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Two essays in corporate finance.

Zhang, Ling.

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Two essays in corporate finance.

Record Type:	Language materials, printed : Monograph/item
Title/Author:	Two essays in corporate finance./
Author:	Zhang, Ling.
Description:	184 p.
Notes:	Source: Dissertation Abstracts International, Volume: 67-11, Section: A, page: 4287.
Contained By:	Dissertation Abstracts International67-11A.
Subject:	Economics, Finance. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3240978
ISBN:	9780542963704

Two essays in corporate finance.
Zhang, Ling.

Two essays in corporate finance. - 184 p.

Source: Dissertation Abstracts International, Volume: 67-11, Section: A, page: 4287.

Thesis (Ph.D.)--The Chinese University of Hong Kong (Hong Kong), 2006.

This paper consists of two parts. Part A This paper investigates the determinants of the adoption of executive stock option plans in Japanese firms and measures the market reaction of executive stock option grants. I find that firms with larger size, and low leverage level are more likely to adopt executive stock options. I also find that keiretsu firms in Japan are less likely to adopt stock options. In those firms that grant stock options, firms with high liquidity and those operate in noisier environment tend to use more option incentives. Japanese firms exhibit significant abnormal stock returns about 0.4% of at the announcement day.

ISBN: 9780542963704Subjects--Topical Terms:

626650
Economics, Finance.

Two essays in corporate finance.
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020 $a 9780542963704
035 $a (UMI)AAI3240978
035 $a AAI3240978
040 $a UMI $c UMI
100 1 $a Zhang, Ling. $3 1273486
245 1 0 $a Two essays in corporate finance.
300 $a 184 p.
500 $a Source: Dissertation Abstracts International, Volume: 67-11, Section: A, page: 4287.
502 $a Thesis (Ph.D.)--The Chinese University of Hong Kong (Hong Kong), 2006.
520 $a This paper consists of two parts. Part A This paper investigates the determinants of the adoption of executive stock option plans in Japanese firms and measures the market reaction of executive stock option grants. I find that firms with larger size, and low leverage level are more likely to adopt executive stock options. I also find that keiretsu firms in Japan are less likely to adopt stock options. In those firms that grant stock options, firms with high liquidity and those operate in noisier environment tend to use more option incentives. Japanese firms exhibit significant abnormal stock returns about 0.4% of at the announcement day.
520 $a Part B examines the relationship between firm board quality and initial underpricing and the post-IPO performance of 73 H-share and Red-chip share firms from 1993 to 2000. I hypothesize that a high quality board can convey the firm's intrinsic value to the market, thereby reducing the information asymmetry in the firm. Therefore, IPOs of firms with higher management quality will be characterized by lower underpricing level and higher aftermarket long-term stock performance. The level of underpricing is 32% for the sample firms. My result shows that firms with more foreigners on board tend to have a lower IPO underpricing level. The aftermarket, long-term downward drift is confirmed relative to all of the six benchmarks used in this paper. More foreigners on board are positively related to the post-IPO long-term stock performance. In summary, the results show that the management quality of directors has a positive influence on long-term post-IPO stock performance.
590 $a School code: 1307.
650 4 $a Economics, Finance. $3 626650
690 $a 0508
710 2 $a The Chinese University of Hong Kong (Hong Kong). $3 1017547
773 0 $t Dissertation Abstracts International $g 67-11A.
790 $a 1307
791 $a Ph.D.
792 $a 2006
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3240978