Rozprawy doktorskie: „Listed markets”

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Hodgson, Victoria Louise, i 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.

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In this thesis it is recognised that marketing has a dual role to satisfy both customer and shareholder objectives. The issue of shareholder value creation of marketing is an important and immediate agenda for marketing executives, management and academics. To date, marketers have not been able to adequately quantify and measure shareholder value creation through marketing assets and marketing expenditure. This has led to a dilution of marketing power and influence in the boardroom with management tending to treat marketing as discretionary expenditure and not as an asset. Academics have responded with conceptual models that relate marketing assets back to shareholder value, generally through cash flow or sales models. The creation of shareholder value through marketing assets and expenditure is then conceptualised and tested empirically. The conceptual model builds on the theory of agency and incomplete markets setting to illustrate the flow effects through marketing assets to shareholder value. The conceptual model also demonstrates that marketing expenditure can have stock and/or flow impacts on shareholder value. Flow effects are indirect effects that are mediated through sales, cash flows, and earnings and can be either temporary or longer term. It is concluded that in listed markets stock prices are the general surrogate for shareholder value, and risk adjusted earnings are the appropriate surrogate in non-listed markets. The thesis then empirically illustrates and tests the relationships between marketing communications expenditure on two data sets representing firms in listed and non-listed settings. The empirical results reveal that marketing expenditure does play an important role in the creation of shareholder value and that stock and flow effects are both present. Knowledge of the various empirical impacts from marketing across firm size, industry and listed and non-listed market settings observed in this thesis should prove highly valuable for marketers and managers. Finally, a conceptual understanding by marketers of the financial metrics that are required to be influenced in order to increase shareholder equity will provide greater clout in negotiations with management and boards of directors.

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Hodgson, Victoria Louise. "Linking Marketing to Shareholder Value in Listed and Non-Listed Markets". Thesis, Griffith University, 2004. http://hdl.handle.net/10072/367168.

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In this thesis it is recognised that marketing has a dual role to satisfy both customer and shareholder objectives. The issue of shareholder value creation of marketing is an important and immediate agenda for marketing executives, management and academics. To date, marketers have not been able to adequately quantify and measure shareholder value creation through marketing assets and marketing expenditure. This has led to a dilution of marketing power and influence in the boardroom with management tending to treat marketing as discretionary expenditure and not as an asset. Academics have responded with conceptual models that relate marketing assets back to shareholder value, generally through cash flow or sales models. The creation of shareholder value through marketing assets and expenditure is then conceptualised and tested empirically. The conceptual model builds on the theory of agency and incomplete markets setting to illustrate the flow effects through marketing assets to shareholder value. The conceptual model also demonstrates that marketing expenditure can have stock and/or flow impacts on shareholder value. Flow effects are indirect effects that are mediated through sales, cash flows, and earnings and can be either temporary or longer term. It is concluded that in listed markets stock prices are the general surrogate for shareholder value, and risk adjusted earnings are the appropriate surrogate in non-listed markets. The thesis then empirically illustrates and tests the relationships between marketing communications expenditure on two data sets representing firms in listed and non-listed settings. The empirical results reveal that marketing expenditure does play an important role in the creation of shareholder value and that stock and flow effects are both present. Knowledge of the various empirical impacts from marketing across firm size, industry and listed and non-listed market settings observed in this thesis should prove highly valuable for marketers and managers. Finally, a conceptual understanding by marketers of the financial metrics that are required to be influenced in order to increase shareholder equity will provide greater clout in negotiations with management and boards of directors.
Thesis (PhD Doctorate)
Doctor of Philosophy (PhD)
School of Marketing
Full Text

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Ghai, Gauri L. "Estimation of global systematic risk for securities listed in multiple markets". FIU Digital Commons, 1998. https://digitalcommons.fiu.edu/etd/3925.

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The market model is the most frequently estimated model in financial economics and has proven extremely useful in the estimation of systematic risk. In this era of rapid globalization of financial markets there has been a substantial increase in cross listings of stocks in foreign and regional capital markets. As many as a third to a half of the stocks in some major exchanges are foreign listed. The multiple listings of stocks has major implications for the estimation of systematic risk. The traditional method of estimating the market model by using data from only one market will lead to misleading estimates of beta. This study demonstrates that the estimator for systematic risk and the methodology itself changes when stocks are listed in multiple markets. General expressions are developed to obtain the estimator of global beta under a variety of assumptions about the error terms of the market models for different capital markets. The assumptions pertain both to the volatilities of the abnormal returns in each market, and to the relationship between the markets. Explicit expressions are derived for the estimation of global systematic risk beta when the returns are homoscedastic and also under different heteroscedastic conditions both within and/or between markets. These results for the estimation of global beta are further extended when return generating process follows an autoregressive scheme

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4

Suchard, Jo-Ann Clair Banking &amp 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.

