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Corrado, Charles J. "Nonparametric statistical methods in financial market research." Diss., The University of Arizona, 1988. http://hdl.handle.net/10150/184608.
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This dissertation presents an exploration of the use of nonparametric statistical methods based on ranks for use in financial market research. Applications to event study methodology and the estimation of security systematic risk are analyzed using a simulation methodology with actual daily security return data. The results indicate that procedures based on ranks are more efficient than normal theory procedures currently in common use.
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Vernon, John A. "The economics of pharmaceutical research development : investment models, capital market imperfections and policy considerations." Thesis, City University London, 2001. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.367264.
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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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Clout, Victoria Jane. "Investigating the relationship between market values and accounting numbers for 30 selected Australian listed companies." Thesis, Queensland University of Technology, 2007. https://eprints.qut.edu.au/16515/1/Victoria_Jane_Clout_Thesis.pdf.
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In capital market research (CMR) studies of the value relevance of accounting numbers are founded upon the concept that, in equilibrium, the book values are equal to or have some long-term relationship with the market value and that market returns are related to book returns.
This thesis seeks to resolve a gap in the CMR by examining 30 selected individual firms listed on the Australian stock market during the period 1950 to 2004, using equilibrium correction modelling techniques. Even these limited prior works used cross-sectional techniques rather than the long-run, time-series, analysis used in this study. Moreover, dynamic analysis in the CMR has tended to focus on indexes or portfolio data rather than using firm-specific case study data of the type modelled here. No prior research has taken this approach using Australian data.
The results of this thesis indicated that an equilibrium correction relationship between market values and book values for firms listed on the Australian Stock Exchange (ASX) could be determined by using accounting and macroeconomic regressors. The findings of the thesis were consistent with the literature in terms of the variables suggested and important in the firm's valuation from the three main approaches, the analysts (industry) approach, the finance and accounting theory (textbook) approach and the CMR literature approach. The earnings, dividends and book value variables are significant in their relationships with the firm's market values. The models constructed were typically more informative and had an increased forecasting performance compared with the a priori models tested, based on theory and the literature.
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Clout, Victoria Jane. "Investigating the relationship between market values and accounting numbers for 30 selected Australian listed companies." Queensland University of Technology, 2007. http://eprints.qut.edu.au/16515/.
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In capital market research (CMR) studies of the value relevance of accounting numbers are founded upon the concept that, in equilibrium, the book values are equal to or have some long-term relationship with the market value and that market returns are related to book returns. This thesis seeks to resolve a gap in the CMR by examining 30 selected individual firms listed on the Australian stock market during the period 1950 to 2004, using equilibrium correction modelling techniques. Even these limited prior works used cross-sectional techniques rather than the long-run, time-series, analysis used in this study. Moreover, dynamic analysis in the CMR has tended to focus on indexes or portfolio data rather than using firm-specific case study data of the type modelled here. No prior research has taken this approach using Australian data. The results of this thesis indicated that an equilibrium correction relationship between market values and book values for firms listed on the Australian Stock Exchange (ASX) could be determined by using accounting and macroeconomic regressors. The findings of the thesis were consistent with the literature in terms of the variables suggested and important in the firm's valuation from the three main approaches, the analysts (industry) approach, the finance and accounting theory (textbook) approach and the CMR literature approach. The earnings, dividends and book value variables are significant in their relationships with the firm's market values. The models constructed were typically more informative and had an increased forecasting performance compared with the a priori models tested, based on theory and the literature.
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Babl, Christian Stephan [Verfasser]. "E-Mobility and Related Clean Technologies from an Empirical Corporate Finance Perspective : State of Economic Research, Sourcing Risks, and Capital Market Perception / Christian Stephan Babl." Frankfurt : Peter Lang GmbH, Internationaler Verlag der Wissenschaften, 2015. http://d-nb.info/1080458212/34.
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Horndahl, Hampus, David Petersson, and Gerhard sköldeholt. "Nedskrivning av Goodwill : Finns det skäl för företag att vara oroliga?" Thesis, Linnéuniversitetet, Institutionen för ekonomistyrning och logistik (ELO), 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-96905.
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The purpose of this thesis is to determine if impairment of goodwill is a value relevant factor to the investors in the companies listed on the Stockholm Large Cap stock exchange. This paper focuses on the annual reports from the 100 largest companies listed on the exchange. The empirical model used is Capital Market Research and Market Based Accounting Research which is derived from Positive Accounting Theory. Capital Market Research and Market Based Accounting Research are based on critical assumptions made in the Efficient Market Hypothesis which is why it has its own section in the theoretical chapter. The theoretical chapter contains extensive information regarding the components of goodwill, its uses in accounting and how it is meant to be dealt with. The analysis connects our empirical findings with our empirical model in order to draw conclusions from the output gathered in Minitab. Our analysis shows that only small proportions of the large quantities of goodwill on the Swedish stock exchange are impaired on a yearly basis. We also find that impairment of goodwill does not have a significant impact on market value, however goodwill itself does. Investors either do not view impairment of goodwill as value relevant, or the impairment was known beforehand and was therefore reflected in the price of the stock. Goodwill is considered value relevant most likely due to investors viewing the preeminence of goodwill as a sign that the company will draw benefit from the underlying assets for years to come. We conclude that impairment of goodwill is not a value relevant factor to the investors in the Swedish stock exchange, but that goodwill, and increasing goodwill is. The paper ends with suggestions for further research.Syftet med denna avhandling är att fastställa om nedskrivning av goodwill är en värderelevant faktor för investerarna på den svenska Large Cap-börsen. Denna avhandling fokuserar på årsredovisningarna från de 100 största bolagen som är noterade på denna börs. De empiriska modeller som används är kapitalmarknadsforskning och marknadsbaserad redovisningsforskning, vilka båda härstammar från positiv redovisningsteori. Kapitalmarknadsforskning och marknadsbaserad redovisningsforskning baseras på viktiga antagande gjorda i den effektiva marknadshypotesen, som har sitt egna avsnitt under teorikapitlet. Teorikapitlet innehåller omfattande information gällande komponenterna i goodwill, dess användning inom redovisning samt hanteringen av goodwill. Analysen kopplar samman våra empiriska fynd med vår empiriska modell i syfte att dra slutsatser kring resultaten som sammanställts från programmet Minitab. Vår analys visar att förhållandevis små mängder av de enorma goodwillposterna på den svenska Large cap-börsen skrivs ner på årlig basis. Vi finner också att nedskrivning av goodwill inte har någon väsentlig påverkan på bolagets marknadsvärde, vilket däremot goodwillposten i sig har. Antingen så ser inte investerarna nedskrivning av goodwill som värderelevant eller så var nedskrivningarna kända i förväg och således redan inräknade i aktiens pris. Att goodwill i sig är betraktat som värderelevant beror troligen på att investerarna ser innehavet av goodwill som ett tecken på att bolaget kommer dra nytta av dessa underliggande tillgångar under de kommande åren. Vi drar slutsatsen att nedskrivning av goodwill inte är en värderelevant faktor för investerarna på den svenska börsen, men däremot att goodwill och en ökning av goodwillposten är värderelevant. Uppsatsen avslutas med förslag till ytterligare forskning
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Dahlberg, Ida. ""...i en macho-stämpel så ingår det väl inte att plugga.." : En studie om betydelsen av genus och klass i en arbetsökningsprocess." Thesis, Linköping University, Department of Social and Welfare Studies, 2008. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-12310.
