by Cheung Siu-fai, Dickson, Mak Wai-man, Raymond. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1995. / Includes bibliographical references (leaves 69-70). / ABSTRACT --- p.ii / TABLE OF CONTENT --- p.iii / LIST OF TABLES --- p.v / LIST OF FIGURES --- p.v / ACKNOWLEDGMENTS --- p.vi / INTRODUCTION --- p.1 / Current Situation --- p.1 / Description of Initial Public Offers --- p.2 / Initial Public Offers Versus Other Floatation Methods --- p.3 / IPO Procedures And Requirements In Hong Kong --- p.4 / Authorities Related To Initial Public Offers --- p.6 / Statistics of Initial Public Offers In Hong Kong From 1990 To 1994 --- p.6 / Sponsor --- p.7 / Underwriter --- p.7 / LITERATURE REVIEW --- p.10 / Previous Studies on IPO --- p.10 / Limitations of Previous Studies on IPOs in Hong Kong --- p.11 / Scope and Significance of The Study --- p.12 / DATA SOURCES AND SAMPLE DESCRIPTION --- p.14 / Data Sources --- p.14 / Sample Description --- p.15 / RESEARCH METHODOLOGY --- p.18 / Objectives --- p.18 / Neutralization of the Effects of HSI and Dividend --- p.19 / Assumptions --- p.20 / Framework of Analysis --- p.21 / Statistical Methods --- p.21 / Chapter i. --- First Layer - Correlation Model --- p.22 / Chapter ii. --- Second Layer - Regression Model --- p.23 / DATA ANALYSIS AND FINDINGS --- p.25 / Predictability Of IPO Performance --- p.25 / Chapter i. --- Empirical Evidence --- p.25 / Chapter ii. --- Framework Of Offer Period --- p.26 / Chapter iii. --- Correlation Coefficient --- p.26 / Chapter iv. --- Regression Model --- p.27 / Chapter v. --- Implications --- p.31 / Impact of First-day IPO Return on Underwriter's Market Value --- p.33 / Chapter i. --- Empirical evidence --- p.33 / Chapter ii. --- Framework of Offer period --- p.34 / Chapter iii. --- Correlation coefficient --- p.34 / Chapter iv. --- Regression model --- p.35 / Chapter v. --- Implications --- p.37 / Separation of Lead-underwriters and Co-underwriters --- p.38 / Chapter i. --- Lead-underwriters --- p.38 / Chapter ii. --- Co-underwriters --- p.41 / Chapter iii. --- Implications --- p.41 / CONCLUSIONS --- p.42 / FURTHER CONSIDERATIONS --- p.45 / APPENDIX --- p.47 / BIBLIOGRAPHY --- p.69

jointly presented by Lau Chi Yuen, Joseph, Wong Chi Ho. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1995. / Includes bibliographical references (leaves 92-96). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iv / Chapter CHAPTER I --- INTRODUCTION --- p.1 / Chapter CHAPTER II --- THE MOTIVATION OF DERTVATIVES TRANSACTIONS --- p.3 / Chapter CHAPTER III --- MAJOR TYPE OF DERIVATIVES TRADING IN EXCHANGE MARKET AND OTC MARKET IN HONG KONG --- p.7 / Exchange Traded Derivatives --- p.7 / Index Option --- p.7 / Strategies of option trading --- p.9 / Ratio covered writing --- p.9 / Bull/Bear Spreads --- p.10 / Butterfly Spreads --- p.11 / Calendar Spreads --- p.12 / Straddle --- p.13 / Strips and Straps --- p.14 / Strangles --- p.14 / Index Future --- p.15 / Spreading Trading --- p.16 / Warrants and Covered Warrants --- p.16 / Other derivatives --- p.19 / OTC (Over-The-Counter) Derivatives --- p.20 / Equity or equity-linked derivatives --- p.20 / Advantages of