Li Wing-Yi. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2004. / Includes bibliographical references (leaves 93-96). / Abstracts in English and Chinese. / Abstract --- p.i / 摘要 --- p.ii / Acknowledgement --- p.iii / Table of Contents --- p.iv / List of Tables --- p.vii / Chapter Chapter 1 --- Introduction --- p.1 / Chapter Chapter 2 --- Literature Review --- p.5 / Chapter 2.1 --- Relevant Dividend Literature / Chapter 2.1.1 --- Dividend Irrelevance Theory --- p.6 / Chapter 2.1.2 --- Information Content of Dividends --- p.7 / Chapter 2.1.3 --- Cash Flow Signaling --- p.10 / Chapter 2.1.4 --- Agency Cost Theory --- p.13 / Chapter 2.2 --- Relevant Literature on Corporate Governance / Chapter 2.2.1 --- Ownership Structure in Hong Kong --- p.17 / Chapter 2.2.2 --- Ownership Concentration --- p.18 / Chapter 2.2.3 --- Separation of Cash Flow Rights and Control Rights --- p.20 / Chapter 2.3 --- Relevant Literature on Corporate Governance and Dividend Policy / Chapter 2.3.1 --- Corporate Governance and Dividend Payout Levels --- p.22 / Chapter 2.3.2 --- Corporate Governance and Stock Price Reaction to Dividend Changes --- p.24 / Chapter Chapter 3 --- Methodology --- p.27 / Chapter 3.1 --- Stock Price Reaction to Dividend Change Announcements / Chapter 3.1.1 --- Hypothesis Development --- p.28 / Chapter 3.1.2 --- Regression Model --- p.29 / Chapter 3.1.3 --- Interpretations --- p.29 / Chapter 3.2 --- Ownership Structure and Stock Price Reaction to Dividend Changes / Chapter 3.2.1 --- Hypothesis Development --- p.30 / Chapter 3.2.2 --- Regression Models --- p.31 / Chapter 3.2.3 --- Interpretations --- p.33 / Chapter Chapter 4 --- Data Description --- p.35 / Chapter 4.1 --- Sample Criteria --- p.35 / Chapter 4.2 --- Data Sources --- p.37 / Chapter 4.3 --- Variables / Chapter 4.3.1 --- Stock Price Reaction --- p.38 / Chapter 4.3.2 --- Unexpected Dividend Changes --- p.38 / Chapter 4.3.3 --- Ownership Structure --- p.44 / Chapter Chapter 5 --- Descriptive Statistics --- p.47 / Chapter 5.1 --- Summary Statistics / Chapter 5.1.1 --- Cumulative Abnormal Return (CAR) --- p.47 / Chapter 5.1.2 --- Stockholdings (major) --- p.47 / Chapter 5.1.3 --- Ratio of Cash Flow to Control Rights (O/C) --- p.48 / Chapter 5.2 --- Limitations --- p.49 / Chapter Chapter 6 --- Empirical Analysis --- p.50 / Chapter 6.1 --- Regression Results / Chapter 6.1.1 --- Stock Price Reaction to Dividend Change Announcements --- p.50 / Chapter 6.1.2 --- Effects of Ownership Structure on Stock Price Reaction --- p.51 / Chapter 6.1.3 --- Non-Linear Ownership Effects on Stock Price Reaction --- p.53 / Chapter 6.2 --- Sensitivity Tests / Chapter 6.2.1 --- Two-Step Estimation Problem --- p.55 / Chapter 6.2.2 --- Regression Results With Corrected Covariance Matrix --- p.56 / Chapter Chapter 7 --- Discussion and Relation to Prior Literature --- p.58 / Chapter Chapter 8 --- Conclusion --- p.60 / Tables --- p.62 / Appendices / Appendix A1 Interim dividend increase announcements in sampling period 2001 --- p.79 / Appendix A2 Interim dividend decrease announcements in sampling period 2001 --- p.80 / Appendix A3 Interim dividend increase announcements in sampling period 2002 --- p.81 / Appendix A4 Interim dividend decrease announcements in sampling period 2002 --- p.82 / Appendix A5 Final dividend increase announcements in sampling period 2001 --- p.83 / Appendix A6 Final dividend decrease announcements in sampling period 2001 --- p.85 / Appendix A7 Final dividend increase announcements in sampling period 2002 --- p.86 / Appendix A8 Final dividend decrease announcements in sampling period 2002 --- p.87 / Appendix B Definitions of Datastream Datatype --- p.88 / Appendix C Complete dataset --- p.89 / Bibliography --- p.93

published_or_final_version / abstract / Economics and Finance / Doctoral / Doctor of Philosophy