Lui, Kai Yin. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2008. / Includes bibliographical references (leaves 49-55). / Abstracts in English and Chinese. / Abstract --- p.i / Chinese Version --- p.ii / Acknowledgments --- p.iii / Chapter 1 --- Introduction --- p.1 / Chapter 2 --- Literature Review --- p.6 / Chapter 3 --- Research Hypothesis --- p.8 / Chapter 3.1 --- Institutional Setting --- p.8 / Chapter 3.2 --- The Monitoring Effectiveness of Independent Directors --- p.11 / Chapter 4 --- Methodology --- p.15 / Chapter 4.1 --- Negative Opinion Issuances --- p.15 / Chapter 4.2 --- The Personal Characteristics of Independent Directors --- p.17 / Chapter 4.3 --- Control Grouping Methods --- p.21 / Chapter 4.4 --- Board Structure --- p.23 / Chapter 4.5 --- Control Variables --- p.24 / Chapter 4.6 --- Regional Governance --- p.25 / Chapter 4.7 --- ST Companies --- p.27 / Chapter 5 --- Data --- p.29 / Chapter 5.1 --- Negative Opinion Issuance --- p.29 / Chapter 5.2 --- The Personal Characteristics of Independent Directors --- p.30 / Chapter 5.2.1 --- Treatment Group --- p.31 / Chapter 5.2.2 --- Control Group --- p.32 / Chapter 5.3 --- Board Structure --- p.32 / Chapter 5.4 --- Control Variables --- p.33 / Chapter 5.5 --- Regional Governance --- p.34 / Chapter 5.6 --- ST Companies --- p.34 / Chapter 6 --- Empirical Results --- p.36 / Chapter 6.1 --- Testing Means of Two Samples --- p.36 / Chapter 6.2 --- Event Study --- p.37 / Chapter 6.3 --- Logistic Regressions --- p.38 / Chapter 6.3.1 --- The Personal Characteristics of Independent Directors --- p.39 / Chapter 6.3.2 --- Board Structure --- p.40 / Chapter 6.3.3 --- Regional Governance --- p.42 / Chapter 6.3.4 --- Pull Set of Variables --- p.43 / Chapter 6.4 --- Checking Robustness of Results by Using ST Companies --- p.46 / Chapter 7 --- Summary and Conclusion --- p.47 / References --- p.49 / Appendix --- p.56 / "Table 1: Negative Opinion Issuance, Descriptive Statistics" --- p.56 / "Table 2: Negative Opinion Issuance, by Categories" --- p.56 / Table 3: Sample Companies Location Distribution --- p.57 / "Table 4: Personal Characteristics, Descriptive Statistics I" --- p.58 / "Table 5: Personal Characteristics, Descriptive Statistics II" --- p.59 / Table 6: Board Structure and Control Variables: Descriptive Statistics --- p.60 / Table 7: Regional Governance Indices --- p.61 / "Table 8: ST companies, Descriptive Statistics" --- p.62 / Table 9: Negative Opinion Issuance and Company Status Changes --- p.62 / "Table 10: The Level of Negative Opinion Issuance, the Respective Com- panies and Independent Directors Involved" --- p.62 / "Table 11: Personal Characteristics (ST Companies), Descriptive Statistics I" --- p.63 / "Table 12: Personal Characteristics (ST Companies), Descriptive Statistics II" --- p.64 / "Table 13: Board Structure and Control Variables (ST Companies), De- scriptive Statistics" --- p.64 / "Table 14: Mean-Comparison t-test Between Control and Treatment Groups, Personal Characteristics and Board Structure" --- p.65 / "Table 15: Event Study, by Different Event Windows" --- p.66 / "Table 16: Event Study, by Different Categories of Negative Opinions" --- p.66 / Table 17: Logistic Regression - Treatment Group Only (n = 144) --- p.67 / Table 18: Conditional Logistic Regression - Treatment Group and Control Group Paired Together According to Companies (n = 273). Personal Characteristics Variables Only --- p.68 / Table 19: Conditional Logistic Regression - Treatment Group and Control Group Paired Together According to Companies (n = 273). Board Structure and Control Variables Only --- p.69 / Table 20: Conditional Logistic Regression - Treatment Group and Control Group Paired Together According to Companies (n = 273). Regional Governance Only --- p.69 / Table 21: Conditional Logistic Regression - Treatment Group and Control Group Paired Together According to Companies (n = 273). All Variables --- p.70 / Table 22: Conditional Logistic Regression - Treatment Group and Control Group Paired Together According to Companies (n = 273). All Variables --- p.71 / Table 23: Ordered Logistic Regression - ST companies (n = 352) --- p.72

