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- Genre: Doctoral Dissertation
- Creators: Gu, Bin
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 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．
ContributorsYang, Jin (Author) / Shen, Wei (Thesis advisor) / Zhang, Anmin (Committee member) / Gu, Bin (Committee member) / Arizona State University (Publisher)
Created2015
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
With years of continuous Chinese economic growth and accelerating aging population, better serving the changing demands in wealth management has become the new market development directions. As evidenced in international experiences, the embedded nature of privacy and isolation of managed assets in the trust business have demonstrated built-in consistency with the needs of high-end wealth management and inheritance; hence, trust has become a very fitting vehicle for wealth management. By 2014, total assets under trust management have reached RMB14trillion.
However, there is as yet a massive gap between the current service levels received by high net worth individuals and their requirements; a gap that is adverse in establishing a stable customer service relationship; which eventually hinders the vigorous development of the overall industry.
With modeling the gaps in service levels as the basic foundation, this paper first and foremost starts with the discussion on the issues in listening to service needs. This paper conducted customer surveys in such categories as customer expected and perceived service quality, service level design and standards, service provided in accordance with the design, and service commitment actually fulfilled. By correlation and regression analyses, this paper analyzed the characteristics of high net worth population, concluding that high net worth individuals with different gender, profession, age exhibit varying needs, preferences and other determining factors in wealth management.
This Paper has designed wealth management service standards and value-added asset allocation systems; the Paper has structured a systematic and disciplined framework in wealth management, which serves as a guideline in the implementation of leading wealth management and in the establishment of superior trust management services. It serves as an impetus for the trust industry to thrive as the leader in China’s wealth management domain, enhance industry brand image, accumulate stable customer segments and develop sustainable market core competencies.
However, there is as yet a massive gap between the current service levels received by high net worth individuals and their requirements; a gap that is adverse in establishing a stable customer service relationship; which eventually hinders the vigorous development of the overall industry.
With modeling the gaps in service levels as the basic foundation, this paper first and foremost starts with the discussion on the issues in listening to service needs. This paper conducted customer surveys in such categories as customer expected and perceived service quality, service level design and standards, service provided in accordance with the design, and service commitment actually fulfilled. By correlation and regression analyses, this paper analyzed the characteristics of high net worth population, concluding that high net worth individuals with different gender, profession, age exhibit varying needs, preferences and other determining factors in wealth management.
This Paper has designed wealth management service standards and value-added asset allocation systems; the Paper has structured a systematic and disciplined framework in wealth management, which serves as a guideline in the implementation of leading wealth management and in the establishment of superior trust management services. It serves as an impetus for the trust industry to thrive as the leader in China’s wealth management domain, enhance industry brand image, accumulate stable customer segments and develop sustainable market core competencies.
ContributorsZhao, Nuan (Author) / Wang, Jiang (Thesis advisor) / Gu, Bin (Thesis advisor) / Chang, Chun (Committee member) / Arizona State University (Publisher)
Created2015
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 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.
ContributorsWang, Weiren, Ph.D (Author) / Yao, David (Thesis advisor) / Gu, Bin (Thesis advisor) / Chen, Hong (Committee member) / Arizona State University (Publisher)
Created2015
Description
By collecting and analyzing more than two million tweets, U.S. House Representatives’ voting records in 111th and 113th Congress, and data from other resources I study several aspects of adoption and use of Twitter by Representatives. In the first chapter, I study the overall impact of Twitter use by Representatives on their political orientation and their political alignment with their constituents. The findings show that Representatives who adopted Twitter moved closer to their constituents in terms of political orientation.
By using supervised machine learning and text mining techniques, I shift the focus to synthesizing the actual content shared by Representatives on Twitter to evaluate their effects on Representatives’ political polarization in the second chapter. I found support for the effects of repeated expressions and peer influence in Representatives’ political polarization.
Last but not least, by employing a recently developed dynamic network model (separable temporal exponential-family random graph model), I study the effects of homophily on formation and dissolution of Representatives’ Twitter communications in the third chapter. The results signal the presence of demographic homophily and value homophily in Representatives’ Twitter communications networks.
These three studies altogether provide a comprehensive picture about the overall consequences and dynamics of use of online social networking platforms by Representatives.
By using supervised machine learning and text mining techniques, I shift the focus to synthesizing the actual content shared by Representatives on Twitter to evaluate their effects on Representatives’ political polarization in the second chapter. I found support for the effects of repeated expressions and peer influence in Representatives’ political polarization.
Last but not least, by employing a recently developed dynamic network model (separable temporal exponential-family random graph model), I study the effects of homophily on formation and dissolution of Representatives’ Twitter communications in the third chapter. The results signal the presence of demographic homophily and value homophily in Representatives’ Twitter communications networks.
These three studies altogether provide a comprehensive picture about the overall consequences and dynamics of use of online social networking platforms by Representatives.
ContributorsMosuavi, Seyedreza (Author) / Gu, Bin (Thesis advisor) / Vinzé, Ajay S. (Committee member) / Shi, Zhan (Michael) (Committee member) / Arizona State University (Publisher)
Created2016
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.
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.
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.
