I investigate the effect of shareholder rights and information asymmetry on option-related repurchase activity. Prior research shows that the dilution effect of the exercise of the employee stock options on earnings per share (EPS) decreases the value of stock options. Thus, managers tend to use stock repurchases rather than dividends to return cash to shareholders (the dividend substitution effect). I document that the executive stock option incentives to repurchase stock as a substitute for dividends are stronger when firms have weak shareholder rights and the level of information asymmetry positively influences managerial stock option incentives to repurchase stock. Furthermore, prior research indicates that information asymmetry is positively associated with stock repurchases. I also provide evidence indicating that the relationship between information asymmetry and stock repurchases is stronger when firms have weaker shareholder rights. / Includes bibliography. / Dissertation (Ph.D.)--Florida Atlantic University, 2015. / FAU Electronic Theses and Dissertations Collection

by Chan Ho-Tong & Ren Tong-Hai. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1996. / Includes bibliographical references (leaves 76-82). / ABSTRACT --- p.i / TABLE OF CONTENTS --- p.iii / LIST OF ILLUSTRATIONS --- p.v / LIST OF TABLES --- p.vi / ACKNOWLEDGMENT --- p.vii / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Chapter II. --- WARRANT AND COVERED WARRANT --- p.3 / Chapter III. --- HONG KONG WARRANTS MARKET --- p.5 / Chapter 3.1 --- Brief review --- p.5 / Chapter 3.2 --- The covered warrants market --- p.7 / Chapter 3.3 --- Attraction of Warrants --- p.9 / Chapter IV. --- STOCK OPTIONS --- p.11 / Chapter V. --- COMPARISON OF COVERED WARRANT TO STOCK OPTION --- p.13 / Chapter VI. --- MARKET EXPECTATIONS OF STOCK OPTIONS' IMPACTS --- p.16 / Chapter 6.1 --- Historical evidence from index option --- p.16 / Chapter 6.2 --- Expected impact of stock options --- p.17 / Chapter VII. --- LITERATURE REVIEW --- p.19 / Chapter 7.1 --- The impact of option on the underlying stock market --- p.19 / Chapter 7.1.1 --- Theoretical arguments --- p.20 / Chapter 7.1.2 --- Empirical evidence --- p.23 / Chapter 7.1.3 --- Effects of options listing on stock bid-ask spread --- p.27 / Chapter 7.2 --- Prediction of changes in the covered warrants market --- p.31 / Chapter 7.2.1 --- Volatility of covered warrant return --- p.31 / Chapter 7.2.2 --- Trading volume --- p.32 / Chapter 7.2.3 --- Bid-ask spread --- p.34 / Chapter 7.2.4 --- Additional considerations --- p.35 / Chapter VIII. --- DATA ANALYSIS --- p.37 / Chapter 8.1 --- Data Selection --- p.37 / Chapter 8.2 --- Methodology --- p.38 / Chapter 8.4 --- Spread Regression Model --- p.39 / Chapter 8.4 --- Results and Analysis --- p.41 / Chapter 8.4.1 --- Return --- p.41 / Chapter 8.4.2 --- Trading Volume --- p.43 / Chapter 8.4.3 --- Spread --- p.47 / Chapter 8.4.4 --- Spread regression --- p.48 / Chapter 8.4.5 --- Exploration of additional factors --- p.52 / Chapter IX. --- CONCLUSION --- p.55 / Chapter X. --- LIMITATIONS --- p.58 / Chapter XI. --- SUGGESTIONS --- p.60 / APPENDIX --- p.61 / BIBLIOGRAPHY --- p.76