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Studies on the use of hybrid securities by listed firms to raise capital in international markets have been limited. The existing evidence on the seasoned capital raising process has concentrated on straight equity and debt issues in the United States (US) market. The Australian market provides a unique comparative capital raising environment as it has a number of operating and structural features that are different to many other markets. These differences include the method of issuing securities (rights issues), underwriting contracts (standby contracts), the trading volume of securities (thin trading), the industry makeup of listed firms (a high number of resource firms) and characteristics of capital raising instruments (convertible debt is non callable and is the only type of listed debt instrument, options are used as stand alone instruments to raise capital). This research focuses on how these differences give rise to differences in the share price reaction to security issues, the relevant explanations of the share price reaction, the security choice decision and the demand for underwriter services in the Australian market, compared to other markets. The impact of the announcement of hybrid security issues is examined using event study methodology adjusted for thin trading (as per Maynes and Rumsey(1993). Australian markets have differing characteristics to international markets including differing issue and issuer characteristics of hybrid security issues. However, the announcement effect evidence for Australian hybrid issues is consistent with international evidence for convertible debt issues but is inconsistent for company issued options and preference shares. Announcements of convertible debt are met with a significant negative share market response, a positive pre announcement runup and negative post announcement dnft, similar to US and UK issues. Although the announcement of an option issue can be viewed as an issue of delayed equity, option issues are met with a significant positive share price response rather than the negative share price response found for international equity issues. Announcements of preference share issues are met with an insignificant positive share price response which is in contrast to US and UK results. The results of the analysis of the explanation of the announcement effect of issuing new hybrid securities in the Australian market, suggest that different variables are significant explanators for the Australian market compared to international markets. The results of the models developed for the explanations of the announcement effect of Australian hybrid issues differ across security type. In general, the results for Australian issues of hybrid securities provide the greatest support for variants of the information asymmetry hypothesis. Convertible debt issues are best explained by the general information asymmetry hypothesis and the information asymmetry : external monitoring hypothesis. Option issues are best explained by information asymmetry : rights issues information asymmetry : signalling and agency cost hypotheses. Preference share issues are best explained by information asymmetry : rights issues, information asymmetry : external monitoring and the information asymmetry : signalling hypothesis. The security choice decision between hybrid securities is examined using logit regression analysis. When the choice is restricted to options and convertible debt, firms with high financial risk (leverage) and firm nsk (share volatility) are more likely to issue equity or in this study, equity like securities (options) and firms with higher pre announcement returns and larger issue size are more likely to issue debt or debt like securities (convertible debt). When the choice is extended to include preference shares, firms with high firm risk are more likely to choose options and firms making a relatively large issue are less likely to choose options (when financial risk is measured as long term debt over total assets) or more likely to choose convertible debt (when financial risk is measured as long term debt over equity). The determinants of underwriter use are examined using logit regression analysis for option issues as they are the only type of hybrid instruments that are not mostly underwritten. The results for the demand for underwriter services show that issue size, trading frequency and market risk are the determinants of the use of underwriters for Australian option issuers. This implies that mangers are more likely to choose to use an underwriter, the higher the amount of capital to be raised, the higher the trading frequency of the shares and the lower the market risk. The results are similar to partial results found for New Zealand and Norwegian equity issues where subscription price discount, issue size, firm risk, trading frequency, shareholder concentration and shareholder precommitments are determinants of underwriter use.

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Fagerlund, Elias, i 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.

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The purpose of this study is to investigate whether the location of buying stocks in a Nordic cross-listed company matters in terms of 1) earning abnormal returns, or 2) gaining in optimizing the amount spent by buying the specific stock cheap. Nowadays, markets are becoming more integrated and if we believe in the efficient market hypothesis, prices of the same class of stocks paying the same dividend annually, of an MNC must be the same irrespective of the stock exchange it is listed upon. Though efficient market hypothesis exists in theory, market imperfection is a reality. All the Nordic (Swedish, Finnish, Norwegian, Danish and Icelandic) firms listed on foreign stock exchanges in addition to their home market have been included in the sample. In fact, this sample represents 100% of the population. The daily prices of cross-listed stocks have been analyzed and conclusions have been drawn based on the mean returns and mean prices along with Wilcoxon Signed-Rank test statistics. The data have been analyzed over the last ten years capturing the recent economic cycle. The whole period has also been divided into three sub-periods to establish comparisons with the whole period. This paper reports that even though returns on cross-listed stocks are statistically same over all periods, prices of the stocks vary according to the location of listing. That is, investors can buy from a stock exchange where the specific stock is underpriced thereby decreasing the amount invested in absolute term and optimizing the amount spent if not the return. The returns and prices have analyzed using the local currency of the MNC’s country of origin and Special Drawing Rights (SDRs). No considerable differences on the returns or pattern of price movements have been observed while using two currencies.

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Hong, 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.

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Suwardi, 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.

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Studies of the relationship between market values and accounting numbers have long been a part of an established theme in capital markets research (CMR). These studies have taken various forms, most being conducted on a cross sectional basis, tied closely with the assumptions of equilibrium behaviour and efficient markets. Explanatory variables for market value have been dominated by firm-specific variables without incorporating macroeconomic variables. Recently, however, some studies have employed macroeconomic variables and dynamic specification in assessing the relationship between market values and accounting numbers (e.g. Bilson et al. 2001, Nissim and Penman, 2003, and Willett, 2003). The objective of this thesis is to investigate the nature of the relationship between share prices and accounting numbers on the Jakarta Stock Exchange for the period 1992-2002, using dynamic modelling principles in addition to the more usual cross sectional analysis. The approach to regression modelling (general-to-specific strategy)incorporated in this thesis relies less heavily than most CMR on prior economic theories of equilibrium behaviour. Apart from these novel aspects of approach and method, the study also provides valuable information about the emerging financial markets of Indonesia. The results of this thesis show that cointegration and the accompanying equilibrium correction relationship between market and book values for firms listed on the Jakarta Stock Exchange (JSX) can often be identified using accounting and macroeconomic regressors. The models are typically more informative, plausible and consistent than cross sectional models and are useful in interpreting the context in which the market to book relationship exists in Indonesia. A possibly surprising result is that in Indonesia, compared to similar models estimated using US data, the book value of net assets seems to have a stronger relationship with market value. This may be a function of the relative importance of financial statements as a source of information on the JSX.

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Suwardi, 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/.

