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1
Wang, Yue Nan, i wangyn14@hotmail com. "The diversification benefits and the risk and return relationships in the Chinese A-share market". RMIT University. Economics, Finance and Marketing, 2006. http://adt.lib.rmit.edu.au/adt/public/adt-VIT20061205.103325.
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China's rapid economic growth and the development of its domestic stock market have attracted considerable attention from foreign investors. China's economic financial expansion, however, has emerged from an environment of state planning and radical socialist ideology. With a view of providing investors with a better understanding of the risk and return relationship in the Chinese A-share market over the past decade, this thesis adapts several empirical models to the circumstances in China and conducts four empirical analyses. First, in order to rationalize foreign investors' entry into the A-share market, the thesis compares the diversification benefits in three China-related stock markets, namely the A-share, the B-share and the H-share markets in a mean-variance framework using daily, weekly and monthly data respectively. The results suggest that of the three stock markets, the B-share market generates the highest average annual returns while the A-share market has the most significant diversification benefits regardless of whether the analysis is undertaken implementing a traditional mean-variance framework or a downside risk framework. Next, an empirical analysis using the Fama and MacBeth two-pass procedure is undertaken to test the relationship between beta, firm factors and stock returns. Similar to the findings in other stock markets, the results of this analysis show that the static betas for individual stocks fail to capture variation in stock returns in the A-share market. In contrast, the effects of book-to-market and trading volume are significant in the sample period. However, the fact that none of these factors have a persistent role in explaining stock returns suggests a possible change in the investment philosophy of Chinese domestic investors over the past decade. In the third analysis, two global betas are incorporated into the cross-sectional regressions in a bid to examine the integration or segmentation of the A-share market with the world and Hong Kong stock markets. Specifically, both time-varying betas and static betas are used in the analysis. The results suggest that there is no beta effect and the A-share marke t is totally segmented from both the world and Hong Kong stock markets. Finally, when the segmentation and integration status of the A-share market is further examined using the Maximum Likelihood Estimation framework without beta estimation and the assumption of a linear relationship between beta and stock returns, the findings suggest that the A-share market is becoming increasing integrated with the B-share and the Hong Kong stock markets.
2
Wang, Yuenan, i yangyn14@hotmail com. "The diversification benefits and the risk and return relationships in the Chinese A-share market". RMIT University. Economics, Finance and Marketing, 2006. http://adt.lib.rmit.edu.au/adt/public/adt-VIT20080103.093949.
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China's rapid economic growth and the development of its domestic stock market have attracted considerable attention from foreign investors. China's economic financial expansion, however, has emerged from an environment of state planning and radical socialist ideology. With a view of providing investors with a better understanding of the risk and return relationship in the Chinese A-share market over the past decade, this thesis adapts several empirical models to the circumstances in China and conducts four empirical analyses. First, in order to rationalize foreign investors' entry into the A-share market, the thesis compares the diversification benefits in three China-related stock markets, namely the A-share, the B-share and the H-share markets in a mean-variance framework using daily, weekly and monthly data respectively. The results suggest that of the three stock markets, the B-share market generates the highest average annual returns while the A-share market has the most significant diversification benefits regardless of whether the analysis is undertaken implementing a traditional mean-variance framework or a downside risk framework. Next, an empirical analysis using the Fama and MacBeth two-pass procedure is undertaken to test the relationship between beta, firm factors and stock returns. Similar to the findings in other stock markets, the results of this analysis show that the static betas for individual stocks fail to capture variation in stock returns in the A-share market. In contrast, the effects of book-to-market and trading volume are significant in the sample period. However, the fact that none of these factors have a persistent role in explaining stock returns suggests a possible change in the investment philosophy of Chinese domestic investors over the past decade. In the third analysis, two global betas are incorporated into the cross-sectional regressions in a bid to examine the integration or segmentation of the A-share market with the world and Hong Kong stock markets. Specifically, both time-varying betas and static betas are used in the analysis. The results suggest that there is no beta effect and the A-share marke t is totally segmented from both the world and Hong Kong stock markets. Finally, when the segmentation and integration status of the A-share market is further examined using the Maximum Likelihood Estimation framework without beta estimation and the assumption of a linear relationship between beta and stock returns, the findings suggest that the A-share market is becoming increasing integrated with the B-share and the Hong Kong stock markets.
