Thesis (M. Phil.)--University of Hong Kong, 2000. / Includes bibliographical references (leaves 152-156).

Thesis (M.Hous.M.)--University of Hong Kong, 1995. / Includes bibliographical references. Also available in print.

Thesis (M.Sc.)--University of Hong Kong, 2001. / Includes bibliographical references (leaves 162-167) Also available in print.

The effect of institutional ownership and ownership concentration on the firm’s stock returns and volatility and financial performance has long been an interesting issue in the international business literature. A lot of debate has been going on regarding the relationship between institutional ownership, ownership concentration, returns, volatility and financial performance. The objective of this thesis is to study the effect of institutional ownership and ownership concentration on firm stock returns and financial performance of the listed companies in the Egyptian Stock Exchange. For this purpose, panel data model is employed. The results from the analysis show that institutional ownership has no effect on ex post stock returns as well as ex ante stock returns. On the contrary, institutional ownership represented by top management and individuals have a negative and significant effect on stock volatility, while employee associations have a positive and significant effect. No significant effect is detected on ex ante risk except for employee associations that have negative and significant effect on ex ante risk. In addition, the results show that institutional ownership has no effect on stock liquidity except employee associations and individuals that have a negative and significant effect on stock liquidity. Finally, the results show that institutional ownership represented by companies, holdings and individuals have negative effect on financial performance represented by ROA and ROE. Also, institutional ownership has no effect on debt to equity ratio except banks that have negative and significant effect and employee associations that have positive and significant effect. The results also show that ownership concentration has no effect on ex post stock returns but it has a positive effect on ex ante stock returns. Also, it has no effect on ex post risk but it has a positive effect on ex ante risk. On the other hand, ownership concentration has a negative and significant effect on stock liquidity. Finally, the results show that ownership concentration has no effect on either financial performance represented by ROA and ROE or debt to equity ratio. As such, the thesis makes an important contribution to the literature, since it tests the impact of ownership type and concentration on ex ante returns and volatility of stocks in Egypt, an emerging country that has been ignored in literature. Also, the analysis extends the literature by decomposing institutional ownership to several types. Moreover, it adds two components of volatility, volatility clustering and persistence, testing their effect on ex post and ex ante risk, which is not dealt by previous studies.

published_or_final_version / Politics and Public Administration / Doctoral / Doctor of Philosophy

本文根據32個國家的資料，觀察是否代理問題嚴重的公司傾向發放較多股利。以股權集中度作為代理問題之代理變數，發現保護好的國家，以股權分散的公司居多，而在保護不好的國家，大部分的公司股權結構十分集中。所以在保護好的國家，主要是股東與經理人之間的代理問題，股權越分散，代理問題越大；而保護不好的國家，其主要的代理問題是介於大股東與小股東之間，股權越集中，代理問題越大。 最後結論得出：在投資人保護好的國家，股利發放與股權集中度呈現正向關係；而在投資人保護差的國家，股利發放與股權集中度則呈現負向關係。代表代理問題嚴重的公司傾向發放較多的股利，由於公司有外部融資的需求，儘管在投資人保護差的國家，公司仍會藉由發放股利來減輕代理問題。 / We use a sample of companies from 32 countries around the world to shed light on the relationship between dividend payouts and insider holdings. Schooley and Barney (1994) indicate that negative relationship between dividend payouts and ownership exists before a turning point; once managerial ownership exceeds the turning point, it switches to a positive one. Also, as La Porta et al. (2000) point out, legal protection causes that widely-held firms dominate in a protected environment and closely-held firms in an unprotected one. So, most research addresses a negative relationship between dividend payouts and ownership. It is because their samples are usually composed of firms in a protected environment, where widely-held firms are the normality. By contrast, in countries with poor shareholder protection, closely-held companies prevail, and most of their ownership is coupled with control. Dividends thus become a tool for controlling shareholders to signal the moderation of expropriation and to reduce agency costs. Because firms with more concentrated ownership have less cost to pay dividends and need to allay the concerns about expropriation, it implies that more dividends are paid as the insider holdings increase. We surmise a positive relationship between ownership and payouts can be observed in an unprotected environment. The empirical evidence supports our hypothesis.

No description available.

This research is an endeavour to determine reasons for the problems experienced in the State of Maharashtra and the Union Treasury of Delhi in the implementation of the Maharashtra and Delhi Apartment Ownership Acts and the proposed Delhi Apartment Ownership Bill.  Until now the right, title and interest in an apartment though believed to confer ownership does not actually do so.  This thesis seeks to analyse the entire system of apartment ownership in Maharashtra and Delhi.  The emphasis is on the establishment of the apartment ownership schemes, the physical division of apartment ownership schemes into apartments and common areas and facilities, the allocation of percentages in apartment ownership schemes, rights and obligations of owners, enforcement of financial and social obligations, management of ownership schemes and settlement of disputes. An examination of the differences between the apartment legislations of the State of Maharashtra and the Union Territory of Delhi and several other systems has been made to find out why one system works better than the other.  Does the problem lie in the nature of the legislation, the procedures of the Competent Authority and Registry for applying and obtaining registration of an apartment ownership plan, the laws and practices relating to development, construction, financing and conveyancing of apartment ownership property or a combination of all these factors?  From my evaluation of the various aspects of the Acts and the proposed Bill, it appears there is room for improvement in virtually every aspect to keep up with the rapid growth of apartment ownership schemes in Maharashtra and Delhi and gradually all over India.  But it is not only the Act and the Bill that need modernisation.  The housing delivery system in India has got to change.  Officials involved in the approval and registration of apartment ownership schemes have to be properly trained, and care should be taken to recruit more qualified personnel in the related Offices.

Cizojazyčné resumé Public auctions The aim of my thesis written on the topic "Public auctions" is to compile a comprehensive analysis of the topic with focus on the present statue no. 26/2000 Sb., o veřejných dražbách, ve znění pozdějších předpisů (hereinafter referred to as "ZVD"), since it is the most important statue to regulate such legal issue. The legal regulation of public auction has come through a long historical development until its current form, which is in comparison with other countries in facto rare. The thesis is composed of seven chapters, each of them dealing with different aspects concerning auctions. Chapter one introduces the reader in the general matter of public auctions along with the historical context. Historical development of public auctions is divided into three parts, each of them representing certain period and seperated by crucial years. Very significant subchapter gathers distinct opinions of various jurists about legal principle of a public auction in relation to the legislature concerning privatization process in the early nineties of the twentieth century. Chapter two examines relevant Czech legislation. The chapter consists of three parts. First two parts focuse on two basic regimes that allow to organize public auctions in the Czech legislature. The main objective of...

A dissertation submitted to the Faculty of Commerce, University of the Witwatersrand, Johannesburg, in fulfilment of requirements for the degree of Master of Commerce. Johannesburg 1991. / This dissertation has studied the past and present problems together with the advances associated with the affordability of special residential housing for middle-income whites in the private sector, residing in the Republic of South Africa. The emphasis of this study has been in the assessment of the problem from the viewpoint of the specific factors which tend to influence affordability for a potential purchaser specifically when involved in a first-time homeownership situation. [Abbreviated Abstract. Open document to view full version]