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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

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
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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

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
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Description
After the 2008 financial crisis, along with information technology and its application

innovation into the burst period, Shared faster economic growth, and then entered into a

rapid expansion in 2014, quickly penetrate into many areas and market segments.

As the securities industry practitioners and Internet financial practitioners, I am

very concerned about sharing economic

After the 2008 financial crisis, along with information technology and its application

innovation into the burst period, Shared faster economic growth, and then entered into a

rapid expansion in 2014, quickly penetrate into many areas and market segments.

As the securities industry practitioners and Internet financial practitioners, I am

very concerned about sharing economic model in the development of securities

investment niche. As the Internet and mobile penetration rate rise in recent years, the

Internet financial in the rapid development of our country, investors get used for

investment decision-making information via the Internet. Internet social investment

sharing platform based on knowledge sharing and rapid development, has formed

"opinion leaders", "combined with", "automated financial innovation model". The

emergence of these new patterns, provide investors with investment of knowledge sharing,

the investors behavior changes, many small and medium-sized investors into social

sharing platform for the combination of investment talent information and follow orders,

and centered on investment talent view form fan interaction.

This article around the "Shared economic environment on the impact of portfolio

share on investor behavior research," the theme, the relevant literature and resources, and

to detect Shared economic environment provided by the social share portfolio, whether to

change the traditional information decision and disadvantages of small and medium-sized

investors, whether really improved the small and medium-sized investors return on

investment, its conclusion try to explain the traditional period research literature on active

investment and passive investment, the relevant conclusions of small and medium-sized

investors and institutional investors, sharing in the Internet the rapid development of

economic period is changed.
ContributorsMa, Gang (Author) / Gu, Bin (Thesis advisor) / Yan, Hong (Thesis advisor) / Shen, Wei (Committee member) / Arizona State University (Publisher)
Created2017