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- All Subjects: Multitasking
- All Subjects: 债券信评报告
- Creators: Zhang, Huibing
- Creators: Khanna, Sanjana
- Member of: Theses and Dissertations
Description
With social technology on the rise, it is no surprise that young students are at the forefront of its use and impact, particularly in the realm of education. Due to greater accessibility to technology, media multitasking and task-switching are becoming increasingly prominent in learning environments. While technology can have numerous benefits, current literature, though somewhat limited in this scope, overwhelmingly shows it can also be detrimental for academic performance and learning when used improperly. While much of the existing literature regarding the impact of technology on multitasking and task-switching in learning environments is limited to self-report data, it presents important findings and potential applications for modernizing educational institutions in the wake of technological dependence. This literature review summarizes and analyzes the studies in this area to date in an effort to provide a better understanding of the impact of social technology on student learning. Future areas of research and potential strategies to adapt to rising technological dependency are also discussed, such as using a brief "technology break" between periods of study. As of yet, the majority of findings in this research area suggest the following: multitasking while studying lengthens the time required for completion; multitasking during lectures can affect memory encoding and comprehension; excessive multitasking and academic performance are negatively correlated; metacognitive strategies for studying have potential for reducing the harmful effects of multitasking; and the most likely reason students engage in media-multitasking at the cost of learning is the immediate emotional gratification. Further research is still needed to fill in gaps in literature, as well as develop other potential perspectives relevant to multitasking in academic environments.
ContributorsKhanna, Sanjana (Author) / Roberts, Nicole (Thesis director) / Burleson, Mary (Committee member) / Barrett, The Honors College (Contributor)
Created2016-12
Description随着基金业近年来迅速发展，一位基金经理同时管理多只基金的“一拖多”模式成为了越发普遍的现象并引起广泛关注。但在学术界，这一重要行业现象尚未被充分讨论。为深入探讨基金经理“一拖多”模式的成因及业绩影响。本文搜集并整理了中国2008年到2018年的基金业数据，对该问题进行了系统探讨。首先，就基金被“一拖多”的原因看，研究发现：（1）基金公司有过度使用优秀基金经理的现象，基金经理从业时间越长、学历越高，则管理多只基金的概率越高。（2）现金流压力较小的基金更易被“一拖多”，债券型、基金的最小赎回份额较高以及个人投资者比例较低的基金现金流压力较小，被一拖多的概率更高。（3）基金公司的注册资本越高，成立时间越长，管理规模越大，其管理的基金被“一拖多”的概率就越高。
其次，本文探讨了基金经理“一拖多”的业绩影响，研究发现：（1）基金经理“一拖多”总体上降低了基金回报。（2）异质性分析显示，当基金所在企业成立年份较长、管理资产较高时，基金经理“一拖多”更易导致基金业绩回报显著下降。此外，当基金经理从业时间较短、管理的基金组合的风格集中度较低时，这一效应更加明显。（3）基金“一拖多”模式不仅通过分散经理精力降低基金回报，久经锻炼的基金经理也会利用自身经验和知识弥补甚至追回精力分散效应的损失。
最后，本文还试图研究基金经理的最优基金管理数量。研究发现：基金业绩首先会随着基金经理同时管理基金的个数增加而下降，但随着管理基金个数的进一步增加，基金业绩会有所回升。总体上，基金经理管理的基金数量在10支左右时达到收益率最劣势，当管理基金的数量在17支以上时，经验复制效应带来的收益将超过精力分散效应带来的损耗，达到效应平衡点。
本文补充了当前学术界在基金经理“一拖多”现象上的研究，并根据研究结果提出了对应的业界实务建议。
ContributorsFan, Wei (Author) / Zhu, Hongquan (Thesis advisor) / Yan, Hong (Thesis advisor) / Zhang, Huibing (Committee member) / Arizona State University (Publisher)
Created2021
Description自2014年首家债券违约以来，违约金额和主体数逐年大量增加，其中不乏拥有A、AA甚至AAA评级的发债主体。投资者切实感受到债券市场的风险，因而不得不谨慎看待债券的信用评级。信用评级影响着债券的发行、市场价格以及投资者决策，然而一直以来，国内评级机构给予企业债券的评级普遍高于海外市场的相应评级；在此背景下，投资者更加关注如何识别出评级愈发虚高的债券个体。信用评级报告是支持评级结果的核心文件，也是资者了解债券的重要信息来源和进行投资决策的参考。然而，信评报告已然非常模板化，投资者很难通过报告本身来判断评级结果是否虚高。本文采用自然语言和机器学习工具分析信评报告的文本，其中应用PKUSeg进行中文分词和标注、TextRCNN进行文本分类分析、基于情感词典和机器学习预测模型共同进行文本的情感分析。研究样本涉及400多家债券发行主体和近800份信评报告，本文研究发现不同评级机构和不同档次的评级报告之间存在文本和情感因素的差异，通过抽取发生主体违约和评级下调的信评报告对差异加以验证。研究结果表明信评报告的文本分析有助于捕捉评级虚高的信号。
ContributorsZhang, Tao (Author) / Huang, Xiaochuan (Thesis advisor) / Li, Feng (Thesis advisor) / Zhang, Huibing (Committee member) / Arizona State University (Publisher)
Created2021