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The aim of this thesis is to study a job-searching process and elements that affects it. The elements I have focused on are gender, class and social network. The study is based on interviews and a survey study with students from the educational program of Social work (Socialomsorgsutbildningen), that graduated 3 years ago. Through the survey I have examined their social-background and their job-searching process. The interviews are the main focus in the study. Several of the informants came from working-class homes, and that could be one of the reasons why the informants chose an educational program that has low academic status. The majority of the students on the education program were female. In the employment process the male informants felt that their gender/sex gave them an advantage entering the labour-market. The social network, especially the informal network, was the most important part of their job-seeking process.
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Günther, Jens. "Three accounting research essays in a historical setting." Doctoral thesis, Humboldt-Universität zu Berlin, Wirtschaftswissenschaftliche Fakultät, 2015. http://dx.doi.org/10.18452/17246.
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Die vorliegende kumulative Dissertation analysiert Determinanten und Konsequenzen der Berichterstattung von Unternehmen im deutschen Kaiserreich. Das erste Papier analysiert den Zusammenhang zwischen der freiwilligen Publizität und dem Produktmarktwettbewerb. Auf der Grundlage einer Stichprobe von 570 Unternehmensjahren lässt sich ein negativer Zusammenhang zwischen der freiwilligen Publizität und dem potentiellen Wettbewerb zeigen. Darüber hinaus finde ich einen negativen Zusammenhang zwischen der freiwilligen Publizität und der Branchenprofitabilität. Schließlich finde ich einen positiven Zusammenhang zwischen der freiwilligen Publizität und dem existierenden Wettbewerb. Dieser Zusammenhang ist jedoch nur für Branchenfolger statistisch signifikant. Im zweiten Papier analysiere ich den Einfluss von (überraschenden) Dividendenankündigungen auf die Berliner Börse im Jahr 1895. Auf der Grundlage einer Stichprobe von 166 Unternehmen finde ich positive (negative) kumulierte abnormale Renditen als Reaktion auf eine positive (negative) Dividendenüberraschung. Querschnittsanalysen zeigen, dass diese Effekte mit der Signaling Theorie vereinbar sind. Darüber hinaus lässt sich zeigen, dass der Handel auf dem Kapitalmarkt um die Dividendenankündigungen herum erhöht ist. Dies ist vereinbar mit der differentiellen Erwartungsrevision. Das dritte Papier analysiert schließlich den Zusammenhang zwischen der Zusammensetzung des Aufsichtsrats und dem bilanzpolitischen Verhalten von Unternehmen zu Beginn des 20. Jahrhunderts. Bei diesen Unternehmen lässt sich der von Burgstahler/Dichev (1997) dargestellte „earnings kink“ nachweisen. Darüber hinaus lässt sich zeigen, dass dieser „earnings kink“ nicht mehr präsent ist, sobald die Gewinne um Abschreibungen korrigiert werden. Es lässt sich allerdings nicht zeigen, dass die Präsenz von Bankdirektoren im Aufsichtsrat mit dem „earnings kink“ oder der Höhe der abnormalen Abschreibungen verbunden ist.This cumulative Ph.D. thesis analyzes determinants and consequences of financial accounting practices in Imperial Germany. The first paper analyzes the relationship between product market competition and voluntary disclosure. Based on a balanced panel of 570 firm-years, I find a negative association between voluntary disclosure and potential competition. I also find a negative association between industry profitability and voluntary disclosure. Finally, I find a positive association between existing competition and voluntary disclosure for industry followers. The second paper analyzes share price and trading effects around dividend announcements of firms listed on the Berlin Stock Exchange in 1895. Based on a sample of 166 firms, I find a statistically and economically significant positive (negative) cumulative average abnormal return following a positive (negative) dividend surprise. Cross-sectional analyses show that these effects are consistent with the dividend signaling hypothesis. I furthermore find that trading is increased around the announcements. This is consistent with a differential belief revision among individual investors. The third paper analyzes the earnings of 50 public and 50 private German firms for the fiscal years 1903-1907. I find the earnings kinks reported by Burgstahler and Dichev (1997). I also find that these kinks disappear once I adjust earnings for depreciations. However, my analyses do not support a divergent probability to avoid small losses and earnings decreases when firms are monitored by bank directors. Based on a propensity score matching I do also not find systematic differences in discretionary depreciations between firms monitored by bank directors and firms without such bank attachments in general.
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Frostå, Amanda, and Beatrice Bergander. "Goodwillnedskrivningarnas värderelevans: belägg från Storbritannien." Thesis, Högskolan i Gävle, Akademin för utbildning och ekonomi, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:hig:diva-16177.
