ASU Electronic Theses and Dissertations
This collection includes most of the ASU Theses and Dissertations from 2011 to present. ASU Theses and Dissertations are available in downloadable PDF format; however, a small percentage of items are under embargo. Information about the dissertations/theses includes degree information, committee members, an abstract, supporting data or media.
In addition to the electronic theses found in the ASU Digital Repository, ASU Theses and Dissertations can be found in the ASU Library Catalog.
Dissertations and Theses granted by Arizona State University are archived and made available through a joint effort of the ASU Graduate College and the ASU Libraries. For more information or questions about this collection contact or visit the Digital Repository ETD Library Guide or contact the ASU Graduate College at gradformat@asu.edu.
Displaying 1 - 5 of 5
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- All Subjects: Business Administration
- Creators: Shi, Zhan
Description无论是公募基金还是私募证券基金，基金经理的投资能力是影响其管理的基金的绩效的关键因素，如何挑选出拥有优秀的投资能力的基金经理，从而实现好的基金绩效，是一个无论是基金投资者还是基金公司都关注的问题。虽然已经有大量的学者研究基金经理的个人特征与基金绩效之间的关系，但是一方面是过往的而研究更侧重基金业绩的评价方面，另一方面是受限于数据的约束，研究也主要集中在公募基金行业。随着私募证券基金在信息披露等方面逐步规范，可用于比较研究的数据逐渐丰富和标准化，本文也借助美市科技的数据支持，重点分析私募证券基金的个人特征对其管理的基金绩效的影响。在前人研究的基础上，本文将基金总体绩效分解成为超额收益与总风险，并在此基础上将超额收益进一步分解成为选股能力及择时能力，将总风险进一步分解为系统性风险与非系统性风险。本文从生理特征、教育背景、从业时间这几个角度作为选择解释变量的依据，再将市场进一步分成牛市与熊市两个阶段，以更好地分析基金经理的个人特征和基金绩效之间的关系。
本文的研究结果显示：(1) 无论是牛市还是熊市，基金经理的性别特征对基金的绩效没有显著的影响关系。(2) 无论是牛市还是熊市，基金经理的学历与基金的总风险呈现显著的负向关系。并且在牛市中基金经理的学历因素与基金的综合绩效呈正相关的关系。(3) 基金经理的从业经验与基金的综合绩效呈负相关的关系。
ContributorsZhu, Yifan (Author) / Shi, Zhan (Thesis advisor) / Yan, Hong (Thesis advisor) / Chen, Hui (Committee member) / Chen, Andrew N.K. (Committee member) / Arizona State University (Publisher)
Created2022
Description
Digital media refers to any form of media which depends on electronic devices for its creation, distribution, view, and storage. Digital media analytics involves qualitative and quantitative analysis from the business to understand users’ behaviors. This technique brings disruptive changes to many industries and its path of economic disruption is getting wider and wider. Under the context of the increasingly popular digital media market, this dissertation investigates what are the best content delivery strategy and the new cultural phenomenon: Internet Water Army. The first essay proposes a theory-guided computational approach that consolidates distinct data sources spanning unstructured text, image, and video data, systematically measures modes of persuasion, and unveils the multimedia content design strategies for crowdfunding projects. The second essay studies whether using the Internet Water Army helps sales and under what conditions it helps. This study finds that the Internet water army helps product sales at both post-level and fans-level. The effect is largely reflected by changing the number of emotional fans. Furthermore, the earlier to purchase the water armies, more haters, likers, and neutral fans it can attract. The last essay builds a game model to study the trade- off between honestly promoting the product according to their evaluation and catering to the consumer’s prior belief on the product quality to stay on the market as long as possible. It provides insights on the optimum usage of promotion on social media and demonstrate how conventional wisdom about negative reviews will hurt business may be misleading in the presence of social media. These three studies jointly contribute to the crowdfunding and social media studies literature by elucidating the content delivery strategy, and the impact and purchasing strategy of the Internet Water Army.
ContributorsYIN, XUEYAN (Author) / Chen, Pei-Yu (Thesis advisor) / Gu, Bin (Committee member) / Shi, Zhan (Committee member) / Benjamin, Victor (Committee member) / Arizona State University (Publisher)
Created2020
Description
This paper studies the spillover effect of star funds in the Chinese mutual fund market. I show that star funds can attract more capital inflows to their sibling funds (managed by same fund manager) and family funds (managed by same fund company). The spillover effect is stronger for sibling funds.Further, I propose two mechanisms of spillover effect of star funds. The first mechanism is related to investors’ limited attention and ability. Star funds can easily attract investors’ attention among numerous fund products. The high degree of attention of star funds makes their related funds (e.g., family funds and sibling funds) get more attention, thus attracting more capital flows. I show that the spillover effect of star funds to their sibling funds is stronger among funds with a higher proportion of individual investors. Due that individual investors are more limited in attention and more easily pay attention to sibling funds, the result thus verifies the mechanism to a certain extent.
