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A Case Study of Executive Stock Compensation Design for The State-Owned Firms

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Executive compensation design involving equity shares has been widely used in Europe, the United States and other developed countries where the capital markets are relatively mature. In China, due to the differences in industries, ownership structure, stages of enterprise development,

Executive compensation design involving equity shares has been widely used in Europe, the United States and other developed countries where the capital markets are relatively mature. In China, due to the differences in industries, ownership structure, stages of enterprise development, constraints faced by the firms, the executive compensation design using equity shares tends to vary accordingly. For the state-owned companies, the situations are more complex than others. This complexity has not been a focus of the past literature, particularly on the compensation contract design and its subsequent implementation. Based on Coase contract theorem, agency theory and human capital theory, I examined how different state-owned firms vary in their approaches on managerial stock compensation design using a case study approach. The thesis concludes with a summary of major findings and a discussion of policy implications.

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Date Created
2016

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Investment Style and Performance Attribution Analysis on Chinese A Share Market

Description

With the fast development of Chinese capital market, an increasing number of institutions and retail investors invest through professional managers. The key to evaluating investment manager’s skill and performance persistence largely lies in portfolio style research and attribution analysis.

With the fast development of Chinese capital market, an increasing number of institutions and retail investors invest through professional managers. The key to evaluating investment manager’s skill and performance persistence largely lies in portfolio style research and attribution analysis.

The current dissertation takes advantage of a unique dataset, uncover hidden investment style and trading behavior, understanding their source of excess returns, and establishing a more comprehensive methodology for evaluating portfolio performance and manager skills.

The dissertation focuses on quantitative analysis. Highlights three most important aspects. Investment style determines the systematic returns and risks of any portfolio, and can be assessed ex-ante; Transaction can be observed and modified during the investment process; and return attribution can be implemented to evaluate portfolio (managers), ex-post. Hence, these three elements make up a comprehensive and logical investment process.

Investment style is probably the most important factor in determining portfolio returns. However, Chinese investment managers are under constant pressure to follow the market trend and shift style accordingly. Therefore, accurately identifying and predicting each manager’s investment style proves critically valuable.

In addition, transaction data probably provides the most reliable source of information in observing and evaluating an investment manager’s style and strategy, in the middle of the investment process.

Despite the efficacy of traditional return attribution methodology, there are clear limitations. The current study proposes a novel return attribution methodology, by synthesizing major portfolio strategy components, such as risk exposure adjustment, sector rotation, stock selection, altogether. Our novel methodology reveals that investment managers do not obtain much abnormal returns through risk exposure adjustment or sector rotation. Instead, Chinese investment managers seem to enjoy most of their excess returns through stock selection.

In addition, we find several interesting patterns in Chinese A-share market: 1). There is a negative relationship between asset under management (AUM) and investment performance, beyond certain AUM threshold; 2). There are limited benefits from style switching in the long run; 3). Many investment managers use CSI 300 component stocks as portfolio ballast and speculate with CSI500 and Medium-and-Small board component stocks for excess returns; 4). There is no systematic negative relationship between portfolio turnover and investment performance; despite negative relationship within certain sub-samples and sectors; 5). It is plausible to construct out-performing portfolios with style index funds and ETFs.

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Agent

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Date Created
2016

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A Case Study of Credit Risk Analysis and Modeling for SMEs -In an Internet Finance Setting

Description

In the last two years, China’s booming of Internet Finance Platform made significant impacts on three dimensions. Compared with the conventional market, Internet Finance is asserted to open a revolutionary pathway of lending where by small and mid-sized companies may

In the last two years, China’s booming of Internet Finance Platform made significant impacts on three dimensions. Compared with the conventional market, Internet Finance is asserted to open a revolutionary pathway of lending where by small and mid-sized companies may overcome the financing dilemma on credit accessibility and high cost. In other words, Internet Finance is hyped to be able to reduce information asymmetry, enhance allocation efficiency of resources, and promote product and process innovations for the financial institutions. However, the core essence of Internet Finance rests on risk assessment and control – a fundamental element applies to all forms of financing. Most current practice of internet finance on risk assessment and control remains unchanged from the mindset of traditional banking practices for small and medium sized firms. Hence, the same problems persisted and may only become even worse under the internet finance platform if no innovations take place.

