published_or_final_version / Economics and Finance / Master / Master of Economics

Kwan Wing Hon. / Thesis (M.B.A.)--Chinese University of Hong Kong. / Bibliography: leaves 128-129.

by Ching Pui Hang. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1997. / Includes bibliographical references (leaves 77-78). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iv / PREFACE AND ACKNOWLEDGMENT --- p.vi / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Market Segmentation --- p.1 / Background of the Shampoo Market --- p.3 / Chapter II. --- DECISION PROBLEM --- p.6 / Chapter III. --- RESEARCH PROBLEM --- p.7 / Chapter IV. --- EXPLORATORY RESEARCH --- p.8 / Literature Review --- p.8 / Observation --- p.9 / In-depth Interviews --- p.9 / Focus Group Interviews --- p.9 / Chapter V. --- DESCRIPTIVE RESEARCH --- p.11 / Questionnaire Development --- p.11 / Pilot Testing --- p.12 / Sample Design --- p.12 / Target Respondents --- p.13 / Sampling Plan --- p.13 / Sample Size --- p.14 / Data Collection --- p.15 / Method of Administration --- p.15 / Response Rate --- p.15 / Chapter VI. --- DATA ANALYSIS AND RESULTS --- p.17 / Editing --- p.17 / Coding --- p.18 / Frequency --- p.18 / Factor Analysis --- p.20 / Cluster Analysis --- p.21 / Cross-tabulation --- p.22 / Chapter VII. --- LIMITATIONS --- p.24 / Research Design --- p.24 / Data Collection --- p.25 / Analysis --- p.26 / Chapter VIII. --- RECOMMENDATIONS --- p.28 / Market Environment --- p.28 / Wella Balsam --- p.30 / Marketing Objectives --- p.31 / Target Segment --- p.31 / Positioning --- p.32 / Marketing Implications --- p.33 / Product --- p.33 / Price --- p.35 / Distribution --- p.36 / Promotion --- p.37 / Evaluation Plans --- p.39 / Chapter IX. --- CONCLUSION AND FUTURE WORK --- p.41 / APPENDIX --- p.43 / BIBLIOGRAPHY --- p.77

This thesis comprises, firstly, a careful and detailed description of the institutional workings of the Chinese stock market; secondly, a literature review of the Chinese segmented markets and dual-listed shares price premium; and thirdly, three evidence-based contributions designed to cast new light on the Chinese A-shares premium puzzle. Publicly-listed firms in China, under certain criteria, can issue two different types of shares, namely A-shares and B-shares, to local and foreign investors respectively. These shares carry the same rights and obligations, but are however priced differently due to market segmentation. After a review of the literature on determinants of the premium, the first contribution offers a complementary explanation. I propose that the premium reflects the difference in valuation preferences between the local and foreign investors, i.e., local investors pay more attention to stock liquidity, while foreign investors pay more attention to firm’s intrinsic value, and so firms having more favorable fundamentals tend to have lower premia. The second contribution involves the examination of a controversial question that which investor group is better informed about local assets, by testing the direction of information flows between the A- and B-shares markets. Both time series methods, and panel data techniques which are used for the first time in this context, are employed, in order to get a distinct and more insightful picture against the current literature. The third contribution compares and contrasts institutional settings of China, Singapore and Thailand which have similar market segmentation and dual-listing systems; examines whether or not the premia in the three countries are caused by same factors; and tries to answer why foreign investors in China pay less, rather than more, as commonly observed in other segmented markets, for identical assets. It provides the first cross-country comparison evidence after 1999 with updated data.