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Studies of the relationship between market values and accounting numbers have long been a part of an established theme in capital markets research (CMR). These studies have taken various forms, most being conducted on a cross sectional basis, tied closely with the assumptions of equilibrium behaviour and efficient markets. Explanatory variables for market value have been dominated by firm-specific variables without incorporating macroeconomic variables. Recently, however, some studies have employed macroeconomic variables and dynamic specification in assessing the relationship between market values and accounting numbers (e.g. Bilson et al. 2001, Nissim and Penman, 2003, and Willett, 2003). The objective of this thesis is to investigate the nature of the relationship between share prices and accounting numbers on the Jakarta Stock Exchange for the period 1992-2002, using dynamic modelling principles in addition to the more usual cross sectional analysis. The approach to regression modelling (general-to-specific strategy)incorporated in this thesis relies less heavily than most CMR on prior economic theories of equilibrium behaviour. Apart from these novel aspects of approach and method, the study also provides valuable information about the emerging financial markets of Indonesia. The results of this thesis show that cointegration and the accompanying equilibrium correction relationship between market and book values for firms listed on the Jakarta Stock Exchange (JSX) can often be identified using accounting and macroeconomic regressors. The models are typically more informative, plausible and consistent than cross sectional models and are useful in interpreting the context in which the market to book relationship exists in Indonesia. A possibly surprising result is that in Indonesia, compared to similar models estimated using US data, the book value of net assets seems to have a stronger relationship with market value. This may be a function of the relative importance of financial statements as a source of information on the JSX.

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9

Eliwa, 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.

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This thesis investigates the association between four accounting-based earnings quality proxies and three capital market aspects of UK listed firms after applying the International Financial Reporting Standards (IFRS). The three capital market aspects are: the cost of equity capital; information symmetry; and analysts’ information environment (number of analysts following, the dispersion of analysts’ forecasts and the accuracy of analysts’ forecasts). It finds evidences that firms with low earnings quality have a higher cost of equity capital, higher information asymmetry, lower number of analysts following, a higher dispersion of analysts’ forecasts and less accurate analysts’ forecasts than firms with high earnings quality. Also, the results show that the innate component of each earnings quality proxy, driven by economic fundamentals, has a larger impact on the three aspects of capital market than the discretionary component, driven by management choices. This is consistent with the theoretical framework of IFRS which the UK adopted in 2005 for listed firms. These findings shed light on the important role of earnings quality in helping analysts and investors to make better financial investment decisions. Theory suggests that this role is achieved by increasing the informativeness of firms’ information environment, improving the precision of financial information, reducing estimation risk and information asymmetry; these are expected to lead to a lower cost of equity capital.

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Mbuyi, 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.

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Liebenberg, 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.

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The 2008 financial crisis caused a great increase in volatility in world stock markets, creating the need to develop alternative diversification strategies to minimise decreasing portfolio value. This study proposes a possible diversification instrument, which utilises the dual–listed stock price volatility in the London Securities Exchange (LSE) to determine Johannesburg Securities Exchange (JSE) stock price movements. This implies that the ability to determine possible buy opportunities on the JSE can be identified by examining volatility movements on the LSE. By using the price differences in the Anglo American Plc. dual–listed stock prices on the LSE to measure the volatility spillover impact on the JSE, evidence of both co–movement and volatility spillover effects between the two markets was found. The evidence indicates that the LSE does have an influential effect on the JSE, which justifies the use of LSE dual–listed stock price movements as a partial indicator for determining JSE dual–listed stock price movements. This study illustrates the possibility of exploiting the volatility spillover effects between international markets to enhance international portfolio diversification in times of great market fluctuations.
Thesis (MCom (Risk management))--North-West University, Potchefstroom Campus, 2012.

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12

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.

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This study focuses on the value-relevance of accounting information and the relationship between market value and different types of shareholding in the context of China. The market valuation theory suggests that market value is in a linear relationship with the accounting figures such as book value and net profit. This theory has been widely accepted and tested in most developed markets such as the U. S. A, the U. K., the Netherlands, France and Germany etc. Generally, accounting information is found to be value relevant in these countries, implying that book value and net profits are playing significant roles in explaining the market value. Does the market valuation theory hold in emerging markets such as China? This is an empirical question; it is also the major objective of this thesis. China's economic development and institutional settings are unique in many ways. Firstly, the whole economic system is in a transitional period in which the planned economy is gradually replaced by the market economy. Secondly, the newlyemerged listed companies are transformed from the former SOEs and display a series of distinctive features. The most significant one is that the nearly two-thirds of the shares are controlled by the government and these shares are not tradable. Thirdly, despite the phenomenal expansion in size, China's stock market is still a typical emerging market plagued by a host of inherent problems. These problems have distorted the market infon-nation such as share prices. Fourthly, from the fund-based accounting system to the IAS-based accounting standards, Chinese accounting has undergone a series of revolutionary changes to bring the accounting regulations in line with both international conventions and the overall economic environment of China. Despite the fact that China has largely adopted the IASs in constructing its accounting regulatory regime, significant differences exist between the two. The central objectives of this study are two-fold: 1) to investigate the value relevance of accounting figures in the unique context of China; 2) to examine the effects of different types of shareholding on the market value of listed companies, in particular the state shareholding and legal-person shareholding. The results seem to suggest that accounting infonnation contained in the Chinese financial reports, e. g. book value and net profits, is playing a significant role in explaining the market value in China's stock market. This finding is of particular interest because it indicates that the market valuation theory can be applied not only to developed markets, but also to the emerging ones such as China. As for the relationship between ownership structure and market value, the results of this study seem to lead me to believe that both state and legal-person shareholdings have significant impacts on the market value, however their effects appear to be different.

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Zeitun, 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.

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Thesis (Ph.D.)--University of Western Sydney, 2006.
A 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.

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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.

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In recent years, diversification has become a common strategy used by companies in emerging markets. It is believed that diversification operations could help firms get better performance and gain higher profits from a larger internal market. However, contradictory results reveal that diversification empirically hurts firm value and other studies show the relationship between diversification and firm performance is complicated that should be studied in separate industries. The opinion is inconclusive on this topic. This study developed a performance index to see how diversification impact on various perspectives of firm performance. Conclusions as follow. International diversification has a positive correlation with firm performance in several aspects whereas industrial diversification helps firms’ developing ability. However, due to the unavailability of long-term data, we can not rule out the possibility that well-performed firms go for international diversification. Besides, The relationship between diversification and firm performance affected by different industries. The agricultural and natural resource firms tend to exceed manufacturing firms in the efficiency aspects whereas manufacturing companies tend to have advantages in the sustainability aspect compared to service firms. There is also evidence showing that the largest shareholders’ holdings rates have a positive impact on firm performance and state-owned rate has a negative relation with firm performance.

