Sun Yuekang. / Thesis submitted in: October 1999. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2000. / Includes bibliographical references (leaves 40-44). / Abstracts in English and Chinese.

by Ko Wai Cheung Stephen. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1999. / Includes bibliographical references (leaves 59-63). / ABSTRACT --- p.iii / TABLE OF CONTENTS --- p.iv / LIST OF ABBREVIATIONS --- p.vi / LIST OF TABLES --- p.vii / ACKNOWLEDGEMENTS --- p.viii / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Chapter II. --- METHODOLOGY --- p.8 / Chapter III. --- HISTORY AND DEVELOPMENT OF DEBT MARKET --- p.10 / Early history of debt instruments --- p.10 / Development in the 80s --- p.11 / Recent development --- p.12 / Primary issues --- p.13 / Market infrastructure and trading systems --- p.17 / Chapter IV. --- RECENT INNOVATIONS AND HKMA'S EFFORTS --- p.24 / Establishment of the Hong Kong Mortgage Corporation --- p.25 / The role of Mandatory Provident Fund --- p.29 / Chapter V. --- REGIONAL FORCES AND THREATS --- p.32 / Syndication loan and credit crunch in the region --- p.32 / The inadequacy of IMF rescue package --- p.35 / Guarantee to distressed nations --- p.40 / A market solution --- p.41 / Emergence of Regional rivalry --- p.44 / Chapter VI. --- PROSPECTIVE DEVELOPMENT --- p.47 / H-bond market --- p.47 / Listing of EFN and other quasi-government issues --- p.50 / Trend of securitisation --- p.51 / Chapter VII. --- CONCLUSION --- p.55 / BIBILOGRAPHY --- p.59

by Ng Chi-Cheong, Allen, Tsea Po Kwan. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1999. / Includes bibliographical references (leaves 39-41). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iii / LIST OF ILLUSTRATIONS --- p.v / LIST OF TABLES --- p.vi / ACKNOWLEDGEMENT --- p.vii / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Chapter II --- LITERATURE REVIEW --- p.3 / General Review --- p.3 / Model Review --- p.6 / Rock´ةs Model --- p.6 / Principal-Agent Model --- p.7 / Signaling Model --- p.11 / Chapter III --- H SHARES LISTING PROCEDURE --- p.13 / Chapter IV --- DATA AND METHODOLOGY --- p.17 / Research Period and Source --- p.17 / Measures of Underpricing --- p.18 / Chapter V --- RESULTS AND DISCUSSION --- p.23 / Underpricing of H shares IPOs --- p.23 / Regression Model --- p.25 / Chapter VI --- CONCLUSION --- p.30 / APPENDIX --- p.34 / BIBLIOGRAPHY --- p.38

Wan Yanyan. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2006. / Includes bibliographical references (leaves 53-56). / Abstracts in English and Chinese. / Chapter I. --- Introduction --- p.1 / Chapter II --- Disclosure of Interests (DI) Regimes in Hong Kong --- p.5 / Chapter II.1. --- Development of Disclosure of Interests (DI) Regulations --- p.5 / Chapter II.2. --- Differences in Two Disclosure of Interests (DI) Regimes --- p.8 / Chapter III. --- Literature Review and Hypotheses --- p.11 / Chapter IV. --- Data and Methodology --- p.15 / Chapter IV.1. --- Data --- p.15 / Chapter IV.2. --- Descriptive Statistics --- p.20 / Chapter IV.3. --- Methodology --- p.22 / Chapter V. --- Results --- p.24 / Chapter V.1. --- Market Reaction to Insiders，Transactions --- p.24 / Chapter V.2. --- Information Asymmetry Hypothesis --- p.28 / Chapter V.2.1. --- Company Size Effect --- p.28 / Chapter V.2.2. --- Index Membership Effect --- p.32 / Chapter V.2.3. --- Industry Effect --- p.34 / Chapter V.2.4. --- Tests of Information Asymmetry Hypothesis for Subsamples --- p.41 / Chapter V.3. --- The Effect of Different DI Regulations --- p.42 / Chapter V.3.1. --- Full Sample --- p.43 / Chapter V.3.2. --- Subsamples --- p.48 / Chapter VI. --- Conclusion --- p.49 / Reference --- p.53 / Appendices --- p.57 / Appendix 1 --- p.57 / Appendix 2 --- p.67 / Appendix 3 --- p.70

