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Description
This study investigates the relation between credit supply competition among banks and their clients’ conditional accounting conservatism (i.e., asymmetric timely loss recognition). The Interstate Banking and Branching Efficiency Act (IBBEA) of 1994 permits banks and bank holding companies to expand their business across state lines, introducing a positive shock to

This study investigates the relation between credit supply competition among banks and their clients’ conditional accounting conservatism (i.e., asymmetric timely loss recognition). The Interstate Banking and Branching Efficiency Act (IBBEA) of 1994 permits banks and bank holding companies to expand their business across state lines, introducing a positive shock to credit supply competition in the banking industry. The increase in credit supply competition weakens banks’ bargaining power in the negotiation process, which in turn may weaken their ability to demand conservative financial reporting from borrowers. Consistent with this prediction, results show that firms report less conservatively after the IBBEA is passed in their headquartered states. The effect of the IBBEA on conditional conservatism is particularly stronger for firms in states with a greater increase in competition among banks, firms whose operations are more concentrated in their headquarter states, firms with greater financial constraints, and firms subject to less external monitoring. Robustness tests confirm that the observed decline in conditional conservatism is causally related to the passage of IBBEA. Overall, this study highlights the impact of credit supply competition on financial reporting practices.
ContributorsHuang, Wei (Author) / Li, Yinghua (Thesis advisor) / Huang, Xiaochuan (Committee member) / Kaplan, Steve (Committee member) / Arizona State University (Publisher)
Created2018
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Description摘要

当前中国农村集体经济呈现出后劲不足、区域失衡等问题。在此背景下,如何破解集体经济发展困境、实现其从梯度到均衡的演进成为学术领域关注的热点。本文梳理总结了国内外集体经济的相关研究成果,阐述了主要涉及的基础概念、理论和方法模型;以2008~2015年无锡市滨湖区92个村为研究样本,分析了该区域集体经济的发展现状和演变进程;构建面板回归模型,探索了该区域集体经济发展的驱动因素与分布不平衡性;并从空间关联视角切入,探索了驱动因素的溢出效应;最后基于研究结果提出对策建议。主要结论如下:

(1)2008~2015年,92个村的村级集体经济发展整体呈现上升趋势,但地区间的贫富差距明显;2008年、2011年和2015年92个村按村级集体经济总收入可划分为高、中、低3类,并且在不同时段,各等级间的村级集体单位会相互迁移;集体经济收入呈现明显的右偏分布,尖峰厚尾的特征显著。随着时间的推移,集体经济发展出现了“双峰趋同”的现象。

(2)普通面板回归显示,物质资本、经济工作能力、科技进步对于村级集体经济发展有正向的依次减弱的影响,人口数量的影响为负;面板分位数回归显示,随着分位数水平的提高,物质资本系数先上升、后下降再上升;经济工作能力系数逐渐减小;人口规模系数先下降后上升;科技进步系数波动上升。

(3)空间计量结果显示,各变量对于村级集体经济发展具有一定的溢出效应,其中,物质资本的溢出效应为正(不显著),经济工作能力的溢出效应为正(显著),人口因素的溢出效应为负(不显著),科技进步的溢出效应为正(显著)。

本文的创新之处在于使用较难获取的2008-2015年92个村面板数据进行回归,相比于截面数据,更准确地测度了各要素对集体经济的真实影响;将空间关联因素纳入研究视域,探究了村级集体经济驱动因素的空间溢出效应。
ContributorsJin, Liang (Author) / Gu, Bin (Thesis advisor) / Zhang, Anmin (Thesis advisor) / Zhu, Qigui (Committee member) / Arizona State University (Publisher)
Created2019
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Description当前,上市公司的盈余管理问题已是我国资本市场中普遍存在的突出问题。一般来说,一些企业为了满足资本市场对于上市、增发等条件的要求,以及为有效推动企业的并购、重组等行为的顺利实现,甚至为了谋求公司管理层的个别利益,往往运用盈余管理等举措实施公司财报及关键指标的粉饰修正,让不知情的股民蒙受一定的损失。普遍分析显示,我国股市中民营企业比其他企业遭遇的问题和压力更多、更大、更突出,因此民营企业从客观上来说拥有更强的盈余管理动机。而从当前我国资本市场的实际情况来看,我国相关专家学者对盈余管理的系统性深入研究,一般都瞄准了上市企业群体或持续亏损企业,对盈余管理的研究不系统、不全面、不深入,这将对我国进一步提升盈余管理监管水平构成一定不利影响。当前,由于我国民企在自身管理及发展动力方面的特殊性,我国民企的管理、盈余管理特点和国外上市公司还存在着很大的不同,进一步深入研究我国民企上市公司自身管理方面的突出特点,以及其对企业盈余管理等方面的深层次影响,有助于监管层对症下药,更有针对性地研究出台全新的监管措施,进一步提升管理水平。这还可以为公司发展的决策层及相关会计信息使用人员提供一定的决策参考, 因此其拥有十分重要的意义。

