Yang Xin. / Thesis submitted in: December 2005. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2006. / Includes bibliographical references (leaves 53-54). / Abstracts in English and Chinese. / Chapter 1 --- Introduction --- p.1 / Chapter 2 --- Institutional Background --- p.2 / Chapter 2.1 --- Literature Review --- p.2 / Chapter 2.2 --- Public Transit Industry --- p.5 / Chapter 2.2.1 --- Regulatory Environment --- p.5 / Chapter 2.2.2 --- Market Structure --- p.9 / Chapter 2.2.3 --- "Demand, Revenue and Profit" --- p.12 / Chapter 2.3 --- Taxi Industry --- p.16 / Chapter 2.3.1 --- Regulatory Environment --- p.16 / Chapter 2.3.2 --- Business Model --- p.19 / Chapter 2.3.3 --- Market Structure --- p.21 / Chapter 2.4 --- Defensive Industry --- p.22 / Chapter 2.4.1 --- Cash Flow and Dividend --- p.24 / Chapter 2.4.2 --- IPO Underpricing --- p.25 / Chapter 3 --- Explanatory Variables for Stock Returns --- p.29 / Chapter 3.1 --- Literature Review --- p.29 / Chapter 3.2 --- Hypothesis --- p.33 / Chapter 3.3 --- Data --- p.35 / Chapter 3.4 --- Results and Interpretations --- p.42 / Chapter 3.4.1 --- Univariate Analysis --- p.42 / Chapter 3.4.2 --- Bivariate Analysis --- p.46 / Chapter 3.4.3 --- Multiple Regressions --- p.49 / Chapter 4 --- Conclusion --- p.51