published_or_final_version / Business Administration / Master / Master of Business Administration

by Yeung Yu-Man. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1992. / Includes bibliographical references (leaves 62-64). / ABSTRACT --- p.ii / ACKNOWLEGEMENTS --- p.iv / TABLE OF CONTENTS --- p.v / LIST OF TABLES --- p.vii / CHAPTER / Chapter I. --- INTRODUCTION --- p.1 / Chapter 1.1 --- Dividends Come in Many Forms --- p.2 / Chapter 1.2 --- How Do Companies Decide on Dividend Payments ？ --- p.3 / Chapter 1.3 --- Limitation on Dividend Payments --- p.3 / Chapter 1.4 --- The Analytical Approach --- p.5 / Chapter II. --- EMPIRICAL LITERATURE REVIEW --- p.7 / Chapter 2.1 --- Lintner's Model --- p.7 / Chapter 2.1.1 --- Stability of Dividend Rate --- p.8 / Chapter 2.1.2 --- Stockholders ' Needs and Expectations --- p.9 / Chapter 2.1.3 --- Earnings --- p.10 / Chapter 2.1.4 --- Principal Considerations in Dividend Decisions --- p.10 / Chapter 2.1.5 --- Partial Adjustment Model --- p.11 / Chapter 2.2 --- Fama and Babiak's Empirical Analysis on Dividend Policy --- p.13 / Chapter 2.3 --- Empirical Results for the Hong Kong Market --- p.15 / Chapter 2.4 --- Miller and Modigliani's Model --- p.17 / Chapter 2.4.1 --- No Agency Cost --- p.17 / Chapter 2.4.2 --- No Tax --- p.17 / Chapter 2.4.3 --- Full Information --- p.18 / Chapter 2.4.4 --- No Transformation Cost --- p.18 / Chapter 2.4.5 --- Independent Investment and Financing Decisions --- p.18 / Chapter 2.4.6 --- Summary of M & M Theory [1961] --- p.18 / Chapter 2.4.7 --- Other Considerations --- p.20 / Chapter 2.5 --- The Information Contents of Dividends --- p.20 / Chapter III. --- METHODOLOGY --- p.22 / Chapter 3.1 --- Cash Dividend Policy for Hong Kong Market --- p.22 / Chapter 3.2 --- Stock Dividends and Stock Splits --- p.23 / Chapter 3.3 --- Cash Dividend Payment Practices --- p.25 / Chapter 3.3.1 --- A Preliminary Test on Dividends and Distributed Lags --- p.26 / Chapter 3.3.2 --- Initial Tests of Lintner's Model --- p.26 / Chapter 3.3.3 --- Tests of the Lag Structure . --- p.27 / Chapter IV. --- FINDINGS --- p.28 / Chapter 4.1 --- Cash Dividend Policy for Hong Kong Market --- p.28 / Chapter 4.1.1 --- Background Information --- p.28 / Chapter 4.1.2 --- Principal Considerations in Dividend Decisions --- p.30 / Chapter 4.1.3 --- Other Influences on Dividend Decisions --- p.31 / Chapter 4.1.4 --- Earnings --- p.33 / Chapter 4.1.5 --- Regularity of Payment --- p.36 / Chapter 4.1.6 --- Availability of Cash --- p.37 / Chapter 4.1.7 --- Stability of Rate and Dividend Growth --- p.39 / Chapter 4.1.8 --- Stockholders' Needs and Expectations --- p.40 / Chapter 4.2 --- Stock Dividends and Stock Splits . . . --- p.41 / Chapter 4.2.1 --- Reasons for Stock Dividends --- p.41 / Chapter 4.2.2 --- Reasons for Stock Splits . . --- p.43 / Chapter 4.3 --- Cash Dividend Payment Practices --- p.44 / Chapter 4.3.1 --- A Preliminary Test on Dividends and Distributed Lags --- p.44 / Chapter 4.3.2 --- Initial Tests of Lintner's Model --- p.48 / Chapter 4.3.3 --- Tests of the Lag Structure . --- p.51 / Chapter V. --- CONCLUSIONS --- p.54 / APPENDIX --- p.56 / BIBLIOGRAPHY --- p.62