Os planos de opções de ações vêm sendo, cada vez mais, utilizados como forma de remuneração de empregados no Brasil, principalmente por empresas de capital aberto, cujo número, também, cresceu nos últimos anos. A contabilização das despesas de remuneração decorrentes desses planos não era requerida no Brasil até 2007. Tal contabilização envolve a definição de elementos como conta de contrapartida, valor e momento de reconhecimento dessas despesas. O terceiro elemento, momento de reconhecimento das despesas, é definido como o período no qual a empresa recebeu os serviços, conforme as práticas contábeis internacionais e norte-americanas, e não é objeto de estudo deste trabalho. A definição dos outros dois elementos é discutida neste trabalho, considerando as diferenças existentes entre as despesas calculadas com base no valor justo das opções na data da outorga e as despesas calculadas com base no valor justo das opções em cada data-base até a data de seu exercício. Essas diferenças decorrem da classificação dos planos no Patrimônio Líquido ou no Passivo, respectivamente. O benefício recebido pelo empregado no momento do exercício, que é o mesmo independente de sua classificação contábil, não deveria ser igual ao valor contabilizado, independente da classificação do Plano? Tanto o IASB quanto o FASB estipulam que os planos com liquidação pela entrega de ações, a princípio, deveriam ser classificados no Patrimônio Líquido e contabilizados pelo valor justo calculado na data da outorga e que os planos com liquidação em dinheiro, a princípio, deveriam ser classificados no Passivo e contabilizados pelo valor justo atualizado. Esta pesquisa, mediante estudo de caso das empresas cujas ações fazem parte do Ibovespa, discute os impactos decorrentes da classificação desses planos como instrumento de patrimônio e do consequente registro do valor justo calculado na data da outorga versus o valor justo atualizado a cada data de Balanço, como é adotado, atualmente, para os planos classificados no Passivo, tendo o objetivo de responder à seguinte questão: Qual dessas formas de contabilização mais se aproxima da realidade econômica da transação? Os resultados apresentados demonstram que os planos classificados no Passivo representam valores mais próximos dos valores dos benefícios recebidos pelos empregados do que os planos classificados no Patrimônio Líquido, cujos valores justos foram calculados na data da outorga dos planos, resultando, consequentemente, em divulgação mais relevante para o usuário das informações contábeis. / More and more, the stock options plans are being used as a way of remunerating employee in Brazil, most of all by the public companies, whose numbers have been growing in the last years. The recognition of the compensation costs was not required in Brazil until 2007. The accounting of these compensation costs involves the definition of elements as the contra entry, value and moment of recognizing these expenses. The third element, moment of recognizing these expenses, is defined as the period where the company receives the services, according to IFRS and US GAAP, and is not in the scope of this work. The definition of the other two elements, although, are discussed in this work, considering the differences between the expenses calculated based on the fair value at the grant date and the expenses calculated based on the fair value at each reporting date. These differences are due to classification of the plan as an element of Equity or Liability, respectively. The gain that the employee perceives at the date of exercise of the option, that is the same independent of the classification of the plan in the Balance Sheet, shouldnt be the same as the accounted value at this date? IASB and FASB agree that awards with settlement in shares should be classified in Equity and accounted for based on the fair value calculated at the grant date, and that awards with cash settlement should be classified in Liabilities and accounted for based in the fair value at each reporting date until the exercise of the options. This work discuss the impacts of the classification of these plans as equity instruments and the consequent recognition of the fair value calculated at the grant date versus the fair value calculated at each reporting date, as adopted for the plans classified in Liability, with the objective of responding the following question: Which of these ways of accounting is nearer the economic reality of the transaction?. The results show that the plans classified in Liability better represent the value of the benefits received by the employees than the plans classified in Equity, with corresponding values calculated at grant date, resulting, consequently, in more relevant information to the users.

巨災權益賣權(CatEPut option) 是種常見的與風險掛鉤的證券(risk-linked security) ，它經常被用來對沖巨災風險，在這篇文章中，我們在隨機利息率和隨機波動率的條件下對巨災權益實權進行定價。我們使用了高維傅利葉變換的方法來進行定價，并得到了巨災權益賈權價格的顯式表達，數據實驗的結果顯示，我們的定價公式和方法是高效和精確的。此外，我們還發現隨機利息率和隨機波動率對巨災權益賣權的價格有很大影響。 / The catastrophic equity put (CatEPut) options which serve as a kind of risklinked securities are quite popular in hedging catastrophic risk. In this thesis, the CatEPut options are priced with the stochastic interest rate and stochastic volatility (SISV). We use a two-dimensional Fourier transform over the log price and the catastrophic loss to derive the closed-form CatEPut option price. The numerical examples show that our pricing formula and method are efficient and accurate. We also find that the price of the CatEPut options are greatly in uenced by the stochastic volatility and stochastic interest rate. / Detailed summary in vernacular field only. / Li, Yiran. / "September 2012." / Thesis (M.Phil.)--Chinese University of Hong Kong, 2013. / Includes bibliographical references (leaves 54-55). / Abstracts also in Chinese. / Abstract --- p.i / Abstract in Chinese --- p.ii / Acknowledgements --- p.iii / Contents --- p.v / List of Tables --- p.vii / List of Figures --- p.viii / Chapter 1. --- Introduction --- p.1 / Chapter 2. --- The model --- p.5 / Chapter 2.1. --- The model of CatEPut options under risk-neutral measure --- p.5 / Chapter 2.2. --- Change to the forward measure --- p.7 / Chapter 3. --- Pricing CatEPut using “conditioning on the catastrophic lossmethod --- p.10 / Chapter 4. --- Pricing CatEPut using Fourier transform --- p.15 / Chapter 5. --- Numerical experiments --- p.26 / Chapter 5.1 --- The FFT algorithm --- p.26 / Chapter 5.2 --- The impact of the stochastic interest rate and the stochastic volatility --- p.27 / Chapter 5.3 --- The advantage of the Fourier transform method --- p.36 / Chapter 6. --- Conclusions --- p.41 / Chapter A. --- Measure change to risk neutral measure Q --- p.43 / Chapter B. --- Proof of integrability --- p.48 / Bibliography --- p.53

