Over the past two decades a number of Chinese companies have issued shares on both the Hong Kong Stock Exchange and on one of the Chinese stock exchanges. The Hong Kong-listed H-shares of Chinese dual-listed companies have traded at a persistent discount rate relative to the China-listed A-shares. As these shares represent the same ownership rights and cash flows, the shares should theoretically trade at the same price. The price differential between H-shares and A-shares should decrease as international markets continue to converge. The paper analyzes the persistence of the discount rates and the effects of both market and investor sentiment on the price disparity between the two shares. The paper also examines whether certain sectors consistently trade at larger discount rates relative to others.

Several researchers have over the past decades criticised the efficient market hypothesis as several studies have presented evidence of causality and co-integrating relationships in  inancial markets. As preference shares have become increasingly popular, in recent years, as a mean of raising capital in the Swedish real estate sector, this study investigates the causal relationships between common shares and their corresponding preference share of nine listed Swedish real estate companies. By using daily closing prices over the period Dec 2014 – April 2016, we find weak support for short-run causalities in five of the nine examined pairs but no long-run cointegrating relationships. Further, we find causality running from the largest five firms to the four smallest in the sample firms. These findings violate the weak form of the efficient market hypothesis, which state that asset price fluctuations are random and not possible to forecast by the use of historical asset prices.

Contracting autonomy in construction of classes of shares and its limits Abstract This diploma thesis focuses on the topic Contracting autonomy in construction of classes of shares and its limits. Giving today's trend of providing increasingly wider freedom to private persons to negotiate their rights and obligations differently from the law, this topic is still actual, whereas even opinions concerning individual partial issues are evolving. In addition, the topic is also actual with respect to already valid, yet ineffective, amendment to the Business Corporation act, which concerns shares and classes of shares as well. The goal of this diploma thesis is to explain the issue of classes of shares and the limits to contracting autonomy of founders, respectively shareholders in their construction. Although several legal publications about the most of partial issues have been written, many issues are answered inconsistently, therefore there is uncertainty among recipients of legal norms concerning what they can, and they cannot negotiate. Thesis is divided into three main parts (chapters) and several subchapters. System was chosen in a way the author of this thesis considers appropriate, so the described issues are explained continuously. The first part of this thesis focuses on the concept of the share. Its...

Types of shares in the regulation of the Business Corporations Act The purpose of this diploma thesis is to analyze, describe and elaborate changes that into the Czech legal order brought the Act No. 89/2012 Coll., the Civil Code and the Act No. 90/2012 Coll., on Companies and Cooperative association. The diploma thesis is divided into five chapters that process from the general to the specific issues and focus on foreign legal orders which deal with particular aspects of shares and types of shares. The first chapter of this thesis is focused on the general concept of security, its definitional delimitation and historical development of security as other property value and thing. Furthermore, this chapter deals with the concept of participating security and its importance in the new legislation. Finally, this thesis generally focuses on the possibilities of incorporation of rights and obligations into shares. The second chapter is a crucial part of this diploma thesis and deals with types of shares as such. Firstly, this chapter focuses on the interpretation of the term type of share and its definitional features. Subsequently, there is a part devoted to basic institutes of ordinary shares and preferred shares. The third chapter is devoted to shares with special rights, namely the legally enshrined...

Acquisition of shares by employees of a joint stock company This master thesis analyses the regulation of acquisition of shares by employees of a joint stock company. The purpose of this study is to introduce in detail the grounds for individual methods by which joint stock companies can in accordance with Business Corporations Act allow their employees to acquire their shares under preferential terms and to point out provisions, where Czech legislation may not be in accordance with requirements of European legislation, in case such provisions would be identified. The legal regulation is interpreted via descriptive and analytical methods. Except for the introductory part and the conclusion, the thesis is systematically divided into three chapters. The first chapter deals with acquisition of own shares, as it bases a condition for one the methods by which employees of the joint stock companies may acquire shares of these companies under preferential conditions. Acquisition of own shares can have significant impact on some of the basic principles of European joint stock companies' regulation. This is one the main reasons inflicting detailed and extensive regulation of Acquisition of own shares on European level. This is reflected by larger scope of this chapter. Second chapter represents a...