本论文集由三篇关于公司金融和金融市场的文章组成。 / 第一篇文章主要探讨关于中国的控股股权的利益。通过研究1999到2006年的股权协议转让的数据，我发现控股股权相比于那些可比较的非控股股权存在显著溢价。平均值为24.97%溢价反映了控股股权的利益。回归分析发现，控股股权的利益和股权结构，公司特征以及制度环境有关。被收购对象的无形资产比例越高，控股股权的利益越少；发行了B股或者H股也会减少控股股权的利益；被私人公司收购的公司往往伴随着更高控股股权的利益。同时，控股股权的利益和非公有经济发展以及要素因子市场发展呈现负相关。进一步的研究表明，那些有较高控股股权的利益的公司往往伴随着更高的其他应收账款，关联交易额比例以及融资额比例，虽然影响不太显著。因此，我推断那些有更高控股股权的利益的公司可能更多地被其大股东侵占了利益。 / 第二篇文章主要研究关于中国股票市场上的“羊群效应“。通过应用Christie 和Huang (1995) 以及Chang (2000) 的模型，发现深圳和上海股票市场所没有“羊群效应“。 在子样本上的进一步分析发现，在2007股市泡沫期间和2008全球金融危机期间也没有“羊群效应“。最后，我使用分位数回归方法，来解决“羊群效应是否对于股市收益分歧的分位数是否敏感的问题。结果表明，在收益分歧的各个分位数上，收益分歧始终随着市场收益率增加，再次证明没有“羊群效应“的存在。 / 第三篇主要分析关于芝加哥气候交易所碳排放的价格和波动性。分析表明，某些年份的碳排放期货收益率具有长期记忆效应，有些年份则没有。但是不同年份期货收益率波动性则全部具有很强的长期记忆效应。同时，我发现FIGARCH模型很好的描述了碳价格的波动特性并且估计出了长期记忆的参数。进一步验证了碳期货收益率具有长期记忆效应。这个结论表明碳排放期货市场还不是弱式有效的。 / This thesis consists of three essays on corporate finance and financial markets. The first essay investigates the private benefits of control in China. By analyzing block share transfers in China from 1999 to 2006, I find that the controlling blocks are usually priced at significant positive premiums compared with the non-controlling ones. The premiums, with a mean of 24.97%, reflect the private benefits of control in China. Cross-sectional regression analysis shows that the benefits of corporate control vary with ownership structure, firm characteristics and institutions. In particular, targets with high intangible asset ratios have less private benefits of control; cross-listing in the B or H share market reduces private benefits and companies acquired by private firms are associated with higher private benefits. Moreover, it is found that private benefits of control are negatively associated with the non-state economy and factor market development index. Finally, further analysis shows some evidence that other receivables, amount of connected transaction, and amount of financing increase moderately with private benefits. Hence, firms with higher value of private benefits are likely to experience more tunneling activities conducted by their controlling shareholders. / The second essay examines herd behavior in the Chinese stock market. Employing the cross-sectional standard deviation testing methodology proposed by Christie and Huang (1995), it is found that herd behavior does not exist in the Shanghai and Shenzhen stock markets. The empirical evidence based on Chang et al. (2000) suggests no evidence of herd behavior as well. I also investigate the herd behavior in the 2007 bubble period and 2008 global financial crisis period and no evidence of herding is documented. Finally, quantile regression is employed to test whether or not herd behavior is sensitive to different quantiles of return dispersion distributions. It is found that in the lower and upper tail of return dispersion distribution, return dispersion generally increases with market return movements, indicating that no herd behavior is observed. / The third essay studies the price movement and volatility of the carbon futures in Chicago Climate Exchange. Firstly, the long-term dependence of future returns and volatilities is investigated by employing the modified rescaled range (R/S) statistics. Most of the return series have long-term memory features and the evidence for long-term dependence in volatilities is pronounced for all series. Next, the Fractionally Integrated GARCH (FIGARCH) model is applied to investigate the volatility of return series and estimate the long memory parameters in return series. The estimated degrees of integration are significantly greater than zero but less the unity, which demonstrates the presence of an explicit long memory feature in return series. The results indicate that the market is not weak-form efficient. / Detailed summary in vernacular field only. / Detailed summary in vernacular field only. / Detailed summary in vernacular field only. / Detailed summary in vernacular field only. / Liu, Xiaojin. / Thesis (Ph.D.)