Thesis (Ph. D.)--University of Texas at Austin, 2000. / Vita. Includes bibliographical references (leaves 271-280). Available also in a digital version from Dissertation Abstracts.

Thesis (M. Sc.)--University of Hong Kong, 2002. / Includes bibliographical references.

Thesis (Ph. D.)--University of Chicago, Dept. of Economics, August 2003. / Includes bibliographical references. Also available on the Internet.

Thesis (M.B.A.)--University of Hong Kong, 1989.

Reverse Mortgage Programme (“RMP”) was launched in Hong Kong on 11th July 2011. It aims to help the elderly to improve the living standard. Since the aging population is getting serious and the lack of comprehensive retirement protection scheme in Hong Kong, a big potential market for reverse mortgage is given which is anticipated that the eligible elderly should eagerly participate to the programme. However, the statistic from the Hong Kong Mortgage Corporation (“HKMC”) showing that the participation rate of RMP is surprisingly low. Up to 31st May 2014, only 624numbers of applications were recorded. In order to boost the participation rate, this dissertation has conducted a study to identify the reason(s) of low participation rate and explore the possible way(s)to enhance the RMP. In order to achieve the aim of the study, a questionnaire survey was conducted to investigate the consumer’s perception to RMP. It divided consumer’s perception into consumer’s awareness and consumer’s motivation. High awareness but low understanding to RMP was found according to the results of survey. Meanwhile, low consumer’s motivation to RMP was found and the complicated programme content and legacy concern are the major factors influencing the consumer’s motivation. Nevertheless, there still a long way to go for the RMP in Hong Kong. To enhance the performance of RMP, it is recommended to promote it by different means of media and focus it to the elderly without children. Further studies would be needed to assess the effectiveness of the approaches in the recommendation. / published_or_final_version / Housing Management / Master / Master of Housing Management

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Student financial-aid programs have changed drastically over the past twenty-five years. Many new loan and grant programs have come into existence at the federal, state, and institution level over this period. While more financial-aid programs are available now than in the past, little has been published regarding the financial-aid plans of high-school seniors and the likelihood of realization of these plans for students of different socioeconomic status (SES) or ability. Nor has there been much published regarding the dropout rates of students using various forms of financial aid. The purpose of this paper was to investigate these two topics with a special emphasis on comparing loan users with users of other forms of aid. The financial-aid groups used most often in these analyses were loans only, loans in combination with other aid, other aid only, and familial aid only. Differences in SES, ability, type of school, and type of loan for students planning various types of aid were analyzed statistically using multivariate analysis of variance (MANOVA), analysis of variance (ANOVA), or Chi-square tests. Similar analyses were performed for students using various forms of financial aid in their first postsecondary schooling. Comparisons of the planners and users are made for the different types of aid and other variables. Differences in dropout rates for students in the several financial-aid categories were analyzed using ANOVA. The variables SES, ability, grade-point average, and parental income were used in these ANOVA's as blocking factors to obtain separate estimates of dropout rates for categories of these variables as well as to test for differences in these rates. The final set of analyses in this paper tested for differences in SES, ability, and grade-point average of students in the several financial-aid groups who persist, stop out, or drop out. These tests were accomplished using MANOVA. The dropout rate analyses and the persist, stopout, and dropout analyses were accomplished for academic years beginning in 1972, 1973, and 1974 and thus allow longitudinal estimates of the dropout rates and other variables tested. Data for these analyses were extracted from the National Longitudinal Study of the High School Class of 1972. Major findings follow. The planning and using analysis in this paper showed that students planning to use loans had significantly lower SES than those not planning loans. Further, when first-year loan users are compared larger percentages of low SES students were using loans than students in the two higher categories of SES. Vocational school students not only plan to use loans at higher rates than students planning other schools, but have a much higher percentage use of loans only than do students at other schools. Low SES students at these schools seem to bear a disproportionate loan burden when compared to students at other schools. Vocational students also use less desirable loan programs at higher rates than other students. When dropout rates of financial-aid groups are compared for this three-year study, it is evident the first year of schooling is critical. First-year dropout rates are higher than those in the following two years; type of aid used in the first year has an apparent effect on first-year students not indicated by the later analyses. Students relying on loans only or familial aid only have higher dropout rates than students using loans in combination with other types of aid. This phenomenon appears to affect levels of SES differentially. Low SES students have higher dropout rates when relying exclusively on loans or on family aid than do high SES students.

No description available.

In Peninsular Malaysia there is a stock of public sector housing for the low income group popularly known as low cost housing units which have been built over the last three decades. It is common for the owners-occu piers, through their own initiatives and efforts, to alter or to extend these houses so as to improve their housing conditions and at the same time to meet the developing needs of the households. This research aims to identify explanations for the phenomenon of owner-initiated transformation of public sector low cost housing particularly in the urban communities of Malaysia. It seeks to further knowledge on transformation from the owners-occupiers point of view, which expresses the need to be realistic of what they can afford when carrying out the transformations. This transformation activity has been slowly recognised as a form of housing supply for low income households and their tenants. Owner-occupiers exhibit a wide range of characteristics and motives for transforming these low cost houses. They may be grouped into two broad categories, that is, those primarily seeking to have an extra space for the household and those more concerned with the house as an economic investment. Transformation is generally carried out to at least the standard of the original dwelling. Where there is plenty of extra space available, the scale and cost of transformation is quite extensive. There are lessons to be learnt from looking at the characteristics of the transformed housing estates. Professionals and other actors in the housing field should acknowledge that, whatever planning provisions and housing designs are laid out by the authority, public sector housing for the low income group will inevitably and continuously undergo a process of transformation with or without government financial backing in order to meet the households' developing needs. This gradual shelter improvement among the low income households in the urban communities of developing countries contributes to the improvement of housing quality and increases the existing national housing stock.

This thesis examines the impact of announcements of syndicated loans on the share prices of borrowing firms. I use a sample of 5,465 loan observations reported in the International Financing Review Platinum database to study this impact. Event study methodology is used. My overall results show significantly positive wealth effects on the borrowing firms. However, when I partition my data set into revolving credit agreements, term loans and hybrid loans, I find that the results are driven primarily by revolving credit agreements. I also observe that the size of the event window plays an important role in identifying the wealth effects for the borrowers. A five-day event window (-2, +2) shows share price response to revolving credit announcements to be significantly positive. A three-day event window (-1, +1) reveals that announcements are statistically positive for revolving credit agreements and statistically negative for term loan announcements. My results are consistent with previous studies in this area. I also distinguish between financial press announcements and information provider (IFR) announcements to cater for the potential for reporting bias. I find that both the IFR and financial press announcements are significant for the five-day window, but only the financial press results are significant for the three-day window. My study is unique in that I differentiate the impact of different sources of information on the market reaction to borrower share price. In addition to the examination of the wealth effect, I also use the structure of the loans to examine the uniqueness of bank loans and their ability to provide financial slack. Specifically, I examine whether revolving credit loans or term loans or hybrid loans make bank loans unique and their ability to provide financial slack. I observe that out of the three structures of bank loan, only revolving credit loans allow the borrower to more precisely match the funds acquired with the firm’s investment needs and to market time by borrowing at times when financing costs are attractive. Revolving credit loans are positively valued by the market both initially and over the longer term. Bank loans reduce information asymmetry, but the renegotiation characteristics of revolving credit loans allow borrowers to exploit changes in the interest rate environment, thus providing support for the market timing theory of capital structure. In contrast to puzzling results of previous studies, I present evidence of long-term positive performance following bank loans.