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1
Mota, Lira Rocha da. "The Market for borrowing securities in Brazil." reponame:Repositório Institucional do FGV, 2013. http://hdl.handle.net/10438/11738.
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We report the results of an exploratory data analysis of the Brazilian securities lending market. The analysis is performed over the full historical data set of each individual loan offer and loan contract negotiated between January 2007 and August 2013. We give a quantitative description of volume and loan fee trends and fee dependence on asset characteristics. We also unveil new stylized facts specific to the Brazilian market on market access asymmetries between different types of investors. The emerging picture is that the Brazilian securities lending market is a complex environment with specific frictions and strong asymmetries among players. In particular, we describe a tax arbitrage operation performed by domestic mutual funds which generates a significant distortion in the data. In one such event, we estimate additional aggregate profits of 24.25 million Reais (around 10 million Dollars).
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Taylor, Philip Davis. "Investor preferences in the securities options market." Diss., Virginia Polytechnic Institute and State University, 1989. http://hdl.handle.net/10919/54794.
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Systematic mispricing by the state-of-the-art option pricing models is a paradox in financial economics as both the magnitude and direction of the mispricing is debated. The models have been found to overprice out-of-the-money and deep-in-the-money call options while underpricing in-the-money and deep-out-of-the-money calls. In addition, research has shown these biases have different signs in different time periods. We propose that when investors maximize expected utility for Friedman-Savage-Markowitz utility functions, the option mispricing observed in the market will result.
The theories and empirical tests in the literature of higher-order utility functions and risk-neutral valuation (RNV) in the options market are presented. Though investor attitudes towards risk are irrelevant in the non-arbitrage world of modern option pricing, to the extent the options market does not meet the non-arbitrage conditions, investor risk preferences will affect the pricing of options. Risk-loving traders will bid up market prices relative to risk-neutral model prices; risk-averse traders will bid down prices. And investor risk preferences can, and do, change over time as market conditions change.
New tests are run to analyze the relationship between mispricing biases and investor preferences before and after the historic stock market crash of October 19, 1987. We find mispricing biases which imply a decreased risk aversion on the part of investors in the IBM call option markets for the period prior to the market crash and mispricing biases which imply an increased risk-averse (and decreased risk-loving) behavior in those markets following the crash. Similar analyses are also performed in the Microsoft call options markets with less conclusive results.Ph. D.
3
Peng, Ke. "Essays on the market microstructure of London fixed income securities market." Thesis, University of Strathclyde, 2006. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.426357.
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Vo, Minh Tue 1965. "Insider trading, asymmetric information, and market liquidity : three essays on market microstructure." Thesis, McGill University, 2002. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=38528.
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This thesis comprises three essays on market microstructure, focusing on the issues of insider trading, asymmetric information and market liquidity. The first essay examines the effects of the mandatory disclosure regulations on the trading behavior of informed traders. Specifically, we compare the (perfect Bayesian) equilibrium when disclosure is mandatory to the equilibrium when insiders do not have to disclose their trades. We show that under mandatory disclosure the market becomes more efficient and more liquid, making the uninformed traders unambiguously better off. We also show that in order to conceal part of his information, under mandatory disclosure the insider may trade against his information, and, at the same time, add a random---"noise"---component to his trade order. As a result, insiders may end up buying (selling) when his information indicates the asset is overvalued (undervalued). This provides a rationale for contrarian trading.The second essay examines trading behavior, price behavior and the informational efficiency and the informativeness of the price process in the equilibrium of a strategic trading game when some investors receive information before others. We show that the early informed investor may trade against his information to maintain his information superiority over the market. Under some conditions, subsequent price changes are positively correlated. We also find that the price process is less efficient and less informative than would be the case where there is no late-informed trader.
The third essay analyzes the infra-day behavior of market liquidity of the Toronto Stock Exchange which uses a computerized limit-order trading system. Along with previous studies, we show that the U-shaped infra-day pattern of spread does not depend on the market architecture. In addition, we confirm that bid-ask spread and market depth are two dimensions of market liquidity. Liquidity providers use both dimensions to deal with adverse selection problems. We also examine how price volatility and trading volume affect market liquidity. Price volatility is inversely related to market liquidity but trading volume is directly related to liquidity. High trading volume implies high liquidity trades and as a result, liquidity providers decrease (increase) ask (bid) price and/or increase depth at each quote.
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Rubtsov, Boris. "The Russian Securities Market: 20 Years of Development." Universität Potsdam, 2013. http://opus.kobv.de/ubp/volltexte/2013/6872/.
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Nguyen, Thi Anh Van. "TOWARD A WELL FUNCTIONING SECURITIES MARKET IN VIETNAM." Center for Asian Legal Exchange, Graduate School of Law , Nagoya University, 2004. http://hdl.handle.net/2237/20107.
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Anderson, D. Scott. "Unlimited liability and market efficiency, theory and evidence from the Canadian securities markets." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 1999. http://www.collectionscanada.ca/obj/s4/f2/dsk1/tape7/PQDD_0014/NQ39253.pdf.
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Packies, Hilton. "The market abuse control legislative regime of South Africa, Nigeria and the United Kingdom - an approach to regulation and monitoring in relation to certain aspects of the financial markets of South Africa." Thesis, University of the Western Cape, 2015. http://hdl.handle.net/11394/5174.
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Magister Legum - LLMThe regulation of market abuse is currently an ever evolving subject, to such an extent that it has been placed as a high priority for regulators worldwide.¹ The Financial Markets Act 19 of 2012 (FMA) of South Africa² prohibits improper practices and is aimed at ensuring that market participants operate in a market that is free, safe and fair. In light of the above and as per example, all members of the stock exchange ensure that they accordingly adhere to the aims of the FMA by exercising functions such as due diligence and having a shared goal in embedding the values entrenched in the FMA.³ The purpose of this dissertation is aimed at assessing the key elements of the transformation process that the South African financial markets have embarked on, since the introduction of the FMA. More specifically, the paper aims to focus on the elements in relation to market abuse practices.⁴ The paper seeks to: 1. provide an overview analysis of the current market abuse control enforcement framework in relation to some selected aspects of the financial markets in South Africa. 2. look at the regulation employed in one of the biggest trading products namely, equities and current lacuna, the legislation that governs high frequency trading under these trading products and in general. 3. review whether regulation in South Africa on market abuse practices are robust enough to deal with key market abuse practices such as insider trading and market manipulation that manifested during the recent global financial crisis. 4. provide a comparative review of the current market leaders regulatory mechanisms on market abuse.
