Matching Items (6)
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- All Subjects: Banking
- All Subjects: Individual investors
- All Subjects: Partnership
- Creators: Gu, Bin
- Creators: Dong, Xiaobo
- Member of: ASU Electronic Theses and Dissertations
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
This article can be divided into six parts.
The first chapter analyzes the background, theatrical and particle reasons of this research. The author argues that the management of law firm needs a set of good system. The first one is operating the law firm in scale, and the other on is corporate management model, which shall be constructed in detail in the paper and will be put into practice by the law firm in which the author is worked.
The second chapter will introduce modern management theory, combining the situation of management in our law firm to analyze, raising some reasonable suggestions and instructions to promote our law firm to achieve the corporate management.
In the third chapter, the first chapter, starting with the review of the development process of foreign and our law firms, listing the organizational forms and the characteristics of our law firm, analyzing the situation and the drawbacks of the law firm management.
The fourth and fifth chapter introduce he background, the connotation of the corporate management model, listing the development and successful experience of some typical cases in respect of corporate management.
In the last chapter, the construction of corporate management model will be introduced in terms of organization form, human resource management and informationizing development.
The corporate management model is not mature in china. Though it is not easy to reform the existing model, but it should be believed that the development benefiting the legal industry will be achieved.
The first chapter analyzes the background, theatrical and particle reasons of this research. The author argues that the management of law firm needs a set of good system. The first one is operating the law firm in scale, and the other on is corporate management model, which shall be constructed in detail in the paper and will be put into practice by the law firm in which the author is worked.
The second chapter will introduce modern management theory, combining the situation of management in our law firm to analyze, raising some reasonable suggestions and instructions to promote our law firm to achieve the corporate management.
In the third chapter, the first chapter, starting with the review of the development process of foreign and our law firms, listing the organizational forms and the characteristics of our law firm, analyzing the situation and the drawbacks of the law firm management.
The fourth and fifth chapter introduce he background, the connotation of the corporate management model, listing the development and successful experience of some typical cases in respect of corporate management.
In the last chapter, the construction of corporate management model will be introduced in terms of organization form, human resource management and informationizing development.
The corporate management model is not mature in china. Though it is not easy to reform the existing model, but it should be believed that the development benefiting the legal industry will be achieved.
ContributorsZhu, Ping (Author) / Gu, Bin (Thesis advisor) / Chang, Chun (Thesis advisor) / Zhu, Ning (Committee member) / Arizona State University (Publisher)
Created2017
Description
In this thesis I examine the opportunities and challenges faced by the community banks in China. Rooted in the local communities, community banks generally focus on serving the local residents, farmers, and micro and small business enterprises (MSBE) through relationship building. Although community banks tend to be small relative to the other financial institutions, their unique market positions and business strategies have helped them to survive the competition and secure some market shares. Thus, it is important to understand the business strategies of community banks and to explore their future business opportunities and challenges.
I first provide a brief overview about the importance of local communities, community economy, and community banking, on the basis of an analysis about mismatch in the demand and supply of community financial services due to information asymmetry. Next, I review and analyze how commercial banks have utilized different types of information in their operations. I classify the information used by commercial banks into different categories and discuss their importance to the operations of commercial banks. After that, I conduct a case analysis to illustrate the role of non-financial information in the development of community banks’ business strategy. I conclude this thesis with a discussion of how community banks can better utilize data analysis to develop their core competencies in the era of “Big Data”.
I first provide a brief overview about the importance of local communities, community economy, and community banking, on the basis of an analysis about mismatch in the demand and supply of community financial services due to information asymmetry. Next, I review and analyze how commercial banks have utilized different types of information in their operations. I classify the information used by commercial banks into different categories and discuss their importance to the operations of commercial banks. After that, I conduct a case analysis to illustrate the role of non-financial information in the development of community banks’ business strategy. I conclude this thesis with a discussion of how community banks can better utilize data analysis to develop their core competencies in the era of “Big Data”.
ContributorsHou, Funing (Author) / Li, Feng (Thesis advisor) / Wang, Jiang (Thesis advisor) / Gu, Bin (Committee member) / Arizona State University (Publisher)
Created2015
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
Using historical data from the third-party payment acquiring industry, I develop a statistical model to predict the probability of fraudulent transactions by the merchants. The model consists of two levels of analysis – the first focuses on fraud detection at the store level, and the second focuses on fraud detection at the merchant level by aggregating store level data to the merchant level for merchants with multiple stores. My purpose is to put the model into business operations, helping to identify fraudulent merchants at the time of transactions and thus mitigate the risk exposure of the payment acquiring businesses. The model developed in this study is distinct from existing fraud detection models in three important aspects. First, it predicts the probability of fraud at the merchant level, as opposed to at the transaction level or by the cardholders. Second, it is developed by applying machine learning algorithms and logistical regressions to all the transaction level and merchant level variables collected from real business operations, rather than relying on the experiences and analytical abilities of business experts as in the development of traditional expert systems. Third, instead of using a small sample, I develop and test the model using a huge sample that consists of over 600,000 merchants and 10 million transactions per month. I conclude this study with a discussion of the model’s possible applications in practice as well as its implications for future research.
ContributorsZhou, Ye (Author) / Chen, Hong (Thesis advisor) / Gu, Bin (Thesis advisor) / Chao, Xiuli (Committee member) / Arizona State University (Publisher)
Created2015
Description
This study investigates the impact of a specific organizational form – partnership – on employees’ awareness of risk control and job engagement in securities companies. Given that their organizational performance relies heavily on the performance of individual employees, it is critical for securities companies in China to adopt appropriate organizational forms so that they can better captalize on their employees’ human capital to cope with the increasingly intense market competition. Partnership, as one of the few organizational forms, has been widely adopted in industries that rely on the performance of individuals, such as law, auditing, consulting, and investment banking, around the world. In the context of China’s emerging economy, it has also been adopted as an incentive system by market leaders across several industries, including Alibaba in online shopping, Vanke in real estate, and Fosun in investments. In contrast, partnership has not been adopted or implemented by securities companies in China as most of them are still state-owned enterprises.
Based on my review of the corporate governance literature and qualitative analysis of partnership adoption in China, I propose that partnership can help better alighn the interests of employees with owners in securities companies as well. Specifically, the prospect of becoming a partner in the future can improve employees’ awareness of risk control and increase their job engagement. Taking advantage of partnership adoption at a Chinese securities company as a natural field experienment, I surveyed its employees about their awareness of risk contrl and job dedication before and after the adoption. The results from 505 matched surveys showed an increase in the average scores of both awareness of risk control and job dedication after the company adopted partnership as a new organizational form. Findings of this study have important implications for organizational and incentive design for securities companies in China.
Based on my review of the corporate governance literature and qualitative analysis of partnership adoption in China, I propose that partnership can help better alighn the interests of employees with owners in securities companies as well. Specifically, the prospect of becoming a partner in the future can improve employees’ awareness of risk control and increase their job engagement. Taking advantage of partnership adoption at a Chinese securities company as a natural field experienment, I surveyed its employees about their awareness of risk contrl and job dedication before and after the adoption. The results from 505 matched surveys showed an increase in the average scores of both awareness of risk control and job dedication after the company adopted partnership as a new organizational form. Findings of this study have important implications for organizational and incentive design for securities companies in China.
ContributorsSha, Changming (Author) / Shen, Wei (Thesis advisor) / Li, Feng (Thesis advisor) / Gu, Bin (Committee member) / Arizona State University (Publisher)
Created2018