Dissertations / Theses on the topic 'Capital market (China)'
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Liu, Xiaoli. "Agriculture and the operation of the capital market in China." Thesis, University of Aberdeen, 2009. http://digitool.abdn.ac.uk:80/webclient/DeliveryManager?pid=92519.
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This thesis considers China’s rural financial system and its impact on rural economy. It explores three specific aspects, i.e. the relationship between agricultural growth and finance; agricultural banking efficiency and financial reforms; and the impact of lack of access to credit on production. The results of the general finance-growth relationship over 1992 to 2003 indicate no evidence of a positive relationship between state finance and agricultural or overall growth, although, perhaps as a result of the reforms, this negative impact seemed to disappear when the later sub-period was considered. The results also suggest that the impact of the lagged state credit variable on growth is positive. There is also weak evidence that agriculture growth was less negatively affected by state lending than in the economy overall. There is also some indication that the changes which occurred after the 1993 financial reform were less in agriculture than for the wider economy. Examination on the performance of the Agricultural Bank of China (ABC) over the period 1979 to 1992 and 2002 to 2005 show that ABCs’ performance fluctuated over years. However, the overall comparison between the beginning and end of the period indicates an improvement in banking performance in the long-term.
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Pang, Chung-kit, and 彭仲傑. "Financial market and Hong Kong economy." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1991. http://hub.hku.hk/bib/B31265066.
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Pan, Xi. "THE LABOR MARKET, POLITICAL CAPITAL, AND OWNERSHIP SECTOR IN URBAN CHINA." UKnowledge, 2010. http://uknowledge.uky.edu/gradschool_diss/788.
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Over the past three decades, economic reforms have brought about dramatic changes in China. The wave of structural and economic reforms regarding the State-owned Sector (SOS), and the surge of the Non-State-owned Sector (NSOS), have influenced returns in the labor market, such as the returns concerning human capital and political capital in urban China. Presumably, the NSOS would be more marketed-oriented compared to the SOS, and it would have different returns concerning political capital, as represented by Chinese Communist Party (CCP) membership. This is likely because the NSOS would not value Party membership as much as the SOS does. The question of how Party membership is rewarded in the two sectors might also change with the development of the two ownership sectors, as more time passes since the establishment of the economic reforms.
I examine whether CCP members display any earnings advantage in these two sectors, and I also explore how such an advantage might have changed over time. Unlike most of the previous studies that have focused on earnings in urban China, I treat Party membership affiliation and ownership sector selection as being endogeneous. I apply the Mlogit -OLS two-stage selection correction estimation proposed by Lee (1983) and discover evidence which suggests that Party membership serves as a proxy for both political and productive skills. A flat Party premium in the SOS and a decreasing Party premium in the NSOS suggest that the Party card served a similar function in the payment scheme present in the SOS during this three year span, whereas the NSOS valued political capital by a decreasing amount over time.
The evidence presented in my dissertation indicates that economic reforms tend to mitigate the earning advantage of Party members that occurs as a result of unequal treatment based on Party membership. This evidence suggests that CCP membership is losing its earning power, at least in the NSOS. In addition, the CCP members sacrifice the benefits previously possessed in the adaptation to the transformed economic environment in urban China. However, the rewards to other forms of human capital have increased over time.
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Kwok, Man-hin, and 郭汶軒. "Urban regeneration and social capital: a casestudy of Graham Street market." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2011. http://hub.hku.hk/bib/B46737236.
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Liu, Yunhua. "Institutional constraints and mobility of labor and capital in rural China." The Ohio State University, 1993. http://catalog.hathitrust.org/api/volumes/oclc/33051234.html.
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Kleinbrod, Annette. "The Chinese capital market : performance, parameters for further evolution, and implications for development /." Wiesbaden : Dt. Univ.-Verl, 2006. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=014957492&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.
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Tsang, Yat-ming, and 曾日明. "Risk and return in financial markets: a studyof the Hong Kong stock market." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1991. http://hub.hku.hk/bib/B31976736.
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Lao, Iok Son. "The relationship between FDI, Wage, Human Capital and GDP : a study on China market." Thesis, University of Macau, 2008. http://umaclib3.umac.mo/record=b1951099.
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Du, Shengchen. "Social capital, institutional constraints, and labor market outcomes :evidence from university graduates in China." HKBU Institutional Repository, 2019. https://repository.hkbu.edu.hk/etd_oa/653.
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The effect of social capital on labor market outcomes is a key concern in sociological studies. Even though there are extensive studies on this topic, with the worldwide expansion of higher education, insufficient scholarly efforts have so far been devoted to understanding access to social capital in the educational setting and labor market impact of social capital for well-educated individuals. Moreover, studies on social capital and migration tend to focus on the role played by social capital on migration decisions and outcomes, contingency impact of social capital on migrants' labor market outcomes are not well understood. To fill the knowledge gap, this research is to examine undergraduates' social capital accumulation and mobilization on campus, and the associated outcomes for their job seeking, with the particular focus on 1) the impact of macro institutions on migrant students' social capital accumulation and mobilization; 2) contingency impact of social capital on labor market outcomes. Combining primary data from in-depth interviews in Tianjin and secondary data collected in Nanjing, China, I examine the different processes of social capital accumulation and mobilization between local and migrant students on campus, and associated labor market outcomes between local and returned migrant students. Findings of this study suggest that university provides an important context for undergraduates to establish social ties and accumulate social capital. By attending higher education institutions, especially elite ones, students gain opportunities to build exclusive social connections on campus. However, opportunities to accumulate social capital on campus are highly structured between local and migrant students because of the household registration system. Moreover, data from in-depth interviews have demonstrated that migrant students suffer disadvantaged capacities to mobilize social capital compared to their local counterparts. The household registration system deprives migrant populations of access to some local employment opportunities, such as government and government-affiliated organizations, migrant students suffer from weaker job information and influence when mobilizing their social capital. Further, by analyzing survey data from Nanjing, it has verified the institutional contingency impact of social capital upon the household registration system between local and returned migrant students. Both total and university-based social capital increases local students' chance to get a desirable job but does not do so for returned migrant students. The central argument of the study is that institutional constraints, such as the household registration system, could lead to different capacities for the accessibility and mobilization of social capital among local students, migrant students, and returned migrant students, finally leading to differential labor market outcomes in Chinese cities.
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Bassett, Emily. "The Effect of Chinese Capital Control Liberalizations on Shanghai Stock Market Integration." Scholarship @ Claremont, 2018. http://scholarship.claremont.edu/cmc_theses/1746.
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This paper uses an event study in combination with Granger causality tests to analyze the effects of capital control liberalizations in China. The AH Premium between the Shenzhen and Hong Kong Stock Exchanges and the Shanghai and Hong Kong Stock Exchanges in addition to the total returns of the Shanghai Composite are all used to measure the effect of each event. The results are most significant in the Shenzhen-Hong Kong AH premium, but the overall market reaction to each liberalization event was minimal. The Granger causality tests studied relationships between the Shanghai Composite, the S&P 500, the FTSE 100, the Hang Seng, and the All-Ordinaries Index. Results showed the strongest Granger causal relationships between Shanghai, Hong Kong, and Australia. Overall, the Granger causality results are inconsistent with the theory that increased currency liberalization in China causes increased integration with other major global markets.