by Leung Chi Wai, Wong Shan Ki. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1997. / Includes bibliographical references (leaves 101-104). / Questionnairies also in Chinese. / ABSTRACT / TABLE OF CONTENTS / LIST OF TABLES / LIST OF FIGURES / ACKNOWLEDGMENT / CHAPTER / Chapter 1. --- INTRODUCTION --- p.1 / Chapter 1.1 --- Overview --- p.1 / Chapter 1.1.1 --- Reason for Study --- p.1 / Chapter 1.1.2 --- Approach for Study --- p.2 / Chapter 1.2 --- Market Overview --- p.4 / Chapter 1.2.1 --- Market Definition --- p.4 / Chapter 1.2.2 --- Competitions --- p.5 / Chapter 1.2.3 --- Market Size --- p.7 / Chapter 1.3 --- Company Profile --- p.11 / Chapter 1.3.1 --- Overview --- p.11 / Chapter 1.3.2 --- Product --- p.12 / Chapter 1.3.3 --- Pricing --- p.13 / Chapter 1.3.4 --- Distribution --- p.14 / Chapter 1.3.5 --- Promotion --- p.15 / Chapter 1.3.6 --- Market Share and Penetration --- p.15 / Chapter 1.4 --- Research Objectives --- p.16 / Chapter 2. --- LITERATURE REVIEW --- p.17 / Chapter 2.1 --- Market Segmentation --- p.17 / Chapter 2.1.1 --- Benefits of Market Segmentation --- p.18 / Chapter 2.1.2 --- Characteristics of a Market Segment --- p.19 / Chapter 2.1.3 --- Psychographic Segmentation --- p.20 / Chapter 2.2 --- Cable TV Industry --- p.27 / Chapter 2.2.1 --- Reasons of subscribing Cable TV --- p.27 / Chapter 2.2.2 --- Comparison of Cable subscribers and non-subscribers --- p.29 / Chapter 2.2.3 --- Other related issues --- p.30 / Chapter 3. --- RESEARCH OBJECTIVES --- p.33 / Chapter 3.1 --- Strategic Problems --- p.33 / Chapter 3.2 --- Research Problems --- p.33 / Chapter 4. --- RESEARCH METHODOLOGY --- p.35 / Chapter 4.1 --- Exploratory Study --- p.35 / Chapter 4.2 --- Questionnaire Design --- p.36 / Chapter 4.2.1 --- Basic Construct --- p.36 / Chapter 4.2.2 --- Pilot Survey --- p.36 / Chapter 4.2.3 --- Final Version --- p.37 / Chapter 4.3 --- Sampling --- p.38 / Chapter 4.3.1 --- Survey Subject --- p.38 / Chapter 4.3.2 --- Sampling Size --- p.39 / Chapter 4.3.3 --- Sampling Method --- p.40 / Chapter 4.3.4 --- Representativeness Enhancing Arrangements --- p.40 / Chapter 4.3.5 --- Fieldwork --- p.42 / Chapter 5. --- IDENTIFICATION OF MARKET SEGMENTS --- p.45 / Chapter 5.1 --- Survey Result --- p.45 / Chapter 5.1.1 --- Summary of Data --- p.45 / Chapter 5.1.2 --- Response Rate --- p.47 / Chapter 5.1.3 --- Weighting System --- p.47 / Chapter 5.2 --- Factor Analysis --- p.48 / Chapter 5.2.1 --- Needs of Factor Analysis --- p.48 / Chapter 5.2.2 --- Factors Identification --- p.49 / Chapter 5.2.3 --- Interpretation of Factors --- p.51 / Chapter 5.3 --- Cluster Analysis --- p.53 / Chapter 5.3.1 --- Preliminary Transformation --- p.53 / Chapter 5.3.2 --- Determination of Number of Clusters --- p.55 / Chapter 5.3.3 --- Clusters Identification --- p.58 / Chapter 6. --- INTERPRETATION AND PROFILING OF MARKET SEGMENTS --- p.59 / Chapter 6.1 --- Overall Profile --- p.59 / Chapter 6.1.1 --- Demographic Information --- p.59 / Chapter 6.1.2 --- Media Consumption --- p.60 / Chapter 6.2 --- Segmentation Analysis --- p.61 / Chapter 6.2.1 --- Segment 1 - Conservative TV Dependents --- p.61 / Chapter 6.2.2 --- Segment 2 - Fashion Followers --- p.62 / Chapter 6.2.3 --- Segment 3 - Yuppies --- p.63 / Chapter 6.2.4 --- Segment 4 - Value Minders --- p.64 / Chapter 6.2.5 --- Segment 5 - Conservative TV Satisfiers --- p.65 / Chapter 6.2.6 --- Segment 6 - Community and Family Carers --- p.66 / Chapter 6.3 --- Media Consumption Pattern --- p.70 / Chapter 6.3.1 --- Daily Media Usage & Cable Subscription Patterns --- p.70 / Chapter 6.4 --- Other Findings --- p.75 / Chapter 6.4.1 --- Most Favorite Television Programs --- p.75 / Chapter 6.4.2 --- Reason for Cable subscription --- p.76 / Chapter 6.4.3 --- Reasons of not subscribing Cable --- p.76 / Chapter 7. --- LIMITATION OF THE STUDY --- p.80 / Chapter 8. --- DISCUSSION --- p.82 / Chapter 8.1 --- Current Achievement --- p.82 / Chapter 8.1.1 --- Product Life Cycle --- p.82 / Chapter 8.1.2 --- Image Built --- p.83 / Chapter 8.2 --- "Who Subscribe, who not?" --- p.84 / Chapter 8.3 --- Reasons of Subscribing --- p.86 / Chapter 8.4 --- Reasons of Not Subscribing --- p.87 / Chapter 8.5 --- Marketing Niches --- p.88 / Chapter 9. --- RECOMMENDATION --- p.90 / Chapter 9.1 --- Target Segments --- p.90 / Chapter 9.2 --- Product Strategy --- p.91 / Chapter 9.2.1 --- General Aspects --- p.91 / Chapter 9.2.2 --- Program Mix --- p.91 / Chapter 9.3 --- Promotion Strategy --- p.96 / Chapter 9.3.1 --- Personal Selling --- p.97 / Chapter 9.3.2 --- Advertising --- p.97 / Chapter 9.3.3 --- Free Trial --- p.98 / Chapter 9.4 --- Pricing Strategy --- p.99 / Chapter 9.5 --- Distribution Strategy --- p.99 / Chapter 10. --- CONCLUSION --- p.100 / BIBLIOGRAPHY / APPENDICES / Chapter APPENDIX A --- DESCRIPTION OF CABLE CHANNELS / Chapter APPENDIX B --- SUBSCRIPTION PACKAGES OF CABLE TV / Chapter APPENDIX C --- PILOT QUESTIONNAIRE / Chapter APPENDIX D --- FINAL VERSION QUESTIONNAIRE (ENGLISH) / Chapter APPENDIX E --- FINAL VERSION QUESTIONNAIRE (CANTONESE) / Chapter APPENDIX F --- INTERVIEWER GUIDELINES / Chapter APPENDIX G --- LIST OF AIO STATEMENTS / Chapter APPENDIX H --- CHOICE BROAD / Chapter APPENDIX I --- FACTOR MATRIX / Chapter APPENDIX J --- PSYCHOGRAPHIC PROFILES OF SIX SEGMENTS / Chapter APPENDIX K --- DEMOGRAPHIC PROFILES OF ALL RESPONDENTS / Chapter APPENDIX L --- DEMOGRAPHIC PROFILES OF SIX SEGMENTS / Chapter APPENDIX M --- MOST FAVORITE TELEVISION PROGRAM TYPES / Chapter APPENDIX N --- MOST FAVORITE CABLE TV CHANNELS

University of Macau / Faculty of Business Administration / Department of Management and Marketing