published_or_final_version / Housing Management / Master / Master of Housing Management

published_or_final_version / Housing Management / Master / Master of Housing Management

Cheng Wing Yan. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2002. / Includes bibliographical references (leaves 115-122). / Abstracts in English and Chinese. / Abstract --- p.i-ii / Acknowledgements --- p.iii / Table of Contents --- p.iv / List of Tables --- p.v / List of Figures --- p.vi-vii / List of Charts --- p.viii / Chapter Chapter 1. --- Introduction --- p.1 / Chapter Chapter 2. --- Literature Review --- p.4 / Chapter Chapter 3. --- Methodology --- p.8 / Chapter Chapter 4. --- Data Description --- p.18 / Chapter Chapter 5. --- Empirical Results --- p.29 / Chapter 5.1 --- Simple Regression Results --- p.29 / Chapter 5.2 --- Structural Break Test Results --- p.31 / Chapter 5.3 --- Regression Results for Housing Attributes' Coefficients on Macroeconomic Variables --- p.32 / Chapter Chapter 6. --- Conclusion --- p.34 / Appendix 1. Limitation --- p.35 / Appendix 2. Tables --- p.37 / Appendix 3. Figures --- p.77 / Appendix 4. Charts --- p.107 / Appendix 5. Regression Results for Housing Attributes from Literature --- p.113 / Bibliography --- p.115

Leung Yuk Sze. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2005. / Includes bibliographical references (leaves 127-131). / Abstracts in English and Chinese. / Abstract --- p.i / 摘要 --- p.ii / Acknowledgement --- p.iii / Table of Contents --- p.iv / Chapter 1 Introduction --- p.1 / Chapter 2 Literature --- p.12 / Chapter 2.1 --- The Financial Characteristics of Target Firms --- p.12 / Chapter 2.2 --- Agency Problems in Emerging Markets --- p.15 / Chapter 2.3 --- The Ownership Characteristics of Target Firms --- p.17 / Chapter Chapter 3 --- Hypotheses --- p.21 / Chapter 3.1 --- The Financial Characteristics of Likely Targets --- p.23 / Chapter 3.2 --- Ownership Structure Characteristics and Takeovers --- p.27 / Chapter Chapter 4 --- Sample Construction --- p.33 / Chapter 4.1 --- Data Descriptions --- p.33 / Chapter 4.2 --- Variable Descriptions --- p.37 / Chapter Chapter 5 --- Regression Results on Financial Characteristics --- p.41 / Chapter 5.1 --- Methodology and Econometric Model --- p.41 / Chapter 5.2 --- Summary Statistics of Financial Variables --- p.43 / Chapter 5.3 --- The Financial Characteristics of Firms Targeted by Foreign Firms --- p.47 / Chapter 5.4 --- The Financial Characteristics of Firms Targeted by Foreign Firms during the Crisis Year --- p.50 / Chapter 5.5 --- The Financial Characteristics of Firms Targeted by Other Domestic Firms --- p.52 / Chapter Chapter 6 --- Regression Results on Governance Characteristics --- p.55 / Chapter 6.1 --- Methodology and Econometric Model --- p.55 / Chapter 6.2 --- Summery Statistics of Ownership Variables --- p.57 / Chapter 6.3 --- The Ownership Structure Characteristics of Target Firms during the Crisis --- p.60 / Chapter 6.4 --- Interaction between Liquidity and Corporate Governance Variables during the Crisis --- p.65 / Chapter 6.5 --- The Effects of Ownership Structures on the Likelihood of Foreign Acquisitions during the pre-Crisis Period --- p.69 / Chapter 6.6 --- The Ownership Structure Characteristics of Domestic Firms Targeted by Other Domestic Firms during the Crisis --- p.70 / Chapter Chapter 7 --- Discussion --- p.72 / Chapter 7.1 --- Additional Tests --- p.72 / Chapter 7.2 --- A Diagnostic Test --- p.74 / Chapter 7.3 --- Explanations and Limitations --- p.75 / Chapter Chapter 8 --- Conclusion --- p.78