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Ntoi, 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.

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Over the past decade, sustainability has emerged as one of the foremost issues faced by corporations across all sectors and Corporate Social Responsibility has gained much momentum in the past two decades. This research investigated whether investors in emerging markets are equally concerned about a firm’s social and environmental impacts as their counterparts in developed economies. The aim was to ascertain whether or not a correlation exists between CSR and stock market performance of South African listed companies. This was the first study undertaken in South Africa that specifically investigated the relative performances of SRI listed and non-SRI listed companies. The findings reveal that there are observable differences between the average market returns of the FTSE/JSE Socially Responsible Investment Index and the FTSE/JSE All Share Index, as well as the average price/earnings ratios and average price/book value ratios of all companies listed the JSE Main Board. Although two out of the three hypotheses failed to yield significant statistical outcomes, all the findings were in favour of the SRI. The research has opened up the avenue for future studies to investigate the purported links between sustainability and financial performance in the context of emerging markets. Copyright
Dissertation (MBA)--University of Pretoria, 2011.
Gordon Institute of Business Science (GIBS)
unrestricted

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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/.

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Agency theory predicts that corporate governance mechanisms and external audit play an important role in enhancing financial reporting, while institutional theory views these mechanisms as practices or regulations which result from coercion by legislators who impose certain practices in order to improve organizational effectiveness, or as a result of imitation. In terms of earnings management practices, both theories provide an appropriate theoretical framework. Taking agency theory and institutional theory as points of departure, the primary purpose of this study is to: (1) investigate the motivations and techniques of earnings management and; (2) to what extent corporate governance and external audit can affect earnings management practices in Saudi Arabia. To achieve this aim, the questionnaire survey is mainly used to explore the motivations and techniques of earnings management in Saudi Arabia by obtaining the different perceptions of respondents. In terms of the role of corporate governance and external audit in reducing earnings management practices, two models are constructed and a set of hypotheses are formulated. These models are examined, by a logistic regression, using a sample consisting of all companies listed on the Saudi Stock Exchange with the exception of financial and insurance companies which have different practices. In addition, semi-structured interviews are employed in order to provide a better understanding of the research questions, confirming and elaborating on the questionnaire survey and models’ findings and supporting the development of the hypotheses. They were subsequently undertaken, after the questionnaire survey, with 15 individuals including board members, audit committee members, external auditors and academic staff. Although there were significant differences among respondents, the findings reveal that the four main incentives for Saudi managers to manage earnings are ‘to increase the amount of remuneration’, ‘to report a reasonable profit and avoid loss’, ‘to obtain a bank loan’ and ‘to increase share prices’. The findings also indicate that only seven statements relating to earnings management that received support from respondents were techniques of earnings management in Saudi companies. Agency and institutional theory may provide a sensible explanation for previous earnings management practices in Saudi Arabia. Moreover, the expectation of beneficial corporate governance practices and external audit constraining opportunistic earnings management activities was, to a large extent, found to be inaccurate in Saudi Arabia. That is, no internal corporate governance variables, apart from outside director, board size and board meetings, examined in this research are shown to have any significant effect on earnings management. With the exception of auditor opinion, none of the external audit factors and ownership structure affects earnings management. Moreover, the interview survey shows many issues and interesting findings related to previous investigation such as nepotism, illegal competition, and lack of independence. Generally, the findings are not consistent with agency theory that ownership concentration, audit committee, and external audit might mitigate agency problems leading to reduced agency cost by aligning the interests of controlling owners with those of the company. However, previous finding can be interpreted by Institutional theory which views these mechanisms as practices or regulations resulting from coercion by legislators who impose certain practices in order to improve organizational effectiveness, or as a result of imitation. It should be noted that the findings established in this study could be useful to external auditors and regulators and legislators in their attempts to constrain the incidence of earnings management and enhance the quality of monitoring mechanisms.

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Bonhoure, 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.

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Dans cette thèse, nous nous proposons d’examiner plusieurs théories modernes de financed’entreprise. L’objectif est d’étudier les résultats suggérés par les études récentes sur des sujets tels que les politiques de dividendes, les problèmes d’agence, ou encore le financement des entreprises, et testés sur des organisations modernes. Dans cette optique, nous étudions plus particulièrement les firmes qui étaient cotées à Paris au début du XXème siècle.Tout d’abord, nous avons concentré cette étude sur le contexte général de la théorie d’agence, et tenté d’examiner si ce modèle pouvait être appliqué aux firmes de la période précédant la première guerre mondiale. Nous montrons ainsi que c’était le cas. Certains éléments mis en lumière par des études récentes sur ces firmes montrent que ce qui est aujourd’hui appelé « problèmes d’agence » constituait déjà un risque majeur pour elles. De surcroît, les écrits contemporains de ces entreprises du début du XXème siècle ou avant avaient parfaitement identifié ces problèmes comme étant majeurs pour elles mais aussi pour les investisseurs potentiels prêts à participer à leur financement. Dans ce contexte général d’asymétrie d’information et des « problèmes d’agence » potentiellement sévères en résultant, nous nous interrogeons également sur le financement de l’innovation et donc sur la contribution des marchés financiers à leur croissance. Nous montrons que les firmes innovantes de l’époque (soit les firmes de la 2nde Révolution Industrielle) bénéficiaient d’un soutien mitigé de la part des marchés-actions parisiens. Si l’on mesure ce soutien potentiel par le Q de Tobin, ces entreprises de la 2nde RI bénéficiaient de conditions avantageuses quant à leur financement. Au contraire, s’il est mesuré par le taux de dividende, ce soutien est beaucoup moins clair.Les entreprises ayant déjà trouvé un financement devaient ensuite rémunérer leurs actionnaires : elles devaient en particulier leur distribuer des dividendes. Les dernières parties de cette thèse étudient ainsi les politiques de dividendes mises en place par les firmes de la place de Paris au début du XXème siècle. Nous étudions d’abord les politiques de dividendes effectivement mises en place et montrons que ces dividendes étaient payés dans le but de diminuer les coûts d’agence, et en particulier dans le but de réduire les coûts de speculative monitoring. Dans un deuxième temps, nous comparons ces politiques réelles à celles fixées dans le cadre d’une règle statutaire de distribution des profits, qui déterminait l’allocation d’un certain montant de ces profits aux actionnaires. Cette comparaison pourrait permettre d’estimer si et à quel point ceux qui « contrôlaient » la firme suivaient strictement cette règle, et s’ils n’utilisaient pas les exceptions possibles à celle-ci pour en extraire des bénéfices privés au détriment des actionnaires extérieurs et minoritaires. Nous montrons qu’ils allouaient une part des profits cohérente avec celle qui était attendue en moyenne par tous les actionnaires. Si plusieurs interprétations de ce phénomène sont possibles, une explication pourrait résider dans le fait que la règle statutaire constituait un bon moyen de limiter les conflits entre ceux des actionnaires qui contrôlaient la firme et les autres
This 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