Chui Wai-yin Raymonod. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1994. / Includes bibliographical references (leaves 57-58). / ABSTRACT --- p.i / TABLE OF CONTENTS --- p.ii / ACKNOWLEDGEMENTS --- p.iii / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Background Information --- p.1 / Purpose of the Study --- p.2 / Methodology --- p.3 / Limitations --- p.4 / Chapter II. --- CORPORATE GOVERNANCE --- p.5 / Introduction --- p.5 / Why is Corporate Governance Important --- p.6 / Chapter III. --- The CURRENT STOCK MARKET IN Hong Kong --- p.9 / Characteristics --- p.9 / Governing Body --- p.11 / Rules and Regulations --- p.13 / Chapter IV. --- MINORITY SHAREHOLDERS' PROTECTION --- p.16 / Insider trading --- p.16 / Introduction of Independent Directors --- p.21 / Foreign Domiciled Companies --- p.23 / Director's Remuneration --- p.25 / Interim Results Announcement --- p.26 / Responsibility of Auditors --- p.27 / Privatization --- p.28 / Profit Projections --- p.29 / Disclosure Requirement --- p.30 / Financial Statement --- p.31 / Trigger Level --- p.31 / Chapter V. --- QUESTIONNAIRES --- p.32 / Objective --- p.32 / Findings --- p.33 / Chapter VI. --- INTERVIEW --- p.36 / Purpose --- p.36 / Findings --- p.36 / Chapter VII. --- RECOMMENDATIONS --- p.37 / Insider Dealing --- p.37 / Foreign Domiciled Companies --- p.38 / Introduction of Independent Directors --- p.39 / Director's Remuneration --- p.40 / Chapter VIII. --- CONCLUSIONS --- p.41 / APPENDIX --- p.42 / Chapter I. --- Market Capitalization of the Hong Kong Stock Exchange --- p.42 / Chapter II. --- Percentage of Shares Owned by Major Shareholders --- p.43 / Chapter III. --- PRC Domiciled Companies Listedin the Hong Kong Stock Exchange --- p.44 / Chapter IV. --- Statistics on Director's Remuneration --- p.45 / Chapter V. --- Questionnaires sent to Directors --- p.46 / Chapter VI. --- List of Companies to which Questionnaires were sent --- p.55 / BIBLIOGRAPHY --- p.57

by Szeto Yee Tak. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1996. / Includes bibliographical references (leaves 73-76). / ABSTRACT --- p.I / TABLE OF CONTENTS --- p.III / ACKNOWLEDGEMENT --- p.VII / CHAPTER / Chapter 1.0 --- Corporate Governance and Securities Market --- p.1 / Chapter 2.0 --- The Framework of Corporate Governance - Conformance --- p.3 / Chapter 2.1 --- Corporate Governance Defined --- p.3 / Chapter 2.2 --- Corporate Governance as Related to Public-listed Companies --- p.4 / Chapter 2.3 --- Corporate Governance and Legislation --- p.6 / Chapter 3.0 --- Regulatory Framework of Corporate Governance in Hong Kong --- p.8 / Chapter 3.1 --- The Regulatory Bodies - A Brief History --- p.8 / Chapter 3.1.1 --- The Stock Exchange of Hong Kong --- p.9 / Chapter 3.1.2 --- The Securities and Futures Commission --- p.10 / Chapter 4.0 --- Director's Duties and Liabilities --- p.11 / Chapter 4.1 --- Director's Duties at Common Law --- p.11 / Chapter 4.2 --- Director's Duties - Listed Company --- p.15 / Chapter 4.2.1 --- The Listing Rules --- p.15 / Chapter 4.2.2 --- The Listing Document --- p.16 / Chapter 4.2.3 --- Notifiable Transactions --- p.18 / Chapter 4.2.4 --- Model Code for Dealing in Securities by Directors --- p.19 / Chapter 4.2.5 --- Further Disclosure Requirement for Director's Interests --- p.21 / Chapter 4.3 --- Director's Undertakings --- p.22 / Chapter 5.0 --- Minority Shareholders' Rights --- p.25 / Chapter 5.1 --- Majority Rule Principle --- p.25 / Chapter 5.2 --- Exceptions to Foss v Harbottle Rule --- p.25 / Chapter 5.3 --- Statutory Protection on Minority Shareholders --- p.25 / Chapter 5.4 --- Rights of Members --- p.29 / Chapter 5.5 --- Financial Statements --- p.29 / Chapter 5.6 --- Minority Shareholder's Protection in Listed Companies --- p.31 / Chapter 5.6.1 --- Revised Codes on Share Repurchases --- p.32 / Chapter 5.6.1.1 --- Restrictions on Share Repurchases- Listed Companies --- p.34 / Chapter 5.6.1.2 --- Notification Requirements --- p.37 / Chapter 5.6.1.3 --- Exemptions from the General Offer Requirements --- p.37 / Chapter 5.6.1.4 --- Offer Period and Other Conditions --- p.38 / Chapter 5.6.1.5 --- Share Repurchases which have Effects Similar to Privatisation --- p.39 / Chapter 5.6.1.6 --- Takeovers Code Implications --- p.40 / Chapter 5.6.2 --- Codes on Takeovers and Mergers --- p.40 / Chapter 5.6.2.1 --- Administration and Sanctioning Powers of the Code --- p.41 / Chapter 5.6.2.2 --- The Principles of the Takeovers Code --- p.43 / Chapter 5.6.2.3 --- The Specific Rules of the Takeovers Code --- p.44 / Chapter 6.0 --- Protection of Investors --- p.48 / Chapter 6.1 --- Protection Against Loss Due to Financial Defaults by Market Participants --- p.48 / Chapter 6.2 --- Protection Against Abuse by Financial Intermediaries --- p.49 / Chapter 6.2.1 --- "Registration Requirements of Dealers, Investment Advisers and Representatives" --- p.49 / Chapter 6.2.2 --- Trading Practice of Registered Dealers --- p.51 / Chapter 6.2.3 --- Protection of Improper Trading Practices --- p.51 / Chapter 6.2.4 --- Duties of Registered Person --- p.52 / Chapter 6.3 --- Protection of Investors - Offering of Securities --- p.53 / Chapter 6.3.1 --- Offers of Shares and Debentures --- p.54 / Chapter 6.3.1.1 --- The Definition of Prospectus --- p.54 / Chapter 6.3.1.2 --- The Prospectus Requirements --- p.55 / Chapter 6.3.1.3 --- Liabilities of Promoters and Directors --- p.57 / Chapter 6.3.1.4 --- Prospectus for Foreign Issues --- p.58 / Chapter 6.3.2 --- Offers of Securities --- p.59 / Chapter 6.3.2.1 --- General Prohibition --- p.59 / Chapter 6.3.2.2 --- Consequence of Breach --- p.60 / Chapter 6.4 --- Protection Against Shareholder's or Director's Abuse of Powers --- p.61 / Chapter 6.4.1 --- Securities (Insider Dealing) Ordinance --- p.62 / Chapter 6.4.1.1 --- The Meaning of Insider Information --- p.62 / Chapter 6.4.1.2 --- The Test of Price Sensitivity --- p.62 / Chapter 6.4.1.3 --- The Definition of an Insider --- p.64 / Chapter 6.4.1.4 --- The Meaning of Dealing in Securities --- p.65 / Chapter 6.4.1.5 --- Validity of Insider Dealing --- p.65 / Chapter 6.4.1.6 --- Liability of Officers --- p.66 / Chapter 6.4.1.7 --- Consequence of Establishment of Insider Dealing --- p.66 / Chapter 6.4.2 --- Securities (Disclosure of Interests) Ordinance --- p.67 / Chapter 7.0 --- Conclusion - A Comment on Corporate Governance in Hong Kong --- p.68 / Chapter 7.1 --- The Composition and Role of the Board --- p.68 / Chapter 7.2 --- Codification of Governance Policy --- p.69 / Chapter 7.3 --- The Necessary Back Up Facilities --- p.71 / BIBLIOGRAPHY --- p.73

