published_or_final_version / Law / Doctoral / Doctor of Philosophy

published_or_final_version / Business Administration / Master / Master of Business Administration

published_or_final_version / Business Administration / Master / Master of Business Administration

published_or_final_version / Economics and Finance / Master / Master of Economics

by Leung Wai Yuen and Wong Che Keung. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1995. / Includes bibliographical references (leaves 79-81). / ABSTRACT --- p.iv / ACKNOWLEDGMENT --- p.v / TABLE OF CONTENTS --- p.vi / LIST OF TABLES --- p.x / LIST OF FIGURES --- p.xi / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Background --- p.1 / Objective of This Study --- p.5 / Chapter II --- THE DEVELOPMENT OF THE STOCK MARKET IN HONG KONG --- p.6 / Development of the Stock Exchange --- p.6 / Performance of the Stock Market --- p.10 / Chapter III --- CURRENT SITUATION OF THE SEHK --- p.14 / Performance in 1994 --- p.14 / Future Development of the SEHK --- p.19 / Chapter IV --- REGULATORY ENVIRONMENT IN HONG KONG --- p.20 / History of Securities Legislation in Hong Kong --- p.20 / Regulatory Hierarchy of the Securities Market in Hong Kong --- p.24 / The Securities and Futures Commission --- p.25 / Mission and Functions of the SFC --- p.25 / Chapter V --- SECURITIES (INSIDER DEALING) ORDINANCE --- p.29 / Definition of Insider Dealing --- p.29 / The Insider Dealing Tribunal --- p.30 / Chapter VI --- SECURITIES (DISCLOSURE OF INTEREST) ORDINANCE --- p.32 / Gist of the Ordinance --- p.32 / Duties of Substantial Shareholders --- p.33 / Disclosure of Directors and Chief Executives --- p.34 / Interests That Can be Disregarded --- p.35 / Penalties for Breaches --- p.36 / Chapter VII --- LITERATURE REVIEW --- p.37 / Research on Overseas Stock Markets --- p.37 / Watchdog Report by Credit Lyonnais --- p.42 / Chapter VIII --- METHODOLOGY --- p.43 / Data Sampling --- p.43 / Definition of Insider Activities Index --- p.45 / Design of the Study --- p.46 / Chapter IX --- RESULTS AND IMPLICATIONS --- p.50 / Industry Type --- p.50 / Company Size --- p.51 / Seasonal Effect --- p.52 / Ownership Concentration --- p.53 / Chapter X --- CONCLUSION AND RECOMMENDATIONS --- p.55 / Conclusion --- p.55 / Recommendations for Further Studies --- p.56 / APPENDICE --- p.58 / Appendix 1 --- p.59 / Appendix 2 --- p.63 / Appendix 3 --- p.67 / Appendix 4 --- p.71 / Appendix 5 --- p.73 / Appendix 6 --- p.75 / Appendix 7 --- p.77 / BIBLIOGRAPHY --- p.79