--Chinese University of Hong Kong, 2012. / Includes bibliographical references. / Electronic reproduction. Hong Kong : Chinese University of Hong Kong, [2012] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Abstract also in Chinese. / Abstract --- p.i / 摘要 --- p.iii / Table of Contents --- p.v / Chapter Chapter 1: --- The private benefits of control: evidence from China --- p.1 / Chapter 1. --- Introduction --- p.1 / Chapter 2. --- Related literature and institutional setting --- p.3 / Chapter 2.1 --- Related literature --- p.3 / Chapter 2.2 --- Background on the Chinese stock market --- p.6 / Chapter 3. --- Variable description --- p.7 / Chapter 3.1 --- Measuring private benefits of control --- p.7 / Chapter 3.2 --- Ownership structure --- p.10 / Chapter 3.3 --- Firm characteristics --- p.11 / Chapter 3.4 --- Institutions --- p.13 / Chapter 4. --- Sample description --- p.15 / Chapter 5. --- Main empirical results --- p.16 / Chapter 5.1 --- Testing significance of private benefits of control --- p.16 / Chapter 5.2 --- Ownership structure, firm characteristics, and private benefits of control --- p.17 / Chapter 5.3 --- Institutions and private benefits of control --- p.18 / Chapter 5.4. --- Further evidence of tunneling --- p.19 / Chapter 6. --- Conclusion --- p.20 / References --- p.22 / Tables --- p.25 / Appendix --- p.35 / Chapter Chapter 2: --- An empirical analysis of herd behavior in the Chinese stock market --- p.41 / Chapter 1. --- Introduction --- p.41 / Chapter 2. --- Methodology and data --- p.46 / Chapter 3. --- Empirical results --- p.49 / Chapter 3.1 --- Dummy regression --- p.49 / Chapter 3.2 --- Nonlinearity in return dispersions and market return --- p.51 / Chapter 3.3 --- Investigating herd behavior in subsamples: the 2007 bubble period and 2008 global financial crisis period --- p.52 / Chapter 4. --- Further analysis: a quantile regression approach --- p.53 / Chapter 5. --- Conclusion --- p.55 / References --- p.57 / Tables --- p.60 / Appendix --- p.71 / Chapter Chapter 3: --- Price movement and volatility of the carbon market: evidence from Chicago Climate Exchange --- p.74 / Chapter 1. --- Introduction --- p.74 / Chapter 2. --- Related literature and background on carbon futures in the Chicago Climate Exchange --- p.75 / Chapter 2.1 --- Related literature --- p.76 / Chapter 2.2 --- Background on Chicago Climate Exchange (CCX) --- p.79 / Chapter 3. --- Methodology and sample description --- p.80 / Chapter 3.1 --- Lo’s modified Rescaled Range (R/S) statistic --- p.80 / Chapter 3.2 --- The Fractionally Integrated GARCH (FIGARCH) model --- p.81 / Chapter 3.3 --- Sample description --- p.82 / Chapter 4. --- Empirical results --- p.82 / Chapter 4.1 --- Lo's modified R/S statistic test --- p.83 / Chapter 4.2 --- FIGARCH model --- p.84 / Chapter 5. --- Conclusion --- p.85 / References --- p.87 / Tables --- p.90 / Appendix --- p.95

在过去十年间里，中国立法机关及政府机关已制定颁布了大量新的法律法规。这些法律从数量和质量上而言，和过去相比都有了很大飞跃，公司法和证券法领域尤为如此。 法律从业人员数量的增多满足了人们多元化的法律需求。财经媒体的迅速发展使得大众对商业和市场运行、以及相关法律法规产生了更加深刻的认识。 然而，这些方面的改善并不意味着中国上市公司小股东保护也得到了相应的加强。 / 本文主要围绕以下三部分内容进行了探讨：1.中国现行法律下规制小股东保护的法律原则及规则；2.从政治环境的角度分析政治对部分规则形成的影响以及一些规则在实践中未能达到其立法旨意的原因；及3.小股东积极通过诉讼保护自身权利的现状及困境。作者评估了法律在小股东保护方面的实际效果，并分析中国的当代政治对法律达到其原本立法旨意的影响。虽然保护小股东及上市公司治理的法律框架已越来越全面，但实践中，小股东通过诉讼途径来有效实现自身权利却仍困境重重。本文认为，法院拒绝受理针对政治背景深厚的公司提起的诉讼、小股东面临的举证困难、法院收取的高额诉讼费用等因素都是小股东在实践中所要克服的障碍。 / 本文认为，影响众多中国上市公司治理的最大问题以及小股东通过诉讼途径保护自身权益的最大障碍正是党国体制对经济活动的干预，尤其是对于部分上市公司和法律程序的干预。为论证该观点，文本首先分析了党国是如何参与并影响中国上市公司的治理。文章发现，党组织在那些由国家直接或间接控股的上市公司发挥了重要的决策及监督作用。此外，文章还分析了民营性质的上市公司是如何受到地方政府的干预。文章认为，针对上市公司的政治干预消弱了法律治理的作用，同时也损害了小股东的合法权益。为了实现对小股东的保护，法律不但要保护小股东不受私权的侵犯（比如私人或私人实体对小股东作出的欺诈或不当行为），更重要的是保护小股东权利不受到来自党国体制默许、支持、甚至实际参与的行为的侵犯。 / In the past decade, China has experienced an exponential increase in the quantity and quality of new laws and regulations promulgated by the state and its agencies, especially in the area of company law and securities regulation. The legal profession grows and provides ever more diversified services to a public, whose awareness of business and market practices, as well as to some extent the legal rules and principles governing these, are being strengthened by the burgeoning financial media. Yet, these improvements do not necessarily translate into better protection for minority shareholders of Chinese listed companies. / This thesis discusses the legal rules and principles governing minority shareholders’ protection, the political realities that have shaped some of the rules and, as argued here, threaten to undermine some of the principles, and minority shareholders’ activism to enforce their rights through litigation. The author has sought to test how law functions in the area of minority shareholder protection and how political practice affects the functioning of law in this area. While the legal framework for minority shareholders’ protection and for the corporate governance of Chinese listed companies is becoming increasingly coherent and comprehensive, it is still very difficult for the minority shareholders of listed companies to enforce their rights through litigation. Barriers faced by minority shareholders include, but not limited to, the court’s reluctance to try cases against listed companies that have strong political connections, difficulties for minority shareholders to meet the burden of proof, and the high litigation fees collected by the courts. / This thesis argues that the most severe problem affecting the corporate governance of many Chinese listed companies and the main obstacle of minority shareholders’ litigations against the listed companies lie in the intervention of the Party-State with economic activities occurring in what is formally speaking the private economy - in particular, activities on the part of publicly listed companies - and the legal process. To establish this argument, the thesis discusses, firstly, the participation and intervention of the Party-State in the corporate governance of Chinese listed companies. It finds that the Party committees play important decision-making and supervisory roles in listed companies controlled by the state and its agencies. Secondly, listed companies founded by private entrepreneurs are also under political influence from local governments. The political intervention of listed companies weakens the legal governance regime of Chinese listed companies and damages the interest of minority shareholders. The protection of minority shareholders requires a legal regime that could protect individual minority shareholders against not only private transgressions, such as fraud and misconduct on the part of private entities, but also, more importantly, the infringement of individual citizen’s rights committed with acquiescence, support or even participation from the Party-State and its agents. / Detailed summary in vernacular field only. / Detailed summary in vernacular field only. / Detailed summary in vernacular field only. / Zhang, Yihong. / "November 2012." / Thesis (Ph.D.)--Chinese University of Hong Kong, 2013. / Includes bibliographical references. / Electronic reproduction. Hong Kong : Chinese University of Hong Kong, [2012] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Abstract also in Chinese. / Acknowledgments --- p.viii / Chapter Chapter 1 --- Introduction --- p.1 / The organization of the thesis --- p.2 / A survey of China’s securities market --- p.6 / Investors: who are investors in China’s stock market? --- p.6 / Policy-driven market --- p.31 / Chapter Conclusion --- p.39 / Chapter Chapter 2 --- Important Rights in Minority Shareholders Protection --- p.40 / Introduction --- p.40 / The conceptualization and typology of minority shareholders’ rights --- p.41 / The Principal shareholders’ rights in company law --- p.43 / Shareholders’ rights in relation to shareholders’ meetings --- p.44 / Shareholders’ rights in relation to inspection of company documents --- p.63 / Shareholders’ rights in relation to