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Huang, Wei. "Essays on international asset pricing." Diss., Georgia Institute of Technology, 2001. http://hdl.handle.net/1853/29368.
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Moazzin, Ghassan. "Networks of capital : German bankers and the financial internationalisation of China (1885-1919)." Thesis, University of Cambridge, 2017. https://www.repository.cam.ac.uk/handle/1810/267734.
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This dissertation examines the hitherto neglected role foreign, and specifically German, bankers played in the Chinese economy and the history of modern economic globalisation in China during the late 19th and early 20th centuries. By following the history of the German Deutsch-Asiatische Bank (DAB) during the last two decades of the Qing dynasty and the first years of the Chinese republic, this dissertation shows how the interaction between foreign bankers and Chinese officials, bankers and entrepreneurs led to the rapid internationalisation of Chinese finance, both in terms of public finance and the banking sector of China’s treaty port economy. Unlike most previous literature, which only depicts foreign banks in modern China as mere manifestations of foreign imperialism, this dissertation demonstrates that foreign banks acted as intermediary institutions that financially connected China to the first global economy and provided the financial infrastructure necessary to make modern economic globalisation in China during the late 19th and early 20th centuries possible. At the same time, this dissertation stresses the importance of Chinese agency for the operation of foreign banks in China’s treaty ports and shows that the interaction between foreign bankers and Chinese actors was made up as much of cooperation as of conflict. In sum, this dissertation not only furthers our knowledge of the role foreign banks played in the modern Chinese economy, but also contributes to our understanding of how China was financially integrated into the first global economy.
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朱紫瓊 and Chi-king Chu. "The penetration of Japanese capital in the commercial property market in Hong Kong and its possible impact on urban design." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1990. http://hub.hku.hk/bib/B31979701.
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Yuen, Moon-chuen, and 袁滿泉. "An empirical test of the arbitrage pricing theory in the Hong Kong stock market." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1985. http://hub.hku.hk/bib/B31263513.
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Tsang, Yuk-fong Elly, and 曾玉芳. "The employment of debt securities in Hong Kong: a study of the market's past developments, recent growthsand future prospects." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1986. http://hub.hku.hk/bib/B3126363X.
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Huang, Angela Lin. "A study of Beijing‘s competitive advantage as an emergent media capital." Thesis, Queensland University of Technology, 2012. https://eprints.qut.edu.au/57974/1/Angela_Huang_Thesis.pdf.
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The development of creative industries has been connected to urban development since the end of the 20th century. However, the causality of why creative industries always cluster and develop in certain cities hasn‘t been adequately demonstrated, especially as to how various resources grow, interact and nurture the creative capacity of the locality. Therefore it is vital to observe how the local institutional environment nurtures creative industries and how creative industries consequently change the environment in order to better address the connection between creative industries and localities.
In Beijing, the relocation of CCTV, BTV and Phoenix to Chaoyang District raises the possibility of a new era for Chinese media, one in which the stodginess of propaganda content will give way to exciting new forms and genres. The mixing of media companies in an open commercial environment (away from the political power district of Xicheng) holds the promise of more freedom of expression and, ultimately, to a =media capital‘ (Curtin, 2003). These are the dreams of many media practitioners in Beijing. But just how realistic are their expectations? This study adopts the concept of =media capital‘ to demonstrate how participants, including state-media organisations, private media companies and international media conglomerates, are seeking out space and networks to survive in Beijing. Drawing on policy analysis, interviews and case studies, this study illustrates how different agents meet, confront and adapt in Beijing. This study identifies factors responsible for the media industries clustering in China, and argues that Beijing is very likely to be the next Chinese media capital, after enough accumulation and development, although as a lower tier version compared to other media capitals in the world. This study contributes to Curtin‘s =media capital‘ concept, develops his interpretation on the relationship of media industries and the government, and suggests that the influence over the government of media companies and professionals should be acknowledged. Therefore, empirically, this study assists media practitioners in understanding how the Chinese government perceives media industries and, consequently, how media industries are operated in China. The study also reveals that despite the government‘s aspirations, China‘s media industries are still greatly constrained by institutional obstacles. Hence Beijing really needs to speed up its pace on the path of media reform, abandon the old mindset and create more room for creativity. Policy-makers in China should keep in mind that the only choice left to them is to further the reform.
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Xu, Suichen. "Securities law violation and reputation loss in the Chinese capital market." Thesis, Queensland University of Technology, 2018. https://eprints.qut.edu.au/119190/1/Suichen_Xu_Thesis.pdf.
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This thesis examines reputation loss of firms violating Securities Law in China, where the legal system is incomplete and legal enforcement is weak. I find that reputation loss plays an important role in disciplining fraudulent Chinese firms, even in state-owned firms. The reputation loss is directly related to deteriorating 'terms of trade'. Restructuring firm through merger and acquisition (M&A) is ineffective in restoring damaged reputation in the short run.
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Lu, Fei Accounting Australian School of Business UNSW. "The reform of the split share structure in China and its effects on the capital market: an empirical study." Awarded by:University of New South Wales. School of Accounting, 2007. http://handle.unsw.edu.au/1959.4/29418.
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This thesis investigates the impact of the reform of the split share structure on the Chinese capital market. It adopts an event study methodology to examine the share price performance around the announcements of the reform and its predicted determinants, the type and level of consideration by using a sample of the top 300 companies listed in the combined Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE). I find the three-day cumulative abnormal returns (CAR) to be negative and significant around government announcement of the reform on 29 April 2005, but the three-day CAR around company???s announcement of the reform to be positive and significant. I attribute this change of sentiment by the market to the release of information about the reform process concerning features such as type and level of consideration. I also regress the company???s CAR on the type and level of consideration and find evidence to suggest that type of consideration matters, where investors prefer payment of shares from capital reserves or retained profits, cash, warrants or any combination of these methods as opposed to payment of shares from non-tradable shareholders. However, I observe no relation between level of consideration and CAR. I interpret this reaction to be that investors perceive that the consideration level is fair and reasonable based on the company???s financial and operating conditions. These results imply that the reform of the split share structure exerts a positive impact on a company???s share price and the extent of impact is a function of the type of consideration.
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Tang, Alex Yee Yuk. "Can stock visibility or neglected-firm effect help explain the outperformance of HK-listed mainland companies?" HKBU Institutional Repository, 2016. https://repository.hkbu.edu.hk/etd_oa/572.
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This study examines factors that affect share prices for Hong Kong-listed mainland companies by examining the outperformance of H-shares and red chips compared with local large-cap stocks on the Hong Kong Stock Exchange in 2013 and 2014. To the best of my knowledge, this is the first empirical study focusing on these three types of stocks. In efficient markets, share prices should reflect the fundamentals of the listed companies, as revealed by the firm's earnings. If the assumption of market efficiency is relaxed, or markets are less efficient due to institutional factors, the correlation will be less pronounced. In this regard, I examine the links between firm performance, stock visibility, and share price movements. I find that the fundamentals of listed firms do not account for the superior price performance in the case of H-shares. By contrast, the price performance of Hong Kong large-cap stocks and red chips is more closely correlated to earnings. In addition, the hypothesis that the neglected-firm effect plays a role in the relationship between firm performance and stock returns of Hong Kong-listed China-related companies is not supported. Instead, I find support for the hypothesis that stock visibility acts as a moderator in the relationship between firm performance and stock returns, particularly in the case of China-related shares. With the introduction of stock visibility, the effect of Return on Equity (ROE) on stock returns is reduced, but still significantly positive. This indicates that stock visibility partially mediates the link between firm performance and stock returns, supporting the mediation hypothesis. By revealing the limited link between fundamentals and share prices in H-shares, this study also supports the notion, found in other studies, that market efficiency is less applicable to China H-shares in particular and the Hong Kong financial market in general.
