Zheng Ying. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2003. / Includes bibliographical references (leaves 43-45). / Abstracts in English and Chinese. / Chapter CHAPTER 1 --- INTRODUCTION --- p.1 / Chapter CHAPTER 2 --- LITERATURE REVIEW --- p.6 / Chapter 2.1 --- Ownership structure in East Asia --- p.6 / Chapter 2.2 --- Price-leading-earnings effect --- p.9 / Chapter 2.3 --- Cross-sectional variation in price-leading-earnings effect --- p.12 / Chapter 2.4 --- informativeness of accounting earnings in east asia --- p.15 / Chapter 2.5 --- Corporate governance structure and informativeness of accounting earnings --- p.17 / Chapter CHAPTER 3 --- DEVELOPMENT OF HYPOTHESIS --- p.22 / Chapter CHAPTER 4 --- "SAMPLE, DATA, AND THE DEFINITIONS OF VARIABLES" --- p.25 / Chapter 4.1 --- Financial statement and stock price data --- p.25 / Chapter 4.2 --- Ownership structure data --- p.26 / Chapter 4.3 --- Descriptive statistics --- p.27 / Chapter CHAPTER 5 --- RESEARCH DESIGN --- p.30 / Chapter CHAPTER 6 --- EMPIRICAL RESULTS --- p.34 / Chapter 6.1 --- Main results --- p.34 / Chapter 6.2 --- Sensitivity Tests --- p.36 / Chapter 6.2.1 --- Controlling for firm-specific factors --- p.36 / Chapter 6.2.2 --- Year-by-year tests --- p.39 / Chapter 6.2.3 --- Exclusion of observations from Japan --- p.40 / Chapter CHAPTER 7 --- CONCLUSION --- p.41 / REFERENCES --- p.43 / TABLES --- p.46 / TABLE 1 Sample Selection --- p.46 / "TABLE 2 Descriptive Statistics (5,519 Observations for Nine East Asian economies)" --- p.47 / TABLE 3 Mean (Median) of the Variables by Economy --- p.48 / TABLE 4 Pearson Correlation (lower) and Spearman Correlation (upper) (p-value) --- p.50 / TABLE 5 Regression of Current Returns on Current Earnings and Interaction with Ownership Structure (5519 observations for Nine East Asian economies) --- p.52 / TABLE 6 Regression of Current Returns on Aggregated Current and Future Earnings and Interaction with Ownership Structure (5519 observations for Nine East Asian economies) --- p.54 / TABLE 7 Regression of Current Returns on Aggregated Current and Future Earnings and Interaction with Ownership Structure for the Determinants of Earnings Response Coefficients and the Sign of the Dependent Variable............. --- p.56 / TABLE 8 Regression of Current Returns on Aggregated Current and Future Earnings and Interaction with Ownership Structure by year For Nine East Asian Economies --- p.59 / TABLE 9 Regression of Current Returns on Aggregated Current and Future Earnings and Interaction with Ownership Structure (1787 observations for Eight Asian economies-exclude Japan) --- p.61

In the second part of the thesis, we investigate whether ownership structure has influence to long-term stock return. We use a risk adjustment method to make it possible to compare stock return in different terms, therefore, we can use GMM method to estimate the influence of ownership structure in a panel sample set. We find that, insider ownership and institutional ownership are all significantly favorable to long-term stock return. However, the quarterly insider ownership change and quarterly institutional ownership change do not show significant influence. We also use a Fama-MacBeth approach to compare the results from GMM estimation and we find that the results are similar. / This thesis consists of two related parts. In the first part, we develop a method to extract insider ownership information from insider transaction reporting files and by combining it with quarterly institutions holding report data, we obtain quarterly ownership structure for most common stocks listed in CRSP tape. We use ownership structure and quarterly ownership change to analyze how insiders, large institutions and individual investors differ from each other in their holding preference to stock characteristics and trading behavior. We find that, these three kinds of investors have significant difference in holding preference to size, price, monthly turnover, previous 12-months return. They also show significant difference in trading behaviors. Basically, institutions are momentum trader, and are interested in "growth" stocks. Insiders are anti-momentum trader, they sell more when past return is higher and they more focus on "value" stocks. / Zhu, Honghui. / "September 2002." / Source: Dissertation Abstracts International, Volume: 64-11, Section: A, page: 4150. / Supervisors: Jia He; Xiaoqiang Cai. / Thesis (Ph.D.)--Chinese University of Hong Kong, 2002. / Includes bibliographical references (p. 94-101). / Electronic reproduction. Hong Kong : Chinese University of Hong Kong, [2012] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Electronic reproduction. Ann Arbor, MI : ProQuest dissertations and theses, [200-] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Abstracts in English and Chinese. / School code: 1307.

Univ., Diss.--Frankfurt am Main, 2002.

Thesis (Ph. D.)--University of Missouri-Columbia, 2004. / Typescript. Vita. Includes bibliographical references (leaves 52-55). Also available on the Internet.

Thesis (Ph. D.)--University of Missouri-Columbia, 2004. / Typescript. Vita. Includes bibliographical references (leaves 52-55). Also available on the Internet.

Thesis (Ph. D.)--University of California, San Diego, 1999. / Vita. Includes bibliographical references.

Thesis (Ph. D.)--UCLA, 2008. / Vita. Includes bibliographical references.

M.A. (Industrial Relations) / Please refer to full text to view abstract

Yuen, San Wing. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2010. / Includes bibliographical references (leaves 58-61). / Abstracts in English and Chinese. / Chapter 1 --- Introduction --- p.1 / Chapter 2 --- Literature review and hypothesis development --- p.5 / Chapter 2.1 --- Going private --- p.5 / Chapter 2.2 --- Tunneling and the expropriation of minority shareholders --- p.9 / Chapter 2.3 --- Our hypotheses --- p.12 / Chapter 3 --- Samples --- p.15 / Chapter 3.1 --- Sample construction --- p.15 / Chapter 3.2 --- Sample description --- p.16 / Chapter 3.3 --- Corporate governance and financial variables --- p.18 / Chapter 3.4 --- Related party transactions --- p.21 / Chapter 4 --- Empirical analysis --- p.23 / Chapter 4.1 --- Event study results --- p.23 / Chapter 4.2 --- Negative premium --- p.34 / Chapter 4.3 --- Insider trading --- p.37 / Chapter 4.4 --- The decision to go private --- p.39 / Chapter 4.4.1 --- Sample matching --- p.39 / Chapter 4.4.2 --- Comparison between going private companies and public companies --- p.41 / Chapter 4.5 --- Logit regression analysis on going private decision --- p.43 / Chapter 4.6 --- The value effect of the bidding firms --- p.46 / Chapter 5 --- Conclusion --- p.49 / Chapter A --- Privatized companies included in the sample with announcement dates --- p.51 / Chapter B --- Methodology of event study --- p.53 / Chapter C --- Bidder companies --- p.55 / Chapter D --- A list of definition of variables --- p.56 / Reference --- p.58

University of Macau / Faculty of Social Sciences and Humanities / Department of Government and Public Administration