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Syfte: Syftet med denna studie är att undersöka om det finns ett samband mellan redovisad nedskrivning av goodwill och börsvärdet hos företag noterade vid London Stock Exchange mellan 2009 och 2012. Inledning: EU införde 2005 en ny standard för koncernredovisning. Syftet med den nya redovisningsstandarden, IFRS 3, är att öka relevansen, pålitligheten och jämförbarheten i den finansiella rapporteringen. Detta medförde bland annat att posten goodwill inte längre får skrivas av enligt plan, utan årligen ska testas för eventuell nedskrivning. Metod: För att fylla studiens syfte har vi använt oss av en kvantitativ undersökning, där relevant data har samlats in via marknadsdata och analysverktyget Bloomberg. Studien genomfördes på de största företagen registrerade på London Stock Exchange med undantag för de företag som inte hade den data som krävdes för att vara relevanta för studiens syfte. Svaren analyserades genom multipel regressionsanalys samt deskriptiv statistik framställda i statistikverktyget Minitab. Slutsats: Undersökningen visade att det finns ett statistiskt signifikant negativt samband mellan nedskrivning av goodwill och börsvärde. Detta tyder på att investerare anser att en nedskrivning av goodwill är ett tecken på att börsvärdet försämrats. Resultatet kan tolkas som att investerare litar på företagsledningens förmåga att värdera goodwillpostens storlek.Purpose: The purpose of this study is to investigate if there is a correlation between reported goodwill impairment and market value for companies listed on the London Stock Exchange between the years 2009 and 2012. Introduction: A new accounting standard was introduced in the EU in 2005, which meant a new standard for mergers. The goal of the new accounting standard, IFRS 3, is to increase the relevance, reliability and comparability in financial reporting. This resulted in a change where goodwill no longer will be amortized, but tested annually for impairment. Method: To fulfil the purpose of this study, we used a quantitative method where secondary data was collected from the market data and analyst tool Bloomberg. The study was conducted on the largest companies listed on the London Stock Exchange, except for the firms that did not have the data relevant for the purpose of the study. The responses were analysed by multiple regression analysis and descriptive statistics analysis, both produced by the statistical software Minitab. Conclusion: The findings indicate a statistical significant correlation between the impairment of goodwill and decrease in share price. This suggests that investors believe that goodwill impairment is indicative of a decrease in expected present value of future returns, i.e. decrease in share price. The result can be interpreted as evidence that investors rely on the corporate management's ability to value the firm’s goodwill.
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Laabs, Peter. "Abkantmaschine für die Industrie 4.0." Hochschule für Technik und Wirtschaft Dresden, 2015. http://nbn-resolving.de/urn:nbn:de:bsz:520-qucosa-159968.
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Die Konzeption und Durchführung komplexer und auf Innovation ausgerichteter Produktentwicklungsprojekte ist ein fester und wesentlicher Bestandteil des Curriculums im Studiengang M.A. Produktgestaltung an der Fakultät Gestaltung der HTW-Dresden. Praxisnah und in möglichst authentischen Entwicklungsumgebungen wird in Form eines Kooperationsprojekts eine konkrete Aufgabe für ein Unternehmen bearbeitet. Für die Unternehmen sind solche Projekte Teil ihrer mehr oder weniger bereits etablierten kollaborativen Wertschöpfungsnetzwerke. Im gegenteiligen Fall werden solche Modelle von unserer Seite her an die Unternehmen herangetragen und diskutiert. In der Regel entstehen an die Semesterzeiten gebundene und ergebnisoffene Machbarkeitsstudien. Die Studierenden erhalten im Gegenzug die Möglichkeit, ihr theoretisches Wissen ganz eng an der Wirklichkeit zu üben, entsprechende Erfahrungen zu sammeln und sich über solche Projekte für die spätere Berufspraxis zu empfehlen. Die Fakultät Gestaltung hat in diesem Sinne bereits mit einer Vielzahl von Kooperationspartnern zusammengearbeitet und sehr viel positive Erfahrung sammeln können Das Projekt mit dem Arbeitstitel \"Abkantmaschine für die Industrie 4.0\" wurde für die Bystronic AG in Gotha/Thüringen erarbeitet. Die Bystronic AG ist Tochter eines schweizer Unternehmens und stellt Laserstrahlschneid-, Wasserstrahlschneid- und Abkantmaschinen herThe design and implementation of complex and geared to innovation product development projects is an integral and essential part of the curriculum in the course MA Product design at the Design Faculty of HTW Dresden. Practical and in authentic development environments a specific task is processed for a company in the form of a cooperation project. For companies, such projects are part of their more or less established collaborative value networks. In the opposite case, such models are brought and discussed by our side to companies. Usually caused bound to the semester dates and open-ended feasibility studies. The students receive in return the opportunity to practice their theoretical knowledge very closely to reality, to gain experience and to advise on such projects in their later professional applications and practice. The Faculty of Design has worked in this sense, with a number of partners and gained a lot of positive experience. The project with the working title \"pressbrake for industry 4.0\" has been developed for Bystronic AG in Gotha/Thuringia. The Bystronic AG is a subsidiary of a Swiss company and produces laser cutting and waterjet systems as well as pressbrakes
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Rekik, Sabrine. "Innovation technologique : mesure, valorisation et effets sur les performances financières et opérationnelles des entreprises." Thesis, Paris 9, 2015. http://www.theses.fr/2015PA090067.