The second mechanism is about performance correlation. Investors choose sibling or family funds of star funds because they expect their future performance to be as excellent as that of star funds. I find that the performance correlation between sibling funds and star funds is stronger than that between family funds and star funds. Combined with the result that the spillover effect of star funds on sibling funds is stronger than that on family funds, it verifies the mechanism to some extent.
This paper is of great significance for understanding the spillover effect of star funds.
ContributorsZhou, Xiaolei (Author) / Shi, Zhan (Thesis advisor) / Yu, Xiaoyun (Thesis advisor) / Wu, Fei (Committee member) / Arizona State University (Publisher)
Created2023
Description
The development of the digital economy is driving a comprehensive digital transformation of the Chinese economy. Digital marketing pinpoints customer needs in terms of both technology and interaction, enhances the interactive experience, and influences consumers' willingness to buy. Digital marketing can increase customer acquisition, improve user experience, increase sales viscosity and expand sales segments at a lower cost. Under the wave of digital technology empowering the traditional industry, the marketing approach of the auto show industry has changed from being based on traditional media promotional tools to being based on new media matrices in an attempt to maximize the matching of customer needs and increase the sales conversion rate of potential customers. This paper attempts to answer the following two questions: first, whether the level of digital marketing in auto shows can effectively increase car sales; second, if the level of digital marketing in auto shows has a significant positive impact on increasing car sales in auto shows, what is the intrinsic impact mechanism. Company X is one of the first leading exhibition companies in the exhibition industry to embrace the Internet economy and seek digital transformation. This paper utilizes Company X's auto show sales data and rating data on auto show digital marketing to construct a panel regression model and a moderated utility model for empirical testing, and the results show that the level of digital marketing at auto shows can effectively enhance car sales, attract more customers and improve sales conversion rates, but with regional heterogeneity. Next, for the intrinsic influence mechanism, this paper utilizes the evaluation data of consumers' interactive experience and perceived value of auto shows collected by questionnaires to construct the Tobit regression model for empirical testing, and the results show that the online interactive features of digital marketing of auto shows enhance the customers' purchasing intention by enhancing the users' perceived value, which ultimately translates into the enhancement of auto sales in auto shows. With the gradual penetration of digital technology into all aspects of people's lives, digital marketing for auto shows may give rise to new forms in the future.
ContributorsZhang, Jun (Author) / Shi, Zhan (Thesis advisor) / Zhu, Qigui (Thesis advisor) / Chen, Andrew (Committee member) / Arizona State University (Publisher)
Created2024
Description
The Mainland-Hong Kong Stock Connect program is a globally unique institutional innovation. This partially open financial system is unparalleled worldwide. As the influence of the Mainland-Hong Kong Stock Connect on A-shares has grown, the volume of research literature has gradually increased, and studies on the policy impact from various sectors have become prevalent. Prior to the introduction of the Mainland-Hong Kong Stock Connect, studies indicated that A-share stock prices did not significantly react to stock information, indicating low informational content in stock prices. The Mainland-Hong Kong Stock Connect, through its moderate openness, has effectively introduced mature overseas investment philosophies and international capital, altering the investor structure of A-shares and impacting trading behavior. This paper aims to explore whether the initiation of the Mainland-Hong Kong Stock Connect policy positively affects the informational content of A-share stock prices under the aforementioned premises. To minimize the interference of short-term market fluctuations on the research, this paper uses the relatively long-term future earnings response as the entry point for studying the informational content of stock prices. Specifically, it first selects a full sample of Mainland-Hong Kong Stock Connect stocks to conduct annual cross-sectional regression and multi-year linear regression to examine changes in the informational content of stock prices before and after policy implementation. It then includes a control group of stocks not selected for the Mainland-Hong Kong Stock Connect, conducting multi-year linear regression analysis with the experimental group samples to investigate whether the policy initiation has improved the informational content of stock prices for Mainland-Hong Kong Stock Connect stocks compared to those not selected. The results show that after the initiation of the Mainland-Hong Kong Stock Connect policy, the informational content of stock prices increased for Shanghai Stock Connect but decreased for Shenzhen Stock Connect. Compared to stocks not selected for the Mainland-Hong Kong Stock Connect, the informational content of stock prices also increased for Shanghai Stock Connect and decreased for Shenzhen Stock Connect. Overall, the results of this study indicate that the Mainland-Hong Kong Stock Connect policy has indeed achieved its initial policy design goals, warranting further exploration into deepening openness to optimize the structure of the capital market.
ContributorsLuo, Jie (Author) / Shi, Zhan (Thesis advisor) / Ju, Nengjiu (Thesis advisor) / Yan, Hong (Committee member) / Arizona State University (Publisher)
Created2024