equity-linked derivatives --- p.20 / Equity-Linked Debt Instruments --- p.21 / Equity Swaps --- p.23 / The Future of Equity Swap Market --- p.27 / Equity options --- p.27 / OTC Stock options --- p.28 / Collar --- p.28 / Spread Call or Put (Capped Call or Put) --- p.29 / Barrier options --- p.30 / Convertible Bonds --- p.31 / OTC Currency Derivatives --- p.31 / Currency Options --- p.32 / Currency Swaps --- p.33 / Currency forwards --- p.33 / Currency Asian Option --- p.33 / Interest Rate Derivatives --- p.34 / Interest rate swap --- p.34 / Interest rate swaptions --- p.35 / Interest rate forward swaps --- p.35 / "Interest rate cap, floor and collar" --- p.35 / Chapter CHAPTER IV --- GROWTH OF ASIAN AND HONG KONG DERIVATIVES MARKET --- p.37 / Bookrunners in Asia --- p.39 / Growth of OTC markets in Asia --- p.41 / Chapter CHAPTER V --- PRICING MODELS FOR THE DERIVATIVES --- p.46 / Black-Scholes differential equation --- p.46 / For HSI call option --- p.47 / For HSI put options --- p.47 / Binomial Trees Model --- p.50 / Valuation of Convertible Bond --- p.50 / Swap Pricing - Banker rs Perspective --- p.51 / Decreasing Profit Margin in Swap Deal --- p.53 / Chapter CHAPTER VI --- THE APPLICATION OF DERIVATIVES IN HONG KONG MARKET --- p.54 / Corporations --- p.54 / Lowering Funding Costs through Arbitrage Opportunity or Issuance of Customized Instruments --- p.55 / Diversifying Funding Sources --- p.55 / Funding Operations in Multiple Countries at Lowest Cost --- p.56 / Managing Foreign Exchange Exposures --- p.56 / Hedging the cost of Issuing Floating-Rate and Fixed-Rate Debt --- p.57 / Hedging the Cost of Anticipated Issuance of Fixed-Rate Debt --- p.58 / Managing Existing Debt of Asset Portfolio --- p.58 / Institutional Investors --- p.59 / Enhancing Yields Through Arbitrage Opportunities --- p.59 / Asset Allocation using Swap --- p.59 / Synthetic Equity --- p.59 / Synthetic FRN --- p.60 / The Benefits of Swap in Asset Management --- p.62 / Eliminate Currency Risk --- p.62 / Managing Risk Exposure with Customized instruments --- p.63 / Individual investors --- p.63 / "Financial Institutions," --- p.64 / Greater Progress in Asian Markets Risk Management Still Lies Ahead --- p.64 / Chapter CHAPTER VII --- RISK MANAGEMENT --- p.65 / Concerns of risk management --- p.65 / "What can be done by the clients," --- p.67 / What can be done by regulators --- p.69 / Chapter CHAPTER VIII --- RISK MANAGEMENT - BANKERS PERSPECTIVE --- p.71 / Reasons for Investment in risk management --- p.71 / Profit by taking more of the right risks --- p.71 / Internationalization of markets --- p.72 / Greater variety and complexity of financial instruments --- p.73 / Risk management in Action --- p.74 / A Common Framework in Risk Management --- p.74 / Identification --- p.74 / Measurement --- p.74 / Management --- p.76 / Measuring Volatility - Past Vs Future --- p.76 / Market Risk Management --- p.78 / Basic Information Views --- p.78 / Trader's View --- p.79 / Accountant's View --- p.79 / Management's View --- p.80 / Simulation to Describe Risks --- p.80 / Reality Check --- p.83 / Reporting in Action --- p.84 / "Risk Management at Large Investment Banks Today," --- p.85 / APPENDIX I SIMULATION OF DELTA HEDGING --- p.88 / BIBLIOGRAPHY --- p.92