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Powers, Victoria. "Equity financing: a look at new equity issuesin manufacturing on the Hong Kong stock exchange from 1980-1985." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1987. http://hub.hku.hk/bib/B31263884.
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Surovtseva, Tetyana. "Essays on labor markets, migration and trade." Doctoral thesis, Universitat Pompeu Fabra, 2015. http://hdl.handle.net/10803/296804.
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In Part I of this thesis, I show that, when immigrants’ host and home countries engage
in trade, labor market returns to cultural capital specific to the trading partner increase.
Using two trade liberalization episodes, NAFTA and China’s accession to the WTO, I
examine how trade intensification between the US and Mexico, and the US and China
affects wages, employment and occupations of Mexican and Chinese descendants in the
US, respectively. I find that labor market demand for Mexican and Chinese descendants
increase as a result of trade intensification with Mexico and China. In Part II, I develop
a theoretical framework that integrates immigrant networks of heterogeneous qualities
and decisions about cultural assimilation and investment in education into the context
of a labor market with asymmetric information. I illustrate how network quality shapes
individual incentives to acquire education and to assimilate.En la Parte I de esta tesis, demuestro que cuando los países de origen y de destino de inmigrantes empiezan a comercializar entre ellos, el valor del capital cultural de los inmigrantes aumenta en el mercado laboral del país receptor. Uso dos episodios de liberalización comercial, y examino cómo el aumento en el comercio entre los EEUU y México, y China afectó los salarios, el empleo y la ocupación de mexicanos y chinos en EEUU. En la Parte II, se desarrolla un marco teórico que integra la red de inmigrantes de calidades heterogéneas, y las decisiones sobre la asimilación cultural y la inversión en la educación en el contexto del mercado de trabajo con información asimétrica. Ilustro como calidad de la red inmigrante determina los incentivos individuales para adquirir educación así como de asimilarse culturalmente en el país de destino.
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Yu, Kok-leung, and 余國樑. "A study of the rising roles of China state-owned and other Chinese capital insurance companies in the insurance market of Hong Kong andhow insurance companies can survive this impact." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1998. http://hub.hku.hk/bib/B31269539.
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Yu, Kok-leung. "A study of the rising roles of China state-owned and other Chinese capital insurance companies in the insurance market of Hong Kong and how insurance companies can survive this impact /." Hong Kong : University of Hong Kong, 1998. http://sunzi.lib.hku.hk/hkuto/record.jsp?B19872240.
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Li, Qiang, and n/a. "The Measurement of Short- and Long- Term Returns of Chinese Initial Public Offerings and the Identification of Corporate Governance Variables That May Explain These Returns." Griffith University. Griffith Business School, 2006. http://www4.gu.edu.au:8080/adt-root/public/adt-QGU20061017.155437.
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This thesis examines the relationship between the aftermarket performance of Chinese initial public offerings (IPOs) and corporate governance for firms that listed during the years 1999 to 2001. The primary objective of this study is to investigate the significance of corporate governance variables as explanations of IPOs aftermarket performance. By doing so, a set of hypotheses dealing with the relationships between IPO aftermarket performance and three categories of independent variables: corporate governance variables; issue variables; and control variables, were examined. The descriptive analysis indicates that IPOs in China continue to provide significant short-term returns to investors, although the level of underpricing has declined from that found in earlier studies. This finding suggests a growing level of maturity and sophistication in the Chinese IPO market. The analysis of long-term performance indicates negative returns to investors which is consistent with international evidence but challenges the bulk of prior Chinese studies. It is found that there is no significant relationship between corporate governance variables and IPO returns in the short-term with the exception of board composition, while IPO underpricing is primarily explained by the imbalance between supply and demand and the inefficient capital market in China. The significance of board composition can be explained by the launch of the new corporate governance code on board structures in 2001. Overall the empirical evidence shows that the Information Asymmetry Hypothesis is an appropriate explanation of the underpricing of Chinese IPOs. In the long-term, it is found that corporate governance variables do have explanatory power for the market performance of Chinese IPOs, in particular state ownership and the separation of Chairman and CEO, supporting the notion that corporate governance appears to be important to IPO investors in the long-term. It also confirms the view that investors are willing to pay a premium for the shares of what they consider to be well-governed firms in the long-term. Besides corporate governance variables, both issue variables and control variables are also found to have explanatory power in IPO aftermarket performance. In particular firm size, IPO offer price, IPO lottery rate and industry are significantly related to IPO short-term performance in China, while growth in earning per share, firm size and industry are related to the long-term market performance.
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郁家勇. "中國證券市場效率的實證分析." Thesis, University of Macau, 2003. http://umaclib3.umac.mo/record=b1636928.
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Johansson, Anders C. "Essays in empirical finance : volatility, interdependencies, and risk in emerging markets /." Göteborg : Dept. of Economics, School of Economics and Commercial Law, Göteborg University, 2007. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=016257928&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.
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董佩蓉. ""對賭協議" 主體合法性研究 =Study on the legitimacy of subjects of a "Valuation Adjustment Mechanism"." Thesis, University of Macau, 2016. http://umaclib3.umac.mo/record=b3570021.
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Veitz, Lukáš. "Analýza vybraných aspektů a rizik finančního a měnového systému ČLR v období 1995 – 2015." Master's thesis, Vysoká škola ekonomická v Praze, 2015. http://www.nusl.cz/ntk/nusl-264375.
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This thesis analyzes the development of financial system of the People's Republic of China in the period from 1995 to 2015. The thesis is solved in the continuing process of Chinese economy liberalization. Main goal of the thesis is to analyze particular aspects of Chinese financial and monetary system and point out its potential risks as well. To achieve this goal the method of analysis has been chosen, especially system analysis and sector analysis. The thesis shows that one of main risks of the liberalization of Chinese financial sector is especially growing loans volume in its economy which is connected in growing rate of non-productive loans respectively. Next risk is the structure of investors in capital market. Based on findings it is able to say the highest risk of banking sector is connected with growing shadow banking as the alternative financing method. The thesis finds the completing of capital account liberalization and interest rate liberalization to be important too. Main benefit of the thesis except of Chinese financial sector analysis is comparison of different point of views about forecasting of future of the Chinese economy.
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Töpfer, Laura-Marie. "Mapping Chinese cross-border finance : actors, networks and institutional development." Thesis, University of Oxford, 2017. https://ora.ox.ac.uk/objects/uuid:ce96e7cd-870f-4ca5-9583-6864dceff86a.