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L’innovation technologique est considérée comme un élément clef dans la constitution des économies, dites du savoir, ou de la connaissance. Ce cadre économique stimule une forte croissance des investissements immatériels dans l’objectif de création de valeur et de construction d’un avantage compétitif défendable sur le long terme. Néanmoins, l’innovation est un processus continu qui requiert un horizon de long terme pour transformer l’ensemble des connaissances, et des efforts de Recherche et Développement (R&D) en un produit ayant de la valeur économique. La dimension temporelle de l’innovation technologique renforce son caractère risqué et augmente l’incertitude quant à sa réussite. De même, les problèmes d’asymétrie d’information créés par le processus d’innovation s’accentuent. Cette thèse s’intéresse à la relation entre le capital-connaissances et la performance financière des entreprises, dans un premier temps, pour se pencher ensuite sur la question de la valeur de marché de l’actif intangible. Pour ce faire, nous élaborons une base de données unique, à partir des brevets européens et proposons de nouvelles mesures qualitatives au capital intangible, basées sur les caractéristiques des brevets. Cette thèse mesure empiriquement la valeur économique du capital-connaissances représenté par sa « matière première », à savoir les dépenses R&D et par son « produit fini » à savoir les brevets. Nous construisons, également un indice composite de la qualité de l’innovation afin de mieux représenter la valeur privée de l’immatériel. Enfin, cette thèse s’intéresse à la question d’écart entre valeur comptable et valeur de marché des entreprises en présence d’investissements immatériels. Pour ce faire, elle contient une étude prévisionnelle et causale de la performance opérationnelle par les dépenses R&D et l’indice composite de qualité. Ce dernier est proposé en tant qu’outil non-financier d’analyse et de prévision de performanceTechnological innovation is considered as a key element in the knowledge-based economies, where the share of intangible assets continues to grow significantly. The development of innovation is enhanced mainly in the purpose of value creation and the obtaining of a competitive advantage. Nevertheless, innovating is a long process where the lag between the investments in Research and Development (R&D) activities, considered as its input, and the obtaining of a valuable output, often estimated by the patent application, is large. The long character is emphasized by the uncertainty and the riskiness of the process which are at the root of important problems of information asymmetry between investors and the insiders. This dissertation studies the impact of intangible investments on the financial performance of companies in Europe. Therefore, we use a unique database of European patents and suggest a set of qualitative measures to innovation, based on the patents’ attributes. Moreover, this thesis estimates the market value of intangibles as measured by the R&D expenses, the patent applications but also the qualitative attributes. In this framework, we construct a composite quality index of innovation in order to better estimate its private economic value. The increasing lag between financial and book values in the presence of R&D investments leads us to undertake a causal study of innovation on the financial performance of companies. We suggest our composite index as non-financial metric to predict the future earnings and examine the effect of R&D on the growth and volatility of future operating incomes
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(9780605), Md Khokan Bepari. "Value relevance of accounting information during a financial crisis: An empirical analysis of Australian companies." Thesis, 2012. https://figshare.com/articles/thesis/Value_relevance_of_accounting_information_during_a_financial_crisis_An_empirical_analysis_of_Australian_companies/13465460.
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"This thesis extends value relevance research by examining the changes in the value relevance of fundamental accounting measures in the unique context of a global financial crisis (GFC). This thesis examines the impact of the 2008-2009 GFC on the value relevance of book value of equity, earnings and cash flow from operations (CFO). It also examines the impact of the GFC on the value relevance of tangible assets, intangible assets and goodwill. ... This thesis is positioned into the CMR in Accounting. Positivist epistemology and objective ontology underpin the philosophical backgrounds of this thesis"--Abstract.
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Hung, Shengmin, and 洪聖閔. "Essays on Capital Market Research." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/48882311271208862209.
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博士國立臺灣大學
會計學研究所
100
There are two essays in this dissertation. The fist essay discusses the predictability of aggregate returns and aggregate earnings. The accounting identity of Voulteenaho (2000, 2002) is used to identify the relation between book-to-market ratio, expected returns, and expected earnings. This identity is further incorporated into the estimation system suggested by van Binsbergen and Koijen (2010). The results show that both returns and earnings are predictable and are consistent with accounting identity proposed by Voulteenaho (2000, 2002). The second essay discusses the relation between earnings quality, earnings beta, and cost of equity. By revising the model of Lambert et al. (2007), we argue that high earnings quality will lower the earnings beta, which is the covariance between firm’s earnings news and market’s earnings news. Additionally, as a priced factor, lower earnings beta will cause a lower cost of equity. Empirically, we follow Da and Warachka (2009) to use analyst’s earnings forecast revision to measure the earnings news and construct the earnings beta. The empirical results show that firms with high earnings quality will have lower earnings beta and thereby lower cost of equity. The results also survive most of the robustness checks.
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Shih-HongYang and 楊世宏. "Research on Capital Market Efficiency." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/77418838738838873481.
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碩士元智大學
會計學系
97
This thesis investigates whether information uncertainty leads to a firm’s misevaluation by the capital market. Further, we examine an analyst’s forecast biases increase due to the relative high level of information uncertainty. Our samples consist of companies in North America. The sample period is from 1988 to 2006. This study adopts the model in Rhodes-Kropf, Robinson, and Viswanathan’s (2005) to evaluate market mispricing. We use the perception of earnings quality to proxy information uncertainty. We find the positive association between information uncertainty and the possibility of being mispriced by the capital market. Moreover, an analyst’s forecast accuracy is significantly decreased when predicting the earnings of a firm with relative high information uncertainty.
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Παπαγιάννη, Εστέλλα. "Capital market research in accounting earnings management." Thesis, 2014. http://hdl.handle.net/10889/8029.
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Η ευρεία χρήση των λογιστικών πληροφοριών από επενδυτές και οικονομικούς αναλυτές με σκοπό την αξιολόγηση των μετοχών, δημιουργεί ένα κίνητρο για τους μάνατζερ να χειραγωγούν τα κέρδη και να μπορούν έτσι να επηρεάσουν τις βραχυπρόθεσμες επιδόσεις των τιμών των μετοχών αυτών. Παρακινημένη λόγω της αύξησης στις αγορές κεφαλαίου σε διεθνές επίπεδο και την πρόσφατη οικονομική κρίση, η εργασία αυτή εξετάζει το ρόλο της διαχείρισης των κερδών για τον προσδιορισμό του κόστους κεφαλαίου μιας επιχείρησης, τις συνέπειες της ποιότητας των κερδών στην αγορά κεφαλαίων και τις συνθήκες τις οποίες οι αναλυτές πρέπει να εξετάζουν προσεκτικά όσων αφορά τη ποιότητα των κερδών μιας εταιρείας. Επιπλέον, όπως υποστηρίζεται από τη διεθνή βιβλιογραφία, έχει διαπιστωθεί μια σύνδεση μεταξύ της ποιότητας των κερδών και του κόστος του κεφαλαίου, η οποία προϋποθέτει ένα βασικό οικονομικό ρόλο στις αποφάσεις κατανομής των κεφαλαίων (δηλαδή το χρέος και τις επενδύσεις μετοχικού κεφαλαίου) για την χρηματοοικονομική πληροφόρηση. Εξετάζοντας το θέμα από τη σκοπιά ενός οικονομικού αναλυτή και ενός επενδυτή , κύριος στόχος μου είναι ο ακριβής προσδιορισμός των κερδών, τα οποία θεωρούνται και ως συνοπτικός δείκτης της συνολικής ποιότητας της χρηματοοικονομικής πληροφόρησης. Τέλος, η πρόθεση μου στη συζήτηση της έρευνας που αξιολογεί τις επιπτώσεις της ποιότητας των κερδών στην αγορά κεφαλαίων αποσκοπεί στο να οδηγήσει κάποιον σε περαιτέρω έρευνα σε αυτόν τον τομέα αλλά και να ενθαρρύνει την έρευνα για συναφή θέματα, όπως για παράδειγμα, το ρόλο της ποιότητας των κερδών στη σύναψη συμβάσεων και τη διαχείριση.The widespread use of accounting information by investors and financial analysts to help value stocks creates an incentive for managers to manipulate earnings in an attempt to influence short-term stock price performance. Motivated due to the growth in debt markets internationally and the recent debt crisis, this paper examines the role of earnings management in the determination of a firm’s cost of capital, capital market consequences of earnings quality and circumstances analysts need to look carefully at a company’s earnings quality. Furthermore, as argued by the international literature, is analysed and discussed a link between earnings quality and cost of capital, which implies a basic economic role in capital allocation decisions (i.e. debt and equity investments) for accounting information. Since I adopt a financial analyst & investor perspective, my main focus is on the precision of earnings, which is viewed as a summary indicator of the overall quality of financial reporting. Finally, my intent in discussing research that evaluates the capital market effects of earnings quality is both to stimulate further research in this area and to encourage research on related topics, including for example, the role of earnings quality in contracting and stewardship.
