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1
Saensuk, Smart. "The entry and exit of block shareholders : an analysis of block purchases and privately negotiated block repurchases /". free to MU campus, to others for purchase, 2003. http://wwwlib.umi.com/cr/mo/fullcit?p3115588.
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2
Argyros, Robert. "The power of investor sentiment: an analysis of the impact of investor confidence on South African financial markets". Thesis, Rhodes University, 2013. http://hdl.handle.net/10962/d1004169.
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Whether investor sentiment has any authority over financial markets has long been a topic of discussion in the field of finance. This study investigates the relationship between investor sentiment and share returns in South Africa. Determining this relationship will add to the existing work which has documented important determinants of share returns on the stock exchange in South Africa, as well adding to the inconclusive link between sentiment and the South African financial markets. Does sentiment influence share returns or do share returns influence sentiment? Using quarterly data for the period 1996-2010, the study makes use of the FNB/BER Consumer Confidence Index as a proxy for investor sentiment, and the FTSE/JSE All Share Index to represent the South African financial markets. A regression analysis was conducted along with granger-causality tests, impulse response functions and variance decompositions in order to determine the nature of this relationship. The results showed that investor sentiment has a statistically significant relationship with share returns in South Africa. However, sentiment is only able to account for a very small portion of the variation in returns, with returns able to account for a larger portion of the variation in sentiment. Therefore investor sentiment is not a suitable predictor of share returns in South Africa. In addition, granger-causality tests indicate that returns are actually the leading indicator, suggesting that changes in South African investors’ confidence levels occur following changes in the state of the JSE. The limitations of the study include the infrequent nature of the sentiment measure used, thereby failing to capture important changes in sentiment and their immediate impact on financial markets. In addition, the sentiment of foreign investors must be taken into account due to the large foreign investment in the JSE.
3
Korte, Otto. "Zur mißbräuchlichen Wahrnehmung der aktienrechtlichen Anfechtungsbefugnis /". Frankfurt am Main [u.a.] : Lang, 2003. http://www.gbv.de/dms/spk/sbb/recht/toc/365005320.pdf.
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4
Ellis, R. Barry. "What insight do market participants gain from dividend increases?" Thesis, University of North Texas, 2000. https://digital.library.unt.edu/ark:/67531/metadc2536/.
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This study examines the reactions of market makers and investors to large dividend increases to identify the motives for dividend increases. Uniquely, this study simultaneously tests the signaling and agency abatement motivations as explanations of the impact of dividend increases on stock prices and bid-ask spreads. The agency abatement hypothesis argues that increased dividends constrict management's future behavior, abating the agency problem with shareholders. The signaling hypothesis asserts that dividend increases signal that managers expect higher or more stable cash flows in the future.
Mean stock price responses to dividend increase announcements during 1995 are examined over both short ( _1, 0) and long ( _1, 504) windows. Changes in bid-ask spreads are examined over a short ( _1, 0) window and an intermediate (81 day) period. This study partitions dividend increases into a sample motivated by agency abatement and a sample motivated by cash flow signaling. Further, this study examines the agency abatement and cash flow signaling explanations of relative bid-ask spread responses to announcements of dividend increases. Estimated generalized least squares models of market reactions to sampled events support the agency abatement hypothesis over the cash flow signaling hypothesis as a motive for large dividend increases as measured by Tobin's Q and changes in the distribution of cash flows.
5
Bagchee, Deepika. "Investor response to sell-side analyst revisions in IPO recommendations : do they correct expectations? /". Thesis, Connect to this title online; UW restricted, 2003. http://hdl.handle.net/1773/8818.
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6
Woodland, Angela M. "The effects of tracking stock issuances on operating performance, shareholder wealth, and the informativeness of accounting fundamentals /". free to MU campus, to others for purchase, 2001. http://wwwlib.umi.com/cr/mo/fullcit?p3025667.
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7
Maslo, Armin. "Interessenwahrung und Rechtsschutz der Aktionäre beim Bezugsrechtsausschluss im Rahmen des genehmigten Kapitals /". Berlin : Duncker und Humblot, 2006. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=014859464&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.
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8
Шестопалов, Р. М. "Захист прав учасників акціонерного товариства в контексті організації та проведення загальних зборів акціонерів". Thesis, Українська академія банківської справи Національного банку України, 2005. http://essuir.sumdu.edu.ua/handle/123456789/61771.
Texto completo da fonteResumo:
Участь у АТ породжує виникнення в
особи сукупності прав, які мають назву корпоративні. Одним із таких
прав, передбачених чинним законодавством України, є право
акціонера на управління справами АТ, яке здебільшого реалізується
шляхом участі акціонера в загальних зборах акціонерів.Participation in AT generates the onset of persons of a set of rights, called corporate. One of those the rights stipulated by the current legislation of Ukraine is a right a shareholder in the management of affairs of JSC, which is mostly implemented by participating in a general meeting of shareholders.
9
Iqbal, Zahid. "Information Content of Managerial Decisions, Change in Risk, and Complimentary Signals: Evidence on New Bond Issue, Exchange Offer, and Dividend Payments". Thesis, University of North Texas, 1988. https://digital.library.unt.edu/ark:/67531/metadc332069/.
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The effect of a change in capital structure on the risk and return of common stockholders is investigated. Also, the information content of dividends when a firm goes for new outside financing is examined. Data used in the study are collected from the Moody's Bond Survey, the Prentice Hall's Capital Adjustments, the Wall Street Journal Index, and the Center for Research in Security Prices Tape. The study uses an event study methodology. The risk (beta) of common stock before an issuance of debt securities is compared with the risk after the issue. The stock market reaction to the issuance of new debt securities is measured using after-the-event risk. The information content of dividend announcement before a new debt issue is compared to that of after the issue. The findings show that debt issue reduces stock holders' risk if the issuer is a dividend paying company. Also, debt securities issued through an exchange offer increase stockholders' wealth. Finally, issuance of new debt does not affect the information content of dividends.
10
Chowdhury, Rashedur Rob. "Reconceptualizing the dynamics of the relationship between marginalized stakeholders and multinational firms". Thesis, University of Cambridge, 2013. https://www.repository.cam.ac.uk/handle/1810/252303.
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11
Sládková, Kateřina. "Vlastní kapitál v akciové společnosti v účetnictví". Master's thesis, Vysoká škola ekonomická v Praze, 2008. http://www.nusl.cz/ntk/nusl-12098.
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The thesis treats of stockholders' equity in joint-stock company. The thesis firstly focuses on accounting view, secondly focuses on tax and law view. In the thesis is discussed for example the function of stockholders' equity, stockholders' equity versus deposits, stockholders' equity in statements, transaction of floatation and liquidation, treasury stock, allocation of profit and stockholders' equity according to international accounting.
12
Gelderblom, Christo. "JSE securities exchange : is there a justification for low voting shares?" Thesis, Stellenbosch : Stellenbosch University, 2006. http://hdl.handle.net/10019.1/20750.
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A Research Report presented to the Graduate School of Business of the University of Stelienbosch in partial fulfilment of the requirements for the degree of Master of Business AdministrationThesis (MBA)--Stellenbosch University, 2006.