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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.

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The purpose of the study is to examine the relationship between corporate governance and disclosure of corporate information by listed companies in developing economies. A comparative study was carried out covering listed companies in South Africa, East Africa and Nigeria. The study is based on the agency theory which asserts that enhanced disclosure is one of the fundamental goals of a company's reporting system aimed at reducing agency costs and information asymmetries between shareholders and managers, hence a tenet of any effective governance system. Although corporate disclosure provides a channel through which shareholders obtain valuable information to make investment decisions, prior studies reported mixed empirical evidence on the role of corporate governance in enhancing corporate disclosure. Furthermore, empirical evidence from Sub Saharan Africa and developing economies in general remains scanty. Despite the fact that corporate governance systems have been widely used in strengthening the quality of financial reporting and disclosure, several corporate scandals and failures have continued to occur around the globe and the efficacy of corporate governance on disclosure activities in preventing managers from misappropriating corporate resources remains an empirical question. A comprehensive literature review revealed six corporate governance attributes (CEO non-duality, board size, board composition, composition of audit committees, block and director share ownership) and three control variables (Firm size, leverage, and profitability) that may have a significant influence on corporate disclosure. Corporate disclosure was categorized into disclosure of financial and non-financial information. Data was collected from annual reports of non-financial listed companies on selected securities exchanges in Sub Saharan Africa for the period 2010 to 2013. A comparative panel data analysis was then carried out using STATA MP Version 13, to obtain Random-Effects Regression models which were used to examine the relationship between corporate governance and corporate disclosure. Overall, the findings revealed that CEO non-duality, board size and board composition have a positive significant effect on corporate disclosure, while the effect of block and director share ownership is negative. The study concluded that for effective disclosure of information in developing economies, companies should minimize block and director share ownership, separate roles of chief executive officers and chairpersons of board of directors, increase board size and ensure that there is a higher proportion of non- executive directors on boards.

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Barreto, 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.

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Mestrado em Contabilidade, Fiscalidade e Finanças Empresariais
Este 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

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Kumbe, Ngome Marx Lénine. "L'information dans les sociétés cotées". Thesis, Rennes 1, 2015. http://www.theses.fr/2015REN1G001.

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Depuis les scandales financiers notamment d’Enron, Worldcom, Vivendi et Parmalat, la transparence est au cœur de tous les débats dès que la situation l'exige. Ainsi, tout le monde appelle à la transparence. Cette invocation est partagée par des politiciens, des avocats, des économistes, des financiers et l'opinion publique. Ainsi transparence souhaité par tous et qui correspond à la quantité d'informations diffusées par les entreprises, est devenu l'instrument privilégié de la régulation des marchés financiers. De nombreux pays occidentaux ont adopté des lois pour garantir la sécurité des marchés et des investisseurs. En France, il existe des lois comme la loi sur les Nouvelles Régulations Economiques (NRE) de 2001, la loi sur La Sécurité Financière (LSF) de 2003 et la loi Breton de 2005. Au niveau européen, il existe aussi des lois et les plus importantes sont la Directive Transparence de 2013, sur l'harmonisation des obligations de transparence concernant à l'information sur les émetteurs dont les valeurs mobilières sont admises à la négociation sur un marché réglementé, Directive concernant les Marchés d’Instruments Financiers (MiFID) 2014, la directive Abus de Marché (MAD) de 2014 et European Market Infrastructure Regulation (EMIR) de 2012. Cependant au sein des sociétés, on assiste à une instrumentalisation de l’information, orchestrant des « guerres » entre dirigeants et actionnaires. La transparence est ainsi détournée de son rôle premier pour satisfaire les intérêts égoïstes de ces personnes. Grâce à une manipulation de l’information dont il est dépositaire, le dirigeant peut mettre en place des stratégies dans le but de conserver son fauteuil. Les actionnaires dépositaires du contrôle de la société, peuvent opérer un contrôle purement économique, et n’agiront pas dans l’intérêt de la société mais dans leur intérêt patrimonial, en fonction d’une stratégie de création de valeur et d’investissement préalablement arrêtée
Since 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

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Benhassni, Karim. "La transparence des sociétés côtées". Thesis, Pau, 2011. http://www.theses.fr/2011PAUU2016.

