Tesis sobre el tema "Listed markets"
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Hodgson, Victoria Louise y n/a. "Linking Marketing to Shareholder Value in Listed and Non-Listed Markets". Griffith University. School of Marketing, 2004. http://www4.gu.edu.au:8080/adt-root/public/adt-QGU20040116.094444.
Texto completoHodgson, Victoria Louise. "Linking Marketing to Shareholder Value in Listed and Non-Listed Markets". Thesis, Griffith University, 2004. http://hdl.handle.net/10072/367168.
Texto completoThesis (PhD Doctorate)
Doctor of Philosophy (PhD)
School of Marketing
Full Text
Ghai, Gauri L. "Estimation of global systematic risk for securities listed in multiple markets". FIU Digital Commons, 1998. https://digitalcommons.fiu.edu/etd/3925.
Texto completoSuchard, Jo-Ann Clair Banking & Finance Australian School of Business UNSW. "The use of hybrid securities to raise capital in Australian listed markets". Awarded by:University of New South Wales. School of Banking and Finance, 2001. http://handle.unsw.edu.au/1959.4/30377.
Texto completoFagerlund, Elias y Talukder Mashrukh. "Where to Invest? : Choosing the optimal stock market for investing in a cross-listed Nordic firm". Thesis, Umeå universitet, Företagsekonomi, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-60556.
Texto completoHong, Fang. "Cross-listed shares in Hong Kong and mainland China stock markets : time series evidence". Thesis, University of Macau, 2010. http://umaclib3.umac.mo/record=b2144049.
Texto completoSuwardi, Eko. "Exploring the relationship between market values and accounting numbers of firms listed in an emerging market". Thesis, Queensland University of Technology, 2004. https://eprints.qut.edu.au/15986/1/Eko_Suwardi_Thesis.pdf.
Texto completoSuwardi, Eko. "Exploring the relationship between market values and accounting numbers of firms listed in an emerging market". Queensland University of Technology, 2004. http://eprints.qut.edu.au/15986/.
Texto completoEliwa, Yasser Ahmed Mohamed. "The impact of earnings quality on aspects of capital markets : evidence from UK listed firms". Thesis, Heriot-Watt University, 2015. http://hdl.handle.net/10399/3005.
Texto completoMbuyi, Etienne. "An investigation into the harmony of accounting practices by listed companies on leading stock markets". Master's thesis, University of Cape Town, 2006. http://hdl.handle.net/11427/5625.
Texto completoLiebenberg, Francois Johannes Nel. "The volatility spillover effect of a dual–listed stock for international markets / Francois Johannes Nel Liebenberg". Thesis, North-West University, 2012. http://hdl.handle.net/10394/8234.
Texto completoThesis (MCom (Risk management))--North-West University, Potchefstroom Campus, 2012.
Che, Bo. "Value-relevance of accounting information and shareholding structure in emerging capital markets : evidence from Chinese listed companies". Thesis, University of Newcastle Upon Tyne, 2007. http://hdl.handle.net/10443/453.
Texto completoZeitun, Rami M. A. "Firm performance and default risk for publicly listed companies in emerging markets a case study of Jordan /". View thesis, 2006. http://handle.uws.edu.au:8081/1959.7/35666.
Texto completoA thesis presented to the University of Western Sydney, College of Law and Business, School of Economics and Finance, in fulfilment of the requirements for the degree of Doctor of Philosophy. Includes bibliographies.
Shi, Anqi. "The Effect of Diversification on Firm Performance in Emerging Markets: Evidence from A-Share Listed Companies in China". Thesis, Université d'Ottawa / University of Ottawa, 2020. http://hdl.handle.net/10393/40735.
Texto completoNtoi, Hopolang Leeto. "The impact of corporate social responsibility on the corporate financial performance of companies listed on the Johannesburg Securities Exchange". Diss., University of Pretoria, 2010. http://hdl.handle.net/2263/25621.
Texto completoDissertation (MBA)--University of Pretoria, 2011.
Gordon Institute of Business Science (GIBS)
unrestricted
Alghamdi, Salim Ali L. "Investigation into earnings management practices and the role of corporate governance and external audit in emerging markets : empirical evidence from Saudi listed companies". Thesis, Durham University, 2012. http://etheses.dur.ac.uk/3438/.
Texto completoBonhoure, Emilie. "Paris-Listed Firms at the Turn of the 20th Century : Did Modern Corporate Finance Theories Already Work?" Thesis, Toulouse 1, 2020. http://www.theses.fr/2020TOU10002.