dividends --- p.71 / Chapter conclusion --- p.73 / Chapter Chapter 3 --- Fiduciary duties and minority shareholders protection --- p.76 / Introduction --- p.76 / Fiduciary duties of directors, supervisors and other senior officers --- p.79 / Background --- p.79 / Duties of directors and managers before the 2005 Company Law revision --- p.81 / The insertion of fiduciary duties by the 2005 Company Law amendment --- p.85 / The legislative framework of fiduciary duties in the 2005 Company Law --- p.87 / Legal remedies for minority shareholders when directors and other senior officers breach their fiduciary duties --- p.92 / The Duties of controlling shareholders --- p.103 / Related Party Transactions and fiduciary duties of the controlling shareholders --- p.106 / Derivative lawsuits against the controlling shareholders --- p.107 / Conclusion --- p.109 / Chapter Chapter 4 --- The Party’s influence and control over the listed company --- p.112 / Introduction --- p.112 / Statutory basis for the Party’s involvement in Chinese listed companies --- p.115 / The constitutional basis for the Party’s policy towards the listed companies --- p.115 / The Company Law’s basis for the Party’s involvement in the listed companies --- p.119 / The Party Law’s basis for the Party’s involvement in the listed companies --- p.121 / Summary --- p.123 / The role of the Party in Chinese listed companies --- p.124 / Decision-making mechanisms --- p.127 / Supervision mechanisms --- p.146 / The Relationship between local government and listed companies --- p.170 / Chapter Conclusion --- p.177 / Chapter Chapter 5 --- Analysis of minority shareholders protection cases --- p.179 / Introduction --- p.179 / The Representativeness of Northeastern Expressway --- p.181 / Materials and sources used for this case study --- p.183 / Structure of the case study --- p.185 / The financial packaging of the Northeastern Expressway --- p.187 / The corporate governance turmoil --- p.198 / Personnel appointment --- p.198 / Competition between local governments --- p.206 / Stage 1 The initial power struggle (1999-2001) --- p.208 / Stage 2 Zhang Xiaoguang’s reign (2001-2006) --- p.219 / Stage 3 Post Zhang Xiaoguang era (2006-2010) --- p.227 / The minority shareholders’ litigation --- p.233 / Chapter Conclusion --- p.239 / Chapter Chapter 6 --- State control of privately owned listed companies --- p.243 / Introduction --- p.243 / Historical review of privately owned listed companies --- p.250 / Pre-Republic: conditional recognition --- p.252 / Pre-reform: the road to illegitimacy --- p.253 / Post-reform: Private companies that were in the grey areas --- p.261 / The ‘red hat’ company --- p.271 / The Definition of the ‘red hat’ company --- p.272 / Vanke Co.: An exemplar of the ‘red hat’ companies --- p.274 / The predicaments of a ‘red hat’ company the case study of the Hubei Tianfa Group --- p.281 / The Kelong Case --- p.299 / Introduction --- p.300 / The issue of funding for minority shareholder’s litigation --- p.303 / Suspension of trial --- p.306 / Settlement --- p.309 / Ruling --- p.312 / Chapter Conclusion --- p.315 / Chapter Chapter 7 --- Conclusion --- p.318 / Reference --- p.328 / Abbreviations --- p.340

Tam,Tsz-Wa. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2004. / Includes bibliographical references (leaves 105-109). / Abstracts in English and Chinese. / Abstract --- p.i / Acknowledgement --- p.iv / Table of Contents --- p.v / Chapter Chapter 1 --- Introduction --- p.1 / Chapter 1.1 --- Insider Trading and Corporate Governance --- p.1 / Chapter 1.2 --- Insider Trading and Stock Volatility --- p.3 / Chapter 1.3 --- Objective of the Thesis Research --- p.4 / Chapter Chapter 2 --- Literature Review --- p.6 / Chapter 2.1 --- Review of Theoretical Literature --- p.6 / Chapter 2.2 --- Review of Empirical Literature --- p.18 / Chapter Chapter 3 --- Insider Dealing Regulations in Hong Kong --- p.24 / Chapter Chapter 4 --- Data --- p.27 / Chapter 4.1 --- Data Collection --- p.27 / Chapter 4.2 --- Summary Statistics of Insider Trading Data --- p.30 / Chapter Chapter 5 --- Methodology --- p.31 / Chapter 5.1 --- Hypothesis --- p.31 / Chapter 5.2 --- Event Study --- p.32 / Chapter 5.3 --- Vector Autoregression (VAR) Analysis --- p.41 / Chapter Chapter 6 --- Empirical Results: Event Study --- p.51 / Chapter 6.1 --- General Description of Results --- p.51 / Chapter 6.2 --- Volatility Change Immediately before Insider Trading --- p.53 / Chapter 6.3 --- Volatility Immediately before and after Insider Trading --- p.61 / Chapter 6.4 --- Volatility Change Immediately after Insider Trading --- p.67 / Chapter 6.5 --- Intermediate Term Volatility before and after Insider Trading --- p.72 / Chapter 6.6 --- Chapter Summary and Discussion --- p.79 / Chapter Chapter 7 --- Empirical Results: Vector Autoregression (VAR) Analysis --- p.83 / Chapter 7.1 --- Volatility of Hang Seng Index Return --- p.83 / Chapter 7.2 --- Volatility of Market Value Weighted Index Return --- p.85 / Chapter 7.3 --- Volatility of Equal Weighted Index Return --- p.87 / Chapter 7.4 --- Aggregate Total Volatility --- p.89 / Chapter 7.5 --- Aggregate Abnormal Return Volatility --- p.91 / Chapter 7.6 --- Aggregate Firm Specific Volatility --- p.93 / Chapter 7.7 --- Chapter Summary and Discussion --- p.95 / Chapter Chapter 8 --- Conclusion --- p.97 / Bibliography --- p.105

Liu Yajun. / Thesis submitted in: November 2005. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2006. / Includes bibliographical references (leaves 89-93). / Abstracts in English and Chinese. / Chapter Chapter 1: --- Introduction --- p.5 / Chapter Chapter 2: --- ST Firms in China --- p.15 / Chapter Chapter 3: --- Sample Selection and Data Description --- p.22 / Chapter 3.1 --- Data sources --- p.22 / Chapter 3.2 --- Data description --- p.23 / Chapter Chapter 4: --- Methodology --- p.30 / Chapter 4.1 --- Event study for abnormal returns --- p.30 / Chapter 4.1.1 --- Definition and observation period --- p.30 / Chapter 4.1.2 --- Normal and abnormal returns --- p.31 / Chapter 4.1.3 --- Models to determine the normal returns --- p.31 / Chapter 4.1.4 --- Market model estimation --- p.33 / Chapter 4.1.5 --- Statistical inference --- p.35 / Chapter 4.2 --- Models with discrete dependent variables --- p.37 / Chapter 4.3 --- Wilconxon rank test --- p.38 / Chapter Chapter 5: --- Results of Empirical Studies --- p.39 / Chapter 5.1 --- Market reaction to ST events-event study --- p.39 / Chapter 5.2 --- Relationship of the cumulative abnormal returns and restructuring activities --- p.44 / Chapter 5.3 --- Relationship of ST status and restructuring activities --- p.50 / Chapter 5.4 --- Operational performance pre and post Share- restructuring activities of ST firms --- p.54 / Chapter 5.5 --- Regression result of operational performance pre and post share- restructuring activities --- p.57 / Chapter Chapter 6: --- Conclusion --- p.59 / Tables --- p.64 / Appendix I: Special Treatment System in China's Stock Market --- p.87 / References --- p.89

Currently, many systems improve transparency and efficiency in the transmission and utilization of financial information. For example, Electronic Data Gathering And Retrieval (EDGAR), which is used by the Securities Exchange Commission (SEC) in USA is an electronic filing system for listed companies to submit financial documents. After validation, those documents are disseminated electronically to investors. Securities Markets Automated Research Training and Surveillance (SMARTS), developed in Australia, is a market monitoring system, which detects market behavior, trading patterns, and aberrant trading activities. Also, many financial information retrieval and analysis systems support searching, retrieval, and analysis of financial information, one such example is BOOM. Boom collects, organizes, analyzes