Thesis (Ph. D.)--Hong Kong University of Science and Technology, 2003. / Includes bibliographical references. Also available in electronic version. Access restricted to campus users.

Thesis (M.B.A.)--University of Hong Kong, 1985.

Thesis (M.B.A.)--University of Hong Kong, 1983.

Thesis (Ph. D.)--University of Hong Kong, 2002. / Includes bibliographical references (215-226).

The aim of this thesis is to compile a glossary of technical terms relevant to stock exchange mergers and alliances. Since technical communication can only be described meaningfully in the context of technical information, technical knowledge, and terminology, judgmental analysis will be applied to the literature on stock exchange mergers and alliances to identify management theories that are able to explain stock exchange mergers and alliances. One aim is to find out which general theories on mergers and alliances have a high explanatory value for stock exchange cooperation. In the first part of the thesis, the stock exchange world is examined. First a general overview of the theory of corporate growth is given next the changes in the environment of stock exchanges are examined. In the analytical part, fourteen general management theories are applied to stock exchange cooperation. The criteria used to identify the explanatory value of the different theories are the critical success factors of stock exchanges identified in the first part of the thesis. A point system is introduced in order to make the results of the analysis of the different theories more comparable. The final part of the paper consists of an English-German glossary containing the relevant technical terms of stock exchange mergers and alliances. (author's abstract)

Over the past decades, people have had an increasing chance to receive eco- nomic information, especially news related to the stock market. This is because the fraction of the U.S. population owning stocks has increased rapidly. However, it does not mean that a majority of news sources have started to deal with financial news more. We do not know how traditional media, such as newspapers, have dealt with financial news during the same period, nor do we know the influence of this environmental change on political attitudes. In this report, I analyze the type of contexts in which the stock market has been described in The New York Times from 1981 to 2011 by Wordfish and the Latent Dirichlet Allocation (LDA) model. I find that a plunge in the stock market and political events affect the amount of political topics in stock market news. In particular, after the financial crisis of 2008–2009, stock market news consisted of economic, political, and social topics. / text

This thesis investigates real earnings management behaviors in the context of open market share repurchase. I use three proxies developed by Roychowdhury (2006) to measure real earnings management behaviors, including abnormal cash flow from operations (DCFO), abnormal production costs (DPROD) and abnormal discretionary costs (DDISX). In comparison to existing literature that documents the impact of accrual earnings management on post-repurchase performance, this thesis endeavors in investigate thoroughly both methods of earnings management. I find that repurchasing firms not only engage in accrual earnings management as is documented in Gong, Louis and Sun (2008) but also engage in real earnings management. Empirically, repurchasing firms have significant positive DCFO and negative DPROD in the year of announcements, both of which are earnings-reducing real activities. Repurchasing firms do not exhibit significant evidence of earnings-reducing DDISX in the year of announcements, but they experience earnings-reducing DDISX in all the three years prior to announcements. As predicted, the operating performance and stock performance of a repurchasing firm can be explained by pre-announcement earnings-reducing accrual manipulations and pre-announcement earnings-decreasing real earnings management. Specifically, the pre-repurchase downward DPROD makes the most important explanatory variable in both repurchasing and actual repurchasing samples whether controlling for DACC or not. The pre-repurchase upward DCFO is most relevant in determining the post-repurchase stock performances. / published_or_final_version / Economics and Finance / Doctoral / Doctor of Philosophy

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