Texto completoThis thesis offers to explore several modern corporate finance theories in a historical context. The rationale behind is to assess whether the findings recently suggested about topics like corporate dividend policies, agency issues, or firm financing, and tested on very modern corporations could be applicable to an earlier and different context. To do so, we examine the companies listed on Paris stock markets at the turn of the 20th century.First focusing on the general agency framework, we examine whether this model could be atplay within pre-WWI companies. We do find that this was the case. Specific features highlighted by recent studies about earlier corporations indeed provide support for the fact that the today-called “agency” issues were already critical to them. Further, contemporary authors did identify these issues as particularly salient for companies but also for the investors potentially willing to participate in their emergence. In this general context of high asymmetry of information and of resulting critical “agency” conflicts, the financing of innovation and thus the contribution of financial markets to growth are questioned. In particular, we show that the innovative firms of the time (the ones operating in 2nd-IR sectors) benefitted from a mixed support from Paris stock markets. Measuring potential favourable financing conditions by a higher Tobin’s Q, we find that 2nd-IR companies did benefit from a sort of help from these markets in financing their growth. On the contrary, measuring it by the dividend yield provides a less clear result.The firms already financed had to compensate their shareholders for the risk they took. They thus had to pay dividends out. The last parts of this thesis examine the dividend policies implemented by Paris-listed firms at the turn of the 20th century. Focusing first on the ones actually implemented, we provide further support for the agency explanation of dividends, notably showing that these dividends were mostly paid to decrease one specific type of agency costs, speculative monitoring ones. Second, we compare these actual payout policies with the ones fixed in a statutory rule of profit allocation, which committed to the distribution of a certain percentage of profits to shareholders. Doing so could help to assess whether firm controllers strictly followed this statutory rule and did not take advantage of the potential and allowed deviations from it to extract as many benefits as they could at the expense of outsiders and minority shareholders. We show that they did allocate a percentage of profits consistent with the one expected in average by all shareholders. Although several interpretations could be made of this result, it could be explained by the fact the statutory rule was a good way to mitigate conflicts between firm controllers and outsiders
Nzibonera, Eric. "Efficacy of corporate governance on corporate disclosure in developing economies: A comparative study of companies listed on selected stock markets in Sub Saharan Africa". Doctoral thesis, University of Cape Town, 2017. http://hdl.handle.net/11427/27026.
Texto completoBarreto, Carlota Isabel Barata. "Divulgação de perdas por imparidade : o caso das empresas cotadas portuguesas". Master's thesis, Instituto Superior de Economia e Gestão, 2018. http://hdl.handle.net/10400.5/18824.
Texto completoEste estudo tem como principal objetivo analisar o reconhecimento e a divulgação das perdas por imparidade nas empresas portuguesas cotadas na bolsa de valores de Lisboa em dois períodos distintos: os anos de 2008-2009 correspondem ao período anterior à crise e os anos 2014-2015, correspondem aos anos posteriores à crise. Neste estudo são analisadas as perdas por imparidade de 33 empresas cotadas na Euronext Lisboa nestes mesmos dois períodos. No período antes da crise, os resultados revelaram que não há diferenças significativas entre o número de empresas que divulgaram as perdas por imparidade e daquelas que não o divulgaram. Mas em relação ao período depois da crise, verificou-se um aumento do número de empresas que passaram a divulgar esta informação, concretamente nos setores "Bens de Consumo", "Serviços de Consumo" e "Petróleo e Energia". Considera-se que este estudo vem contribuir para a investigação na temática do reconhecimento e relevância das perdas por imparidade destes ativos, sendo útil no que concerne à análise de fatores explicativos das opções das entidades na realidade portuguesa. Assim como, contribuir para a consciencialização dos responsáveis pela contabilidade das organizações sobre a importância da divulgação de perdas por imparidade de acordo com as normas internacionalmente adotadas, que contribuem para uma tomada de decisão mais sustentada por parte dos utilizadores da informação financeira.
The aim of this study is to analyse the recognition and disclosure of impairment losses in Portuguese companies listed on the Lisbon stock exchange in two different periods: the period before the crisis and the period after the crisis. This study analysis the impairment losses of 33 companies listed on Euronext Lisbon, in two different periods: the years 2008-2009 before the crisis and the post-crisis years 2014-2015. In the period before the crisis, the results showed that there were no differences between the number of companies that disclosed impairment losses and those that did not disclose it. Concerning, the period after the crisis, there was an increase in the number of companies that started to disclose this information, specifically in the sectors "Consumer Goods", "Consumer Services" and "Oil and Energy". This study intends to contribute to the research in the thematic of the recognition and relevance of the impairment losses of these assets, being useful in what concerns to the analysis of explanatory factors of the options of the entities in the Portuguese reality. As well as contributing to the awareness of those responsible for the accounting of organizations about the importance of disclosure of impairment losses in accordance with internationally adopted standards, which contribute to a more sustained decision-making by users of financial information.
info:eu-repo/semantics/publishedVersion
Kumbe, Ngome Marx Lénine. "L'information dans les sociétés cotées". Thesis, Rennes 1, 2015. http://www.theses.fr/2015REN1G001.