ENGLISH ABSTRACT: Certain companies in South Africa have dual classes of shares listed on the JSE Securities Exchange i.e. ordinary shares and N shares. Ordinary listed shares, nonmally holds one vote per share, are referred to as superior voting shares. Restricted voting shares have restricted voting benefits to the shareholders, in some cases one vote casting for thousand shares held. Some companies have listed N shares on the JSE Securities Exchange; these are the South African shares with restricted voting powers. A total of 34 companies have issued low voting shares in South Africa, 2 companies started as far back as 1990. Naspers Limited is the only company that has listed only low voting shares. This study investigates the justification for companies issuing low voting shares by comparing the price performance of these shares and also investigates the justification for shares with restricted voting rights. Tests are conducted to detenmine whether a premium is paid for South African superior voting shares by comparing the share prices of superior voting shares and restricted voting shares on the same day of trading on the JSE Securities Exchange. Various parties in the South African business community have opinions and arguments against and in favour of low voting shares; the reasons for the issuing of low voting shares are under scrutiny. In addition to the above mentioned tests the factors influencing the voting premium have also been investigated. The benefits of restricted shares are also investigated. The results of tests conducted on dual share classes trading in South Africa are compared with the results of similar studies on share price information of dual share classes trading on international stock exchanges. The findings of the study are: Ordinary listed shares are trading at a premium comparing to restricted voting shares, in South Africa the premium is calculated at 9.83%; The payment of dividends to shareholders does not influence the share premium; The ratio of ordinary shares in relation to total shares issued does not influence the VRP of a company; The capitalisation of company, in other words the outstanding number of ordinary shares valued at the market price, does not influence the voting premium; and Companies being controlled by families or major shareholding groups are more likely to issue shares with restricted voting rights; The conclusion of the study is that the limited benefits are offered to the owners of the companies that have issued the dual classes of shares and not to the investors' public. These owners of superior voting shares have utilised restricted voting shares to remain in control of the companies and get access to relative cheap investors funding. Restricted voting shares' popularity declined to the end of 1992, the phenomenon is consistent with demise of restricted voting shares in France
AFRIKAANSE OPSOMMING: Sommige Suid Afrikaanse genoteerde maatskappye het verskillende klasse aandele genoteer op JSE Securities Exchange. Daar word tel kens na gewone genoteerde aandele verwys as aandele met superieure stem reg, die aandele sal sonder uitsondering een stem hou vir elke uitgereikte gewone aandeel. In Suid-Afrika staan aandele met beperkte stem reg bekend as N-aandele. Die betrokke aandele het nie dieselfde stem reg voordele as gewone aandele nie en kan tot een stem per duisend uitgereikte aandele dra. 'n Totaal van 34 maatskappye het beide klasse aandele genoteer, Naspers Beperk is die enigste maatskappy wat slegs aandele met beperkte stemreg genoteer het. Die verhandeling ondersoek of daar enige geldige rede is vir die uitreiking van aandele met beperkte stem reg. 'n Ondersoek word geloods deur te kyk na die prysgedrag van die twee verskillende tipes aandele naamlik gewone en Naandele. Die redes vir enige prysafwykings word ook ondersoek. 'n Vergelykings tussen die aandelepryse van aandele met superieure stemreg en aandele met beperke stemreg (soos genoteer op die JSE Securities Exchange) word gedoen om te bepaal of aandele met superieure stem reg teen 'n premie verhandel. Verskeie partye het argumente en opinies teen en ten gunste van die gebruik van aandele met beperkte stemreg. die redes vir die uitreiking van aandele met beperkte stem reg word onder die vergrootglas geplaas. In Verdere ondersoek na die faktore wat verantwoordelik kon wees vir die premieverskil tussen aandeelpryse van aandele met superior stemregte en aandele met beperkte stemregte word ook gedoen. Daar word ook ondersoek of daar enige voardele is vir die uitreik van aandele met beperkte stemreg. Die studie sluit af met 'n vergelyking van die resultate in 'n Suid-Afrikaanse beleggingingomgewing met die resultate van soorgelyke studies wat gedoen is op aandeleinligting van verskeie intemasionale aandelebeurse waar aandele met beide superieure en beperkte stem reg genoteer is. Die bevindinge van die studie is as volg: Gewone genoteerde aandele (aandele met superieure stemreg) soos genoteer op die JSE Securities Exchange verhandel teen 'n premie van 9.83% oor die tydperk onder oorskou in vergelyking met aandele met beperkte stemreg. Die beta ling van dividende aan aandeelhouers speel geen rol op die grootte van die pryspremie in die verhandeling van gewone genoteerde aandele en aandele met beperkte stem reg. Die verhouding tussen gewone aandele in verhouding to totale aandele uitgereik speel nie 'n rol in die grote van die pryspremie nie; Die kapitalisasie van die maatskappye, met ander word die uitstaande gewone genoteerde aandele teen markprys, speel geen rol in die graolle van die pryspremie nie; en Die aandeelhouersstruktuur speel 'n ral in die uitreiking van aandele met beperkte stemreg. Maatskappye wat beheer word deur families of graot houermaatskappye is geneig om aandele met beperkte stemreg uit te reik. Die gevolgtrekking van die studie is dat aandele met beperkte stemreg wei voordele het, in die geval nie vir die breer beleggingspubliek nie maar wei vir persone of instansies in beheer van die spesifieke maatskappye met beide klasse aandele. Aandele met beperkte stemreg is gebruik am toegang te verkry tot goedkoop befondsing sander am beheer van die maatskappye te verloor. Aandele met beperkte stemreg se gewildheid het begin afneem, nie net in Suid-Afrika nie maar oak in Frankryk waar baie maatskappye besluil hel om weg Ie doen mel die soort aandele.
13
Kyriakakis, Konstantinos N. "Die Überwachung einer US-amerikanischen Aktiengesellschaft durch institutionelle Anleger /". Frankfurt am Main [u.a.] : Lang, 2002. http://www.gbv.de/dms/sbb-berlin/337451761.pdf.
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Univ., Diss. u.d.T.: Kyriakakis, Konstantinos: Die Überwachung des Managements einer US-amerikanischen Aktiengesellschaft durch institutionelle Anleger--Osnabrück, 2000.Nebent.: Überwachung des Managements durch institutionelle Anleger.
14
Li, Bin. "The relationship between investor holding period, and stock and stockholder characteristics". Thesis, National Library of Canada = Bibliothèque nationale du Canada, 1999. http://www.collectionscanada.ca/obj/s4/f2/dsk2/ftp01/MQ39088.pdf.
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15
Elwani, Nabil Mohammed. "The Information Behavior of Individual Investors in Saudi Arabia". Thesis, University of North Texas, 2016. https://digital.library.unt.edu/ark:/67531/metadc849714/.
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Information plays a significant role in the success of investment strategies. Within a non-advisory context, individual investors elect to build and manage their investment portfolios to avoid the cost of hiring professional advisors. To cope with markets’ uncertainty, individual investors should acquire, understand, and use only relevant information, but that task can be affected by many factors, such as domain knowledge, cognitive and emotional biases, information overload, sources’ credibility, communication channels’ accuracy, and economic costs.
Despite an increased interest in examining the financial performance of individual investors in Saudi Arabia, there has been no empirical research of the information behavior of individual investors, or the behavioral biases affecting the investment decision making process in the Saudi stock market (SSM). The purpose of this study was to examine this information behavior within a non-advisory contextualization of their investment decision-making process through the use of an online questionnaire instrument using close-ended questions.
The significant intervening variables identified in this study influence the individual investors’ information behavior across many stages of the decision making process. While controlling for gender, education, and income, the optimal information behavior of individual investors in the SSM showed that the Experience factor had the greatest negative effect on the Information Seeking Behavior of individual investors. This was followed by Risk Tolerance, Financial Self-Efficacy, Emotional Biases, Education Level, Formal Information Access, Regret Aversion Bias, and Subjective Financial Knowledge. The Information Acquisition and Information Searching Behavior was influenced by the Acquisition Skepticism, Regret Aversion Bias, Formal Information Access, Overconfidence, and Information Seeking Behavior.
Furthermore, the findings indicate that Formal Information Sources have a statistically significant positive effect on the Information Seeking Behavior, and on the Information Acquisition and Information Searching of individual investors in Saudi Arabia. Finally, the Socioeconomic Status (SES) of individual investors in Saudi Arabia was significantly influenced by the employment status, work experience, age, marital status, and income.