3
Tam, Chi-ho. "Market segmentation the case of A shares and B shares /". Click to view the E-thesis via HKUTO, 2003. http://sunzi.lib.hku.hk/hkuto/record/B31954613.
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Cao, Chen. "An Empirical Study on Market Segmentation and Information Diffusion in Chinese Stock Markets". Thesis, Uppsala University, Department of Statistics, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-126659.
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The efficacy and accuracy of information is very important for making decision in stock markets. In this paper, we study on the effect of information diffusion in Chinese stock market before and after the owership release in February 19, 2001, by testing the stationary of A share premium and cointegration between A and B share prices. The panel unit root tests we propose on A share premium are Augmented Dickey-Fullar (ADF) tests for individual firm and Fisher tests for the panel, based on combining pvalues from each individual cross-section. The panel cointegration tests on A and B shares we use is Johansen’s likelihood ratio tests for individual firm and likelihoodbased panel cointegraion tests for panel, based on combining the test statistics. The results show that before the opening of B share markets to domestic investors, A share premiums have a unit root and there is no cointegration relationship between A and B share markets. On the contrary, after ownership release, A share premium is stationary and there is cointegration relationship between A and B share markets.
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Röhm, Andreas Frederik Wilhelm [Verfasser], Sabine B. [Gutachter] Rau i Franz W. [Gutachter] Kellermanns. "The antecedents and influence of market liquidity of family firm shares / Andreas Frederik Wilhelm Röhm ; Gutachter: Sabine B. Rau, Franz W. Kellermanns". Vallendar : WHU - Otto Beisheim School of Management, 2017. http://d-nb.info/1126502898/34.
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Röhm, Andreas Frederik Wilhelm Verfasser], Sabine B. [Gutachter] [Rau i Franz W. [Gutachter] Kellermanns. "The antecedents and influence of market liquidity of family firm shares / Andreas Frederik Wilhelm Röhm ; Gutachter: Sabine B. Rau, Franz W. Kellermanns". Vallendar : WHU - Otto Beisheim School of Management, 2017. http://d-nb.info/1126502898/34.
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David, Paul. "Le traitement de l'incertitude dans le contentieux des produits de santé défectueux". Thesis, Sorbonne Paris Cité, 2015. http://www.theses.fr/2015USPCB218.
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Alors que le contentieux des produits de santé n'a jamais été aussi fourni, l'application du régime spécial de responsabilité du fait des produits défectueux issu de la directive européenne du 25 juillet 1985, entraîne l'émergence d'un certain nombre d'incertitudes qui affectent directement le sort des demandes en réparation. Les incertitudes matérielles ont, pour la plupart reçu un traitement efficace par l'action conjuguée de la jurisprudence et du législateur. Si les outils juridiques traditionnels, tels que les présomptions ou la causalité alternative, ont permis de résoudre une partie non négligeable de ces incertitudes, les juges se sont également attachés à développer des outils nouveaux comme la balance bénéfice/risque ou encore la répartition de l'obligation à la dette selon les parts de marché. Cependant, si le développement de ces outils juridiques, plus adaptés aux spécificités des produits de santé, a permis d'apporter une solution efficace aux incertitudes matérielles, le traitement de l'incertitude scientifique, fondé sur les présomptions du fait de l'homme, n'apporte, toujours pas, de solutions satisfaisantes. L'étude du traitement des incertitudes dans le contentieux des produits de santé défectueux permet d'apprécier les acquis mais également les limites atteintes par l'utilisation de certains outils mis à la disposition des juges et qui se révèlent parfois inadaptés. L'intervention du législateur et la prise en compte des spécificités des produits de santé, permettraient de développer un système d'indemnisation adapté qui interviendrait de façon subsidiaire en cas d'échec de la voie contentieuseAt a time when healthcare-product litigation is attaining record heights, the implementation into French law of the special liability regime for defective products, which derives from the European Council Directive of 25 July 1985, has led to the emergence of several grey areas of uncertainty which have a direct impact on the outcome of claims for compensation. Areas of material uncertainty have, for the most part, been effectively dealt with through the combined application of case law and the intervention of the legislator. While classic legal tools such as presumption and alternative causality provide a means to resolve a non-negligible part of these uncertainties, judges have also endeavoured to develop new tools, such as risk/utility test and market-share liability. Still, although the development of these legal tools - better suited as they are to the specific features of healthcare products - provide an effective solution to resolving areas of material uncertainty, the treatment of scientific uncertainty, which is based on presumptions of fact, does not always provide satisfactory solutions. The study of the legal treatment of uncertainty in healthcare-product litigation provides a means to assess the benefits but also the limitations of certain tools that are now available to judges but which at times prove inadequate. Intervention on the part of the legislator, while at the same time taking into account the specific features of healthcare products, could lead to the development of a suitable compensation system that could afford relief when litigation fails
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Lundgren, Anton, i Sara Ahlgren. "P/B i kombination med marknadsvärde : En studie på Stockholmsbörsen 2006 - 2016". Thesis, Linköpings universitet, Företagsekonomi, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-138819.