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This research project explores the rise of Chinese cross-border finance. Cross-border investment programmes have been at the heart of China's financial liberalisation. Yet, we know little about what drives the expansion of these new market entry channels and the effects they have on global finance. This thesis explores the role that formal and informal institutions play in China's financial system, by addressing three main research goals: (1) to rethink analytical frameworks of global financial networks, by shifting the focus to channels of state power; (2) to investigate how such formal institutions shape competitive hierarchies in financial markets, both inside and outside of China; (3) to demonstrate that informal institutions such as a common cultural identity are equally important to explain behaviour and outcomes in Chinese cross-border finance. The thesis pursues this agenda through four substantive papers, each with its own subset of research goals and findings. The papers follow a three-fold structure. The thesis begins with an analytical focus on agents (micro-level), by examining the evolution of state-firm relations in Chinese cross-border finance. The first paper develops a politically sensitive framework of global financial networks, which conceptualises how bargaining dynamics within China's party-state shape competitive hierarchies in Chinese capital markets. Drawing on these theoretical insights, the second paper breaks new empirical ground, by explaining the asymmetrical nature of market access criteria for foreign investors. The third paper zooms out on the global consequences that Chinese state control has for money centres (macro-level). It sheds light on how state-firm relations shaped London's development as the first Western offshore trading centre for Chinese currency. The fourth paper shifts the attention to the role of informal social institutions in Chinese equity markets. It presents the first empirical study of how a common cultural identity with Mainland China governs the behaviour of different investor categories (group-level). The thesis distils the following findings: Bargaining conflicts inside the Chinese party-state have a decisive impact on competitive outcomes and behaviour in Chinese cross-border finance, both domestically and globally. Strategic state interests form an interdependent relationship with the resources supplied by foreign investors and domestic corporate players. Domestically, these resource interdependencies explain the asymmetrical nature of market access under China's cross-border investment schemes. Globally, the shift in state-firm bargaining dynamics from strategic alignment to an increasing bifurcation of interests explains the patchy integration of RMB finance into London's financial architectures. Informal social institutions equally shape competitive outcomes in China's capital markets. Whilst the literature identifies shared cultural identity as a source of local information advantage, this thesis finds the opposite: A common cultural background with national Chinese investors reduces information asymmetries for foreign investors but it does not equate to local information advantages. Overall, the four substantive papers add up to a multifaceted yet integrated perspective on the drivers, dynamics and consequences of Chinese cross-border finance. They clarify that the intersection of formal state governance and informal social forces is essential for understanding how the spread of neoliberal market forces unfolds across Chinese capital markets. This thesis thus affirms that space and place remain central to our understanding of financial market outcomes.
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Li, Cheng. "Integration of China's domestic market during the reform era." Phd thesis, Université Paris-Est, 2009. http://tel.archives-ouvertes.fr/tel-00559256.
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On the occasion of the thirtieth anniversary of China's economic transition, this thesis deals with several facets of the integration of Chinese domestic market over such an exciting era. Chapter 1 discusses first a variety of institutional reforms aimed at reinforcing the central control over regional affairs and improving the integration of domestic market. Several stylised facts about the local protectionism, which come from a recent survey implemented by a respected institution, are also illustrated in the chapter. Chapter 2 offers a brief review of the literature relative to China's internal integration. Generally speaking, the studies have proceeded along six major lines: similarity of production structure, price convergence, synchronization of business cycles, domestic trade linkages, interregional capital mobility and population migration. Chapter 3 examines the trade pattern within China. In the spirit of McCallum (1995), we find that after controlling for various traditional gravity factors, the trade flows within a Chinese province are 23 to 28 times as dense as those between provinces over the period of 1992-2003. Such findings suggest a highly fragmented product market within China. A trend toward market integration is, however, derived from the evolution analysis. The regressions by sub-period samples show that since the mid-1990s, the magnitudes of border effects have exhibited a dramatic decline. Chapter 4 investigates the capital mobility and capital allocation efficiency among Chinese provinces. We show first that the provincial savings and investment rates are significantly and positively correlated over the period of 1978-2006. According to the Feldstein-Horioka's argument (1980), this relationship can be interpreted as evidence of low capital mobility. Furthermore, by testing the causality between provincial aggregate investment and income, we fail to provide consistent evidence to support the hypothesis of efficient capital allocation in China. Chapter 5 addresses the labor force migration among Chinese regions. After a short introduction of reforms of hukou system, we derive a simple wage gap equation including education level, market potential and provincial border indicator as explaining variables. In using city and sector-level data, we find that other things being equal, the wage dispersions within provincial borders are significantly less pronounced than those among provinces over the period of 2003-2005. According to the law of one price, such findings imply a weak mobility of labor force among provinces.
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Krings-Ernst, Dennis. "Corporate Finance in China and India The Role of Capital Markets and the State in the financing of Organizations and the Prospects for Multinational Mergers /." St. Gallen, 2005. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/03605573001/$FILE/03605573001.pdf.
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"Cross market monitoring on financial markets." 2001. http://library.cuhk.edu.hk/record=b5890653.
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by Lee Yue, Wefield.Thesis (M.Phil.)--Chinese University of Hong Kong, 2001.
Includes bibliographical references (leaves 105-111).
Abstracts in English and Chinese.
