This dissertation examines several research questions relating to securitization by non-financial firms. Finance theories suggest securitization is most beneficial when there is high demand for liquidity. On the other hand, empirical studies have shown that firms engage in securitization to manage earnings. I find that liquidity demand, not the incentive for earnings management motivates securitization transactions by non-financial firms. I also evaluate whether earnings management in securitization is indeed undesirable from a shareholder's perspective by examining the economic consequences of the practice. Because securitization creates a large infusion of cash, one way to evaluate the economic consequences of earnings management is to examine whether securitization proceeds encourage overinvestment. I find that earnings management in securitization (i.e., recording non-zero securitization income) is unrelated to firms' suboptimal) overinvestment in the post-securitization period. Thus, it appears that earning management in securitization has no negative economic consequence in terms of generating excess securitization proceeds that encourage overinvestment. I also examine the market's valuation of securitizable assets in the accrual components of earnings and the use of securitization proceeds. Because securitizable assets can be converted into cash through securitization, I test whether the market valuation reflects the source of liquidity in securitizable assets that is similar to the cash component of earnings. I find that, for securitization firms, the market valuation of securitizable assets is similar to that of the cash component of earnings. / Lastly, I find some evidence supporting the assertion that firms' liquidity prior to securitization influences the market valuation on securitization proceeds retained on the balance sheet, in that the market assigns a discount to retained proceeds for firms with excess liquidity prior to securitiaztion. / by Qianyun Huang. / Thesis (Ph.D.)--Florida Atlantic University, 2011. / Includes bibliography. / Electronic reproduction. Boca Raton, Fla., 2011. Mode of access: World Wide Web.

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

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.

Note: / 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 ofinsider 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 tirst section describes the regulatory system and institutions, and the second section discusses the regulation of insider trading, highlighting the critical elements ofthis type ofregulation, such as the definition of an 'insider' and the scope of 'inside infonnation'. It concludes with a broad discussion of the differing approaches ofthese countries to insider trading. Cette thèse est un analyse critique du délit d'initiés dans trois pays 'common law'. / Dans le premier chapitre, on discute les avantages et les inconvénients de la réglementation du délit d'initiés et la littérature academique rélatif à ce sujet. Dans les Deuxième, Troisième et Quatrième Chapitres on analyse et compare le droit concernant le délit d'initiés dans les Etats-Unis, le Canada et le Royaume-Uni. Chacun de ces chapitres comprend deux parties. La première partie décrit le système réglementaire et les institutions. La deuxième partie discute le droit du délit d'initiés et les éléments critiques de ce droit (par exemple, le définition d'initié et d'information privilegiée). La Conclusion discute les approches différents de ces trois pays quant au délit d'initiés.

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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.

Univ., Diss.--Amsterdam.

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