University of Macau / Faculty of Social Sciences and Humanities / Department of Government and Public Administration

published_or_final_version / Public Administration / Master / Master of Public Administration

published_or_final_version / Business / Master / Master of Philosophy

published_or_final_version / Sociology / Doctoral / Doctor of Philosophy

by Cheuk Kam-wa. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1994. / Includes bibliographical references (leaves 43-45). / ABSTRACT --- p.iii / TABLE OF CONTENTS --- p.iv / LIST OF TABLES --- p.vi / ACKNOWLEDGEMENT --- p.vii / INTRODUCTION --- p.1 / WHAT IS ADR? --- p.5 / The Trading Mechanism --- p.6 / Issuance --- p.6 / Transfer - intra-market trading --- p.7 / Cancellation --- p.7 / Trading - pricing --- p.8 / Equity offerings --- p.8 / OVERVIEW OF US SECURITIES REGULATIONS --- p.10 / The Securities Act of 1933 --- p.10 / The Securities Exchange Act of 1934 --- p.11 / TYPES OF ADR --- p.13 / Unsponsored ADR --- p.13 / Sponsored ADR --- p.14 / Level-I --- p.14 / Level- II --- p.15 / Level- III --- p.16 / Rule 144A --- p.16 / ADVANTAGES AND BARRIERS OF ADR ISSUANCE TO HONG KONG LISTED COMPANIES --- p.19 / Advantages --- p.19 / Barriers --- p.20 / Deferred taxation --- p.21 / Proposed final dividend --- p.21 / Retirement scheme costs --- p.21 / Property revaluation --- p.22 / OVERVIEW OF THE ADR MARKETS --- p.25 / Comparison Between The Regional Stock Markets In The US --- p.26 / Outlook --- p.28 / THE IMPACT OF ADR LISTINGS ON RISK AND RETURN FOR HONG KONG LISTED COMPANIES --- p.32 / Methodology --- p.32 / The effect of the listing of ADRs on underlying stock price --- p.34 / Interpretation of results on the effect on underlying stock price --- p.36 / The effect of the listing of ADRs on underlying stock volatility --- p.37 / Interpretation of results on the effect on underlying stock volatility --- p.38 / Conclusions --- p.40 / APPENDIX 1 : LIST OF HONG KONG LISTED COMPANIES WITH ADR PROGRAMMES --- p.41 / REFERENCES --- p.43

by Ko Shuk Yin, Yim Kok Man. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1994. / Includes bibliographical references (leaves [39-41]). / ACKNOWLEDGEMENTS --- p.i / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iii / Chapter / Chapter I. --- INTRODUCTION AND OBJECTIVE --- p.1 / Introduction --- p.1 / Objective --- p.2 / Chapter II. --- LITERATURE REVIEW --- p.4 / Rationale for Takeovers --- p.4 / From the shareholders' standpoint --- p.4 / From the managers' standpoint --- p.7 / Empirical Literature Review --- p.9 / Overview --- p.9 / Target Firm Stockholder Returns --- p.12 / Bidding Firm Stockholder Returns --- p.13 / Chapter III. --- METHODOLOGY --- p.16 / Data --- p.16 / Hypothesis To Be Tested --- p.17 / Methodology --- p.17 / Chapter IV. --- EMPIRICAL RESULTS --- p.21 / An Overview --- p.21 / Interpretation --- p.24 / Stock price movement --- p.24 / Information leakage --- p.27 / Hubris hypothesis --- p.27 / Mode of payment --- p.28 / Number of bidders --- p.29 / Chapter V. --- LIMITATIONS AND RECOMMENDATIONS --- p.30 / Limitations --- p.30 / Recommendations --- p.31 / APPENDICES / BIBLIOGRAPHY

by Yam Kam Shing. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1995. / Includes bibliographical references (leaves 43-45). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iii / Chapter I. --- INTRODUCTION --- p.1 / Chapter II. --- LITERATURE REVIEW --- p.2 / Chapter III. --- EQUITY FINANCING --- p.4 / Listing Equity Shares In Hong Kong --- p.4 / Listing Equity Shares In Overseas Market --- p.10 / Venture Capital / Investment Funds --- p.15 / Private Placement --- p.21 / Chapter IV. --- DEBT FINANCING --- p.22 / Issuing Debt Securities --- p.22 / Project Finance --- p.29 / Borrowing from Local Banks --- p.32 / Borrowing from PRC Banks --- p.32 / Chapter V. --- OTHER METHODS --- p.33 / World Bank and its affiliates --- p.33 / Export Credit --- p.35 / Suppliers' Financing --- p.37 / Customer Financing --- p.38 / Franchising --- p.38 / Leasing --- p.38 / Counter-Trade --- p.39 / Staff Financing --- p.41 / Chapter VI. --- SUMMARY --- p.42 / BIBLIOGRAPHY --- p.43 / APPENDICES --- p.46 / Abbreviations / SEHK the Stock Exchange of Hong Kong Ltd / HKMA Hong Kong Monetary Authority / PBOC the People's Bank of China (the central bank of China) / MOFTEC the Ministry of Foreign Trade & Economic Cooperation of China / "Listing Rules ""Rules Governing the Listing of Securities"", SEHK"