by Lam Suen, Tang Mun-suet. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1995. / Includes bibliographical references (leaves 60-61). / ABSTRACT --- p.iii / TABLE OF CONTENT --- p.v / LIST OF CHARTS/TABLES --- p.vii / CHAPTER / Chapter I. --- INTRODUCTION --- p.1 / Chapter II. --- INTRODUCTION OF MORTGAGE-BACKED SECURITIES --- p.6 / What is Securitization --- p.6 / Types of Mortgage-backed Securities --- p.8 / Mortgage Pass-through Securities --- p.8 / Collateralized Mortgage Obligations --- p.9 / Stripped Mortgage-backed Securities --- p.11 / Chapter III. --- BENEFITS OF SECURITIZATION --- p.14 / Benefits to Issuers --- p.14 / Diversification of Funding Sources and Increased Liquidity --- p.14 / Cost Effective Source of Funds --- p.15 / Efficient Use of Capital --- p.15 / Rapid Portfolio Growth --- p.15 / Better Asset/Liability Management --- p.16 / Earning Enhancement --- p.16 / Benefits to Investors --- p.16 / Benefits to Borrowers --- p.17 / Implication of Securitization for Financial Market --- p.17 / Chapter IV. --- MODELING AND VALUATION OF MORTGAGE-BACKED SECURITIE& --- p.19 / Static Cash Flow Yield (SCFY) Analysis --- p.20 / Advantages and Limitations --- p.21 / Total Rate of return Scenario Analysis (SA) --- p.22 / Advantages and Limitations --- p.23 / Option Adjusted Spreads (OAS) --- p.24 / Advantages and Limitations --- p.26 / Chapter V. --- THE MORTGAGE-BACKED SECURITIES MARKET IN US --- p.27 / U.S. Capital Market --- p.27 / Market Structureof Mortgage-backed Securities in US --- p.28 / Mortgage Originators --- p.28 / Mortgage-backed Securities Issuers --- p.29 / Derivatives of Mortgage-backed Securities --- p.32 / Secondary Mortgage-backed Securities Market --- p.33 / Chapter VI. --- THE HONG KONG MORTGAGE-BACKED SECURITIES MARKET --- p.35 / Mortgage Pool --- p.35 / Characteristics of residential mortgage loans in Hong Kong --- p.35 / Lending policy of authorized institutions since 1989 --- p.37 / Development Of MBS --- p.39 / "Four Mortgage-backed, Bond Sales" --- p.40 / "Bank Of America (Asia) - May, 1994" --- p.40 / "Citibank's Homes-1 - July, 1994" --- p.41 / "Cheung Kong Holdings - September, 1994" --- p.42 / "Standard Chartered Bank's MARS - December, 1994" --- p.44 / Chapter VII. --- DISCUSSION ON HONG KONG MORTGAGED-BACKED SECURITIES MARKET --- p.46 / "Why is the Mortgage-backed, Securities Market Less Important in Hong Kong" --- p.46 / Uncertain Political Environment of Hong Kong --- p.46 / Hong Kong Residential Property Price Inflation --- p.48 / Limited Liquidity --- p.49 / Few Securities with Credit Ratings --- p.49 / Risks of Mortgage-backed Securities --- p.49 / Chapter VIII. --- RECOMMENDATIONS AND FUTURE OF HONG KONG MORTGAGE-BACKED SECURITIES MARKET --- p.55 / Recommendations for Hong Kong Mortgage-backed Securities Market --- p.55 / Credit Enhancement of Securitized Products --- p.55 / Better Market Infrastructure --- p.56 / Liquid Bond Markets --- p.57 / The Future Mortgage-backed Securities Market in Hong Kong --- p.58 / BIBLIOGRAPHY --- p.60

by Kwan Chi Tak. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1999. / Includes bibliographical references (leaves 44-45). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iii / LIST OF FIGURES --- p.vi / LIST OF TABLES --- p.vii / ACKNOWLEDGEMENT --- p.viii / CHAPTER / Chapter I. --- OBJECTIVES AND METHODOLOGY --- p.1 / Objectives --- p.1 / Methodology --- p.1 / Data Source --- p.1 / Analysis on the Efficiency of Secondary Bond Market --- p.1 / Data Collected --- p.2 / Period of Investigation --- p.2 / Bonds Selected --- p.3 / Interviews --- p.3 / Chapter II. --- DEVELOPMENT OF BOND MARKET IN CHINA --- p.4 / Amount of Issue --- p.4 / Types of Bonds Available in China --- p.5 / Government Bonds --- p.6 / Policy Financial Bonds --- p.7 / Enterprise Bonds --- p.7 / Conclusion --- p.7 / Chapter III. --- DEVELOPMENT OF GOVERNMENT BOND MARKET --- p.9 / Background --- p.9 / Issuance Methods --- p.9 / Types --- p.11 / Cost of Issuance and Redemption --- p.12 / The Establishment of Secondary Market --- p.13 / Conclusion --- p.14 / Chapter IV. --- GOVERNMENT DEFICIT FINANCING --- p.16 / The Economy of China --- p.17 / Government revenues and Expenditures --- p.17 / Deficits --- p.19 / Government Bond Issuance --- p.21 / repayment Ability --- p.22 / Conclusion --- p.23 / Chapter V. --- BENCHMARK RATES --- p.23 / Primary Market --- p.23 / Interest Rates --- p.23 / Government Bond Coupons --- p.24 / Anomaly --- p.24 / Pricing of other securities --- p.25 / secondary market --- p.25 / Efficiency of Secondary Bond Market --- p.27 / Conclusion --- p.29 / Chapter VI. --- OPEN MARKET OPERATIONS --- p.30 / Background --- p.30 / Open Market Operations --- p.30 / The Effectiveness --- p.31 / Conclusion --- p.33 / Chapter VII. --- OTHER FACTORS --- p.34 / Education --- p.34 / Institutional Investors --- p.34 / Transaction Costs --- p.35 / Distribution --- p.35 / Transaction Fees --- p.35 / Conclusion --- p.36 / Chapter VIII. --- CONCLUSIONS AND RECOMMENDATIONS --- p.37 / Conclusions --- p.37 / Positive Factors --- p.37 / Negative Factors --- p.38 / Recommendations --- p.39 / Chapter IX. --- APPENDIX I --- p.41 / Chapter X. --- APPENDIX --- p.43 / Chapter XI. --- BIBLIOGRAPHY --- p.44