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Lee, Ju Hyun. "Selective disclosure : the case of the Korean securities market." Thesis, University of Birmingham, 2010. http://etheses.bham.ac.uk//id/eprint/998/.
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Korea adopted Regulation Fair Disclosure (FD) in November 2002. Regulation FD, designed with a goal of levelling the playing field among market participants, has created considerable debate among practitioners and academics. This thesis examines the effect of Regulation FD on the Korean securities market, using a large sample of 161,343 forecast-year observations and 2,311 firm-year observations from 2000 to 2007. We uncover four main sets of findings. First, we find that analysts' forecast accuracy has increased after the adoption of Regulation FD. We attribute this finding to the improved quality of public information and reduced importance of private access to managers in the post-FD period. Second, we provide evidence of significant change in firms' disclosure policy in the post-FD period. We report that private earning guidance and private information in analysts' forecasts have decreased as a consequence of curtailing selective disclosure in the post-FD period. Our findings are consistent with the intentions of Regulation FD to increase management disclosure to the general public. Third, we find no evidence of an increase in herding behaviour in the post-FD period. Our results contradict Regulation FD's opponents' claims that elimination of private channels may lead to increasing herding behaviour due to the chilling effect. We find no evidence that Regulation FD makes firms withhold their disclosure. To the contrary, our evidence suggests that Regulation FD has led to an increase in the quality and quantity of public information. Finally, we provide strong evidence for a reduction in informed trading and information leakage prior to unscheduled earnings announcement and release of analysts' recommendations. Overall, our results suggest that Regulation FD has been successful in eliminating selective disclosure and levelling the playing field for investors.
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Kleidt, Benjamin. "The use of hybrid securities market timing, investor rationing, signaling and asset restructuring /." Wiesbaden : Deutscher Universitäts-Verlag, 2006. http://site.ebrary.com/id/10231800.
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Shari, Wahidah. "Evaluation of the market performance and survival of initial public offerings (IPOs) and its determinants : evidence from the Malaysian market." Thesis, University of Aberdeen, 2018. http://digitool.abdn.ac.uk:80/webclient/DeliveryManager?pid=240016.
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Chitimira, Howard. "A comparative analysis of the enforcement of market abuse provisions." Thesis, Nelson Mandela Metropolitan University, 2012. http://hdl.handle.net/10948/d1015008.
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Market abuse practices may directly or indirectly give rise to diverse problems such as inaccurate stock market prices, low public investor confidence, reduced market integrity and poor efficiency in the affected financial markets. This thesis reveals that three major forms of market abuse, namely insider trading, prohibited trading practices (trade-based market manipulation) and the making or publication of false, misleading or deceptive statements, promises and forecasts relating to listed securities (disclosure-based market manipulation) are prohibited in South Africa. However, although South Africa has had market abuse legislation for about 30 years, and must be commended for its great effort to enhance market integrity by combating market abuse practices, the enforcement of such legislation is still problematic. Moreover, in spite of the fact that there is no empirical data or accurate figures quantifying the occurrence and extent of market abuse activities in the South African financial markets, this thesis submits that market abuse practices are still to be completely eradicated. Accordingly, this thesis suggests that the aforementioned problem might have been aggravated by inter alia, various gaps, flaws and/or inconsistent implementation and enforcement of the market abuse legislation in South Africa. To this end, the anti-market abuse enforcement framework under the Securities Services Act 36 of 2004 is analysed to investigate its adequacy. The co-operation and role of the Financial Services Board, the courts, the Directorate of Market Abuse and other relevant stakeholders is also examined and discussed. Moreover, the co-operation between the Financial Services Board and similar international agencies is discussed to gauge its effectiveness in relation to the combating of cross-border market abuse practices. The adequacy of the awareness and preventative measures in place to curb market abuse practices is also investigated to determine whether such measures are robust enough to combat other new challenges that were posed by the 2007 to 2009 global financial crisis. Furthermore, a comparative analysis is undertaken of the enforcement of the market abuse prohibition in other jurisdictions, namely the United States of America, the United Kingdom, the European Union and Australia. This was done to investigate the relevant lessons that can be learnt or adopted from these jurisdictions. The thesis further discusses the adequacy of the recently introduced provisions of the Financial Markets Bill as well as the subsequent market abuse provisions of the Financial Markets Bill 2012. The thesis highlights that the aforementioned Bills are positive attempts by the policy makers to improve the enforcement of the market abuse provisions in South Africa. Nonetheless, the thesis reveals that most of the shortcomings contained in the Securities Services Act 36 of 2004 were duplicated in the Financial Markets Bill and the Financial Markets Bill 2012. In light of this, it remains to be seen whether the market abuse provisions contained in the Financial Markets Bill and/or the Financial Markets Bill 2012 will improve the combating of market abuse practices in South Africa. Consequently, it is hoped that the relevant market abuse provisions of the Securities Services Act 36 of 2004, the Financial Markets Bill and/or the Financial Markets Bill 2012 will be comprehensively reviewed in regard to the recommendations made in this thesis. To this end, the thesis proposes a viable anti-market abuse model and policy framework and sets out both policy objectives and provisions which policy makers could use to strengthen some of the market abuse provisions in South Africa.
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Zhang, Fan. "Extension and application of LIBOR market model /." View Abstract or Full-Text, 2003. http://library.ust.hk/cgi/db/thesis.pl?MATH%202003%20ZHANG.
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Ozcan, Banu. "Market convergence, catastrophe risk and sovereign borrowing : an empirical analysis for emerging market countries /." Thesis, Connect to Dissertations & Theses @ Tufts University, 2005.
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Thesis (Ph.D.)--Tufts University, 2005.Chair: Laurent L. Jacque. Submitted to the Fletcher School of Law and Diplomacy. Includes bibliographical references (leaves 100-114). Access restricted to members of the Tufts University community. Also available via the World Wide Web;
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Kwok, Kam Hong. "Two essays on Chinese stock market /." View abstract or full-text, 2003. http://library.ust.hk/cgi/db/thesis.pl?FINA%202003%20KWOK.
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Abdul, Rahim Norhuda. "A study on the market reaction to hybrid securities announcements." Thesis, University of Stirling, 2012. http://hdl.handle.net/1893/12551.
