The price difference of the Chinese dual-listed companies is a interesting issue. The price of the same asset should be consistent after risk-adjusted, but there is an obvious difference between A-share and H-share which the same company¡¦s shares listed in the Shanghai or Shenzhen Stock Exchange and Hong Kong Stock Exchange. This study found that not only liquidity, demand, required risk premium, and information asymmetry can lead to the price difference, but also manipulation, investor¡¦s preference, and the market emotion. This also verified the investors are more speculative in China than the investors in Hong Kong. Besides, this research analysis the price difference ratio form the viewpoint of valuation, the difference ratio provides a way to understand whether the stock is undervaluation or overvaluation. Finally, this study discussed the Taiwan Depository Receipts. The result indicated that most of the factors which influence the price difference between A-share and H-share also affected the price difference between TDR and the original share. The difference ratio between TDR and original share can also provide some information about the stocks are undervaluation or overvaluation.

Abstract In stock-exchanged airline mergers, the determination of an exchange ratio is an important issue. The purpose of this paper is providing a simulative study of exchange ratio determination for airline merger in Taiwan. The paper is based on the Larson-Gonedes merger exchange ratio model(1969) and extends it to consider marker risk. In addition, we use the exponential smoothing model to estimate the expected post-merger price-earnings ratio. Our sample consists of China Airlines and EVA Airways. We find that the L-G model indicates the interval of exchange ratios which will enhance, or at last not cause any diminution in the wealth positions of all parties to a proposed airline merger. Also, the bargaining area offers some information to help merger candidates to negotiate final actual exchange ratio.

The objective of my two essays together is to examine whether the trades made by the insiders prior to open market repurchase (OMR) announcements contain information that can be used to identify the repurchases that are motivated by undervaluation. The existing literature on shares repurchases suggests that while undervaluation has been a dominant motive behind repurchases for past few decades, identifying these undervalued firms still remains a challenge. The book-to-market ratio is commonly used as a proxy for mispricing; however, its ability to identify undervalued repurchasing firms has recently come into doubt (Chan et al., 2004). Instead, I propose using proxies based on insider trading to identify the undervalued repurchasing firms.In the first essay, I document a relation between insider trading and both the short- and long-run stock returns of open market repurchasing firms. My findings suggest that the personal trades made by insiders prior to the OMR announcements contain information that can be used to identify undervalued repurchasing firms. I use various measures of insider trading and show that firms with high (low) insider buying (selling) prior to repurchase announcements earn abnormal stock returns in both the short- and long-run. I also find a positive (negative) relation between insider buying (selling) and the actual repurchasing activity of the firms.In my second essay, I further test whether the trades made by insiders prior to OMR announcements contain information that can be used to identify the repurchases that are motivated by undervaluation by examining the post-announcement operating performance. I find a relation between insider trading and the post-announcement operating performance for the OMR firms that is consistent with the hypothesis that insiders' trades prior to OMR announcements are informative. Specifically, I find that firms with high insider buying prior to the OMR announcements outperform their corresponding control firms, whereas, firms with low insider buying do not. In addition, I test for a relation between insider trading and (a) the accruals management around OMR announcements, and (b) the market reaction to the earnings announcements made by the OMR firms. I find a weak evidence of insiders timing their trades along with accruals management. However, the market reaction to earnings announcements made by the OMR firms does not seem to vary with level of insider trading. Overall, the evidence is consistent with insiders of repurchasing firms knowing when their stocks are undervalued and they timing both their personal and firm level trades accordingly.

Today's paper-based system regarding share certificates has long been considered obsolete in relation to the technical development that characterizes an otherwise digital market. Especially in relation to the inconveniences the system is associated with for limited liability companies, as well as for the shareholders.  Despite it being a known fact, no changes have been made in cases where amendments to the law have been discussed through official government reports. The solutions presented in the reports have been either an implementation of a share register or an extended function of the share ledger, both requiring the abolishment of share certificates. The opinion yet remained that the positive aspects of the paper-based share certificate system overweighed the negative ones due to technological shortcomings. However, in light of recent development in modern technology, a solution might be found in blockchain technology. The overall question of this thesis is thus to what extent the paper-based system raises problems and whether satisfactory solutions can be found in new technology. In order to present effective and competitive solutions, the thesis looks beyond the national boarders, towards foreign judicial system to find alternative ways of handling the issue of share certificates. Through the international perspective, blockchain technology is presented as a potential solution. In order to assess its compatibility with the Swedish judicial system a short introduction is made regarding the underlying technology. This also helps create an understanding of its pioneering nature. The technical introduction is then followed by a theoretical application of a blockchain-based solution for handling the share certificates as well as the share ledger. This leads to the conclusion that a potential solution is found in blockchain technology which, combined with the overall assessment of the negative aspects of a paper-based system, advocates for a reform.