本文首先认真总结分析了有关上市企业治理结构和盈余管理等方面的历史文献资料,依托当前资本市场上普遍运用的委托代理、内部人控制和契约等理论,系统研究了我国民企上市公司在自身治理结构方面的突出特征以及其对盈余管理方面所构成影响的深层次原理。在此基础上,本文通过2015-2017年我国上市企业数据,基于截面Jones模型对民营企业和非民营企业盈余管理程度进行测算和比较分析,发现民营企业盈余管理程度更高;从四个层面系统研究民企公司自身的治理结构突出特点,设立回归模型论证了民营企业独特的公司治理结构特征对盈余管理程度确实会产生影响;最后,本文进一步利用修正的费尔萨姆一奥尔森估价模型对民营上市公司盈余管理有公司价值的关系进行了验证,发现两者具有显著相关性。
ContributorsChen, Hui (Author) / Shen, Wei (Thesis advisor) / Chang, Chun (Thesis advisor) / Huang, Xiaochuan (Committee member) / Arizona State University (Publisher)
Created2019
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Description本文采用2010年1月1日至2017年12月31日在香港主板IPO上市的共574家公司作为研究样本,系统采集包括与发行人、承销商、投资人、发行热度、市场每日交易数据等相关的数据近100项,对超额配售选择权在香港IPO中的实际效用进行实证研究,研究发现:1)超额配售选择的确可以起到提高发行价格,降低IPO抑价率的作用,但是同时也是破发的主要原因。2)由超额配售选择权赋予承销商稳价行为中,市场买入量越大,最大回撤越大,市场下跌风险越大同时超额配售选择权还导致了最大回撤日的推后,增大了稳价结束后的市场风险,而这很有可能是由于承销商追求更高利益造成的。3)没有证据显示,超额配售选择权会降低承销商的佣金比例,但是,超额配售选择权却为承销商带来非常高的额外收益,而这个收益与市场下跌幅度和承销商从市场购买股份的比例直接相关。

其中,本文首次对最大回撤率、最大回撤日与承销商市场买入量之间的关系进行实证研究,揭示了承销商市场买入量与承销商收益正相关,与最大回撤率负相关,与最大回撤日正相关的关系,可能是增加市场下跌风险的因素。这与现有理论中及监管机构的预期中,“超额配售选择权具有向上稳定价格的作用”是有一定偏差的。

根据研究结果,本文首先建议发行人要客观对待超额配售选择权提升发行价格的作用,以免引起破发。其次建议市场投资人要客观认识超额配售选择权的作用,不要由于超额配售选择权的存在给与发行过高的认同价格。再次建议发行人要能够认识到超额配售选择权是承销商零成本获得的一个有固定收益保障的看空期权,是承销商在承销IPO时的收益之一,而股价下跌幅度与承销商的收益正相关。因此要对承销商的稳价行为进行一定管控,同时可以因为超额配售选择权的存在而要求更低的承销佣金比例。最后建议承销商要维护市场公平,爱护自己的声誉,尽可能避免因超额配售选择权的使用对市场造成不应有的干扰。
ContributorsXie, Hui (Author) / Gu, Bin (Thesis advisor) / Yan, Hong (Thesis advisor) / Jiang, Zhan (Committee member) / Arizona State University (Publisher)
Created2019
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Description本论文研究的目的是针对银行卡跨境支付行为,根据不同的跨境支付渠道,结合资金清算的不同模式下的资金清算效率进行研究,并对现有清算系统内,运用理论和模型,对如何提高银行卡跨境资金清算进行阐述分析,力图在现有跨境资金清算金融设施的基础上,对银行卡跨境资金清算的流动性管理、头寸控制、增加清算周期等因素进行研究分析,进而尝试提出清算机制和流程的优化设计,以促进跨境资金提高周转效率,节约社会交易成本和持卡人资金成本。

