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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- Creators: Shen, Wei
- Creators: Holbrook, Amy
A公司的中药材全产业链服务商模式,通过对上游各主要专营商的整合,形成一定的平台综合集采能力,并开始得到下游医药厂家、药店认可,在市场逐步形成品牌号召力。本文实证研究A公司商业模式的转型对中药材市场价格的影响,进而分析中药材全产业链服务商模式在中药材行业健康发展中所发挥的积极作用。研究结果表明,上下游产销结合的中药材全产业链服务商模式,只有在形成一定收购规模,对市场价格产生一定影响的时候,才能充分释放药材质量的信号,润滑药材交易市场,提高收购价格,增加市场波动率,发挥价格发现作用。由于中药材市场的信息不对称程度较高,如果产销结合模式仍处于初级开创阶段,产销结合模式释放的药材质量信号则不足以全面改善信息不对称的状况。
Considering that managerial risk taking is an important issue in strategic management research and agency theory has been widely adopted in academia and business worlds, it is imperative to clarify the mechanism behind the relationship between CEO power and risk taking. My study aims to fill this research gap. In this study I follow agency theory to take an employment security perspective and fully consider how CEOs’ concern about employment security is affected by their power and ownership structure to enrich the understanding of the effects of CEO power and ownership structure on risk taking. I fine-tune the key concept CEO power into the CEO power over board and introduce a key aspect of ownership structure - nontransient investor ownership. I further suggest that CEO power over board and nontransient investor ownership affect CEOs’ employment security and the resulting CEO risk taking. In addition, I consider a set of industry and firm characteristics as the boundary conditions for the effects of CEO power and nontransient investor ownership on CEO risk-taking. This set of industry and firm characteristics include industry complexity, industry dynamism, industry munificence and firm slack.
I test my theory using a large-scale, multi-year sample of U.S. publicly listed S&P 1500 firms between 2001 and 2017. My main hypotheses about the effects of CEO power over board and nontransient investor ownership on CEO risk taking receive strong support.
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 thesis is organized as follows. First, I provide a brief description about the emergence and development of China’s guarantee industry, as well as its current status. Next, I explain what kinds of risks faced by guarantee firms in China that influence their performance and survival, and summarize the various external and internal risk factors. I also conduct one in-depth case analysis to illustrate how a guarantee firm can better identify the risks it is exposed to. Next, on the basis of another in-depth case analysis, I develop a framework that can help guarantee firms to systematically develop effective measures of risk identification and prevention. I conclude with a discussion of this study’s implications for guarantee firms and the regulatory governmental agencies in China.
The first part of this study is a biographical sketch of Weill’s life and music. It is intended to provide context for the three songs by tracing his beginnings as a German composer of stage works with volatile political messages, to his flight to the United States and his emergence as a composer of Broadway successes.
The second part is a commentary on the composition of the three selected songs. The lyrics and musical content are examined to show how Weill’s settings convey the dramatic mood and meaning as well as the specific nuances of the words. Description of the context of these songs explains how they were textually and musically intended to advance the plot and the emotional arc of the dramatic characters. The popularity of these songs endures beyond their original shows, and so there is discussion of how other artists have adapted and performed them, and available recordings are cited.
Weill’s songs, his little masterpieces, have proven to be truly evocative and so attractive to American audiences that they have undergone myriad adaptations. This study seeks to provide the personal and historical background of Kurt Weill’s music and to demonstrate why these three songs in particular have proven to have such lasting appeal.