16
Lin, Ching-Ting. "Do individual investors react to non-informative events?" Access to citation, abstract and download form provided by ProQuest Information and Learning Company; downloadable PDF file, 110 p, 2009. http://proquest.umi.com/pqdweb?did=1654492711&sid=3&Fmt=2&clientId=8331&RQT=309&VName=PQD.
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Reynolds, Noel. "Managerial decision making and stockholder wealth maximization a limited dependent variables model of the choice between dividends and stock repurchases /". [Tampa, Fla.] : University of South Florida, 2004. http://purl.fcla.edu/fcla/etd/SFE0000254.
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Reynolds, Noel. "Managerial Decision Making and Stockholder Wealth Maximization: A Limited Dependent Variables Model of the Choice Between Dividends and Stock Repurchases". Scholar Commons, 2003. https://scholarcommons.usf.edu/etd/1219.
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This research attempts to provide an explanation for the firm's choice of using either a dividend or a stock repurchase for distributing cash to its stockholders. It also provides an examination of the impact of the firm's disbursement decision on the stock market's resulting reassessment of the value of the firm.
Before analyzing the disbursement decision, I examine the stock market effects of dividends and stock repurchases using an event study methodology that corrects for the possible variance change effects of cash distribution announcements. I find that the measured wealth effects are statistically significant and similar, for the most part, to that reported in earlier studies, notwithstanding increases in the variance of the abnormal returns distribution. I apply LIMDEP's full information maximum likelihood estimator (FIML) to investigate the factors influencing a firm's disbursement decision. I use proxies to represent the major theories put forward in the literature to explain firms' rationales for making cash disbursements, namely, signaling / asymmetric information, undervaluation hypothesis, agency theory, dividend clientele, corporate control, optimal capital structure theory, managerial incentives hypothesis, financial flexibility and cash flow permanence.
I find that the firm's payout choice is related to the change in annual earnings per share, the residual volatility in daily stock returns prior to the distribution, the level of undervaluation, the free cash flows of the firm, the size of the firm, the extent of available managerial stock options, the average dividend yield, the volatility of operating earnings, the average daily stock return prior to announcement, the relative proportion of permanent cash flows, and the difference in the levels of permanent cash flows pre and post announcement.
I evaluate the stock market impact of the disbursement choice by using a self-selectivity limited-dependent variables model. The findings indicate that while open market repurchasing firms make optimal disbursement choices, that is reflected in the reaction of the stock market to the disbursement announcement, firms using repurchase tender offers make disbursement decisions detrimental to the welfare of their stockholders. However, similar results were inconclusive with regard to firms choosing to utilize dividends as their cash payout mechanism.
19
Garran, Felipe Turbuk. "A influência do porte empresarial no retorno das ações negociadas na Bovespa: proposição de um modelo quantitativo". Universidade de São Paulo, 2012. http://www.teses.usp.br/teses/disponiveis/12/12139/tde-25032013-195143/.
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Este estudo analisa a influência do porte empresarial no retorno das ações do mercado brasileiro, lidando com a sobreposição aparentemente existente entre porte da empresa e liquidez das ações e buscando elucidar qual variável é dominante na determinação de retornos acionários. Para tanto, utiliza-se uma análise de dados em painel como ferramenta econométrica para a obtenção de resultados significativos. Os modelos tradicionais de precificação de ativos, notadamente o CAPM, partem de algumas premissas que possuem pouca aderência à realidade dos mercados acionários. Há evidências de que, no Brasil, o CAPM tem sido ineficaz em explicar os retornos do mercado acionário. Por essa razão, algumas variáveis são comumente adicionadas ao modelo original, sendo que o porte empresarial se encontra no topo da lista. Contudo, a legitimidade do porte empresarial reduzido como fator de risco a ser remunerado ao acionista não é consensual em mercados mais maduros como o americano tampouco no mercado brasileiro. O estudo leva em conta um intervalo de tempo de 16 anos (de 1995 até 2011) e analisa a influência dessas variáveis no retorno das ações com diferentes defasagens de tempo entre as variáveis (de 1 a 5 anos). O trabalho conclui que há uma significativa influência do porte empresarial nos retornos das ações. A relação estatística é negativa, isto é, empresas de menor porte tendem a ter custo de capital próprio mais alto. Esse resultado está alinhado com a pesquisa internacional sobre o assunto. O modelo quantitativo sugere que a cada variação de uma unidade logarítmica no porte há uma variação de 4,03% no retorno esperado da ação. Em relação à liquidez não foi encontrada, de forma consistente, relação estatística de que essa variável afeta o retorno das ações quando controlada pelo porte empresarial no mercado brasileiro.This study analyses the influence of company size in stock returns in Brazilian market, dealing with the apparent superposition between company size and stock liquidity and searching to elucidate which variable is dominant in determining stock returns. With that purpose, panel data analysis has been used as econometric technic, searching to obtain significant results. Traditional pricing models, mainly CAPM, are based on certain premises which have little in common with the stock markets. There is evidence that, in Brazil, CAPM has been unable to explain stock returns properly. For this reason, some variable are commonly added to the original model and the company size is at the top of the list. However, the legitimacy of the size effect as a risk factor to be paid off to the stockholder is neither consensual in more mature markets, as the American one, nor in the Brazilian market. The study takes into account a time span of 16 years (from 1995 to 2011) and analyses the influence of these variables in stock returns with different delays among variables (from 1 to 5 years). The work concludes that there is a significant size effect in stock returns. The statistical relation is negative, that is, smaller companies tend to have higher cost of equity. This result is aligned with the international research on the subject. The quantitative model suggest that for a logarithmic unit variation in company size there is a 4,03% additional cost of equity. Concerning liquidity, it has not been found, consistently, statistical relation that this variable affects stock returns when controlled by company in Brazilian market.
20
Li, Xiaoshan. "La protection des actionnaires minoritaires dans les sociétés anonymes : étude comparative du droit français et du droit chinois". Thesis, Paris 2, 2011. http://www.theses.fr/2011PA020021.
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La présente étude a pour objet de montrer que les moyens de la protection des actionnaires minoritaires en droit chinois et en droit français ne sont pas soumis à des critères fondamentalement différents. Dans les sociétés anonymes, les règles juridiques visent à trouver un équilibre des rapports entre les actionnaires majoritaires et minoritaires, ainsi qu’entre les actionnaires et la société ou le groupe de sociétés.C’est l’intérêt social et le principe d’égalité qui guident le législateur et le juge de proposer des solutions convenables.Il importe de noter qu’en droit français, les dispositions sur les responsabilités et les moyens de recours pour les minoritaires sont d’applications faciles qu’en droit chinois. D’ailleurs, la recherche de l’acquisition des sociétés cotées chinoises sous l’angle de la protection des minoritaires, tout à fait différent à l’offre publique en droit français, présente les particularités du marché réglementé chinois et mérite que les investisseurs étrangers découvrent davantageThe dissertation aimed to point out that the methods of the protection of minority shareholders in Chinese law and in French law are not subject to the different criteria. In company limited by shares, the legal provisions intend to find a balance of relation between majority shareholders and minority shareholders, and between the shareholders and the company or group of company. It is corporate profits and the principal of equality that direct legislators and judges to suggest applicable solutions.It is important to notify that in French law, legal provisions about the responsibility of majority shareholders or company leaders and the ways of resort of minority shareholders provide reference for improvement of Chinese law. Besides, the study of acquisition of chinese listed companies, looked from the angle of the protection of minority shareholders, very different from tender offer in French law, demonstrate the characteristics of Chinese stock market and deserve foreign investors’ enough attention
21
Liu, Shuming doctor of finance. "Two essays on stock liquidity". 2008. http://hdl.handle.net/2152/17935.