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The thesis presents three studies that focus on the wealth effects of hybrid securities namely: convertible bonds and warrant-bonds. The wealth effects of these hybrid securities are investigated through both meta-analysis and event-studies. Chapter 2 incorporates a review of the literature on wealth effects associated with the announcement of convertible bonds and warrant-bond loans. The findings of 35 event studies, which include 84 sub-samples and 6,310 announcements, are analysed using meta-analysis. A mean cumulative abnormal return of 1.14% for convertible bonds compared with 0.02% for warrant-bonds are observed, the significant difference confirming a relative advantage for warrant-bonds. Abnormal returns for hybrid securities issued in the United States are significantly more negative than for those issued in other countries. In addition, issuing hybrid securities to refund debt does not seem to be favoured by investors. Finally, several factors identified as important by theory or in prior research are not significant within the cross-study models, suggesting that more evidence is needed to confirm whether they are robust. Chapter 3 presents a study that examines the market reaction to hybrid security announcements in an emerging country, specifically Malaysia, from January 1996 to December 2009. The results indicate that announcements of the intention to issue convertible bonds in Malaysia are associated with significantly negative abnormal returns of 1.10% (significant at the 10% level) on the event window of (-1, 1). On the other hand, announcements of the intention to issue warrant-bonds document significantly positive abnormal returns of 2.25% (significant at the 10% level) on the same event window. The ‘univariate’ test confirms that the wealth effects associated with the announcement of the intention to issue warrant-bonds is larger (i.e., more positive) than convertible bonds in line with few studies in different markets: Japan (Kang, Kim, Park, and Stulz, 1995), the Netherlands (De Roon and Veld, 1998), and German (Gebhardt, 2001). Non-significant abnormal returns of 0.81% and 0.23% on the event window ( 1, 1) are reported for announcements of hybrid securities by means of private placements and rights offerings, respectively, contradict with the ‘certification hypothesis’ of Hertzel and Smith (1993), and ‘signalling hypothesis’ of Heinkel and Schwartz (1986). This chapter also finds that there is no support for ‘information-signalling’ hypothesis (Ross, 1977), as non-significant abnormal returns are observed in the event window ( 1, 1) for announcements of hybrid securities for all purposes of offering (i.e., debt restructuring, mergers and acquisitions, capital expenditure, and working capital). These findings also highlight that listed firms in Malaysia with high risk uncertainty contribute to more negative abnormal returns in comparison to lower risk uncertainty firms, which contradicts with the ‘risk uncertainty hypothesis’. The final study presented in this thesis, Chapter 4, considers the wealth effects of hybrid security announcements in a developed country, the United Kingdom. This third study investigates the wealth effects of announcements of the intention to issue convertible bonds in the UK market over a period from January 1990 until July 2010. The study period also allows for an investigation on the market reaction to announcements of convertible bonds during the financial crisis that started in August 2007. Using the standard event study methodology, a negative abnormal return of 1.75% (significant at the 5% level) on the two-day event window is reported, confirming the findings of previous UK studies (Abyhankar and Dunning, 1999, and Wolf et al., 1999) which are also in line with studies performed using data from other countries such as US, Canada, Australia, and others. There are no significant differences between the results of the sub-samples before and during the financial crisis, suggesting that the economic conditions do not influence the market response. The results of the event study and the multivariate analysis in this chapter are consistent with the ‘market timing hypothesis’ implying that managers in the UK announce their intention to issue convertible bonds after a period of good stock price performance.
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Ezekwelu, Henry. "An investigation into the demise of the unlisted securities market." Thesis, University of Westminster, 1999. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.322997.
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Al-Shayeb, Abdulrahman M. "The emergence of the United Arab Emirates official securities market." Thesis, University of Essex, 1999. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.287054.
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Clark, Charles A. "Determining the efficiency of the GNMA mortgage-backed securities market." Thesis, This resource online, 1994. http://scholar.lib.vt.edu/theses/available/etd-12042009-020212/.
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Ye, Zhen. "Integrity of China's securities market : the regulation of insider dealing in China in a comparative context." Thesis, University of Cambridge, 2015. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.708571.
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Vitale, Paolo. "Essays in the theory of market micro structure." Thesis, University of Cambridge, 1996. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.242586.
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Lee, Fo-yee. "Competing for quality IPO : Hong Kong market fights to retain regional leadership /." Hong Kong : University of Hong Kong, 2001. http://sunzi.lib.hku.hk/hkuto/record.jsp?B24534456.
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Chu, Chi-chiu Alaric, and 朱子昭. "Tackling fraudulent activities in the Hong Kong stock market." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2004. http://hub.hku.hk/bib/B30257281.
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Tang, Leilei. "International market issues in Shanghai stock price behaviour." Thesis, University of Southampton, 2001. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.364728.
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Lutfi, Munir Musa. "Voluntary financial disclosure and the unlisted securities market : an empirical investigation." Thesis, University of Glasgow, 1989. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.387031.
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Zhang, Ting. "Three essays on corporate pension underfunding , securities valuation and market efficiency /." View online ; access limited to URI, 2009. http://0-digitalcommons.uri.edu.helin.uri.edu/dissertations/AAI3368009.
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Kirriakopoulos, Konstantinos. "Optimal portfolios with constrained sensitivities in the interest rate market." Thesis, Imperial College London, 1996. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.362717.
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Sauer, Knut. "Haftung für Falschinformation des Sekundärmarktes /." Frankfurt am Main [u.a.] : Lang, 2004. http://www.gbv.de/dms/spk/sbb/recht/toc/391834002.pdf.
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Ballas, Apostolos A. "The use of accounting information in the valuation of equity securities." Thesis, London Business School (University of London), 1992. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.261684.
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Liu, Shinhua. "Overseas stock listings and delistings : causes and effects /." free to MU campus, to others for purchase, 2001. http://wwwlib.umi.com/cr/mo/fullcit?p3025636.
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Hollander, Martin B. L., of Western Sydney Nepean University, and Faculty of Business. "The relationship between the annualised volatility and correlation of G7 ten-year bond returns." THESIS_FB_XXX_Hollander_M.xml, 1999. http://handle.uws.edu.au:8081/1959.7/23.
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The purpose of this thesis is to investigate the relationship between the annualised volatility and correlation of G7 ten-year bond returns for the period July 1992 to June 1998 and the effects that such a relationship has on portfolio diversification. The stock market crash of 1987 and the growing importance of global equity markets has encouraged a plethora of research into the volatility and correlations between international equity markets. Despite this, very little attention has been paid to the transmission of currency-based bond returns across national boundaries. The findings in this thesis are important because evidence is provided that suggests the benefits of international bond diversification are limited. The evidence provided clearly indicates that because correlations amongst G7 currency-hedged bond returns are high, the relationship between bond volatility and correlation of returns has limited benefits for portfolio managers and traders. As a result, diversification may not significantly reduce portfolio risk. Even during periods of ongoing annualised volatility decreases, the correlation between most markets remains high. Unlike the volatility trends presented in this thesis, there appears to be no trend or consistency amongst the correlation of returns between G7 markets.Master of Commerce (Hons)
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Kempthorne, David. "Governing International Securities Markets: IOSCO and the Politics of International Securities Market Standards." Thesis, 2013. http://hdl.handle.net/10012/7661.