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Tseng, Chiung-Hui, and 曾瓊慧. "The Research on Taiwan''s Capital Market Development." Thesis, 1999. http://ndltd.ncl.edu.tw/handle/16315076028284495354.
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碩士國立政治大學
中山人文社會科學研究所
87
Capital market plays a key role in one country''s economic development. On the one hand, enterprises can acquire the capital that they demand through issuing securities in capital market; on other hand, the public can share the profits of enterprises by purchasing securities in capital market. The foundation of "Taiwan Stock Exchange" on February 9, 1962 was a milestone in Taiwan''s capital market history. Taiwan''s capital market development is a miniature of Taiwan''s economic development. The significance and functions of Taiwan''s capital market in different stages of Taiwan''s economic development can be observed clearly by exploring "Capital Deepening". "Capital Deepening" is the speed of capital accumulation in capital market. From 1962 till now, Taiwan''s capital market has encountered seven severe crisives-from August 1982 to January 1983, from February 1990 to October 1990, from September 1992 to January 1993, from August 1995 to March 1996, from August 1998 to September 1998, from January 1999 to February 1999, and October 1994. Overall, there are six main factors which influence Taiwan''s capital market deeply. They are business cycles, political factors, money supply and interest rate, oil price, enterprises, and personal manipulation.
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Wang, Sunny, and 王生睿. "The research of relationships among venture capital , high-tech industry and capital market." Thesis, 1995. http://ndltd.ncl.edu.tw/handle/93733516698335897923.
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Shyu-Gu, Yuan Hung, and 徐辜元宏. "A research on the efficiency of portfolios in capital market." Thesis, 1996. http://ndltd.ncl.edu.tw/handle/39532324368078878495.
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Yang, Chi-Ming, and 楊騏銘. "A Research of Market Conditions and the Bank's Capital Adequacy Ratio." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/92782740636614021676.
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碩士嶺東科技大學
財務金融研究所
101
This study wants to explore the relation between the returns of bank and the fundamental messages that include the monthly growth rate of loan, the monthly change rate of loan and the monthly growth rate of revenue in the different market conditions and capital adequacy ratios. Our sample consists of 10 bank listed or in OTC during May 2005 to June 2012. We consider some influencing factors included the BaselⅡ, inter-bank rate, financial crisis and European debt crisis, Economic Cooperation Framework Agreement(ECFA), and separate our empirical period into three sections: May 2005 to December 2006, January 2007 to December 2008 and January 2009 to June 2012. We choose the Pearson correlation coefficient and Grange causality as our research method. The empirical results are: Firstly, during the subprime crisis, there exists the significant closely relation between the stock returns of banks with high capital adequacy ratio and their loaning activities. Secondly, the return of the extensive government share banks and Group enterprise banks have interaction effect with their loaning activities after 2007. Thirdly, with the classification of the ratio of long and short investments, the return of banks is still closely with their loaning activities. Fourthly, based on the Grange causality test, the change of the capital adequacy ratio goes ahead of the monthly change rate of loan.
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Yen-YuLiu and 劉彥余. "Research on Motivation and Market Reaction for Capital Surplus Cash Dividend." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/16984908108540961318.
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博士國立成功大學
會計學系
103
In addition to paying cash dividends in the form of retained earnings, as the Company Act was emended on 4 January 2012, the additional paid-in capital (APIC) has becoming an added manner. However, the nature of the APIC is varied from the retained earnings. The market reaction is of interest when companies announce to share cash dividends by APIC over the retained earnings. Additionally, given the undefined priority of the sources of cash dividends under the Company Act and the articles of incorporation, factors to incentive companies giving the APIC instead of the retain earnings will be discussed in this research based on the company financial status and the tax system. The result suggests that the market responds with positive abnormal returns to declaration of giving cash dividends in the form of APIC, which is still lower than in the form of retained earnings. Besides, companies tend to increase the portion of the APIC, thus lowering the portion of the retained earnings, on decision of dividend policy given the following situations: the unappropriated APIC increases, the company is suffering losses, the pressure of reserving cash dividends is high, or the amount of the imputation credit drops.
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Chen, Yi-Ting, and 陳怡婷. "Research on Capital Market Speak up System and Whistleblower Protection Law." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/7uz222.
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"Twin research reports on the development of Hong Kong dollar capital market: the borrowers' perspectives. Creative financial engineering." Chinese University of Hong Kong, 1989. http://library.cuhk.edu.hk/record=b5886000.
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Chai, Hui-Wen, and 翟慧雯. "The simulation research on capital adequancy for banks--study on market risk." Thesis, 2003. http://ndltd.ncl.edu.tw/handle/52731652403651502334.
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Yang, Kao Chun, and 楊國群. "A Research for The Correlation Between Capital Adequacy Ratio of Securities and Market Risk." Thesis, 2005. http://ndltd.ncl.edu.tw/handle/22062115314697726193.