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Selon les théoriciens de la transparence, qui de tous horizons disciplinaires, en clament les vertus, l’information financière permet l’équilibre, en remédiant à l’asymétrie de connaissances entre l’émetteur et ses dirigeants, d’une part et les destinataires de l’information financière, d’autre part. Elle lève le voile, combat l’opacité, permet la décision et donc, le jeu même du marché. Les économistes parlent alors d’ « efficience informationnelle » car la circulation fluide et rapide des flux d’information en provenance ou en direction de tous les acteurs des marchés boursiers (émetteurs et dirigeants, opérateurs, actionnaires, autorités de régulation, presse, …) permettraient de fournir à tout instant la meilleure valorisation possible des entreprises cotées compte tenu des informations pertinentes publiquement disponibles. Pour ces raisons, de nombreuses réformes ont été opérées ces dernières années afin de multiplier les obligations d’information à la charge des sociétés cotées. Cependant, force est de constater, au vu de la dernière crise financière, que les marchés peuvent ne pas fonctionner efficacement et évaluer correctement la valeur fondamentale d’un actif financier, alors même que les informations relatives à l’actif sous-jacent sont largement diffusées. De là, se pose la question de la pertinence de la transparence des sociétés cotées
According 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

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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.

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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/.

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Ao redor do mundo, a maioria das companhias listadas de grande porte tem acionista controlador, à exceção dos EUA e do RU, em que o comando da atividade empresarial é exercido, de fato, pelos administradores. A conformação de controle dominante em cada país resulta de uma série de fatores, muitos deles de ordem jurídica, os quais levam ao surgimento e permanência de uma dessas variantes, ao mesmo tempo em que parecem inibir o desenvolvimento da estrutura alternativa. A gradativa convergência global dos padrões de propriedade acionária a um denominador comum, aparentemente em curso - dos extremos da dispersão e concentração absolutas para o cenário intermediário dos blocos de participação minoritária relevante detidos por investidores institucionais não tem sido acompanhada de transformações significativas nas estruturas de poder de controle interno dominantes em cada país, as quais, em essência, continuam as mesmas. Isso significa que os fatores (jurídicos, especialmente) que levam à predominância de tais estruturas continuam em atuação, não obstante modificações havidas no grau de dispersão do capital com direito a voto de companhias listadas. Este trabalho visa apresentar um conjunto mais específico de fatores jurídicos que, ao mesmo tempo e de modo decisivo, favorecem a proliferação de uma dentre as duas estruturas de controle consideradas (controle acionário ou gerencial) e inibem o desenvolvimento de outra. Trata-se dos instrumentos jurídicos de dissociação entre representatividade política e participação econômica de acionistas, os quais exercem papel central na conformação do regime jurídico das companhias abertas com elevada dispersão do capital votante, integrantes do Novo Mercado da BVSP.
Most 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.

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Shao, Li, i 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.

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Shao, 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.

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Liang, 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.

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This thesis comprises, firstly, a careful and detailed description of the institutional workings of the Chinese stock market; secondly, a literature review of the Chinese segmented markets and dual-listed shares price premium; and thirdly, three evidence-based contributions designed to cast new light on the Chinese A-shares premium puzzle. Publicly-listed firms in China, under certain criteria, can issue two different types of shares, namely A-shares and B-shares, to local and foreign investors respectively. These shares carry the same rights and obligations, but are however priced differently due to market segmentation. After a review of the literature on determinants of the premium, the first contribution offers a complementary explanation. I propose that the premium reflects the difference in valuation preferences between the local and foreign investors, i.e., local investors pay more attention to stock liquidity, while foreign investors pay more attention to firm’s intrinsic value, and so firms having more favorable fundamentals tend to have lower premia. The second contribution involves the examination of a controversial question that which investor group is better informed about local assets, by testing the direction of information flows between the A- and B-shares markets. Both time series methods, and panel data techniques which are used for the first time in this context, are employed, in order to get a distinct and more insightful picture against the current literature. The third contribution compares and contrasts institutional settings of China, Singapore and Thailand which have similar market segmentation and dual-listing systems; examines whether or not the premia in the three countries are caused by same factors; and tries to answer why foreign investors in China pay less, rather than more, as commonly observed in other segmented markets, for identical assets. It provides the first cross-country comparison evidence after 1999 with updated data.

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Li, 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.

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Li, Chuntao, i 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.

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Kunkel, 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/.

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Wang, 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.

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This study extends research on the information content of qualified audit opinions in more developed markets to the emerging capital market in China. It investigates the market reaction to audit opinions of listed Chinese companies on the Shanghai Stock Exchange. A sample of 3128 company/year observations was included, with 386 modified audit opinions and 2742 unqualified audit opinions during the investigation period 1999 to 2003. The variable of interest is audit opinions. Control variables include those used in studies of developed countries, such as earnings surprise, concurrent bad news disclosure, audit report delay, leverage, the presence of loss and firm size. Also included are variables controlling for specific Chinese institutional characteristics, such as ???special treatment???, as well as bull and bear market indicators. When all modified audit opinions are combined, this study does not find evidence that the modified audit opinions have significant information value to Chinese investors. However, when modified audit opinions are classified by type, the market is found to significantly react to qualified audit opinions with explanatory notes and disclaimer audit opinions, which are the severest audit opinions investigated in this study. When the entire sample is partitioned by year, a significant stock price revision to modified audit opinions is documented in 2003. This study also examined in the Chinese context the Melumad and Ziv (1997) model of stock price response to avoidable and unavoidable modified audit opinions. Consistent with Melumad and Ziv (1997) predictions, the market reaction to avoidable audit reports is unclear, while investors view unavoidable audit reports as necessarily negative information. In conclusion, this study finds mixed evidence in support of the notion that the Chinese stock market views audit opinions as valuable information.

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Schoeman, 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.

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Thesis (MBA)--Stellenbosch University, 2015.
ENGLISH 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.

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Wang, Chia-Wen, i 王佳文. "CSR Disclosure: Empirical Evidence of Listed Companies in Taiwan Stocks Markets". Thesis, 2017. http://ndltd.ncl.edu.tw/handle/79331318891069363854.

