(Uncorrected OCR) ABSTRACT In Hong Kong, due to the government's strong intervention in the housing market, the housing subsidy system and rationing on owner-occupation and the public rental housing sector have significant impact on households' tenure decisions. As laid down in the first and second Long Term Housing Strategy respectively in 1987 and 1998. the government adopted an active policy of promoting home ownership towards privatization via various subsidies, like the Home Ownership Scheme (I IOS) and the I lome Purchase Loan Scheme (HPLS). During this period, property ownership was also regarded as an inflation-resistant investment and an effective wealth accumulation vehicle. Unfortunately, the property market slump following the 1997 Asian Financial Crisis has come to mean Ihe cessation of the "wealth escalator" function of property ownership. In view of lackluster property market and the political pressure, the government took the unprecedented decision on 13 November 2002 to extricate itself from the role as a direct provider of subsidized sale flats, allowing market forces to address the problem. A new Home Assistance Loan Scheme (HALS) was introduced on 2 January, 2003 as a phase process. On 14 July 2004. the Hong Kong Housing Authority (HA) also ceased the provision of 1IALS in order to be freed from the heavy financial burden. Currently, the subsidized home ownership of 1 long Kong is abolished. It is noted that structural changes that characterize the housing and labor markets in the new age of global economy are creating some impact on housing market behavior. As the risks arising from the higher incidence of unemployment, low wage work and volatile housing prices increase, homeowners now prudently, re-assess the terms and conditions before committing to mortgage arrangements. This research centers on investigating the determinants of tenure choice from the approved purchasers of HALS and their views over producer and customer subsidies to home ownership, i.e. HOS versus HALS. '1'hc findings in this paper reveal that factors like age, family structure and income of the household do carry weight in the decision-making process of property purchase. With diversifying social composition nowadays, singletons have become a growing source of homeowners in recent years. The research also indicates that despite certain reticence during the economic turmoil, home purchase instead of renting remains a fundamental priority, and stagnation in purchase is largely due to financial constraints. Moreover. homeowners are now more cautious in taking up loans and are generally more concerned about housing affordabilily and the early repayment of debt. Additionally, they are less inclined to attain higher social status through filtering up the housing ladder, and lend lo place more emphasis on use value, ontological security and / abstract / toc / Housing Management / Master / Master of Housing Management

published_or_final_version / Sociology / Master / Master of Philosophy

The aim of this thesis was to generate a series of propositions identifying the elements most likely to be found in 'durable' employee-owned organisations. Previous studies in the field had often been marked by the assumption that benefits associated with employee share ownership, including reduced 'social divisions' between employees and their managers and a greater propensity among the former to work harder, would follow in all employee-owned enterprises, Few researchers had addressed the 'empirical reality' and 'diversity' of individual employee share ownership conversions and the circumstances in which systems had been created, implemented and subsequently managed by organisations.' Areas covered by the thesis included an examination of employee participation structur'es in different employee share ownership environments and 'feelings of ownership and commitment' among employee shareholders. The thesis also considered whether the 'traditional' trade union role would be undermined by new forms of representation and participation resulting from the introduction of employee share ownership programmes, Applying an extensive 'multimethod' approach, quantitative and qualitative data were collected over an eighteen-month period from six organisations in the UK bus industry -regarded by the mid 1990s as the most important locus of employee-owned companies. In 1994, some twenty-five UK bus companies were defined as 'employee-owned', generally consisting of non-managerial employees holding at least 25 per cent of the equity in their work places, Results from the investigation revealed that 'direct monetary investment' by employees and extensive information and communication programmes were among the elements characterising durable employee-owned organisations, Preservation of the 'traditional' trade union role was also evident, with employee shareholders generally content to participate in company matters through their union, More broadly, the thesis concluded that recognition in future research of the interplay of different variables was essential to increase understanding in relation to employee commitment, participation and industrial relations outcomes.

Thesis (M. Hous. M.)--University of Hong Kong, 1995. / Includes bibliographical references (leaves 66-68).

Thesis (M.P.A.)--University of Hong Kong, 1992. / Also available in print.

Thesis (M.Hous.M.)--University of Hong Kong, 1995. / Includes bibliographical references (leaves 66-68). Also available in print.

