Matching Items (4)
Filtering by
- All Subjects: Conglomerate
- All Subjects: Individual investors
- Creators: Zhu, Ning
- Creators: Dong, Xiaobo
- Creators: Reynolds, Stephen J
- Member of: ASU Electronic Theses and Dissertations
- Member of: 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
There has been much debate in the world of academia over the valuation of conglomerates. This thesis proposes the use of the EVA theory in explaining fluctuations in conglomerates’ valuation, and we believe that ROIC, WACC, and ROIC-WACC are three indicators that to a certain extent explain these valuation fluctuations. Through analysis of a sample containing 23 conglomerates, this thesis finds that ROIC, WACC, and ROIC-WACC exhibit positive correlation with valuation fluctuations. In the case study on Fosun, this thesis finds that ROIC-WACC is highly correlated with Fosun’s valuation fluctuations and next with ROIC. Thus this thesis conjectures that for investment companies for which investment capital is derived largely from insurance float, such as Fosun, ROIC-WACC is a better valuation tool.
ContributorsLiang, Xinjun (Author) / Chen, Hong (Thesis advisor) / Pei, Ker-Wei (Thesis advisor) / Zhu, Ning (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
The goal of the first study was to characterize the Miocene arkosic conglomerate in the Goldfield Mountains to determine the paleocurrent direction and source of the cobbles. This conglomerate is tilted to the northeast and unconformably overlies Proterozoic basement. Imbrication measurements are scattered but suggest the direction of paleoflow was toward the northwest and northeast, which suggests the cobbles were sourced from the southeast and southwest. The abundance of Dripping Spring Quartzite and the presence of Barnes Conglomerate in the cobbles, suggests an Apache Group source. In addition, south-southeast of the map area, there are several rock units composed of the same material as cobbles within the arkosic conglomerate. The arkosic conglomerate was likely deposited during onset of mid-Cenozoic extension, where the resulting highlands could provide a nearby source for the cobbles. This nearby source is interpreted to be south-southeast of the study area. A second study examined the effectiveness of course reform conducted on an introductory undergraduate course sequence. Questions of this study included: (1) How does the curriculum cater to a student population with diverse goals? (2) How do reformed courses add educational value as perceived by the student? (3) How does the redesigned curriculum and the instructional strategies, as implemented, address the goals of the reform?
The curriculum addressed the goals of the reform by (1) creating more opportunities for students to gain the skills relevant to their future goals, (2) having students utilize big data to make observations, interpretations, and predictions, (3) engaging students in scientific collaboration through group work and discussion, (4) giving students the opportunity to utilize computer programs that apply across various subjects and fields (i.e. Excel, MS Word, ArcGIS), and (5) requiring students to conduct original research to solve a problem and present their results orally and in written form. These redesign efforts were successful in meeting the objectives, and majority of the student participants reported one or more of the reformed experiences were valuable to their education and future goals. An understanding of teaching methods and educational values held by undergraduate students within the School of Earth and Space Exploration can be adapted and applied across subjects.
ContributorsAccetta, Danielle (Author) / Reynolds, Stephen J (Thesis advisor) / Johnson, Julia K (Committee member) / Semken, Steven (Committee member) / Arizona State University (Publisher)
Created2021