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What explains the creation and strengthening of international securities market standards through the International Organization of Securities Commissions (IOSCO)? This thesis addresses this question by analyzing the creation and strengthening of four of IOSCO’s international securities market standards between 1991 and 2010 relating to the following issues: the governance of cross-border financial crime, the objectives and principles of domestic securities market regulation, the regulation of credit rating agencies, and the regulation of hedge funds.
This thesis argues that the creation and strengthening of these standards is derived from the role and influence of three different political actors: the transgovernmental network of securities market regulators, domestic legislatures, and states. The role and influence of these different political actors differs across issue areas and across time. To account for the differentiated sources of international securities market standards, this thesis proposes a Principal-Agent (PA) analytical framework. Domestic legislatures (the principal) delegate to securities regulators (the agent) the authority to oversee and regulate domestic securities markets by granting regulators specific forms of statutory authority. Exercising discretion within this act of delegation, domestic securities regulators act together in a transgovernmental network to create and strengthen international securities market standards. They are prompted to act by threats to the integrity and stability of developed financial centers from under-regulated or ineffectively regulated foreign financial centers, as well as by new policy preferences of domestic legislatures seeking to regulate previously unregulated financial market actors. Domestic legislatures also use multiple agents to ensure that agents act consistent with their policy preferences: their concerns about the costs of under-regulated foreign jurisdictions can generate direct pressure from states on international financial regulatory institutions to strengthen the implementation of international financial standards.
This thesis makes an empirical contribution to existing literature by analyzing previously understudied international securities market standards. This thesis also makes a theoretical contribution to both IPE literature and PA theory within International Organization (IO) literature. For IPE literature, this thesis establishes a theoretical framework that accounts for the differentiated role and influence of the transgovernmental network of securities market regulators, domestic legislatures, and states in the creation and strengthening of international securities market standards. For PA theory within IO literature, this thesis highlights the role of the principled professional interests of the transgovernmental network of securities market regulators in creating and strengthening international securities market standards.
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Teng, Chu-I., and 鄧楚怡. "Development Strategies of GreTai Securities Market." Thesis, 2005. http://ndltd.ncl.edu.tw/handle/38005184731225003575.
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碩士淡江大學
管理科學研究所企業經營碩士在職專班
93
Taiwan''s securities market is currently operated by Taiwan Stock Exchange Corporation (TSEC), GreTai Securities Market (GTSM), Taiwan Futures Exchange (TFE), and Taiwan Securities Central Depository (TSCD) which form a trading system for Taiwan''s securities and futures market. In the securities market, TSEC and GTSM have specified the qualification for the listed stock and over-the-counter (OTC) stock respectively such that the private sectors can issue stocks to raise their funds. The private sectors can select their trading market either at listed stock or OTC according to their capital, financial status, or operational status. Therefore, GTSM provides a function similar to TSEC, and hen it is acting as “The 2nd Stock Exchange Corporation”. From securities trading market point of view, these two organizations have equitant or overlapping functions because they have the same participants; and the similar trading mechanism, accounting system, settlement mode, and monitoring and auditing functions. Observing the developing history of Taiwan securities markets, the supervising governmental agency defines OTC market as “a secondary market” of listed stock. It also specifies a regulation of “Stock management” to provide a channel for OTC companies to enter into or withdraw from market. This study surveys the revenant literatures regarding to the characteristics, evolving, and trend of global securities market. The competition strategies adopted by various stock exchange corporations are reviewed. The status of GTSM, the role of OTC in Taiwan'' securities market, and the analysis of completive environment for OTC market are addressed as well. In order to more understanding the specific characteristics of Taiwan''s OTC market, a comparison of Taiwan''s OTC market with the several foreign OTC markets (US, Japan, Hon Kong, and Korea) is performed. Finally, the possible developing direction and strategy for Taiwan''s OTC market are elaborated via extensive interview with domestic experts and scholars.In conclusion, the developing strategy for GTSM is recommended as follows: 1. Competition by deference product 2. Loosed the limitation of margin trading 3. Establishing a new software system for trade 4. Reforming GTSM into a limited liability company In the mean time, it is found that the support from national policy is one of the important factors leading to a successful market development after analyzing various OTC markets of foreign countries. Interviewees also emphasize that it is essential to implement the role and responsibility of securities market predefined by the authority. This study recommends that GTSM should be given more management authorities such that GTSM can enhance its role and responsibility and its competence on Taiwan'' OTC market.
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Chang, Chang Ling, and 張長令. "A Research on Attention Securities and Disposition Securities from Taiwan OTC Market." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/05875920685994370547.
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碩士長庚大學
工商管理學系
103
This study collected, January 1 2009 to December 31 2013, attention securities from Taiwan OTC market stocks and calculated abnormal returns by event study method. This study classified the attention event to the number of categories,and the number of times to examine whether there is effective monitoring.The next step is figure out the reasons of the disposition securities. The results show that no matter the number of the alert times. There are significant abnormal returns before the event 1 to 5;Although there are still positive abnormal returns 1 to 5 days after the declaration, with the increase in the number and a positive abnormal returns will reverse in the future.This results show that the warning system is useful.This study also found PE ratio, turnover ratio, price to book ratio are positively correlated with abnormal returns, the proportion of the market value was negative and the smaller proportions of the market value of the company and the larger of the price to book ratio are easily change into the disposition securities.
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Chang, Shih，Yao, and 施耀昌. "Issuing Market of Securities in the ＰＲＣ." Thesis, 1994. http://ndltd.ncl.edu.tw/handle/57985478797661773708.
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"Vietnam: a road to the securities market." Chinese University of Hong Kong, 1997. http://library.cuhk.edu.hk/record=b5895732.
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by Lee Ming-Kwong, Tam Yuen-Man.Thesis (M.B.A.)--Chinese University of Hong Kong, 1997.
Includes bibliographical references (leaves 148-152).