In recent years, the number of Chinese companies going public has grown significantly. Some of these companies have listed their shares locally in Shanghai and Shenzhen, while others have chosen a stock exchange with better access to international capital (e.g., Hong Kong). This thesis examines 1) the determinants of the firms’ choice regarding initial public offering (IPO) locations and 2) whether IPO locations might affect their subsequent performance. Our study focuses solely on firms in the real estate sector in which pre-IPO attributes as well as the underlying asset value can be identified and measured. Our dataset includes 29 Chinese real estate firms that have issued shares in Shanghai or Shenzhen and 28 Chinese firms with IPOs in Hong Kong during the period of 1992-2008. To explain their IPO location choice, the self-selection or signaling theory suggests that firms with higher quality would signal this information by issuing shares in Hong Kong. Given the more stringent listing requirements and better informational disclosure schemes in the Hong Kong market, if a firm has low quality, such information is more likely and quickly to be discovered in Hong Kong than in Mainland China. Therefore, it is costly for such firms to imitate good firms’ IPO location choice. Once the firms have been listed, the corporate governance literature suggests that firms listed in Hong Kong would demonstrate a greater performance increase than those listed in Mainland China, because Hong Kong has a mature system of information disclosure, analyst coverage, and law enforcement. We found that firms listed in Hong Kong achieved higher Return on Asset (ROA) than those listed in Mainland China. We then construct four proxies for firms’ unobserved quality based on ex post abnormal stock or profit returns after IPOs. We obtained support for the signaling and self-selection effects: firms having higher quality, non-state ownership, and larger leverage ratio were more likely to conduct IPOs in Hong Kong instead of in Mainland China. Also consistent with the signaling theory, we found that firms listed in Mainland China were more likely to use IPO underpricing as a signal for firm quality than firms listed in Hong Kong were. / published_or_final_version / Real Estate and Construction / Doctoral / Doctor of Philosophy

published_or_final_version / abstract / Law / Doctoral / Doctor of Philosophy

Mak Nga-sze. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2005. / Includes bibliographical references (leaves 45-46). / Abstracts in English and Chinese. / Chapter 1 --- Introduction --- p.1 / Chapter 1.1 --- Purpose --- p.2 / Chapter 1.2 --- Flow of the study --- p.3 / Chapter 2 --- Review of Equity Linked Securities --- p.5 / Chapter 2.1 --- Backgrond of Equity Linked Securities in Hong Kong --- p.5 / Chapter 2.2 --- Differences of trading between listed and non-listed ELIs --- p.7 / Chapter 2.3 --- Non-listed ELIs --- p.9 / Chapter 2.3.1 --- Definition --- p.9 / Chapter 2.3.2 --- Variables specification --- p.11 / Chapter 2.3.3 --- Payoff possibilities --- p.13 / Chapter 3 --- Data --- p.17 / Chapter 3.1 --- Data sources --- p.17 / Chapter 3.2 --- Data treatment --- p.18 / Chapter 4 --- Methodology --- p.21 / Chapter 4.1 --- Volatility --- p.23 / Chapter 4.2 --- Implied volatility by CRR binomial Tree --- p.24 / Chapter 4.3 --- Historical volatility --- p.26 / Chapter 5 --- Estimation of Empirical Data --- p.28 / Chapter 5.1 --- Statistical results of the issuer's profit margin --- p.29 / Chapter 5.2 --- Empirical analysis of the profit margin trends --- p.31 / Chapter 5.2.1 --- Factor 1: Volatility --- p.34 / Chapter 5.2.2 --- Factor 2: Trading volume --- p.34 / Chapter 6 --- Conclusion --- p.37 / Chapter 6.1 --- Conclusion --- p.37 / Chapter 6.2 --- Extensions --- p.38 / Appendix --- p.40 / Chapter .1 --- "Tables of non-listed ELIs in Hong Kong, updated to January 31,2005" --- p.40 / Chapter .2 --- "Stock options in HKEx, lastest to June 2004" --- p.43 / Chapter .3 --- Histograms of the issuer's profit margins --- p.44 / References --- p.45