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This dissertation consists of two empirical essays on investor behavior and liquidity variation. The results demonstrate the important role of investors in affecting liquidity. The first essay examines how the fluctuation in the aggregate stock market liquidity is related to investor sentiment. I find that the stock market is more liquid when investor sentiment is higher. This evidence is consistent with the theoretical prediction that higher investor sentiment increases stock market liquidity. The second essay investigates whether the cross-sectional differences in liquidity are affected by institutional ownership. I document that stocks with larger increases in the number of institutional investors are more liquid than other stocks. This result is consistent with the prediction that information competition among institutional investors increases stock liquidity.text
22
"Essays in international finance". Thesis, 2003. http://library.cuhk.edu.hk/record=b6073942.
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In Chapter 1, we investigate the shareholder and creditor protection and look into the dividend policy implement in the stock market. The investor protection was analyzed based on the China company law and our result shows that the shareholder (creditor) protection is weak (strong) compared with the rest of the world. In China, a firm can issue as many as five different classes of shares: state shares, legal person shares, A-shares, foreign shares and employee shares. Under the weak shareholder protection in China, A-shareholders are categorized to the disadvantage group in corporate structure which demonstrates the classic free-rider problem. With the expertise and knowledge to monitor the management, controlling legal person not only enhance the corporate performance, but also expecting dividend payout as the reward. In our study, we have strong evidence on the legal person share ownership positively related to the dividend payout decision, while the A-shares and state shares ownership are negatively related to the decision on dividend payout.The Japanese stock market provide a reasonable setting for studying intermediate-horizon price momentum effect, because Japan has the largest equity market aside from the U.S. in terms of both capitalization and number of securities. In Chapter 2, by measuring the relative strength of portfolio on the Japanese market, we found that the price momentum does not exist in the Japanese market. Further, the momentum returns keep always negative on any horizon, which is coherent in keiretsu and non-keiretsu grouping and in different trading volume. The decomposition on the expected average returns of different investment period in Japanese market shows that the price reversals is not capable to overwhelm the losses from the cross-sectional differences in mean returns and cannot yield statistically significant net momentum profits in the Japanese market.
This paper consists of two separate projects: (1) The investor protection and dividend policy in China, (2) Price momentum in Japan.
Wong Chin Pang, Antonio.
"April 2003."
Adviser: Jia He.
Source: Dissertation Abstracts International, Volume: 64-09, Section: A, page: 3413.
Thesis (Ph.D.)--Chinese University of Hong Kong, 2003.
Includes bibliographical references (p. 58-50).
Available also through the Internet via Current research @ Chinese University of Hong Kong under title: Essays in international finance (China, Japan)
Electronic reproduction. Hong Kong : Chinese University of Hong Kong, [2012] System requirements: Adobe Acrobat Reader. Available via World Wide Web.
Electronic reproduction. Ann Arbor, MI : ProQuest dissertations and theses, [200-] System requirements: Adobe Acrobat Reader. Available via World Wide Web.
Electronic reproduction. Ann Arbor, MI : ProQuest Information and Learning Company, [200-] System requirements: Adobe Acrobat Reader. Available via World Wide Web.
Abstracts in English and Chinese.
School code: 1307.
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"Studies on the short-term market response and long-term impact of cumulative voting on China's listed companies". 2010. http://library.cuhk.edu.hk/record=b5896657.
Texto completo da fonteResumo:
So, King Pui.Thesis (M.Phil.)--Chinese University of Hong Kong, 2010.
Includes bibliographical references (leaves 49-52).
Abstracts in English and Chinese; appendix II, III also in Chinese.
Cover Page --- p.1
Abstract --- p.2
Chinese Version --- p.3
Acknowledgements --- p.4
Contents --- p.5
Chapter 1. --- Introduction --- p.7
Chapter 2. --- Definition and basic idea of Cumulative Voting --- p.9
Chapter 3. --- Literature Review --- p.11
Chapter 4. --- History and Development --- p.12
Chapter 4.1. --- Around the world --- p.12
Chapter 4.2. --- Cumulative voting in listed companies in China --- p.13
Chapter 5. --- Hypothesis --- p.15
Chapter 5.1. --- Nature of cumulative voting --- p.15
Chapter 5.2 --- Relationship of corporate governance mechanism and tunneling in signaling the effect of cumulative voting --- p.18
Chapter 5.2.1. --- Ownership characteristics --- p.18
Chapter 5.2.2. --- Activeness of minority shareholders --- p.20
Chapter 5.2.3. --- Legal framework --- p.21
Chapter 5.2.4. --- Ownership nature --- p.22
Chapter 5.2.5. --- Board of directors and supervisors --- p.22
Chapter 5.2.6. --- Compensations of top executives --- p.23
Chapter 6. --- Methodology --- p.24
Chapter 6.1. --- Cumulative voting in the election of the board of director --- p.24
Chapter 6.2. --- Ownership concentration and characteristics --- p.24
Chapter 6.3. --- Legal framework --- p.25
Chapter 6.4. --- Firm Operation Policy --- p.25
Chapter 6.5. --- Ownership Nature --- p.25
Chapter 6.6. --- Board of directors and supervisors --- p.26
Chapter 6.7. --- Top Executives' compensations --- p.27
Chapter 6.8. --- Operating performance --- p.27
Chapter 6.9. --- Industry sectors --- p.28
Chapter 6.10. --- Market firm value --- p.28
Chapter 6.11. --- Event study approach --- p.29
Chapter 6.12. --- Matched Propensity Scores Approach --- p.32
Chapter 6.13. --- Top Executives' Pay-Performance Sensitivities --- p.34
Chapter 6.14. --- Difference in differences approach --- p.35
Chapter 7. --- Data --- p.39
Chapter 7.1. --- Sources of Data --- p.39
Chapter 7.2. --- Cumulative voting announcements and firm characteristics --- p.39
Chapter 8. --- Empirical Results --- p.40
Chapter 8.1. --- Short-term market response --- p.40
Chapter 8.1.1. --- Event study --- p.40
Chapter 8.1.2. --- Univariate test --- p.41
Chapter 8.1.3. --- Multivate OLS regressions --- p.42
Chapter 8.2. --- Long-term impact --- p.43
Chapter 8.2.1. --- Matched Propensity Scores --- p.43
Chapter 8.2.2. --- Top Executives' Pay-Performance Sensitivities --- p.44
Chapter 8.2.3. --- Univariate test --- p.45
Chapter 8.2.4. --- Difference in Differences regressions --- p.46
Chapter 9. --- Conclusions --- p.47
References --- p.49
Table 1: Descriptive statistics for firms announcing the implementation of cumulative voting in the election of board of directors --- p.53
Table 2: Descriptive statistics for firm characteristics --- p.54
Table 3: Descriptive statistics for annual shareholders' meetings from 2002-2008 --- p.56
Table 4: Cumulative abnormal returns for an event study of the information content of implementation of cumulative voting in election of board of directors announcements --- p.56
Table 5: Abnormal returns for an event study of the information content of implementation of cumulative voting in election of board of directors announcements --- p.57
Table 6: Descriptive statistics for firm characteristics --- p.57
"Table 7: Mean comparison between above median/ ´ب´ب 1"" group and below median/ ""0"" group using t-test" --- p.59
Table 8: OLS regression --- p.60
Table 9: First stage Logistic Model --- p.62
Table 10: Top Executives Pay-Performance sensitivities for salary and inside stock ownership --- p.64
Table 11: Mean comparison between cumulative voting and straight voting group using t-test --- p.65
Table 12: Difference in differences regressions (Corporate governance) --- p.66
Table 13: Difference in differences regressions (Operating performance) --- p.67
Table 14: Difference in differences regressions (Market firm value) --- p.68
Appendix I --- p.68
Appendix II --- p.71
Appendix III --- p.72
24
Glushkov, Denys Vitalievich. "Two essays on market behavior". Thesis, 2006. http://hdl.handle.net/2152/2869.