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碩士東吳大學
經濟學系
93
The Basel Committee on Banking Supervision (BCBS) of Bank of International Settlement initially proposed the Basel Capital Accord (BCA) in 1988. After experiencing various financial crisis, the BCBS announced the New Basel Capital Accord in 2001. To link to the international regulations and deepened the financial liberalism, the Financial Supervisory Commission has resulted to execute the BaselⅡ in time in 2006. Under such pressure, the officials and private sectors are no longer unfamiliar with the term of risk management (RM). Has been Promoted hard by scholars and officials, RM is gradually acknowledged by the financial industry. Particularly in the current situation that domestic markets get in touch with international financial systems increasingly, the in advance RM becomes a foresight management concept and a necessity of possession property while facing market’s violent fluctuation. The Capital Adequacy Ratio (CAR) is still one of the important pillars in the new BCA. Though the CAR is not the only parameter to review the quality of bank constitution operation, it is still one importance and direct interface. In compared with the CAR, referred to the new BCA, as 8% to domestic bankers, the Capital Adequacy Regulation, owned capital divided by operation risk, to Taiwan security firms equity is higher than the minimum standard 150%, which was announced by Securities and Futures Bureau in 1998. Under the pressure of financial liberalized and internationalized, there is an urgent need to modify this regulation. The risk of stock business can not be eliminated only by the legislated regulations. The key for stock business to owe the international competition capability is to thoroughly implement the risk management. The risk management needs massive time and money investment and institute’s understanding and implementation of pre-risk management and control, which involves the rationalization and effectiveness of following capital distribution by the enterprise. The final purpose is to strengthen the self-competition. Thus, by knowing and introducing the modern risk management, and constructing the substantial model via the limited data, from easy regression analysis to Panel Data analysis, this research proves the potential risk is hard to be measured and controlled by the as dated Capital Adequacy Regulation. To be the top financial institution in the world, not only to acquire the maximum benefit, instead, the business executive is looking for the capability of chasing maximum benefit under the controllable risk. After judging the risk size and establishing the target of reasonable return of equity, the executive allocates resources and benefit figures. Therefore, even facing the abrupt market mishap, the enterprise still can proceed calmly, last for good, be conscientious to the society and look for the maximum benefit for employees and stockholders. After CAR calculated , also comparing to theβvalues(market risk value) of individual securities’ own by past 8 years , and some kinds of data research plused , which including traditional financial index , capital structure figures , and business loss items on current period , there are some results as follows : Ⅰ.Following the Panel Data Model conclusion , the correlation of CAR of all securities against Market Risk Values were Random Effect Model(REM). Ⅱ.Purely comparing the graph of CAR to theβvalues(Market Risk Value) of individual securities’ own , there was no significant correlation between them . Ⅲ.The graph shows that the Standard Bias of CAR of all securities were obviously variable year by year . Ⅴ.According to the Panel Data analysis , Two Way Error Component Model Approach , explaining theβvalue of individual securities’ own via the CAR was rejected . In other words , there was no significant correlation between 2 variables .
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Lien, Yun—Chieh, and 連允傑. "The Connection of Research between the Market Price Net Value Ratio and Intellectual Capital." Thesis, 2004. http://ndltd.ncl.edu.tw/handle/04143788319854428118.
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碩士中國文化大學
會計研究所
92
Along with knowledge economy time approaching, the company book value and market value disparity has been bigger, but creates reason of the disparity, the scholar names by the intangible asset, but formerly studies are devoted to the intellectual capital real diagnosis to the high tech industry, really few research wisdom capital to traditional industry influence. This research plans to discuss, and the intellectual capital integrity which weighs the mensuration the market value/book value to take the weight datum, the intellectual capital which organizes the enterprise to divide into four big constructions surface, performs to discuss explains the intellectual capital value. Therefore, this research goes on the market the company by the domestic traditional industry the first season to stop up to 2003, the mainland property accounts for the total property proportion to surpass 10% above company is the research object, and from 2000 to 2002 three years as research period. Finally, the penetration variable main factors and the regression analysis, in this research discovery generally stock industry to intellectual capital two important results: First, the influence electron industry market net value difference construction surface target, similarly has the function to the Chinese concept stock. Second, intellectual capital of the Chinese concept stock industry existence is creates the enterprise market price net value difference the part the reason.
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Lin, Chai-Yun, and 林家筠. "An Empirical Research of Capital Pricing Models in Taiwan Stock Market - An Application of Nonnested Tests." Thesis, 2002. http://ndltd.ncl.edu.tw/handle/37377832876827561307.
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碩士銘傳大學
管理科學研究所
90
Recently, people expect to inspect the structure of security return, so several economic models were developed in succession. Although models get completed step by step, each has its own assumptions and limits. In managerial practice, the descriptions of the real world are inconformity. In order to solve the problem of inconformity conclusion and to provide ideal reference, this thesis is going to contrast the performance of the prominent capital pricing models in describing the Taiwan stock market. The underlying models consist of Capital Asset Pricing Model (CAPM), Consumption Capital Asset Pricing Model (CCAPM), and Arbitrage Pricing Theory (APT). Nonnested tests are used to investigate the performance of above-mentioned three models, and procedures employed include the CDP-test and J-test. According to the result of empirical research, APT is the best model specification during 1989(Q3)-2001. Except APT, although during 1993-1997 the CAPM dominates the CCAPM, during 1994(Q3)-1999(Q2) and 1997-2001 the CCAPM dominates. The results of this thesis support the great use of APT which is the more compatible with the Taiwan stock market than CAPM and CCAPM. Another finding is that CCAPM dominates CAPM both in theoretical and empirical research in Taiwan stock market.
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Ho, Shih-Zhong, and 何世宗. "An Empirical Research on Capital Asset Pricing Factor under Bull and Bear Trend in Taiwan Stock Market." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/4f8q3a.
