Matching Items (4)
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- All Subjects: Individual investors
- All Subjects: Innovation Performance
- Creators: Yan, Hong
- Creators: Dong, Xiaobo
- Resource Type: Text
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
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近几年来，科技创新已经成为高新技术企业发展的重要动力源泉，如何提高企业的创新绩效，增强企业的竞争力，一直以来都是广大学者讨论的热点。高管是公司的核心，也是公司战略决策机构的主体，同时还是企业与内外部环境进行联系的重要纽带。高管的学习力会影响到高管群体职能的发挥，更会影响到企业的决策，这对企业的创新绩效有着母庸置疑的影响。目前，对于高管个人学习力的研究文献较少，关于高管学习力对创新绩效的作用机制的研究更是匮乏。高管学习力与创新绩效是怎么样的关系，哪些要素影响到了这两者的关系，都是需要进行深入挖掘的问题。本文深入探究了高管学习力与创新绩效的关系，并详细分析了高管学习力对创新绩效的影响路径和影响机制。主要的研究内容如下：
本文根据基础理论，分析了学习的转化机制与企业动态能力之间的关系，建立起本文的研究模型。利用陈国权的个人学习力模型，将高管学习力分为9个维度，同时确定组织学习为中介变量，调节变量确定为主动性人格与环境动态性。基于研究模型和现有的文献内容，本文提出了研究假设。而后通过问卷的方式收集到相关数据，通过对数据进行信度分析、效度分析和相关性分析后，确定了数据的可靠性。最后，通过描述性分析，回归分析的方法对研究假设进行了验证。
最终本文得出了以下结论：
（1）高管学习力能够正向影响到创新绩效。（2）高管学习力能够正向影响到组织学习。（3）组织学习能够正向影响到创新绩效。（4）在高管学习力与创新绩效的关系中，组织学习起到中介作用。（5）在高管学习力与组织学习的关系中，主动性人格起到正向调节作用。（6）在组织学习与创新绩效的关系中，环境动态性起到正向调节作用。
基于上述研究成果，本文对高管学习力和创新绩效之间的关系探究做了一次有益的尝试，为广大的企业和学者提供了一个崭新的思路和视角。同时也丰富了关于高管学习力和企业创新绩效的相关研究内容。
ContributorsTu, Yihua (Author) / Zhu, David (Thesis advisor) / Yan, Hong (Thesis advisor) / Hong, Yili (Committee member) / Arizona State University (Publisher)
Created2023
Description
The pharmaceutical industry plays an important role in Chinese economic development. How to propel the innovation and growth of the pharmaceutical industry with capital market tools becomes an important question. With the increasing layout of venture capital (VC) in the pharmaceutical industry, the impact of VC participation on the innovation and growth of pharmaceutical enterprises should be carefully studied. For investment purposes, CVCs, which are established by industrial corporations, mainly focus on new technologies and modes in the relevant industrial chain of their parent companies, and try to establish strategic synergy through their equity investment. IVCs have no specific industry restrictions, and their purpose is to search for and identify innovative enterprises with high growth potentials, and to harvest financial gains by investing in them.In order to explore these issues, this paper collects and analyzes data from a sample of Chinese A-share listed pharmaceutical companies from 2015 to 2022, tests the impact of VCs on the innovation inputs, innovation outputs, and growth performance of this sample of companies, and examines the differences between the impacts of IVCs and CVCs on the relevant performance. It is found that VC investment has a significant positive impact on pharmaceutical firms' innovation input, innovation output, and firm growth. In particular, IVCs have a significant positive effect on innovation input, growth performance, and an insignificant effect on innovation output of pharmaceutical firms.
CVCs, on the other hand, have a significant positive effect on innovation input, innovation output, and growth performance of pharmaceutical firms. In addition, the interaction between IVC and CVC can further enhance the innovation input level and growth performance level of pharmaceutical enterprises.
This paper uncovers the differences in the impact of IVCs and CVCs on the innovation input, innovation output, and growth performance of pharmaceutical enterprises, expands the research on venture capital, enriches the driving mechanism of pharmaceutical enterprises' high-quality growth and innovation capability in the Chinese context. This paper also provides some insights into how pharmaceutical enterprises select VCs and how VCs can empower pharmaceutical enterprises in practice.
ContributorsZhang, Pei (Author) / Zhu, David (Thesis advisor) / Yan, Hong (Thesis advisor) / Wu, Fei (Committee member) / Arizona State University (Publisher)
Created2023