Texto completo da fonte
25
Pinello, Arianna Spina Morton Richard M. "Individual investor reaction to the earnings expectations path and its components". 2004. http://etd.lib.fsu.edu/theses/available/etd-07012004-140557.
Texto completo da fonteResumo:
Thesis (Ph. D.)--Florida State University, 2004.Advisor: Dr. Richard M. Morton, Florida State University, College of Business, Dept. of Accounting. Title and description from dissertation home page (viewed Sept. 23, 2004). Includes bibliographical references.
26
Chien-YuanChen e 陳介元. "The Impact of QE3 on Taiwan Stockholders’ Net Investment in Taiwan Stock Market". Thesis, 2014. http://ndltd.ncl.edu.tw/handle/17142365729381717427.
Texto completo da fonteResumo:
碩士國立成功大學
高階管理碩士在職專班(EMBA)
102
The research framework of this study was based on the “Behavioral Finance Theory”. This study analyzed investors’ behavior in Taiwan stock market and discussed the impacts from investment habits and investment preference. In addition, we also explored the impacts between investor characteristics and investors’ behavior. The questionnaire included three parts: investor characteristics, investment habits and investment preference. A total of 400 questionnaires were distributed ＆ returned, 80 questionnaires were incomplete, and 320 questionnaires were valid. Finally, Eviews software was used to do statistical analysis and build the Linear Probability Model (LPM). The empirical results showed that: (1) Investor characteristics had a significant positive impact on investors’ behavior; (2) Investment habits had a significant positive impact on investors’ behavior; (3) Investment preference had a significant positive impact on investors’ behavior.
27
"Heterogeneous investors in stock market". Thesis, 2002. http://library.cuhk.edu.hk/record=b6073947.
Texto completo da fonteResumo:
In the second part of the thesis, we investigate whether ownership structure has influence to long-term stock return. We use a risk adjustment method to make it possible to compare stock return in different terms, therefore, we can use GMM method to estimate the influence of ownership structure in a panel sample set. We find that, insider ownership and institutional ownership are all significantly favorable to long-term stock return. However, the quarterly insider ownership change and quarterly institutional ownership change do not show significant influence. We also use a Fama-MacBeth approach to compare the results from GMM estimation and we find that the results are similar.This thesis consists of two related parts. In the first part, we develop a method to extract insider ownership information from insider transaction reporting files and by combining it with quarterly institutions holding report data, we obtain quarterly ownership structure for most common stocks listed in CRSP tape. We use ownership structure and quarterly ownership change to analyze how insiders, large institutions and individual investors differ from each other in their holding preference to stock characteristics and trading behavior. We find that, these three kinds of investors have significant difference in holding preference to size, price, monthly turnover, previous 12-months return. They also show significant difference in trading behaviors. Basically, institutions are momentum trader, and are interested in "growth" stocks. Insiders are anti-momentum trader, they sell more when past return is higher and they more focus on "value" stocks.
Zhu, Honghui.
"September 2002."
Source: Dissertation Abstracts International, Volume: 64-11, Section: A, page: 4150.
Supervisors: Jia He; Xiaoqiang Cai.
Thesis (Ph.D.)--Chinese University of Hong Kong, 2002.
Includes bibliographical references (p. 94-101).
Electronic reproduction. Hong Kong : Chinese University of Hong Kong, [2012] System requirements: Adobe Acrobat Reader. Available via World Wide Web.
Electronic reproduction. Ann Arbor, MI : ProQuest dissertations and theses, [200-] System requirements: Adobe Acrobat Reader. Available via World Wide Web.
Abstracts in English and Chinese.
School code: 1307.
28
"A principal component approach to measuring investor sentiment in China". 2011. http://library.cuhk.edu.hk/record=b5894858.
Texto completo da fonteResumo:
She, Yingni."August 2011."
Thesis (M.Phil.)--Chinese University of Hong Kong, 2011.
Includes bibliographical references (leaves 43-49).
Abstracts in English and Chinese.
Chapter 1. --- Introduction --- p.1
Chapter 2. --- Literature Review --- p.6
Chapter 2.1 --- Investor Sentiment Measures --- p.6
Chapter 2.2 --- Chinese Stock Market Overview --- p.13
Chapter 3. --- Chinese Investor Sentiment Measure --- p.16
Chapter 3.1 --- Data and Variables --- p.16
Chapter 3.2 --- Methodology --- p.21
Chapter 3.3 --- Empirical Results --- p.22
Chapter 3.4 --- Investor Sentiment Behavior --- p.24
Chapter 4. --- Threshold Autoregressive Model --- p.29
Chapter 4.1 --- Methodology --- p.29
Chapter 4.2 --- Estimated Results --- p.31
Chapter 4.3 --- Forecasting Performance --- p.36
Chapter 4.4 --- Trading Strategy --- p.38
Chapter 5. --- Conclusion --- p.41
References --- p.43
29
"Tunneling and going private: evidence from Hong Kong". 2010. http://library.cuhk.edu.hk/record=b5894374.
Texto completo da fonteResumo:
Yuen, San Wing.Thesis (M.Phil.)--Chinese University of Hong Kong, 2010.
Includes bibliographical references (leaves 58-61).
Abstracts in English and Chinese.
Chapter 1 --- Introduction --- p.1
Chapter 2 --- Literature review and hypothesis development --- p.5
Chapter 2.1 --- Going private --- p.5
Chapter 2.2 --- Tunneling and the expropriation of minority shareholders --- p.9
Chapter 2.3 --- Our hypotheses --- p.12
Chapter 3 --- Samples --- p.15
Chapter 3.1 --- Sample construction --- p.15
Chapter 3.2 --- Sample description --- p.16
Chapter 3.3 --- Corporate governance and financial variables --- p.18
Chapter 3.4 --- Related party transactions --- p.21
Chapter 4 --- Empirical analysis --- p.23
Chapter 4.1 --- Event study results --- p.23
Chapter 4.2 --- Negative premium --- p.34
Chapter 4.3 --- Insider trading --- p.37
Chapter 4.4 --- The decision to go private --- p.39
Chapter 4.4.1 --- Sample matching --- p.39
Chapter 4.4.2 --- Comparison between going private companies and public companies --- p.41
Chapter 4.5 --- Logit regression analysis on going private decision --- p.43
Chapter 4.6 --- The value effect of the bidding firms --- p.46
Chapter 5 --- Conclusion --- p.49
Chapter A --- Privatized companies included in the sample with announcement dates --- p.51
Chapter B --- Methodology of event study --- p.53
Chapter C --- Bidder companies --- p.55
Chapter D --- A list of definition of variables --- p.56
Reference --- p.58
30
"Construction of financial risk: a study of the stock market investors and their communicative practices". 2015. http://repository.lib.cuhk.edu.hk/en/item/cuhk-1290649.
