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- Genre: Doctoral Dissertation
- Creators: Gu, Bin
Description
The discussion on the question of integrity has a long history. It is regarded as an important research proposition in the fields of Chinese and Western philosophy, law, sociology, ethics, management and economics. Even though the research results are combined with each other for reference, there is still a lack of comprehensive analysis and empirical study on integrity. In the process of transition from planned economy to market economy, a series of problems have arisen. The problem of dishonesty has caused huge losses to the society as a whole. Therefore, it is of great theoretical and practical importance to conduct a quantitative analysis on the topic of trustworthiness, and investigate the relationship between trustworthiness and the economy.
This paper adopts a game theory model to analyze the reasons for corporate dishonesty, and the problem faced by the regulators. Based on the results from the model, we clarify the duties of various subjects (enterprises, governments and credit organizations) in the construction of a society with integrity.
Then, we analyze different cases of dishonesty and point out the channels through which the economy would be affected by the problem of dishonesty. (1) as an institution, integrity helps reduce the transaction cost and prompt market efficiency; (2) integrity serves as a production factor that influences the economy; (3) integrity will affect the economy by influencing the ability of small and medium enterprises to borrow.
Finally, after we establish the relationship between integrity and the market economy, we use survey data to conduct an empirical analysis on the development of integrity in China. The survey data allow us to build a cycle of integrity risk, and identify the current position in the cycle. Besides, we also compare the region difference regarding integrity, which supports the idea that integrity matters for the economic development.
Because the questionnaires are the only way to obtain the data that can be analyzed at present, the paper not only fills in the research gap caused by the lack of data, but also jumps out of the existing research methods, and enriches the empirical work for the study of integrity.
This paper adopts a game theory model to analyze the reasons for corporate dishonesty, and the problem faced by the regulators. Based on the results from the model, we clarify the duties of various subjects (enterprises, governments and credit organizations) in the construction of a society with integrity.
Then, we analyze different cases of dishonesty and point out the channels through which the economy would be affected by the problem of dishonesty. (1) as an institution, integrity helps reduce the transaction cost and prompt market efficiency; (2) integrity serves as a production factor that influences the economy; (3) integrity will affect the economy by influencing the ability of small and medium enterprises to borrow.
Finally, after we establish the relationship between integrity and the market economy, we use survey data to conduct an empirical analysis on the development of integrity in China. The survey data allow us to build a cycle of integrity risk, and identify the current position in the cycle. Besides, we also compare the region difference regarding integrity, which supports the idea that integrity matters for the economic development.
Because the questionnaires are the only way to obtain the data that can be analyzed at present, the paper not only fills in the research gap caused by the lack of data, but also jumps out of the existing research methods, and enriches the empirical work for the study of integrity.
ContributorsWang, Weiming (Author) / Gu, Bin (Thesis advisor) / Qian, Jun (Thesis advisor) / Chen, Hong (Committee member) / Arizona State University (Publisher)
Created2017
Description
After the 2008 financial crisis, along with information technology and its application
innovation into the burst period, Shared faster economic growth, and then entered into a
rapid expansion in 2014, quickly penetrate into many areas and market segments.
As the securities industry practitioners and Internet financial practitioners, I am
very concerned about sharing economic model in the development of securities
investment niche. As the Internet and mobile penetration rate rise in recent years, the
Internet financial in the rapid development of our country, investors get used for
investment decision-making information via the Internet. Internet social investment
sharing platform based on knowledge sharing and rapid development, has formed
"opinion leaders", "combined with", "automated financial innovation model". The
emergence of these new patterns, provide investors with investment of knowledge sharing,
the investors behavior changes, many small and medium-sized investors into social
sharing platform for the combination of investment talent information and follow orders,
and centered on investment talent view form fan interaction.
This article around the "Shared economic environment on the impact of portfolio
share on investor behavior research," the theme, the relevant literature and resources, and
to detect Shared economic environment provided by the social share portfolio, whether to
change the traditional information decision and disadvantages of small and medium-sized
investors, whether really improved the small and medium-sized investors return on
investment, its conclusion try to explain the traditional period research literature on active
investment and passive investment, the relevant conclusions of small and medium-sized
investors and institutional investors, sharing in the Internet the rapid development of
economic period is changed.
innovation into the burst period, Shared faster economic growth, and then entered into a
rapid expansion in 2014, quickly penetrate into many areas and market segments.