by Lam Kang Hung, Roger. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1992. / Includes bibliographical references (leaf 63). / Abstract --- p.ii / Table of Contents --- p.iii / List of Tables --- p.v / List of Figures --- p.vi / Acknowledgements --- p.vii / Chapter Chapter I --- --- Introduction --- p.1 / Scope --- p.1-2 / Chapter Chapter II--- --- Methodology --- p.3 / Chapter Chapter III--- --- What Is Risk Management --- p.4 / Chapter Chapter IV --- --- What Is Interest Risk Management --- p.5 / Chapter Chapter V --- --- Importance Of Interest Rate Risk Management --- p.7 / Chapter Chapter VI --- --- Techniques Used In Interest Rate Risk Management --- p.10 / Gap Analysis --- p.10 / Limitations --- p.12 / Duration Analysis --- p.13 / Limitations --- p.15 / Simulation Analysis --- p.16 / Limitations --- p.17 / Chapter Chapter VII --- --- Treasury Tools Available --- p.18 / Interest Rate Swap --- p.18 / Futures Markets --- p.22 / Forward Rate Agreements --- p.25 / Options Markets --- p.27 / Exchange Traded Versus Over The Counter Options --- p.31 / Interest Rate Cap --- p.32 / Interest Rate Floor --- p.34 / Interest Rate Collar --- p.35 / Interest Rate Swaptions --- p.38 / Synthetic Products --- p.38 / Chapter 1. --- Asset Swaps --- p.38 / Chapter 2. --- Equity Swaps --- p.39 / Chapter Chapter VIII --- --- Hedging Strategies --- p.40 / Strategy 1: Remain Unhedged --- p.40 / Strategy 2: Interest Rate Swaps --- p.40 / Strategy 3: Interest Rate Caps --- p.41 / Strategy 4: Interest Rate Collars --- p.41 / Strategy 5: Interest Rate Swaptions --- p.41 / Chapter Chapter IX --- --- Risk Management In M.T.R. and K.C.R --- p.45 / Mass Transit Railway Corporation --- p.45 / Background --- p.45 / Financial Strategy --- p.47 / Debt Management --- p.47 / Techniques Employed --- p.49 / Kowloon-Canton Railway Corporation --- p.51 / Principal Activities --- p.51 / Financial Management --- p.52 / Chapter Chapter X --- --- Concluding Remarks --- p.54 / Appendices / Chapter Appendix I --- Selected Financial Information of M.T.R --- p.57 / Chapter Appendix II --- Selected .Financial Information of K.C.R.C --- p.58 / Chapter Appendix III --- Interest Rate --- p.59 / Chapter Appendix IV --- Capital Market Instruments Employed By MTRC --- p.60 / Bibliography --- p.62

by Chan Wai Wong, Cheung Che Yan Vivian. / Thesis (M.B.A.)--Chinese University of Hong Kong, 2000. / Includes bibliographical references (leaves 39-40). / ABSTRACT --- p.ii / ACKNOWLEDGEMENTS --- p.iv / TABLE OF CONTENTS / LIST OF TABLES --- p.vi / LIST OF FIGURE --- p.vi / Chapter / Chapter I. --- INTRODUCTION --- p.1 / """Blue Chip"" Companies" --- p.3 / """Red Chip"" Companies" --- p.4 / Chapter II. --- LITERATURE REVIEW --- p.6 / Optimal Capital Structure --- p.6 / Pecking Order Theory --- p.8 / Study on Capital Structure of Hong Kong Companies --- p.11 / Chapter III. --- DATA AND METHODOLOGY --- p.13 / Chapter IV. --- RESULTS AND FINDINGS --- p.17 / Pattern and Trend of Debt / Equity Ratios --- p.17 / Empirical Test of Pecking Order Application in Hong Kong --- p.23 / Blue Chip Companies --- p.23 / Red Chip Companies --- p.28 / Chapter V. --- CONCLUSION --- p.34 / APPENDIX --- p.36 / BIBLIOGRAPHY --- p.39