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Weakness in corporate governance and lack of transparency are often considered causes of, or contributors to, the Asian Financial Crisis. Publicly listed companies in Indonesia, like other Asian firms, have a concentrated ownership structure. Focusing on manufacturing firms listed on the Jakarta Stock Exchange (JSX) for the year 2003, this study adopts an agency framework to examine voluntary disclosures included in the annual reports of 149 Indonesian firms and their relationship to various attributes such as: ownership structure; whether a firm is family-owned or not; the owner's involvement in either the Board of Commissioners or Board of Directors; and whether the firm is affiliated with a business group. The results mostly support the notion that ownership structure affects the extent of disclosure in annual reports. First, the results show that, compared to firms with a nonmajority ownership structure, voluntary disclosure is lower in firms with a majority ownership structure. Second, the results indicate that family owned firms are more likely to exhibit lower voluntary disclosure than are non-family owned firms. Third, the analysis shows that, among family firms, firms with a majority (compared to those with a non-majority) ownership structure are more likely to have lower levels of voluntary disclosure. Fourth, the results indicate that, among family firms, firms affiliated with a business group are more likely to make lower voluntary disclosures than independent firms. In contrast, the empirical analysis failed to support the hypothesis that, among family firms, voluntary disclosure would be lower in firms where the owners are involved in the Board of Commissioners compared to those where there is no owner involvement in the Board of Commissioners. Similarly, the results failed to support the hypothesis that, among family firms, voluntary disclosure would be lower in firms where the owners are involved in the Board of Directors compared to those where there is no owner involvement in the Board of Directors. Robustness checks performed using alternate measures of disclosure and the degree of ownership structure did not substantially change the conclusions. This thesis contributes to our understanding of how family firms are governed and the impact of corporate governance on a firm?s level of voluntary disclosure. The results have implications for policy makers and regulators in Indonesia striving to improve corporate governance and transparency.

The 1997-98 Asia financial crisis provides a natural experiment to examine how firms adapt their strategic choices to the changing business environment. In this study, I investigate the evolution of the board and asset structure of the 83 surviving commercial banks in Hong Kong, Indonesia, Korea, Malaysia, the Philippines, Singapore and Thailand around the financial crisis. I find that after the crisis (1) the board practice has been significantly improved. In particular, the percentage of independent directors increased and more banks had the board duality and the chairman/CEO with professional backgrounds and fewer banks had politically-connected chairman/CEO; (2) the asset structure tended to be more liquid and diversified. The commercial and industrial loan reduced and the liquid asset and the consumer loan ratio substantially increased. These results suggest that the Asian banks strived to adapt their board and asset structure to the dynamic regulatory and market environment in the post-crisis period. I also find that the locally controlled banks and the banks in the sample economies with more aggressive market opening policy tended to have more significant changes of board and asset structure in the post-crisis period. / This study sheds light on how firms adapt their strategic choices to the changing business environment by examining the adaptation of the board and asset structures of the Asian commercial banks around the financial crisis. My research results also indicate that the new corporate governance of Asian banks shows convergence towards the Anglo-American model and the adoption of more Western board practices can help improving bank transparency and performance. These findings provide some insights for the Asian regulators in the policy formulations in the future. / To examine whether board and asset structure are related to bank transparency, the results show that bank's transparency is positively related to board independence. However, I do not find strong support that bank transparency is related to its asset structure. For the relations between board and asset structure and performance, I find that bank profitability and interest spreads are positively related to the board size and non-political connection of board. Also, the results indicate that the liquid asset, security-to-total assets and consumer lending ratios are positively associated with bank profitability, interest margin and market-to-book ratio and negatively associated with non-performing loan ratios. The overall evidence suggests that the adaptability to dynamic business environment is critical to the Asian bank's performance. / Fung, Lai Kin Sammy. / "March 2008." / Adviser: Joseph P. H. Fan. / Source: Dissertation Abstracts International, Volume: 70-03, Section: A, page: 0928. / Thesis (Ph.D.)--Chinese University of Hong Kong, 2008. / Includes bibliographical references (p. 73-77). / Electronic reproduction. Hong Kong : Chinese University of Hong Kong, [2012] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Electronic reproduction. [Ann Arbor, MI] : ProQuest Information and Learning, [200-] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Abstracts in English and Chinese. / School code: 1307.

