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- All Subjects: Finance
- All Subjects: Loyalty
- Member of: Theses and Dissertations
- Status: Published
Description
Commitment to an activity is widely studied in leisure research. Serious Leisure Perspective (SLP) describes characteristics a committed activity participant possesses. The Psychological Continuum Model (PCM) describes the psychological process a person goes through to become committed to a leisure activity. Awareness, attraction, attachment and loyalty make of the four stages of PCM. Both perspectives have been used to describe committed leisure activity participants and commitment to organized recreational events. Research on leisure activity has yet to determine how the individual becomes loyal. Therefore, the purpose of this study is to determine the process in which recreation activity participates becomes loyal and to identify who can be labels as serious within the PCM Framework. Data was obtained from an online electronic survey distributed to participants of four U.S. marathon and half marathon events. A total of 579 responses were used in the final analysis. Path analysis determined the process in which a runner becomes committed. MANOVA is used to determine difference between leisure groups in the four stages of PCM. Results indicate that activity participants need to go through all four stages of PCM before becoming loyal. As knowledge increases, individuals are more motivated to participate. When the activity satisfies motives and becomes a reflection of their identity, feelings become stronger which results in loyalty. Socialization is instrumental to the progression through the PCM Framework. Additionally, attachment is the "bottleneck" in which all loyal activity participants my pass through. Differences exist between serious leisure groups in the attachment and loyalty stages. Those that are `less serious' are not as committed to the activity as their counterparts.
ContributorsMurphey, Elizabeth M (Author) / Lee, Woojin (Thesis advisor) / Hultsman, Wendy (Thesis advisor) / Larsen, Dale (Committee member) / Chisum, Jack (Committee member) / Arizona State University (Publisher)
Created2014
Description
How to play the advantages of network loan platform to reduce the financing costs of net loan platform both in theory and practice has important significance. In this paper, we use the method of qualitative and quantitative combination. First of all, through the interview of the net loan platform practitioners, the financing cost of the net loan platform comes from the internal and external parts. Part of the network loan platform should be righteous, but counterproductive human and material costs, credit costs, information efficiency, transaction costs and matching costs; part of the emerging industry as a challenge, compliance costs, technical costs and safety costs and other cost. And put forward the top design credit system, promote the credit system; build a unified development of regulatory policies to reduce compliance risks; increase investment in technology, share the improvement of technological progress bonuses. Through the establishment of the regression model, the paper analyzes the influence of various indexes of network loan platform on the cost of network reception. It is found that the background of net loan platform with shareholder and executive team as the proxy variable has significant influence on the cost of network loan platform. The effect is not significant. Risk control indicators on the net loan platform cost has a significant negative effect. The impact of operating capacity on the cost of net loan platform differentiation, the acquisition of the cost of positive relations, the other is negative relations. Policy compliance indicators of financial security on the net loan platform cost significantly, the other did not significantly affect the role of liquidity indicators of differentiation, the average borrowing period will significantly affect the net loan platform costs, liquidity is a negative impact. And finally put forward the policy and recommendations and research limitations and future direction.
ContributorsRen, Junxia (Author) / Gu, Bin (Thesis advisor) / Chang, Chun (Thesis advisor) / Qian, Jun (Committee member) / Arizona State University (Publisher)
Created2017
Description
This dissertation focuses on risk prevention and regulatory issues of financial asset trading platforms, exploring the composition of a financial asset trading platform and its risks, formulating the general framework of platform risk prevention and regulation, and discussing the methodologies for monitoring and managing the risk of financial assets trading platform. The dissertation is divided into eight chapters. The first chapter is the introduction, which discusses the current status in this research field, the motivation and significance of the research topic. The second chapter discusses the transaction cost theory, information asymmetry theory, financial risk management theory, financial supervision theory and other related basic theories related to financial asset trading platform risk prevention and supervision. The third chapter presents the definition, the main types, the generating mechanism and the transmission mechanism of the financial asset trading platform. The fourth chapter elaborates theoretically on the general framework of financial asset trading platform risk prevention and supervision based on the aspects of basic principles, key tasks, applicable methods and constituent elements. The fifth chapter discusses the performance of financial asset trading business, asset return trading business, financing business and information coupling business on financial asset trading platforms, and analyzes the risk prevention of financial asset trading platforms from a business perspective. The sixth chapter discusses the development of financial asset trading platforms in developed countries, and summarizes the experience and practice of their risk prevention and supervision based on four categories of business lines. On this basis, the dissertation draws the inspiration and implications for the future development of the trading platforms in our country. The seventh chapter puts forward policy recommendations regarding risk prevention and supervision of financial asset trading platforms in five aspects: legal positioning, credit information system, protection of consumer rights, self-discipline management and business supervision.