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碩士國立中央大學
產業經濟研究所碩士在職專班
94
It’s been a long time that many disputations exist in explanation of CAPM single-factor model and there are many researches to explanation of system-risk beta. Multi-factor model and many relevant researches to basic financial factor were not developed until year 1976 that Rose raised the arbitrage pricing theory, such as three factor model of Fama and Frehch (1992). Meanwhile, there also some researches reveal that unstable situation appears on the displays of relevant variables under different bull and bear trends. There are three major parts in this research. The first part is to check if single-factor model of CAPM can give a full explanation for Taiwan stock market or not. And it is based on Fama and Macbeth’s (1973) empirical model by using monthly data. The second part is to check the explanatory ability for various variables in predicting the rate of return for stocks. The multi-factors model is learnt from several basic financial factors of Fama and French (1992) by using quarterly data, such as firm size, book-to-market ratio, EP ratio, leverage and so on. The third part, we use dummy variable as well as multi-factors model to observe the change for the explanation ability between various variables under different definition for the bull and bear. Under this part, we refer the three ways to discriminate the bull and the bear from Fabozzi and Francis (1977). And we adjust the bull and bear definitions into short, medium and long terms respectively and compare rate of daily return for specified stock. This research is subject to the completed quarterly financial statements from 56 firms listed on Taiwan Stock Exchange for the period from October 1986 to Jun 2005. This research has been done by using GMM estimate method for case proven. We also learnt and made the most use of the concept of noise ratio raised by Durlauf and Hall (1989). Finally, we have successfully compared the suitable for all models. The conclusion of this research is as following: Single-factor model of CAPM is unable to give a fully explanation to Taiwan stock market. Multi-factors model give better explanation than single-factor model, because not only system risk beta, but also firm size, book-to-market ratio, and leverage can explain the rate of return of specific stock. But when the bull and bear variables were jointed into multi-factors model, system risk beta could not have explanation ability to the rate of returns of specific stock, only book-to-market ratio and negative EP ratio can explain the rate of returns of specific stock, but the effect of the negative EP ratio is only for short-term.
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Ramkillawan, Sunil. "The impact of return on equity and dividend payout ratios on stock returns in emerging financial markets in South Africa and Nigeria." Diss., 2014. http://hdl.handle.net/2263/45044.
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The field of stock returns and assessing stock returns utilising financial ratios has attracted substantial interest from various stakeholders. In terms of previous research, the role of financial ratios on stock returns has been based on studies in developed markets, with limited research in emerging markets. This research study provides an understanding of two specific financial ratios, namely the Return on Equity (ROE) and Dividend Payout (DPO) ratios and their impact on annual stock returns (ASR) in emerging stock markets in South Africa and Nigeria. A longitudinal analysis was performed from 2000 to 2013 for companies listed on the JSE Top 40 Index and from 2006 to 2013 for companies listed on the NSE 50 Index.
The tests between the mean ROE and the mean ASR for companies listed on the JSE Top 40 Index revealed a significant positive correlation. The conclusions drawn from the relationship between the mean ROE and the mean ASR for companies listed on the NSE 50 Index and both the relationships between the mean DPO and the Mean ASR for both companies listed on the JSE top 40 Index and the NSE 50 Index was inconclusive.Dissertation (MBA)--University of Pretoria, 2014
lmgibs2015
Gordon Institute of Business Science (GIBS)
unrestricted
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Chou, Yu-Lin, and 周育麟. "An Empirical Research on the Relationships among Market Orientation and Competitive advantage.- use Intellectual Capital as intervening variable." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/09475132956931653920.
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碩士長榮大學
經營管理研究所
94
Market Orientation had been one of the cores of research in the field of marketing, and the contents of Market Orientation indicate that employees in a company are eager to get information of customers and competitors and spread it out to every department, and then they integrate the information from every department to create remarkable value for customers. As a result, the topic of this research is to discuss that whether or not market orientation can changes the information within an organization to valuable knowledge through systematic dealing to gain competitive advantages in the market. Intellectual capital was taken as mediating effect to discuss how to create valuable knowledge in an organization based on customer demands to offer competitive products and services. The research object in this research is top 1000 companies of service industry un Taiwan in 2005, and 145 out of 1000 samples were valid. Analysis methods such as canonical correlation, LISREL and ANOVA were used to analyze and prove the hypotheses of this research. The following is the result of this research: First, the more importance of market orientation a company emphasizes, understands what is the unique and valuable product to customers the abilities, advantages and disadvantages of competitors, and coordinates information within a company, the more abilities of employees and managers will accumulate, and the better the process system of a company and the relationship between a company and outside would be. Second, the accumulation of intellectual capital would strengthen competitive advantages of a company. If employees and managers of a company develops their abilities, knowledge, techniques, learning, and experience, and improves the process system of a company and the relationship between the company and outside, it will strengthen the competitive advantages such as the efficiency and quality of products and services and respond customers as soon as possible. Third, intellectual capital has reveals the mediating Variable effect.Market orientation must penetrate of intellectual capital to enhance competitive advantages. Fourth, different amount of capital has a great influence on intellectual capital. The organizations whose capital is more than five hundred million dollars emphasize intellectual capital more than those whose capital is less than five hundred million dollars do. Fifth, the amount of employees in a company has a great influence on competitive advantages. In terms of competitive advantage, the companies whose employees are more than 150 people are better than those whose employees are less than 150 people.
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Liu, Wei-Tsai, and 劉威材. "A Research of the Relationship among Capital Adequacy, Non-Performing Loan and Market Value Added-An Empirical Study of Banks." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/73137739167974600700.
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碩士大葉大學
會計資訊學系碩士班
94
Since financial deregulation and liberalization in 1990, the opening of private banks has made keen competition among financial institutions for a decade. In particular, under the impact of East Asia Financial Crisis, a great deal of non-performing loan led to rising past-due loan and aggravation of bank asset quality in our financial institutions. Therefore, from 2002, the government carried out two-time financial supervision to lower the non-performing loans rate under 5 percent and to raise the capital adequacy rate above 8 percent which is the international standard. The later Financial Institutions Merger is to strengthen the banking constitution. This study adopts the samplings of 32 listed banks in Taiwan during the period 2000 to 2004. SEM (Structural Equation Modeling) is conducted to investigate the relationship among capital adequacy, non-performing loan and market value added. The empirical results are as follows: (1)Capital adequacy enhances capital structure and lessens the impact of non-performing loan. (2)Raising capital adequacy has positive effect upon market value added (3)Non-performing loan has negative impact on market value added.
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Huang, Chih-Wen, and 黃志文. "Our country goes on the market the cabinet company to announce reduces the capital to research the shareholder wealth influence." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/28006037004612659144.