ABSTRACT --- p.III
TABLE OF CONTENT --- p.V
LIST OF ILLUSTRATIONS --- p.IX
LIST OF TABLES --- p.X
ACKNOWLEDGEMENT --- p.XI
Chapter I. --- INTRODUCTION --- p.1
Chapter II. --- COUNTRY PROFILE --- p.3
Chapter III. --- VIETNAM MARKET POTENTIAL --- p.4
Chapter IV. --- RECENT ECONOMIC DEVELOPMENTS --- p.6
Economy --- p.6
"The ""Doi Moi ´ح reforms" --- p.6
1989onward --- p.7
Inflation --- p.8
A three year low inflation of 4.8% is recorded in 1996 --- p.8
Interest Rate --- p.10
"Maximum Lending Rate Has Been Cut For the Fourth Time, to 1.5% per month" --- p.10
Interest Rate Cuts Will have Minimal Impact on Economy- --- p.11
The Paradox of Surplus Capital in a Cash-strapped Economy --- p.12
Exchange Rate --- p.12
Vietnamese Dong to Depreciate Marginally in 1996 --- p.12
Tight Regulations Contributed to the Stable National Currency --- p.13
The Dong Has Been Supported by Massive Inflows of Foreign Capital --- p.13
Dong is Roughly 25% Overvalued --- p.14
Gradual Adjustment of the Dong is Expected in 1997 --- p.14
Planning the 2000s --- p.15
Chapter V. --- THE EIGHTH PARTY CONGRESS --- p.17
Chapter VI. --- STATE OWNED ENTERPRISES (SOEs) REFORM AND RESTRUCTURING --- p.20
Liberalization of management --- p.21
Forming large strong conglomerates through merging --- p.22
Forming conglomerates in strategic areas --- p.23
Cutting the fat --- p.24
Chapter VII. --- EQUITIZATION OF STATE OWNED ENTERPRISES (SOES) IN VIETNAM --- p.28
What is Equitization of State-owned Enterprises (ESE) in Vietnam ？ --- p.28
The Equitization process and implementation in Vietnam --- p.29
Some good news --- p.30
Government Has Stepped Up Equitisation Drive --- p.32
A New Decree Aimed to Stimulate Equitization --- p.33
Problems of equitization --- p.34
New Incentives Should Ease Management's Fears --- p.39
Chapter VIII. --- FINANCIAL SYSTEM --- p.41
State Bank of Vietnam's Evolving Role --- p.42
reserve Requirements not Effectively Used as a Monetary Instrument --- p.42
Interbank Domestic Currency Market --- p.42
Interbank Foreign Exchange Market --- p.42
A Forward Market is Expected to Be Introduced in 1997 --- p.43
State Banks Still Dominate the Commercial Bank Sector --- p.44
New Policies Are Expected to Help Joint-Stock Banks --- p.46
Chapter IX. --- CAPITAL MARKET DEVELOPMENT --- p.47
Capital Market Development One of Vietnam 's Priorities --- p.47
Money Market - Debt Securities --- p.48
T-bills Have Been Issued Since Early 1991 --- p.48
New People 's T-bonds Have Been Issued for Individual Investors --- p.49
Vietnam's First Dollar Convertible Bonds Were Issued in July 1996 --- p.50
International Bond Issue is Unlikely Despite Clearing of Commercial Debt --- p.51
Capital Market - Equities Securities --- p.52
Patience is Required for a Workable Stock Market --- p.52
National Exchange Committee is a Prerequisite for Future Exchange --- p.53
Accounting and Auditing Standards to Be Completed in 1998 --- p.54
Foreign Assistance Will Speed Up Development of Crucial Elements --- p.54
Coffee Shop' Exchange --- p.55
Chapter X. --- PRIVATIZATION: FROM EQUITIZATION TO PUBLIC OFFERING --- p.56
Factors influencing the selection of privatization methods --- p.56
Motivation for privatization --- p.57
Financial and social conditions --- p.59
Privatization Techniques --- p.62
Chapter 1. --- Contracting-out --- p.62
Chapter 2. --- Deregulation --- p.63
Chapter 3. --- Trade sales --- p.63
Chapter 4. --- Management-employee buyouts --- p.64
Chapter 5. --- Joint ventures --- p.65
Chapter 6. --- Share Offerings --- p.66
Preparing enterprises for privatization --- p.68
Chapter 1. --- Feasibility assessment --- p.68
Chapter 2. --- Preparation stage --- p.68
Chapter XI. --- ACCOUNTING AND VALUATION --- p.70
Accounting issue --- p.70
Valuation issues --- p.72
Chapter XII. --- VALUATION OF SOE --- p.74
Chapter 1. --- Corporate valuation --- p.74
Net Asset Value (NAV) --- p.74
Chapter 2. --- Business valuation --- p.76
Chapter (a) --- Discounted cash flow --- p.76
Chapter (b) --- Price-earnings method --- p.78
Chapter 1. --- "Assessing the ""Earnings""" --- p.78
Chapter 2. --- Setting the multiple (P/E ratio) --- p.79
Chapter 3. --- Special Consideration --- p.79
Chapter 3. --- Composite basis valuation --- p.80
Difficulties in emerging market valuation --- p.80
Absent of open capital market --- p.81
Property or land use rights --- p.81
Chapter XIII. --- S PRICE --- p.82
Chapter 1. --- Price in Flotations --- p.82
Chapter 2. --- Consideration for pricing the SOEs --- p.83
Chapter XIV. --- PRIVATIZATION-A REFERENCE TO OTHER COUNTRIES --- p.84
United Kingdom --- p.86
Privatization --- p.86
Chapter 1. --- Which companies to privatize? --- p.86
Chapter 2. --- Pre-privatization restructuring --- p.87
Chapter 3. --- The role of the capital markets --- p.87
Chapter 4. --- The role of Foreign direct investment --- p.89
Chapter 5. --- Methods of Privatization --- p.89
France --- p.91
The objectives of French privatizations: --- p.91
Privatization --- p.92
Chapter 1. --- Pre-privatization restructuring --- p.92
Chapter 2. --- The role of capital markets --- p.92
Chapter 3. --- The role of foreign direct investment --- p.93
Chapter 4. --- Method of privatization --- p.94
Chapter 5. --- Accounting implications of privatization --- p.95
Korea --- p.96
Objectives of privatization --- p.96
From 1968 to the early 1980s --- p.97
The 1987privatization programme --- p.97
The new privatization policy in 1993 --- p.98
The role of foreign direct investment --- p.99
Thailand --- p.100
Objectives --- p.100
Privatization --- p.100
Chapter 1. --- Which companies to privatize? --- p.100
Chapter 2. --- Pre-privatization enterprise restructuring --- p.101
Chapter 3. --- The role of the capital market --- p.101
Chapter 4. --- The role of foreign direct investment --- p.102
Chapter 5. --- Methods of privatization --- p.103
Chapter XV. --- CHINA'S EXPERIENCE --- p.104
Reform of State-owned Enterprises in China --- p.104
Development of China Securities Market --- p.106
China's Shareholding System --- p.109
Primary types of shares in Chinese shareholding enterprises --- p.109
Chapter XVI. --- DISCUSSION --- p.111
Going Public: advantage and disadvantage --- p.111
vietnaM'S CONCERN --- p.114
Chapter 1. --- A stock market or a securities market --- p.114
Chapter 2. --- The Primary Market --- p.115
Market participants and intermediaries --- p.115
Market Commodities --- p.118
Chapter 3. --- The secondary market --- p.120
The Stock Exchange --- p.120
Stock exchange ownership --- p.121
Chapter 4. --- Dealing Mechanism --- p.123
Electronic dealing and trading system --- p.126
Chapter 5. --- Settlement and Clearing --- p.128
Chapter 6. --- Legal framework and supervision --- p.129
Chapter 7. --- Foreign Participation --- p.131
Chapter XVII. --- CONCLUSION --- p.132
APPENDIX 1 --- p.134
APPENDIX 2 --- p.136
APPENDIX 3 --- p.137
APPENDIX 4 --- p.138
APPENDIX 5 --- p.139
APPENDIX 6 --- p.143
APPENDIX 7 --- p.144
APPENDIX 8 --- p.145
APPENDIX 9 --- p.146
APPENDIX 10 --- p.147
BIBLIOGRAPHY --- p.148
37
陳明智. "The Tax Impact On The Securities Market." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/67133989614415821601.