and delivers financial information to their subscribers. However, these systems are designed to support vertical perspective of market information transmission, which may be duplicated and error prone, and can be collaborated to provide a more complete view of information for market monitoring and investment decision. / This dissertation is aimed to integrate the financial information in a horizontal perspective---an Integrated Trading Environment is proposed which has five systems to provide the needed functionality. In which, two surveys were conducted on the adoption of on-line trading by both investors and brokers in order to develop strategies for launching the online trading system. To cooperate with the strategies, a knowledge-based financial information infrastructure was proposed in the new trading environment. With the support of proposed Financial Information to Knowledge Transforming Model (FIKTM), a XML-based data integration architecture was constructed to improve the market transparency and efficiency. / Lau Sau Mui. / "August 2002." / Source: Dissertation Abstracts International, Volume: 63-10, Section: B, page: 4873. / Supervisor: Jerome Yen. / Thesis (Ph.D.)--Chinese University of Hong Kong, 2002. / Includes bibliographical references (p. 210-219). / Electronic reproduction. Hong Kong : Chinese University of Hong Kong, [2012] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Electronic reproduction. Ann Arbor, MI : ProQuest dissertations and theses, [200-] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Abstracts in English and Chinese. / School code: 1307.

Part B examines the relationship between firm board quality and initial underpricing and the post-IPO performance of 73 H-share and Red-chip share firms from 1993 to 2000. I hypothesize that a high quality board can convey the firm's intrinsic value to the market, thereby reducing the information asymmetry in the firm. Therefore, IPOs of firms with higher management quality will be characterized by lower underpricing level and higher aftermarket long-term stock performance. The level of underpricing is 32% for the sample firms. My result shows that firms with more foreigners on board tend to have a lower IPO underpricing level. The aftermarket, long-term downward drift is confirmed relative to all of the six benchmarks used in this paper. More foreigners on board are positively related to the post-IPO long-term stock performance. In summary, the results show that the management quality of directors has a positive influence on long-term post-IPO stock performance. / This paper consists of two parts. Part A This paper investigates the determinants of the adoption of executive stock option plans in Japanese firms and measures the market reaction of executive stock option grants. I find that firms with larger size, and low leverage level are more likely to adopt executive stock options. I also find that keiretsu firms in Japan are less likely to adopt stock options. In those firms that grant stock options, firms with high liquidity and those operate in noisier environment tend to use more option incentives. Japanese firms exhibit significant abnormal stock returns about 0.4% of at the announcement day. / Zhang Ling. / "March 2006." / Source: Dissertation Abstracts International, Volume: 67-11, Section: A, page: 4287. / Thesis (Ph.D.)--Chinese University of Hong Kong, 2006. / Includes bibliographical references (p. 162-169). / Electronic reproduction. Hong Kong : Chinese University of Hong Kong, [2012] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Electronic reproduction. [Ann Arbor, MI] : ProQuest Information and Learning, [200-] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Electronic reproduction. Ann Arbor, MI : ProQuest dissertations and theses, [200-] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Abstracts in English and Chinese. / School code: 1307.