published_or_final_version / Business Administration / Master / Master of Business Administration

by Chi Chun Hung, Michael, Lo Kwai Sang, Dennis. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1995. / Includes bibliographical references (leaves 101-103). / ABSTRACT --- p.iii / TABLE OF CONTENTS --- p.vi / LIST OF TABLE --- p.ix / PREFACE --- p.1 / Chapter CHAPTER I --- INTRODUCTION --- p.3 / Scope of Study and Topics for Discussion --- p.4 / Research Methodology --- p.5 / Chapter CHAPTER II --- SOME CONCEPTS ON COLLECTIVE INVESTMENT --- p.6 / Definitions of Collective Investment --- p.6 / Functions of Collective Investment --- p.6 / Professional management --- p.7 / Risk diversification --- p.7 / Liquidity and savings of transaction costs --- p.7 / Entry to Overseas Markets --- p.8 / Regulations and Disclosure --- p.8 / Record Keeping --- p.9 / Challenges to CIS --- p.9 / The Product --- p.10 / Chapter CHAPTER III --- THE COLLECTIVE INVESTMENT FUND MARKET IN HONG KONG --- p.13 / The Developments Of The Equity Market In Hong Kong --- p.13 / A Brief History Of The Hong Kong Stock Market --- p.13 / Capital Raising At The Stock Market --- p.15 / Regulatory Environment --- p.16 / Market Size & Growth Of CIS --- p.20 / Market Development --- p.20 / Boom and Bust in the Past Two Years --- p.21 / Market Prospects --- p.24 / Near Future --- p.24 / Competition --- p.25 / Distribution --- p.27 / Chapter CHAPTER IV --- THE STRUCTURE OF COLLECTIVE INVESTMENT SCHEMES --- p.28 / Mutual Fund Vs Unit Trust --- p.28 / Open-end Vs Closed-end Funds --- p.29 / Constituents of a CIS --- p.31 / Trustee/Custodian --- p.31 / Investment Advisor --- p.32 / Fiduciary Duty and Conflicts of Interest --- p.32 / Chapter CHAPTER V --- THE REGULATORY ENVIRONMENT IN HONG KONG --- p.34 / Authorization --- p.35 / The Fit and Proper Rule --- p.37 / Fund Manager --- p.37 / Trustee/Custodian --- p.38 / Information Disclosure --- p.39 / Constitutive Document --- p.39 / Offering document --- p.40 / Continuing Obligations --- p.41 / Promotion --- p.42 / Investment Restrictions --- p.42 / Conflicts of Interest --- p.43 / Tax --- p.44 / Recognized Jurisdictions --- p.45 / Specialized Funds --- p.45 / Private Offerings --- p.46 / Registration --- p.46 / Fees --- p.48 / Recent Deregulatory Changes --- p.48 / Chapter CHAPTER VI --- A COMPARISON WITH OTHER JURISDICTIONS --- p.50 / Protection of Investors --- p.50 / Restrictions on Funds Promotion --- p.51 / Regulations of Operators --- p.54 / Restrictions on Types of Investment --- p.56 / Investment Limits --- p.57 / Reporting and Supervision --- p.59 / Administration --- p.60 / Authorization of Overseas Funds --- p.61 / Chapter CHAPTER VII --- FUND ECONOMICS --- p.65 / Revenues For A Manager --- p.65 / Front end fee --- p.65 / Back End Fee --- p.66 / Management Fee --- p.67 / Performance Fee --- p.67 / Rebate From Brokers --- p.70 / Costs to Fund Investors --- p.73 / Transaction Costs --- p.74 / Trustee/Custodian Fees --- p.75 / An Illustration of the Costs to the Fund Investors --- p.76 / Break-Even Analysis For A New Fund House --- p.77 / Chapter CHAPTER VIII --- OPERATING ISSUES --- p.79 / Performance --- p.79 / Herd instincts --- p.79 / Operating Scale --- p.80 / Chapter CHAPTER IX --- CONCLUSIONS --- p.82 / TABLES --- p.84 / APPENDIX 1 AN EXAMPLE OF PRICE QUOTES --- p.93 / APPENDIX 2 RECOGNIZED JURISDICTION SCHEMES --- p.94 / APPENDIX 3 SCHEDULE OF FEES PAYABLE TO THE SFC --- p.95 / APPENDIX 4 AMENDMENTS TO THE CODE ON UNIT TRUSTS AND MUTUAL FUNDS --- p.96 / APPENDIX 5 QUOTATION OF CUSTODIAN BANK CHARGES (BANK A) --- p.98 / APPENDIX 6 QUOTATION OF CUSTODIAN BANK CHARGES (BANK B) --- p.100 / BIBLIOGRAPHY --- p.102

by Tse Ying-tin, Wong Chi-wai, Alan. / Bibliography: leaves 68-70 / Thesis (MBA)--Chinese University of Hong Kong, 1985

by Chan Chui-ping, Sin Ho-chiu. / Abstract also in Chinese / Bibliography: leaves 105-107 / Thesis (M.B.A.)--Chinese University of Hong Kong, 1983

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

published_or_final_version / Business Administration / Master / Master of Business Administration