by So Tak Chee, Joshua. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1990. / Bibliography: leaves 65-67. / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iii / LIST OF TABLES --- p.v / ACKNOWLEDGEMENT --- p.vi / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Initial Public Offers in Hong Kong --- p.2 / The Companies --- p.2 / The Advising Agents --- p.4 / The Authorities --- p.6 / Comparison with Other Paths --- p.7 / Previous Studies on IPOs --- p.9 / Signaling Hypotheses --- p.9 / Underpricing of Initial Public Offers --- p.10 / Limitations in Study of Hong Kong IPOs --- p.11 / Scope and Significance of this Study --- p.12 / Chapter II. --- RESEARCH METHODOLOGY --- p.14 / Period of Study --- p.14 / Sourcing --- p.15 / Questionnaire --- p.15 / Design --- p.15 / Content --- p.15 / Administration and Outcome --- p.16 / Limitations --- p.17 / Opinion Poll --- p.17 / Sample --- p.17 / Administration and Outcome --- p.18 / P/E Comparison --- p.18 / Test of Underpricing Factors --- p.18 / Reputation of Advising Agents --- p.19 / Market Enviroment --- p.19 / Internal Factors --- p.20 / Data Analysis --- p.20 / Chapter III. --- MERCHANT BANKERS' VIEW ON IPO --- p.22 / Importance of the Business --- p.22 / Mechanism Behind the Job --- p.24 / Motives for Flotation --- p.24 / Initial Price Setting --- p.25 / Other Participants --- p.25 / Co-Workers --- p.26 / Competitors --- p.27 / Chapter IV. --- MERCHANT BANKERS' INFLUENCE ON IPO --- p.29 / Relative P/E Comparison --- p.29 / Subscription Rate --- p.30 / Price Performance --- p.32 / Primary Market --- p.32 / Secondary Market --- p.33 / Chapter V. --- TEST OF FACTORS ON IPO UNDERPRICING --- p.35 / Regression Outcomes --- p.35 / Significance of Factors --- p.40 / Advising Agents --- p.40 / Market Enviroment --- p.40 / Internal Factors --- p.40 / Chapter VI. --- CONCLUSION --- p.42 / APPENDIX --- p.44 / BIBILOGRAPHY --- p.65

by Ng Shiu Cheong, Albert, Wong Shuk King, Grace. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1991. / Bibliography: leaf 51. / ABSTRACT --- p.ii / TABLE OF CONTENT --- p.iv / ACKNOWLEDGEMENT --- p.vi / Chapter I. --- INTRODUCTION --- p.1 / General Background --- p.1 / Nature of rights issue --- p.2 / Reasons for company to raise funds through rights issue --- p.3 / Mechanics of rights offering --- p.3 / Underwriting rights issue --- p.4 / Trading of rights by shareholders --- p.4 / The intrinsic value of rights --- p.6 / Trading Rights in practice --- p.7 / Legal aspects of rights issue --- p.9 / Chapter II. --- VALUATION OF UNDERWRITING AGREEMENTS FOR RIGHTS ISSUES - THE BLACK AND SCHOLES MODEL --- p.11 / Introduction --- p.11 / Risks associated with rights issue --- p.12 / Underwriting agreement --- p.13 / The British versus American system --- p.14 / The Black and Scholes model --- p.16 / The Model --- p.16 / Empirical Findings of Underwriting Agreement --- p.18 / Comment --- p.19 / Chapter III. --- PRICING OF UNDERWRITING AGREEMENT IN HONG KONG --- p.20 / Basic Information --- p.20 / Option Pricing Model and Valuation of