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Bakgrund: Denna studie är ett test av investeringsstrategi baserad på relativvärdering av multiplar. Den multipel som kommer att studeras som investeringsstrategi är Price-to-Book (P/B). Valet av multipel på P/B beror på att det är en väl omskriven multipel som fortfarande väcker frågeställningar avseende betydelsen av bokfört värde i kombination med marknadsvärde. Syfte: Syftet med denna studie är att undersöka och analysera multipeln P/B som investeringsstrategi för aktier. Vidare syftar studien till att undersöka aktier med låga respektive höga P/B från de olika börslistorna Small, Mid och Large Cap på Stockholmsbörsen. Genomförande: Sex portföljer skapas baserat på låga respektive höga P/B från de marknadsvärdemässiga börslistorna Small, Mid och Large Cap på Stockholmsbörsen. Portföljerna ombalanseras årligen och följs mellan 2006 och 2016. Resultat: Fyra av sex portföljer har högre ackumulerad avkastning än jämförelseindex före och efter riskjustering. Dock hindrar svag statistisk evidens påvisande av överavkastning över tid. På motsvarande vis finnes svaga säkerställda skillnader i avkastning mellan låga och höga P/B. Ej heller förefaller det förekomma signifikanta skillnader i avkastning och risk mellan portföljer på Small, Mid och Large Cap.Background: This study is a test of an investment strategy based on relative valuation of multiples. The multiple to be studied is Price-to-Book (P/B). P/B is chosen because although previously researched, the implications of book values paired with market values are still not well understood. Aim: The aim of this study is to examine and analyze the multiple P/B as an investment strategy for stocks. Moreover, this study intends to examine stocks with low and high P/B: s from the Small, Mid and Large Cap on the Stockholm Stock Exchange. Completion: Six portfolios are created based on low and high P/B: s respectively from the market value-based stock exchange lists Small, Mid and Large Cap on the Stockholm Stock Exchange. The portfolios are rebalanced annually and are followed between 2006 and 2016. Results: Four out of six portfolios exhibit higher levels of cumulative returns than the chosen stock index before and after adjusting for risk. However, weak statistical evidence prevent conclusive showings of excess returns over time. Similarly, we find weak support for differences in returns between low and high P/B: s. Neither does there seem to exist significant differences in return and risk between the Small, Mid and Large Cap.
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Harrington, Zinta, i zintah@bigpond com. "B Cell antigen D8/17 as a marker of susceptibility to rheumatic fever in Australians and The sharp end of the needle: Rheumatic fever prophylaxis and concepts of care for Yolngu patients A thesis in two parts". Flinders University. School of Medicine, 2005. http://catalogue.flinders.edu.au./local/adt/public/adt-SFU20060219.200649.