As the securities industry practitioners and Internet financial practitioners, I am
very concerned about sharing economic model in the development of securities
investment niche. As the Internet and mobile penetration rate rise in recent years, the
Internet financial in the rapid development of our country, investors get used for
investment decision-making information via the Internet. Internet social investment
sharing platform based on knowledge sharing and rapid development, has formed
"opinion leaders", "combined with", "automated financial innovation model". The
emergence of these new patterns, provide investors with investment of knowledge sharing,
the investors behavior changes, many small and medium-sized investors into social
sharing platform for the combination of investment talent information and follow orders,
and centered on investment talent view form fan interaction.
This article around the "Shared economic environment on the impact of portfolio
share on investor behavior research," the theme, the relevant literature and resources, and
to detect Shared economic environment provided by the social share portfolio, whether to
change the traditional information decision and disadvantages of small and medium-sized
investors, whether really improved the small and medium-sized investors return on
investment, its conclusion try to explain the traditional period research literature on active
investment and passive investment, the relevant conclusions of small and medium-sized
investors and institutional investors, sharing in the Internet the rapid development of
economic period is changed.
ContributorsMa, Gang (Author) / Gu, Bin (Thesis advisor) / Yan, Hong (Thesis advisor) / Shen, Wei (Committee member) / Arizona State University (Publisher)
Created2017
Description本文对中国制药企业并购溢价影响因素进行了研究，提出了对制药企业并购非常重要的两个新的影响因素：可生产药品批文和在研新药批文。本文以2011年1月—2019年12月间我国制药行业上市公司并购事件为样本，对在研新药和可生产药品批文的价值从四个维度度量：是否有在研新药和可生产药品批文；在研新药数量及可生产药品批文数量；根据创新药和仿制药两个类别进行细分；标的企业所拥有的在研新药和可生产药品批文的市场价值。论文发现药品批文对企业并购溢价的影响不是很显著。进一步的，本文探究了药品批文对主并企业的对被并购公司的估值的影响。实证结果表明，我国制药企业在并购估值时确实会考虑到在研新药和可生产药品批文的价值。本文还发现对于可生产药品来说，相对创新药，被并购公司持有的仿制药批文影响更显著。而对于在研新药来说，主并企业更看重在研的创新药，在研仿制药对并购估值的影响不大。最后，本文选取了两个代表性案例进一步分析和探讨药品批文对企业并购的影响。
ContributorsYe, Tao (Author) / Shen, Wei (Thesis advisor) / Chang, Chun (Thesis advisor) / Jiang, Zhan (Committee member) / Gu, Bin (Committee member) / Arizona State University (Publisher)
Created2022
Description
The advancement of information and communication technology (ICT) has significantly transformed how people communicate and obtain information in both their personal and professional lives. In the realm of digitally-facilitated social interaction, this dissertation calls for attention to the importance of information technology artifacts (IT artifacts) on social welfare by showcasing that the careful design and usage of IT artifacts have the potential to enhance the effectiveness, efficiency, and fairness of social interactions. The first study centers around addressing the cold-start issue that often arises when new products are introduced. Specifically, I investigate how machine-generated content can enhance the equity of new products. Analyzing data from Kaggle.com, my research demonstrates that the use of machine-generated content is effective in tackling the cold-start problem by increasing the adoption of the product in the initial phase. Additionally, my findings reveal that machine-generated content can also reduce information asymmetry for users regarding the datasets or associated providers. As a result, these outcomes provide strong evidence supporting the use of machine-generated content to enhance equity in online communities. The second research investigates the impact of a platform’s decision to impose application fees on enhancing the quality of matching results in an online labor market. Based on data obtained from Freelancer.com, my analysis demonstrates that the implementation of application costs serves as a motivator for workers to submit fewer but more selective bids. This, in turn, increases the likelihood of employers offering contracts, as workers are less likely to apply casually or without much thought. Overall, these results indicate that application costs can enhance the efficiency of the matching process. In the third study, I examine whether gender differences exist in telework adjustment as a response to disasters and to what extent such adjustments can help reduce gender inequality, using the COVID-19 pandemic as an example. The study's findings reveal the following: 1) Female workers exhibit a higher rate of telework adjustment than their male counterparts by 7% after accounting for differences in job sorting, and female workers are more responsive to external constraints. 2) Telework adjustment can help mitigate gender inequality in the labor market.