ContributorsZhan, Yuyin (Author) / Gu, Bin (Thesis advisor) / Wang, Jiang (Thesis advisor) / Wang, Tan (Committee member) / Arizona State University (Publisher)
Created2016
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 recent changes in the software markets gave users an unprecedented number
of alternatives for any given task. In such a competitive environment, it is imperative
to understand what drives user behavior. To that end, the research presented in
this dissertation, tries to uncover the impact of business strategies often used in the
software markets.
The dissertation is organized into three distinct studies into user choice and post
choice use of software. First using social judgment theory as foundation, zero price
strategies effects on user choice is investigated, with respect to product features,
consumer characteristics, and context effects. Second, role of social features in
moderating network effects on user choice is studied. And finally, the role of social
features on the effectiveness of add-on content strategy on continued user engagement
is investigated.
The findings of this dissertation highlight the alignments between popular business
strategies and broad software context. The dissertation contributes to the litera-
ture by uncovering hitherto overlooked complementarities between business strategy
and product features: (1) zero price strategy enhances utilitarian features but not
non-utilitarian features in software choice, (2) social features only enhance network
externalities but not social influence in user choice, (3) social features enhance the
effect of add-on content strategy in extending software engagement.
of alternatives for any given task. In such a competitive environment, it is imperative
to understand what drives user behavior. To that end, the research presented in
this dissertation, tries to uncover the impact of business strategies often used in the
software markets.
The dissertation is organized into three distinct studies into user choice and post
choice use of software. First using social judgment theory as foundation, zero price
strategies effects on user choice is investigated, with respect to product features,
consumer characteristics, and context effects. Second, role of social features in
moderating network effects on user choice is studied. And finally, the role of social
features on the effectiveness of add-on content strategy on continued user engagement
is investigated.
The findings of this dissertation highlight the alignments between popular business
strategies and broad software context. The dissertation contributes to the litera-
ture by uncovering hitherto overlooked complementarities between business strategy
and product features: (1) zero price strategy enhances utilitarian features but not
non-utilitarian features in software choice, (2) social features only enhance network
externalities but not social influence in user choice, (3) social features enhance the
effect of add-on content strategy in extending software engagement.
ContributorsKanat, Irfan (Author) / Santanam, Raghu (Thesis advisor) / Vinze, Ajay (Thesis advisor) / Gu, Bin (Committee member) / Arizona State University (Publisher)
Created2016
Description
Given the "New Nine Measures" for capital market reform, a policy document issued by the State Council of China, the development of markets for interest rate derivatives, such as treasury futures, becomes an increasingly important task. Several shortcomings of the existing treasury futures market have been noted: including low market liquidity, singular investor composition, restrict contract terms, and low hedging demand.
This study contributes to a better understanding of the treasury futures market by analyzing changes in China treasury futures market regulations and their impact on market liquidity of treasury futures. Found that compared with the mature market, China treasury futures market exists liquidity shortage, the trading system, market structure and the division of regulatory are factors which influence the liquidity of China treasury futures market.
This study found that reducing transaction costs for further optimization of the width and depth of China treasury futures market are not obvious by using quantitative analysis method, expanding the smallest change price can optimize the market depth, reducing transaction costs and expanding smallest change price can optimize the immediacy, volume and hosting amount. In addition, the bond market will also influence the treasury futures market, the price fluctuations and the morphology of the yield curve of bond market have significant influence on width, depth and holdings of market.
The system of China treasury futures market needs to be optimized by expanding the smallest change price and reducing transaction costs. The market structure needs to be optimized by establishing unified bond market and enriching investor structure.
These findings have significant theoretical and practical implications. The study also provides policy recommendations for the design and establishment of treasury futures market to the regulatory agencies.
This study contributes to a better understanding of the treasury futures market by analyzing changes in China treasury futures market regulations and their impact on market liquidity of treasury futures. Found that compared with the mature market, China treasury futures market exists liquidity shortage, the trading system, market structure and the division of regulatory are factors which influence the liquidity of China treasury futures market.
This study found that reducing transaction costs for further optimization of the width and depth of China treasury futures market are not obvious by using quantitative analysis method, expanding the smallest change price can optimize the market depth, reducing transaction costs and expanding smallest change price can optimize the immediacy, volume and hosting amount. In addition, the bond market will also influence the treasury futures market, the price fluctuations and the morphology of the yield curve of bond market have significant influence on width, depth and holdings of market.
The system of China treasury futures market needs to be optimized by expanding the smallest change price and reducing transaction costs. The market structure needs to be optimized by establishing unified bond market and enriching investor structure.
These findings have significant theoretical and practical implications. The study also provides policy recommendations for the design and establishment of treasury futures market to the regulatory agencies.
ContributorsMa, Jun (Author) / Gu, Bin (Thesis advisor) / Chen, Hong (Thesis advisor) / Wang, Tan (Committee member) / Arizona State University (Publisher)
Created2016
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 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.
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.
ContributorsFan, Yanfeng (Author) / Gu, Bin (Thesis advisor) / Chen, Hong (Committee member) / Chen, Xiaoping (Committee member) / Arizona State University (Publisher)
Created2016