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Aboriginal Australians have some of the world�s highest rates of rheumatic fever. Two approaches to reducing the burden of rheumatic fever are discussed in this thesis. The B cell antigen D8/17 has a strong association with rheumatic heart disease and may be a universal marker of inherited susceptibility to rheumatic fever. Identifying a population at increased risk of rheumatic fever provides an opportunity to focus primary prevention measures. In part one of the thesis I evaluate the accuracy of D8/17 as a marker of past rheumatic fever amongst Australians from the Northern Territory. D8/17 levels were measured and compared in patients with acute rheumatic fever, rheumatic heart disease or past rheumatic fever, first-degree relatives and healthy, unrelated controls. The mean percentage of B cells positive for D8/17 was 83.7%, 38.9%, 20.2% and 11.6% respectively. The difference between the groups was significant (p-value less than 0.0001). A receiver operator curve analysis indicated that 22.1% of B cells positive for D8/17 was the most accurate cut-off to distinguish patients with acute or past rheumatic fever from healthy subjects. These results indicated that the B cell antigen D8/17 is an accurate marker of past rheumatic fever in Aboriginal Australians and could be a helpful addition to the Jones Criteria for strengthening or excluding a diagnosis of acute rheumatic fever. The intermediate levels of D8/17 expression in the relatives of index cases supports the hypothesis that D8/17 is a marker of an inherited susceptibility to rheumatic fever, although prospective trials are required to provide conclusive proof of this hypothesis.
Non-compliance with secondary prophylaxis was suspected to be the cause of increasing rates of rheumatic fever in the Top End. In part two of the thesis I discuss the �problem of compliance� with respect to Aboriginal patients, and investigate the factors that affected the delivery and uptake of prophylaxis for rheumatic fever in an Aboriginal community. Patients, relatives and health practitioners were interviewed on the topic of the care of patients with rheumatic heart disease. The data were analysed using the principles of grounded theory.
The main finding was the desire for more personalised care and support for patients with rheumatic heart disease from the community clinic, rather than simple medical care. These ideas crystallised through two Yolngu terms to describe care: djaka (to physically care for) and gungayun (to encourage). Thus even from the outset there was divergence in the focus of the �consumer�- holistic care - and that of the health-care professional/ researcher � improving the rate of secondary prophylaxis coverage.
With regards to service provision, a significant reason for failure to receive secondary prophylaxis was the differing approaches of urban and community health services, patient mobility, and a differing understanding of the responsibilities of patients and health service providers in the different settings. Other factors pertaining to service provision, such as staff motivation, administrative issues and program coordination affected the uptake of secondary prophylaxis to a lesser extent. With regards to treatment uptake, individual patient factors inhibiting uptake of treatment were apparent in some cases, but treatment refusal was rare. Pain was not found to be a deterrent. No simple relationship was found between treatment compliance and biomedical knowledge of the disease. There was no simple relationship between patient passivity and sense of responsibility that guaranteed compliance.
This study demonstrated that the failure to achieve good uptake of prophylaxis for rheumatic fever related as much to factors of service provision as patient factors and that providing holistic care within a familiar and supportive framework is important to Yolngu patients. However, there are real difficulties for health services as they are currently structured to meet the expectations of patients and families.
10
呂忠穎. "The Effects of Market Liberalizations on Return, Risk, and Co-movement of China’s A- and B-Share Stock Markets". Thesis, 2006. http://ndltd.ncl.edu.tw/handle/41215104703154508690.
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碩士國立交通大學
財務金融研究所
94
This paper investigates the effects of the two major market liberalization policies, the opening of the B-share market in February 2001 and the approval of the QFII scheme in November 2002, on price behavior of China’s A- and B-share markets. We expect the risk of stock markets will decrease and the two markets will interact with each other more frequently after the implement of market liberalizations. We examine the effects of market liberalizations by four different points of view. First, the announcement effects of two liberalization policies; second, the change of mean price discount; third, the cointegartion relationship between the A- and B-share stock markets; final, the volatility pattern of the A- and B-share stock markets. The empirical results show that the opening of the B-share market has significant influence on the return, risk, and co-movement relationship of the A- and B-share stock market while the QFII scheme does not have obvious impacts. We infer this phenomenon may result from the government’s interference or the role QFII can play in the China’s A-share stock market.
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Chen, Mei-Chun, i 陳美君. "The Effect of Introduction of QFII on Equity Return Correlation between A and B share Market: the Case of Chinese Stock Market". Thesis, 2013. http://ndltd.ncl.edu.tw/handle/96104556316193124852.
