by Mi Jia, Wang Xueyu. / Thesis (M.B.A.)--Chinese University of Hong Kong, 2002. / Includes bibliographical references (leaves 77-78). / ABSTRACT --- p.III / TABLE OF CONTENTS --- p.iv / LIST OF TABLES AND FIGURES --- p.vi / Chapters / INTRODUCTION --- p.1 / DATA AND RESEARCH METHODOLOGY --- p.6 / EFFICIENCY TESTS --- p.12 / Time Serial Correlation Analysis --- p.12 / Seasonal Fluctuation --- p.16 / General Index's analysis and comparison --- p.17 / Holiday Effect --- p.20 / Test of Predictability in Stock Market Returns --- p.35 / Larger Stock in June effect --- p.37 / Passive Vs Active portfolio (with technical analysis) --- p.39 / Technical analysis --- p.40 / Filter Rules Approach Testing --- p.43 / Returns over Short and Long Horizons --- p.49 / Holding Period Return over Short and Long Horizons --- p.50 / Accumulative Abnormal Return over Short and Long Horizons --- p.51 / Mutual Fund Performance --- p.52 / Mutual Fund vs. Index --- p.53 / Relative Performance among Mutual Funds --- p.54 / "B/M, Size, and P/E Effect" --- p.55 / "Correlation among B/M, Assets, Market Value of A Share, P/E and Beta" --- p.56 / B/M and Annual Return --- p.57 / P/E and Annual Return --- p.59 / Assets and annual return --- p.60 / Market Value of A Share and Annual Return --- p.61 / Beta and Annual Return --- p.53 / Multiple Regressions --- p.64 / CONCLUSION --- p.66 / Limitation of Research --- p.66 / Summary --- p.67 / APPENDIX 1 --- p.69 / APPENDIX 2 --- p.70 / APPENDIX 3 --- p.71 / APPENDIX 4 --- p.72 / APPENDIX 5 --- p.73 / BIBLIOGRAPHY --- p.77

Zhang, Wanqing. / Leaf 138 numbered in duplicate. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2010. / Includes bibliographical references (leaves 138-143). / Abstracts in English and Chinese. / Abstract --- p.i / 摘要 --- p.ii / Acknowledgement --- p.iii / Table of Content --- p.iv / List of Tables --- p.vi / List of Figures / Chapter Chapter 1: --- Introduction --- p.1 / Chapter 1.1 --- An Overview of the Tourism Industry --- p.1 / Chapter 1.2 --- Research Motivation --- p.3 / Chapter 1.3 --- Outline --- p.8 / Chapter Chapter 2： --- Literature Review --- p.9 / Chapter Chapter 3： --- The Data and Methodology --- p.14 / Chapter 3.1 --- Dataset --- p.14 / Chapter 3.2 --- Methodology --- p.21 / Chapter Chapter 4： --- Empirical Evidence For Tourism Industry --- p.25 / Chapter 4.1 --- Hypothesis --- p.26 / Chapter 4.2 --- Evidence for the tourism stocks --- p.27 / Chapter 4.3 --- Decomposition of Returns --- p.42 / Chapter 4.4 --- Seasonality --- p.52 / Chapter Chapter 5： --- Empirical Evidence For The Market --- p.56 / Chapter 5.1 --- Momentum and reversal effect in general market --- p.57 / Chapter 5.1.1 --- Profitability and Return Performance --- p.57 / Chapter 5.1.2 --- Seasonality --- p.66 / Chapter 5.2 --- Tourism industry vs. General market --- p.70 / Chapter Chapter 6： --- Explaining The Momentum And Reversal Effect: Capital Asset Pricing Model --- p.73 / Chapter 6.1 --- Capmand three-factor model --- p.74 / Chapter 6.2 --- Evidence from tourism stocks --- p.86 / Chapter Chapter 7： --- Explaining The Momentum And Reversal Effect: Fundamentals --- p.92 / Chapter 7.1 --- Movements in fundamentals --- p.95 / Chapter 7.1.1 --- Fundamental hypothesis --- p.95 / Chapter 7.12 --- Movement in profits --- p.96 / Chapter 7.2 --- Using Logit Model To Explore Differences Between The Winner And The Loser Portfolio --- p.108 / Chapter 7.2.1 --- Induction of a binary choice approach- logit regression model --- p.108 / Chapter 7.2.2 --- MODEL I: Using changes in ROA --- p.113 / Chapter 7.2.3 --- MODEL II: Using coded Ret-ROA --- p.115 / Chapter 7.2.4 --- MODEL III: Multi-variable logistic regression --- p.118 / Chapter Chapter 8: --- The Price Impact Of Institutional Investors To Tourism Stocks --- p.120 / Chapter 8.1 --- Changes of institutional ownership in tourism stocks --- p.122 / Chapter 8.2 --- Regression Results --- p.126 / Chapter Chapter 9: --- Conclusion --- p.132 / Reference --- p.138