Underwriting Agreement --- p.21 / Assumed Price Model for Ex-post Stock Price in using Black-Scholes Model in Valuing Underwriting Agreement for Rights Issue --- p.22 / Methodology of study and Sampling --- p.23 / Estimation of variance of the stock's return --- p.25 / Hypothesis of Testing --- p.26 / Results of Analysis --- p.26 / Sensitivity of underwriting agreement value to the variables in the Black-Scholes model --- p.29 / Chapter IV. --- A NEW METHOD FOR PRICING THE UNDERWRITING AGREEMENTS FOR RIGHTS OFFERINGS --- p.35 / General overview --- p.36 / A New Price Model for the Ex-post Stock Price --- p.36 / The Model --- p.36 / Upper and Lower Bound for the Premium by K.K. Aase' s model --- p.38 / Analysis of Results --- p.40 / Chapter V. --- CONCLUSION --- p.43 / EXHIBIT 1 / "AMOUNT RAISED BY DIFFERENT METHODS IN THE MARKET, 1989" --- p.45 / APPENDIX 1 / LEGAL ASPECTS OF A RIGHTS ISSUES --- p.46 / BIBLIOGRAPHY --- p.51

Leung Kam Pui, Calvin, Ip Koon Tung, Patrick. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1993. / Includes bibliographical references (leaf 50). / Chapter Chapter1 --- Introduction --- p.3 / Chapter Chapter 2 --- Methodology --- p.6 / Chapter Chapter 3 --- Market Profile --- p.9 / Chapter Chapter 4 --- Theoretical Framework --- p.16 / Chapter Chapter 5 --- Analysis / Chapter Chapter 6 --- Case Study - Champaign Industrial Co --- p.44 / Chapter Chapter 7 --- Conclusion --- p.47 / Appendix 1. Bibliography --- p.50 / Chapter 2. --- Related Regulations with the Shenzhen Stock Market --- p.53 / Chapter 3. --- Shareholding System --- p.54 / Chapter 4. --- Requirements for New Listing --- p.56 / Chapter 5. --- Settlement Procedure --- p.58 / Chapter 6. --- "How ""B"" Shares are Traded" --- p.60 / Chapter 7. --- List of Authorised Securities Companies --- p.61 / Chapter 8. --- "Company Profiles of ""B"" Shares" --- p.63 / Chapter 9. --- List of Questions & Interviews Record --- p.83

by Bernardette Sau-Mui Loo. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1992. / Includes bibliographical references. / ACKNOWLEDGEMENT --- p.i / PREFACE --- p.ii / TABLE OF CONTENTS --- p.iii / LIST OF FIGURES --- p.v / LIST OF TABLES --- p.vi / Chapter 1 --- EXECUTIVE SUMMARY --- p.1-0 / Chapter 1.1 --- Objectives Of The Study --- p.1-1 / Chapter 1.2 --- Results Of The Study --- p.1-1 / Chapter 1.3 --- Conclusions --- p.1-2 / Chapter 2 --- INTRODUCTION --- p.2-0 / Chapter 2.1 --- Development Of The Hong Kong Securities Industry --- p.2-2 / Chapter 2.2 --- Statement Of Problem And Research Objectives --- p.2-10 / Chapter 2.3 --- Assumptions And Limitations --- p.2-11 / Chapter 2.4 --- Scope Of The Research --- p.2-12 / Chapter 3 --- RESEARCH METHODOLOGY --- p.3-0 / Chapter 3.1 --- Research Strategy --- p.3-2 / Chapter 3.2 --- Data Collection --- p.3-3 / Chapter 4 --- EXISTING SECURITIES CLEARING AND SETTLEMENT SYSTEM____ --- p.4-0 / Chapter 4.1 --- Securities Market Participants --- p.4-2 / Chapter 4.2 --- Physical Delivery Settlement System Overview --- p.4-8 / Chapter 4.3 --- Cost Structure --- p.4-13 / Chapter 4.4 --- Limitations And Drawbacks --- p.4-14 / Chapter 5 --- SECURITIES CLEARING SYSTEM IN OTHER