or to convergence in interest rates between South Africa and the global markets. Lastly, tests were conducted to examine whether there have been contagion effects from the regional and global markets to South Africa from the 1997 Asian crisis and the 2007/8 global financial crisis. The results show no evidence of contagion during either the East Asian currency crisis or the recent global financial crisis to South Africa, while some African markets, such as Egypt, Mauritius and Botswana, exhibit contagion effects from either crisis. Overall, the empirical findings generally support the view that African markets are segmented both at the regional and global levels as domestic volatility is more influenced by local idiosyncratic shocks (the proportion not attributable to either global and regional factors). However, the volatility of South Africa, and to a lesser extent Egypt, remains relatively more open to global influence. This implies that the potential for gains from international portfolio diversification and the scope for success of policies aimed at the stabilisation of equity markets in these markets exist.

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published_or_final_version / Business Administration / Master / Master of Business Administration

published_or_final_version / Business Administration / Master / Master of Business Administration