Full metadata record
| DC Field | Value | Language |
|---|---|---|
| dc.contributor | Department of Management | en_US |
| dc.creator | Yung, Wai-kai Calfred | - |
| dc.identifier.uri | https://theses.lib.polyu.edu.hk/handle/200/5286 | - |
| dc.language | English | en_US |
| dc.publisher | Hong Kong Polytechnic University | - |
| dc.rights | All rights reserved | en_US |
| dc.title | Constructing a stock valuation model for the Hang Seng Index constituentstocks : APT approach | en_US |
| dcterms.abstract | After more than 30 years of development in the local stock market and the participation of overseas investors, I believe investors are becoming mature and require a more sophisticated way to invest. In this paper, I have tested the common valuation models applied in the investment community [1) constant prospective price/earning ratio, 2) prospective dividend yield against deposit/bond rates, 3) earning yields against deposit/bond rates] and in the academic books [4) dividend discount model, 5)capital asset pricing model, and aribitrage pricing theory]. The results, however, are very disappointed. Having said that, such models did contribute us the guidelines in constructing a valuation method that could meet with our own requirements. In this paper, I have based on the multifactor theory in the Aribitrage Pricing Theory and have developed a valuation method. Number of tests have been examined for both the long and short term on the 30 Hang Seng Index constituent stocks in Hong Kong. The results have been impressive. "There are no fixed rule and "100%. sure win" way in the investment world", said by a well experience broker in Hong Kong. The modified valuation method presented in this paper must be to keep up-to-date according to the trend of the market accordingly. | en_US |
| dcterms.extent | vii, 101 leaves : ill. ; 30 cm | en_US |
| dcterms.isPartOf | PolyU Electronic Theses | en_US |
| dcterms.issued | 1994 | en_US |
| dcterms.educationalLevel | All Master | en_US |
| dcterms.educationalLevel | M.B.A. | en_US |
| dcterms.LCSH | Investments -- Valuation | en_US |
| dcterms.LCSH | Stock price indexes -- China -- Hong Kong | en_US |
| dcterms.LCSH | Stocks -- Prices -- China -- Hong Kong | en_US |
| dcterms.LCSH | Hong Kong Polytechnic -- Dissertations | en_US |
| dcterms.accessRights | restricted access | en_US |
Files in This Item:
| File | Description | Size | Format | |
|---|---|---|---|---|
| b11525162.pdf | For All Users (off-campus access for PolyU Staff & Students only) | 3.22 MB | Adobe PDF | View/Open |
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