Full textAbstract:
碩士佛光大學
經濟學系
101
“People have the obligation to pay taxes in accordance with law” expressly provided on Article 19 of the Constitution of the Republic of China. It is certainly reasonable to pay taxes if one has income. The government absolutely has the right to levy income tax by law, which is the basic spirit. People believe that the exemption from security trading cannot meet the principles of tax assessment, and disobey the ones of tax fairness and justice. The main purpose of assessment is to equalize social wealth, to avoid excessive concentration of wealth in the hands of a few people, and by tax collection methods as a means of reducing the wealth gap, redistributing wealth, and reaching the so-called principle of fairness and justice. However, taxes imposition will result in the relocation of funds, and capital market financing indirectly the flow of funds. And it will hinder the economic development as the funds always go to the efficient places to run. This thesis is based on the “Game Theory”, and to seek a mixed strategy model of the solution. The discussion focus on if stock income tax will effect the stock market, and to explore strategies for government and investors which their exogenous variables affect each others. Additionally, this research also focuses on the government policies and the investors' strategies, and to study if they will impact the stock market. After the implementing stock income taxation, both parties, who consent and opposite the law, have many reasons to support their ideas. The main government policy is to improve the investment environment, rather than the argument whether stock income tax should be levied or not. On the purpose of increasing the government revenue, government should choose the most appropriate rate to be endured for the investors. As “Laffer Theory”, lowering tax rates is conducive to the tax increasing. The stock income tax implicitly to be imposed before it actually has to be levied. Consequently, the topics which it will reduce the government revenue if increasing tax rates should be considered. On the analysis of cost and efficiency, the cost of imposition and collection, and if it will lower the efficiency, also need to be taken into account. The lower the ratio of imposition of tax is, the higher the cost of one is.
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rukariyapong, tanarat, and 林阿國. "Technical Analysis for Securities in Thailand Market." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/64070148548870637347.
Full textAbstract:
碩士南台科技大學
企業管理系
96
ABSTRACT Technical analysis is one kind of securities analysis. Technical analysis is base on idea that the stock price will change by demand and supply of a market. Investor can notice a change of stock price from trend of pricing chart. From an idea in technical analysis is that history tends to repeat itself so investors can use this idea to forecast market condition to consider investing on securities. The purpose to use technical analysis to analyze securities is to find out the best period to sell or buy stocks for gain a capital gain. In a study we use 5 kinds of Technical Analysis Tools to analyze. 1. Candlestick is a kind of analysis by using relationship between the opening and closing prices to consider. A pattern to record stock price is look like a candle. 2. Moving Average (MA) is the average price of a security at a given time. Typically, upward momentum is confirmed when a short-term average crosses above a longer-term average. Downward momentum is confirmed when a short-term average crosses below a long-term average. 3. Moving Average Convergence Divergence (MACD) is a trend-following momentum indicator that shows the relationship between two moving averages of prices. The MACD is calculated by subtracting the 26-day exponential moving average (EMA) from the 12-day EMA. A nine-day EMA of the MACD, called the signal line, is then plotted on top of the MACD, functioning as a trigger for buy and sell signals. 4. A Stochastic Oscillator is a technical momentum indicator that compares a security's closing price to its price range over a given time period. The oscillator's sensitivity to market movements can be reduced by adjusting the time period or by taking a moving average of the result 5. Relative Strength Index (RSI) is a technical momentum indicator that compares the magnitude of recent gains to recent losses in an attempt to determine overbought and oversold conditions of an asset After use all those tools to analyze 3 securities from energy sector, PTT Public Company Limited (PTT), Electricity Generating Public Company (EGCO) and IRPC Public Company Limited (IRPC), during 2 January 2008 to 31 March 2008. From Analyze Result by Using Technical Analysis Tools Table we found that technical is not always correct but investors still gain a capital gain by using technical tools to analyze securities Even Technical analysis easy, fast, convenient and not complicate to use if compare with Fundamental analysis but Technical analysis can not make all correct forecast. Especially use Technical analysis to analyze securities that don’t have much trading volume so a price will not reflect a real supply and demand of the market. Due to the study use only 3 months period to study is too short to measure efficiency of Technical analysis tool.
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林俊清. "The Study of Crime in Securities Market." Thesis, 2004. http://ndltd.ncl.edu.tw/handle/fupmg7.
Full text
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Wei, Chu-yun, and 魏楚芸. "Market States and Idiosyncratic Risk：Comparing Securities Subsidiaries with Non-Financial Holding Securities in Taiwan." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/25163530093756982936.
