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

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

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.

by Ching Chi Keung. / Thesis (M.Phil.)--Chinese University of Hong Kong, 1996. / Includes bibliographical references (leaves 89-91). / Chapter 1. --- Introduction --- p.3 / Chapter 2. --- Literature Review --- p.9 / Chapter 3. --- Data --- p.17 / Chapter 4. --- Profile of IPOs in Hong Kong --- p.24 / Chapter 5. --- Methodology --- p.27 / Chapter 6. --- Results --- p.43 / Chapter 7. --- Comparison with the study in U. S --- p.57 / Chapter 8. --- Summary --- p.61 / Chapter 9. --- Tables --- p.64 / Chapter 10. --- Results of statistical test --- p.70 / Chapter 11. --- Charts --- p.72 / Chapter 12. --- Appendixes --- p.79 / Chapter 13. --- Reference --- p.89

by Cheong Mei Kin, Sung Shuk Ka. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1997. / Includes bibliographical references (leaves 94-99). / ABSTRACT --- p.ii / ACKNOWLEDGEMENT --- p.iv / TABLE OF CONTENTS --- p.v / LIST OF TABLES --- p.vii / LIST OF GRAPHS --- p.viii / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Chapter II. --- REVIEW OF THEORY AND LITERATURE --- p.4 / Rock's Model (Adverse Selection) --- p.5 / Principal - Agent Model --- p.6 / Signalling Model --- p.8 / Heterodox Explanations --- p.11 / Ownership Structure --- p.16 / Chapter III. --- REVIEW OF PREVIOUS WORK IN HONG KONG --- p.18 / Initial Public Offering in Hong Kong: Procedures and Regulations --- p.18 / Underpricing of IPOs before the Merger of Hong Kong Stock Exchanges --- p.20 / P.McGuiness's Work --- p.21 / Chapter IV. --- DATA AND METHODOLOGY --- p.22 / Research Period and Data Description --- p.22 / Measures of Underpricing --- p.23 / Grouping of Data --- p.25 / Test for Rock's Model --- p.29 / Chapter V. --- RESULT AND DISCUSSION --- p.32 / Underpricing of IPOs in Hong Kong --- p.32 / Listing Methods and Underpricing of IPOs --- p.34 / Stock Groups and Underpricing of IPOs --- p.36 / Different Years of Underpricing Levels --- p.40 / Subscription Ratios and Underpricing --- p.44 / Capital Raising and Underpricing --- p.48 / Test of Rock's Model --- p.51 / Chapter VI. --- CONCLUSION --- p.56 / APPENDIX --- p.59 / Chapter 1. --- Warrant Effect On Underpricing Level Of IPOs (1990- 1996) --- p.59 / Chapter 2. --- Listing Method Effect On Underpricing Level Of IPOs (1990 -1996) --- p.60 / Chapter 3. --- Stock Group Effect On Underpricing Level Of IPOs (1990-1996) --- p.63 / Chapter 4. --- Different Years of Underpricing Level Of IPOs (1990- 1996) --- p.72 / Chapter 5. --- Subscription Ratio Effect On Underpricing Level Of IPOs (1990- 1996) --- p.77 / Chapter 6. --- Amount of Capital Raised Effect On Underpricing Level Of IPOs (1990- 1996) --- p.81 / Chapter 7. --- Initial Public Offerings in Hong Kong (Jan. 1990 - Nov. 1996) --- p.84 / BIBLIOGRAPHY --- p.94

published_or_final_version / Law / Doctoral / Doctor of Philosophy

published_or_final_version / Business Administration / Master / Master of Business Administration

The development and introduction of financial derivatives have great impact on modern finance. Option pricing theory has become a powerful tool to value and to understand these innovations. It is also an indispensable tool to calculate hedge ratios for risk measurement and management. On the one hand, the introduction of new financial derivatives has been blamed for making financial market more volatile and risky as evidenced in the financial markets of the USA and Japan, especially during the expiration of index futures and index options, On the other hand, the applicability of new pricing models to hedging strategies is essential in monitoring and managing option positions. This study tries to give some answers on first: whether the expiration of financial derivatives increases the volatility of the Hong Kong stock market; second: whether we can better hedge by straightly applying more elaborated option valuation models replacing the standard Black-Scholes model, which market participants commonly employed for hedging option positions. Part I of this article addresses the first question while Part II studies the second question. / Yung Hei Ming. / Source: Dissertation Abstracts International, Volume: 62-09, Section: A, page: 3138. / Supervisor: Zhang Hua. / Thesis (Ph.D.)--Chinese University of Hong Kong, 2001. / Includes bibliographical references. / 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. / Electronic reproduction. Ann Arbor, MI : ProQuest Information and Learning Company, [200-] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Abstracts in English and Chinese. / School code: 1307.

by Chan Chung King, Siu Wang Ching. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1987. / Bibliography: leaves 82-84.