American depository receipt and impact of foreign listings of the risk and return for Hong Kong listed companies.

by Cheuk Kam-wa. ; Thesis (M.B.A.)--Chinese University of Hong Kong, 1994. ; Includes bibliographical references (leaves 43-45). ; ABSTRACT --- p.iii ; TABLE OF CONTENTS --- p.iv ; LIST OF TABLES --- p.vi ; ACKNOWLEDGEMENT --- p.vii ; INTRODUCTION --- p.1 ; WHAT IS ADR? --- p.5 ; The Trading Mechanism --- p.6 ; Issuance --- p.6 ; Transfer - intra-market trading --- p.7 ; Cancellation --- p.7 ; Trading - pricing --- p.8 ; Equity offerings --- p.8 ; OVERVIEW OF US SECURITIES REGULATIONS --- p.10 ; The Securities Act of 1933 --- p.10 ; The Securities Exchange Act of 1934 --- p.11 ; TYPES OF ADR --- p.13 ; Unsponsored ADR --- p.13 ; Sponsored ADR --- p.14 ; Level-I --- p.14 ; Level- II --- p.15 ; Level- III --- p.16 ; Rule 144A --- p.16 ; ADVANTAGES AND BARRIERS OF ADR ISSUANCE TO HONG KONG LISTED COMPANIES --- p.19 ; Advantages --- p.19 ; Barriers --- p.20 ; Deferred taxation --- p.21 ; Proposed final dividend --- p.21 ; Retirement scheme costs --- p.21 ; Property revaluation --- p.22 ; OVERVIEW OF THE ADR MARKETS --- p.25 ; Comparison Between The Regional Stock Markets In The US --- p.26 ; Outlook --- p.28 ; THE IMPACT OF ADR LISTINGS ON RISK AND RETURN FOR HONG KONG LISTED COMPANIES --- p.32 ; Methodology --- p.32 ; The effect of the listing of ADRs on underlying stock price --- p.34 ; Interpretation of results on the effect on underlying stock price --- p.36 ; The effect of the listing of ADRs on underlying stock volatility --- p.37 ; Interpretation of results on the effect on underlying stock volatility --- p.38 ; Conclusions --- p.40 ; APPENDIX 1 : LIST OF HONG KONG LISTED COMPANIES WITH ADR PROGRAMMES --- p.41 ; REFERENCES --- p.43