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- All Subjects: Behavior
- All Subjects: Individual investors
- All Subjects: Global Settlement
- Genre: Doctoral Dissertation
- Creators: Alshareef, Abdurrahman
- 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
Computational models for relatively complex systems are subject to many difficulties, among which is the ability for the models to be discretely understandable and applicable to specific problem types and their solutions. This demands the specification of a dynamic system as a collection of models, including metamodels. In this context, new modeling approaches and tools can help provide a richer understanding and, therefore, the development of sophisticated behavior in system dynamics. From this vantage point, an activity specification is proposed as a modeling approach based on a time-based discrete event system abstraction. Such models are founded upon set-theoretic principles and methods for modeling and simulation with the intent of making them subject to specific and profound questions for user-defined experiments.
Because developing models is becoming more time-consuming and expensive, some research has focused on the acquisition of concrete means targeted at the early stages of component-based system analysis and design. The model-driven architecture (MDA) framework provides some means for the behavioral modeling of discrete systems. The development of models can benefit from simplifications and elaborations enabled by the MDA meta-layers, which is essential for managing model complexity. Although metamodels pose difficulties, especially for developing complex behavior, as opposed to structure, they are advantageous and complementary to formal models and concrete implementations in programming languages.
The developed approach is focused on action and control concepts across the MDA meta-layers and is proposed for the parallel Discrete Event System Specification (P-DEVS) formalism. The Unified Modeling Language (UML) activity meta-models are used with syntax and semantics that conform to the DEVS formalism and its execution protocol. The notions of the DEVS component and state are used together according to their underlying system-theoretic foundation. A prototype tool supporting activity modeling was developed to demonstrate the degree to which action-based behavior can be modeled using the MDA and DEVS. The parallel DEVS, as a formal approach, supports identifying the semantics of the UML activities. Another prototype was developed to create activity models and support their execution with the DEVS-Suite simulator, and a set of prototypical multiprocessor architecture model specifications were designed, simulated, and analyzed.
Because developing models is becoming more time-consuming and expensive, some research has focused on the acquisition of concrete means targeted at the early stages of component-based system analysis and design. The model-driven architecture (MDA) framework provides some means for the behavioral modeling of discrete systems. The development of models can benefit from simplifications and elaborations enabled by the MDA meta-layers, which is essential for managing model complexity. Although metamodels pose difficulties, especially for developing complex behavior, as opposed to structure, they are advantageous and complementary to formal models and concrete implementations in programming languages.
The developed approach is focused on action and control concepts across the MDA meta-layers and is proposed for the parallel Discrete Event System Specification (P-DEVS) formalism. The Unified Modeling Language (UML) activity meta-models are used with syntax and semantics that conform to the DEVS formalism and its execution protocol. The notions of the DEVS component and state are used together according to their underlying system-theoretic foundation. A prototype tool supporting activity modeling was developed to demonstrate the degree to which action-based behavior can be modeled using the MDA and DEVS. The parallel DEVS, as a formal approach, supports identifying the semantics of the UML activities. Another prototype was developed to create activity models and support their execution with the DEVS-Suite simulator, and a set of prototypical multiprocessor architecture model specifications were designed, simulated, and analyzed.
ContributorsAlshareef, Abdurrahman (Author) / Sarjoughian, Hessam S. (Thesis advisor) / Fainekos, Georgios (Committee member) / Lee, Joohyung (Committee member) / Zhao, Ming (Committee member) / Arizona State University (Publisher)
Created2019