Song Yingkun. / Thesis submitted in: December 1999. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2000. / Includes bibliographical references (leaves 31-34). / Abstracts in English and Chinese.

Li Xi. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2006. / Includes bibliographical references (leaves 42-44). / Abstracts in English and Chinese. / Chapter 1. --- Introduction --- p.1 / Chapter 2. --- Literature Review / Chapter 2.1. --- Literature on Mature Markets --- p.6 / Chapter 2.2. --- Evidence from China --- p.8 / Chapter 3. --- Theoretical Rationale for the Main Hypotheses / Chapter 3.1. --- Institutional Settings --- p.10 / Chapter 3.2. --- Theoretical Argument --- p.11 / Chapter 3.3. --- Hypotheses --- p.13 / Chapter 4. --- Data / Chapter 4.1. --- Data Description --- p.16 / Chapter 4.2. --- Summary Statistics / Chapter 4.2.1. --- Pre-acquisition Characteristics --- p.18 / Chapter 4.2.2. --- Post-acquisition Operating Performance Dynamics --- p.19 / Chapter 5. --- Methodology / Chapter 5.1. --- Control Group Matching --- p.20 / Chapter 5.2. --- Comparison Analysis / Chapter 5.2.1. --- The Sample Group and the Control Group --- p.22 / Chapter 5.2.2. --- The Subgroups --- p.22 / Chapter 5.3. --- Post-acquisition Activities / Chapter 5.3.1. --- Restructuring Activities --- p.23 / Chapter 5.3.2. --- Financing Activities --- p.24 / Chapter 5.4. --- Pooled Regression / Chapter 5.4.1. --- Whole Sample Analysis --- p.26 / Chapter 5.4.2. --- Subgroups Analysis --- p.28 / Chapter 6. --- Empirical Results / Chapter 6.1. --- Post-acquisition Operating Performance Comparison --- p.29 / Chapter 6.2. --- Post-acquisition Restructuring Activities --- p.30 / Chapter 6.3. --- Post-acquisition Financing Activities --- p.32 / Chapter 6.4. --- Effectiveness of Takeovers --- p.33 / Chapter 6.5. --- Hypothesis Testing on Financing --- p.35 / Chapter 7. --- Discussion and Extension --- p.37 / Chapter 8. --- Conclusion --- p.41 / Chapter 9. --- References --- p.42 / Chapter 10. --- Tables --- p.45 / Chapter 11. --- Figures --- p.65

