by Tse Wai Wing. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1993. / Includes bibliographical references (leaves 82). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iii / LIST OF TABLES --- p.v / ACKNOWLEDGEMENTS --- p.vi / Chapter / Chapter I. --- INTRODUCTION / Scope and Objective of Study --- p.1 / Methodology --- p.3 / Review of Past Research --- p.4 / Plan of the Report --- p.5 / Chapter II. --- OVERVIEW OF VALUATION METHODS / Earnings Per Share --- p.6 / Earnings Growth --- p.7 / Return On Investment --- p.7 / Return On Equity --- p.7 / Return On Equity Spread --- p.8 / Chapter III. --- RESEARCH METHODOLOGY / Introduction --- p.10 / Economic Value Added --- p.11 / Market Value Added --- p.15 / Cost of Capital --- p.16 / Valuation Process --- p.20 / Assumptions and Limitations --- p.22 / Chapter IV. --- ANALYSIS OF FINDINGS / Cost of Capital --- p.24 / MVA Rank --- p.28 / Regression Analysis of MVA Vs Other Measures --- p.40 / Predictability of Performance of MVA --- p.41 / Chapter V. --- CONCLUSIONS --- p.44 / APPENDIX / Calculation of MVA and EVA --- p.46 / BIBLIOGRAPHY --- p.82

by Sun Wai-Lee. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1998. / Includes bibliographical references (leaves [74-76]). / APPROVAL --- p.II / ACKNOWLEDGMENTS --- p.III / ABSTRACT --- p.IV / TABLE OF CONTENT --- p.VI / LIST OF FIGURES --- p.IX / LIST OF TABLES --- p.X / Chapter CHAPTER I --- Introduction --- p.1 / Background --- p.1 / Organization of the paper --- p.2 / Relevance of the study to Hong Kong --- p.3 / Scope --- p.4 / Chapter CHAPTER II --- Red Chips and H Shares --- p.5 / Chapter Section 2.1: --- The characteristics of Red Chips and H Shares --- p.5 / Background --- p.5 / Sector Distribution --- p.9 / Price Earning (P/E) Ratio --- p.11 / Different Aspects of Red Chips and H Shares --- p.13 / Chapter Section 2.2: --- Red Chips --- p.15 / Background --- p.15 / The Hang Seng China-Affiliated Corporations Index (HSCCI) --- p.15 / Market Capitalization --- p.17 / Listing Methods --- p.19 / Main Features of Red Chips --- p.22 / Chapter Section 2.3: --- H Shares --- p.25 / Background --- p.25 / The Hang Seng China Enterprises Index (HSCEI) --- p.25 / Market Capitalization --- p.26 / Listing Aspects --- p.28 / Main Features of H Shares --- p.30 / Chapter CHAPTER III --- Risk and Return Characteristics --- p.31 / Chapter Section 3.1: --- Literature Review --- p.31 / Measurement of Risk --- p.31 / Chapter Section 3.2 --- Methodology --- p.37 / All Ordinaries Index --- p.38 / Data Collection and Empirical Work --- p.40 / Constraints --- p.40 / Chapter CHAPTER IV --- The Results --- p.41 / Chapter Section 4.1 --- Index Performance --- p.41 / Chapter Section 4.2 --- Findings on systematic risks --- p.43 / Comparison between Red Chips and H Shares --- p.43 / Individual Red Chips --- p.47 / Individual H Shares --- p.48 / Sectoral portfolios of Red Chips --- p.50 / Sectoral portfolios of H Shares --- p.53 / Chapter "Section 4,3 " --- Risk and Return Relationship --- p.54 / Chapter CHAPTER V --- Conclusions --- p.59 / RECOMMENDATIONS FOR FURTHER RESEARCH --- p.61 / APPENDICES / BIBLIOGRAPHY