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碩士國立臺北大學
國際企業研究所
101
Under strict foreign exchange controls and protecting A share market from affected by foreign capital, A and B share market were completely segmented before Feb. 19, 2001. On one hand, the severe regulation had led to some problems in the B share market. On the other hand, after participating in World Trade Organization, China authorities honored their commitments to opening the financial markets. China Securities Regulatory Commission announced opening B share market to the domestic citizens On Feb. 19, 2001. Further, State Administration of Foreign Exchange formulated QFII program to introduce foreign investments on Nov. 2002. Under bilateral liberalization, our purpose is to investigate what factors would affect the correlations between A and B share of individual firms and observe influences of these factors after implementation of QFII program. Our empirical results evidenced that interest rate differential, relative turnover rate, relative return volatility and market sentiment had impacts on correlation no matter before or after introduction of QFIIs. And after QFII program, premium, relative turnover rate, volatility of S&P 500 index, market sentiment and market capitalization become more sensitive to correlation. Additionally, the interaction between A and B share markets became stronger which implied that investors could take advantage of portfolio of A and B share to diversify and reduce the portfolio risk after implementation of QFII program.
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Wei, Tzu-han, i 魏子涵. "The Effect of IFRS, Information Asymmetry and Corporate Governance on the Quality of Accounting Information: An Empirical Study of the A, B Share in Mainland China’s Stock Market". Thesis, 2011. http://ndltd.ncl.edu.tw/handle/62453847694060565991.
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碩士逢甲大學
會計所
99
This paper investigates the relationship between the information asymmetry, the ownership structure, the pledge of directors-supervisor, respectively, and the quality of accounting information under different accounting standards. By considering A and B stock market of China, which apply China GAAP and IFRS, we discuss whether IFRS can reduce negative effects of the information asymmetry, the ownership structure, the pledge of directors, and furthermore promote the quality of accounting information effectively. The findings provide we will use IFRS as a reference in 2013. First, we find that IFRS improves the predictive value and timeliness, and it can’t influences representational faithfulness significantly. But using IFRS will enhance the opportunity of earning management and decrease neutrality. Second, the information asymmetry degrades the quality of accounting information. Nevertheless, IFRS can improve the information asymmetry but promote the quality of accounting information is nonsignificantly. Third, state ownership, manager ownership, blockholder and directors-supervisor ownership would affect the quality of accounting information. IFRS would restrain negative effect of state ownership, manager ownership, blockholder and directors-supervisor ownership and could enhance predictive value, timeliness and neutrality. Finally, the pledge of directors-supervisor would reduce the quality of accounting information. However, IFRS can confine negative effects of the pledge of directors-supervisor but can’t promote the quality of accounting information significantly. As a result, Adopting IFRS could enhance the quality of accounting information significantly. Nevertheless, IFRS need to reduce information asymmetry and use corporate governance mechanism to promote the quality of accounting information. The findings of this paper can provide IFRS’s institution and regulator promoting and using IFRS system as a reference in Taiwan.
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"Evaluation of current legal framework of "B" shares market in China". Chinese University of Hong Kong, 1993. http://library.cuhk.edu.hk/record=b5887553.
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Leung Kam Pui, Calvin, Ip Koon Tung, Patrick.Thesis (M.B.A.)--Chinese University of Hong Kong, 1993.
Includes bibliographical references (leaf 50).
Chapter Chapter1 --- Introduction --- p.3
Chapter Chapter 2 --- Methodology --- p.6
Chapter Chapter 3 --- Market Profile --- p.9
Chapter Chapter 4 --- Theoretical Framework --- p.16
Chapter Chapter 5 --- Analysis
Chapter Chapter 6 --- Case Study - Champaign Industrial Co --- p.44
Chapter Chapter 7 --- Conclusion --- p.47
Appendix 1. Bibliography --- p.50
Chapter 2. --- Related Regulations with the Shenzhen Stock Market --- p.53
Chapter 3. --- Shareholding System --- p.54
Chapter 4. --- Requirements for New Listing --- p.56
Chapter 5. --- Settlement Procedure --- p.58
Chapter 6. --- "How ""B"" Shares are Traded" --- p.60
Chapter 7. --- List of Authorised Securities Companies --- p.61
Chapter 8. --- "Company Profiles of ""B"" Shares" --- p.63
Chapter 9. --- List of Questions & Interviews Record --- p.83
14
Chen, Wei-Chun, i 陳韋均. "The Effects of Market Segmentation Stock Return─Evidence from Chinese A、B Shares and Hong Kong H Shares". Thesis, 2000. http://ndltd.ncl.edu.tw/handle/30798025018054076573.