在全球化和改革開放的進程中，中國在各方面巳經取得了長足的進步，另一方面，外來衝擊也更容易侵入。在本文中我們主要關注世界上最大的兩個經濟體，中國和美國，通過貨幣政策所產生的聯繫。我們建立了若干個VAR 模型來分析美國貨幣政策的改變對於中國的影響以及意義。 / 我們發現，匯率波動是最主要的傳導渠道。基於這一點，文中的分析被劃分為兩個子時間段，以2005 年7 月的匯率改革為分隔點。在兩個時間段中，擴張性的美國貨幣政策衝擊都會引起流入中國的國際資本顯著增加，並以非FDI 的“熱錢"流入為主。在匯率改革之前，這一資本流入主要引起不可貿易品的需求增加，從而其相對價格提高，引起實際匯率升值，而對於經常賬戶和貿易收支的影響較小。相比之下，在匯率改革之後，這一資本流入引起的實際匯率升值主要通過名義匯率的調整來實現。雖然國內通貨膨脹壓力降低， 實際匯率波幅也沒有顯著上升，但是由於名義匯率變化對於出口的傳遞程度較高，貿易收支在短期內會明顯惡化。 / 為了增強分析的有效性和魯棒性，我們修改了VAR 的結構來觀察這一傳導機制隨著時間的演進。結果證明了最主要的轉折點出現在匯改附近，同時變量之間逐年的動態闕係也證明了以上的結論。 / 這些結果表明，在名義匯率和經常賬戶的穩定性，以及國內通貨膨脹的穩定性之間，存在著一個權衡關係。雖然對於浮動匯率制是否會帶來更高的實際匯率波動性本文並未發現很強的證據，但是我們觀察到它導致了經常賬戶更加劇烈的波動。在某些情況下，名義匯率升值甚至可以引起短暫的通貨緊縮現象，這在固定匯率制下是不會出現的。因此，邁向浮動匯率制的副作用不可被完全忽略，其中隱含的風險也在一定程度上說明了“浮動恐懼"這一普遍現象的合理性。 / On the transition path to a more globalized and open economy, China has witnessed a great progress in many aspects; meanwhile, external shocks are more likely to invade. In this work we focus on the connection between two largest economies, China and the US, through the channel of monetary policy innovations. Several structural VAR models are developed to analyze what a change in monetary policy stance of US implies for the Chinese economy and why this is important. / The principal transmission channel is through adjustment in exchange rates. We divide our analysis into two sub-periods based on the exchange rate reform in July 2005. Across both periods following an expansionary US monetary policy shock there is a burst of capital inflows concentrated within the first year that are dominated by non-FDI inflows, i.e., “hot money“. Before the exchange rate reform, these capital inflows lead to a rise in the demand for non-tradable goods, driving up their relative price, thereby achieving a real exchange rate appreciation. The effect on trade balance is relatively small. / Comparatively, after the exchange rate reform, real exchange rate appreciates due to the surge of capital inflows more through changes in nominal exchange rate. The inflationary pressure is alleviated significantly, and the short-run volatility of real exchange rate slightly increases. However, the pass-through of nominal exchange rate changes into exports is much higher, resulting in a short-run deterioration in trade balance severely. / To verify the validity and enhance the robustness of our analysis, we revise the identifying VARs to investigate the evolution of transmission over time. We show that the most significant turning point of the transmission channel coincides with the exchange rate reform, and comparison among dynamics of variables on a year-by-year basis confirms the previous conclusions. / It seems that there is a trade-off between the stability of nominal exchange rate and the current account, on the one hand, and the stabilization of inflation, on the other hand. Although we find only weak evidence that a more free-floating nominal exchange rate will lead to higher volatility in the real exchange rate, it may introduce higher short-run volatility in the current account. In some cases the appreciation in nominal exchange rate even generates a transitory deflationary effect that is absent under the pegged system. Therefore, the side effects of stepping toward a flexible exchange rate regime must be considered; the potential risk it involves justifies the “fear of floating“ to some extent. / Detailed summary in vernacular field only. / Detailed summary in vernacular field only. / Detailed summary in vernacular field only. / Detailed summary in vernacular field only. / Yang, Minmin. / Thesis (Ph.D.)--Chinese University of Hong Kong, 2012. / Includes bibliographical references (leaves 101-110). / Electronic reproduction. Hong Kong : Chinese University of Hong Kong, [2012] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Abstract also in Chinese. / Abstract --- p.i / Acknowledgement --- p.v / Chapter 1 --- Introduction --- p.1 / Chapter 1.1 --- Motivation --- p.1 / Chapter 1.2 --- Contributions and Major Findings --- p.5 / Chapter 1.3 --- Organization of the Thesis --- p.7 / Chapter 2 --- Literature Review --- p.9 / Chapter 2.1 --- Open Economy Theories --- p.9 / Chapter 2.2 --- Empirical Research on International Transmission --- p.13 / Chapter 2.3 --- China as an Open Economy --- p.15 / Chapter 3 --- Theory --- p.18 / Chapter 3.1 --- Traditional Theory --- p.18 / Chapter 3.1.1 --- Transmission under Fixed Exchange Rate Regime --- p.19 / Chapter 3.1.2 --- Transmission under Flexible Exchange Rate Regime --- p.25 / Chapter 3.2 --- Specific Issues in China --- p.27 / Chapter 3.2.1 --- Capital Control --- p.28 / Chapter 3.2.2 --- Sterilization --- p.29 / Chapter 3.2.3 --- Pass-through of Nominal Exchange Rate to Trade --- p.30 / Chapter 3.3 --- Summary --- p.36 / Chapter 4 --- Data and Methodology --- p.38 / Chapter 4.1 --- Vector Autoregression --- p.38 / Chapter 4.2 --- VARs models for the transmission of US monetary policy shocks to China --- p.41 / Chapter 4.2.1 --- Benchmark VAR to IdentifyMonetary Policy Shocks in the US --- p.41 / Chapter 4.2.2 --- Extend the Benchmark VAR to Include Chinese Variables --- p.45 / Chapter 4.3 --- Data --- p.50 / Chapter 5 --- Empirical Results --- p.57 / Chapter 5.1 --- Overview --- p.57 / Chapter 5.2 --- Transmission before the Exchange Rate reform --- p.59 / Chapter 5.2.1 --- Capital Inflows --- p.59 / Chapter 5.2.2 --- Exchange Rates and Prices --- p.62 / Chapter 5.2.3 --- Trade and the Current Account --- p.64 / Chapter 5.3 --- Transmission after the Exchange Rate Reform --- p.66 / Chapter 5.3.1 --- Capital Inflows --- p.67 / Chapter 5.3.2 --- Exchange Rates and Prices --- p.67 / Chapter 5.3.3 --- Trade and the Current Account --- p.69 / Chapter 5.4 --- Specific Issues in China --- p.70 / Chapter 5.4.1 --- Capital Control --- p.71 / Chapter 5.4.2 --- Sterilization --- p.71 / Chapter 5.4.3 --- Pass-through of Nominal Exchange Rate to Trade --- p.72 / Chapter 5.5 --- Summary --- p.77 / Chapter 6 --- Robustness: Structural Break in the Transmission --- p.79 / Chapter 6.1 --- Methodology --- p.80 / Chapter 6.2 --- Empirical Results --- p.87 / Chapter 6.3 --- Summary --- p.91 / Chapter 7 --- Conclusion and Future Work --- p.92 / Bibliography --- p.101

