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- All Subjects: 信用债
- Creators: Khanna, Sanjana
- Creators: Zhang, Huibing
- 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期限错配策略利用滚动短期融资支持长期投资，滚动短期融资本身极易导致资金链紧张，产生流动性风险。利用手工收集的2006-2018年A股上市公司独特数据，本文系统考察了企业投融资期限错配对发行信用债信用利差的影响。本文发现，期限错配越严重的企业，越有可能在发行信用债时被要求更高的信用利差，对于民营上市公司发行信用债尤其如此；利用再融资环境和“钱荒”事件进行的作用机制检验表明，企业投融资期限错配对发行信用债利差的影响主要是因为期限错配蕴含着较高的流动性风险； 利用工具变量、双重差分法和替代性度量等一系列稳健性检验仍能得出一致结论。再者，利用2006-2018 年我国开放式基金年度持股数据，从基金投资组合与持仓调整两个角度，实证检验了期限错配行为对于基金投资行为的影响。研究发现，期限错配产生的财务风险会降低基金对期限错配上市公司发行信用债的投资规模；且在实施期限错配当年，基金对持有的该上市公司的信用债更可能进行减持，由此表明期限错配会影响基金投资策略的形成。进一步的分析显示，基金所在基金管理公司为中外合资时，上述基金投资行为更加明显；同时，当基金持有民营上市公司以及处于紧缩性货币政策环境时，期限错配对于基金投资行为的影响更大。
最后，本文考察了期限错配下基金投资信用债的经济后果，分别从基金业绩、基金收益波动率和基金流量这三个维度进行了检验。实证结果显示，在控制其他可能影响基金收益及收益波动率的因素后，对期限错配上市公司信用债持有比重越小及减持比例越大的基金，当年业绩越好，且收益的波动率越低。再次，对于基金投资者，本文利用净申购率作为基金流量的代理变量，检验发现，基金投资者更热忠于追逐采取减少持有期限错配上市公司信用债这一投资策略的基金，表现为这类基金有更多的资金净流入，而且，相对于个人投资者，上述基金投资者的投资偏好在我国的机构投资者中表现得更加明显。
ContributorsXu, Liqun (Author) / Pei, Ker-Wei (Thesis advisor) / Yan, Hong (Thesis advisor) / Zhang, Huibing (Committee member) / Arizona State University (Publisher)
Created2021