Texto completoSince financial scandals including Enron, Worldcom, Vivendi and Parmalat, transparency is at the heart of all discussions as soon as the situation requires. Thus, everyone calls for transparency. This invocation is shared by politicians, lawyers, economists, financiers and public opinion. Thus the transparency desired by all and which corresponds to the amount of information published by companies, became the privileged instrument of regulation of financial markets. Many Western countries have adopted laws to guarantee the safety of the markets and investors. In France, there are laws such as Act New Regulations Economic (NRE) of 2001, the Law on Security Finance (LSF) of 2003 and 2005 Breton law. A European level, there are also laws and the most important are the 2013 Transparency Directive, on harmonization of the transparency requirements for information about issuers whose securities are admitted to trading on a regulated market, Directive concerning the markets in Financial Instruments (MiFID) of 2014, Market Abuse Directive Abuse (MAD) of 2014 and 2012 European Market Infrastructure Regulation (EMIR). However within societies, there is a manipulation of information, orchestrating “wars” between officers and shareholders. Transparency is thus diverted from its role as first to satisfy the selfish interest of these persons. Through the manipulation of information which he is the depositary, the leader can implement policies ti keep his chair. The custodians of the control of the company shareholders, can operate a purely economic control, and will not act in the interest of society but in their heritage interest, based on a previously stopped creating value and investment strategy
Benhassni, Karim. "La transparence des sociétés côtées". Thesis, Pau, 2011. http://www.theses.fr/2011PAUU2016.
Texto completoAccording to theorists of the transparency who of any disciplinary horizons cry out the virtues, the financial information permits the balance by remedying the asymmetry of knowledge between the company and his management on one hand, and the addressees of the financial information on the other hand. The transparency raises the veil, fights the opaqueness, permit the decision and thus, the game of the market. The economists speak then about “informative efficiency” because the fluid and fast circulation of the flows of information in origin or in the direction of all the actors of stock markets (company, management, operators, shareholders, authorities of regulation, press …) would permit to supply all the time the best possible valuation of listed companies considering the publicly available relevant information. For these reasons, many reforms were operated these last years in order to increase the obligations of information towards listed companies. However, we have to admit, in view of the last financial crisis that markets can not work effectively and estimate correctly the fundamental value of a financial asset while the information relative to the underlying asset is widely broadcasted. From there, we have to ask the question of the relevance of the listed companies’ transparency
Ferreira, Vicente de Moraes. "Corporate governance and its influence on the investment decision process of equity market's professionals: An inside view of how corporate governance issues influence the decision-making process of sell-side and buy-side professionals when analyzing Brazilian listed companies". reponame:Repositório Institucional do FGV, 2014. http://hdl.handle.net/10438/13145.
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Corporate governance has been in the spotlight for the past two decades, being subject of numerous researches all over the world. Governance is pictured as a broad and diverse theme, evolving through different routes to form distinct systems. This scenario together with 2 types of agency problems (investor vs. management and minorities vs. controlling shareholders) produce different definitions for governance. Usually, studies investigate whether corporate governance structures influence firm performance, and company valuation. This approach implies investors can identify those impacts and later take them into consideration when making investment decisions. However, behavioral finance theory shows that not always investors take rational decisions, and therefore the modus operandi of those professionals needs to be understood. So, this research aimed to investigate to what extent Brazilian corporate governance standards and practices influence the investment decision-making process of equity markets' professionals from the sell-side and buy-side. This exploratory study was carried out through qualitative and quantitative approaches. In the qualitative phase, 8 practitioners were interviewed and 3 dimensions emerged: understanding, pertinence and practice. Based on the interviews’ findings, a questionnaire was formulated and distributed to buy-siders and sell-siders that cover Brazilian stocks. 117 respondents from all over the world contributed to the study. The data obtained were analyzed through structural equation modeling and descriptive statistics. The 3 dimensions became 5 constructs: definition (institutionalized governance, informal governance), pertinence (relevance), practice (valuation process, structured governance assessment) The results of this thesis suggest there is no definitive answer, as the extent to which governance will influence an investment decision process will depend on a number of circumstances which compose the context. The only certainty is the need to present a 'corporate governance behavior', rather than simply establishing rules and regulations at firm and country level.
Azevedo, Luís André Negrelli de Moura. "Concentração e dispersão do poder político nas organizações coletivas finalísticas. Regime jurídico da companhia aberta integrante do novo mercado da bolsa de valores: o papel decisivo desempenhado pelos instrumentos jurídicos de dissociação entre representatividade política e participação economica de acionistas no âmbito da companhia". Universidade de São Paulo, 2015. http://www.teses.usp.br/teses/disponiveis/2/2132/tde-17122015-104939/.