This thesis examines the relationship between the aftermarket performance of Chinese initial public offerings (IPOs) and corporate governance for firms that listed during the years 1999 to 2001. The primary objective of this study is to investigate the significance of corporate governance variables as explanations of IPOs aftermarket performance. By doing so, a set of hypotheses dealing with the relationships between IPO aftermarket performance and three categories of independent variables: corporate governance variables; issue variables; and control variables, were examined. The descriptive analysis indicates that IPOs in China continue to provide significant short-term returns to investors, although the level of underpricing has declined from that found in earlier studies. This finding suggests a growing level of maturity and sophistication in the Chinese IPO market. The analysis of long-term performance indicates negative returns to investors which is consistent with international evidence but challenges the bulk of prior Chinese studies. It is found that there is no significant relationship between corporate governance variables and IPO returns in the short-term with the exception of board composition, while IPO underpricing is primarily explained by the imbalance between supply and demand and the inefficient capital market in China. The significance of board composition can be explained by the launch of the new corporate governance code on board structures in 2001. Overall the empirical evidence shows that the Information Asymmetry Hypothesis is an appropriate explanation of the underpricing of Chinese IPOs. In the long-term, it is found that corporate governance variables do have explanatory power for the market performance of Chinese IPOs, in particular state ownership and the separation of Chairman and CEO, supporting the notion that corporate governance appears to be important to IPO investors in the long-term. It also confirms the view that investors are willing to pay a premium for the shares of what they consider to be well-governed firms in the long-term. Besides corporate governance variables, both issue variables and control variables are also found to have explanatory power in IPO aftermarket performance. In particular firm size, IPO offer price, IPO lottery rate and industry are significantly related to IPO short-term performance in China, while growth in earning per share, firm size and industry are related to the long-term market performance.

University of Macau / Faculty of Law

by Leung Yat-on, Daniel, Ng Ka-wing, Vincent. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1984. / Bibliography: leaves 93-94.