ContributorsXu, Chaojun (Author) / Hwang, Yuhchang (Thesis advisor) / Yan, Hong (Thesis advisor) / Chang, Chun (Committee member) / Arizona State University (Publisher)
Created2017
Description财富管理是一个高度信息不对称的行业，因此投资人需要尽可能减少自身的不确定来做投资决策，通过文献整理，本文发现通过建立信任来消除不确定性是很多投资人都会选择的帮助投资决策的方法。纵观历史，美国2007-2008年的金融危机也恰恰导致金融市场投资人对于理财机构信任的严重缺失，相同的情况也可能发生在中国财富管理市场，因此本文将此选作研究重点，希望深入研究财富管理公司投资人对理财师的信任来得到一系列结论。本文最终发现就平台和理财师相比，投资人更看重平台的信誉度。 投资人大多认为平台的信誉度要高于理财师的信誉度，但是这并不意味着理财师不重要。本文进一步的分析发现，多数投资人会和理财师建立起一种私人联系，且该私人关系有助于加强客户和平台的联系。投资人认为行业经验、为人诚恳，说话可信以及责任心是加强这种私人关系的重要因素。最后，投资人对于钜派平台的信任主要由对于理财师的信任来维持，同时对于理财师的信任主要来自与情感信任。本文的发现对财富管理平台具有战略意义。
ContributorsWu, Qimin (Author) / Shen, Wei (Thesis advisor) / Chang, Chun (Thesis advisor) / Zhu, Hongquan (Committee member) / Arizona State University (Publisher)
Created2019
Description随着中国经济过去30多年的高速发展，出现了一大批的高收入人群，他们更注重生活的品质，如追求自然、简约、低调的休闲生活方式，更看重健康生活、自身的身心修养，和提高自身修养的内涵式生活，以及注重子女的内涵气质教育。
同时，具有很强烈地获得心理认同的需求，参加各种以消费和交往为媒介和主体活动的社群或“社交圈子”，在心理和情感上自我获得与其在财富、生活方式以及生活品位等诸方面都类似的群体间的身份认同感和归属感；更看着与其社会阶层相匹配的身份地位、社交人脉、兴趣爱好等。
因此，从运营的角度来看，如何增加上述这些高净值人群对高净值社群的归属感，进而提高其对高净值社群的忠诚度，是高净值社群进一步可持续经营和发展的基石。本研究以上海嘉庭俱乐部为例，在对问卷调查的基础上，通过实证研究，探讨影响高净值社群归属感与忠诚度的关键因素，高净值社群中会员的归属感与忠诚度的关系，会员生活型态的差异使得归属感与忠诚度的影响关系呈现显著的不同。
实证研究表明，“时尚流行”会员较为理性，其更注重休闲风尚；而“优雅休闲与享受尊荣”的会员则偏感性，其相当注重心灵感受与宁静舒适的感觉，强调全家共享以及纯封闭式的会员享受，能够更多地认识到与个人品味和品位相同的人，如对生活品质的追求、价值观、子女教育等；内心更开放、所接受教育程度更高的家庭，在嘉庭会感受到的归属感意识更高、其忠诚度也更高。
同时，具有很强烈地获得心理认同的需求，参加各种以消费和交往为媒介和主体活动的社群或“社交圈子”，在心理和情感上自我获得与其在财富、生活方式以及生活品位等诸方面都类似的群体间的身份认同感和归属感；更看着与其社会阶层相匹配的身份地位、社交人脉、兴趣爱好等。
因此，从运营的角度来看，如何增加上述这些高净值人群对高净值社群的归属感，进而提高其对高净值社群的忠诚度，是高净值社群进一步可持续经营和发展的基石。本研究以上海嘉庭俱乐部为例，在对问卷调查的基础上，通过实证研究，探讨影响高净值社群归属感与忠诚度的关键因素，高净值社群中会员的归属感与忠诚度的关系，会员生活型态的差异使得归属感与忠诚度的影响关系呈现显著的不同。
实证研究表明，“时尚流行”会员较为理性，其更注重休闲风尚；而“优雅休闲与享受尊荣”的会员则偏感性，其相当注重心灵感受与宁静舒适的感觉，强调全家共享以及纯封闭式的会员享受，能够更多地认识到与个人品味和品位相同的人，如对生活品质的追求、价值观、子女教育等；内心更开放、所接受教育程度更高的家庭，在嘉庭会感受到的归属感意识更高、其忠诚度也更高。
ContributorsLi, Hailin (Author) / Gu, Bin (Thesis advisor) / Chen, Xinlei (Thesis advisor) / Chang, Chun (Committee member) / Arizona State University (Publisher)
Created2019
Description
With years of continuous Chinese economic growth and accelerating aging population, better serving the changing demands in wealth management has become the new market development directions. As evidenced in international experiences, the embedded nature of privacy and isolation of managed assets in the trust business have demonstrated built-in consistency with the needs of high-end wealth management and inheritance; hence, trust has become a very fitting vehicle for wealth management. By 2014, total assets under trust management have reached RMB14trillion.