Abstract --- p.I
Abstract (Chinese) --- p.II
Acknowledgement --- p.III
Table of Content --- p.IV
List of Figures --- p.VII
List of Tables --- p.VIII
Chapter 1 --- Introduction --- p.1
Chapter 1.1 --- Background --- p.1
Chapter 1.2 --- Motivation --- p.2
Chapter 1.3 --- Organization --- p.4
Chapter 2 --- Literature Review --- p.5
Chapter 2.1 --- Market Monitoring --- p.5
Chapter 2.1.1 --- Regulatory Framework --- p.5
Chapter 2.1.2 --- Surveillance Technology --- p.6
Chapter 2.2 --- Cross Market Relationship --- p.7
Chapter 2.3 --- Knowledge Management --- p.9
Chapter 2.3.1 --- From Data and Information to Knowledge --- p.9
Chapter 2.3.2 --- From Knowledge to Knowledge Management --- p.10
Chapter 3 --- Market Activities and Market Surveillance --- p.13
Chapter 3.1 --- Overview of Market Structure --- p.13
Chapter 3.1.1 --- Monetary Market --- p.13
Chapter 3.1.2 --- Stock and its Derivatives Market --- p.14
Chapter 3.1.3 --- Futures --- p.19
Chapter 3.2 --- Cross-Market Activities and Manipulation --- p.20
Chapter 3.3 --- Monitoring and Surveillance --- p.22
Chapter 3.4 --- Stock Monitoring Systems --- p.23
Chapter 4 --- Financial Knowledge Management (FKM) Model --- p.27
Chapter 4.1 --- Introduction --- p.27
Chapter 4.2 --- Knowledge Management cycle --- p.28
Chapter 4.2.1 --- Information Collection --- p.29
Chapter 4.2.2 --- Information Storage --- p.29
Chapter 4.2.3 --- Knowledge Generation --- p.30
Chapter 4.2.4 --- Knowledge Dissemination --- p.30
Chapter 4.3 --- The 4 levels of FKM --- p.31
Chapter 5 --- Level 1: Range Detection --- p.32
Chapter 5.1 --- Basic idea --- p.32
Chapter 5.2 --- Detection cycle --- p.32
Chapter 5.3 --- Mathematical Model --- p.32
Chapter 5.4 --- Knowledge generation --- p.34
Chapter 6 --- Level 2: Momentum Detection --- p.36
Chapter 6.1 --- Basic idea --- p.36
Chapter 6.2 --- Detection cycle --- p.36
Chapter 6.3 --- Mathematical Model --- p.37
Chapter 6.4 --- Knowledge generation --- p.38
Chapter 7 --- Level 3: Case Detection --- p.40
Chapter 7.1 --- Basic Idea --- p.40
Chapter 7.2 --- Technical Analysis --- p.40
Chapter 7.3 --- Details and Characteristics of Chart Patterns --- p.41
Chapter 7.3.1 --- Continuation and Reversal Patterns --- p.41
Chapter 7.3.2 --- Bar Charts --- p.42
Chapter 7.3.3 --- Different Patterns --- p.42
Chapter 7.4 --- Mathematical Model --- p.54
Chapter 7.4.1 --- Smoothing of Data 一 Exponential Smoothing --- p.55
Chapter 7.4.2 --- Recognition of Different Patterns --- p.57
Chapter 7.4.3 --- Detection Cycle --- p.59
Chapter 7.5 --- Knowledge generation --- p.60
Chapter 8 --- Level 4: Scenario Detection --- p.62
Chapter 8.1 --- Basic idea --- p.62
Chapter 8.2 --- Detection cycle --- p.65
Chapter 8.2.1 --- RETRIEVE --- p.66
Chapter 8.2.2 --- REUSE --- p.75
Chapter 8.2.3 --- REVISE --- p.76
Chapter 8.2.4 --- RETAIN --- p.82
Chapter 8.3 --- Knowledge Generation --- p.82
Chapter 9 --- Experiments and Research Findings --- p.85
Chapter 9.1 --- Experiments on Monitoring and Detection --- p.85
Chapter 9.1.1 --- Precision and Recall --- p.85
Chapter 9.1.2 --- Architecture of FKM --- p.86
Chapter 9.1.3 --- Experiment and Result Analysis --- p.88
Chapter 9.2 --- Evaluation of Knowledge Management --- p.89
Chapter 9.2.1 --- Evaluation Design --- p.90
Chapter 9.2.2 --- Result Analysis --- p.91
Chapter 10 --- Conclusion and Future Work --- p.94
Chapter 10.1 --- Conclusion --- p.94
Chapter 10.2 --- Future Direction --- p.95
Appendix I A Survey on Investors of Hong Kong --- p.96
Appendix II Theories on Cross-Market Relation --- p.99
Appendix III Mathematical Model for Patterns --- p.102
Bibliography --- p.105
33
"Twin research reports on the development of Hong Kong dollar capital market: the borrowers' perspectives. Creative financial engineering." Chinese University of Hong Kong, 1989. http://library.cuhk.edu.hk/record=b5886000.
Full text
34
"The growth of the Hong Kong capital market and the factors influencing its growth." Chinese University of Hong Kong, 1990. http://library.cuhk.edu.hk/record=b5886353.
Full textAbstract:
by Chan Yiu Keung, Victor.Thesis (M.B.A.)--Chinese University of Hong Kong, 1990.
Bibliography: leaves 77-78.
TABLE OF CONTENTS --- p.i
LIST OF CHARTS/TABLES --- p.ii
LIST OF APPENDIX --- p.iii
CHAPTERS
Chapter 1 --- INTRODUCTION --- p.1-5
Chapter 2 --- HISTORY OF THE HONG KONG DOMESTIC CAPITAL MARKET --- p.6-13
Chapter 3 --- CAPITAL MARKET INSTRUMENTS --- p.14-23
Chapter 4 --- HOW THE MARKET HAS STARTED TO BOOM --- p.24-32
Chapter 5 --- DIFFICULTIES IN STEPPING FURTHER --- p.33-39
Chapter 6 --- RECENT DEVELOPMENT --- p.40-42
Chapter 7 --- DEMAND FOR CAPITAL MARKET INSTRUMENTS 一 INVESTORS' RISK --- p.43-52
Chapter 8 --- DEMAND FOR CAPITAL MARKET INSTRUMENTS - INVESTORS' RETURN --- p.53-56
Chapter 9 --- SUPPLY OF HONG KONG DOLLAR CAPITAL MARKET INSTRUMENTS --- p.57-65
Chapter 10 --- CONCLUSION --- p.66-69
FOOTNOTES --- p.70-72
APPENDIX --- p.73-76
BIBLIOGRAPHY --- p.77-78
35
"The transmission of US monetary policy shocks to China." 2012. http://library.cuhk.edu.hk/record=b5549657.
Full textAbstract:
在全球化和改革開放的進程中，中國在各方面巳經取得了長足的進步，另一方面，外來衝擊也更容易侵入。在本文中我們主要關注世界上最大的兩個經濟體，中國和美國，通過貨幣政策所產生的聯繫。我們建立了若干個VAR 模型來分析美國貨幣政策的改變對於中國的影響以及意義。我們發現，匯率波動是最主要的傳導渠道。基於這一點，文中的分析被劃分為兩個子時間段，以2005 年7 月的匯率改革為分隔點。在兩個時間段中，擴張性的美國貨幣政策衝擊都會引起流入中國的國際資本顯著增加，並以非FDI 的“熱錢"流入為主。在匯率改革之前，這一資本流入主要引起不可貿易品的需求增加，從而其相對價格提高，引起實際匯率升值，而對於經常賬戶和貿易收支的影響較小。相比之下，在匯率改革之後，這一資本流入引起的實際匯率升值主要通過名義匯率的調整來實現。雖然國內通貨膨脹壓力降低， 實際匯率波幅也沒有顯著上升，但是由於名義匯率變化對於出口的傳遞程度較高，貿易收支在短期內會明顯惡化。
為了增強分析的有效性和魯棒性，我們修改了VAR 的結構來觀察這一傳導機制隨著時間的演進。結果證明了最主要的轉折點出現在匯改附近，同時變量之間逐年的動態闕係也證明了以上的結論。
這些結果表明，在名義匯率和經常賬戶的穩定性，以及國內通貨膨脹的穩定性之間，存在著一個權衡關係。雖然對於浮動匯率制是否會帶來更高的實際匯率波動性本文並未發現很強的證據，但是我們觀察到它導致了經常賬戶更加劇烈的波動。在某些情況下，名義匯率升值甚至可以引起短暫的通貨緊縮現象，這在固定匯率制下是不會出現的。因此，邁向浮動匯率制的副作用不可被完全忽略，其中隱含的風險也在一定程度上說明了“浮動恐懼"這一普遍現象的合理性。
On the transition path to a more globalized and open economy, China has witnessed a great progress in many aspects; meanwhile, external shocks are more likely to invade. In this work we focus on the connection between two largest economies, China and the US, through the channel of monetary policy innovations. Several structural VAR models are developed to analyze what a change in monetary policy stance of US implies for the Chinese economy and why this is important.
