Dividend policy in Hong Kong: an empirical analysis.

Jazyk: Chinese<br />English
Rok vydání: 2001
Předmět:
Druh dokumentu: Bibliografie
Popis: Tam Wai-man Grace.
Thesis (M.Phil.)--Chinese University of Hong Kong, 2001.
Includes bibliographical references (leaves 76-77).
in English and Chinese.
p.ii
序言 --- p.iii
Acknowledgement --- p.iv
Table of Contents --- p.v
Chapter Chapter 1 --- Introduction --- p.1
Chapter Chapter 2 --- Literature Review --- p.7
Chapter 2.1 --- Dividend Irrelevance Theory --- p.8
Chapter 2.2 --- Bird-in-the-hand Theory --- p.9
Chapter 2.3 --- Clientele Effect Theory --- p.10
Chapter 2.4 --- Signaling Theory --- p.11
Chapter 2.5 --- Agency Cost Theory
Chapter 2.5.1 --- Theoretical Models --- p.15
Chapter 2.5.2 --- The Latest Agency Cost Model --- p.19
Chapter 2.6 --- Residual Theory --- p.24
Chapter 2.7 --- Other Studies on Dividend Policy
Chapter 2.7.1 --- Low-Regular-Dividend-Plus-Extras Policy --- p.26
Chapter 2.7.2 --- Comparison of the Dividend Policies of Japanese and U.S. Firms --- p.27
Chapter Chapter 3 --- Methodology
Chapter 3.1 --- Model --- p.28
Chapter 3.2 --- Anti-Signaling Hypothesis --- p.29
Chapter 3.3 --- Agency Cost Hypothesis --- p.30
Chapter 3.4 --- Residual Hypothesis --- p.31
Chapter 3.5 --- Investment Opportunities Hypothesis --- p.32
Chapter 3.6 --- Industry Control --- p.33
Chapter 3.7 --- The Four-Hypothesis Model --- p.34
Chapter Chapter 4 --- Sample and Data Description
Chapter 4.1 --- Sample Description --- p.35
Chapter 4.2 --- Variable Description --- p.36
Chapter 4.3 --- Limitations --- p.39
Chapter 4.4 --- Descriptive Statistics --- p.41
Chapter Chapter 5
Chapter 5.1 --- Regression Results and Implications --- p.42
Chapter 5.2 --- Alternative measurement for Agency Cost Hypothesis --- p.45
Chapter 5.3 --- Comparison of the Dividend Policies of Hong Kong and the World --- p.47
Chapter Chapter 6 --- Conclusion --- p.49
Tables
Table 1 Summary of the Four-Hypothesis Model --- p.50
Table 2 Construction of Variables --- p.51
Table 3 Dividend Payout Ratios of 83 Hong Kong Listed Firms from1992 to 1999 --- p.52
Table 4 Earnings Growth Rate of 33 Hang Seng Index Constituents from 1996to 1999 --- p.54
Table 5 Dividend Payout Ratio of 33 Hang Seng Index Constituents from 1996 to 1999 --- p.55
Table 6 Regression Results for Raw Data --- p.55
Table 7 Regression Results using Substantial Shareholders Concentration as Proxy for Agency Cost Hypothesis --- p.57
Table 8 Summary of Regression Results --- p.58
Charts
Chart 1 Dividend Payout Ratios of 83 Hong Kong Listed Firms from1992 to 1999 --- p.59
Chart 2 Earnings Growth Rate of 33 Hang Seng Index Constituents from 1996 to 1999 --- p.60
Chart 3 Dividend Payout Ratio of 33 Hang Seng Index Constituents from 1996 to 1999 --- p.60
Appendices
Appendix 1 The Complete Dataset --- p.61
Appendix 2 Definition of Variables in Different Sectors --- p.63
Appendix 3 Non-Nested Tests --- p.54
Table A3.1 Non-Nested Tests Results --- p.65
Table A3.2 Non-Nested Test Statistics and Choice Criteria - Anti-signaling Hypothesis vs Agency Cost Hypothesis --- p.66
Table A3.3 Non-Nested Test Statistics and Choice Criteria - Anti-signaling Hypothesis vs Residual Hypothesis --- p.67
Table A3.4 Non-Nested Test Statistics and Choice Criteria 一 Anti-signaling Hypothesis vs Investment Opportunity Hypothesis --- p.68
Table A3.5 Non-Nested Test Statistics and Choice Criteria ´ؤ Residual Hypothesis vs Agency Cost Hypothesis --- p.69
Table A3.6 Non-Nested Test Statistics and Choice Criteria ´ؤ Agency Cost Hypothesis vs Investment Opportunity Hypothesis --- p.70
Table A3.7 Non-Nested Test Statistics and Choice Criteria ´ؤ Residual Hypothesis vs Investment Opportunity Hypothesis --- p.71
Table A3.8 Non-Nested Test Statistics and Choice Criteria ´ؤ Agency Cost Hypothesis vs Anti-signaling Hypothesis --- p.72
Table A3.9 Non-Nested Test Statistics and Choice Criteria ´ؤ Agency Cost Hypothesis vs Residual Hypothesis --- p.73
Table A3.10 Non-Nested Test Statistics and Choice Criteria ´ؤ Agency Cost Hypothesis vs Investment Opportunity Hypothesis --- p.74
Table A3.11 Non-Nested Test Statistics and Choice Criteria 一 Technology Industry Phenomenon vs Anti-signaling Hypothesis --- p.75
Bibliography --- p.76
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