This study is an empirical examination of a new theory that links dividends to institutional ownership in a framework of both information signaling and agency costs. Under this theory put forth by Allen, Bernardo and Welch in 2000, dividends are paid out to attract tax-favored institutional investors, thereby signaling good firm quality and/or more efficient monitoring. This is based on the premise that institutions are considered sophisticated investors with superior ability and stronger incentive to be informed about the firm quality compared to retail investors. On the agency level, institutional investors display monitoring capabilities, and can detect and correct managerial pitfalls, thus their presence serves as an assurance that the firm will remain well run. The study provides a comprehensive analysis of the implications of the theory by testing various aspects of the relationship between dividends and institutional holdings. Unlike the prevalent literature on this topic, I give specific attention to the different types of institutional investors and their incentives to invest in dividend paying stocks. Moreover, I analyze the signaling and the agency effects on the market reaction to dividend initiations within the framework proposed by the theory. Finally, I test the smoothing effect institutions have on dividends by examining the firm's propensity to increase dividends given the level of institutional ownership. I find institutional holders to respond positively to dividend initiation announcements as they adjust their portfolios by buying or increasing their holdings of the dividend paying stock following the announcement. I also find that this response is displayed more strongly among tax-favored institutions. My test results also reveal that positive abnormal returns to dividend initiation announcements are a decreasing function of institutional holdings in the dividend initiating firm, and that this mitigating effect of institutional ownership on the market reaction to dividend initiations is stronger for firms with higher information asymmetry and more potential for agency problems. This evidence lends some degree of support to the tested theory. Additional support to lies in the test results of its smoothing hypothesis which reveal that as institutional ownership increases, the propensity of firms to increase dividends decreases.

The objectives of this thesis are to establish the fundamental principles in the field of 3D property rights by studying such systems in different countries with a particular focus on management questions, to systemize the acquired knowledge and demonstrate different ways of dealing with key factors essential to a well-functioning 3D property rights system. A theoretical background to the 3D property concept is given by presenting proposals as to a definition of 3D property and a classification of the primary forms of 3D property rights examined into specific types and categories, as well as an overview of international 3D property use. A general description of the characteristics of 3D property, with a focus on the condominium form, is also presented. A presentation of three different 3D property rights models is given as exemplified by the countries investigated, including the independent 3D property model in Sweden, the condominium form model in Germany, and a combination of the independent 3D property form and the condominium form as evidenced by the legal systems of two Australian states, New South Wales and Victoria. It has been possible to discern from this study a number of key factors related to 3D property rights that seem to be common for most forms and systems. These include the delimitation of property units, the content of the definition of common property, the creation of easements, the forms of cooperation between property units, management and regulation issues, as well as the settlement of disputes and insurance solutions. The problems experienced within the 3D property systems studied to a large extent have concerned issues within these mentioned key areas, where the management aspect seems particularly difficult. Changes in society and the creation of new development forms to a large extent have also contributed to the need for statutory amendments. More or less substantial amendments have been required in both the Australian and German statutes studied, with shortcomings still remaining after many years of use. However, these systems in general seem to be working well, and the condominium form in particular seems to be a well-functioning concept. Based on these systems, it has been possible to discern a tendency that the more detailed and complex the legislation, the greater the need for gradual amendments. In conclusion, it would be of benefit for countries planning on introducing a system for 3D property rights to utilize the experiences of other countries, while not forgetting to consider differences in legal systems, society, etc. / QC 20100812

No description available.

No description available.

Thesis (M. Hous. M.)--University of Hong Kong, 2001. / Includes bibliographical references.

This study aims to explore the home ownership policy drawing from Singapore to Hong Kong. It does so by reviewing the concept of policy drawing, and by analyzing 4 dimensions, namely, 1) use of provident fund for home purchase; 2) development of new town to increase housing supply; 3) land reclamation and land acquisition to increase home ownership; and 4) role of governments in promotion of home ownership via literature review and interviews. Based on the analysis, it is found that Hong Kong can partially draw the lessons from the home ownership policy of Singapore. For example, the use of provident fund for home purchase and the technique on the development of new town to increase housing supply can likely be drawn by Hong Kong. Rather, the techniques on land reclamation and land acquisition, and the achievement of universal home ownership cannot be drawn by Hong Kong. Although the first two dimensions can be drawn by Hong Kong, it is difficult to implement in Hong Kong due to the difference in policy environment between Singapore and Hong Kong. Certain conditions are required to fulfill before implementation of the two dimensions in Hong Kong. In fact, the home ownership policy of Singapore is used for reference only, it should be further modified by the Hong Kong government in order to develop a practicable housing policy which is suitable for the situation in Hong Kong. / published_or_final_version / Housing Management / Master / Master of Housing Management

Since the 1960s, as a result of the rapid and outstanding economic growth and industrialization, Hong Kong and Singapore, the two city-states in Asia, were named Asian Dragons among other Asian countries. Historically, both city-states were British colonies, and thus, they both shared similarities in the develop stage of the city in social, economic and political context. In the housing sectors, both city-states have also launched massive subsidized housing programme to facilitate their rapidly growth population with provision of affordable subsidized housing. To assist more residents to become home owners, a series of housing assistance programmes were implemented periodically to help the low and middle income households to climb up to the housing ladder. Despite that the government of Singapore and Hong Kong has implemented similar housing policies approach to their citizens in the beginning stage; yet, as at today, a different achievement in home ownership rate was resulted mainly due to different ruling of governance. This dissertation will first review the home ownership policies of Hong Kong and Singapore in social, economic and political context. In Chapter 5, evaluation on the effectiveness in the subsidized housing supply, land supply, control of affordability of both city-states will be critically discussed and explained why different home ownership rate of Singapore and Hong Kong was achieved. To make this dissertation more fruitful, in Chapter 6, in-depth interviews with Legco members, scholar and graduated students who have profound knowledge in the housing sector would be discussed and analyzed. Last but not least, political obstacles of Hong Kong would be explained in comparing with Singapore in the final chapter. Recommendation on which part of the housing policies of Hong Kong can be learnt from Singapore will be debated from the result drawn from the key findings and the analysis from the in-depth interviews from the previous chapters. / published_or_final_version / Housing Management / Master / Master of Housing Management

published_or_final_version / Housing Management / Master / Master of Housing Management

published_or_final_version / Housing Management / Master / Master of Housing Management

published_or_final_version / Urban Studies / Master / Master of Social Sciences