by Lee Yue, Wefield. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2001. / Includes bibliographical references (leaves 105-111). / Abstracts in English and Chinese. / Abstract --- p.I / Abstract (Chinese) --- p.II / Acknowledgement --- p.III / Table of Content --- p.IV / List of Figures --- p.VII / List of Tables --- p.VIII / Chapter 1 --- Introduction --- p.1 / Chapter 1.1 --- Background --- p.1 / Chapter 1.2 --- Motivation --- p.2 / Chapter 1.3 --- Organization --- p.4 / Chapter 2 --- Literature Review --- p.5 / Chapter 2.1 --- Market Monitoring --- p.5 / Chapter 2.1.1 --- Regulatory Framework --- p.5 / Chapter 2.1.2 --- Surveillance Technology --- p.6 / Chapter 2.2 --- Cross Market Relationship --- p.7 / Chapter 2.3 --- Knowledge Management --- p.9 / Chapter 2.3.1 --- From Data and Information to Knowledge --- p.9 / Chapter 2.3.2 --- From Knowledge to Knowledge Management --- p.10 / Chapter 3 --- Market Activities and Market Surveillance --- p.13 / Chapter 3.1 --- Overview of Market Structure --- p.13 / Chapter 3.1.1 --- Monetary Market --- p.13 / Chapter 3.1.2 --- Stock and its Derivatives Market --- p.14 / Chapter 3.1.3 --- Futures --- p.19 / Chapter 3.2 --- Cross-Market Activities and Manipulation --- p.20 / Chapter 3.3 --- Monitoring and Surveillance --- p.22 / Chapter 3.4 --- Stock Monitoring Systems --- p.23 / Chapter 4 --- Financial Knowledge Management (FKM) Model --- p.27 / Chapter 4.1 --- Introduction --- p.27 / Chapter 4.2 --- Knowledge Management cycle --- p.28 / Chapter 4.2.1 --- Information Collection --- p.29 / Chapter 4.2.2 --- Information Storage --- p.29 / Chapter 4.2.3 --- Knowledge Generation --- p.30 / Chapter 4.2.4 --- Knowledge Dissemination --- p.30 / Chapter 4.3 --- The 4 levels of FKM --- p.31 / Chapter 5 --- Level 1: Range Detection --- p.32 / Chapter 5.1 --- Basic idea --- p.32 / Chapter 5.2 --- Detection cycle --- p.32 / Chapter 5.3 --- Mathematical Model --- p.32 / Chapter 5.4 --- Knowledge generation --- p.34 / Chapter 6 --- Level 2: Momentum Detection --- p.36 / Chapter 6.1 --- Basic idea --- p.36 / Chapter 6.2 --- Detection cycle --- p.36 / Chapter 6.3 --- Mathematical Model --- p.37 / Chapter 6.4 --- Knowledge generation --- p.38 / Chapter 7 --- Level 3: Case Detection --- p.40 / Chapter 7.1 --- Basic Idea --- p.40 / Chapter 7.2 --- Technical Analysis --- p.40 / Chapter 7.3 --- Details and Characteristics of Chart Patterns --- p.41 / Chapter 7.3.1 --- Continuation and Reversal Patterns --- p.41 / Chapter 7.3.2 --- Bar Charts --- p.42 / Chapter 7.3.3 --- Different Patterns --- p.42 / Chapter 7.4 --- Mathematical Model --- p.54 / Chapter 7.4.1 --- Smoothing of Data 一 Exponential Smoothing --- p.55 / Chapter 7.4.2 --- Recognition of Different Patterns --- p.57 / Chapter 7.4.3 --- Detection Cycle --- p.59 / Chapter 7.5 --- Knowledge generation --- p.60 / Chapter 8 --- Level 4: Scenario Detection --- p.62 / Chapter 8.1 --- Basic idea --- p.62 / Chapter 8.2 --- Detection cycle --- p.65 / Chapter 8.2.1 --- RETRIEVE --- p.66 / Chapter 8.2.2 --- REUSE --- p.75 / Chapter 8.2.3 --- REVISE --- p.76 / Chapter 8.2.4 --- RETAIN --- p.82 / Chapter 8.3 --- Knowledge Generation --- p.82 / Chapter 9 --- Experiments and Research Findings --- p.85 / Chapter 9.1 --- Experiments on Monitoring and Detection --- p.85 / Chapter 9.1.1 --- Precision and Recall --- p.85 / Chapter 9.1.2 --- Architecture of FKM --- p.86 / Chapter 9.1.3 --- Experiment and Result Analysis --- p.88 / Chapter 9.2 --- Evaluation of Knowledge Management --- p.89 / Chapter 9.2.1 --- Evaluation Design --- p.90 / Chapter 9.2.2 --- Result Analysis --- p.91 / Chapter 10 --- Conclusion and Future Work --- p.94 / Chapter 10.1 --- Conclusion --- p.94 / Chapter 10.2 --- Future Direction --- p.95 / Appendix I A Survey on Investors of Hong Kong --- p.96 / Appendix II Theories on Cross-Market Relation --- p.99 / Appendix III Mathematical Model for Patterns --- p.102 / Bibliography --- p.105

Ma Yue. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2000. / Includes bibliographical references (leaves 31-36). / Abstracts in English and Chinese.