PARTS OF THE WORLD --- p.5-0 / Chapter 5.1 --- Euro-Clear and CEDEL --- p.5-2 / Chapter 5.2 --- Asian Pacific Basin --- p.5-3 / Chapter 6 --- HONG KONG SECURITIES CLEARING COMPANY (HKSCC) --- p.6-0 / Chapter 6.1 --- Company Formation --- p.6-2 / Chapter 6.2 --- Organization Structure --- p.6-3 / Chapter 6.3 --- Top Management Of HKSCC --- p.6-6 / Chapter 7 --- OVERVIEW OF THE PROPOSED CENTRAL CLEARING AND SETTLEMENT SYSTEM --- p.7-0 / Chapter 7.1 --- CCASS Participants --- p.7-2 / Chapter 7.2 --- CCASS Accounts --- p.7-3 / Chapter 7.3 --- Central Securities Depository --- p.7-5 / Chapter 7.4 --- Trade Interface --- p.7-6 / Chapter 7.5 --- Clearing --- p.7-7 / Chapter 7.6 --- Settlement --- p.7-10 / Chapter 7.7 --- Electronic Money Settlement --- p.7-14 / Chapter 7.8 --- Fails Management --- p.7-15 / Chapter 7.9 --- Risk Management and Guarantee Fund --- p.7-16 / Chapter 7.10 --- Common Nominee Registration --- p.7-19 / Chapter 8 --- CCASS OPERATIONS --- p.8-0 / Chapter 8.1 --- Technical Environment --- p.8-2 / Chapter 8.2 --- Work Flow --- p.8-5 / Chapter 8.3 --- Tariff Structure --- p.8-13 / Chapter 8.4 --- Impacts To Participants --- p.8-17 / Chapter 9 --- RISK MANAGEMENT AND GUARANTEE SYSTEM (RMGS) UNDER CCASS --- p.9-0 / Chapter 9.1 --- Principles and Measures --- p.9-3 / Chapter 9.2 --- HKSCC's Guarantee --- p.9-5 / Chapter 93 --- Guarantee Fund --- p.9-6 / Chapter 9.4 --- Settlement Cap --- p.9-8 / Chapter 9.5 --- Securities-on-hold and Money Settlement --- p.9-10 / Chapter 9.6 --- Continuous Surveillance of Brokers --- p.9-12 / Chapter 9.7 --- Recommendations for Improvement on RMGS --- p.9-13 / Chapter 10 --- SHARE REGISTRATION SYSTEM (SRS) UNDER CCASS --- p.10-0 / Chapter 10.1 --- Certificated and Uncertificated Shares --- p.10-2 / Chapter 10.2 --- Mechanics of CCASS --- p.10-3 / Chapter 10.3 --- Registration at Participant-Participant Level --- p.10-4 / Chapter 10.4 --- Registration at Participant-Client Level --- p.10-5 / Chapter 10.5 --- Potential Problems of ccass Share Registration --- p.10-6 / Chapter 11 --- CCASS PROJECT DEVELOPMENT --- p.11-0 / Chapter 11.1 --- Project Cycle --- p.11-2 / Chapter 11.2 --- Financing --- p.11-5 / Chapter 12 --- FUTURE DEVELOPMENT --- p.12-0 / Chapter 12.1 --- Uncertification Of Shares --- p.12-2 / Chapter 12.2 --- Interface In National Language --- p.12-2 / Chapter 123 --- Delivery Versus Payment System --- p.12-3 / Chapter 12.4 --- Extension Of CCASS Services --- p.12-3 / Chapter 13 --- CONCLUSIONS --- p.13-0 / Chapter 13.1 --- Conclusions --- p.13-1 / Chapter 14 --- APPENDICES --- p.14-0 / Chapter 14.1 --- Glossary Of Terms --- p.14-1 / Chapter 14.2 --- Settlement Systems in Asian Pacific Region --- p.14-11 / Chapter 14.3 --- Bibliography --- p.14-12