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碩士國立勤益科技大學
企業管理系
95
Enterprise when booming prosperity, transport business achievements, profit ability and the future prospect will obtain the investor to affirm that, for the pursue enterprise value maximization, will be able to invest the massive capitals to purchase the workshop equipment to expand produces energy. Has been through repeatedly the newly established time, the growth period, the mature period along with the enterprise, is in labor in front of industry when the bleak economic recession, the enterprise management condition was often inferior anticipated even loses money, the over expansion capital instead becomes the enterprise the burden. All because in former days handled reduces the capital the company to accumulate the large amount loss, had to penetrate the legal procedure to cancel the accumulation loss. However, has handled the cash since the profit stable crystal China hotel to reduce the capital, reduces the capital to reverse investor's negative impression gradually, becomes the enterprise thin body, conforms to the most suitable capital way. This research uses the event methodology and the market pattern, legal reduces the capital and the negotiable securities exchange law storehouse of stock in view of the law of corporation cancels, the discussion enterprise announced reduces the capital whether has the information connotation, causes investor short period the unusual reward assumes the significance. The real diagnosis result discovered that, announced the law of corporation reduces the capital transmission negative signal, the shareholder wealth has the remarkable negative unusual reward, in which finance industry negative unusual reward is biggest; The cash reduces the capital the company to be able to increase the shareholder wealth. Announced the storehouse stock cancels the aspect, the shareholder wealth has to the unusual reward, in which finance industry is being obviously biggest to the unusual reward; First time will buy back cancels the storehouse stock to have high to the unusual reward; The announcement buys back cancels the proportion size then not obvious difference.
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Stockhammer, Constanze. "Why some research insights find their way to market and some do not. The relevance of social capital for academic entrepreneurship." Thesis, 2009. http://epub.wu.ac.at/1880/1/document.pdf.
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In today's knowledge-based society academic spin-offs are considered as one important form of technology transfer. However, most related entrepreneurial efforts fail. When looking at determining factors, researchers have to be regarded as members of a complex social network consisting not only of academic peers but also of participants from industry, policy, and supporting institutions, and friends and family members. This network is the academic entrepreneur's general framework of operation characterized by resource and communication flows of differing nature. The thesis tries to answer the question under what conditions technological spin-offs emerge from the academic community with special emphasis on the entrepreneurs' social capital expressed in terms of their social networks. Thus, a detailed analysis of the characteristics of the social network academic entrepreneurs operate in at the different stages of the spin-off process is effected. By means of social network analysis effected by a survey among Austrian academic entrepreneurs, it is examined which network structures favor the recognition of entrepreneurial opportunities and their realization in the form of a spin-off company. Thus generated insights are intended to contribute to nascent academic entrepreneurs' awareness how to optimally use their social contacts and networks in setting up their new ventures. Moreover, the work intends to provide valuable insights for political decision-makers as to the provision of necessary framework conditions supporting respective social dynamics required for the creation of innovative knowledge- und technology-intensive companies in Austria. (author's abstract)
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"Research on the Development of Multinational Investment Banks in China." Doctoral diss., 2015. http://hdl.handle.net/2286/R.I.29842.
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abstract: This study investigates three issues that are relevant for the development of multinational investment banks in China. The first is about the domestic market conditions that are necessary for a country to develop multinational investment banks. The second issue is about the degree to which China has met these conditions. The last issue focuses on the potential strategies Chinese investment banks can undertake to become multinational corporations.
To address the first issue, I draw an important distinction between international investment banks and multinational investment banks. For an international investment bank to be regarded as a multinational, I propose that it must have a strong presence (i.e., holding at least one percent of the market share) in at least two of the seven major capital markets in the world. Using this criterion, I identify 25 multinational investment banks. I then analyze their home countries’ domestic market conditions and propose that the following six factors are important to the development of multinational investment banks: the size of the home country’s gross domestic product (GDP), the total capitalization of its domestic security market, the number of its Global 500 firms, the volume of its foreign direct investment (FDI), the internationalization of its currency, and the openness of its capital market to foreign investors.
By comparisons, I find that China’s domestic market conditions are comparable to the home countries of multinational investment banks with respect to the size of GDP, total market capitalization, the number of Global 500 firms, and the volume of FDI. What China lags behind are the internationalization of currency and the openness of capital market to foreign investors. Given the current trends of development, it is very likely that China will be able to catch up on the latter within ten years, thus meeting all the conditions necessary for the development of multinational investment banks.
Based on the above findings, I suggest that Chinese investment banks seize this historical opportunity, speed up the internationalization of their businesses, and learn from the experiences of global industry leaders to become truly multinational corporations.Dissertation/Thesis
Doctoral Dissertation Business Administration 2015
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Hung, Chia-Che, and 洪嘉哲. "Research on the Dynamic Trend of the Foreign Capital Trading Amount in Taiwan Stock Market during Evaluation and Implementation Period of an Increase in the Rate of Foreign Capital Dividends." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/rxv8p2.
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碩士國立交通大學
管理學院經營管理學程
107
The purpose of this study is that under the government's policy guidance of social justice and the continued opposition of civil society forces to the violation of the fairness of taxation, the Ministry of Finance finally made reference to the tax reforms of other countries and the opinions of all parties in society to evaluate domestic and foreign dividends income and overall income tax rate. This tax reform has been evaluated by the joint research of industry and government in the entire year of 2017. Finally, it was formulated by the Ministry of Finance and submitted to the Legislative Yuan for review and approval. The tax rate for foreign dividends was increased from 20% to 21%, and the two-stage dividend income of foreign capital increased the total tax rate from 33.6% to 36.8%, which began on January 1, 2018. With the tax reform of foreign capital dividends income, studies on the dynamic trend of the Foreign Capital trading amount in Taiwan Stock Market during evaluation and implementation Period of an Increase in the Rate of Foreign Capital Dividends. According to the empirical results of this study, before the uncertainty of the foreign capital dividend income assessment was eliminated, foreign capital chose to sell stocks to avoid the risk of uncertainty when tax reform information revealed time after time during the assessment period from January 2017 to December 2017, and the high-tech category (HT) was far more affected. During the implementation after the tax reform was approved by the Legislative Yuan, from January 2018 to December 2018, it had the phenomenon of rally defying the negative news. The trading amount of foreign capital has not decreased over time.