Thesis (Ph. D.)--Drexel University, 2005. / Vita. Includes bibliographical references (leaves 74-85).

Thesis (M.Soc.Sc.)--University of Hong Kong, 1989. / Also available in print.

Call number: LD2668 .T4 1929 C62

The thesis comprises three associated empirical studies that aim at facilitating better understanding of the salient trading features that typify the sampled stock markets of Africa. The first study explored the recent trends in trading activities observed in ten African stock markets of Botswana, BRVM, Egypt, Ghana, Kenya, Mauritius, Morocco, Nigeria, South Africa and Tunisia. The exercise identified the prominent trait of sluggish price movements and low levels of stock liquidity. Further analysis on the potential causes of the identified delays in price movements distinguish high stock illiquidity levels, lack of trades and low impact of traded volumes on stock prices as the main contributors of price rigidity in these African stock markets. The second study investigated the salient trait of high levels of stock illiquidity captured using seven liquidity proxies, including a newly proposed illiquidity proxy. Further test on the performance of the different liquidity proxies on the two benchmark of price impact and held capital facilitated identification of the most appropriate liquidity proxy that effectively capture stock illiquidity levels in each of the ten African stock markets. Implications of liquidity risk on cost of capital confirmed that these markets substantially suffer from stock illiquidity issues. The last study analyzed the influence of framing prior returns under different periods on the observed stock trading activities and stock illiquidity levels in the ten African stock markets. The results showed that the use of shorter framing periods of prior returns induced increased sensitivity to the nature of evaluated returns besides causing hyped stock trading, which subsequently lowered the observed levels of stock illiquidity in these markets. On the other hand, the use of longer frames of prior returns induced increased trading of profit-making stocks with prolonged holding onto loss-making stocks; a trading behaviour propelled by disposition effect biasness among traders.

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Yuen Wing Sze. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2004. / Includes bibliographical references (leaves 59-65). / Abstract and questionnaire in English and Chinese. / Chapter Chapter 1: --- General Introduction --- p.1 / Chapter Chapter 2: --- Study I: Impact of Overseas Exchange Program (OEP) on Students' Increased Knowledge/Skills / Introduction / Overseas Exchange Program and Tertiary Education --- p.6 / Outcomes for OEP: Increased Knowledge /Skills --- p.7 / Method / Participants --- p.13 / Procedure --- p.15 / Measures --- p.17 / Results --- p.19 / Additional Insight from Qualitative Data --- p.34 / Discussion --- p.39 / Chapter Chapter 3: --- Study II: The Effect of OEP on Employment-related Outcomes / Introduction / OEP and graduates' attractiveness to employers --- p.45 / Method / Participants --- p.47 / Procedure --- p.47 / Extra-curricular activities participation --- p.48 / Results --- p.48 / Additional Insight from Qualitative Data --- p.53 / Discussion --- p.54 / Chapter Chapter 4: --- General Discussion --- p.56 / Limitations --- p.56 / Application --- p.56 / References --- p.59 / Appendix --- p.64

Wong Ying Chiu. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2004. / Includes bibliographical references (leaves 62-69). / Abstracts in English and Chinese. / Chapter 1. --- Introduction and Literature Review --- p.1 / Chapter 2. --- Methodology --- p.9 / Chapter A. --- OLS Regression and Correlation / Chapter B. --- Simulation Trade / Chapter 3. --- Data --- p.15 / Chapter 4. --- Empirical Findings --- p.21 / Chapter A. --- OLS Regression and Correlation / Chapter B. --- Simulation Trade / Chapter 5. --- Conclusion --- p.32 / Chapter 6. --- Figures and Tables --- p.34 / Chapter 7. --- Bibliography --- p.62 / Chapter 8. --- Appendix --- p.70

The IPO market is characterised by a high level of information asymmetry; thus, self-interested managers have strong incentives to overstate earnings during the IPO to inflate stock prices. Prior literature has provided evidence of earnings manipulation by managers around IPOs. If managers opportunitically manipulate earnings in the IPO year, the reported earnings will not be sustainable, and the IPO firms will exhibit negative abnormal stock returns in subsequent periods due to investors' downward adjustment of their evaluation of the firm value. Another common phenomenon of the IPO markets is the underperformance of IPO firms in the post-issue periods, with nearly a third of issuers either failing or being acquired within five years of going public. Therefore, in this thesis, I aim to examine potential factors contributing to restraining the level of earnings management undertaken by IPO firms and improving the post-issue long-term performance. Specifically, I investigate the impact of credit ratings and CEOs' work experience on earnings management and post-issue performance of newly listed firms. I uncover strong evidence that newly listed firms going public with a credit rating are less likely to engage in income-enhancing earnings management through both accruals and real operating activities manipulation. Moreover, while unrated IPO firms manipulate earnings to mislead investors, rated issuers tend to employ accounting discretion for informative purposes. I also study the association between CEOs' financial experience and earnings management around IPOs and find that IPO firms with financial expert CEOs are less likely to manage earnings through accruals. Furthermore, financial expert CEOs tend to be informative in financial reporting to allow investors to properly gauge the fair value of the firm. In addition, I investigate the influence of CEOs' specialist managerial experience on the probability of failure and survivability of IPO firms. My findings suggest that specialist CEOs enhance the ability of IPO firms to remain viable for a longer period of time. My research not only contributes to a wide range of literature on IPOs, credit ratings, earnings management and managerial attributes but also provides several practical implications for regulators in monitoring IPO firms' financial reporting, for investors in making investment decisions, and for firms in considering relevant work experience for CEO appointment.