The principal transmission channel is through adjustment in exchange rates. We divide our analysis into two sub-periods based on the exchange rate reform in July 2005. Across both periods following an expansionary US monetary policy shock there is a burst of capital inflows concentrated within the first year that are dominated by non-FDI inflows, i.e., “hot money“. Before the exchange rate reform, these capital inflows lead to a rise in the demand for non-tradable goods, driving up their relative price, thereby achieving a real exchange rate appreciation. The effect on trade balance is relatively small.
Comparatively, after the exchange rate reform, real exchange rate appreciates due to the surge of capital inflows more through changes in nominal exchange rate. The inflationary pressure is alleviated significantly, and the short-run volatility of real exchange rate slightly increases. However, the pass-through of nominal exchange rate changes into exports is much higher, resulting in a short-run deterioration in trade balance severely.
To verify the validity and enhance the robustness of our analysis, we revise the identifying VARs to investigate the evolution of transmission over time. We show that the most significant turning point of the transmission channel coincides with the exchange rate reform, and comparison among dynamics of variables on a year-by-year basis confirms the previous conclusions.
It seems that there is a trade-off between the stability of nominal exchange rate and the current account, on the one hand, and the stabilization of inflation, on the other hand. Although we find only weak evidence that a more free-floating nominal exchange rate will lead to higher volatility in the real exchange rate, it may introduce higher short-run volatility in the current account. In some cases the appreciation in nominal exchange rate even generates a transitory deflationary effect that is absent under the pegged system. Therefore, the side effects of stepping toward a flexible exchange rate regime must be considered; the potential risk it involves justifies the “fear of floating“ to some extent.
Detailed summary in vernacular field only.
Detailed summary in vernacular field only.
Detailed summary in vernacular field only.
Detailed summary in vernacular field only.
Yang, Minmin.
Thesis (Ph.D.)--Chinese University of Hong Kong, 2012.
Includes bibliographical references (leaves 101-110).
Electronic reproduction. Hong Kong : Chinese University of Hong Kong, [2012] System requirements: Adobe Acrobat Reader. Available via World Wide Web.
Abstract also in Chinese.
Abstract --- p.i
Acknowledgement --- p.v
Chapter 1 --- Introduction --- p.1
Chapter 1.1 --- Motivation --- p.1
Chapter 1.2 --- Contributions and Major Findings --- p.5
Chapter 1.3 --- Organization of the Thesis --- p.7
Chapter 2 --- Literature Review --- p.9
Chapter 2.1 --- Open Economy Theories --- p.9
Chapter 2.2 --- Empirical Research on International Transmission --- p.13
Chapter 2.3 --- China as an Open Economy --- p.15
Chapter 3 --- Theory --- p.18
Chapter 3.1 --- Traditional Theory --- p.18
Chapter 3.1.1 --- Transmission under Fixed Exchange Rate Regime --- p.19
Chapter 3.1.2 --- Transmission under Flexible Exchange Rate Regime --- p.25
Chapter 3.2 --- Specific Issues in China --- p.27
Chapter 3.2.1 --- Capital Control --- p.28
Chapter 3.2.2 --- Sterilization --- p.29
Chapter 3.2.3 --- Pass-through of Nominal Exchange Rate to Trade --- p.30
Chapter 3.3 --- Summary --- p.36
Chapter 4 --- Data and Methodology --- p.38
Chapter 4.1 --- Vector Autoregression --- p.38
Chapter 4.2 --- VARs models for the transmission of US monetary policy shocks to China --- p.41
Chapter 4.2.1 --- Benchmark VAR to IdentifyMonetary Policy Shocks in the US --- p.41
Chapter 4.2.2 --- Extend the Benchmark VAR to Include Chinese Variables --- p.45
Chapter 4.3 --- Data --- p.50
Chapter 5 --- Empirical Results --- p.57
Chapter 5.1 --- Overview --- p.57
Chapter 5.2 --- Transmission before the Exchange Rate reform --- p.59
Chapter 5.2.1 --- Capital Inflows --- p.59
Chapter 5.2.2 --- Exchange Rates and Prices --- p.62
Chapter 5.2.3 --- Trade and the Current Account --- p.64
Chapter 5.3 --- Transmission after the Exchange Rate Reform --- p.66
Chapter 5.3.1 --- Capital Inflows --- p.67
Chapter 5.3.2 --- Exchange Rates and Prices --- p.67
Chapter 5.3.3 --- Trade and the Current Account --- p.69
Chapter 5.4 --- Specific Issues in China --- p.70
Chapter 5.4.1 --- Capital Control --- p.71
Chapter 5.4.2 --- Sterilization --- p.71
Chapter 5.4.3 --- Pass-through of Nominal Exchange Rate to Trade --- p.72
Chapter 5.5 --- Summary --- p.77
Chapter 6 --- Robustness: Structural Break in the Transmission --- p.79
Chapter 6.1 --- Methodology --- p.80
Chapter 6.2 --- Empirical Results --- p.87
Chapter 6.3 --- Summary --- p.91
Chapter 7 --- Conclusion and Future Work --- p.92
Bibliography --- p.101
36
Chen, Lee-Min, and 陳麗敏. "Study on the Recent Development of the Capital Market in China." Thesis, 2004. http://ndltd.ncl.edu.tw/handle/11943265526639679155.
Full textAbstract:
碩士淡江大學
國際商學碩士在職專班
92
The fast growth of China’s economy has affected the world economy. It has changed the investment focus of foreign capital. Thus, it has become increasingly important to study China’s economical development as we used to study the “Taiwan Experience” in the past. The scholars in many countries have been highly drawn towards the future development of China’s economy. Someone said that the capital market is the economic window. I therefore hope to explore China’s economy through the research on the development of its capital market. This study is to briefly introduce the course of China’s economic reform and its current capital market status, by the statistics available before and after the reforms took place, in order to analyze the reforms results. Also, by the methods of Unit Root Test and Granger Causality Test, we try to prove such related variables as balance of trade surplus, money in circulation, foreign exchange reserves, foreign direct investment and their correlation with B Share price in order to interpret whether the rapidly developing economy in China can also bring about a rapidly developing in the stock market. The study result shows that there is an obvious causality relationship between currency in circulation and B Share price while other variables show no significant causality relationship with regard to B Share price. We infer that the participants of capital market are domestic people, and the capital market did not become the public's tool of investment. We suggest that the China’s capital market should accelerate to approve the good and private companies entry into the market, practice the market mechanism, enhancing the information dissemination and work towards the merger of A Share with the B Share.
37
KAO, SAM, and 高豪志. "A Survey for Mainland China using Hong Kong capital market funding." Thesis, 1998. http://ndltd.ncl.edu.tw/handle/37894167279279124192.
Full textAbstract:
碩士東吳大學
經濟學研究所
86
Hong Kong has been China's most important international stock funding center after 1992.Not only in the form or B shares,H shares and red chips,all had funding a lot of money for China's enterprises.
38
"The development of the Hong Kong debt market: a post-crisis analysis." 1999. http://library.cuhk.edu.hk/record=b5889496.
Full textAbstract:
by Ko Wai Cheung Stephen.Thesis (M.B.A.)--Chinese University of Hong Kong, 1999.
Includes bibliographical references (leaves 59-63).