In this thesis, the author proposed and tested a credit risk assessment model using data analytics techniques through an in-depth cases study with actual transaction data. Specifically, based on the 30,000 observations collected from actual transactional data from small and medium size firms of China’s home furnishing industry. The preliminary results are promising in spite of the limitations. The thesis concludes with the findings of relevance to improve the current practices and suggests areas of future research.

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Agent

Created

Date Created
2016

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Research on Factors Influencing Individual’s Behavior of Energy Management

Description

With the rapid rise of distributed generation, Internet of Things, and mobile Internet, both U.S. and European smart home manufacturers have developed energy management solutions for individual usage. These applications help people manage their energy consumption more efficiently. Domestic manufacturers

With the rapid rise of distributed generation, Internet of Things, and mobile Internet, both U.S. and European smart home manufacturers have developed energy management solutions for individual usage. These applications help people manage their energy consumption more efficiently. Domestic manufacturers have also launched similar products.

This paper focuses on the factors influencing Energy Management Behaviour (EMB) at the individual level. By reviewing academic literature, conducting surveys in Beijing, Shanghai and Guangzhou, the author builds an integrated behavioural energy management model of the Chinese energy consumers. This paper takes the vague term of EMB and redefines it as a function of two separate behavioural concepts: Energy Management Intention (EMI), and the traditional Energy Saving Intention (ESI).

Secondly, the author conducts statistical analyses on these two behavioural concepts. EMI is the main driver behind an individual’s EMB. EMI is affected by Behavioural Attitudes, Subjective Norms, and Perceived Behavioural Control (PBC). Among these three key factors, PBC exerts the strongest influence. This implies that the promotion of the energy management concept is mainly driven by good application user experience (UX). The traditional ESI also demonstrates positive influence on EMB, but its impact is weaker than the impacts arising under EMI’s three factors. In other words, the government and manufacturers may not be able to change an individual's energy management behaviour if they rely solely on their traditional promotion strategies. In addition, the study finds that the government may achieve better promotional results by launching subsidies to the manufacturers of these kinds of applications and smart appliances.

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Agent

Created

Date Created
2016

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It's not all about the music: digital goods, social media, and the pressure of peers

Description

Social media offers a powerful platform for the independent digital content producer community to develop, disperse, and maintain their brands. In terms of information systems research, the broad majority of the work has not examined hedonic consumption on Social Media

Social media offers a powerful platform for the independent digital content producer community to develop, disperse, and maintain their brands. In terms of information systems research, the broad majority of the work has not examined hedonic consumption on Social Media Sites (SMS). The focus has mostly been on the organizational perspectives and utilitarian gains from these services. Unlike through traditional commerce channels, including e-commerce retailers, consumption enhancing hedonic utility is experienced differently in the context of a social media site; consequently, the dynamic of the decision-making process shifts when it is made in a social context. Previous research assumed a limited influence of a small, immediate group of peers. But the rules change when the network of peers expands exponentially. The assertion is that, while there are individual differences in the level of susceptibility to influence coming from others, these are not the most important pieces of the analysis--unlike research centered completely on influence. Rather, the context of the consumption can play an important role in the way social influence factors affect consumer behavior on Social Media Sites. Over the course of three studies, this dissertation will examine factors that influence consumer decision-making and the brand personalities created and interpreted in these SMS. Study one examines the role of different types of peer influence on consumer decision-making on Facebook. Study two observes the impact of different types of producer message posts with the different types of influence on decision-making on Twitter. Study three will conclude this work with an exploratory empirical investigation of actual twitter postings of a set of musicians. These studies contribute to the body of IS literature by evaluating the specific behavioral changes related to consumption in the context of digital social media: (a) the power of social influencers in contrast to personal preferences on SMS, (b) the effect on consumers of producer message types and content on SMS at both the profile level and the individual message level.

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Agent

Created

Date Created
2013

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From Preference to Choice: An Empirical Analysis of Consumer Decision Making in

Description

In this study I investigate the factors that may influence consumer preference and choice in China’s home interior decoration industry. With the fast development of information technology such as the internet in China, it becomes increasingly important to have a

In this study I investigate the factors that may influence consumer preference and choice in China’s home interior decoration industry. With the fast development of information technology such as the internet in China, it becomes increasingly important to have a more precise understanding of consumer preference and choice in home interior decoration decisions so that companies in this industry can provide better services to meet customer needs. Using survey data from a sample of potential customers and a sample of existing customers of a large home interior decoration company, I find that (1) internet has become the mostly used channel by consumers to gather information about home interior decoration, (2) design style is the most influential factor in consumers’ choice of home interior decoration company, and (3) consumers are more likely to choose home interior decoration companies to provide full services when they are between 35 to 45 years old or above 55 years old, when it is the first time for them to purchase a real estate property, and when they are located in the Eastern region of China. Findings of this study can help home interior decoration companies better understand customer needs and preferences, facilitate changes in their marketing and sales strategies, and consequently strengthen their competitive advantage.

