Accelerated bookbuilding method, a streamlined equity offering process, shortens the period for underwriters to exert marketing effort and perform due diligence in seasoned equity offerings. This leads to reduced efforts in minimizing information asymmetry between the issuer, underwriter and investors. My results show that financial issuers have a higher tendency to accelerate the SEO process after controlling for other firm-level offering characteristics. I hypothesize that financial issuers by their nature enjoy less information asymmetry and greater financial expertise, thus they derive only smaller benefit from costly bookbuilding process. Using a sample of financial and non-financial SEOs, I test the equity offering agency model by examining issuers’ decision to accelerate and the accompanying floatation costs. My tests show that only financial issuers can save costs in accelerated SEOs, while non-financial issuers incur higher flotation costs when shortening the bookbuilding process. Further evidence on accelerated SEO post-issue long-run performance shows that financial issuers are better at timing their equity issuance compared with their size and book-to-market matched non-financial counterparts. My results are consistent with Baron’s (1982) agency model in equity offering and Myers and Majluf’s (1984) information asymmetry model of the decision to issue security. / published_or_final_version / Economics and Finance / Doctoral / Doctor of Philosophy

published_or_final_version / Business Administration / Master / Master of Business Administration

published_or_final_version / Management Studies / Master / Master of Business Administration

University of Macau / Faculty of Business Administration. / Department of Accounting and Information Management

published_or_final_version / Business Administration / Master / Master of Business Administration

published_or_final_version / Asian Studies / Doctoral / Doctor of Philosophy

Yan Li. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2004. / Includes bibliographical references (leaves 72-75). / Abstracts in English and Chinese. / Abstract --- p.i / Table of Contents --- p.iii / Chapter Chapter 1. --- Introduction --- p.1 / Chapter Chapter 2 --- Literature Review --- p.3 / Chapter Chapter 3. --- General Behavior Study on China Listed Firms' Cash Dividend Policy --- p.7 / Chapter Chapter 4. --- Empirical Study of Cash Dividends' Information Content --- p.21 / Chapter 4.1 --- Hypothesis --- p.22 / Chapter 4.2 --- Study Method Design --- p.26 / Chapter 4.3 --- Empirical Result --- p.33 / Chapter Chapter 5. --- Cash Dividend and Ownership Structure --- p.48 / Chapter 5.1 --- Issues Related to China Listed Companies' Ownership Structure --- p.48 / Chapter 5.2 --- Empirical Study of Different Shareholders' Attitude towards Cash Dividends --- p.50 / Chapter 5.3 --- "Empirical Study of “No Cash Dividend Disbursement"" Phenomenon" --- p.57 / Chapter Chapter 6. --- Conclusions --- p.61 / Appendix --- p.65 / Reference --- p.72

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

University of Macau / Faculty of Business Administration. / Department of Accounting and Information Management

This research aims to examine the interactions, transformation and implications of the government-business relations of entrepreneurial families in Mainland China, Taiwan, and Hong Kong. The similarities and differences of their operational patterns, strategies and impacts are also investigated. Establishing the political dimension as the foundation for this study enables this research to enrich the understanding of Chinese entrepreneurial families and address the gaps of conventional theories. Three influential entrepreneurial families in the cross strait tri-region—the Rong family in Wuxi, the Koo family in Taiwan and the Fok family in Hong Kong—are examined, with the application of clientelism and corporatism as the theoretical framework for analysis. Traditional Chinese values on business and businessmen are integrated into the theoretical discussion that serves as the basis of critical review of conventional theories and formulation of a new government-business relations theory relevant to the context of Chinese societies. All assumptions leading to such a theory are substantiated through conducting historical reviews and empirical analysis. This research primarily adopts a qualitative approach, using multiple case studies, historical and literature review, document analysis (including opened secret archives), in-depth interviews and field research. The research argues that such relations are rooted in the traditional Chinese cultural values and ideologies. With the support of party-state apparatus, or state apparatus, as well as operational mechanisms at both an individual and organizational level, the party-state-led or government-led government-business relations are established and sustained through various pathways. They also come as an embodiment of political alliance as the individual and organizational frameworks of corporatism interact and modify each other. It is asserted that an underlying mechanism is in constant operation to sustain the relational dynamics, but that such a mechanism cannot be explained in terms of legal considerations. The government-business relations of Chinese entrepreneurial families present cooperation but not opposition, and emphasize mutual dependence, trust and loyalty, which cannot be satisfactorily interpreted with clientelism. Public interests, or at least the coexistence of public and private interests, characterize the collaboration between the two parties in question. This research further reveals that entrepreneurial families undertake more political costs and risks than general family enterprises. This in turn provides proof of both the positive and the negative sides of political capital, which can potentially evoke extreme effects and constitute unstable factors for the development of entrepreneurial families. This understanding deviates from the past discourse which upholds the view that participation in government-business relations brings reasonable expectations about acquiring more interests on the part of entrepreneurial families. A comprehensive analysis of the involved interests and costs, opportunities and crises, as well as contributions and disadvantages confronting entrepreneurial families as a consequence of engaging in such government-business relations?as well as the manifestation of the distinctive operational models underlying such relations?are the important contributions made by this research. / published_or_final_version / Humanities and Social Sciences / Doctoral / Doctor of Philosophy