http://dspace.cityu.edu.hk:80/handle/2031/745 2013-04-30T20:55:32Z 2013-04-30T20:55:32Z Zhu, Weiting ( 朱偉庭) http://dspace.cityu.edu.hk:80/handle/2031/6483 2013-03-14T09:35:28Z 2011-01-01T00:00:00Z

Title: Market reaction to monetary operation changes : the behavior of Hong Kong interest rates Authors: Zhu, Weiting ( 朱偉庭) Abstract: This paper examines the impact of Hong Kong's monetary policy, especially focusing on the HKMA's decision of their operation in the foreign exchange market and the response of money market interest rate. We find that the change of HKMA’s forecast for future operation in the foreign exchange market indeed impacts the interest rates. Second, the market reacts for this change in one day and this impact does not persist in the future. Last but not least, the reactions of interest rates for different maturities are different. The middle term interest rates have the greatest responses, and the short term interest rates have smallest impacts. Notes: CityU Call Number: HG1302 .Z48 2011; iii, 49 leaves : ill. 30 cm.; Thesis (M.Phil.)--City University of Hong Kong, 2011.; Includes bibliographical references (leaves 31-33)

2011-01-01T00:00:00Z Zhao, Sheng (趙晟) http://dspace.cityu.edu.hk:80/handle/2031/6112 2011-05-25T01:14:06Z 2010-01-01T00:00:00Z

Title: Local development, environment and tourism Authors: Zhao, Sheng (趙晟) Abstract: Development of the tourism industry shows an inverted U-shape pattern in that as regional growth continues, the tourism receipt to GDP ratio (TGR) first increases and then decreases. This phenomenon is explained by cross-sectional and time series data. Comparing this pattern with the N-shaped environmental Kuznets curve (EKC) shows an inverse relationship between TGR and EKC for developing and developed countries in recent decades. This thesis is the first to uncover this inverse relationship and provides a theoretical explanation: development level determines pollution source in the host economy; because changes in TGR alters the industry structure, pollution emission increases or decreases depending on whether the tourism sector is polluting or nonpolluting. Furthermore, by incorporating government manipulation into TGR, we carry out a welfare analysis using different scenarios in terms of pollution regulation, and offer strategies for tourism development under each scenario. Optimal TGR exists under certain conditions and interestingly has an opposite response to the improvement of the environmental awareness of residents in developing and developed countries. Keywords: TGR, EKC, Tourism, Development, Environment, Public Strategy Notes: CityU Call Number: G155.A1 Z455 2010; 82 leaves : ill. 30 cm.; Thesis (M.Phil.)--City University of Hong Kong, 2010.; Includes bibliographical references (leaves 54-60)

2010-01-01T00:00:00Z Song, Wei (宋偉) http://dspace.cityu.edu.hk:80/handle/2031/6111 2011-05-25T01:14:04Z 2010-01-01T00:00:00Z

Title: Real time data and exchange rate models Authors: Song, Wei (宋偉) Abstract: It is well known that macroeconomic data are revised from time to time. Recently more and more researchers have noticed that data choice may affect empirical results since we usually have more than one value for a particular economic variable. Considerable results have been made in real time data studies. The main purpose of this paper is to investigate how much data type would affect the in-sample-fit performance and out-of-sample forecast performance of flexible-price monetary model of exchange rate determination. In chapter two, related literatures on monetary model and real time data is reviewed. Several East Asian countries are chosen to test the theoretical monetary model in chapter three. The testing strategy is based on the MacDonald and Taylor (1993) paper. Evidence from chapter three shows that the theoretical flexible-price monetary model does not hold for any country which is in contrast with supportive results found by previous literatures employing cointegration tests. Chapter four, chapter five and chapter six try to find out how much data type affects in-sample-fit performance and out-of-sample forecast performance of a model respectively. Results show that real time data generates more volatile fundamentals than current vintage data does for all countries and regions. For error correction specification of the monetary model, real-time-vintage data has the highest out-of-sample predictive power in terms of the three criterions. For first difference specification, current-vintage data outperforms the other types of data in terms of the three criterions. We also find that first difference specification can generate better out-of-sample forecasts than error correction specification of the monetary model in general. No previous literatures have worked on how data type affects in-sample-fit performance of exchange rate models. Compare with papers identifying data choice matters for exchange rate forecasts, this paper tests more model specifications, examines more data type and uses most recent Clark-West statistical test to evaluate empirical performances. Notes: CityU Call Number: HG3851 .S66 2010; 117 leaves : ill. 30 cm.; Thesis (M.Phil.)--City University of Hong Kong, 2010.; Includes bibliographical references (leaves 70-80)

2010-01-01T00:00:00Z Ouyang, Zhiwei (歐陽至偉) http://dspace.cityu.edu.hk:80/handle/2031/6110 2011-05-25T01:14:02Z 2010-01-01T00:00:00Z

Title: Two papers on initial public offering issue Authors: Ouyang, Zhiwei (歐陽至偉) Abstract: This thesis includes two papers on initial public offering (IPO) issue. The first paper examines the underpricing of IPOs in the Chinese A-share market during the period from 1992 to 2006. Since its inception, the Chinese IPO market has transformed from a tightly-controlled system to a more market-oriented system. Reforms include the abolishment of listing quotas and fixed issue price determination; allowing for more market participation in IPO pricing. This study documents the regulatory reforms during the sample period and investigates how these regulatory changes affect IPO underpricing in China. During this period, the results show that Chinese IPOs exhibit a huge underpricing. The size of the underpricing, however, decreases over the sample period. This study further finds that the IPO pricing method before the regulatory changes, which was based on a fixed P/E ratio pre-determined by the regulators, contributed significantly to the IPO underpricing in China. After adopting a series of regulatory reforms allowing underwriters discretion in the determination of issue price, this regulatory underpricing component vanishes. This study has policy implications in demonstrating the impacts of regulatory frameworks on IPO underpricing. The second paper examines the underpricing of IPOs in the Hong Kong market during the period from 1994 to 2005. The IPO underpricing of the Hong Kong market reaches 10.3%, which is comparable to the US market. This paper investigates how the intended use of proceeds and corporate governance factors affect the IPO underpricing in Hong Kong. This paper also pays special focus on the multiple identities of the chairman of the board. Results show that different use types of proceeds have no significant impact on IPO underpricing, while corporate governance factors have significant impact. Firms with higher board independence are associated with lower IPO underpricing, which suggests that better corporate governance practices could mitigate IPO underpricing to some extent. According to the multiple identities of the chairman of the board, IPOs are further categorized into four subgroups: 1) pure-chairman firms, whose chairman of the board is neither the founder/co-founder nor the CEO of the company; 2) founder-chairman firms, whose chairman of the board is also the founder/co-founder but dose not serve as the CEO of the company; 3) CEO-chairman firms, whose chairman of the board serves as the CEO but is not the founder/co-founder of the company; and 4) founder-CEO-chairman, whose chairman of the board is the founder/co-founder and also served as the CEO of the company. Results show that the underpricing level of the four subgroups presents a significant descending pattern, which could be explained by different incentive and behavior mechanisms due to the multiple identities of the chairman of the board. Notes: CityU Call Number: HG5783 .O89 2010; vi, 114 leaves 30 cm.; Thesis (M.Phil.)--City University of Hong Kong, 2010.; Includes bibliographical references (leaves 103-114)

2010-01-01T00:00:00Z