Texto completo da fonteResumo:
This dissertation aims to develop a grounded theory explaining how Chinese stock investors construct risk through their communication practices. Many of the previous studies attribute the risk in the stock market to greedy or unprofessional investors who speculate in stocks. In order to explore this topic further, this dissertation applies a grounded theory approach to develop a detailed local case showing the communication practices of Shanghai investors with respect to stock investment. By examining how investors produce meanings of risk and the relevant risk positions, the dissertation explains why investors keep speculating in the stock market. It uses interviews with 35 investors, in-depth interviews with 12 investors, and on-site observations of four stock exchange halls, investors’ home and working places in Shanghai from 2012 to 2014. The findings show that the investors consider risk to be the uncertainties about the accuracy of the information and the speed by which it is obtained. Ideally, they would obtain public information, make sense of public information professionally, and then generate directional information on which they can base their stock trades. However, with the devaluation of public information due to the corrupt social system, investors are forced to communicate more accurate information in a private way to position themselves to have a privileged risk position, which produces certainties for them but uncertainty for others. The belief in professionalism is eroded through the surge in demand for insider information based on interpersonal relations (guanxi). Because of the lack of insurance and security when circulating information privately, investors have shifted away from long-term stock investments to speculate in stocks. Although the mechanism of stock speculation produces risk for almost all investors, they still produce and reproduce this mechanism. The reason for this is that these investors are trapped in a paradox of risk and security without realizing that their practices to produce security are in fact producing uncertainties for them.本論文研究上海的股票投資者是怎樣在傳播實踐中構建風險的意義的。很多研究將金融風險歸咎於投資者的貪婪或不專業的過度投機行為。為了進一步研究這一課題，本論文採取紮根理論的研究方法，構建一個詳實的關於上海投資者傳播實踐的案例。由此，本論文研究了當地投資者怎樣通過傳播實踐構建風險的意義以及不同的風險處境，並由此對投資者進行投機行為進行理論性的闡釋。本論文的數據收集時間為2012年至2014年，其中主要包括對4所上海的投資交易大廳的實地觀察，對35個投資者的訪談，以及12個深入訪談以及追踪觀察。研究發現，投資者將風險與對信息的正確性以及傳播速度的不確定性相關聯。理想狀態下，投資者通過獲取公共信息，專業解讀信息以將其轉化為導向性的信息，之後進行股票交易。然而，由於腐敗等問題，各類公共信息都產生了貶值，投資者被迫用更私人的方式傳播更準確的信息，以使自己能處於有利地位，並將對信息的確定性建立在其他投資者對信息的不確定性之上。專業主義被瓦解了，取而代之的是建立在人際關係之上的對內幕消息的傳播。投資者們也從專業的、長期的投資專為短期的投機。而那些處於不利地位的投資者所面臨的不確定性亦將反過來加諸於有利地位的投資者之上。儘管投機的體系將風險加諸於幾乎所有投資者之上，投資者仍繼續投機行為。本論文認為其原因是投資者被困於“風險矛盾”之中——投資者通過實踐來尋求保障，未曾意識到其實踐造成了自己乃至於經濟體系更大的風險。
Mao, Zhifei.
Thesis (Ph.D.)--Chinese University of Hong Kong, 2015.
Includes bibliographical references (leaves 203-222).
Abstracts also in Chinese.
Title from PDF title page (viewed on 15, September, 2016).
Detailed summary in vernacular field only.
31
Strydom, J. J. "The impact of regulatory fines on shareholder returns". Diss., 2014. http://hdl.handle.net/2263/43971.
Texto completo da fonteResumo:
Recent media reports surrounding the 2010 Soccer World Cup infrastructure, and the fines imposed by the Competition Commission drew the public’s attention to the impact that regulatory fines have on the returns earned by shareholders in these convicted companies. The purpose of the research was to establish if any significant impact on shareholder returns can be identified as a result of regulatory fines.
By using event study methodology, the researcher aimed to establish if an impact can be identified at the various stages of the regulatory process. Statistical tests were conducted via the implementation of Monte Carlo Simulations at the various stages of the process, to ensure that the findings were significant. The studies revealed that shareholder returns were neutrally affected at the initiation and payment stages of the process, but that the returns were positively affected at the conviction stage.
A style analysis (longitudinal study) was undertaken to determine if a portfolio consisting of stocks of convicted companies would out-perform the market over certain determined timeframes. As a baseline test, a portfolio was constructed of stocks of companies which have never been fined. The results revealed that both portfolios out-performed the market (ALL160) over a 24-year period, but that the portfolio consisting of convicted companies did not out-perform the portfolio of companies which have never been fined.Dissertation (MBA)--University of Pretoria, 2014
zkgibs2015
Gordon Institute of Business Science (GIBS)
MBA
Unrestricted
32
Liao, Ren-Jie, e 廖仁傑. "An Investigation of the Stockholders'' Equity Management Behavior Under Stock Dividend Policy－Before and After the Amended Company Law". Thesis, 2004. http://ndltd.ncl.edu.tw/handle/58262795495064855744.
Texto completo da fonteResumo:
碩士東吳大學
會計學系
92
The purpose of this study is to investigate the association between the company’s stock dividend policy and the arrangement of stockholder’s equity transaction. The sources that can be used as stock dividend in Taiwan are retained earnings and additional paid-in capital, but in 2001, the newly amended Company Law changes the sources of additional paid-in capital for stock dividend. The present research focuses on enterprises will manipulate the transaction that can increase the additional paid-in capital to execute the stock dividend policy, and the arrangement behavior will change hereafter the amended law. The sample is the event of Taiwan stock-listed and OTC companies, which announce dividend from 1991 to 2002. We discuss the company that stock dividend source was from additional paid-in capital will more aggressive than the other companies to execute the transaction that will increase the additional paid-in capital. The measure we use to analyze this question is parametric t test and non-parametric Mann-Whitney U differential test and Ordered Probit regression analysis. The research result reveals that, the company used the additional paid-in capital as the source of stock dividend is more aggressive in doing seasoned equity offering, asset revaluation and asset dispose activities than the other company before the amended Company Law. However, after the amended Company Law, the company that assign stock dividend from additional paid-in capital is still more aggressive in doing seasoned equity offering activity than the other company, yet there is no differences in asset revaluation and dispose activities. Second, the company that assigned additional paid-in capital from premium on common stock as stock dividend source was more aggressive in doing seasoned equity offering activity, but when the stock dividend source was from non-additional paid-in capital from premium on common stock, the company was more aggressive in doing asset revaluation and asset dispose activities before the amended Company Law. However, after the amended Company Law, the company that stock dividend source was from non-additional paid-in capital from premium on common stock was more aggressive in doing treasury stock activity. Third, highly stock dividend from additional paid-in capital payout rate company was more frequently in doing seasoned equity offering, asset revaluation, asset dispose and treasury stock activities before the amended Company Law. However, after the amended Company Law, highly stock dividend from additional paid-in capital payout rate company was more frequently in doing seasoned equity offering activity
33
Wang, Nai-Shan, e 王乃善. "The Stockholders’ Wealth Effect of Stock Dividends by Companies’ Announcement: The Roles of Investment Opportunities Hypothesis and Free Cash Flow Theory". Thesis, 2001. http://ndltd.ncl.edu.tw/handle/48268326714550362952.
Texto completo da fonteResumo:
碩士朝陽科技大學
財務金融系碩士班
89
The purpose of this study is trying to explain the shareholders’ wealth effect by investment opportunities hypothesis and free cash flow theory. On the whole samples, the market-price will increase by stock dividends of conpanies’ announcement. We also find that a company with good investment opportunities and announcing to distribute stock dividends will have a significantly positive return. On the contrary, a company with poor opportunities will have a significantly negative return. At the same time, our results also show that free cash flow theory plays an important role in explaining the positive marketable reaction by announcement of companies’ stock dividends. So our results support both the investment oppurtunities hypothesis and free cash flow theory. Under some other controlled variables（size and dividend yield）, these effects still remain.
34
Jiang, Yen-jie, e 江彥節. "The Relationship of Stock Price Volatility and Stockholder Structure－The Empirical Analysis of Taiwan 50-Index Stocks". Thesis, 2005. http://ndltd.ncl.edu.tw/handle/00447272320609142061.
