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- Creators: Computer Science and Engineering Program
- Creators: Dong, Xiaobo
- Status: Published
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
CDA - short for "Career Development Application" - is an iOS application that aims to help students who may not have inside connections on Wall Street break into the notoriously hard-to-enter investment banking industry. The application does this by asking the user a few questions about his or her characteristics, classifying him or her into different categories based on his or her response, then tailoring the information displayed to him or her based on his or her classifications. The information, compiled by my thesis partner, is stored in a cloud-based database system to facilitate easy content updates without having to recompile and resubmit the application to the App Store. Because the application shows information to its users based on certain characteristics of the users, such as grade level, previous experience in the industry, and the geographical region and prestigiousness of the school he or she attends, the application is more useful than simply showing the same information to every student regardless of his or her circumstances. While the current application presents useful information in a compact, easy-to-use format, there are still many improvements that could be made. The application could be more sensitive to minor mistakes made by the user trying to answer the classification questions, and it could present information in an even easier-to-use format. Still, the application as it stands could be extremely useful for helping students who are not the traditional "Wall Street types" to enter the competitive, prestigious investment banking industry.
ContributorsBrawka, Rachel (Author) / Balasooriya, Janaka (Thesis director) / Bennett, Jack (Committee member) / Barrett, The Honors College (Contributor) / Computer Science and Engineering Program (Contributor)
Created2018-05