ABSTRACT --- p.iii
TABLE OF CONTENTS --- p.iv
LIST OF ABBREVIATIONS --- p.vi
LIST OF TABLES --- p.vii
ACKNOWLEDGEMENTS --- p.viii
Chapter
Chapter I. --- INTRODUCTION --- p.1
Chapter II. --- METHODOLOGY --- p.8
Chapter III. --- HISTORY AND DEVELOPMENT OF DEBT MARKET --- p.10
Early history of debt instruments --- p.10
Development in the 80s --- p.11
Recent development --- p.12
Primary issues --- p.13
Market infrastructure and trading systems --- p.17
Chapter IV. --- RECENT INNOVATIONS AND HKMA'S EFFORTS --- p.24
Establishment of the Hong Kong Mortgage Corporation --- p.25
The role of Mandatory Provident Fund --- p.29
Chapter V. --- REGIONAL FORCES AND THREATS --- p.32
Syndication loan and credit crunch in the region --- p.32
The inadequacy of IMF rescue package --- p.35
Guarantee to distressed nations --- p.40
A market solution --- p.41
Emergence of Regional rivalry --- p.44
Chapter VI. --- PROSPECTIVE DEVELOPMENT --- p.47
H-bond market --- p.47
Listing of EFN and other quasi-government issues --- p.50
Trend of securitisation --- p.51
Chapter VII. --- CONCLUSION --- p.55
BIBILOGRAPHY --- p.59
39
Wan-JuHuang and 黃婉茹. "Mandatory Adoption of International Financial Reporting Standards and Cost of Capital: Evidence From China Capital Market." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/95669319974041529995.
Full textAbstract:
碩士國立成功大學
會計學系碩博士班
100
This study investigates the relationship between mandatory adoption of International Financial Reporting Standards(IFRS) and cost of capital of Chinese listed firms. We can evaluate and reference the changes of cost of capital of Taiwanese listed firms, after Taiwan mandatory adopting International Financial Reporting Standards, by investigating the changes of cost of capital of Chinese firms. Most of prior researches focused on examining the relationship between manda-tory adoption of IFRS and cost of equity capital, but there’re a few of researches focus on the relationship between mandatory adoption of IFRS and cost of debt capital. In addition, most of prior literatures selected sample from listed firms of European Union, and investigated the economic consequences after mandatory adopting International Financial Reporting Standard. However there’re short of literatures looking into the economic consequences after mandatory adopting or converging the International Financial Reporting Standard in Asia capital market. Using a sample of A-share listed firms of Shanghai and Shenzhen Stock Ex-change during the 2000-2009(2011) period. By comparing cost of capital of A-share listed firms during the 2000-2011 period, we observed the influence of Mandatory adoption IFRS on the change of cost of capital. Empirical results indicate that (1) During the 2000-2009 period, because of con-verging with IFRS and the improvement of legal enforcement, A-share listed firms’ cost of equity is become lower as the time pass by. (2) During the 2000-2011 period, because of converging with IFRS and the improvement of legal enforcement, A-share listed firms’ cost of debt is become lower as the time pass by.
40
"The information content of accruals in the emerging capital market of China." 2000. http://library.cuhk.edu.hk/record=b5890263.
Full textAbstract:
Song Yingkun.Thesis submitted in: December 1999.
Thesis (M.Phil.)--Chinese University of Hong Kong, 2000.
Includes bibliographical references (leaves 31-34).
Abstracts in English and Chinese.
41
Luo, Guqiang. "The role of information intermediaries in the capital market: Evidence from China." Phd thesis, 2021. http://hdl.handle.net/1885/247412.
Full textAbstract:
This thesis consists of three essays. In Essay 1, by developing a unique textual dictionary and implementing content analysis of firm-specific Chinese news articles, I examine the relation between news media and analyst forecast revisions in China. I document a significant positive relation between the tone (volume) of news articles and the direction (magnitude) of analyst forecast revisions. I also find stronger market reactions to, and higher accuracy of, revised forecasts for firms with more extensive news coverage. Further, the positive relation between news and analyst forecast revisions is more pronounced when firm reporting quality is low. Additional analysis shows that quantitative earnings-related news articles are more useful and informative to analysts. While the news tone for government-controlled firms is more optimistic, it seems analysts are able to unravel the possible positive bias and make forecast revisions of similar accuracy for both government-controlled firms and privately controlled firms. I further document a significantly positive relation between news articles by state-controlled newspapers and analyst forecast revisions, suggesting that state-controlled newspapers can provide information that has incremental value to Chinese securities analysts. However, the informativeness of information provided by state-controlled newspapers is reduced when they face greater political pressures.
In Essay 2, using brokerage mergers and closures in the Chinese capital market as two natural experiments that lead to an exogenous shock to analyst coverage, I examine how exogenous reductions in analyst coverage affect firm innovation. Using a difference-in-differences design, I find that, on average, firms affected by broker mergers or closures experience a reduction in their innovation inputs and outputs. My results are robust to various measures of innovation, including the quantity and quality of innovation outputs, innovation efficiency, and R&D investment intensity. The effect of an exogenous drop in analyst coverage on firm innovation is more pronounced for firms with worse information environments and more severe agency conflicts, such as those covered by less skillful analysts (as proxied by analysts' general experience, house experience, brokerage house size, and forecast accuracy), have a small number of analysts following, and controlled by government shareholders.
In Essay 3, I examine the effect of news coverage on corporate innovation in China, and how the characteristics of firms, news outlets and news articles affect this relation. I find that news coverage has a positive impact on corporate innovation measured by patent and citation counts, R&D investment intensity, and innovation efficiency. Despite enhancing in-house innovation, news spotlight reduces managers' needs in acquiring innovation from external channels. I also find that a firm's level of financial constraints and R&D intensiveness strengthen the positive effect of news coverage on innovation, whereas board independence, institutional ownership, corporate transparency, and state ownership attenuate this effect. My finding of a positive effect of news media on corporate innovation remains unchanged when using the 2SLS regression analysis to account for possible endogeneity issues. I further show that the informational and monitoring functions of news media are enhanced if the content of news articles is directly related to innovation and corporate governance, while the media's functions are impeded if newspapers are state-controlled, domiciled in the political center (i.e., Beijing) and socially connected with the firms under coverage.
42
"Value-relevance of cash flow information in Chinese capital market: a further investigation." 2001. http://library.cuhk.edu.hk/record=b5890608.
Full text
43
"Disclosure and market consequences of firm-specific news announcements in the emerging market of China." Thesis, 2003. http://library.cuhk.edu.hk/record=b6073945.
Full textAbstract:
A quality corporate disclosure environment is vital for an efficient market. The ultimate purpose of this thesis is to study the information environment of the Chinese capital market. There are different types of participants playing equally important roles in the smooth functioning of the Chinese capital market. I attempt to study the information issue from three different perspectives using three separate essays.Apart from raising the awareness on the importance of quality corporate disclosure in the smooth functioning of a capital market, this study provides evidence supporting the importance of a transparent information environment for analysts' earnings forecast accuracy and how opinion dispersion among financial analysts and investors at large affects subsequent stock returns. Allowing investors a thorough understanding of the Chinese capital market mitigates misconception and can help foreign funds and local investors to make investment decisions in the China capital market.