Choi, Chi Kit. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2007. / Includes bibliographical references (leaves 50-51). / Abstracts in English and Chinese. / Chapter 1. --- Introduction --- p.1 / Chapter 2. --- Literature Review --- p.5 / Chapter 3. --- Research Hypothesis / Chapter 3.1 --- Institutional Setting --- p.10 / Chapter 3.2 --- Existence and magnitude of the value of corporate control --- p.11 / Chapter 3.3 --- Determinants of the value of corporate control --- p.13 / Chapter 4. --- Methodology / Chapter 4.1 --- Testing the existence of value of corporate control --- p.16 / Chapter 4.2 --- Typical eamples --- p.17 / Chapter 4.3 --- Testing the determinants of value of corporate control --- p.20 / Chapter 4.3.1 --- Controlling Power --- p.20 / Chapter 4.3.2 --- Regional Governance --- p.22 / Chapter 4.3.3 --- Corporate Governance --- p.24 / Chapter 4.3.4 --- Firm Performance --- p.26 / Chapter 4.3.5 --- Control variables --- p.26 / Chapter 5. --- Data / Chapter 5.1 --- Existence of value of corporate control --- p.28 / Chapter 5.2 --- Determinants of value of corporate control / Chapter 5.2.1 --- Controlling Power --- p.30 / Chapter 5.2.2 --- Regional Governance --- p.31 / Chapter 5.2.3 --- Corporate Governance --- p.32 / Chapter 5.2.4 --- Firm Performance --- p.33 / Chapter 5.2.5 --- Control variables --- p.34 / Chapter 6. --- Empirical Results / Chapter 6.1 --- Existence of value of corporate control --- p.36 / Chapter 6.2 --- Robustness tests --- p.36 / Chapter 6.3 --- Determinants of value of corporate control --- p.38 / Chapter 6.3.1 --- Controlling Power --- p.38 / Chapter 6.3.2 --- Regional Governance --- p.39 / Chapter 6.3.3 --- Corporate Governance --- p.40 / Chapter 6.3.4 --- Firm Performance --- p.41 / Chapter 6.3.5 --- Multivariate regression analysis --- p.43 / Chapter 7. --- Summary and Conclusion --- p.47 / Chapter 8. --- References --- p.50 / Chapter 9. --- Appendix --- p.52

Zhang, Yujie. / "August 2011." / Thesis (M.Phil.)--Chinese University of Hong Kong, 2011. / Includes bibliographical references (leaves 53-56). / Abstracts in English and Chinese. / Abstract --- p.ii / 摘要 --- p.iii / Acknowledgement --- p.iv / Chapter 1. --- Introduction --- p.1 / Chapter 2. --- Institutional background and research hypotheses --- p.8 / Chapter 2.1 --- Rules and regulations in China --- p.8 / Chapter 2.2 --- Ownership structure and corporate governance in China --- p.11 / Chapter 2.3 --- Research hypothesis --- p.13 / Chapter 3. --- Construction of variables and model specification --- p.17 / Chapter 3.1 --- Stock return synchronicity (SYNCH) --- p.17 / Chapter 3.2 --- Insider trading --- p.18 / Chapter 3.3 --- Control variables --- p.21 / Chapter 3.4 --- Ownership structure and corporate governance indicators --- p.23 / Chapter 4. --- Descriptive statistics --- p.30 / Chapter 4.1 --- Insider trading --- p.31 / Chapter 4.2 --- Synchronicity --- p.34 / Chapter 4.3 --- Summary of all variables --- p.35 / Chapter 5. --- Regression analysis --- p.37 / Chapter 5.1 --- Effect of insider trading on stock price synchronicity --- p.37 / Chapter 5.2 --- Effect of insider trading by different identities on stock price synchronicity --- p.39 / Chapter 5.3 --- Effect of insider trading on stock price synchronicity under various corporate governance --- p.42 / Chapter 6. --- Robustness checks --- p.46 / Chapter 6.1 --- insider trading and industry-level return --- p.46 / Chapter 6.2 --- The effect of insider trading on industry vs. firm-specific earnings information --- p.47 / Chapter 7. --- Conclusions --- p.51 / References: --- p.53 / Appendix: Variable definitions: --- p.80