The thesis examined the differences between the Chinese market, a fast-growing emerging market, and that of the United States, a well-known developed market. In order to understand the overall performance of the Chinese stock market, the research compared the risk and returns characteristics of Chinese stock markets using the S & P 500 Index for the 2000-2005 period. Findings show that significant differences exist between the Chinese and the U.S. markets. The thesis also attempted to identify the characteristics of the Chinese markets that hinder their efficiency.

published_or_final_version / Statistics / Master / Master of Social Sciences

This thesis focuses on the stocks in two major stock exchanges in China: the Shanghai Stock Exchange and the Shenzhen Stock Exchange. In order to understand the overall performance of the Chinese stock markets, the research compares the performance among Chinese stock markets, other emerging stock markets, and the S&P 500 Index during the 1990's.

published_or_final_version / Statistics / Master / Master of Philosophy

Wong Man Kit. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2002. / Includes bibliographical references (leaves 118-121). / Abstracts in English and Chinese. / Abstract --- p.i / Acknowledgement --- p.iv / Table of Contents --- p.v / List of Tables --- p.viii / List of Figures --- p.x / List of Appendices --- p.x / Chapter Chapter 1 --- Introduction --- p.1 / Chapter Chapter 2 --- Literature Review --- p.6 / Chapter 2.1 --- Performance of Value Strategy in Stock Markets over The World --- p.7 / Chapter 2.2 --- Possible Explanations for Superior Return of Value Stocks --- p.11 / Chapter 2.2.1 --- Sampling Biases --- p.11 / Chapter 2.2.2 --- Risk Factors --- p.13 / Chapter 2.2.3 --- Expectation Error Hypothesis --- p.15 / Chapter 2.3 --- Studies for Value Strategy in Hong Kong --- p.20 / Chapter Chapter 3 --- Data and Methodology --- p.23 / Chapter 3.1 --- Methodology of Expectation Error Hypothesis --- p.23 / Chapter 3.1.1 --- Earnings Announcement Returns --- p.23 / Chapter 3.1.2 --- Past and Future Earnings Growth Rates of Stocks --- p.26 / Chapter 3.2 --- Data Source --- p.29 / Chapter 3.3 --- Portfolio Formation --- p.30 / Chapter 3.4 --- Variable Calculation Method --- p.31 / Chapter 3.4.1 --- Annual Buy and Hold Returns --- p.31 / Chapter 3.4.2 --- Earnings Announcement Returns --- p.32 / Chapter 3.4.3 --- Earnings Growth Rate of Portfolios --- p.33 / Chapter Chapter 4 --- Interpretation of Results --- p.34 / Chapter 4.1 --- Annual Buy and Hold Returns of Portfolios --- p.36 / Chapter 4.1.1 --- Annual Returns of Portfolios Sorted by B/M Ratio --- p.36 / Chapter 4.1.2 --- Annual Returns of Portfolios Sorted by E/P Ratio --- p.37 / Chapter 4.1.3 --- Analysis of Performance on Return Differences between Two Ratios --- p.38 / Chapter 4.2 --- Earnings Announcement Returns for Value and Glamour Portfolios --- p.41 / Chapter 4.2.1 --- 3-day Event Returns --- p.41 / Chapter 4.2.2 --- "B/M Ratio: 5,7,9 & 11 Days Event Returns" --- p.43 / Chapter 4.2.3 --- "E/P Ratio: 5,7,9 & 11 Days Event Returns" --- p.46 / Chapter 4.3 --- Past and Future Earnings Growths of Portfolios --- p.49 / Chapter 4.3.1 --- "Fundamental Variables, Prior and Post Returns of Portfolios" --- p.50 / Chapter 4.3.2 --- Earnings Performance of Portfolios --- p.51 / Chapter 4.3.3 --- Factors Affect Investor Expectation --- p.56 / Chapter Chapter 5 --- Conclusion --- p.59 / Tables --- p.64 / Figures --- p.76 / Appendices --- p.82 / References --- p.118