by Chan, Lap-yan, Alvin. / Includes questionnaire in Chinese. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1994. / Includes bibliographical references (leaves 55-56). / LIST OF TABLES --- p.iv / ABSTRACT --- p.v / ACKNOWLEDGEMENT --- p.vi / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Chapter II. --- METHODOLOGY AND LIMITATIONS --- p.3 / Chapter III. --- DIFFERENT KINDS OF FUNDS --- p.5 / Open-ended Versus Closed-ended Fund --- p.5 / Unit Trust Versus Mutual Fund --- p.6 / No-load Versus Load Fund --- p.7 / Unit Trust Categories --- p.8 / Chapter IV. --- REGULATORY FRAMEWORK IN HONG KONG --- p.11 / The Code on Unit Trusts and Mutual Funds --- p.13 / The Code of Ethics --- p.14 / Chapter V. --- THE STRUCTURE OF UNIT TRUSTS --- p.15 / Domicile --- p.15 / Trustee --- p.16 / Management Company --- p.18 / Chapter VI. --- MARKETING OF UNIT TRUSTS IN HONG KONG --- p.19 / Sales and Redemptions Figures --- p.19 / Sales Channels --- p.21 / Fund Houses --- p.21 / Agents --- p.22 / Banks --- p.23 / Sales Process --- p.25 / Dealing Procedures --- p.26 / Switching/Redemption --- p.27 / Chapter VII. --- TRANSACTION COSTS OF DEALING IN UNIT TRUSTS --- p.30 / Charges Reflected in Bid-Offer Spread --- p.31 / Charges Reflected in NAV --- p.33 / Rounding --- p.35 / Exchange Rate Risk/Spread --- p.36 / Actual Spreads of Fund Prices --- p.38 / Chapter VIII. --- RISK AND RETURN --- p.41 / Performance Evaluation Method --- p.41 / Previous Studies --- p.43 / Sharped Index of Selected Funds in Hong Kong --- p.44 / Chapter IX. --- CONCLUSION --- p.50 / APPENDIX --- p.52 / REFERENCES --- p.55 / BILBLIOGRAPHIC READINGS --- p.56

by Ng Koon Keung Kevin, Lo Hoi Lai Joseph. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1990. / Bibliography: leaves [92]-[93] / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iv / LIST OF TABLES --- p.vi / ACKNOWLEDGMENTS --- p.x / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Chapter II. --- BACKGROUND ON THE FUNDS INDUSTRY --- p.4 / History --- p.4 / Classification of Funds --- p.9 / Organization of Funds --- p.13 / Regulations --- p.15 / Authorization Requirements --- p.17 / Unauthorized Funds --- p.18 / Pro-Cons of Funds --- p.18 / Chapter III. --- FUND MANAGEMENT COMPANY PERFORMANCE RESEARCH REVIEW --- p.20 / Introduction --- p.20 / Methodology --- p.21 / Sample period --- p.23 / Sample size --- p.23 / Results --- p.23 / Conclusion made by Citibank --- p.40 / Chapter IV. --- OBJECTIVE RANKING --- p.41 / Introduction --- p.41 / Methodology --- p.42 / Sample period --- p.44 / Sample size --- p.45 / Risk-free Rate of Hong Kong --- p.47 / Market Return --- p.48 / Analysis and Calculations --- p.50 / Results --- p.51 / Overall ranking --- p.70 / Conclusions --- p.72 / Chapter V. --- COMPARSION BETWEEN THE RESULTS OF CITIBANK RESEARCH REPORT AND THAT OF OBJECTIVE RANKING --- p.75 / Introduction --- p.75 / The factors affecting the results of the two ranking methods --- p.75 / Japan equity funds --- p.78 / Hong Kong equity funds --- p.80 / Singapore/Mai equity funds --- p.82 / Philippine equity funds --- p.83 / Asean equity funds --- p.83 / Far East equity funds --- p.85 / Overall Comparison --- p.86 / Conclusions --- p.88 / Chapter VI. --- RECOMMENDATION --- p.89 / APPENDIX 1 / BIBLIOGRAPHY

Wong Hoi-To, Wong Wai-Kee. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1987. / Bibliography: leaves 105-107.

by Sie Kam Yung Agnes & Wong Kam Shing Eugene Lionel. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1987. / Bibliography: leaf 86.