Texto completoMost of the large listed companies outside USA and UK have a controlling shareholder. The dominant control structure in each country is the result of multiple determinants, many of them arising from the legal system. The gradual convergence of ownership patterns around the world from the extremes of the total concentration and separation of ownership and control to the intermediate scenario of significant blockholdings held by institutional investors - has not been accompanied by a relevant shift in the control structures in listed companies of most of the countries, specially those in the Brazilian Novo Mercado. This Doctorate Thesis presents a specific subset of legal factors contributing for that outcome: the legal instruments separating voting rights from cashflow rights.
Shao, Li y 邵丽. "Corporate governance in China's listed companies: ownership structure and market disciplines". Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2008. http://hub.hku.hk/bib/B40687533.
Texto completoShao, Li. "Corporate governance in China's listed companies ownership structure and market disciplines /". Click to view the E-thesis via HKUTO, 2008. http://sunzi.lib.hku.hk/hkuto/record/B40687533.
Texto completoLiang, Jing. "Market segmentation and dual-listed stock price premium - an empirical investigation of the Chinese stock market". Thesis, University of St Andrews, 2009. http://hdl.handle.net/10023/894.
Texto completoLi, Chuntao. "Two essays on auditing quality in China's audit market for listed firms". Click to view the E-thesis via HKUTO, 2007. http://sunzi.lib.hku.hk/HKUTO/record/B39557832.
Texto completoLi, Chuntao y 李春濤. "Two essays on auditing quality in China's audit market for listed firms". Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2007. http://hub.hku.hk/bib/B39557832.
Texto completoKunkel, Jason T. "The competitive effects of multiple exchange listed options on the US options market a look at market share /". Connect to this title online, 2006. http://etd.lib.clemson.edu/documents/1171293299/.
Texto completoWang, Yi Accounting Australian School of Business UNSW. "Market reaction to audit opinions of companies listed on the Shanghai stock exchange". Awarded by:University of New South Wales. School of Accounting, 2005. http://handle.unsw.edu.au/1959.4/23021.
Texto completoSchoeman, Pieter Stephanus Johannes Albertus. "An empirical investigation of environmental performance and the market value of JSE listed companies". Thesis, Stellenbosch : Stellenbosch University, 2015. http://hdl.handle.net/10019.1/97358.
Texto completoENGLISH ABSTRACT: In the recent past, there has been increasing awareness of, and concern for, the impact that many companies are having on the natural and social environment. This has seen the emergence of a triple bottom line approach to business, with environmental and social metrics being used in addition to financial metrics when evaluating company performance. Despite the growing level of investment in corporate sustainability, it is not clear whether these investments are viewed positively by the market, and to what extent it creates shareholder value. To shed light on the relationship between environmental performance and financial performance, this research assignment used the event study methodology to investigate whether there is statistically significant stock market reactions to announcements relating to the environmental performance of companies listed on the Johannesburg Stock Exchange. A total of 260 news announcements related to environmental performance were collected from a variety of news sources. The 260 news announcements represented 67 different companies across 11 different industry sectors. News announcements were collected from several prominent business news sources including the Business Day, Financial Mail and the Johannesburg Stock Exchange News Service. Abnormal share returns were estimated for a three day event window around the announcement date by using the market model approach. Results were aggregated based on four different categories of environmental performance, including corporate environmental initiatives, environmental awards and certificates, negative environmental publicity and, environmental reporting, permits and licences. Consistent with related research in developed countries, this study found that the market rewards certain categories of positive environmental performance but penalises certain categories of negative environmental performance more severely. The results show that there is a significant positive market reaction to announcements of corporate environmental initiatives on the trading day following the announcement. This result indicates a positive relationship between corporate environmental initiatives and financial performance, as measured by market value. In terms of negative environmental performance, it was found that the market responds negatively to the broad category of negative environmental publicity. In particular, negative announcements from civil society and environmental groups seem to result in more significant market reactions than negative announcements from local or national government. In contrast to some studies done in developed countries, no statistically significant relationship was found between announcements of environmental awards and certificates and the market value of companies. Neither was there a statistically significant relationship between environmental reporting, permits and licences and the market value of companies. These results therefore indicate that the market is selective in its response to announcements of environmental performance.
Wang, Chia-Wen y 王佳文. "CSR Disclosure: Empirical Evidence of Listed Companies in Taiwan Stocks Markets". Thesis, 2017. http://ndltd.ncl.edu.tw/handle/79331318891069363854.