An event study is an economic tool of analysis that has begun to gain popularity in recent empirical literature. It is a technique that gives a researcher the opportunity to map out the reaction of a firm's stock to an event, usually making use of daily or monthly data. However, up to this point, event study methodology has generally been applied to more traditional phenomena capable of affecting equity value, such as dividend and macroeconomic policy announcements, and there have only been a few exceptions to this. This study looks at what impact the tragic shootings at Lonmin mine in Marikana on August 16th 2012 had on the share prices of platinum mining firms based in South Africa using event study methodology. It makes use of the technique to investigate how the share prices responded to the tragedy over a number of trading days, including the day of the shootings. To be best of our knowledge, no attempt has been made to analyse the impact on share prices using events of this nature. For the investigation, daily returns data was used for each firm. The abnormal returns and cumulative abnormal returns to each were then calculated and compared with their respective expected returns in order to determine whether investors in the shares of that particular firm reacted positively, negatively or not at all. The evidence found suggests that tragedies of this nature are capable of influencing share prices in the same manner as more traditional economic phenomena. Overall, only one firm was found to have been negatively affected by the shootings in a persistent manner, while the shares of the other firms examined reacted in a manner that was positive overall, but varied according to individual firm characteristics such as size. These finding conformed to our a priori expectations. In addition, the results also confirm the benefits of applying event study methodology to a wide variety of phenomena that fall outside the boundaries usually associated with business.

published_or_final_version / Business Administration / Master / Master of Business Administration

Thesis (MBA)--Stellenbosch University, 2002. / ENGLISH ABSTRACT: The mini study project attempted to answer questions relating to the relationship between N-ordinary shares (N-shares) and ordinary shares of the same company. Questions relating to the movement in share prices of the two types of shares were formulated. Various statistical data was used to compare the two types of shares. The study identified sixteen (16) N-share listed companies as at 12 July 2002. The results indicate that the N-shares, compared to the ordinary shares, trade at a considerable discount. Certain N- shares, on the other hand, trade at almost no discount. It was concluded that when control in a specific company is not an issue and the N-shares trade at a discount of more than three percent (3%) to the ordinary shares, the N-shares should be bought. The choice is between the two types of shares and not whether one should invest in the specific company or not. The discount should however be more than the cost of transferring from one share to another. The cost of the transfer was taken as three percent (3%) of cost. / AFRIKAANSE OPSOMMING: Die mini werkstuk probeer om die vrae rondom N-gewone aandele (N-aandele) en gewone aandele van dieselfde maatskappy te beantwoord. Vrae oor die beweging van aandeelpryse van die twee tipe aandele is saamgestel. Verskeie statistiese data is gebruik om die twee tipe aandele te vergelyk. Die werkstuk het sestien (16) N-aandeel genoteerde maatskappye soos op 12 Julie 2002 geïdentifiseer. Die resultate wys dat N-aandele in vergelyking met gewone aandele teen 'n aansienlike diskonto verhandel. Sekere N-aandele, aan die anderkant, verhandel teen feitlik geen diskonto nie. Daar is tot die slotsom gekom dat indien beheer van 'n spesifieke maatskappy nie 'n voorvereiste is nie en dat die N-aandele teen 'n diskonto van meer as drie persent (3%) verhandel, die N-aandele gekoop moet word. Die keuse is tussen twee tipe aandele en nie of daar in die spesifieke maatskappy belê moet word of nie. Die diskonto moet egter meer wees as die koste van die omskakeling van die een aandeel na die ander. Die omskakelingskoste is geraam teen drie persent (3%) van koste.

published_or_final_version / Business Administration / Master / Master of Business Administration

published_or_final_version / Management Studies / Master / Master of Business Administration

published_or_final_version / abstract / Real Estate and Construction / Doctoral / Doctor of Philosophy