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碩士
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).

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33

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.

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Subset Vector Autoregressive (SVAR) models are fitted to the International Listed Property Trust (LPT) market and the global oil market. A General-to-Specific (GetS) model selection algorithm and a Bootstrap model based resampling method are employed to determine the best fitting models from a set of candidate models. Section One presents one of the largest studies to date of the effect of crises on diversification opportunities in the listed property context, spanning 12 markets{u2091}. The analysis demonstrates an application of alternative superior modelling of market integration. Much early research on the diversification benefits of securitised real estate markets uses correlations and/or a simple mean variance framework. These static descriptive statistics, while informative, cannot adequately capture the dynamic behaviour present in the data or information on how the two variables are related on a lead/lag basis. Autocorrelation analysis can give some insight into temporal relationships between the response and the covariates now and into the past, but the more complex (SVAR) model allows us to capture the behaviour of the data series more flexibly and, in particular, model all markets of interest simultaneously. Such an approach captures not only internal dependence, but also complex dependence structures involving multiple markets. This study covers the Asian market crisis and the current global credit crisis. Critically this study includes modelling of the potential for currency effects to impact the diversification environment. Diversification benefits evaporate during the crisis in both hedged and unhedged cases, perhaps a surprising result given the magnitude of the currency effects experienced during the Asian crisis. Interestingly, although diversification benefits vanish during the crisis in both hedged and unhedged cases, the markets that are significant in the model differ between the two cases. While the analysis in Section One demonstrates that SVAR models can provide a superior insight into the diversification problem, model uncertainty was not addressed adequately. Financial market industry participants and researchers often fit statistical models to time series data without regard for the issues relating to purpose and model uncertainty. Often an inappropriate model is fitted, and even if an "appropriate" model is applied, the final model reported is treated as though there is no uncertainty with respect to size or significance of the coefficients, variables included or excluded. Section Two discusses model uncertainty. In Section Three, the question, "Can you trust your model?" is asked. By applying a resampling method called the bootstrap, model uncertainty is quantified. The global oil market is modelled using an implementation of Subset Vector Autoregression with Exogenous Variables (SVARX). When fitting large models such as those in Section One and Section Three, coefficient and standard error estimates have been traditionally determined by conditioning on a single best model. Estimates from a single model ignore model uncertainty and result in under-estimated standard errors and over-estimated coefficients. The results of this study find under-estimation of standard errors of up to164% and over-estimation of coefficients of up to 37%. The bootstrap provides improved estimation of coefficients and their standard errors, and allows better identification of the relative importance of predictors. Using the bootstrap, this study shows how traditional methods for selecting predictors result in false positives (inclusion of unimportant/noise variables) and exclusion of important variables. Using daily log return time series, this exploratory study suggests the following predictors as the most important drivers of the global oil market: US 10 Year Government Bond Yield (lags 0, 4 and 13) US Inflation Rate (lags 0 and 11) US Business Confidence (lags 8 and 11) Given the set of predictors above, confirmatory out-of-sample analysis where models of size two, three and four or more are fitted and analysed should be conducted. A multi-model averaging based approach should be implemented to account for model uncertainty if the models are to be used for predictive purposes. {u2091}Based on the work in Section One of this thesis, a journal article has been published. Ryan, L. (2011), Nowhere to hide: an analysis of investment opportunities in listed property markets during financial market crises, Journal of Property Research, Volume 28, Number 2, June 2011, pp. 97-131(35)

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34

Wang, Ching-lin, i 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.

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碩士
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.

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35

Choo, Min-Rui, i 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.

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碩士
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.

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36

Yu-Jhen, Chen, i 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.

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碩士
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.

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37

Zeitun, Rami M. A., University of Western Sydney, College of Law and Business i 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.

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This thesis examines the determinants of corporate performance and likelihood of default of Jordanian publicly listed companies. Despite the large body of work that has investigated the determinants of corporate performance and default, no comprehensive study has emerged in an emerging market. Indeed, most of the empirical research on corporate performance and failure has been conducted in the developed markets such as the USA and the UK. This is the first rigorous and comprehensive study to examine empirically the determinants of corporate performance and failure of the publicly listed companies in an emerging market of Jordan. Also, it is the first study to present evidence on the determinants of corporate performance and failure in the Jordanian market using microeconomic and macroeconomic variables. Another objective of the research is to investigate the effect of the two financial systems on corporate health, since two banking systems operate in Jordan. It is also the objective of this thesis to investigate the effects of external shocks on Jordanian corporate performance and failure, especially those occurring within the Middle East region such as the Gulf Crisis 1990-1991 and the outbreak of the Intifadah in September 2000. Our study uses time-series and cross-sectional data of the publicly traded companies on the Amman Stock Exchange over the period 1989-2003. The study examines the determinants of capital structure and corporate performance using the random effects model and the pooled ordinary least squares (OLS) regression method. The study also examines the determinants of corporate failure (default) using the Logit model. A firm’s tangibility is found to have a positive and significant impact on a firm’s capital structure, while it has a negative impact on the short-term debt to total assets ratio. Firm profitability, liquidity, and stock market activity are found to have a negative and significant impact on a firm’s capital structure. The analyses show that a firm’s capital structure is negatively and significantly related to corporate performance, but positively and significantly related to its failure. The Gulf Crisis 1990-1991 had a positive impact on corporate performance, while the outbreak of Intifadah had a negative effect on corporate performance. The study also highlighted the importance of industrial sectors in determining corporate performance. Ownership concentration measured by the largest five shareholders was found to be positively and significantly related to corporate failure in both the cross-sectional sample and the panel data sample. The analysis also found that there is a non-linear relationship between a firm’s performance value and ownership structure. Another important finding is that Islamic banks' credit has an important and significant impact in increasing a firm’s performance measure return on assets (ROA). Unexpected changes in interest rates are found to be negatively and significantly related to corporate default (failure). This implies that corporate performance and distress, or insolvency, are affected by their capital structure, ownership structure, cash flow, and macroeconomic variables.
Doctor of Philosophy (PhD)

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38

Lin, Guanyu, i 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.