Texto completo da fonteResumo:
碩士世新大學
經濟學研究所(含碩專班)
93
Generally, the individual investor (small stockholder) is less able to gather and make use of information than the big stockholder. Therefore, the higher the proportion of a company’s stock held by small stockholders, the more likely there will be excessive adjustment in share prices. Most of the trading in the Taiwanese stock market is still done by small stockholders, so the Taiwanese market can be easily influenced by a simple disc effect causing stock prices to rise and fall suddenly. The Purpose of this research is to probe the relationship between shareholder structure and stock price volatility of stocks in the 50 Taiwanese Index. Data was collected for the six-year period, January 1, 1999 through December 31, 2004. OLS and pooled-least-squared analysis was used on mean values of the stock and on the panel data for the three most recent years. The empirical results are as follows. The lower the variation in operating earnings per share, the lower the variation in the stock price. Also, the greater the proportion of stock held by the government or institutional investors, the lower the variation in stock prices. The more stock held by individual investors or foreign investors, the greater stock price volatility. Finally, volatility is greater in the electronics industry than in the financial industry. Our conclusions are thus as follows: First, when operating earnings per share are steady, investors will be confident and there will be no overreaction phenomenon. Second, government and institutional investors have an advantage over individual investors in gathering and using information, and so they are less likely to overreact. There are more investors in the electronics industry, so the volatility in this industry is greater than in the financial industry.
35
Jong, Jiunn Hwa, e 鍾俊華. "The effect of stockholder''s change for stock stability". Thesis, 1995. http://ndltd.ncl.edu.tw/handle/44191593811178829653.
Texto completo da fonte
36
Yamada, Takeshi. "Investor heterogeneity, trading volume, and asset pricing". 1993. http://catalog.hathitrust.org/api/volumes/oclc/33030913.html.
Texto completo da fonte
37
"Die Aktionärsrechte-Richtlinie auswirkungen auf das deutsche und europäische Recht /". Berlin : de Gruyter Recht, 2009. http://site.ebrary.com/id/10373650.
Texto completo da fonte
38
Esterhuyse, Leana. "Voluntary disclosure, long-horizon investors and shareholder familiarity : an online investor relations perspective". Thesis, 2017. http://hdl.handle.net/10500/23727.
Texto completo da fonteResumo:
Empirical evidence indicates that companies that reduce information asymmetry by
increased voluntary disclosures achieve several benefits, such as lower cost of capital,
improved pricing, and liquidity of their shares. Despite the possibility of such benefits,
many studies report varying degrees of voluntary disclosure behaviour that is
attributable to various factors. Recent studies indicate that investors’ investment
horizon has a significant effect on actions taken by management. Companies with
predominantly short-horizon investors spend less on research and development, invest
in shorter-term projects that are less profitable than longer-term projects, and are more
likely to manipulate earnings to meet short-term earnings expectations. This study
investigates whether investors’ investment horizon has an effect on the quality of
companies’ information environment.
Long-horizon investors should be familiar with their investee company’s risks and
rewards, using both their own internal information gathering processes and the
cumulative information disclosed by management over time. Moreover, over the
course of a long-term relationship, they can become familiar with management’s
capability to deliver long-term sustainable returns. Long-horizon investors should
therefore be less concerned with short-term fluctuations of earnings and
management’s public explanations and disclosures thereof. I hypothesise that higher
(lower) proportions of long-horizon investors are associated with lower (higher) quality
voluntary disclosure.
The shareholder familiarity hypothesis was tested in this study, using an ordinary least
squares regression. Voluntary disclosures were observed via the channel of
companies’ websites. A checklist was compiled of best practices for online investor
relations, and content analyses were conducted on the websites of 205 companies
listed on the Johannesburg Stock Exchange. Shareholder familiarity was proxied by
shareholder stability, measured over nine years. The stability measure was lagged by
one year to create a temporal difference between the shareholder profile and
disclosure behaviour. I found that companies with a profile of unstable investors that
are larger, younger, dual-listed and have a Big4 auditor have higher quality online investor relations practices. The hypothesis of a negative association between
shareholder familiarity and voluntary disclosure quality is therefore accepted.
This study extends the theory on information asymmetry and voluntary disclosure by
providing evidence supporting the argument that investor horizon is a predictor of
voluntary disclosure quality. The dictum of more is better does not hold in all scenarios.
It is important for financial directors and investor relations officers to establish the
investment horizon profile of their respective companies’ shareholders before they
embark on extensive disclosure programmes.Financial Intelligence
39
Kiura, Dennis Kimakia. "A critical analysis of the protection of shareholders when a company acquires its own shares". Diss., 2012. http://hdl.handle.net/10500/6313.
Texto completo da fonteResumo:
The capital maintenance doctrine presupposes that a company’s capital must not be returned to its shareholders. The doctrine was anchored on three rules, one of which was that a company cannot acquire its own shares as this amounted to a diversion of capital to the shareholders whose shares were acquired. This rule was partly rationalized as protecting the interests of shareholders. In South Africa the rule was embodied in s 85 of the Companies Act 61 of 1973. However, it was amended by s 9 of the subsequent Companies Amendment Act 37 of 1999 to provide that a company can acquire its own shares if certain substantive and procedural requirements were satisfied. Upon the enactment of Companies Act 71 of 2008, the requirements have not been substantially altered. They are partly geared towards protecting shareholders by ensuring that shareholders are treated equally and fairly. Moreover, the Johannesburg Securities Exchange Limited (hence the JSE Limited) was empowered by the Companies Act 61 of 1973 to promulgate requirements to be met when a company wishes to acquire its own shares. The Companies Act 71 of 2008 does not in express terms empower the JSE Limited to develop requirements to be met when a company wishes to acquire its own shares. However, the Act expressly requires that a listed company wishing to acquire its own shares must also comply with the requirements of the relevant exchange. Such requirements can therefore be deemed to subsist even amidst the new Act as an internal regulation of the JSE Limited. The said requirements are also partly aimed at protecting shareholders, largely by ensuring that adequate information is availed to shareholders to empower them to make informed decisions.Private Law
(LL.M. (Company Law))
40
Mendonca, John. "Analyst statements, stockholder reactions, and banking relationships : do analysts' words matter?" 2009. http://hdl.handle.net/2152/10569.
Texto completo da fonteResumo:
This dissertation investigates the immediate effects of securities analysts' statements on shareholders. Two of the most important questions posed in research on capital markets are when and how analysts matter. A time at which analysts might matter is when they make pronouncements regarding a firm or industry; ways in which they might matter is through their word choices and the context of their words in these pronouncements. The question, "Do analysts matter?," has been explored before and has been answered in terms of the securities analysts' quantitative earnings forecasts and their effects on the capital markets. I investigated the discourse used in these earnings forecasts and other statements regarding the focal firm or industry in analyst reports. Therefore, I answered the question, "Do analysts matter, as defined by their words used, and do they change investors' judgments about a firm's future prospects?" The study employed content analysis of analysts' language to determine whether the words they use in their statements cause a response in the market. The study also investigated how the analysts' language differs based on their affiliations. To examine this question, I drew on the efficient markets theory from finance. Data sources included the Chicago Centre for Research on Security Prices (CRSP) tapes and First Call analyst reports. The research applied quantitative computer text analysis, the event study methodology, and regression to test the hypotheses. By studying statements from the All-American Team analysts, the present work shows that investors do consider the pronouncement of analyst statements significant. The results demonstrate support for the idea that analyst statements have an impact on the stock market. Moreover, the statement characteristics have an incremental effect on the market response. The key findings illustrate that words in the analysts' report matter. The analyst characteristics were instrumental in deciding the words that the analysts use in their reports. Finally, analysts use words to signal information to investors when they are pressured from investment banking relationships.text
41
Teng, Pi-Hua, e 鄧碧華. "The Effect of Stockholder’s Wealth after Preferred stock issuance of Taiwan Listed Firms". Thesis, 2016. http://ndltd.ncl.edu.tw/handle/9s6hpt.