by Fong Yuet-Ming, Lau Mei-Po. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1999. / Includes bibliographical references (leaves 43-46). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iii / LIST OF TABLES --- p.v / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Chapter II. --- LITERATURE REVIEW --- p.3 / Roots of Asian Financial Crisis --- p.4 / Contagion Phenomenon --- p.10 / Fixed Exchange Rate Regime --- p.10 / Sterilized and Non-sterilized Foreign Exchange Rate --- p.12 / "Case Study of Fixed Exchange Rate Collapse: Mexico Peso Crisis,1982" --- p.13 / Crisis Theories --- p.14 / Chapter III. --- METHODOLOGY --- p.16 / CAPM Analysis --- p.17 / T-tests --- p.18 / Regression Analysis --- p.19 / Chapter IV. --- EMPIRICAL ANALYSIS --- p.20 / Category Level --- p.20 / Individual Stock Level --- p.24 / P/E Ratio Analysis --- p.24 / Share Price Analysis --- p.26 / Market-to-book Ratio Analysis --- p.29 / Cumulative Residual Analysis & Regression Residual Against Time --- p.31 / Chapter V. --- CONCLUSIONS & IMPLICATIONS FROM STUDY --- p.39 / Conclusions --- p.39 / Implications from Study --- p.41 / BIBLIOGRAPHY --- p.43 / APPENDIX / Graphs of Cumulative Residuals against Time of the Hang Seng Index Constituents Stocks

The aim of this thesis is to examine empirically the relationship between the exchange rate, the instruments of monetary policy and the measures of economic performance for Indonesia, Korea and Thailand during the pre- and post 1997 Asian financial crisis. The first core chapter (Chapter 2) assesses the possible linkages between the increase in domestic inflation and the exchange rate targeting policy adopted in these countries. Using the cointegration technique and a simple monetarist inflation model, Chapter 2 finds strong evidence that the exchange rate policy that generates a predominant domestic currency undervaluation has caused an increase in the domestic inflation rate for Indonesia and Korea. However, the exchange rate targeting policy that brings about a predominant baht overvaluation especially during the pre-crisis period has lowered Thailand’s inflation. Soon after the outbreak of 1997-crisis, instead of using the exchange rate as the nominal anchor, all three countries have implement their monetary policy around an inflation target following an inflation targeting framework. Owing to this significant structural break, the second core chapter (Chapter 3) uses a Markov-switching VAR framework to determine if the effects of monetary policy shocks have changed across different monetary policy regimes in these economies. Chapter 3 finds that regime switches occur in mid-1997 to 2000 for Indonesia, which coincides with the period after the onset of 1997-crisis and the economic recovery period; and in 1999 for Korea and Thailand, which coincides with the period when the inflation-targeting framework is adopted. From the regime-dependent impulse response functions, the responses of macroeconomic variables to monetary policy shocks have changed significantly across different regimes only for the case of Korea and Thailand. From the above discussions, Chapter 2 found that exchange rate targeting policy caused higher domestic inflation in Indonesia and Korea especially during the pre-crisis period; while Chapter 3 found that inflation targeting policy seemed to cause structural changes in Korea and Thailand. Therefore using a structural VAR framework, the third core chapter (Chapter 4) explores further the role of the exchange rate and inflation targeting policy on the economic performances of these economies during the pre- and post crisis periods. Chapter 4 finds that in the case of Indonesia and Korea, the foreign exchange market does create most of its own shocks during the pre-crisis period but not during the post crisis period. For Indonesia and Thailand, the soft US dollar peg policy during the pre-crisis period has caused additional distortions in the domestic economy. Moreover the role of the exchange rate as a shock absorber has increased during the post crisis period only for the case of Indonesia and Thailand. For all three economies, following the introduction of the inflation targeting policy, domestic short-term interest rates have been adjusted systematically to offset inflationary pressure following the real and nominal shocks. Moreover, in the case of Indonesia and Thailand, the unsystematic part of monetary policy plays a smaller role in explaining the variations in domestic economy during the post crisis period. / http://proxy.library.adelaide.edu.au/login?url= http://library.adelaide.edu.au/cgi-bin/Pwebrecon.cgi?BBID=1320356 / Thesis (Ph.D.) -- University of Adelaide, School of Economics, 2008