The characteristics of firms targeted by foreign investors: evidence from the Asian financial crisis.

Leung Yuk Sze.Thesis (M.Phil.)--Chinese University of Hong Kong, 2005.Includes bibliographical references (leaves 127-131).Abstracts in English and Chinese.Abstract --- p.i摘要 --- p.iiAcknowledgement --- p.iiiTable of Contents --- p.ivChapter 1 Introduction --- p.1Chapter 2 Literature --- p.12Chapter 2.1 --- The Financial Characteristics of Target Firms --- p.12Chapter 2.2 --- Agency Problems in Emerging Markets --- p.15Chapter 2.3 --- The Ownership Characteristics of Target Firms --- p.17Chapter Chapter 3 --- Hypotheses --- p.21Chapter 3.1 --- The Financial Characteristics of Likely Targets --- p.23Chapter 3.2 --- Ownership Structure Characteristics and Takeovers --- p.27Chapter Chapter 4 --- Sample Construction --- p.33Chapter 4.1 --- Data Descriptions --- p.33Chapter 4.2 --- Variable Descriptions --- p.37Chapter Chapter 5 --- Regression Results on Financial Characteristics --- p.41Chapter 5.1 --- Methodology and Econometric Model --- p.41Chapter 5.2 --- Summary Statistics of Financial Variables --- p.43Chapter 5.3 --- The Financial Characteristics of Firms Targeted by Foreign Firms --- p.47Chapter 5.4 --- The Financial Characteristics of Firms Targeted by Foreign Firms during the Crisis Year --- p.50Chapter 5.5 --- The Financial Characteristics of Firms Targeted by Other Domestic Firms --- p.52Chapter Chapter 6 --- Regression Results on Governance Characteristics --- p.55Chapter 6.1 --- Methodology and Econometric Model --- p.55Chapter 6.2 --- Summery Statistics of Ownership Variables --- p.57Chapter 6.3 --- The Ownership Structure Characteristics of Target Firms during the Crisis --- p.60Chapter 6.4 --- Interaction between Liquidity and Corporate Governance Variables during the Crisis --- p.65Chapter 6.5 --- The Effects of Ownership Structures on the Likelihood of Foreign Acquisitions during the pre-Crisis Period --- p.69Chapter 6.6 --- The Ownership Structure Characteristics of Domestic Firms Targeted by Other Domestic Firms during the Crisis --- p.70Chapter Chapter 7 --- Discussion --- p.72Chapter 7.1 --- Additional Tests --- p.72Chapter 7.2 --- A Diagnostic Test --- p.74Chapter 7.3 --- Explanations and Limitations --- p.75Chapter Chapter 8 --- Conclusion --- p.7