ContributorsHou, Jingbo (Author) / Chen, Pei-Yu (Thesis advisor) / Gu, Bin (Committee member) / Hong, Yili (Kevin) (Committee member) / Arizona State University (Publisher)
Created2023
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 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.
ContributorsZhou, Ye (Author) / Chen, Hong (Thesis advisor) / Gu, Bin (Thesis advisor) / Chao, Xiuli (Committee member) / Arizona State University (Publisher)
Created2015
Description
Private placement is an important financing tool for listed companies in China, and the lock-up arrangement is its supporting system. The Efficient Market Hypothesis suggests that, if investor expectations are unbiased, there will be no abnormal fluctuations in the stock prices of listed companies before and after the unlocking day. However, around the time of the unlocking of private placement shares, the stock prices generally show a V-shaped pattern.
Through the empirical analysis of the Chinese A-share stocks from May 8th,2006 to December 31st, 2016, I found that from the 40th day before the unlocking day to the 90th day after, the stock price showed an evident first-downward-then upward trend. The lowest price appeared near the unlocking day. Meanwhile, the greater stocks fall before the unlocking day, the greater prices rise after that. The characteristics of the distinctive difference between the stock prices before and after the unlocking day can provide investment opportunities.
By reviewing research on investor behavior, this paper suggests that the V-shaped pattern can be explained by the influence of investors’ psychological factors on their trading behavior. The general performance of the stocks before the unlocking day is negative due to the increasing uncertainty perceived by investors. After the unlocking day, the uncertainty gradually disappears and the stock rebounds. In addition, I found that stock returns during the lock-up period, shareholder background, and the length of lock-up period also had significant impacts on the V-shaped price trend.
Through the empirical analysis of the Chinese A-share stocks from May 8th,2006 to December 31st, 2016, I found that from the 40th day before the unlocking day to the 90th day after, the stock price showed an evident first-downward-then upward trend. The lowest price appeared near the unlocking day. Meanwhile, the greater stocks fall before the unlocking day, the greater prices rise after that. The characteristics of the distinctive difference between the stock prices before and after the unlocking day can provide investment opportunities.
By reviewing research on investor behavior, this paper suggests that the V-shaped pattern can be explained by the influence of investors’ psychological factors on their trading behavior. The general performance of the stocks before the unlocking day is negative due to the increasing uncertainty perceived by investors. After the unlocking day, the uncertainty gradually disappears and the stock rebounds. In addition, I found that stock returns during the lock-up period, shareholder background, and the length of lock-up period also had significant impacts on the V-shaped price trend.
ContributorsZhang, Hongwei (Author) / Zhu, Hongquan (Thesis advisor) / Yan, Hong (Thesis advisor) / Gu, Bin (Committee member) / Arizona State University (Publisher)
Created2018
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 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.
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.
ContributorsZhang, Qi (Author) / Pei, Ker-Wei (Thesis advisor) / Gu, Bin (Thesis advisor) / Cui, Haitao (Committee member) / Arizona State University (Publisher)
Created2016
Description
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.
ContributorsAn, Hongjun (Author) / Pei, Ker-Wei (Thesis advisor) / Chen, Hong (Thesis advisor) / Gu, Bin (Committee member) / Arizona State University (Publisher)
Created2016
Description
As an alternative to the traditional public transportation system, (urban) rail transit has many advantages such as large capacity, fast speed, tight schedule, safety and comfort, and punctuality, , and has gradually become a top choice of many cities in countering environmental pollution and optimizing traffic quality. At the same time, we must also see that huge amounts of capital are required for the construction of rail transit. The traditional reliance on government investment clearly has its own limitations. The investment not only has a long cost-recovery cycle and a low rate of return, but also hardly attracts investments from the private sector. Therefore, when the government vigorously promotes the construction of a rail transit system, it is generally faced with problems such as a large funding gap and an overall financial loss. Therefore, how to establish a reasonable and efficient mode of investment and financing and further broaden the financing channels for rail transit projects is of great practical significance for improving the profitability of rail transit enterprises and realizing the sustainable development of rail transit. This thesis attempts to study the issue, in general, and further exmines a detailed case study of metro rail transit in a Chinsese city (city A), in particular.
