Matching Items (3)
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- All Subjects: Behavior
- All Subjects: Individual investors
- All Subjects: Global Settlement
- Genre: Doctoral Dissertation
- Creators: Abalo, Iroko Akoua Enyo
- Resource Type: Text
Description
Responding to the allegedly biased research reports issued by large investment banks, the Global Research Analyst Settlement and related regulations went to great lengths to weaken the conflicts of interest faced by investment bank analysts. In this paper, I investigate the effects of these changes on small and large investor confidence and on trading profitability. Specifically, I examine abnormal trading volumes generated by small and large investors in response to security analyst recommendations and the resulting abnormal market returns generated. I find an overall increase in investor confidence in the post-regulation period relative to the pre-regulation period consistent with a reduction in existing conflicts of interest. The change in confidence observed is particularly striking for small traders. I also find that small trader profitability has increased in the post-regulation period relative to the pre-regulation period whereas that for large traders has decreased. These results are consistent with the Securities and Exchange Commission's primary mission to protect small investors and maintain the integrity of the securities markets.
ContributorsDong, Xiaobo (Author) / Mikhail, Michael (Thesis advisor) / Hwang, Yuhchang (Committee member) / Hugon, Artur J (Committee member) / Arizona State University (Publisher)
Created2011
Description
During the past decade, the Chinese bond market has been rapidly developing. The percentage of bond to total social funding is constantly increasing. The structure and behavior of investors are crucial to the construction of China’s bond market. Due to specific credit risks, bond market regulation usually involves in rules to control investor adequancy. It is heatedly discussed among academia and regulators about whether individual investors are adequate to directly participate in bond trading. This paper focuses on the comparison between individual and institutional bond investors, especially their returns and risks. Based on the comparison, this paper provides constructive suggestions for China’s bond market development and the bond market investor structure.
ContributorsLiu, Shaotong (Author) / Gu, Bin (Thesis advisor) / Zhu, Ning (Thesis advisor) / Yan, Hong (Committee member) / Arizona State University (Publisher)
Created2016
Description
This research investigates how two potential sentinel species (the Galápagos Sea Lion (Zalophus wollebaeki) and the Guiana Dolphin (Sotalia guianensis)) respond to environmental factors, at both the large-scale and fine-scale levels. Sentinel species, defined as organisms able to respond to ecosystem variability and/or change in a timely and measurable way to nowcast or forecast otherwise unobserved environmental changes, can help mitigate or even avoid changes deleterious to both wildlife and human communities. Using two long-term datasets and a suite of respective social metrics and environmental factors, I analyzed potential external influences on these two species’ behavioral ecology. My overall findings suggest that apex marine mammals respond differently to their surroundings at large-scale vs. fine-scale, and highlight the importance of including a range of environmental factors that include anthropogenic effects. Galápagos Sea Lions specifically respond to thermoregulation-linked factors, such as substrate temperature, and anthropogenic factors such as human presence and activity type. Guiana Dolphin social metrics are significantly related with traits linked to environmental water quality, water transparency. I expand on the sentinel implications of these results and introduce sample methodology and results for sentinel species based on the Guiana Dolphin case study.
ContributorsAbalo, Iroko Akoua Enyo (Author) / Pratt, Stephen S (Thesis advisor) / Polidoro, Beth B (Thesis advisor) / Abbott, Joshua J (Committee member) / Ferry, Lara L (Committee member) / Arizona State University (Publisher)
Created2021