Texto completo銘傳大學
財務金融學系碩士在職專班
105
Corporation Social Responsibility (CSR) is the commitment of the company contributing to related social stakeholders such as communities and environment. In other words, when company is chasing the business revenue and growth, they should also take social responsibilities at same time in order to achieve the balance between business revenue and impacts on social wellbeing. In Taiwan, government has been promoting policies and plans, and proposing relevance of laws and regulations of corporation social responsibility, expecting company to sustainable the business development as the company’s objectives. This research compares and analyzes the particular economic indicators of 2014 CSR report by through chi-square test to discuss the relevance between the amount of company capital, the market capitalization and degree of quantitative exposure of economic indicators. The study outcomes indicate that (1) The relevance between amount of company capital and the quantitative exposure of economic indicators of CSR report is positive and include three factors- from Financial implications and other risks and opportunities for the organization’s activities due to climate change (G4-EC2), Rations of standard entry level wage by gender compared to local minimum wage at significant location of operation (G4-EC5), and Significant indirect economic impacts, including the extent of impacts (G4-EC8). (2) The relevance between the market capitalization and degree of quantitative exposure of economic indicators of CSR report is positive and include three factors- from Financial implications and other risks and opportunities for the organization’s activities due to climate change (G4-EC2), Rations of standard entry level wage by gender compared to local minimum wage at significant location of operation (G4-EC5) and Development and impact of infrastructure investments and service provided (G4-EC7).
Ryan, Laura Simone. "Subset vector autoregressions for listed property and oil markets using bootstrap model selection". Phd thesis, 2011. http://hdl.handle.net/1885/151229.
Texto completoWang, Ching-lin y 王清林. "Study of initial return performance with public price information before OTC and listed markets". Thesis, 2007. http://ndltd.ncl.edu.tw/handle/3yqdcm.
Texto completo國立中山大學
企業管理學系研究所
95
Offering price is set by public company and underwriter, but the price always is underpriced. There is a restricted price fluctuation in Taiwanese stock market, which causes price of initial public offering doesn’t response real marker situation in short run. New securities laws and regulations requests underwriter set an appropriate offering price to meet the real situation of supply and demand in market since 2005. Competent authority cancels offering price formula and rules that new stocks are offered by public subscription and book building. We take IPO samples since 2005, to research performance between public information and initial return. The conclusions of this study are presented as follows: 1.The emerging stock company becomes over-the-counter (OTC) company or the OTC company becomes listed company by initial public offering, which average transaction price of last transaction date in market is a good estimator that can predict initial return performance of IPO. The higher average transaction price of last transaction date in market, the more initial return. 2.New securities laws and regulations requests underwriter set an appropriate offering price to meet the real situation of supply and demand in market. The underwater has an incentive to set a lower offering price to avoid law risks. 3.The median of book building price range is smaller than market price, the higher closing price of first listed transaction date.
Choo, Min-Rui y 朱民芮. "Asymmetric Investor Attention and Information Content in Distinct Market States: Case Study of Chinese Firms Listed in United States Stock Markets". Thesis, 2017. http://ndltd.ncl.edu.tw/handle/u99c93.
Texto completo義守大學
財務金融學系
105
In this paper, we examine the effect on the information content of analyst recommendations by the United States investors’ attentions who concern about the Chinese firms listed in United States stock markets. We measure investors'' attention using Google''s search volume index. We find evidence of asymmetric investor attention after analyst recommendation revisions in distinct market states. Our findings show investors react strongly after recommendation downgrade in the UP-market state, in contrast, investors react strongly after recommendation upgrade in DOWN-market state. We also find strong evidence to suggest that there is a negative attention allocation bias when all investors respond to recommendation revisions in the UP-market state. This could suggest that, along with investor attention, plays a major role in establishing an informationally efficient market.
Yu-Jhen, Chen y 陳羽真. "Why do Listed Firms Engage in Related Party Transactions—Earnings Management, Internal Capital Markets or Tunneling". Thesis, 2010. http://ndltd.ncl.edu.tw/handle/45314233612605773827.
Texto completo輔仁大學
金融研究所
98
According to the research, almost 95% of listed firms engaged in related party transactions (RPTs). RPTs have been the common form between corporations. But there were many financial scandals happened recently, for example, tunneling and bounced check. The general investors have bad impression on RPTs because they think the money can be transferred to the controlling owners. Based on a sample of Taiwan listed firms from 1996 through 2008, this paper documents listed firms who engaged in RPTs. After excluding financial firms, our sample consists of 6250 observations. We use OLS regression model and industry average-adjusted model to remove any normal components of RPTs. Also, the panel data is an approach to analyze the incentive of listed firms that have RPTs. Finally, we examine the impact of corporate governance on RPTs. The results show that when controlling owners decide to seasonal Offering, he will have incentives to window dress the financial statements by using RPTs to manage the earnings. Moreover, we find that RPTs can be used to dampen the negative profit shocks on listed firms. We also find that if the net working capital decreases, the firms will lend or guarantee to the other related company. However, firms will borrow money from their partners when they need capital. Evidence suggests that an important reason for providing financial support is to avoid the negative spillovers to the rest of the group. On the other side, we include an additional variable to measure the direction of money transferring. Evidence suggests that firms borrow capital from related parties to help the financially weaker company. Moreover, after adding the intersection of corporate government and related party borrowing, we find the better the structure of corporate governvance, the weaker of phenomenon of capital transferring is. The results show that more cash flow right and more board of independent director can both restrain the RPTs. Otherwise, the more decision power the controlling owners have, the RPTs bloom. Finally, by using CGI variable, we can conclude that weak corporate governvance gives the controlling owners chances of tunneling.