However, there is as yet a massive gap between the current service levels received by high net worth individuals and their requirements; a gap that is adverse in establishing a stable customer service relationship; which eventually hinders the vigorous development of the overall industry.
With modeling the gaps in service levels as the basic foundation, this paper first and foremost starts with the discussion on the issues in listening to service needs. This paper conducted customer surveys in such categories as customer expected and perceived service quality, service level design and standards, service provided in accordance with the design, and service commitment actually fulfilled. By correlation and regression analyses, this paper analyzed the characteristics of high net worth population, concluding that high net worth individuals with different gender, profession, age exhibit varying needs, preferences and other determining factors in wealth management.
This Paper has designed wealth management service standards and value-added asset allocation systems; the Paper has structured a systematic and disciplined framework in wealth management, which serves as a guideline in the implementation of leading wealth management and in the establishment of superior trust management services. It serves as an impetus for the trust industry to thrive as the leader in China’s wealth management domain, enhance industry brand image, accumulate stable customer segments and develop sustainable market core competencies.
However, there is as yet a massive gap between the current service levels received by high net worth individuals and their requirements; a gap that is adverse in establishing a stable customer service relationship; which eventually hinders the vigorous development of the overall industry.
With modeling the gaps in service levels as the basic foundation, this paper first and foremost starts with the discussion on the issues in listening to service needs. This paper conducted customer surveys in such categories as customer expected and perceived service quality, service level design and standards, service provided in accordance with the design, and service commitment actually fulfilled. By correlation and regression analyses, this paper analyzed the characteristics of high net worth population, concluding that high net worth individuals with different gender, profession, age exhibit varying needs, preferences and other determining factors in wealth management.
This Paper has designed wealth management service standards and value-added asset allocation systems; the Paper has structured a systematic and disciplined framework in wealth management, which serves as a guideline in the implementation of leading wealth management and in the establishment of superior trust management services. It serves as an impetus for the trust industry to thrive as the leader in China’s wealth management domain, enhance industry brand image, accumulate stable customer segments and develop sustainable market core competencies.
ContributorsZhao, Nuan (Author) / Wang, Jiang (Thesis advisor) / Gu, Bin (Thesis advisor) / Chang, Chun (Committee member) / Arizona State University (Publisher)
Created2015
Description
Since the 2008 financial crisis, the total assets managed by U.S. mutual funds have frequently hit new highs and the industry has become increasingly concentrated. In the meantime, two strategies have emerged in the American mutual fund industry: active and passive management. What factors affect the market shares of firms that adopted these two different strategies?
Building on strategic management theories, I suggest that mutual fund families that adopted active and passive management strategies tend to compete in different dimensions. Active management fund families tend to implement the product differentiation strategy, competing on “product quality” through excess-returns, innovative and differentiated fund products; passively managed fund families focus more on "price competition" by conducting an overall cost leadership strategy.
This research examines the driven factors of fund families’ market share. The results show that: the market share of actively managed fund families is more sensitive to positive impact of fund performance, while passive management firms are more sensitive to negative effect of management fees and total loads; 12b-1 expense improves the competitiveness of active fund families and thus enhance their market shares but it has negative impact on passive fund families. In addition, high turnover decreases the market share of all fund families, especially for passively managed families. The outcome reveals the latest US mutual industry orientation: products differentiation, turnover, management fee have greater impact on market share while the competition of fund performance is diminishing. The Matthew effect in US mutual fund industry is outstanding. Industrial competition dimension expands from performance and products to cost cutting.
Empirical analysis on Chinese mutual fund families is also conducted. Different from the US, there is only small number of mutual fund families targeting passive management products. The results show that the distribution channel has the largest impact on Chinese mutual fund family market share and investors are more willing to chase performance than to consider cost-efficient fund families. This study then analyses reasons behind the difference of Chinese and American mutual fund industries.
Building on strategic management theories, I suggest that mutual fund families that adopted active and passive management strategies tend to compete in different dimensions. Active management fund families tend to implement the product differentiation strategy, competing on “product quality” through excess-returns, innovative and differentiated fund products; passively managed fund families focus more on "price competition" by conducting an overall cost leadership strategy.
