published_or_final_version / abstract / toc / Business / Master / Master of Philosophy

published_or_final_version / Business Administration / Master / Master of Business Administration

published_or_final_version / Business / Master / Master of Philosophy

by Li, Man-kong, Vincent, Yee, Yat-pui, Yvonne. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1990. / Bibliography: leaves 92-94. / Library's copy:Disk for circulation (3.5 in.) / TABLE OF CONTENTS / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iii / LIST OF TABLES --- p.v / ACKNOWLEDGEMENTS --- p.vi / CHAPTER / Chapter I. --- INTRODUCTION --- p.1 / Importance of Earnings Forecast --- p.1 / Previous Research Findings --- p.3 / Objective --- p.5 / Chapter II. --- AN OVERVIEW OF EARNING FORECASTING --- p.6 / Methods of Forecasting --- p.6 / Financial Analyst's Model --- p.7 / Time-series Model --- p.9 / Common Belief Regarding Forecast Superiority --- p.10 / Chapter III. --- RESEARCH DESIGN AND METHOD OF ANALYSIS --- p.12 / General Framework --- p.12 / Choice of Companies and Time Period --- p.13 / Data Preparation --- p.16 / Actual Earning Data --- p.16 / Forecast Data by Financial Analyst --- p.17 / Adjustment of Data --- p.18 / Time Series Model Data --- p.20 / Generation of Time-series Data --- p.20 / The Time-series Model --- p.20 / Data Analysis --- p.25 / Definition of Forecast Error --- p.25 / Comparison of Forecast Accuracy --- p.26 / Grouping of Companies --- p.26 / Method of Comparison --- p.27 / Chapter IV. --- RESULTS OF ANALYSIS AND IMPLICATIONS --- p.30 / General Data Manipulation --- p.30 / Data For Analysis --- p.30 / Input Data --- p.30 / Computed Forecast Errors --- p.31 / Comparison of Forecast Accuracy --- p.31 / First Time Friedman Test Results --- p.31 / Full Cross-Sectional Dependence --- p.32 / Sectorial Dependence --- p.34 / Cross-Sectional Independence --- p.37 / Wilcoxon Signed Rank Test and Second Time Friedman Test --- p.41 / Full Cross-Sectional Dependence. --- p.42 / Sectorial Dependence --- p.43 / Cross-Sectional Independence --- p.44 / Chapter V. --- CONCLUSION AND DISCUSSION --- p.45 / Findings From Results of Study --- p.45 / Limitation of Study --- p.48 / Cost of Forecast --- p.48 / Sample Size and Length of Study Period --- p.48 / Limited Past Earning Data --- p.49 / Accounting Income Manipulation --- p.50 / Suggested Further Study --- p.50 / APPENDIX A --- p.52 / APPENDIX B --- p.53 / APPENDIX C --- p.56 / BIBLIOGRAPHY --- p.92

published_or_final_version / Economics and Finance / Doctoral / Doctor of Philosophy