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碩士輔仁大學
應用統計學研究所
88
Abstract The Chinese listing companies have issued A shares to domestic investors and issued B shares and H shares to foreign investors. The government of the Mainland China separate A shares and B shares, A shares and H shares into different trading markets, which forms market segmentation. It is the main purpose of this thesis that we use adjusted event study to discuss whether market segmentation is the cause to abnormal return in the way of Merton’s Investor Recognition Hypothesis and Amihudand Merdelson’s Liquidity Hypothesis. In the field of event study, it is proved most adequate to set the subscription day for the event day, the data before the estimating period for the estimating period, and to set the moving β method for the risk-estimating method. There are several reasons to support these settings. First, information has already been revealed before listing day, and the systematic risk has changed after the event day. Second, many researchers have proved that the risk will change with time. Thus, we can’t get the real abnormal return in traditional event study method. There are some evident results for the effects of abnormal return under the market segmentation of Mainland China. First, the impact of A shares on the B shares, positive cumulative abnormal returns are observed on 12 days before the date of the subscription day. The reason is that initial listing of B-shares issue takes more complete information to disclose, and it is beneficial for the investors of A shares. Therefore, A shares appear significantly positive cumulative abnormal returns. Second, the impact of B shares on the A shares is little. It is because disclosed new information of initial listing A-shares is not very much, so the cumulative abnormal return is not significant. Third, No cumulative abnormal returns of Hong Kong H hares are observed , so the impact of A shares on H shares is not significant. For the explanation factors of the abnormal returns under listing separate shares for trading by foreign and domestic investors, all results have been proved to accord with Merton’s Investor Recognition Hypothesis and Amihudand Merdelson’s Liquidity Hypothesis. The explanation factors of the initial listing of B-share issues on the abnormal return of already listed A shares are the change in relative market value and the equity ratio of A shares. And the explanation factors of the initial listing of A-share issues on the abnormal return of already listed B shares are the size of company, turnover and the premium ratio of A shares.
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CHIANG, HUI-CHEN, i 姜惠貞. "MARKET INTEGRATION ANALYSIS OF A、B SHARES IN MAINLAND CHINA AND H SHARES IN HONG KONG: AN EMPIRICAL INVESTIGATION". Thesis, 1997. http://ndltd.ncl.edu.tw/handle/43307046257371956951.
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碩士國立臺灣大學
國際企業學系
85
This thesis uses unit root test and cointegration test to examine the relationships between the A、B shares in Shanghai and Shenzhen,and Hshares in Hong Kong. The empirical investigation is conducted by dailystock market indices of three markets from September 30,1993 through November 29,1996.The empirical results show that the A、B shares and H shares stock indicesare all random and nonstationary. Any innovation leads a long run influencein three markets'' stock indices.There are no evidence of cointegration between Mainland China and Hong Kong stock market, A、B shares in Shanghai and Shenzhen, and B shares in MainlandChina. Moreover, both China stock markets and A shares in two places supportthe relationship of cointegration. The most important empirical result is that there is cointegration relationship between H shares and B shares in Shanghai, but not in Shenzhen. This implies the reasons maybe the risk of international investment portfolios and currency risk.
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Schive, Yun-Chy, i 薛韻琪. "An Investigation of Market Cointergration and Price Transmission among Chinese A, B and H Shares". Thesis, 1994. http://ndltd.ncl.edu.tw/handle/51526769298657767955.
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Elshandidy, Tamer. "Value relevance of accounting information: Evidence from an emerging market". 2014. http://hdl.handle.net/10454/12863.