by Chu Yin Yin, Hui Chi Wah. / Thesis (M.B.A.)--Chinese University of Hong Kong, 2001. / Includes bibliographical references (leaves 65-66). / Chapter CHAPTER II --- INTRODUCTION --- p.1 / What is On-line Trading? --- p.1 / Real-time vs. Non-real-time Trading --- p.1 / What is AMS/3? --- p.2 / Electronic Commerce (e-commerce) --- p.3 / Financial Institutions and the Internet --- p.3 / The Pioneers --- p.4 / Opening Up in Hong Kong --- p.5 / Today's Online Investor --- p.6 / A Variety of Services and Products --- p.6 / On-line Stock Trading vs. Conventional Stock Trading --- p.6 / Factual Differences --- p.7 / Demographic Differences --- p.9 / Impact of Information Technology on Financial Market --- p.10 / Chapter CHAPTER II --- LITERATURE REVIEW --- p.15 / Review of Past studies in Internet Trading --- p.15 / Conceptual Framework: Theory of Reasoned Action --- p.16 / Behavior Beliefs and Attitudes toward the Behavior --- p.17 / Normative Beliefs and Subjective Norms --- p.17 / Conceptual Model --- p.18 / The Acceptance of Information Technology --- p.18 / The Causal Relations Among Constructs --- p.20 / Chapter CHAPTER III --- METHODOLOGY --- p.22 / Overview --- p.22 / The Research Design --- p.22 / Sample And Sampling Procedures --- p.23 / Operationalization of Perceived Constructs --- p.24 / Operationalization of Intended Constructs --- p.27 / Operationalization of Overall Comments --- p.27 / Chapter CHAPTER IV --- RESEARCH MODEL --- p.29 / Overview --- p.29 / The Statistical Modeling --- p.29 / Analysis on Perceived Constructs --- p.36 / Analysis on Intended Constructs --- p.38 / Chapter CHAPTER V --- Findings --- p.39 / Analysis on Overall Comments --- p.39 / Findings on Demographics --- p.39 / Findings on Perceived Constructs --- p.40 / Findings on Intended Constructs --- p.44 / Findings on Overall Comments --- p.46 / Chapter CHAPTER VI --- CONCLUSION --- p.48 / APPENDIX 1 --- p.51 / APPENDIX 2 --- p.57 / APPENDIX 3 --- p.61 / BIBLIOGRAPHY --- p.65 / Books --- p.65 / Periodicals --- p.55 / ACKNOWLEDGEMENT

