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This thesis is a critical analysis of the law relating to insider trading in three common law countries. Chapter One, addresses the merits and demerits of the regulation of insider trading and presents a review of the academic literature relating to this field. In Chapters Two, Three and Four, the law of insider trading in the United States, Canada and the United Kingdom is analysed and discussed on a comparative basis. Each of these chapters is in two sections. The first section describes the regulatory system and institutions, and the second section discusses the regulation of insider trading, highlighting the critical elements of this type of regulation, such as the definition of an 'insider' and the scope of 'inside information'. It concludes with a broad discussion of the differing approaches of these countries to insider trading.

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The behavior of the term structure of interest rates in government bonds parallels that of the behavior in high-grade corporate bonds. Previous studies have demonstrated that there are synchronous changes in different maturities in high-grade corporate bonds. Results of statistical tests and measurements of the term structure in U.S. Treasury obligations are compared with previous studies to confirm that the behavior of the yield curve, from the mid-1950's until the 1970's, is consistent with previous norms that there are synchronous changes in all maturities but that there has been an increase in the relative sensitivity of changes in longer term rates since the 1970's per unit change in the short term rates. Generally, all maturities move in the same direction with intermediate and long term rates more synchronous than shorter term rates. Changes in rates are highly correlated across all maturities, but intermediate and short term rates are somewhat more highly correlated with each other than with long term rates. Also, there is a general tendency for relative volatility to vary inversely with maturity. However, there was an increase in the relative volatility of longer term rates in the 1970's and 1980's. The results are generally consistent with Meiselman's earlier findings for high grade corporate bonds between 1900 and 1954, except for the more recent increase in the volatility of long term U.S. Treasury bonds. / Master of Arts

As long as one security is classified into AFS category, I document that banks strategically time the recognitions of gains and losses on AFS securities to smooth earnings, to meet earnings targets, to reduce regulatory costs, or to facilitate seasonal equity offering. These evidences collaborate with my previous results that banks prefer classifying credit risky securities into AFS rather than into trading category. / Finally, I investigate market reactions to fair value changes on AFS securities and to trading revenues from trading assets. I show that trading revenues are more persistent, with greater value relevance, and drive more significant stock returns. This evidence indicates that artificially classifying securities which are held for trading purpose into AFS category may have negative impacts on firm values. / Given the investment decisions made by the managers, the second issue studied in this thesis is the financial reporting decisions made by banks. To elaborate, banks have discretions to classify the debt securities into available-for-sale (AFS) category vs. trading category depending on the purpose of the holding, while the classification decisions have very different impacts on firms' income statement. Therefore, I study how accounting treatments of AFS and trading category and their different impacts on firms' income statements affect reporting decisions. I find banks inclined to classify credit-riskier securities into AFS rather than into trading category, when banks have weak interest revenues, have high level of income-increasing discretional accruals, have concentrated assets, or have high level of risky assets. But I do not find classification decision is related to bank's capital adequacy ratio. / Keywords: Bank holding companies; debt security investments; managerial compensation; trading assets; available-for-sale; SFAS 115; gains trading. / This study examines U.S. banks' investment behaviors as well as their financial reporting decisions on debt security investments. Particularly, I focus on two separate but related issues. The first issue examined is whether and how managerial incentives, influenced by the compensation contracts, affect managers' investment decisions on debt securities in the U.S. banking industry. Using a sample composed of top 1,000 bank holding companies from 2001 to 2009, I find that managers, when their wealth is more sensitive to stock return volatility, tend to structure the firms' debt investments with a higher proportion of credit risky securities. Provided that price of credit risky debt securities slumped during the recent financial crisis, that empirical evidence is consistent with the view that managerial compensation may induce excess risk-taking in the U.S. banking industry. The finding is relevant to both researchers and practitioners when they consider restructuring bankers' compensation. / Zhou, Chunquan. / Advisers: Woody Y. W. Wu; Danqing Young. / Source: Dissertation Abstracts International, Volume: 73-08(E), Section: A. / Thesis (Ph.D.)--Chinese University of Hong Kong, 2011. / Includes bibliographical references (leaves 80-83). / 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 Company, [200-] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Abstract also in Chinese.

by Cheuk Kam-wa. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1994. / Includes bibliographical references (leaves 43-45). / ABSTRACT --- p.iii / TABLE OF CONTENTS --- p.iv / LIST OF TABLES --- p.vi / ACKNOWLEDGEMENT --- p.vii / INTRODUCTION --- p.1 / WHAT IS ADR? --- p.5 / The Trading Mechanism --- p.6 / Issuance --- p.6 / Transfer - intra-market trading --- p.7 / Cancellation --- p.7 / Trading - pricing --- p.8 / Equity offerings --- p.8 / OVERVIEW OF US SECURITIES REGULATIONS --- p.10 / The Securities Act of 1933 --- p.10 / The Securities Exchange Act of 1934 --- p.11 / TYPES OF ADR --- p.13 / Unsponsored ADR --- p.13 / Sponsored ADR --- p.14 / Level-I --- p.14 / Level- II --- p.15 / Level- III --- p.16 / Rule 144A --- p.16 / ADVANTAGES AND BARRIERS OF ADR ISSUANCE TO HONG KONG LISTED COMPANIES --- p.19 / Advantages --- p.19 / Barriers --- p.20 / Deferred taxation --- p.21 / Proposed final dividend --- p.21 / Retirement scheme costs --- p.21 / Property revaluation --- p.22 / OVERVIEW OF THE ADR MARKETS --- p.25 / Comparison Between The Regional Stock Markets In The US --- p.26 / Outlook --- p.28 / THE IMPACT OF ADR LISTINGS ON RISK AND RETURN FOR HONG KONG LISTED COMPANIES --- p.32 / Methodology --- p.32 / The effect of the listing of ADRs on underlying stock price --- p.34 / Interpretation of results on the effect on underlying stock price --- p.36 / The effect of the listing of ADRs on underlying stock volatility --- p.37 / Interpretation of results on the effect on underlying stock volatility --- p.38 / Conclusions --- p.40 / APPENDIX 1 : LIST OF HONG KONG LISTED COMPANIES WITH ADR PROGRAMMES --- p.41 / REFERENCES --- p.43

The collapse of Enron and its aftermath has put unprecedented focus on the accounting profession and its role in the self-regulatory system.