The theme of this diploma thesis is " Contracting autonomy in construction of types of shares and its limits". Its aim was to analyse the domestic legal regulation and to clarify the limits in the construction of types of shares. To achieve this aim, the author tried to interpret the limits of the key provisions of the Business Corporation Act with the support of professional literature and comparisons with foreign legal systems, especially with the United Kingdom. The aim of the thesis was fulfilled. The key provisions were analysed, and the limits were set. The author of the thesis concluded that the current legislation would merit an amendment to achieve legal certainty and to eliminate the non-compliance of the practical and theoretical level. At the time of elaboration of this work, it was submitted an amendment to the Chamber of Deputies of the Parliament of the Czech Republic as a Parliamentary Press No. 207, which should solve most of the problems. The first chapter deals with the concept and definition of the share, in particular as a part of the share capital, as a set of shareholder rights and obligations of the shareholder and as a security. The second chapter reflects the historical genesis of the kinds of shares in the Czech Republic and deals with the different types of shares in the...

Shares with and without par value in the companies limited by shares Dividing share capital into shares with par value is a traditional approach which has been applied in company law in the Anglo-Saxon and the Continental legal systems. This rule is regarded as a part of the capital formation and maintenance rules which gradually developed mainly in the 19th century in connection with the aim to ensure the protection of creditors and shareholders. Par value originally served as an indicator of the amount which a shareholder was liable to contribute to the company as consideration in exchange for its share. At the same time it served as an indicator of the shareholder's liability. At the end of the 19th century in the United States, there was growing criticism against par value ascribed to shares, which eventually led to the establishment of the concept of no-par value. The removal of the traditional approach and the establishment of the concept of no-par value has become a certain trend or phenomenon, spreading into other jurisdictions in the 20th century, e.g. Australia, Singapore, New Zealand, Hong Kong. The aim of this thesis is to evaluate the future of the rule according to which share capital is divided into shares with a fixed nominal value, or more precisely, to evaluate the sustainability...

The theme of this diploma thesis is "Contracting autonomy in construction of types of shares and its limits". It aimed to analyse the domestic legal regulation. Its effort was to set limits in the construction of types of shares. This was achieved especially through grammatical, logical, systematical and teleological interpretation of legal regulation, with help of law doctrine, and on the smaller scale by comparisons with foreign legal systems. It succeeded in analysing key provisions and setting limits that cannot be crossed when constructing types of shares. The aim of the diploma thesis was therefore fulfilled. It is stated that certain disputes arising from different interpretations of the same provision will be eliminated by amendment of legal regulation of business corporations which will in consequence strengthen legal certainty of participants of these legal relationships. The first chapter deals with concept and definition of share, as a part of registered capital of corporation, as a set of shareholder rights and obligations, and as a security. The second chapter handles the historical genesis of kinds of shares that could be constructed under the old legislation. Subsequently, it describes types of shares that are explicitly regulated by current legal regulation, namely ordinary shares,...

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2005年2月3日，台灣最大的民營企業鴻海精密旗下的富士康國際控股公司（FIH）正式在香港掛牌上市，不但海內外認購熱烈，掛牌後股價表現也大漲數倍，引爆台資企業赴香港上市話題及後續一連串前進香港上市的效應。 目前市場一片台資企業到香港上市籌資成效斐然的聲音，因此本研究依據標準普爾（S&P）與寶來證券（香港）合作共同編製的香港上市台資企業指數（T-Shares）所定義的標準，篩選時間基準日為2007年1月底，合計獲得54家台資企業的樣本，以學術界評估證券組合績效的三種指標為夏普指標、川納指標、簡生阿爾發指標，來實際驗證台資企業在香港掛牌後股價的表現。 本研究的實證結果發現，不論以夏普指標、川納指標、簡生阿爾發指標三種指標中的任一指標來看，代表台資企業整體股價T-Shares的超額報酬表現皆不如香港恆生指數，代表以股價表現評估是否到香港掛牌上市，答案將是否定的。此正反映出只有少數知名度高、獲利前景佳企業的股價受到投資人青睞，交易量活絡外，大部分台資企業的股價依然是乏人問津，交投非常清淡的情況。 顯然，台資企業選擇到香港掛牌上市並非純為籌資需要考量，而是主要著眼於避開台灣投資中國大陸的法令限制，以及中國股市上市的困難度。香港是最接近中國生產基地、掛牌上市制度又與台灣相當的資本市場，因此成為台資企業上市的最適選擇。