Thesis (M.Soc.Sc.)--University of Hong Kong, 1991. / Also available in print.

The purpose of this dissertation is to examine and analyze the banker's acceptance and the bankers' acceptance market. A banker's acceptance is a money market instrument used to finance the export, import, movement, and storage of goods; it begins as a trade draft, and it is termed accepted when a commercial bank guarantees payment. The banker's acceptance represents an historical evolution of the medieval bill of exchange. The banker's acceptance as we know it today first appeared in England in the 1820s. The birth of the banker's acceptance in the United States occurred with passage of the Federal Reserve Act in 1913. A survey was made of the twenty largest U.S. commercial banks in order to determine certain perceived characteristics of the banker's acceptance and the bankers' acceptance market. As a result of the survey, a new money market instrument is suggested. The new money market instrument is to be called a Banker's Acceptance Participation Certificate.

M.Com. (Investment Management) / When the mechanics of the capital market are researched it is important to emphasize the structure and operations of this market in relation to the financial system in its totality. A clear understanding of the division of the capital market in a fixed-interest rate securities market and a market for variable interest rate securities is of the utmost importance for the insight to the operations of the capital market. Both these divisions of this market are also divided in a primary market as well as a secondary market ...

Unique and proprietary data of the illiquid, one-year non cancelable for three month Bermudan swaps (1Y NC 3M swaps) and one-year non callable for three months Bermudan CDs (1Y NC 3M CDs), provides evidence of market efficiency. The 1Y NC 3M swap and 1Y NC 3M CD markets efficiently reflected unexpected economic information. The 1Y NC 3M swaption premiums also followed the European one-year into three-month (1Y into 3M) swaption volatilities. Swaption premiums were computed by pricing non-optional instruments using the quoted 1Y NC 3M swap rates and the par value swap rates and taking the difference between them. Swaption premiums ranged from a slight negative premium to a 0.21 percent premium. The average swaption premium during the study period was 0.02 percent to 0.04 percent. The initial swaption premiums were over 0.20 percent while the final swaption premiums were 0.02 percent to 0.04 percent. Premiums peaked and waned throughout the study period depending on market uncertainty as reflected in major national economic announcements, Federal Reserve testimonies and foreign currency devaluations. Negative swaption premiums were not necessarily irrational or quoting errors. Frequently, traders obligated to provide market quotes to customers do not have an interest and relay that lack of interest to the customer through a nonaggressive quote. The short-dated 1Y NC 3M swaption premiums closely followed 3M into 1Y swaption volatilities, indicating the 3M into 1Y swaption market closely follows the 1Y NC 3M swaption market and that similar market factors affect both markets or both markets efficiently share information. Movements in 1Y NC 3M swaption premiums and in 3M into 1Y swaption volatilities reflected a rational response by market participants to unexpected economic information. As market uncertainty decreased in the market place, risk measured both by swaption premiums and swaption volatilities decreased; vice verse when economic factors showed increases in economic uncertainty.

No description available.

Bibliography: leaves 293-304. / xi, 304 leaves ; 30 cm. / Title page, contents and abstract only. The complete thesis in print form is available from the University Library. / Thesis (Ph.D.)--University of Adelaide, Dept. of Economics, 1995?

Thesis (Ph. D.)--Duke University, 2007. / Includes bibliographical references.

Thesis (Ph. D.)--University of Notre Dame, 2000. / Includes bibliographical references (leaves 327-333).

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by Chan Cheuk Tung. / Thesis (M.Phil.)--Chinese University of Hong Kong, 1998. / Includes bibliographical references (leaves 86-90). / Abstract also in Chinese. / ABSTRACT (IN ENGLISH) --- p.ii / ABSTRACT (IN CHINESE) --- p.iv / TABLE OF CONTENTS --- p.vi / LIST OF TABLES --- p.ix / LIST OF FIGURES --- p.x / CHAPTER / Chapter I. --- INTRODUCTION --- p.1 / Overview: Neglected Role of Investors' Emotion --- p.1 / Inadequacies in Existing Theory and Research --- p.3 / Significance of Present Study --- p.5 / Chapter II. --- LITERATURE REVIEW --- p.6 / Demographic Studies of Investors --- p.6 / Decision Research on Choice Behavior --- p.7 / Personality Trait / Cognitive Style Approach --- p.7 / Situationist Approach --- p.8 / Interactionist Approach --- p.9 / Summary --- p.10 / Findings in choice behavior research --- p.10 / "Notion of ""Bounded Rationality""" --- p.10 / Frameworks for task and context effects --- p.12 / Decision-making as a Conflict Resolution Process --- p.13 / Generalized Cost/Benefit Analysis - the Emotional Dimension --- p.14 / Summary --- p.16 / Chapter III. --- HYPOTHESES --- p.18 / Information Acquisition --- p.18 / Negative Information --- p.20 / Positive and Irrelevant Information --- p.23 / Evaluation and Judgment --- p.25 / Strategies Formulation --- p.28 / Trading Performance --- p.30 / Chapter VI. --- METHODS --- p.32 / Overview --- p.32 / Material and Apparatus Selection --- p.33 / Selection of Music --- p.33 / Selection of Currency Pair --- p.35 / System for Trading Simulation --- p.36 / Selection of News Items --- p.37 / Pretest of Treatments --- p.39 / Subjects --- p.40 / Procedure --- p.41 / Manipulation Check - Pretest --- p.42 / Likert scale Measure --- p.43 / Affect Grid Measure --- p.44 / Convergent Validity of Measures --- p.45 / Summary --- p.46 / Estimation of Power and Optimal Sample Size for the Main Experiment --- p.46 / Main Experiment --- p.46 / Subjects --- p.47 / Procedure --- p.47 / Measures of Studied Variables --- p.48 / Control Variables --- p.49 / Chapter V. --- RESULTS & DISCUSSIONS --- p.51 / Manipulation Checks --- p.51 / Reliability of Mood Measures --- p.51 / Effect of Manipulations --- p.52 / Effects of Control variables --- p.54 / Trading Performance --- p.55 / Information Acquisition --- p.59 / Negative Information --- p.59 / Positive and Irrelevant Information --- p.62 / Time Allocation --- p.64 / Summary --- p.66 / Evaluation and Judgment --- p.66 / Decision Time --- p.66 / Decision Complexity --- p.68 / Decision Accuracy --- p.70 / Summary --- p.71 / Strategy Formulation --- p.72 / Use of Cut-loss Order --- p.72 / Use of Limit-profit Order --- p.73 / Investment Size --- p.73 / Summary --- p.75 / Discussion --- p.75 / Chapter VI. --- CONCLUSION --- p.78 / Discussion --- p.78 / Limitations and Suggestions for Future Studies --- p.80 / Suggestions to Investors --- p.76 / Individual Investors --- p.82 / Institutional Investors --- p.84 / BIBLIOGRAPHY --- p.86 / APPENDICES --- p.91 / Appendix 1 News Selection Phase One: Judges' Rating --- p.91 / Appendix 2 Screen Layouts of the Internet Trading System --- p.92 / Appendix 3 Coding Scheme -Complexity of Reasoning --- p.93 / Appendix 4 Questionnaire --- p.94