Fan Chun-kong. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2001. / Includes bibliographical references (leaves 69-70). / Abstracts in English and Chinese. / Abstract --- p.ii / 摘要 --- p.iii / Acknowledgment --- p.iv / Table of Contents --- p.v / Chapter Chapter 1 --- Introduction / Chapter 1.1 --- Introduction to Mutual Funds --- p.1 / Chapter 1.2 --- Thesis Organization --- p.4 / Chapter Chapter 2 --- Literature Review / Chapter 2.1 --- Measurement of Performance --- p.6 / Chapter 2.2 --- Persistence of Performance --- p.10 / Chapter Chapter 3 --- Data Description and Methodology / Chapter 3.1 --- Data Description / Chapter 3.1.1 --- Mutual Fund Database --- p.26 / Chapter 3.1.2 --- Survivorship Bias Problem --- p.31 / Chapter 3.1.3 --- Other Data Source --- p.32 / Chapter 3.2 --- Methodology --- p.33 / Chapter Chapter 4 --- Empirical Findings / Chapter 4.1 --- The Performance of Mutual Funds --- p.35 / Chapter 4.2 --- The Performance Persistency --- p.37 / Chapter 4.3 --- Simulated Investment Strategies --- p.40 / Chapter Chapter 5 --- Conclusion --- p.43 / Appendices / Appendix A Comparison on the Performance Results --- p.45 / Appendix B Spearman's Coefficient of Rank Correlation --- p.46 / Appendix C Detail Information of Mutual Funds --- p.49 / Tables / Table 1 Listing of 46 Mutual Funds --- p.52 / Table 2 Mutual Fund Database Summary Statistics --- p.53 / Table 3 Some Estimates of Survivorship Bias --- p.54 / Table 4 Comparison Between Surviving and Non-surviving Funds --- p.55 / Table 5 Regression Result: Performance of Mutual Funds / Panel A --- p.56 / Panel B --- p.57 / Table 6 The Annual Returns of Funds in Group B --- p.58 / Table 7 Ranking and Spearman Coefficient of Funds In Group B --- p.59 / Table 8 Spearman Coefficient for All Funds --- p.60 / Table 9 Comparison Between Different Simulated Investment Strategies --- p.61 / Table 10 Regression Result: Simulated Investment Strategies --- p.62 / Table A Comparison of Performance Results Between Different Studies --- p.63 / Table C1 Detail Information of the Funds --- p.64 / Table C2 Major Stocks Holding by Fund Managers --- p.65 / Figures / Figure 1 Distribution of Alphas --- p.66 / Figure 2 Distribution of Betas --- p.67 / Figure 3 Comparison Between the Annual Return of Funds' average and Hang Seng Index --- p.68 / Bibliography --- p.69

Thesis (Ph. D.)--University of Missouri-Columbia, 1997. / Typescript. Vita. Includes bibliographical references (leaves 275-283). Also available on the Internet.

Thesis (Ph. D.)--University of Missouri-Columbia, 1997. / Typescript. Vita. Includes bibliographical references (leaves 275-283). Also available on the Internet.

Thesis (Ph. D.)--University of Chicago, Graduate School of Business, June 2000. / Includes bibliographical references. Also available on the Internet.

Closed-end funds have been an anomaly in finance because the market prices of their shares differ from their aggregate net asset values per share. They often purchase shares of restricted securities at prices which are discounted from the prices of unrestricted securities. However, restricted securities are valued as if they were unrestricted securities in the determination of fund net asset values. In addition, closed-end funds hold securities which are illiquid and difficult to price. Closed-end funds' discounts and premia can be explained by the mispricing of restricted and illiquid securities. Finally, results of time series regressions over a 21 year period show that closed-end fund discounts and premia cannot be explained by the general level of stock prices. This conclusion contradicts the prior research on this topic.

In this dissertation, I explore the determinants and implications of the preferences of institutional investors. First, I examine whether institutional investors' preference for local investments is related to informational advantage. Analyzing the equity holdings of a large sample of actively managed mutual funds, I find evidence consistent with the mutual fund industry having a perception that local funds have an informational advantage. However, the portfolio of mutual funds' local holdings does not display significant superior performance relative to the portfolio of their distant holdings. Using a parsimonious model, I hypothesize that the profitability of local informational advantage will be low due to the price impact of trading when there is a relatively large population of local agents who trade on similar private information. Consistent with this hypothesis, I find that funds do earn superior returns on local stocks for which local capital is limited and hence the price impact of local trades is likely to be small. Second, I examine the preferences of institutional investors for firm policies and the relationship between these preferences and firm decisions. I find that institutional investors exhibit systematic differences in their preferences for financial and investment policies. Furthermore, these preferences are related to subsequent changes in the financial and investment policies of the firms they invest. In particular, a firm is more likely to decrease (increase) its leverage ratio if its current leverage is higher (lower) than the preferences of its institutional shareholders. A firm is also more likely to increase (decrease) its investment if its current investment ratio is lower (higher) than the preferences of its institutional shareholders. These findings suggest that the preferences of institutional shareholders are important determinants of corporate policies. / text