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Master of Agribusiness / Department of Agricultural Economics / Bryan W. Schurle / The objective of this thesis is to develop a simulation model to determine the probability of achieving a market share goal. Two different simulation models were developed and compared allowing the author to select the best model. The first simulation model developed used the current market share as the mean and the standard deviation of historical market share as the standard deviation. So, a market share of 31.00% and a standard deviation of 3.88% were used in the simulation. When these values were simulated the results determined the probability of achieving the market share goal of 33%. The simulation results indicated that only 12 out of 100 observations resulted in market share greater than the goal. Therefore, there is a 12% probability of achieving or exceeding the market share goal based on the current market share and historical market share standard deviation. To predict future market share, a regression model was used to determine the impact of factors on market share. The regression model was used to forecast an estimate of market share. This forecasted share of 31.13% was used as the mean and 3.45%, the standard error of the model, was used to generate a second simulation model. The simulation results indicated that 26 of 100 observations resulted in market share greater than the goal of 33%. This indicates that there is a 26% probability of achieving or exceeding the market share goal based on results using regression to predict future market share and variability in market share. The second simulation model generated from the market share forecast and standard error from the regression model produced the better results. When using a regression model, it resulted in a higher estimate for meeting the goal. The addition of independent variables that impact share explained more of the variability around the projected mean than the historical model did.

Thesis advisor: Eyal Dvir / This research studies the effect of exchange rate expectations on A-H share discount in China and Hong Kong. The A-H class listing of Chinese stocks offers an interesting framework to examine asset price in segmented markets. This research wants to contribute to the existing literatures by adding other currencies into the exchange rate model and verify their effect, introducing and controlling for company specific information, such as earnings. I find that the effect of both Euro and US dollar to be significant in explaining the share price disparity, and companies in different sector and with different market capitalization react to currency information differently. / Thesis (BA) — Boston College, 2013. / Submitted to: Boston College. College of Arts and Sciences. / Discipline: Economics Honors Program. / Discipline: Economics.

The aim of this research was to describe the effects of Think-Pair-Share strategies, used during Guided Reading lessons, on reading achievement. Think-Pair-Share is a co-operative teaching strategy that includes three components; time for thinking, time for sharing with a partner and time for each pair to share back to a larger group. The use of Think-Pair-Share unites the cognitive and social aspects of learning, promoting the development of thinking and the construction of knowledge. The strategy lends itself to inclusion within Guided Reading lessons, where the focus is on meaningful discussion around text and promotion of the use of comprehension skills and strategies to foster comprehension. The literature review describes the effectiveness of explicit comprehension strategy instruction within the context of small group discussion. Strategies that foster cooperative learning have been successful in developing interpersonal skills, cognitive skills and metacognitive awareness. There is very little research documenting the effects of the use of the Think-Pair-Share strategy. The study took place in a Year 6 classroom with two intervention groups, each containing six children. One group was reading above their chronological age and the other below. Control groups reading at these levels were also used. Three variations of Think-Pair-Share were utilised during the eight week intervention period; Predict-Pair-Share, Image-Pair-Share and Summarise-Pair-Share, and the research centred on the effects of the intervention on reading comprehension. A quasi-experimental design was employed using a pre-test, post-test format and a mix of quantitative and qualitative measures to ascertain the effects. The results confirmed the positive effects of the strategy on reading achievement, especially for those students reading above their chronological age, although an extended period of intervention may have had more significant effects on those reading below. Positive effects on aspects of oral language use, thinking, metacognitive awareness, and the development of reading comprehension strategies were noted with both of the intervention groups. Results have significance for those concerned with implementing effective literacy practice. They demonstrate the versatility of the Think-Pair-Share strategy as a tool to foster conversation, and one that can be adapted to suit the learning focus and the needs of particular groups of students.

The increase in direct personal investment in capital market assets by Australians over the past two decades represents an unprecedented engagement with that sector of Australian economic life. This dissertation critically investigates claims that this engagement heralds a shareholder democracy. Increased economic participation based on private direct ownership of corporate securities could be interpreted as a weak form of democratisation. Using a class-theoretical framework, the dissertation conceptualises the private shareholder phenomenon as a process of embourgeoisement and argues that the development of a macro-level mass consumer financial products market is the result of capitalist class development and expansion. A thesis of strong democratisation proffers the notion that the private shareholder, as an ascendant class of financial actor, engages with real democratic processes in addition to simply owning securities. To test this thesis the dissertation measures the extent to which small shareholders control the objective conditions under which they accumulate greater wealth by seeking evidence of potential or actual engagement with macro-market and meso-corporate level social processes. The dissertation assesses macro-level practice by drawing on the work of Bourdieu and on notions of the social field. It considers the entry of the new class of financial actor to the financial field and analyses their capacity to accumulate and deploy informational capital, and compares their ability to influence a state-sponsored economic reform process (CLERP) with that of other actors. The dissertation analyses longitudinal ownership and shareholder voting data from a set of over 30 major Australian companies. It finds that the new class of economic actor is most prevalent in privatised state-owned enterprises and mutuals. In the context of an ideal Habermasian public sphere, the study considers the potential for small shareholders to participate in meso-level, corporate agenda-setting and deliberation. Using the ideal political space of Arendt, it searches for methods of achieving democratic outcomes. The dissertation finds that while the personal ownership of tradable financial assets may constitute a weak form of economic democratisation, small shareholders?? inability to influence real outcomes, even in companies in which they constitute the majority, places substantial restrictions on the overall strength of the share ownership-as-democracy thesis.