published_or_final_version / Environmental Management / Master / Master of Science in Environmental Management

published_or_final_version / Environmental Management / Master / Master of Science in Environmental Management

Theoreticians and practitioners consider regulation of the capital marketplace to be an important area of concern due to the potential effects of such regulation on capital resource allocation, investment decision-making, and market efficiency. It is hypothesized that if the level of issue quality required by a state prior to public sale supplies investor benefits, such benefits should take the form of excess returns and/or less variation in return in relation to issues complying with lower standards of quality. The study utilizes an Analysis of Variance and, an analysis of average and cumulative average residuals. Both investigations provide findings that merit regulation is beneficial to new investors increased market efficiency.

I empirically investigate the managements’ decision to voluntarily disclose strategic information. While carrying a benefit of reduced information asymmetry, strategic information disclosure carries a cost of investors disagreeing with managements’ strategy and thus refusing to provide funding to the firm. Using a hand- collected sample of information releases, I identify firm characteristics that affect the likelihood of strategic information disclosure. / Includes bibliography. / Dissertation (Ph.D.)--Florida Atlantic University, 2015 / FAU Electronic Theses and Dissertations Collection

by Hui Lok Yee Connie. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1999. / Includes bibliographical references (leaves 92-95). / ABSTRACT --- p.iv / ACKNOWLEDGEMENT --- p.v / TABLE OF CONTENTS --- p.vi / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Objectives of Securities Regulations --- p.3 / Regulatory Framework of the Hong Kong Securities Market --- p.5 / Objectives of This Study --- p.6 / Methodology --- p.7 / Chapter II. --- DISCLOSURE OF INTERESTS --- p.8 / Development of Securities (Disclosure of Interests) Ordinance in HK --- p.8 / Disclosure of Interests in Shares --- p.9 / Commentary --- p.17 / Recommendations --- p.23 / Chapter III. --- INSIDER DEALING --- p.29 / Development of Securities (Insider Dealing) Ordinance in HK --- p.29 / Overview of the Supervision of Insider Dealing Activitiesin Hong Kong and Singapore --- p.30 / Circumstances of Insider Dealing --- p.32 / Consequences of Insider Dealing --- p.36 / Case Studies --- p.39 / Commentary --- p.51 / Recommendations --- p.55 / Chapter IV. --- CONCLUSION --- p.60 / APPENDICE --- p.63 / Appendix 1 --- p.64 / Appendix 2 --- p.68 / Appendix 3 --- p.72 / Appendix 4 --- p.76 / Appendix 5 --- p.77 / Appendix 6 --- p.85 / Appendix 7 --- p.90 / Appendix 8 --- p.91 / Appendix 9 --- p.92 / BIBLIOGRAPHY --- p.93

by Lee Pui-Wah, Josephine. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1997. / Includes bibliographical references (leaves 41-42). / ABSTRACT --- p.ii / ACKNOWLEDGEMENTS --- p.iii / TABLE OF CONTENTS --- p.iv / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Purpose of Study --- p.3 / Chapter II. --- METHODOLOG --- p.4 / Approach --- p.4 / Time Horizon Covered in the Paper --- p.5 / Assumption --- p.5 / General Problems of Studies in China --- p.5 / Chapter III. --- CHINESE SHAREHOLDING REFORM AND OPERATING ENVIRONMENT --- p.6 / Chinese Legal System --- p.6 / Hong Kong Stock Market - H Shares Profile --- p.7 / Chinese Stock Market - A Shares Profile --- p.8 / Chapter IV. --- THEORIES RELATED TO STOCK MARKET REGULATION --- p.12 / Market Failure Theory --- p.14 / Public Choice Theory --- p.15 / COMPARATIVE ANALYSIS --- p.17 / Information Disclosure Related to Important Transactions --- p.18 / Information Disclosure Related to Takeover and Merger --- p.20 / Financial Information --- p.23 / Disclosure of Directors' and Substantial Shareholders' Interests --- p.24 / Chapter V. --- EVALUATION --- p.25 / Depth and Breadth of Information --- p.25 / The Quality of Information --- p.26 / Difficulties that Issuers Confront --- p.27 / Cultural Influence --- p.27 / Lack of Motivation --- p.28 / Lack of Education and standards --- p.28 / The Importance of Information in a Speculative Market --- p.29 / Nature of Reform --- p.30 / Chapter VI. --- CONCLUSION --- p.31 / APPENDIX --- p.34 / BIBLIORGRAPHY --- p.41

A firm provides voluntary disclosures to the financial market in order to guide the valuation of its shares by mitigating adverse selection. However, voluntary disclosures could cause detriment to the disclosing firm's prospects, as the firm's competitors in the product market observe the disclosures. Prior analytical research has conflicting positions about the role of product market competition in voluntary disclosure. One view (Verrecchia 1983) is that competitive disadvantage resulting from the existence of proprietary costs discourages firms in high competition industries from providing voluntary disclosures. Another view (Darrough and Stoughton 1990) is that firms provide voluntary disclosures to deter potential rivals from entering the industry. This paper examines the association between voluntary disclosure and product market competition after controlling for firm size, analyst following, firm performance, and access to external financing. It looks at disclosures in press releases, an issue that is relatively unexplored, even though press releases have become one of the most important channels of communication in the United States. A total of 5,587 press releases by 156 U.S. firms in 1998 are studied. Product market competition is measured by the Herfindahl- Hirschman Index. It is found that the firms in high competition industries provide, on average, greater voluntary disclosures than the firms in low competition industries. The results are found to be robust to revisions in the specification of the model and modifications in the sample.

This study’s primary objectives are to establish the dimensions, strategies, and tactics used by auditors in the negotiation of sensitive disclosure issues with clients. These issues are typically addressed at the end of the audit and are the primary concern of the audit partner and senior manager. This study uses the tactics established in the negotiation research to test if auditors use the same groups of tactics, and whether these tactics are related by some underlying dimensions, and their relevant strategies. Multidimensional scaling found that there are four dimensions to the tactics that auditors use. During negotiations with their clients, auditors employ tactics representing the underlying dimensions which can be interpreted as “Concern for Self”, “Concern for Client”, “Concern for Others”, and “Concern for Accounting Principles”. Results of cluster analysis established four primary classifications to the 38 auditor tactics. These are “Facilitating”, “Contextual”, “Forcing/asserting”, and “Appeal to authority”. Within these four classifications, twelve sub-categories were observed. These findings reinforce the complexities inherent in the resolution of an audit conflict, and suggest that auditors group together certain tactics for use as called for in the circumstances with which they are dealing. This research contributes to theory within the fields of auditing and general negotiation because it has established that the two-dimensional model of concern that has formed the basis of much behavioural research is insufficient to describe an auditor’s responsibilities. There are four dimensions of concern. While some researchers have proposed a three-dimensional model of negotiation for auditors, the fourth dimension identified in this study is a contribution. This research expands current knowledge fundamental to the audit discipline by establishing the negotiation tactics used by auditors and their underlying multidimensionality, and thus has extended the knowledge of audit conflict management beyond that of strategy-level. Accordingly,this research is beneficial to practicing auditors and for the education of auditors.

Includes bibliographical references.

Thesis (Ph. D.)--University of Texas at Austin, 2006. / Vita. Includes bibliographical references.