Zeitun, Rami M. A., University of Western Sydney, College of Law and Business y School of Economics and Finance. "Firm performance and default risk for publicly listed companies in emerging markets : a case study of Jordan". 2006. http://handle.uws.edu.au:8081/1959.7/35666.
Texto completoDoctor of Philosophy (PhD)
Lin, Guanyu y 林冠宇. "The Relationship Between Ownership Structure And Cross-Listing Decision In The US Markets For Taiwanese Listed Firms". Thesis, 2012. http://ndltd.ncl.edu.tw/handle/81811456663196880707.
Texto completo靜宜大學
財務金融學系
100
With the globalization, the depositary receipts(DRs) has grown over past decade. The relationship between depositary receipts and corporate governance has been generally documented by past literature. In order to understand the relationship between decision of American depositary receipts(ADR) and corporate governance, we select 63 ADR firms and 63 matched firms listed in Taiwan Stock Exchange (TWSE) from 1992 to 2011 as our reserach sample. The empirical results show that both the controlling shareholding and controlled seats have significantly negative influence on the cross-listing decision of these Taiwanese firms. That is, Taiwanese firms are less likely to cross list in the US markets when firms have higher controlling shareholding and greater controlled seats. Besides, whether firms exist the controlling shareholder have significantly positive effect on cross-listing decision. This paper further examines whether the change of the controlling shareholding between ADR year and prior year has any impact on cross-listing decision. The evidence supports that the greater change of controlling shareholding, implying greater dispersion of the ownership structure, would increase the likelihood of cross-listing in order to meet the listing requirement of the US markets.
Huang, Yi-Pin y 黃逸彬. "Investigating the Factors Affecting the Firm Performance of the Apparel Companies Listed in the U.S. Share Markets". Thesis, 2012. http://ndltd.ncl.edu.tw/handle/21198094426343753080.
Texto completo淡江大學
管理科學學系碩士班
100
A certain percentage of income would be spending on food, 3C products, and clothing for every household unit. In fact, we buy these products by way of the retail store. Thus, the phenomena arouse our incentives to investigate the factors influencing the firm performance of apparel industry, one of important sub-industries in the retail industry by selecting the apparel companies listed in the US Stock Exchange as our studied samples. In this study, we take the profitability, risk and growth variables proposed by the stock price models as our independent variables. Besides, we also take the variables related to corporate governance and marketing into account. The results show that the content of advertisement shown in the homepage of a company’ website would affect the firm performance except the profitability, inventory turnover ratio, quick ratio, and debt ratio. In addition, apparel companies seem to be unnecessary to hold a large amount of cash, since it would not benefit for firm performance promoted. Thus, this study suggests that these companies may promote the ROA, ROE, and Tobin’ Q deemed as firm performance variables by employing the capital deduction or shares repurchase strategies instead of holding abundant cash.
Chang, Yu-Kao y 張祐誥. "The Investigation of Arbitrage in Casino Gaming Stocks Cross-Listed between the Hong Kong and US Markets". Thesis, 2016. http://ndltd.ncl.edu.tw/handle/67fm8c.
Texto completo國立臺中科技大學
財務金融研究所碩士班
104
While a number of hospitality researchers have investigated hospitality stock returns, few examine the stock returns of casino gaming companies. Casino gaming stocks listed in Hong Kong exchange have a significantly higher abnormal return than their cross-listed counterparts in the US (Cheung and Lam, 2015). In this study, there are four pairs of casino gaming stocks currently cross-listed in both exchanges, the cross-listing sample consists of 844 day observations from December 7 2011 to April 24 2015. This study has two pivotal contributions are made: First, this paper utilizes VAR model to perform the Granger causality test of the stock return of cross-listed casino gaming stocks in Hong Kong and US stock exchange. The results show that the returns of casino gaming stocks in US stock exchanges can affect the returns of casino gaming stocks in HK stock exchange. Second, this paper compares the actual stock return in Hong Kong and the estimated stock return in Hong Kong, the outcome shows there is over 50% hit ratio between the actual stock return and estimated return.
Lin, Chien-Chen y 林建呈. "The Impact and Persistence of Embezzlement Cases effect on Taiwan Investment Markets –Evidence from Taiwan Listed Electronic Companies". Thesis, 2006. http://ndltd.ncl.edu.tw/handle/06572330698801009371.
