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.
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To address the first issue, I draw an important distinction between international investment banks and multinational investment banks. For an international investment bank to be regarded as a multinational, I propose that it must have a strong presence (i.e., holding at least one percent of the market share) in at least two of the seven major capital markets in the world. Using this criterion, I identify 25 multinational investment banks. I then analyze their home countries’ domestic market conditions and propose that the following six factors are important to the development of multinational investment banks: the size of the home country’s gross domestic product (GDP), the total capitalization of its domestic security market, the number of its Global 500 firms, the volume of its foreign direct investment (FDI), the internationalization of its currency, and the openness of its capital market to foreign investors.
By comparisons, I find that China’s domestic market conditions are comparable to the home countries of multinational investment banks with respect to the size of GDP, total market capitalization, the number of Global 500 firms, and the volume of FDI. What China lags behind are the internationalization of currency and the openness of capital market to foreign investors. Given the current trends of development, it is very likely that China will be able to catch up on the latter within ten years, thus meeting all the conditions necessary for the development of multinational investment banks.
Based on the above findings, I suggest that Chinese investment banks seize this historical opportunity, speed up the internationalization of their businesses, and learn from the experiences of global industry leaders to become truly multinational corporations.
This paper adopts a game theory model to analyze the reasons for corporate dishonesty, and the problem faced by the regulators. Based on the results from the model, we clarify the duties of various subjects (enterprises, governments and credit organizations) in the construction of a society with integrity.
Then, we analyze different cases of dishonesty and point out the channels through which the economy would be affected by the problem of dishonesty. (1) as an institution, integrity helps reduce the transaction cost and prompt market efficiency; (2) integrity serves as a production factor that influences the economy; (3) integrity will affect the economy by influencing the ability of small and medium enterprises to borrow.
Finally, after we establish the relationship between integrity and the market economy, we use survey data to conduct an empirical analysis on the development of integrity in China. The survey data allow us to build a cycle of integrity risk, and identify the current position in the cycle. Besides, we also compare the region difference regarding integrity, which supports the idea that integrity matters for the economic development.
Because the questionnaires are the only way to obtain the data that can be analyzed at present, the paper not only fills in the research gap caused by the lack of data, but also jumps out of the existing research methods, and enriches the empirical work for the study of integrity.