by Ng Kwok-Kwai. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1998. / Includes bibliographical references (leaves 100-101). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iii / LIST OF ILLUSTRATIONS --- p.v / LIST OF TABLES --- p.vi / PREFACE --- p.vii / ACKNOWLEDGEMENTS --- p.ix / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Share Repurchase Activities in Hong Kong - Historical Statistics --- p.1 / Types of Share Repurchase --- p.7 / Chapter II. --- LITERATURE REVIEW --- p.9 / Empirical Study on Abnormal Return --- p.9 / Motivation for Open Market Share Repurchase --- p.10 / Signalling Hypothesis --- p.10 / Dividend Taxation Hypothesis --- p.10 / Leverage Hypothesis --- p.10 / Bondholder Expropriation Hypothesis --- p.10 / Scope of this Study --- p.12 / Chapter III. --- DATA --- p.13 / Sources --- p.13 / Sampling Period --- p.13 / Screening/Sample Size --- p.14 / Chapter IV. --- METHODOLOGY --- p.15 / Announcement Day --- p.15 / Time Horizons --- p.16 / Price Performance --- p.17 / Abnormal Return --- p.17 / Cumulative Abnormal Return --- p.18 / Definition of Variables and Formulae --- p.19 / Variables --- p.19 / Formulae --- p.20 / Computation Process --- p.20 / Stage I - Evaluation of Cumulative Abnormal Return(CAR) --- p.20 / Abnormal return - beta adjustment --- p.20 / Cumulative abnormal return --- p.21 / Stage II - CAR verse other Variables --- p.21 / Other variables --- p.21 / Sub-sample classification --- p.22 / Stage III - Regression of CAR with other Variables --- p.23 / Chapter V. --- RESULTS AND IMPLICATIONS --- p.24 / Cumulative Abnormal Return --- p.24 / Short Term Performance --- p.24 / Long Term Performance --- p.24 / "Cumulative Abnormal Return verse Market-to-Book Ratio, Market Value and Monthly Frequency" --- p.28 / Short Term Performance --- p.28 / Market-to-book ratio --- p.28 / Market value --- p.34 / Monthly frequency --- p.39 / Long Term Performance --- p.44 / Market-to-book ratio --- p.44 / Market value --- p.50 / Monthly frequency --- p.55 / "Regression of CAR verse Market-to-Book Ratio, Market Value and Monthly Frequency" --- p.61 / Short Term --- p.61 / Long Term --- p.62 / Chapter VI. --- CONCLUSION --- p.63 / Summary --- p.63 / Recommendation --- p.64 / APPENDIX I --- p.66 / APPENDIX II --- p.70 / APPENDIX III --- p.72 / APPENDIX IV --- p.96 / BIBLIOGRAPHY --- p.100

by Wong Pui Ling. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1998. / Includes bibliographical references (leaves 53-54). / ACKNOWLEDGMENT --- p.i / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iii / LIST OF ILLUSTRATIONS --- p.v / LIST OF TABLES --- p.vi / Chapter / Chapter I --- INTRODUCTION --- p.1 / Objectives --- p.2 / Terms of References --- p.2 / Scope of Study --- p.3 / Summary of Contents --- p.4 / Chapter II --- . RULES AND REGULATIONS GOVERNING SHARE REPURCHASE --- p.6 / Rules and Regulations --- p.6 / Methods of Share Repurchase --- p.7 / On-Market Repurchase --- p.7 / General Offer --- p.8 / Off-Market Repurchase --- p.8 / Chapter III. --- DATA AND METHODOLOGIES --- p.9 / Chapter VI. --- FEATURES OF SHARE REPURCHASE IN HONG KONG STOCK MARKET --- p.11 / Type of Shares --- p.11 / Methods of Repurchase --- p.12 / Type of Companies --- p.15 / Business Sectors --- p.15 / Index Constituent Companies --- p.19 / Top Twenty Repurchasers in Value in 1991 to 1997 --- p.20 / Chapter V. --- MOTIVES OF SHARE REPURCHASE --- p.26 / Literature Review --- p.26 / Motives of Companies Repurchase Shares in Hong Kong --- p.27 / Official Reasons for Repurchases --- p.28 / Other Reasons for Shares Repurchase in Hong Kong … --- p.30 / Prevention of Odd Lot --- p.30 / Privatization --- p.31 / Share Trading at a Substantial Discount --- p.32 / Masking Financial Difficulties --- p.32 / Chapter VI. --- IMPACT OF FLUCTUATIONS IN HANG SENG INDEX ON SHARE REPURCHASE --- p.34 / Impact on Daily Fluctuations in Hang Seng Index --- p.39 / Chapter VII. --- CONCLUSION AND RECOMMENDATIONS --- p.44 / Conclusion --- p.44 / Limitations --- p.44 / Recommendations for Further Studies --- p.45 / APPENDIX --- p.46 / BIBLIOGRAPHY --- p.53