Wong Man Kit. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2002. / Includes bibliographical references (leaves 118-121). / Abstracts in English and Chinese. / Abstract --- p.i / Acknowledgement --- p.iv / Table of Contents --- p.v / List of Tables --- p.viii / List of Figures --- p.x / List of Appendices --- p.x / Chapter Chapter 1 --- Introduction --- p.1 / Chapter Chapter 2 --- Literature Review --- p.6 / Chapter 2.1 --- Performance of Value Strategy in Stock Markets over The World --- p.7 / Chapter 2.2 --- Possible Explanations for Superior Return of Value Stocks --- p.11 / Chapter 2.2.1 --- Sampling Biases --- p.11 / Chapter 2.2.2 --- Risk Factors --- p.13 / Chapter 2.2.3 --- Expectation Error Hypothesis --- p.15 / Chapter 2.3 --- Studies for Value Strategy in Hong Kong --- p.20 / Chapter Chapter 3 --- Data and Methodology --- p.23 / Chapter 3.1 --- Methodology of Expectation Error Hypothesis --- p.23 / Chapter 3.1.1 --- Earnings Announcement Returns --- p.23 / Chapter 3.1.2 --- Past and Future Earnings Growth Rates of Stocks --- p.26 / Chapter 3.2 --- Data Source --- p.29 / Chapter 3.3 --- Portfolio Formation --- p.30 / Chapter 3.4 --- Variable Calculation Method --- p.31 / Chapter 3.4.1 --- Annual Buy and Hold Returns --- p.31 / Chapter 3.4.2 --- Earnings Announcement Returns --- p.32 / Chapter 3.4.3 --- Earnings Growth Rate of Portfolios --- p.33 / Chapter Chapter 4 --- Interpretation of Results --- p.34 / Chapter 4.1 --- Annual Buy and Hold Returns of Portfolios --- p.36 / Chapter 4.1.1 --- Annual Returns of Portfolios Sorted by B/M Ratio --- p.36 / Chapter 4.1.2 --- Annual Returns of Portfolios Sorted by E/P Ratio --- p.37 / Chapter 4.1.3 --- Analysis of Performance on Return Differences between Two Ratios --- p.38 / Chapter 4.2 --- Earnings Announcement Returns for Value and Glamour Portfolios --- p.41 / Chapter 4.2.1 --- 3-day Event Returns --- p.41 / Chapter 4.2.2 --- "B/M Ratio: 5,7,9 & 11 Days Event Returns" --- p.43 / Chapter 4.2.3 --- "E/P Ratio: 5,7,9 & 11 Days Event Returns" --- p.46 / Chapter 4.3 --- Past and Future Earnings Growths of Portfolios --- p.49 / Chapter 4.3.1 --- "Fundamental Variables, Prior and Post Returns of Portfolios" --- p.50 / Chapter 4.3.2 --- Earnings Performance of Portfolios --- p.51 / Chapter 4.3.3 --- Factors Affect Investor Expectation --- p.56 / Chapter Chapter 5 --- Conclusion --- p.59 / Tables --- p.64 / Figures --- p.76 / Appendices --- p.82 / References --- p.118

Tian Vane Ing. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2002. / Includes bibliographical references (leaves 71-74). / Abstracts in English and Chinese. / Abstract --- p.ii / 摘要 --- p.iii / Acknowledgements --- p.iv / Chapter Chapter 1 --- Introduction and Overview --- p.1 / Chapter Chapter 2 --- Literature Review --- p.4 / Chapter 2.1 --- Shareholder Value and Corporate Governance --- p.4 / Chapter 2.2 --- Measures of Value --- p.7 / Chapter Chapter 3 --- Data and Methodology --- p.12 / Chapter 3.1 --- Data --- p.12 / Chapter 3.2 --- Economic Value Added (EVA) --- p.12 / Chapter 3.2.1 --- Net Operating Profit After Taxes (NOPAT) --- p.14 / Chapter 3.2.2 --- Invested Capital (INCAP) --- p.16 / Chapter 3.2.3 --- Cost of Capital --- p.17 / Chapter 3.2 --- Hypothesis of Interest --- p.18 / Chapter Chapter 4 --- Empirical Results --- p.23 / Chapter 4.1 --- The Cost of Capital --- p.23 / Chapter 4.2 --- Economic Value Added (EVA) in China and Hong Kong --- p.25 / Chapter 4.2.1 --- Analysis of the EVA: Overall --- p.25 / Chapter 4.2.2 --- Analysis of the EVA: Industry --- p.28 / Chapter 4.2.3 --- Discussions --- p.31 / Chapter 4.3 --- Testing of the Hypothesis --- p.36 / Chapter 4.3.1 --- EBEI and CFO in China and Hong Kong --- p.37 / Chapter 4.3.2 --- Regression on Market Value --- p.41 / Chapter 4.3.3 --- Discussions --- p.43 / Chapter Chapter 5 --- Summary and Concluding Remarks --- p.68 / Bibliography --- p.71