Social and Behavioral Sciences Commons^™

Ceo's Pay Differentials And The Location Of Ipos : An Empirical Study For Chinese A-Share And H-Share Companies, Yi Liu

Theses & Dissertations

This thesis provides an empirical investigation on how different public listing locations affect the CEO (chief executive officer)’s pay of Chinese SOEs (State Owned Enterprises) and whether such a pay differential would in turn affect the listing location choice by those firms, which have not received much attention in the current literature. In particular, we focus on two stock markets, the mainland (including Shenzhen and Shanghai) A-share market and Hong Kong H-share market. Unlike what have been found in many other markets, where firms listed in the foreign markets can normally enjoy a price premium, Chinese firms listed in the …

Rmb Exchange Rate Reform And Cross Listed Stock Price Disparity, Yuqian Rong

Theses & Dissertations

A growing number of Chinese corporations have been listing their shares on foreign stock markets. Hong Kong Stock Exchange (HKEX) and New York Stock Exchange (NYSE) are their major targets. Taking China’s exchange rate system reform as a unique event, I examine the price disparity between A-share and H-share (or ADR) using a sample of 28 Chinese companies listed in Shenzhen, Shanghai, Hong Kong, and New York. I conduct a panel-data investigation to examine the price disparity before and after the transition from the pegged to the managed floating exchange rate.

I have obtained several important findings in this study. …

The Driving Forces Behind The Recent Housing Market Development In Hong Kong : Fundamentals? Bubbles? Policy?, Ki Chiu Lo

Theses & Dissertations

By examining the driving forces behind the recent housing market development in Hong Kong, this thesis offers an explanation for the effects of the ―Capital Investment Entrant Scheme‖ and the movements in the exchange rate between HKD and RMB on the housing prices of the overall market and two sub-markets. Induced by record-low mortgage rates and decreasing amount of new dwelling units completion, housing prices in Hong Kong surged to a record high level recently. To test the equilibrium price of housing, cointegration tests will be used to identify whether there is overvaluation in recent property market. At the end …

Transmitted Unemployment And Exchange Rate Effect On Labor Market, Youqing Zhou

Theses & Dissertations

This thesis examines the link between exchange rate and unemployment. The unemployment problem in an open economy has mostly been discussed at the micro level. Previous studies focus on job losses from trade by the manufacturing industries. However, the macro level relationship between exchange rate and unemployment has been largely ignored. The aims of this study are twofold. Firstly, a simple theoretical relationship between exchange rate and unemployment is established by the PPP and Phillips curve. The model shows that, under the linked exchange rate system, the unemployment in currency-linked country is a function of the unemployment in the base …

Three Essays On Housing Market In Hong Kong : Implications For Public Policy And Macro Economy, Wai Chung, Gary Wong

Theses & Dissertations

The thesis contains three papers on different areas of housing study in Hong Kong. The first paper focuses on government policy in public housing privatization on housing market and its effect on the overall economy. By comparing the negative impacts of two financial crises in 1997 and 2008 on housing market, the paper tries to offer explanation for the property downturn during 1997-2003. It aims to study how a public housing privatization program would produce adverse effects on housing transactions and the economy. The second one links up the housing market and macro economy. It is found that housing sector …