The thesis first studies the concept and attributes of urban rail transit, and analyzes four modes and corresponding cases of urban rail transit investment and financing., It then discusses the characteristics of investment and financing of urban rail transit projects and the concept of investment and financing. Moreover, this thesis focuses on the current situation, characteristics and challenges of city A’s rail transit construction,. More specifically, it takes an in-depth look at the financial planning, investment and financing planning and the investment and financing channels products. The study innovatively puts forward three models, namely, PPP, TOD, ABS of rail transit investment and financing products. Based on the AHP decision-making method, the study shows PPP as the optimal integrated choice for city A. Finally, based on the core issues of the domestic urban rail transit project investment and financing, this thesis analyzes the rationality of the PPP model thoroughly and comes up with some managerial and policy suggestions on how to further optimize the investment and financing of the urban rail transit construction from the perspectives of the government management and the rail transit enterprises
The thesis first studies the concept and attributes of urban rail transit, and analyzes four modes and corresponding cases of urban rail transit investment and financing., It then discusses the characteristics of investment and financing of urban rail transit projects and the concept of investment and financing. Moreover, this thesis focuses on the current situation, characteristics and challenges of city A’s rail transit construction,. More specifically, it takes an in-depth look at the financial planning, investment and financing planning and the investment and financing channels products. The study innovatively puts forward three models, namely, PPP, TOD, ABS of rail transit investment and financing products. Based on the AHP decision-making method, the study shows PPP as the optimal integrated choice for city A. Finally, based on the core issues of the domestic urban rail transit project investment and financing, this thesis analyzes the rationality of the PPP model thoroughly and comes up with some managerial and policy suggestions on how to further optimize the investment and financing of the urban rail transit construction from the perspectives of the government management and the rail transit enterprises
ContributorsHu, Huihua (Author) / Gu, Bin (Thesis advisor) / Zhang, Anmin (Thesis advisor) / Zheng, Zhiqiang (Committee member) / Arizona State University (Publisher)
Created2018
Description
Under the background of the "new normal" of China's economy and the contraction of traditional financial sector, the development of Internet finance provides new financing channels for SMEs and individual financial needs. But with rapid development of the Internet finance, the overall risk also appears gradually as well as the platform differentiation appears more evidently. China's Internet financial industry enters the stage of standardization development. In order to effectively prevent and resolve Internet financial risks and create a good internet financial environment, we need to identify the risk factors of Internet financial industry. Through reference carding of the existing literature, this paper proposes a research hypothesis that the industrial economic background is negatively related to the operating risk of the Internet financial platform. After descriptive statistical analysis of the current situation of the Internet financial industry in China, this paper collects 600 P2P net-lending platforms data manually, and uses Probit model to test the research hypothesis. Ceteris paribus, the result show that compared with the platform without industrial economic background, the risk probability of the industrial economic background platform will be reduced by 6.5 percentage points， and there is no regional difference in this result. This paper explains the result from two layers which are the relieving information asymmetry and the platform’s reputation mechanism. The study also finds that in addition to the industrial economic background, the P2P platform's registered capital, operation time, whether the platform funds have the corresponding third-party guarantee and the information disclosure of platform executives will significantly reduce business risk probability of the platforms. The above research conclusions also passed the robust test. Finally, this paper makes a case analysis of the two Internet Financial platforms in Suning Finance and Tuniu Finance, which have different industrial economic background and mode of operation. It also summarizes the risk control system.
ContributorsSheng, Yuxin (Author) / Gu, Bin (Thesis advisor) / Zhang, Anmin (Thesis advisor) / Jiang, Zhan (Committee member) / Arizona State University (Publisher)
Created2018