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noWithout making any distinction of the applicable accounting standards, this paper investigates, firstly, the value relevance of accounting information from 1999 to 2012 in different segments of the Chinese stock market. This investigation includes A-shares, prepared under Chinese Accounting Standards (CAS) for domestic firms; B-shares, prepared under either the International Accounting Standards (IAS) or International Financial Reporting Standards (IFRS) for both domestic and overseas firms; and H-shares prepared under either the IAS or Hong Kong GAAP for Hong Kong and overseas firms. Then, the paper examines whether or not the converged IFRS with CAS, applicable from 2007 onwards, is more value relevant when compared with prior to the 2007's standards (CAS, IAS, Hong Kong GAAP for A-share, B-share, and H-share markets, respectively). Based on 34,020 firm-year observations and after controlling for industry- and year-fixed effects, the findings suggest that accounting information is value relevant with A- and B-share markets, while it is partially relevant with the H-share market. The paper finds that the converged IFRS with CAS is more value relevant in A-shares and B-shares and it is partially more value relevant with the H-share market. These findings have implications for both policymakers and investors since they provide further empirical evidence for the current policy procedure which harmonizes local GAAP with IFRS.
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MEMG-FANG, CHU, i 朱孟芳. "The Dynamic Spillover Effects among Greater China Stock Markets: Evidence from China’s “B” Shares Experience". Thesis, 2006. http://ndltd.ncl.edu.tw/handle/02305093518036393176.
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碩士大葉大學
國際企業管理學系碩士在職專班
94
The aim of this paper is to investigate the impact of CSRC allowing domestic residents to invest in the B-share stock market. We analyze whether there are different the volatility spillover effects and asymmetric effects in greater china area - the Shanghai A, Shanghai B, Hong Kong, and Taiwan stock markets during the pre- and post-event period via EGARCH model. The sample period spans from January 1, 1998 to December 31, 2004. Our results indicate that these four stock markets all have volatility spillover effects during pre-event period. The results also show that there are asymmetric effects in Shanghai B, Hong Kong, and Taiwan stock markets. However, the Shanghai A- and B-share has higher correlation and the Shanghai A and Hong Kong stock markets have no volatility spillover effect during post-event period. During the post-event period, only Taiwan has asymmetric effects. This result is consistent with the segmentation market theory. We therefore conclude that the CSRS by permitting domestic residents to invest in B shares will impact the Shanghai A- and B-share, Hong Kong, and Taiwan stock markets.
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Kuo, Yu Chein, i 于建國. "An Emprical Study of Mainland China Stock Markets A/B shares of Discount and Premium". Thesis, 1995. http://ndltd.ncl.edu.tw/handle/64681788378340498545.
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Mokgobinyane, Moshupi Vincent. "Relationship between Black Economic Empowerment (BEE) scores, revenue growth and profitability in JSE-listed companies". Diss., 2017. http://hdl.handle.net/10500/23685.
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Government introduced the Broad-based Black Economic Empowerment Act, No. 53
of 2003 and the Broad-based Black Economic Empowerment Codes of Good Practice
(‘the Codes’) in 2007 to address the economic inequalities in South Africa by
incentivising companies to include black people in economic activities. These
incentives relate to implementation of preferential procurement, which is meant to
favour companies that are BEE-compliant.
Based on the literature and government’s intention with BEE policies, an assumption
developed that companies with greater BEE compliance, which is measured through
a BEE scorecard as per the Codes, would perform better in terms of market share
through their revenue and in terms of profits. The main objective of this study was to
carry out an in-depth analysis of the relationship between BEE scores and revenue
growth and profitability of JSE-listed companies. This was done to determine whether
the efforts by government of incentivising companies to be more BEE compliant are
effective.
This study was conducted as a two-part model consisting of regression analysis and ttest
to determine whether there is a relationship between BEE scores and revenue and
profitability. The regression analysis focused on the top 100 most black-empowered
companies. The t-test was a comparison of two data sets, which consisted of companies in the top 100 most black-empowered companies and those that do no fall
among the top 100 most black-empowered companies.
The results showed that, at the time of this research, there were no significant
relationships between BEE scores and revenue and profitability. The analysis of the
research findings collectively demonstrated that for both the tests (regression and ttest),
the relationship between revenue and profitability could not be established.
Hence, the results postulate that BEE compliance does not produce the desired results
for the companies, which can be translated into better profitability and market share.Financial Accounting
M. Phil. (Accounting Sciences)
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Harrington, Zinta. "B cell antigen D8/17 as a marker of susceptibility to rheumatic fever in Australians and The sharp end of the needle : rheumatic fever prophylaxis and concepts of care for Yolngu patients /". 2005. http://catalogue.flinders.edu.au/local/adt/public/adt-SFU20060219.200649/index.html.
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