Chapter 2 provides the literature survey on investor protection and liquidity provision. Work in related studies and the latest developments in these areas are reviewed. / Chapter 3 coven the institutional details of the Hong Kong stock market and the specification of datasets. The descriptive statistics of the trading activities of the sample companies are also presented. An understanding of these descriptive statistics is useful in choosing the appropriate theoretical model and econometric techniques in the analysis. Apart form using regression analysis to investigate the impacts of transitory volatility on market depth and order-flow composition; additional control measures are also implemented. For instance, matched samples based on market depth, transitory volatility, daily trading volume, etc. are constructed. Statistical Tests are employed to investigate the influence of investor protection. / Chapter 4 presents the results of the regression models. Apart form investigating the impacts of transitory volatility on market depth and order-flow composition, this chapter also contributes to the literature by examining the distinction (of this interaction) between companies under different regulatory environment. It is found that the liquidity replenishments for Hong Kong-based companies are more rapid than their Chinese counterparts. The results show that companies ruled by strict governance regulations provide more liquidity when liquidity is most needed. Additional test results also suggest that this difference is robust to various control criteria. / Chapter 5 gives the summary and conclusions. / In this dissertation, data on the Hong Kong Exchange (HKEx) are employed. The Hong Kong equity market lists companies from distinct investor protection environments. These companies are traded under the same market mechanism even though they have different levels of legal protection for investors e.g. Hang Seng Index (HSI) Constituents versus H-shares/red chips. The HKEx is also a very good example of pure order driven markets. Stock prices are determined by the buy and sell orders submitted by traders without liquidity providers of the last resort. Therefore, the Hong Kong equity market provides a unique opportunity to compare the liquidity replenishment process across diverse regulatory environments, but still under one pure order driven market trading with the same mechanism and currency. The choice of Hong Kong data is also justified on the grounds of the size of the Hong Kong market and the increasing importance of Hong Kong in worldwide financial market. / The purpose of this dissertation is to examine the importance of investor protection for the dynamics between liquidity provision and transitory volatility in a pure order-driven market. I posit that environments with better investor protection lead to a more stable ecological system of the supply and the demand of liquidity. / This dissertation has five chapters. Chapter 1 is the introduction that covers the motivation and major findings of the dissertation. / Leung Chung Ho. / "June 2007." / Adviser: Raymond So. / Source: Dissertation Abstracts International, Volume: 69-01, Section: A, page: 0320. / Thesis (Ph.D.)--Chinese University of Hong Kong, 2007. / Includes bibliographical references (p. 305-308). / 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.

Yuen, San Wing. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2010. / Includes bibliographical references (leaves 58-61). / Abstracts in English and Chinese. / Chapter 1 --- Introduction --- p.1 / Chapter 2 --- Literature review and hypothesis development --- p.5 / Chapter 2.1 --- Going private --- p.5 / Chapter 2.2 --- Tunneling and the expropriation of minority shareholders --- p.9 / Chapter 2.3 --- Our hypotheses --- p.12 / Chapter 3 --- Samples --- p.15 / Chapter 3.1 --- Sample construction --- p.15 / Chapter 3.2 --- Sample description --- p.16 / Chapter 3.3 --- Corporate governance and financial variables --- p.18 / Chapter 3.4 --- Related party transactions --- p.21 / Chapter 4 --- Empirical analysis --- p.23 / Chapter 4.1 --- Event study results --- p.23 / Chapter 4.2 --- Negative premium --- p.34 / Chapter 4.3 --- Insider trading --- p.37 / Chapter 4.4 --- The decision to go private --- p.39 / Chapter 4.4.1 --- Sample matching --- p.39 / Chapter 4.4.2 --- Comparison between going private companies and public companies --- p.41 / Chapter 4.5 --- Logit regression analysis on going private decision --- p.43 / Chapter 4.6 --- The value effect of the bidding firms --- p.46 / Chapter 5 --- Conclusion --- p.49 / Chapter A --- Privatized companies included in the sample with announcement dates --- p.51 / Chapter B --- Methodology of event study --- p.53 / Chapter C --- Bidder companies --- p.55 / Chapter D --- A list of definition of variables --- p.56 / Reference --- p.58

published_or_final_version / abstract / toc / Economics and Finance / Master / Master of Philosophy