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碩士
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.

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39

Huang, Yi-Pin, i 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.

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碩士
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.

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40

Chang, Yu-Kao, i 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.

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碩士
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.

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41

Lin, Chien-Chen, i 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.

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碩士
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.

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42

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.

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碩士
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.

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43

Cheng, Chun-Ting, i 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.

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碩士
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.

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44

Wang, Yu-Chien, i 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.

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碩士
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.

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45

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.

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46

Fonseca, 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.

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47

Borromeo, John. "Stock Market Anomalies for Companies Listed on the National Stock Exchange of Australia". Thesis, 2018. https://vuir.vu.edu.au/38627/.

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Purpose – Many theoretical financial theories attempt to explain the behaviour of stocks and the structure of their returns, namely the Portfolio Theory, the Capital Asset Pricing Model (CAPM), the Efficient Market Hypothesis (EMH), and Behavioural Finance. These theories, however, have provided incomplete and contradictory explanations regarding stock market anomalies. The aim of this research is to analyse the theory of anomalies and develop a comprehensive theoretical model based on the extant financial theories to develop an improved explanation about stock market anomalies. The principal aim of the current research is to examine the presence of several anomalies, covering macroeconomic, calendar and event variables, in a secondary stock market within Australia, namely the National Stock Exchange of Australia (NSXA), and a number of the sub-indices contained within this stock market. Design/methodology/approach – This research empirically tests the efficiency of the NSXA. The role played by each of the following independent variables is examined by applying specific statistical techniques: long and short-term interest rates; exchange rates; day of the week; weekends; months of the year; turn of the calendar year, January, turns of the month; Australian end of financial year; Australian federal election, US presidential election and sporting events Findings – The results are interesting and contradict with the existing research. Though the empirical analyse yields statistically significant results for some hypothesis and not for others, the research finds that: a clear interest rate effect for both short and longterm interest rates; an observable and strong monthly effect and suggestive relationship between the NSX Resources sub-indices and Australian federal elections. Research limitations/implications – the main limitations of the research related to: 1) the particularity of investors in the NSXA falls out of the scope of this study, they may provide further insight as to why the anomalous behaviour was observed; 2) difficulty quantifying the physical location of the companies listed on the exchange as knowledge of this may have been supportive in explaining trading patterns and anomalous behaviour and 3) the impact of market capitalization and firm size was not considered due to a lack of available data. Future research may want to incorporate firm size when undertaking analysis to determine if a relationship exists between company size and anomalies. The main implication of the research is that there is only partial confirmation for the validity of the EMH. While the EMH is not rejected in each of the tests undertaken, the fact that some anomalies are observed implies that the EMH cannot be seen as an all-encompassing theory of how stock markets operate or behave. The current research raises the concept of segmented market efficiency. Practical implications – This research indicates that the NSXA does exhibit several specific anomalies. The presence of such anomalies provides investors with greater knowledge which can be used to maximise financial returns, in both the medium and long term, by improving decisions relating to the timing of stock investment. Originality/value – To the researcher’s best knowledge the focus of stock market anomalies in an Australian context has been exclusively to examine the Australian Stock Exchange (ASX). This is the first study to focus on a "secondary" smaller, less well recognised stock market, the NSXA. Additionally, this is the first study to consider economic, calendar and event variables in an integrated model to provide an improved explanation of stock anomalies.

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48

Sun, Mei-Lin, i 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.

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碩士
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.

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49

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.

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As empresas tentam até ao limite ter sucesso em ambientes e mercados que não controlam e onde não possuem informação perfeita. Para suceder é necessária a exposição a riscos e em grande parte das indústrias a competição transforma-se na lei do mais forte. Uma das mais populares ferramentas de cobertura de risco são os instrumentos financeiros, em particular derivados. O seu uso está imerso em controvérsia uma vez que quando utilizados de forma incorrecta ou sem profundo conhecimento as consequências podem ser catastróficas como foi visto durante a crise financeira de 2008 e 2009 onde as Credit Default Swaps e Collateralized Debt Obligations foram vítimas de escrutínio da opinião pública. A literatura neste tópico é vasta e diversa, salientando os benefícios que estes instrumentos podem trazer a um negócio mas também tendo em conta as implicações negativas que o seu uso pode ter numa empresa. Este estudo analisa as 15 empresas não financeiras do índice português, PSI 20, do período de 2013 a 2015 e explora os riscos que estas encontram na sua actividade, como é o caso do risco de taxa de juro e de mercado, em empresas dependentes de um bem específico, e como é que os derivados podem ter um impacto na sua política de gestão de risco e ajudar a empresa a reduzir os seus encargos financeiros no presente e a assegurar a sua sustentabilidade face a situações desfavoráveis. Através de uma análise qualitativa e quantatitativa tentaremos isolar as variáveis que têm uma correlação com o uso de derivados numa empresa e se são criadores de valor como ferramenta de hedging.
Companies 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.

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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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Boards of directors are integral to modern corporations and, consequently, receive much attention from regulators, researchers and stakeholders. Although this domain is receiving increased scrutiny, most studies have been based on relating various dimensions of board structure and composition to firm financial performance. However, such studies have failed to draw an unambiguous conclusion about the impact of board structure and composition on firm performance. Considering the importance of board dynamics on the effectiveness of the board, this study examines the characteristics of members of boards of directors and determines the contribution that these characteristics make to the effectiveness of boards of directors in Malaysian Public Listed Companies (PLCs). Furthermore, there is limited study in this area from emerging-economy countries with relatively less developed capital markets. The underlying theme throughout this study is that characteristics of members of boards of directors are important components of board effectiveness.

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