Texto completo da fonteResumo:
碩士國立高雄應用科技大學
金融系金融資訊碩士在職專班
104
This paper aims to explore the effects of preferred share issues by the companies listed on Taiwan Stock Exchange and Taipei Exchange on their firm values, so as to understand how the wealth of ordinary shareholders changes as a result. A total of 19 issuers of preferred shares are analyzed. An ANOVA test is conducted in order to compare the market capitalizations of these issues three years before the issuance of preferred shares and five years after the issuance of preferred shares. A comparison is also made on the issuing companies and their peers in the same industry in order to examine the effects on the market capitalizations of the issuers before and after the issuance of preferred shares. The empirical results indicate a significant reduction in (abnormal) shareholders’ wealth and cash dividend yields, following the issuance of preferred shares. This implies the adverse impact of preferred share issuance. However, there is no short-to-mid-term effect on (abnormal) shareholders’ wealth within two years post issuance.There is a negative short-to-mid-term effect on cash dividend yields. The abnormal shareholders’ wealth drops significantly in the mid-to-long term (three to five years post issuance). However, there is no such negative mid-to-long term effect on cash dividend yields. The research findings provide an explanation why preferred shares have been popular among Taiwanese investors over recent years.
42
Henderson, Andrew James. "Uncertificated shares : a comparative look at the voting rights of shareholders". Thesis, 2013. http://hdl.handle.net/10210/8662.
Texto completo da fonteResumo:
LL.M. (Commercial Law)In order to promote sound corporate conduct, it is essential that shareholders actively participate in the governance of the company. The primary mechanism to achieve this lies in the shareholder’s right to vote at meetings. However, an analysis of the nature of shares, and the history surrounding the introduction and development of uncertificated shares in particular, reveals a structure that often interposes multiple nominees between the issuing company and the underlying investor. Such a structure has the potential to dispossess the underlying investor of his rights, which may have concomitant negative effects on the corporate governance of the company. A comparative study of the legal framework for uncertificated shares in the United States, the United Kingdom and South Africa reveals varying degrees of protection for the underlying investor. Unfortunately, none of these countries has resolved the problem completely, and it is suggested that a move to a direct, transparent holding model, where the underlying investor, rather than an intermediary, is recorded in a company’s share register, is a better solution.
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HUANG, ZHI-GIANG, e 黃志強. "A empirical study on the relation ship of stockholder's tax rate and corporate's financial leverage in the Taiwan stock market". Thesis, 1987. http://ndltd.ncl.edu.tw/handle/61483214403569310339.
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Heapy, Stephanie Claire. "A company's share capital and the aquisition of its own shares : a critical comparison between the relevant provisions of the companies and act 71 of 1973 and the companies act 71 of 2008". Diss., 2010. http://hdl.handle.net/10500/4660.
Texto completo da fonteResumo:
The Companies Act 71 of 2008 (“2008 Companies Act”) will have far reaching effects on the manner in which a company is formed and operated under South African company law and in particular entrenches the procedure that must be followed by a company when acquiring its own shares. The radical amendment of the capital maintenance rules by the introduction of the solvency and liquidity tests to the Companies Act 61 of 1973 has been carried forward under the 2008 Companies Act. These tests impose an obligation on a company to ensure that the company is both solvent and liquid at the time of the acquisition of its own shares and for a stated period thereafter. The 2008 Companies Act further brings the duties and liabilities of the directors in line with their current fiduciary duties in terms of common law.Mercantile Law
LLM
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"Asset price determination in the presence of noise traders: a reaction approach". 2000. http://library.cuhk.edu.hk/record=b5890411.
Texto completo da fonteResumo:
Lau Yuk Hoi.Thesis (M.Phil.)--Chinese University of Hong Kong, 2000.
Includes bibliographical references (leaves 109-110).
Abstracts in English and Chinese.
Abstract --- p.i
Acknowledgement --- p.iii
Table of Contents --- p.iv
List of Notations --- p.vi
List of Propositions --- p.vii
List of Figures --- p.viii
List of Appendices --- p.x
Chapter Chapter 1. --- Introduction - The Reaction Approach --- p.1
Chapter Chapter 2. --- Assumption for OLG Model --- p.7
Chapter 2.1 --- Assumption A --- p.7
Chapter Chapter 3. --- Equilibrium Conditions Without Fundamental Risk --- p.9
Chapter 3.1 --- Price as a Weighted Average --- p.9
Chapter 3.2 --- Determination of A and B --- p.11
Chapter 3.2.1 --- Assumption B --- p.12
Chapter 3.2.2 --- RE Line and NE Line --- p.13
Chapter 3.2.3 --- Equilibrium values of A and B --- p.14
Chapter 3.3 --- Rational Expectation on Price Variance (RV Line) --- p.16
Chapter 3.4 --- Noisy Expectation on Price Variance (NV Line) --- p.18
Chapter 3.4.1 --- DeLong's Model --- p.19
Chapter 3.4.2 --- Bhushan's Model --- p.21
Chapter 3.5 --- Change in Relative Perceived Variance --- p.23
Chapter 3.5.1 --- General Problem of OLG Model in Noisy Trading --- p.23
Chapter 3.5.2 --- Changes in Noise Traders' Beliefs --- p.24
Chapter 3.5.3 --- "Relative Perceived Price Variance of n, θ" --- p.25
Chapter 3.5.3.1 --- "Effect of Increasing θ on Price Variance, dC/dθ" --- p.26
Chapter 3.5.3.2 --- "Effect of Increasing θ on Expected Price Level, dp/dθ" --- p.27
Chapter Chapter 4. --- Equilibrium Conditions With Fundamental Risk --- p.31
Chapter 4.1 --- Price as a Weighted Average --- p.32
Chapter 4.2 --- Determination of A and B --- p.34
Chapter 4.2.1 --- Assumption C --- p.34
Chapter 4.2.2 --- RE Line and NE Line --- p.35
Chapter 4.2.3 --- Equilibrium values of A and B --- p.36
Chapter 4.3 --- Rational Expectation on return Variance (RV Line) --- p.37
Chapter 4.4 --- Noisy Expectation on Return Variance (NV Line) --- p.40
Chapter 4.4.1 --- De Long's Model --- p.41
Chapter 4.4.2 --- Bhushan's Model --- p.42
Chapter 4.5 --- Change in Relative Perceived Return Variance --- p.45
Chapter 4.5.1 --- Specification of Noisy Expectation --- p.46
Chapter 4.5.2 --- Relative Perceived Return Variance of n，Θ --- p.46
Chapter 4.5.2.1 --- "Effect of Increasing Θ on Price Variance, dC/dΘ" --- p.47
Chapter 4.5.2.2 --- "Effect of Increasing Θ on Expected Price Level, dp/dΘ" --- p.48
Chapter 4.6 --- Relative Perceived Price Risk versus Relative Perceived Dividend Risk --- p.52
Chapter Chapter 5. --- Conclusion and Discussion --- p.55
Figures --- p.58
Appendices --- p.86
References --- p.109
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Hillis, Kevin Ross. "The appraisal remedy and the determination of fair value by the courts". Diss., 2014. http://hdl.handle.net/10500/13347.
Texto completo da fonteResumo:
This paper examines the different share valuation methods and principles likely to be used by a court in determining the fair value of dissenting shareholders’ shares in appraisal proceedings in terms of section 164(14) of the Companies Act 2008. It is submitted that the valuation principles and methods used by the courts will affect the operation of the triggering actions contemplated in subsections 164(2)(a) - (b).
It is proposed that section 164 court appraisals are likely to be guided by the valuation methods and principles developed in section 252 and section 440K court appraisals under the Companies Act 1973, as well as by the decisions of the courts in the state of Delaware relating to share valuations under the appraisal remedy. It is further proposed that the purpose ascribed to the appraisal remedy will influence the application of these valuation methods and principles.Mercantile Law
LL.M. (Corporate law)
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Tavares, Marques Ana Cristina de Oliveira. "SEC interventions and the frequency and usefulness of non-GAAP financial measures". Thesis, 2005. http://hdl.handle.net/2152/2340.
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