Thesis (Ph. D.)--Ohio State University, 2002. / Title from first page of PDF file. Document formatted into pages; contains xi, 137 p.; also contains graphics (some col.). Includes abstract and vita. Advisor: René M. Stulz, Dept. of Business Administration. Includes bibliographical references (p. 91-95).

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Thesis (Ph.D.)--University of Delaware, 2007. / Principal faculty advisors: James L. Butkiewicz, Dept. of Economics; Jeffrey H. Harris, Dept. of Finance. Includes bibliographical references.

Thesis (Ph.D.)--Cornell University, 2005. / Vita. Includes bibliographical references (leaves 210-221).

The price difference of the Chinese dual-listed companies is a interesting issue. The price of the same asset should be consistent after risk-adjusted, but there is an obvious difference between A-share and H-share which the same company¡¦s shares listed in the Shanghai or Shenzhen Stock Exchange and Hong Kong Stock Exchange. This study found that not only liquidity, demand, required risk premium, and information asymmetry can lead to the price difference, but also manipulation, investor¡¦s preference, and the market emotion. This also verified the investors are more speculative in China than the investors in Hong Kong. Besides, this research analysis the price difference ratio form the viewpoint of valuation, the difference ratio provides a way to understand whether the stock is undervaluation or overvaluation. Finally, this study discussed the Taiwan Depository Receipts. The result indicated that most of the factors which influence the price difference between A-share and H-share also affected the price difference between TDR and the original share. The difference ratio between TDR and original share can also provide some information about the stocks are undervaluation or overvaluation.

Thesis (Ph. D.)--Harvard University, 2005. / Includes bibliographical references.

The number of dividend paying firms has been on the decline since the popularity of stock repurchases in the 1980s, and the recent financial crisis has brought about a wave of dividend reductions and omissions. This dissertation examined the U.S. firms and American Depository Receipts that are listed on the U.S. equity exchanges according to their dividend paying history in the previous twelve quarters. While accounting for the state of the economy, the firm’s size, profitability, earned equity, and growth opportunities, it determines whether or not the firm will pay a dividend in the next quarter. It also examined the likelihood of a dividend change. Further, returns of firms were examined according to their dividend paying history and the state of the economy using the Fama-French three-factor model. Using forward, backward, and step-wise selection logistic regressions, the results show that firms with a history of regular and uninterrupted dividend payments are likely to continue to pay dividends, while firms that do not have a history of regular dividend payments are not likely to begin to pay dividends or continue to do so. The results of a set of generalized polytomous logistic regressions imply that dividend paying firms are more likely to reduce dividend payments during economic expansions, as opposed to recessions. Also the analysis of returns using the Fama-French three factor model reveals that dividend paying firms are earning significant abnormal positive returns. As a special case, a similar analysis of dividend payment and dividend change was applied to American Depository Receipts that trade on the NYSE, NASDAQ, and AMEX exchanges and are issued by the Bank of New York Mellon. Returns of American Depository Receipts were examined using the Fama-French two-factor model for international firms. The results of the generalized polytomous logistic regression analyses indicate that dividend paying status and economic conditions are also important for dividend level change of American Depository Receipts, and Fama-French two-factor regressions alone do not adequately explain returns for these securities.

by Cheuk Kam-wa. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1994. / Includes bibliographical references (leaves 43-45). / ABSTRACT --- p.iii / TABLE OF CONTENTS --- p.iv / LIST OF TABLES --- p.vi / ACKNOWLEDGEMENT --- p.vii / INTRODUCTION --- p.1 / WHAT IS ADR? --- p.5 / The Trading Mechanism --- p.6 / Issuance --- p.6 / Transfer - intra-market trading --- p.7 / Cancellation --- p.7 / Trading - pricing --- p.8 / Equity offerings --- p.8 / OVERVIEW OF US SECURITIES REGULATIONS --- p.10 / The Securities Act of 1933 --- p.10 / The Securities Exchange Act of 1934 --- p.11 / TYPES OF ADR --- p.13 / Unsponsored ADR --- p.13 / Sponsored ADR --- p.14 / Level-I --- p.14 / Level- II --- p.15 / Level- III --- p.16 / Rule 144A --- p.16 / ADVANTAGES AND BARRIERS OF ADR ISSUANCE TO HONG KONG LISTED COMPANIES --- p.19 / Advantages --- p.19 / Barriers --- p.20 / Deferred taxation --- p.21 / Proposed final dividend --- p.21 / Retirement scheme costs --- p.21 / Property revaluation --- p.22 / OVERVIEW OF THE ADR MARKETS --- p.25 / Comparison Between The Regional Stock Markets In The US --- p.26 / Outlook --- p.28 / THE IMPACT OF ADR LISTINGS ON RISK AND RETURN FOR HONG KONG LISTED COMPANIES --- p.32 / Methodology --- p.32 / The effect of the listing of ADRs on underlying stock price --- p.34 / Interpretation of results on the effect on underlying stock price --- p.36 / The effect of the listing of ADRs on underlying stock volatility --- p.37 / Interpretation of results on the effect on underlying stock volatility --- p.38 / Conclusions --- p.40 / APPENDIX 1 : LIST OF HONG KONG LISTED COMPANIES WITH ADR PROGRAMMES --- p.41 / REFERENCES --- p.43

Thesis (Ph. D.)--University of Missouri-Columbia, 2000. / Typescript. Vita. Includes bibliographical references (leaves 192-198). Also available on the Internet.

Thesis (Ph. D.)--University of Missouri-Columbia, 2000. / Typescript. Vita. Includes bibliographical references (leaves 192-198). Also available on the Internet.