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 Chan Pak Man, Lee Kim Wai. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1997. / Incldues bibliographical references (leaves 59-62). / ABSTRACT --- p.iii / TABLES OF CONTENTS --- p.iv / Chapter CHAPTER I --- INTRODUCTION --- p.1 / Rationales of the Research --- p.1 / Outline of the Report --- p.3 / Chapter CHAPTER II --- BACKGROUND OF STOCK OPTIONS --- p.5 / Definition of a Stock Option --- p.5 / Differences from the Common Stock --- p.6 / Benefits of Stock Options --- p.6 / Overview of the Hong Kong Market --- p.8 / Chapter CHAPTER III --- OBJECTIVES --- p.9 / Chapter CHAPTER IV --- LITERATURE REVIEW --- p.11 / Theoretical Literature --- p.11 / Provision of investment choice --- p.11 / Efficient allocation of risk-bearing --- p.12 / Information efficiency --- p.13 / Destabilizing effect --- p.14 / Cross-effects --- p.14 / Empirical Evidence --- p.15 / Price effect --- p.15 / Volatility effect --- p.16 / Cross-effects on stocks --- p.18 / Chapter CHAPTER V --- METHODOLOGY --- p.20 / Data Collection --- p.20 / Statistical Analysis and Procedures --- p.21 / Chapter CHAPTER VI --- FINDINGS --- p.29 / Introduction Effects --- p.29 / Direct Price Effects (Options Listing) --- p.29 / Individual Stock Perspective --- p.29 / "Event Period (-20,+20)" --- p.29 / "Event Period (-10,+10)" --- p.31 / Average Excess Returns (Independent stocks) --- p.32 / "Event Period (-20,+20)" --- p.32 / "Event Period (-10,+10)" --- p.33 / Average Excess Returns (Equally-weighted portfolio) --- p.34 / "Event Period (-20,+20)" --- p.34 / "Event Period (-10,+10)" --- p.35 / Announcement Effects --- p.36 / Individual Stock Perspective --- p.36 / "Event Period (-20,+20)" --- p.36 / "Event Period (-10,+10)" --- p.38 / Average Excess Returns (Independent stocks) --- p.39 / "Event Period (-20,+20)" --- p.39 / "Event Period (-10,+10)" --- p.40 / Average Excess Returns (Equally-weighted portfolio) --- p.41 / Event Period (-20，+20) --- p.41 / "Event Period (-10,+10)" --- p.42 / Cross-effects --- p.43 / Volatility Effects --- p.45 / Chapter CHAPTER VI --- I DISCUSSION --- p.47 / Chapter CHAPTER VI --- II SUMMARY AND CONCLUSION --- p.53 / Chapter CHAPTER IX --- RECOMMENDATION --- p.57 / Chapter CHAPTER X --- BIBLIOGRAPHY --- p.59 / Chapter CHAPTER XI --- APPENDIX A --- p.63 / Announcement Effect for 21 days windows --- p.63 / Announcement Effect for 41 days windows --- p.68 / Listing Effect for 21 days windows --- p.73 / Listing Effect for 41 days windows --- p.78 / APPENDIX B --- p.83 / Table 6.1 --- p.83 / Table 6.2.1 --- p.84 / Table 6.2.2 --- p.85 / Table 6.2.3 --- p.86 / Table 6.2.4 --- p.87 / Table 6.3.1 --- p.88 / Table 6.3.2 --- p.89 / Table 6.3.3 --- p.90 / Table 6.3.4 --- p.91 / Table 6.4.1 --- p.92 / Table 6.4.2 --- p.93 / Table 6.4.3 --- p.94 / Table6.4.4 --- p.95 / Table6.5 --- p.96

by Chow Shun Yin. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1997. / Includes bibliographical references (leaves 45-46). / ABSTRACT --- p.ii / TABLE OF CONTENT --- p.iii / LIST OF TABLE --- p.iv / ABBREVIATION --- p.v / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Chapter II. --- OVERVIEW OF HONG KONG STOCK OPTIONS --- p.4 / Chapter III. --- LITERATURE REVIEW --- p.6 / Chapter IV. --- METHODOLOGY AND DATA EMPLOYED --- p.10 / Test A ´ؤ Trading Volume Approach --- p.10 / Test B ´ؤ Trading Volume-Price Volatility Approach --- p.13 / Sample Selection --- p.15 / Data Collection --- p.16 / Chapter V. --- EMPIRICAL RESULTS --- p.17 / Findings --- p.24 / Discussion --- p.27 / Chapter VI. --- CONCLUSION --- p.30 / APPENDIX / BIBLIOGRAPHY

Thesis (Ph. D.)--Ohio State University, 2003. / Title from first page of PDF file. Document formatted into pages; contains x, 104 p.; also includes graphics (some col.). Includes bibliographical references. Available online via OhioLINK's ETD Center.

Thesis (Ph. D.)--University of Missouri-Columbia, 1996. / Typescript. Vita. Includes bibliographical references (leaves [132]-140). Also available on the Internet.

Thesis (Ph. D.)--University of Missouri-Columbia, 1996. / Typescript. Vita. Includes bibliographical references (leaves [132]-140). Also available on the Internet.