Texto completo國防管理學院
國防財務資源研究所
94
There have been occurred embezzlement events since 2004 in electronic industry. Investors suffered more risk inherent in their trading activities. In this study, Multivariate GARCH-BEKK model and multiperiod event study approach are used to capture the respective conditional expectation and conditional variance in the Taiwan stock index, exchange rate and trading strategies of foreign investors, and to investigate the impact and persistence of embezzlement case on Taiwan investment markets. The empirical results show that:(1)There exists volatility clustering among electronic trading volume, exchange rate and trading strategies of foreign investors. (2)The lag one effect is statistically significant for individual time series. Given 1% significant level, both the trading volume of foreign investors and exchange rate lead significantly to the electronic trading volume. (3) The listing effects of the event of all these series are statistically significant, especially for the one-day effect after the event day. We could also find that the foreign investors will change their trading strategies from electronic industry to others. (4) The foreign investors play an information leading role in periods of bear market.
蔡素琴. "The Operating Efficiency Analysis of Taiwan''''s Banks Listed on Taiwan Stock Exchange and Over the Counter Markets". Thesis, 2001. http://ndltd.ncl.edu.tw/handle/87955873836041841682.
Texto completo義守大學
管理科學研究所
89
The global recession made many businesses face the financial crisis. In the same time the overdue loans has increased in bank industry that made the competition financial environment more changeful. Thus, the topic of how to assess the performance of banks is more and more important. The purpose of this study is to apply a DEA for measuring performance to banking industry data. By using CCR model of DEA to calculate the aggregate technical efficiency. From slack variable the inefficiency banks can decreased the inputs and increased the outputs. In order to know the inefficiency sources using BCC model to calculate the pure technical efficiency and scale efficiency. By return to scale analysis, each bank is opposed to enlarge, contain or reduce the scale of production to increase the operating efficiency. The relationship should be discussed in censored regression among the overdue loans, operation income per employee, total capital, number of branches and aggregate technical efficiency. Previous empirical studies has focused on public-owned and private-owned banks, native and foreign banks. There are many commercial banks to be established in the financial liberalization. The data use 35 banks on Taiwan Stock Exchange and Over the Counter Markets from 1997 to 2000. The DEA method has been used to evaluate the operating efficiency of banking. In this study, intermediation approach is used to decide the inputs and outputs. The two outputs are total current assets and interest income. Three outputs are total fixed assets, operating expenses and interest expenses. The result of this study are as follows: 1. In the period of study ICBC, Taishin Bank, Dah An Bank, Cathay Bank, Chaio Tung Bank are the best; Kaohsiung MB Bank, Kaohsiung Bank, Taitung MB Bank, Pan Asia Bank, Baodao Bank are the worst. 2. The eight banks’ operating efficiency including Chinese Bank, UWCCB, ICBC and so on are getting rise. The seventeen banks getting down in operating efficiency such as First Bank, Dah An Bank, Ta Chong Bank etc. 3. Total banks’ aggregate technical efficiency is getting down. Most of this inefficiency is the result of pure technical, i.e., wasting resources. 4. Censored regression analysis indicates that aggregate technical efficiency measure is negatively related to overdue loans and positively related to total assets. Thus, operation income per employee and number of branches are nonrelated to aggregate technical efficiency.
Cheng, Chun-Ting y 鄭峻廷. "A Survey on the Difference of Corporate Governance of Companies Listed in the Two Securities Markets in Taiwan". Thesis, 2012. http://ndltd.ncl.edu.tw/handle/81572698108649033968.
Texto completo國立臺灣大學
會計學研究所
99
This research discusses the difference of the corporate governance of companies listed in the two securities markets in Taiwan. Rather than choosing few structures of corporate governance, using questionnaire or on-site interview in the past, in this research, we refer to Taiwan Corporate Governance Association and OECD Principles of Corporate Governance, using multiple structures of corporate governance and public information to measure the score of corporate governance of companies listed in the two securities markets in Taiwan. The results show that: (1)Overall, the score of corporate governance of GTSM (GreTai Securities Market) Listed Companies is better. (2)The better the score of corporate governance is, the better the operation performance is. (3)Separation of control right and cash flow right will negatively affect the score of corporate governance, but indistinctively to that of TWSE (Taiwan Stock Exchange Corporation) Listed Companies. (4)Pledged share of directors and supervisors is negatively related to the score of corporate governance.
Wang, Yu-Chien y 王友倩. "The Research on the Relationships between Macroeconomic Indices and Stock Markets-The case of REITs Stocks Listed in TSE". Thesis, 2008. http://ndltd.ncl.edu.tw/handle/vvxy65.