by Lim Luen-ho. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1992. / Includes bibliographical references. / TABLE OF CONTENTS --- p.i / ABSTRACT --- p.iii / LIST OF TABLES --- p.v / ACKNOWLEDGEMENTS --- p.vi / INTRODUCTION --- p.1 / Internationalization of Securities Markets --- p.1 / Institutional Investors --- p.1 / Technological Developments --- p.2 / Growth Opportunities in Developing Countries --- p.2 / Deregulation of financial markets --- p.3 / Central Clearing and Settlement in Hong Kong --- p.4 / Objective of Study --- p.5 / METHODOLOGY --- p.6 / Data Collection --- p.6 / Sampling --- p.7 / WORLD-WIDE TREND IN THE DEVELOPMENT OF CLEARING AND SETTLEMENT OF SECURITIES --- p.8 / October Stock Market Crash of 1987 --- p.8 / Current Trend in the Clearing and Settlement System --- p.9 / Development of the Clearing and Settlement Systems in Asian Countries --- p.11 / Implications for Hong Kong Stock Market --- p.13 / Rebuilding of a Good Image as an Efficient Market --- p.13 / Competition from Other Markets Trading Hong Kong Listed Stocks --- p.14 / Competition from Other Asian Stock Markets --- p.15 / Prerequisite to Becoming a Regional Exchange in Long Run --- p.17 / Possible Directions for the Future Development of Central Clearing and Settlement Systemin Hong Kong --- p.18 / Allowing the investors (especially the institutional investors) to be the direct participants of CCASS --- p.19 / Linking CCASS to the settlement systems of other national markets --- p.19 / Issuing global certificates with the consensus of the issuers of the stocks --- p.20 / DEVELOPMENT OF THE CLEARING AND SETTLEMENT SYSTEM IN HONG KONG --- p.21 / History of CCASS --- p.21 / Current Issues --- p.25 / Cost Issue --- p.25 / Legislation Issues --- p.27 / Current Clearing and Settlement System --- p.28 / How a Trade is Settled --- p.28 / Issues of the Existing System --- p.30 / Too short settlement --- p.30 / Physical settlement --- p.30 / Exposures to counterparty risk --- p.31 / Chain reaction of settlement risks --- p.31 / Risks for loss of scrips --- p.31 / Central Clearing and Settlement System (CCASS) --- p.32 / Overview of CCASS Operation --- p.32 / Advantages of CCASS --- p.34 / Minimizing the need for physical delivery of share certificates --- p.34 / Eliminate the chance of losing scrips --- p.34 / Extended settlement period --- p.34 / Minimizing counterparty risk --- p.35 / Enhancing market development --- p.35 / Ability to handle huge amount of daily turnover --- p.36 / Implications --- p.36 / System Design --- p.36 / Managing of Conflicts of Interest --- p.40 / Registrars --- p.40 / Brokers --- p.41 / Custodians --- p.43 / CONCLUSION --- p.44 / The Role of Government in the Development of CCASS --- p.44 / Current Task of SFC concerning CCASS --- p.49

by Lam Ka Ming. / Thesis (M.Phil.)--Chinese University of Hong Kong, 1995. / Includes bibliographical references (leaves 83-86). / Chapter CHAPTER 1 --- INTRODUCTION --- p.1 / Chapter CHAPTER 2 --- REVIEW OF THEORIES AND LITERATURE / Chapter 2.1 --- Empirical Studies on IPO Underpricing --- p.7 / Chapter 2.2 --- "Underpricing, Auditors and Underwriters" --- p.10 / Chapter 2.3 --- Rock's Adverse Selection hypothesis --- p.16 / Chapter 2.4 --- The Signalling Hypothesis --- p.23 / Chapter 2.5 --- Unit IPO --- p.31 / Chapter 2.6 --- Empirical Studies on Hong Kong IPOs --- p.32 / Chapter Chapter 3 --- DATA AND METHODOLOGY / Chapter 3.1 --- Measures of Underpricing --- p.35 / Chapter 3.2 --- Test for Rock's Model --- p.40 / Chapter 3.3 --- Test for the Signalling Hypothesis --- p.44 / Chapter 