In my second essay, my focus is on financial analysts; examining the role of information disclosure and the accuracy of analysts' earnings forecasts. Using all the Chinese firms included in the I/B/E/S files, I evaluate the predictive accuracy of analysts' earnings forecasts. Apart from examining the relative forecast errors of the analyst vis-a-vis a naive forecast model as well as studying the determinants and explanatory variables of the differential analysts' forecast errors between groups of firms, regression analysis is also conducted to evaluate such determinants.
In my third essay, I recognize that investors at large react differently to information disclosed and my focus is on the dispersion of opinion among financial analysts. I examine the role of such differences in opinion in relation to the cross section of future stock returns in the Chinese capital market. Results show that stocks with higher dispersion in analysts' earnings earn lower return than otherwise similar stocks. Results also suggest that a more correct interpretation of dispersion in analysts' forecast is as a proxy for investors' opinion differences about a stock rather than as a proxy for risk.
In the first essay, my focus is on a general information user level, looking at what information is available in the capital market as disclosed by firms. My first essay analyzes the firm-specific news announcements for Chinese firms listed on the Shanghai and Shenzhen stock exchanges with foreign ownership (firms issuing B shares) to gain an understand of the current information disclosure environment in the China stock market. I establish a news database which permits an examination of the distributional characteristics of the news items by categories, firm nature and timing. This essay also reports a positive relation between frequency of news disclosure and the total market capitalization, the total asset and the percentage of tradable share of a firm.
Lui Man Ching Gladie.
"August 2003."
Source: Dissertation Abstracts International, Volume: 64-09, Section: A, page: 3409.
Supervisor: In-Mu Haw.
Thesis (Ph.D.)--Chinese University of Hong Kong, 2003.
Includes bibliographical references.
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.
Electronic reproduction. Ann Arbor, MI : ProQuest Information and Learning Company, [200-] System requirements: Adobe Acrobat Reader. Available via World Wide Web.
Abstracts in English and Chinese.
School code: 1307.
44
"Mergers and acquisitions in China's emerging capital markets." 2006. http://library.cuhk.edu.hk/record=b5892963.
Full textAbstract:
Li Xi.Thesis (M.Phil.)--Chinese University of Hong Kong, 2006.
Includes bibliographical references (leaves 42-44).
Abstracts in English and Chinese.
Chapter 1. --- Introduction --- p.1
Chapter 2. --- Literature Review
Chapter 2.1. --- Literature on Mature Markets --- p.6
Chapter 2.2. --- Evidence from China --- p.8
Chapter 3. --- Theoretical Rationale for the Main Hypotheses
Chapter 3.1. --- Institutional Settings --- p.10
Chapter 3.2. --- Theoretical Argument --- p.11
Chapter 3.3. --- Hypotheses --- p.13
Chapter 4. --- Data
Chapter 4.1. --- Data Description --- p.16
Chapter 4.2. --- Summary Statistics
Chapter 4.2.1. --- Pre-acquisition Characteristics --- p.18
Chapter 4.2.2. --- Post-acquisition Operating Performance Dynamics --- p.19
Chapter 5. --- Methodology
Chapter 5.1. --- Control Group Matching --- p.20
Chapter 5.2. --- Comparison Analysis
Chapter 5.2.1. --- The Sample Group and the Control Group --- p.22
Chapter 5.2.2. --- The Subgroups --- p.22
Chapter 5.3. --- Post-acquisition Activities
Chapter 5.3.1. --- Restructuring Activities --- p.23
Chapter 5.3.2. --- Financing Activities --- p.24
Chapter 5.4. --- Pooled Regression
Chapter 5.4.1. --- Whole Sample Analysis --- p.26
Chapter 5.4.2. --- Subgroups Analysis --- p.28
Chapter 6. --- Empirical Results
Chapter 6.1. --- Post-acquisition Operating Performance Comparison --- p.29
Chapter 6.2. --- Post-acquisition Restructuring Activities --- p.30
Chapter 6.3. --- Post-acquisition Financing Activities --- p.32
Chapter 6.4. --- Effectiveness of Takeovers --- p.33
Chapter 6.5. --- Hypothesis Testing on Financing --- p.35
Chapter 7. --- Discussion and Extension --- p.37
Chapter 8. --- Conclusion --- p.41
Chapter 9. --- References --- p.42
Chapter 10. --- Tables --- p.45
Chapter 11. --- Figures --- p.65
45
"A central clearing system for capital market instruments in Hong Kong." Chinese University of Hong Kong, 1988. http://library.cuhk.edu.hk/record=b5885876.
Full text
46
"The relationship between market-determined risk and accounting variables: an empirical study of the Hong Kong market." Chinese University of Hong Kong, 1987. http://library.cuhk.edu.hk/record=b5885724.
Full text
47
Long-Shao-Ming and 龍紹明. "A Study of Investor Psychology and Behavior in China Stock Market and Recommendations on Capital Market Reform." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/w4w645.
Full textAbstract:
碩士國立臺灣科技大學
財務金融研究所
105
Through the sample survey and investors in the financial market Chinese Asset Management Co responsible person interview, found China financial market especially the fundamental problems and contradictions of the stock market, puts forward the management decision scheme for asset management, and puts forward the reform suggestions and supervision plan, expected Chinese capital market can develop better. The purpose of this study is to discover the rules and character-istics of macro China some essential stock market, and find some direction of financial supervi-sion, provide additional direction of asset allocation and regulatory guidelines for dealing with the private equity fund managers. This study belongs to qualitative research. It mainly adopts sampling survey and individual inter-view, combining network information and related literature, periodicals and periodicals, and makes a comprehensive analysis, and draws the conclusion of the research. The conclusions of this study include: China's stock market has the characteristics of emerging and transitional market, fluctuates sharply and fluctuates in the same direction, and the value in-vestment method has no obvious advantage in china. On the one hand, through the value of in-vestment methods of stock selection, on the other hand, the use of technical approach, election time, the two are well integrated, in order to benefit the invincible position in the stock market. Based on the market characteristics at the present stage, this paper puts forward some suggestions for capi-tal market reform.
48
"A study of the development of securitization in Hong Kong." Chinese University of Hong Kong, 1987. http://library.cuhk.edu.hk/record=b5885728.
Full text
49
"The prevalence of debt instruments? - the investors' perspectives." Chinese University of Hong Kong, 1989. http://library.cuhk.edu.hk/record=b5886188.
Full text
50
"Theories and evidence of the capital market: a case study in Hong Kong." Chinese University of Hong Kong, 1990. http://library.cuhk.edu.hk/record=b5886554.
Full textAbstract:
by Chui Chun Wai, Andy.Thesis (M.Phil.)--Chinese University of Hong Kong, 1990.
Bibliography: leaves 88-93.
Chapter Chapter 0 : --- Introduction --- p.1
Chapter Chapter 1 : --- The CAPM and Its Deficiency --- p.5
Chapter Chapter 2 : --- The APT and Its Advantages Over The CAPM --- p.22
Chapter Chapter 3 ： --- The Empirical Models --- p.43
Chapter Chapter 4 : --- The Empirical Results --- p.61
Chapter Chapter 5 : --- Conclusion --- p.86
Reference ：