No description available.

Thesis (doctoral)--Friedrich-Alexander-Universität zu Erlangen.

Thesis (doctoral)--Universität Zürich.

This study use the daily stock price of the companies simultaneously listed in China and Hong-Kong to study whether there exists a stable linkage between the stock markets in China and in Hong-Kong and whether any structural break happened. The sampling period is from July 1st, 2003 to July 31st, 2007. We apply Johansen¡¦s cointegration test and Hansen¡¦s instability test to investigate whether the prices of A shares and H shares are cointegrated. We also apply Chow test and Quandt-Andrews test to study the potential structural break caused by the change of China¡¦s exchange policy. Main results are following: (1) Johansen¡¦s cointegration tests report that the stock prices of 18 companies (out of 29 companies) are cointegrated. (2) Hansen¡¦s instability tests report more companies¡¦ stock prices are cointegrated. (3) Chow tests reports that the relation between stock prices of A shares and H shares may has a structural break in 20 companies when RMB starts to appreciate. (4) The stock prices of some companies, whose stock prices were not cointegrated during the full sampling period, were cointegrated after structural break. Compared to previous literature, we find that the link between the stock markets in China and Hong-Kong become stronger as the reform of China¡¦s financial market is deeper.

No description available.

No description available.

Thesis (M.B.A.)--University of Hong Kong, 1997. / Includes bibliographical references (leaf 113-116).

Shares as Securities The purpose of this Master's degree thesis is to analyse the general characteristics of shares as securities with regard to amendments contained in the Act No. 90/2012 Coll., on Companies and Cooperative associations (hereinafter the "Act on Companies") and the Act No. 89/2012 Coll., the Civil Code (hereinafter the "Civil Code"). This thesis is composed of eight chapters, each of them dealing with different aspects of the aforementioned topic. Chapter One introduces the term "share" from the general point of view. Furthermore, this chapter contains a brief introduction into legal history of statutes, which were governing shares. Chapter Two explains the characteristics of shares as securities. The opening part of this chapter also focuses on the legal definition of security. Subsequently, this chapter deals with the provisions of the Act on Companies concerning the definition of share and the rest of this chapter examines various attributes of share with respect to the classification of securities. Chapter Three describes an issuance of share. This chapter is concerned with the legal regulation of issuance of securities and the process of issuance of shares governed by the Act on Companies. The last part of this chapter is focused on fractional value shares, which are referred...

Zusammenfassung Aktie als Wertpapier (Shares as Securities) Das Ziel dieser Diplomarbeit ist, die Einsicht in der Aktienproblematik hervorzubringen, vor allem aus der Sicht des Gesetzes Nr. 89/2012 Slg., Zivilgesetzbuch (im Folgenden "Das neue Zivilgesetzbuch"), das Bestimmungen über Wertpapiere enthält, und des Gesetzes Nr. 90/2012 Slg., über die Handelsgesellschaften und Genossenschaften (im Folgenden "Das Gesetz über die Handelskorporationen"), das sich auf die Aktien konzentriert. Gesetz Nr. 256/2004 Slg., über die Kapitalmarktgeschäfte, in der geänderten Fassung (im Folgenden Das "Gesetz über die Kapitalmarktgeschäfte") legt ferner die Bedingungen fest, die Aktien erfüllen müssen, um öffentlich gehandelten zu werden. Viel Aufmerksamkeit wird auch auf Gesetz Nr. 134/2013 Slg., über einige Maßnahmen, um die Transparenz von Aktiengesellschaften zu erhöhen und zur Änderung anderer Gesetze (im Folgenden "Das Gesetz über einige Maßnahmen zur Erhöhung der Transparenz") bezahlt, das eine signifikante Veränderung in Form eines Verbots verbriefte Inhaberaktien gebracht hat. Abschaffung der Inhaberaktien ist ein weltweiter Trend, der die anonymen Beteiligungsstrukturen aufzudecken und damit gegen korrupte Praktiken und die Legalisierung von Erträgen aus Straftaten zu verteidigen sucht, und möglicherweise die...

The capital maintenance doctrine presupposes that a company’s capital must not be returned to its shareholders. The doctrine was anchored on three rules, one of which was that a company cannot acquire its own shares as this amounted to a diversion of capital to the shareholders whose shares were acquired. This rule was partly rationalized as protecting the interests of shareholders. In South Africa the rule was embodied in s 85 of the Companies Act 61 of 1973. However, it was amended by s 9 of the subsequent Companies Amendment Act 37 of 1999 to provide that a company can acquire its own shares if certain substantive and procedural requirements were satisfied. Upon the enactment of Companies Act 71 of 2008, the requirements have not been substantially altered. They are partly geared towards protecting shareholders by ensuring that shareholders are treated equally and fairly. Moreover, the Johannesburg Securities Exchange Limited (hence the JSE Limited) was empowered by the Companies Act 61 of 1973 to promulgate requirements to be met when a company wishes to acquire its own shares. The Companies Act 71 of 2008 does not in express terms empower the JSE Limited to develop requirements to be met when a company wishes to acquire its own shares. However, the Act expressly requires that a listed company wishing to acquire its own shares must also comply with the requirements of the relevant exchange. Such requirements can therefore be deemed to subsist even amidst the new Act as an internal regulation of the JSE Limited. The said requirements are also partly aimed at protecting shareholders, largely by ensuring that adequate information is availed to shareholders to empower them to make informed decisions. / Private Law / (LL.M. (Company Law))