abstract: Private placement is an important financing tool for listed companies in China, and the lock-up arrangement is its supporting system. The Efficient Market Hypothesis suggests that, if investor expectations are unbiased, there will be no abnormal fluctuations in the stock prices of listed companies before and after the unlocking day. However, around the time of the unlocking of private placement shares, the stock prices generally show a V-shaped pattern. Through the empirical analysis of the Chinese A-share stocks from May 8th,2006 to December 31st, 2016, I found that from the 40th day before the unlocking day to the 90th day after, the stock price showed an evident first-downward-then upward trend. The lowest price appeared near the unlocking day. Meanwhile, the greater stocks fall before the unlocking day, the greater prices rise after that. The characteristics of the distinctive difference between the stock prices before and after the unlocking day can provide investment opportunities. By reviewing research on investor behavior, this paper suggests that the V-shaped pattern can be explained by the influence of investors’ psychological factors on their trading behavior. The general performance of the stocks before the unlocking day is negative due to the increasing uncertainty perceived by investors. After the unlocking day, the uncertainty gradually disappears and the stock rebounds. In addition, I found that stock returns during the lock-up period, shareholder background, and the length of lock-up period also had significant impacts on the V-shaped price trend. / Dissertation/Thesis / Doctoral Dissertation Business Administration 2018

Since 2000, the Chinese securities market has introduced private placement refinancing programs from foreign markets. Private placement has gradually emerged as an important refinancing method for domestic listed companies in China. However, any emerging financing means has some drawbacks. In the case of the newly introduced private placements, its manifestation in the Chinese market is the significant fluctuations of stock prices before and after the expiration dates of the lockup periods for stocks issued through private placement and announcements of private placement plans (disclosure plans, receiving approval from the China Securities Regulatory Commission, etc.) and even significant declines, resulting in most investors suffering unexpected losses. Scholars abroad have conducted several systematic and extensive studies on private placement. However, owing to the short history of private placement practice in China and its unique features, research on this subject is limited. With its gradual maturity, the private placement practice has gradually emerged as important means of financing consideration for listed companies in China. Therefore, in-depth research on the effects of private placements becomes essential.From 2013 to 2016, the domestic private placement market was wisely popular. By the end of 2016, the number of private placement projects, the amount of investment, and number of unlocked stocks had reached the peak. The release of large amounts of money significantly impacted the market. Investors observed the impact of the unlocked stocks on excess returns. Moreover, the company’s announcement before and after the lock-in period expiration has a psychological effect on investors, thus affecting their investment behaviors. Therefore, this empirical study focuses on the two types of impacts: excess returns and announcement effects. This study selected the data of unlocking through private placement of A shares in 2013–2016 as the sample and adopted statistical methods to analyze changes in excess return over the Shanghai and Shenzhen 300 Index of 10 days before and after the lock-in period expiration date of private placements. It is found that the negative impact of unlocking on the stock price is mainly reflected before unlocking, especially in the 5 trading days before unlocking. The negative impact is not significant after unlocking. Then, by grouping comparison, it is shown that for stocks with different market capitalizations, company ownership structures, and percentages of unlocked stocks over total shares outstanding, there are significant differences in the cumulative excess returns before and after the lock-in period expiration dates. For further verification, this study applies multiple regressions on the influencing factors of the cumulative excess return of stocks before, during, and after unlocking, indicating that the level of market capitalization of the stock, company ownership structure, and the percentage of unlocked stock indeed exert a negative impact. Therefore, it is confirmed that investors can formulate the best trading strategy before and after unlocking, based on factors such as market capitalization, company ownership structure, and percentages of unlocked stock. Finally, a case study of Huangshan Tourism is carried out to further support the conclusion of the empirical analysis. / Business Administration/Finance

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This study is a focus on a small minority group within Australian society. This study attempts to explore and expose the inherent injustices experienced by this Aboriginal group since colonization. Its major focus is the loss of their land and their human rights and dignity subsequent to this invasion/ colonization. It also attempts, subsequent to the High Court decision in favour of Aboriginal land ownership, to also theologically support that stance. This study exposes the heretical nature of the traditional theology and religious practices of the dominant white population. It also tries to show the correlation with the experience of the Maori people in New Zealand and how they lost their land to the British Monarch. It then attempts some directives for reconciliation between these peoples and what could be done to restore the damage done since 1788. / Theology / M.Th. (Systematic Theology)

This study is a focus on a small minority group within Australian society. This study attempts to explore and expose the inherent injustices experienced by this Aboriginal group since colonization. Its major focus is the loss of their land and their human rights and dignity subsequent to this invasion/ colonization. It also attempts, subsequent to the High Court decision in favour of Aboriginal land ownership, to also theologically support that stance. This study exposes the heretical nature of the traditional theology and religious practices of the dominant white population. It also tries to show the correlation with the experience of the Maori people in New Zealand and how they lost their land to the British Monarch. It then attempts some directives for reconciliation between these peoples and what could be done to restore the damage done since 1788. / Theology / M.Th. (Systematic Theology)