Texto completo淡江大學
管理科學研究所企業經營碩士在職專班
96
Taiwan has stepped into the era of the Real Estate Investment Trust,since Fubon No.1 REITs launched on March 10,2005.REITs connects the market of real estate and stock, so the investors no longer need to spend large capital just to participate in the real estate market. Through securitize to detail to investment, and sell in public to decentralize the package. As well the benefit will be to vitalize the real estate market and their capital. This research is mainly to discuss the factors of Macroeconomic(CPI,interest rates,and exchange rates…etc.) and the influences between stock and the prices of REITs and related to each other. It also analyses the performance of current 8 REITs funds in the market. By way of the documentary report and development market hypothesis, again carries on the confirmation by multiple regression model and VAR model to test and prove the sample material. Prove by this research, the revaluation of Taiwan Dollar is advantageous to raise up the REITs prices. And the revaluation could be come from the prospect ion of global investment to the local real estate market. Besides, Granger Casuality has demonstrated the prices of construction group that has got ahead of REITs prices,and whenever it goes up, REITs will be lifted up at the same time.Moreover, REITs issued by Financial Holding is performed better than other issuers.Maybe the reason is the Financial Holding operated the higher quality targets as the trust objects than others.
Fonseca, Maria José Martins Lourenço. "Carbon Financial Accounting: Evaluating the "disciplinarian effect" of standards and markets on disclosure practices of EU-15 listed firms". Doctoral thesis, 2015. https://repositorio-aberto.up.pt/handle/10216/79346.
Texto completoFonseca, Maria José Martins Lourenço. "Carbon Financial Accounting: Evaluating the "disciplinarian effect" of standards and markets on disclosure practices of EU-15 listed firms". Tese, 2015. https://repositorio-aberto.up.pt/handle/10216/79346.
Texto completoBorromeo, John. "Stock Market Anomalies for Companies Listed on the National Stock Exchange of Australia". Thesis, 2018. https://vuir.vu.edu.au/38627/.
Texto completoSun, Mei-Lin y 孫美玲. "An Analysis for the Effects of Multi-level Stocks markets to performances of listed companies– The Empirical Evidences from Taiwan". Thesis, 2017. http://ndltd.ncl.edu.tw/handle/77633386270745074357.
Texto completo銘傳大學
財務金融學系碩士在職專班
105
Multi-level stocks markets offer operating and financial functions for companies from alternative industries in different firm sizes and at different developing phases. Based on DuPont Identity, this thesis builds the rationales, and studies the effects of operational and financial factors to companies’ performances before and after those companies change stocks listed markets. The ROEs of the stock-listed companies are applied as the key performance indicator, while, referred to previous literatures, the other three indicators, namely, ROA, EPS and Tobin’s Q are applied as well. The full sample of 234 companies which had changed their stock-listed markets from 2011 to 2015 is used in empirical studies, and the main evidences show that: 1. the effects of gross margin ratio, operating profit ratio, fixed asset turnover and debt ratio to ROE are significantly positive before and after changing stocks listed market, 2. the effect of current ratio to ROE is statistically insignificant before changing stocks listed market, but is negatively signicant after changing stocks listed market, and 3. neither the receivable turnover nor institutional investor holding ratio effect ROE before and after changing stocks listed market. Moverover, the 234 companies are divided into two subsamples, including 85 companies’ stocks changed to list in TWSE and 151 companies’ stocks changed to list in GreTai Security Market, and are conducted further studies. The main statistical results conclude: 1. the effect of receivable turnover to ROE is positively significant after stocks listed in TWSE, but the result for those companies after stocks listed in GreTai Security Market are similar to that of full sample, 2. the effect of debt ratio to ROE is positively significant before stocks listed in TWSE while such effect vanishes after stocks listed in TWSE, and such results are also found from sesults of the second subsample, and 3. the effects of operating profit ratio, fixed asset turnover and institutional investor hoding ratio to ROE are similar to those of the full sample.
Teixeira, Vitor José Maia. "The use of derivatives in risk management : the study of portuguese listed companies". Master's thesis, 2017. http://hdl.handle.net/10400.14/23582.
Texto completoCompanies try their hardest to perform in environments and markets that they cannot control and where they do not have perfect information. In order to thrive it is necessary to be exposed to risks and in most industries it has been proven to be a survival of the fittest. One of the most used tools to hedge risk are financial instruments, more particularly derivatives. The use of derivatives is immersed in controversy as its incorrect and unknown use can cause catastrophic consequences as it was seen during the financial crisis of 2008 and 2009 where Credit Default Swaps and Collateralized Debt Obligations were scrutinized by the public opinion. Literature on this subject is very diverse, highlighting the benefits that can come from derivatives usage but also taking the full implications of this instrument with a grain of salt. This study analyses the 15 non-financial companies from the Portuguese index, PSI 20 from the period of 2013 to 2015 and assesses what are the main risks these enterprises face in their daily activity, such as interest rate or market risk, in firms dependent on the price of a specific commodity and how derivatives have an impact in the Risk Management of these firms and can help the business reduce its financing costs and assure its sustainability against unpleasant surprises. Using qualitative and quantitative analysis we will try to isolate the variables that have a correlation with the use of derivatives in a firm and understand if they could be of added value has a hedging tool.
Yusoff, Wan Fauziah Wan. "Characteristics of boards of directors and board effectiveness: a study of Malaysian public listed companies". Thesis, 2010. https://vuir.vu.edu.au/15798/.
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