Full textAbstract:
碩士義守大學
管理學院碩士班
97
We mainly examine the idiosyncratic risk between the securities subsidiaries and the non-financial holding securities in Taiwan under different market states. We distinguish three market states by citing Pagan and Sossounov (2003) and modify three models with GRACH effect and three kinds of measurement to estimate the idiosyncratic risk. The findings are as follows: The idiosyncratic risk of the securities subsidiaries are all lower than the non-financial holding securities, and not higher than the non-financial holding securities after we distinguish three market states. Whether we distinguish the market states or not, the market risk of the securities subsidiaries are all lower than the non-financial holding securities. Besides, most of the variations of idiosyncratic risk are widest under the bullish and range bound market, and this result indicates that it is necessary to distinguish market states. The cause probably impacts that the difference of the idiosyncratic risk between the securities subsidiaries and the non-financial holding securities themselves under three market states is the ratio of the operating securities - dealing department under different market states.
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"Scandal-Driven Regulation of China’s Stock Market: Dynamics among the State, Market, and Stockizens." Doctoral diss., 2015. http://hdl.handle.net/2286/R.I.29999.
Full textAbstract:
abstract: ABSTRACT
Since it was officially established, China’s stock market has witnessed rapid cultural, social, economic, and legal transformations during the last two decades. But the development of China’s stock market brought with it the frequent occurrence of securities crimes and other types of white-collar crimes that harmed vast numbers of public retail stockholders.
This study reviews sociolegal theories, especially law and finance theories, to shed light on the construction of regulatory mechanisms for the Chinese stock market. The critical point for stock market regulation is to curb securities irregularities and protect investors. This study applies white-collar criminological theories, especially crime-as-choice theories, to link the theoretical analyses of the causes of securities crimes to the laws, policies and practices governing the Chinese stock market. Historical, documentary and policy analyses, case analyses, and analysis of interviews, and observations of weibos and blogs are employed in this study. The data sources consist of: (1) historical information on the development of China’s stock market and its regulation, both in terms of legislation and practice; (2) interviews with 40 retail stockholders, each of whom has more than ten years of experiences in stock trading, in two Chinese cities, Shenzhen and Haikou; and (3) online statements and comments of 30 well known Chinese economists, law scholars, financial commentators, lawyers, and securities experts in Sina weibos (microblogs) and blogs.
Based on the analyses, this study suggests revising relevant laws and establishing supporting mechanisms to reduce securities irregularities and crimes in China’s stock market and strength the protection of stock investors. My study also draws attention to the growth of rights consciousness of public retail stockholders, which has potential to propel political and legal reform for the development of the Chinese stock market.Dissertation/Thesis
Doctoral Dissertation Justice Studies 2015
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Lin, Tsung-Hung, and 林宗宏. "Research of Taiwanese Securities Entering Chinese Mainland Market." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/33023654903656626916.
Full textAbstract:
碩士銘傳大學
財務金融學系碩士在職專班
99
Last year, the Taiwanese economy has started reviving; the DGBAS announced economic growth rate of 10.82% during the past year. However, securities business performance has not kept up with the economy revival. Last year ROE was only 5.17%, and business performance was less than ideal. The main problem is the limited scope of business available—mostly brokerage—and its inability to break free of the influences of the economy. National security dealers’ capital adequacy averages over 250%; although this reflects a healthy operating structure, it also reveals the dilemma was ineffective capital. The Taiwanese capital market is more mature than that of Mainland; Taiwan has mature product operation and business development experience, and Taiwanese brokerage companies are experienced in customer sales. Due to large dimensionality, Mainland brokerage companies cultivate predominately Internet orders; in contrast, Taiwanese companies rely mainly on traditional orders, which allows for better control of client needs and therefore obvious advantages in developing more intricate brokerage services. Cross-strait financial cooperation has formally proceeded into practical cooperation since the signing of MOU and ECFA. Although the ECFA Early Harvest list does not provide actual benefits to the security industry, future open lists are under negotiation. This thesis aims to discuss the opportunities of Taiwanese securities entering the Mainland market; this thesis aims to address three questions: 1) The mode of entrance for Taiwanese securities 2) options of regional Mainland market 3) what kind of services would best highlight the advantages of Taiwanese security?
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Lin, Chang-Yi, and 林昌億. "Research of Taiwanese Securities Firms Entering Chinese Market." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/08299707657839683647.
Full textAbstract:
碩士銘傳大學
經濟學系碩士在職專班
100
After entering the World Trade Organization (WTO) in 2001, China has adopted a series of measures to accelerate the open of the financial market. In 2009, both the financial competent authorities of the cross-straits signed the MOU to unseal the cooperation of financial governance. According to the MOU, Taiwanese securities firms are able to enter the market of China by the China’s commitments made to the WTO. However, whether to gain the more-favored treatment than WTO commitments should discuss under the structure of ECFA. This research is to seek the best mode to enter Chinese market by studying the development of the securities markets in both Straits and the history of Chinese market opening.
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LEE, YEN-JU, and 李彥儒. "Momentum trading strategy analysis in Taiwan securities market." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/375wez.
Full textAbstract:
碩士東吳大學
財務工程與精算數學系
107
The momentum trading strategy of behavioral finance suggests that rising stocks continue to peak, and falling stocks continue to decline. Therefore, the trading strategy with investing in winner stocks and shorting loser stocks can obtain excess returns. This thesis explores the applicability of the momentum strategies of Jegadeesh and Titman(1993) and George and Hwang(2004) in the Taiwan securities market, and further makes relevant investment strategies. The momentum trading strategy proposed in this thesis includes the calculation of the share numbers of investing and shorting for equal weights in trading to avoid odd lot trading problem. Moreover, this study solves the short-selling problems and borrowing restrictions in shorting loser stocks. This study modifies the theoretical momentum trading strategy, and further proposes a modified momentum trading strategy that can be actually traded by the Taiwan securities market data from 1998 to 2018. The results show that the modified momentum trading strategy to "buy the winner stocks and rolling and closing out the Taiwan Stock Index Futures (TX)" can obtain 10.9% remarkable annualized rate of return.
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Huang, Ting, and 黃婷. "Competitive Effect of IPO：Evidence from Taiwan Securities Market." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/35745391433711187906.
Full textAbstract:
碩士國立臺灣大學
財務金融學研究所
102
This paper investigates the competitive effect of initial public offering firms on industry incumbents by using Taiwan securities market data from 1986 to 2008. We use incumbent firms’ cumulative abnormal return and long-term operating performance to measure the competitive effect. Empirical results suggest that firms successfully completing their IPOs have competitive advantage, which lead to the deterioration on the stock and operating performance of incumbents. As opposed to completed IPOs, industry competitors react positively when there is a withdrawn IPO incurring in their industry. The competitive effect is related to financial leverage, venture capital, and the presence of knowledge capital. Venture capital and knowledge are positively associated with the operating performance of incumbents, while financial leverage is negatively correlated with the operating performance of incumbent firms.