Cette thèse analyse le lien entre la gouvernance d'entreprise et la liquidité par une validation empirique sur un échantillon d'entreprises cotées sur le marché boursier tunisien. Ce choix est motivé par le fait que les différences dans les systèmes de gouvernance entre les pays dans plusieurs aspects (concentration de la propriété, identité des actionnaires…) pourraient avoir des effets différents sur la liquidité des titres. Plus spécifiquement, nous nous proposons d'étudier, l'effet d'un mécanisme de gouvernance interne sur le coût de liquidité pour en déduire l'impact sur le coût du capital et par la suite la performance espérée des firmes. Dans un premier temps, nous appréhendons le concept de liquidité et mesurons son degré. Dans un deuxième temps, nous étudions la relation entre la liquidité et la performance des entreprises. La contribution du coût du service d'immédiateté se traduit par un escompte additionnel sur le coût du capital et la valeur des sociétés. Les résultats trouvés montrent que les fourchettes de prix sont reliées positivement à la rentabilité des fonds propres en valeur de marché. Ces résultats confirment que les entreprises les moins liquides doivent suggérer une rentabilité supérieure aux investisseurs (une prime d'illiquidité) afin de compenser la ponction des coûts de transactions sur la rentabilité de leurs portefeuilles. Enfin, nous constatons que la liquidité est un facteur non négligeable dans le domaine de la gouvernance d'entreprise dans la mesure où les grands actionnaires affectent négativement la liquidité des titres de l'entreprise. Nos résultats concluent à des implications différentes quant à l'identité des actionnaires. Les insiders augmentent les coûts de liquidité en raison de leur accès à l'information privée et pertinente. De même, une participation institutionnelle dans l'entreprise réduit la liquidité de ses titres mesurée par l'impact sur les prix. / This thesis analyzes the link between corporate governance and liquidity by an empirical validation on a sample of companies listed on the Tunisian stock market. We propose in the first chapter an overview of theoretical models and empirical concept of liquidity. In the second chapter, we are a part, an empirical study on stock liquidity in our sample, performing a descriptive analysis of the microstructure of the Tunisian financial market to highlight the degree of liquidity. In a second step, we study the relationship between liquidity and firm performance. We propose in the third chapter a presentation of models operating the link between liquidity and value firm through the ownership structure. We are also interested in this chapter to the impact of liquidity cost on the performance and value of companies. The contribution of the service cost of immediacy translates into an additional discount on the cost of capital and the value of companies. In the fourth chapter, we conduct a comprehensive study of the influence of the liquidity of Tunisian companies on their performance. In a third step, we study the impact of ownership structure on liquidity. This part includes two chapters. The fifth chapter is devoted to the development of assumptions made in explaining the link between ownership concentration and liquidity. In the sixth chapter, we test our research hypotheses on the influence of the characteristics of the structure of corporate ownership on the stock liquidity.

Dans cette thèse nous étudions l’isolation mémoire et les mesures de communications efficaces par passage de message dans le contexte des environnements à mémoire partagée et la programmation orientée-objets. L’état de l’art en la matière se base presque exclusivement sur deux techniques complémentaires dites de propriété des objets (ownership) et d’unicité de références (reference uniqueness) afin d’adresser les problèmes de sécurité dans les programmes concurrents. Il est frappant de constater que la grande majorité des travaux existants emploient des méthodes de vérification statique des programmes, qui requirent soit un effort d’annotations soit l’introduction de fortes contraintes sur la forme et les références vers messages échangés. Notre contribution avec SIAAM est la démonstration d’une solution d’isolation réalisée uniquement à l’exécution et basée sur le modèle de programmation par acteurs. Cette solution purement dynamique ne nécessite ni annotations ni vérification statique des programmes. SIAAM permet la communication sans copie de messages de forme arbitraire. Nous présentons la sémantique formelle de SIAAM ainsi qu’une preuve d’isolation vérifiée avec l’assistant COQ. L’implantation du modèle de programmation pour le langage Java est réalisé dans la machine virtuelle JikesRVM. Enfin nous décrivons un ensemble d’analyses statiques qui réduit automatiquement le cout à l’exécution de notre approche. / In this thesis we study state isolation and efficient message-passing in the context of concurrent object-oriented programming. The ’ownership’ and ’reference uniqueness’ techniques have been extensively employed to address concurrency safety in the past. Strikingly the vast majority of the previous works rely on a set of statically checkable typing rules, either requiring an annotation overhead or introducing strong restrictions on the shape and the aliasing of the exchanged messages.Our contribution with SIAAM is the demonstration of a purely runtime, actor-based, annotation-free, aliasing-proof approach to concurrent state isolation allowing efficient communication of arbitrary objects graphs. We present the formal semantic of SIAAM, along with a machine-checked proof of isolation. An implementation of the model has been realized in a state-of-the-art Java virtual-machine and a set of custom static analyses automatically reduce the runtime overhead.

In this global world, many firms present a complex shareholding structure with<p>indirect participation, such that it may become difficult to assess a firm’s controllers.<p>Furthermore, if there are numerous dominant shareholders, the control can be shared between<p>them. Determining who has the most influence is often a difficult task. To measure this<p>influence, game theory allows the modeling of voting games and the computing of the<p>Banzhaf index. This thesis develops models to measure the Banzhaf indices in any ownership structure (pyramidal ownership structures and cross-ownership structures). The models are then applied to real cases studies such Colruyt, Elia, Lafarge and Allianz. / Doctorat en Sciences économiques et de gestion / info:eu-repo/semantics/nonPublished

The aim of the thesis is to analyse a legal enviroment about the ownership of a flat in various forms. The goal is to provide the reader with advantages and disadvantages of each of that forms. The thesis is composed of five main chapters. First two chapters are devoted to a short summary of both the cooperative and non-cooperative form of ownership of a flat. After the evaluation of existing legislation in historical context, the following text is focused on fundamental and also application-often problematic legal institutes. View of the academic and judicial community is provided as well. Chapter three analyzes the procedure of transformation of a housing stock after the velvet revolution in 1989, when the economic and political situation has significantly changed and all legal relations has to adopt to new times. This chapter explains the legal way of transferring flats from cooperative to non-cooperative ownership and conditions to be fulfilled. Chapter four compares these forms of ownership on the background of major legal institutes and highligts or warns on the other hand about challenges arising in connection with the appropriate form of ownership. In the last main chapter, several amendments on new legislature are critically assessed, pros and cons are described and some thoughts are pointed out...