This research examines the driven factors of fund families’ market share. The results show that: the market share of actively managed fund families is more sensitive to positive impact of fund performance, while passive management firms are more sensitive to negative effect of management fees and total loads; 12b-1 expense improves the competitiveness of active fund families and thus enhance their market shares but it has negative impact on passive fund families. In addition, high turnover decreases the market share of all fund families, especially for passively managed families. The outcome reveals the latest US mutual industry orientation: products differentiation, turnover, management fee have greater impact on market share while the competition of fund performance is diminishing. The Matthew effect in US mutual fund industry is outstanding. Industrial competition dimension expands from performance and products to cost cutting.
Empirical analysis on Chinese mutual fund families is also conducted. Different from the US, there is only small number of mutual fund families targeting passive management products. The results show that the distribution channel has the largest impact on Chinese mutual fund family market share and investors are more willing to chase performance than to consider cost-efficient fund families. This study then analyses reasons behind the difference of Chinese and American mutual fund industries.
ContributorsLiu, Jianping (Author) / Zhu, Hongquan (Thesis advisor) / Chang, Chun (Thesis advisor) / Yan, Hong (Committee member) / Arizona State University (Publisher)
Created2018
Description中国改革开放40年，全国人民整体生活水平提升，家用轿车已经全面普及，医疗及需求的提升，导致医院停车空间严重欠缺。而智能立体停车设备，可以采用零星用地，解决医院停车难题。
建设领域常用的融资手段，在智能停车位建设上尚不能完全适应，本文的智能停车位建设在医院，受土地性质的限制，在融资方面受到的限制也比较多。因而本文围绕以医院建设智能停车位的资金需求而展开的融资方案研究，采用实地研究中的案例研究方法，案例研究自变量中，2016年2月-2017年12月，耗时20个月，以上海的107家医院62个融资需求的智能停车位的收益稳定性、建设批量、建设速度、收益权期限、建设投入、运营收入、运营支出及智能停车设备建成后的综合收益做充分的研究统计分析；案例研究因变量中，2016年10月-2017年12月，耗时14个月，对145家金融机构、210位机构负责人，诸如银行、信托、基金、保理、融资租赁、资产管理、小额贷款、消费金融、私募、ABS、保险、融资担保、融资中介、风险投资、证券等多个机构的风控标准要素如增信要求、担保条件、合作模式、放款额度、资金期限、资金成本、投资方案、融资费用、放款速度等多个投资条件实施访谈研究统计分析，总结提炼对照假设获得对应的高匹配程度的多种组合融资方案，高度优化了B-Park公司的初始融资方案。
本文一个主要的研究结论是：医院智能停车项目可以采取单一融资模式，也可以采取集成融资模式，揭示了在新的环境创新科技金融领域的融资方案。此外，项目的投资收益表现对收费价格很敏感，但是对资金成本（年利率）不是很敏感。结果表明，在新的环境下，
科技金融领域的融资方案得到了创新。这是一篇典型的生产、教学和研究论文，为我国停车建设融资需求的快速发展，特别是医院停车建设融资需求提供了较高的研究参考。
建设领域常用的融资手段，在智能停车位建设上尚不能完全适应，本文的智能停车位建设在医院，受土地性质的限制，在融资方面受到的限制也比较多。因而本文围绕以医院建设智能停车位的资金需求而展开的融资方案研究，采用实地研究中的案例研究方法，案例研究自变量中，2016年2月-2017年12月，耗时20个月，以上海的107家医院62个融资需求的智能停车位的收益稳定性、建设批量、建设速度、收益权期限、建设投入、运营收入、运营支出及智能停车设备建成后的综合收益做充分的研究统计分析；案例研究因变量中，2016年10月-2017年12月，耗时14个月，对145家金融机构、210位机构负责人，诸如银行、信托、基金、保理、融资租赁、资产管理、小额贷款、消费金融、私募、ABS、保险、融资担保、融资中介、风险投资、证券等多个机构的风控标准要素如增信要求、担保条件、合作模式、放款额度、资金期限、资金成本、投资方案、融资费用、放款速度等多个投资条件实施访谈研究统计分析，总结提炼对照假设获得对应的高匹配程度的多种组合融资方案，高度优化了B-Park公司的初始融资方案。
本文一个主要的研究结论是：医院智能停车项目可以采取单一融资模式，也可以采取集成融资模式，揭示了在新的环境创新科技金融领域的融资方案。此外，项目的投资收益表现对收费价格很敏感，但是对资金成本（年利率）不是很敏感。结果表明，在新的环境下，
科技金融领域的融资方案得到了创新。这是一篇典型的生产、教学和研究论文，为我国停车建设融资需求的快速发展，特别是医院停车建设融资需求提供了较高的研究参考。
ContributorsLin, Fengbing (Author) / Yin, Rui (Thesis advisor) / Zhang, Anmin (Thesis advisor) / Chang, Chun (Committee member) / Arizona State University (Publisher)
Created2019