3.3.1 --- Probability of Reissue --- p.47 / Chapter 3.3.2 --- Size of Seasoned Offering --- p.48 / Chapter 3.3.3 --- Time between IPO and Announcement of Seasoned Offering --- p.48 / Chapter 3.3.4 --- Price Reaction on Announcement Date --- p.49 / Chapter CHAPTER 4 --- RESULTS / Chapter 4.1 --- Underpricing of Hong Kong IPOs --- p.51 / Chapter 4.2 --- Rock's Model --- p.53 / Chapter 4.2.1 --- The Winner's Curse Problem --- p.53 / Chapter 4.2.2 --- Regression Results --- p.54 / Chapter 4.3 --- Signalling Hypothesis --- p.62 / Chapter 4.3.1 --- Probability of Reissue --- p.62 / Chapter 4.3.2 --- Size of Seasoned Offering --- p.64 / Chapter 4.3.3 --- Time between IPO and the First Seasoned Offering --- p.65 / Chapter 4.4.4 --- Price Reaction on Announcement Date --- p.66 / Chapter CHAPTER 5 --- DISCUSSION --- p.67 / Chapter CHAPTER 6 --- CONCLUSION --- p.71 / FIGURES --- p.72 / APPENDIX A SPECIMEN OF ANNOUNCEMENT OF BASIS OF ALLOTMENT --- p.75 / APPENDIX B LIST OF COMPANY --- p.76 / REFERENCE --- p.83

by Chan Tse-Kit, Chau Wing-Hong. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1996. / Includes bibliographical references (leaves 41-44). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iii / ACKNOWLEDGMENTS --- p.v / Chapter I. --- INTRODUCTION --- p.1 / Chapter II. --- OBJECTIVES --- p.4 / Chapter III. --- LITERATURE REVIEW --- p.5 / Chapter IV. --- DATA SAMPLE AND SOURCES --- p.10 / Chapter V. --- METHODOLOGY --- p.11 / Chapter VI. --- LIMITATIONS --- p.16 / Survival Bias --- p.16 / Time Lag --- p.16 / Change Financial Year End --- p.17 / Chapter VII. --- SAMPLE SUMMARY STATISTICS --- p.18 / Number of Samples --- p.18 / Sample Characteristics at Year 0 (Listing Year) --- p.19 / Implications --- p.19 / Chapter VIII. --- SUMMARY RESULTS --- p.20 / All Samples/No Segmentation --- p.20 / ROA --- p.20 / Profit Margin --- p.21 / Assets/Turnover --- p.21 / Current Ratio --- p.22 / ROE --- p.23 / EPS --- p.23 / Summary --- p.23 / Segmented by Assets Size in Year -1 --- p.25 / RQA --- p.25 / Profit Margin --- p.26 / ROE --- p.27 / EPS --- p.28 / Summary --- p.29 / Segmented by Major Shareholders' % Share in Year 0 --- p.30 / ROA --- p.30 / Profit Margin --- p.31 / ROE --- p.32 / EPS --- p.33 / Summary --- p.33 / Chapter IX. --- FINDINGS --- p.34 / Decline in Operating Performance --- p.34 / Asset Size --- p.36 / Relation between Managerial Ownership Retention and Operating Performance --- p.37 / Debt Reduction --- p.37 / Chapter X. --- RECOMMENDATIONS TO INVESTORS --- p.38 / Read the Prospectus Carefully --- p.38 / Be Aware of the Pattern --- p.39 / Chapter XI. --- CONCLUSIONS --- p.40 / BIBLIOGRAPHY --- p.41 / APPENDICES

Cheuk Man Yin. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2001. / Includes bibliographical references (leaves 87-94). / Abstracts in English and Chinese. / ABSTRACT --- p.i / ACKNOWLEDGEMENT --- p.iv / TABLE OF CONTENTS --- p.v / LIST OF TABLES --- p.viii / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Chapter 1.1 --- Introduction --- p.1 / Chapter 1.2 --- Objectives --- p.5 / Chapter II. --- LITERATURE REVIEW --- p.7 / Chapter 2.1 --- Backgrounds --- p.7 / Chapter 2.1.1 --- Information Content and Predictability of Insider Trading --- p.7 / Chapter 2.1.2 --- "Market Efficiency, Market Liquidity and Insider Trading" --- p.9 / Chapter 2.2 --- Review of Insider Trading Literature --- p.11 / Chapter 2.2.1 --- Review of Studies on the U.S. Market --- p.11 / Chapter 2.2.2 --- Review of Studies on the European and Canadian Markets --- p.17 / Chapter 2.2.3 --- Review of Studies on the Emerging Stock Markets --- p.18 / Chapter III. --- INSIDER TRADING REGULATION IN HONG KONG --- p.20 / Chapter 3.1 --- Backgrounds: Arguments For and Against Insider Trading --- p.20 / Chapter 3.2 --- The Securities (Insider Dealing) Ordinance --- p.22 / Chapter 3.3 --- The Securities (Disclosure of Interests) Ordinance --- p.23 / Chapter IV. --- DATA AND METHODOLOGY --- p.27 / Chapter 4.1 --- Data --- p.27 / Chapter 4.2 --- Statistics on Insider Trading Samples --- p.33 / Chapter 4.2.1 --- Statistics on Entire Sample --- p.33 / Chapter 4.2.2 --- Statistics by Year of Transaction --- p.34 / Chapter 4.2.3 --- Statistics by Calendar Month of Transaction --- p.36 / Chapter 4.2.4 --- Statistics by Day of the Week of Transaction --- p.37 / Chapter 4.2.5 --- Statistics by Industry Classification of the Firm --- p.38 / Chapter 4.2.6 --- Statistics by Size of the Firm --- p.38 / Chapter 4.2.7 --- Statistics by Book-to-Market Ratio of the Firm --- p.39 / Chapter 4.2.8 --- Statistics by Price-Earnings Ratio of the Firm --- p.40 / Chapter 4.2.9 --- Statistics by Relative Trading Volume in Shares --- p.41 / Chapter 4.2.10 --- Statistics by Firm Size and Relative Trading Volume in Shares --- p.43 / Chapter 4.3 --- Methodology --- p.43 / Chapter 4.3.1 --- Measurement of Stock Price Performance for Insider Trading Events --- p.43 / Chapter 4.3.2 --- Aggregate Industry-wide Insider Trading Prior to Major Adjustment in the AOI Sectorial Index --- p.47 / Chapter V. --- EMPIRICAL RESULTS AND DISCUSSIONS --- p.51 / Chapter 5.1 --- Stock Price Performance Around Insider Trading Events: Abnormal Returns and Cumulative Abnormal Returns --- p.51 / Chapter 5.1.1 --- On the Entire Sample --- p.51 / Chapter 5.1.2 --- By Year of Transaction --- p.55 / Chapter 5.1.3 --- By Calendar Month of Transaction --- p.59 / Chapter 5.1.4 --- By Day of the Week of Transaction --- p.61 / Chapter 5.1.5 --- By Industry Classification of the Firm --- p.62 / Chapter 5.1.6 --- By Size of the Firm --- p.64 / Chapter 5.1.7 --- By Book-to-Market Ratio of the Firm --- p.66 / Chapter 5.1.8 --- By Price-Earnings Ratio of the Firm --- p.67 / Chapter 5.1.9 --- By Relative Trading Volume in Shares --- p.69 / Chapter 5.1.10 --- By Firm Size and Relative Trading Volume in Shares --- p.70 / Chapter 5.2 --- Aggregate Industry-wide Insider Trading Prior to Major Adjustment in the AOI Sectorial Index --- p.74 / Chapter 5.2.1 --- Finance Industry --- p.76 / Chapter 5.2.2 --- Utilities Industry --- p.77 / Chapter 5.2.3 --- Properties Industry --- p.78 / Chapter 5.2.4 --- Consolidated Enterprises Industry --- p.80 / Chapter 5.2.5 --- Industrials Industry --- p.81 / Chapter 5.2.6 --- Hotels Industry --- p.82 / Chapter VI. --- CONCLUDING REMARKS --- p.85 / BIBLIOGRAPHY --- p.87