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Chen, Po-Jen, and 陳柏任. "The Strategries of Investment in Derivative Securities Market." Thesis, 1996. http://ndltd.ncl.edu.tw/handle/57817222296755007987.
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"China's government bond market: its development and efficiency." 1999. http://library.cuhk.edu.hk/record=b5889469.
Full textAbstract:
by Kwan Chi Tak.Thesis (M.B.A.)--Chinese University of Hong Kong, 1999.
Includes bibliographical references (leaves 44-45).
ABSTRACT --- p.ii
TABLE OF CONTENTS --- p.iii
LIST OF FIGURES --- p.vi
LIST OF TABLES --- p.vii
ACKNOWLEDGEMENT --- p.viii
CHAPTER
Chapter I. --- OBJECTIVES AND METHODOLOGY --- p.1
Objectives --- p.1
Methodology --- p.1
Data Source --- p.1
Analysis on the Efficiency of Secondary Bond Market --- p.1
Data Collected --- p.2
Period of Investigation --- p.2
Bonds Selected --- p.3
Interviews --- p.3
Chapter II. --- DEVELOPMENT OF BOND MARKET IN CHINA --- p.4
Amount of Issue --- p.4
Types of Bonds Available in China --- p.5
Government Bonds --- p.6
Policy Financial Bonds --- p.7
Enterprise Bonds --- p.7
Conclusion --- p.7
Chapter III. --- DEVELOPMENT OF GOVERNMENT BOND MARKET --- p.9
Background --- p.9
Issuance Methods --- p.9
Types --- p.11
Cost of Issuance and Redemption --- p.12
The Establishment of Secondary Market --- p.13
Conclusion --- p.14
Chapter IV. --- GOVERNMENT DEFICIT FINANCING --- p.16
The Economy of China --- p.17
Government revenues and Expenditures --- p.17
Deficits --- p.19
Government Bond Issuance --- p.21
repayment Ability --- p.22
Conclusion --- p.23
Chapter V. --- BENCHMARK RATES --- p.23
Primary Market --- p.23
Interest Rates --- p.23
Government Bond Coupons --- p.24
Anomaly --- p.24
Pricing of other securities --- p.25
secondary market --- p.25
Efficiency of Secondary Bond Market --- p.27
Conclusion --- p.29
Chapter VI. --- OPEN MARKET OPERATIONS --- p.30
Background --- p.30
Open Market Operations --- p.30
The Effectiveness --- p.31
Conclusion --- p.33
Chapter VII. --- OTHER FACTORS --- p.34
Education --- p.34
Institutional Investors --- p.34
Transaction Costs --- p.35
Distribution --- p.35
Transaction Fees --- p.35
Conclusion --- p.36
Chapter VIII. --- CONCLUSIONS AND RECOMMENDATIONS --- p.37
Conclusions --- p.37
Positive Factors --- p.37
Negative Factors --- p.38
Recommendations --- p.39
Chapter IX. --- APPENDIX I --- p.41
Chapter X. --- APPENDIX --- p.43
Chapter XI. --- BIBLIOGRAPHY --- p.44
48
Revankar, Anil Kumar. "Expert system for risk assessment in Indian securities market." Thesis, 1997. http://hdl.handle.net/2009/1512.
Full text
49
"Capital market theory and the pricing of financial securities." Massachusetts Institute of Technology, Sloan School of Management, 1987. http://hdl.handle.net/1721.1/2150.
Full text
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Chen, Chen, and 甄真. "The Business strategy of Securities Industry to Chinese market." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/y9gjf8.
Full textAbstract:
碩士國立臺北科技大學
經營管理系碩士班
101
Securities industry is circulation of commodities in capital market, Capital market is the showcase of the global economy ,Economic growth and actively relations of stock market are inseparable ,he stock market more actively, the country''s GDP growth rate is higher. After signed the MOU and ECFA, Deregulation decree and expanding the scope of external business in Mainland China capital market. And cross-strait financial exchanges was formal cooperation, the majority of business opportunities was moving towards normalization and institutionalization gradually. And the mainland China’s capital market in rapidly development stage, will soon be the world''s largest economies, due to the financial services market demand was quite large in mainland China, so it has a strong attractive and development opportunities for Taiwan’s securities industry, we need to re-think the strategies and business model for China’s market. Since Taiwan and the mainland have the same language, and customs similar. Therefore, Taiwan’s securities can play a key role in China market, Under cross-strait economic interaction in closely, there are more than one millions of Taiwanese businessmen make the business in mainland China. The requirement of financing, investment channels, IPO for Taiwanese businessman, they can use equity, strategic alliances in order to achieve mutually complementary advantages. In this study, the point of view for regional economic , to see Taiwan''s securities industry to enter the mainland market, its business development strategy, value activities, business development etc. 1.) Taiwan''s financial securities industry are over competitive , hope to through the regional economical to expand the market size, access to international markets, then to development the global business . 2.) Taiwan''s financial securities industry are over competitive, the revenue and gross margin is gradual decline, so they hope to enter the world''s largest economy of the Chinese market, to development another "white place". 3.) Taiwan''s financial securities industry are over competitive, after enter the Chinese market, how to play their strengths, product innovation, value added to development the business in China. 4.) The Taiwan-funded enterprises cultivating the Chinese market for many years, how to help them to IPO, obtain financing, and investing in the capital market. 5.) Open up the decree of the financial securities industry across the Taiwan Strait gradually, how to cooperation each other to find the opportunities then create a win-win situation for both. In this study, the development of cross-strait securities market evolution, policies, regulations and the development of cross-strait economic, stock market data by the tools - The SWOT analysis of the TOWS matrix to comparison, and then consider the five forces analysis of development mode, use the exploratory qualitative comparative study, then make the in-depth interviews with executives from well-known securities industry , coupled with analysis, collate and analyze the narrative. There have huge economic benefits for Taiwan''s securities industry to enter the China market ,after the analysis and generalize the factors from this study ,to provide six conclusions and recommendations as follows: 1. " The market segmentation", 2. "Strategic alliances to reduce costs", 3 "Developing a multi-level securities market", 4 "Product customization and diversification", 5 "Build up the trading platform", 6 "Developing the company''s core competitiveness”. These factors must to thinking and planning carefully for Taiwan''s securities industry before entering the China market. Keywords: Economic Cooperation Framework Agreement(ECFA), SWOT analysis of the TOWS matrix, five forces analysis