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Agent

Created

Date Created
2015

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The significance of non-financial information to the operation of commercial banks: community banking as an example

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 relationshi

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”.

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Agent

Created

Date Created
2015

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A Model Framework to Estimate the Fraud Probability of Acquiring Merchants

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

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.

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Agent

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Date Created
2015

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Understanding the determinants of success in mobile apps markets

Description

Mobile applications (Apps) markets with App stores have introduced a new approach to define and sell software applications with access to a large body of heterogeneous consumer population. Several distinctive features of mobile App store markets including – (a) highly

Mobile applications (Apps) markets with App stores have introduced a new approach to define and sell software applications with access to a large body of heterogeneous consumer population. Several distinctive features of mobile App store markets including – (a) highly heterogeneous consumer preferences and values, (b) high consumer cognitive burden of searching a large selection of similar Apps, and (c) continuously updateable product features and price – present a unique opportunity for IS researchers to investigate theoretically motivated research questions in this area. The aim of this dissertation research is to investigate the key determinants of mobile Apps success in App store markets. The dissertation is organized into three distinct and related studies. First, using the key tenets of product portfolio management theory and theory of economies of scope, this study empirically investigates how sellers’ App portfolio strategies are associated with sales performance over time. Second, the sale performance impacts of App product cues, generated from App product descriptions and offered from market formats, are examined using the theories of market signaling and cue utilization. Third, the role of App updates in stimulating consumer demands in the presence of strong ranking effects is appraised. The findings of this dissertation work highlight the impacts of sellers’ App assortment, strategic product description formulation, and long-term App management with price/feature updates on success in App market. The dissertation studies make key contributions to the IS literature by highlighting three key managerially and theoretically important findings related to mobile Apps: (1) diversification across selling categories is a key driver of high survival probability in the top charts, (2) product cues strategically presented in the descriptions have complementary relationships with market cues in influencing App sales, and (3) continuous quality improvements have long-term effects on App success in the presence of strong ranking effects.

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Date Created
2015

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Research on critical indicators of Shanghai international financial center construction

Description

The city of Shanghai is set to become an international financial center (IFC) by 2020. To achieve this goal, it is imperative to clearly define the key characteristics of an IFC. In this study I draw from recent research on

The city of Shanghai is set to become an international financial center (IFC) by 2020. To achieve this goal, it is imperative to clearly define the key characteristics of an IFC. In this study I draw from recent research on the ranking of IFCs to develop an index of these key characteristics that can be used to assess a city’s standings as an IFC. Based on a review of prior research, I first put together a comprehensive list of the indicators that have been used to evaluate IFCs, which includes six first-level indicators and 34 second-level indicators. I then collect information on all these indicators from public sources for the following eight cities each year from 2011 to 2013: London, New York, Paris, Hong Kong, Tokyo, Singapore, Beijing and Shanghai. Next, I conduct a principal component analysis (PCA) on my data, and obtain four primary factors that contain most information of the original 34 indicators. The first factor covers 18 of the original indicators and reflects a city’s level of development in general business environment. The second factor covers 10 of the original indicators and reflects a city’s level of development in financial markets. The third factor covers three of the original indicators and reflects a city’s level of economic vitality. The fourth factor covers three of the original indicators and reflects a city’s level of the costs of living. I further calculate the composite scores for the above eight cities along these four factors, and find that these eight cities can be classified into three tiers on the basis of their scores. The first tier consists of New York and London; the second tier consists of Singapore, Hong Kong, Paris and Tokyo; and the third tier consists of Shanghai and Beijing. I also find that Shanghai has been making progress in its scores along these four factors over the last three years, especially regarding financial market development, economic vitality, and cost of living. What Shanghai needs to focus on next is to improve its business environment so that it can move up to the second tier in IFC status.

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Agent

Created

Date Created
2015