Li Wei. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2002. / Includes bibliographical references (leaves 79-84). / Abstracts in English and Chinese. / English Abstract --- p.ii / Chinese Abstract --- p.vii / Acknowledgements --- p.vi / Table of Contents --- p.vii / List of Graphs and Tables --- p.ix / Chapter Chapter 1: --- Introduction --- p.1 / Chapter Chapter 2: --- Literature Review / Chapter 2.1 --- Social Security and Savings --- p.3 / Chapter 2.2 --- Pension Funds and Financial Markets --- p.10 / Chapter 2.3 --- China's Pension Reform --- p.14 / Chapter Chapter 3: --- China's Pension Reform / Chapter 3.1 --- The Evolution of Pension System --- p.18 / Chapter 3.2 --- The Background for Current Reform --- p.21 / Chapter 3.3 --- The New Pension System --- p.27 / Chapter 3.4 --- Key Issues for Future Reform --- p.31 / Chapter Chapter 4: --- The Impact of Pension Reform on Private Savings in China / Chapter 4.1 --- The Theory --- p.36 / Chapter 4.2 --- The Model --- p.40 / Chapter 4.3 --- Data and Methodology --- p.45 / Chapter 4.4 --- Empirical Results --- p.49 / Chapter Chapter 5: --- The Interaction between Pension Reform and Financial Marketin China / Chapter 5.1 --- The Effects of A Funded Pension System on Financial Market --- p.53 / Chapter 5.2 --- Pension Reform and Financial Market in China --- p.59 / Chapter Chapter 6: --- Experiences of Chile and Singapore and the Implications for China / Chapter 6.1 --- The Pension Reform in Chile --- p.69 / Chapter 6.2 --- The Central Provident Funds in Singapore --- p.70 / Chapter 6.3 --- The Implications for China --- p.71 / Chapter Chapter 7: --- Conclusion --- p.76 / Bibliography --- p.79 / Data Appendix --- p.85

A quality corporate disclosure environment is vital for an efficient market. The ultimate purpose of this thesis is to study the information environment of the Chinese capital market. There are different types of participants playing equally important roles in the smooth functioning of the Chinese capital market. I attempt to study the information issue from three different perspectives using three separate essays. / Apart from raising the awareness on the importance of quality corporate disclosure in the smooth functioning of a capital market, this study provides evidence supporting the importance of a transparent information environment for analysts' earnings forecast accuracy and how opinion dispersion among financial analysts and investors at large affects subsequent stock returns. Allowing investors a thorough understanding of the Chinese capital market mitigates misconception and can help foreign funds and local investors to make investment decisions in the China capital market. / In my second essay, my focus is on financial analysts; examining the role of information disclosure and the accuracy of analysts' earnings forecasts. Using all the Chinese firms included in the I/B/E/S files, I evaluate the predictive accuracy of analysts' earnings forecasts. Apart from examining the relative forecast errors of the analyst vis-a-vis a naive forecast model as well as studying the determinants and explanatory variables of the differential analysts' forecast errors between groups of firms, regression analysis is also conducted to evaluate such determinants. / In my third essay, I recognize that investors at large react differently to information disclosed and my focus is on the dispersion of opinion among financial analysts. I examine the role of such differences in opinion in relation to the cross section of future stock returns in the Chinese capital market. Results show that stocks with higher dispersion in analysts' earnings earn lower return than otherwise similar stocks. Results also suggest that a more correct interpretation of dispersion in analysts' forecast is as a proxy for investors' opinion differences about a stock rather than as a proxy for risk. / In the first essay, my focus is on a general information user level, looking at what information is available in the capital market as disclosed by firms. My first essay analyzes the firm-specific news announcements for Chinese firms listed on the Shanghai and Shenzhen stock exchanges with foreign ownership (firms issuing B shares) to gain an understand of the current information disclosure environment in the China stock market. I establish a news database which permits an examination of the distributional characteristics of the news items by categories, firm nature and timing. This essay also reports a positive relation between frequency of news disclosure and the total market capitalization, the total asset and the percentage of tradable share of a firm. / Lui Man Ching Gladie. / "August 2003." / Source: Dissertation Abstracts International, Volume: 64-09, Section: A, page: 3409. / Supervisor: In-Mu Haw. / Thesis (Ph.D.)--Chinese University of Hong Kong, 2003. / Includes bibliographical references. / 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 dissertations and theses, [200-] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Electronic reproduction. Ann Arbor, MI : ProQuest Information and Learning Company, [200-] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Abstracts in English and Chinese. / School code: 1307.