http://oaps.umac.mo/handle/10692.1/60 2026-04-20T16:13:55Z http://oaps.umac.mo/handle/10692.1/126 Title: Betting Against Beta: Evidence from China Authors: LEI, KA CHON (李家進) Abstract: Frazzini and Pedersen (2014) propose that investors with borrowing constraints will tilt toward risky stocks in portfolio construction, driving lower alpha for high-beta stocks. They further find that the betting against beta (BAB) portfolio of buying stocks with low beta and selling stocks with high beta produces a significantly positive annualized risk-adjusted return of 8.76% in U.S. market. This study investigates the BAB investment strategy in the Chinese market. Consistent with Frazzini and Pedersen (2014), I have the following five major findings. (1) The phenomenon of high-beta stock associated with low-alpha exists in China. (2) The BAB portfolio produces a significant annualized return up to 5.28% in China. The bans on margin trading and short selling were lifted on March 31, 2010. By utilizing this special institutional setting, I find that (3) the removal of stock-specific margin constraints mitigates the low-alpha phenomenon for high-beta securities. (4) The time-varying funding constraints negatively influence BAB returns. (5) The dispersion of beta tends to drop and the conditional market beta exhibits a U-shaped pattern when the funding liquidity risk increases. 2015-01-01T00:00:00Z http://oaps.umac.mo/handle/10692.1/125 Title: Customer Concentration and Share Repurchase Authors: ZHANG, SHUTING (張舒婷) Abstract: Prior studies document that customer concentration can influence both corporate risk and operating performance. On one hand, firms with greater uncertainties are less likely to make payout; however, on the other hand, firms with greater profitability are more likely to pay out. Thus, it is unclear how customer concentration affects corporate payout policy. This study extends the literature by examining the influence of customer concentration on corporate payouts. Specifically, I focus on how customer concentration affects corporate share repurchase and dividend decisions. I find that firms with concentrated customers are less likely to buy back shares and, if they buy back, they repurchase fewer amounts of shares. Furthermore, this effect is more pronounced in low maturity firms. The empirical results also document that the payment through share repurchase relative to dividends increases with customer concentration. This study sheds light on the role of customers in corporate payout decision. 2015-01-01T00:00:00Z http://oaps.umac.mo/handle/10692.1/124 Title: Factors Affecting Turnover Intention of Aviation Security Guard Authors: MAI, XIN (麥欣) Abstract: Within the worldwide civil aviation industry, aviation security guards are the key element to assure safety since all the security screening technologies and security preventive measures rely on human to operate. However, this industry is encountering retention issues of security guards. As a result, it is imperative to understand the reasons and drive of the significant turnover of security guards. This study examined the relationships among career adaptability, perceived organizational support, affective commitment, promotability, and career satisfaction, and their impacts on turnover intention of security guards in civil aviation security industry in Macau. The quantitative research data was collected from 431 security guards. The qualitative research data was collected from 13 security guards through exit interviews. This study found that career adaptability was significantly and positively related to affective commitment, promotability and career satisfaction, while apparent perceived organizational support was significantly and positively related to affective commitment. This study also found that career adaptability, perceived organizational support, affective commitment, promotability and career satisfaction were significantly and negatively related to turnover intention. Moreover, affective commitment mediated the relationship of career adaptability and perceived organizational support with turnover intention, while promotability and career satisfaction also mediated the effect between career adaptability and turnover intention. By determining the impacts of career adaptability, perceived organizational support, affective commitment, promotability and career satisfaction on turnover intention, the findings contribute to the literature and provide a deeper understanding on turnover intention in civil aviation security industry. Practical implications for the industry on how to retain employees and talent were also provided. 2015-01-01T00:00:00Z