论文将对相关银行卡跨境支付、清算基本流程、涉及的相关系统进行说明,并对全球和世界主要国家的银行卡市场进行介绍,结合我国银行卡跨境业务的现状、跨境支付清算涉及的主要环节、清算系统,通过不同层次、不同模型的分类比对,提出提高银行卡跨境支付资金清算的关键节点,并加以聚焦、深入测算、推导。研究的最终目的是期望通过对以上的分析,能够对银行卡资金清算参与主体对清算模式的选择、流动性节约、头寸管理等有所帮助,让清算主体能籍此对支付通道、清算模式、账户管理等选择上有所参考,促进卡组织(支付系统)籍此提高清算效率,从而降低整体交易和资金成本,提高支付行业整体资金资源的使用效率。
ContributorsZhao, Jinxing (Author) / Gu, Bin (Thesis advisor) / Zhang, Anmin (Thesis advisor) / Zheng, Zhiqiang (Committee member) / Arizona State University (Publisher)
Created2019
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Description航天产业属于技术密集型行业,现阶段中国航天的发展需要巨额资金和科研人力资本。传统航天企业内员工相较商业航天企业缺乏创新精神,“搭便车”现象严重,缺乏以创新为内在增长动力的传统航天产业,其发展持续性终究得不到满足。相比而言,国内外的商业航天企业却展现出较强的创新能力。遗憾的是,虽然航天产业的高科技属性决定了科研人员的关键角色,但目前的研究几乎没有系统地研究过不同的体制对航天产业创新的影响机制,而有限的研究也集中在讨论宏观环境对行业创新的影响。本研究将弥补这方面研究的不足,分析传统航天模式与新兴商业航天模式下科研人员创新力差别的内在动因,力求给传统航天产业的发展提供有实际意义的参考和建议。

作者自2008年加入传统航天院所从事科研工作,2014年创立中国第一家商业卫星公司,在实践中充分利用面试知识型员工的机会,并深入访谈了不同职级的科研人员,覆盖了30家商业航天公司(截至2016年上市公司54家),包括来自中国传统航天的科研院所、直属航天企业及新兴商业航天公司300余人。通过多次沟通、邮件往来等方式进一步调查研究,发现不同所有制公司的员工在组织认同度方面存在较为明显的差异。为了系统科学地理解组织认同度在航天行业内如何影响不同体制下的科研人员的创新,本研究采用问卷调查的形式收集了1200份问卷,研究在传统航天及商业航天这两种不同所有制的航天企业中,组织认同度与科研人员创新能力的关系。从实证结果来看,航天产业员工组织认同度会显著影响员工的创新绩效,组织认同度越高的员工其创新能力往往更强,员工创新绩效越高。与此同时,通过进一步研究分析发现,航天产业公司所有权属性的差异在组织认同影响员工创新能力的过程中起着调节作用。具体而言,传统航天企业中的员工,其组织认同度对其员工创新能力影响更小,商业航天公司员工创新能力受到其组织认同度的影响相对较大。

研究结果从某种程度上反映了航天领域不同所有权属性企业所具有的不同的组织文化、组织价值观与组织结构会导致其员工个体组织认同度对其创新行为的影响产生差异。从组织文化的角度出发,商业航天企业其组织文化相对于传统航天企业而言更加自由,对员工创意、创新行为限制更少,这种自由的文化刺激并提高了员工的组织认同度,使得个体创新行为的效果更加显著。另外,从组织价值观的角度而言,商业航天企业员工相对于传统航天企业员工来讲更加看重创新行为的意义,其对员工创新行为的重视使其员工组织认同度对员工取得创新绩效产生了催化作用。最后,从组织结构的角度来看,商业航天企业其管理层相对而言往往更愿意接受企业中员工的创意与创新行为,给员工留下了相当大的创新空间,这种灵活的管理方式从某种程度上也会促进组织认同度对员工创新行为产生影响。
ContributorsWang, Yang (Author) / Zhu, Hongquan (Thesis advisor) / Zhang, Anmin (Thesis advisor) / Zheng, Zhiqiang (Committee member) / Arizona State University (Publisher)
Created2019
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Description基于中国人口老龄化加速、目前人均医疗支出偏低和国内医疗器械企业以中低端产品

为主的局面,中国的医疗器械行业正面临着巨大的发展机遇,投融资活动将迎来爆发式增

长。 在此背景下, 医疗器械企业的估值研究对投融资双方都有较大的意义。

我们假设医疗器械公司的产品差异度对其公司的估值有正面影响。

产品差异度定义为:该产品区别于其他竞争性产品的独特性,由以下六个方面构成:

产品唯一性水平、先进性(器械类别、优秀国产医疗设备个数、产品的专利化程度)、利润

边际和其市场容量,并对此用 12 个指标做出了定量的估计。本研究主要的数据来源是上市

的医疗器械公司,因为这些公司的相关数据取得比较容易且数据客观性较强。我们使用一

般回归分析测量产品差异度与公司估值之间的关系。在得出正面的回归结果之后, 我们采

用双重差分分析(DID)方法,验证实际情形下新产品相关信息发布对公司股价波动的影响。

根据回归分析结果:

1、 “产生营收的产品唯一性水平”和“边际利润”与市值有显著相关性: 说明医疗器械

类企业确实是核心产品驱动发展的, 产品唯一性程度高(已剔除那些已逐渐被市场淘汰的

产品) 说明市场定价能力强, 边际利润率高,盈利能力强, 进而对公司估值形成正面影

响。

2、 “”净利润“和”“互联网概念”与市值也呈现显著相关性。净利润的相关性是显而易见

的。互联网概念的相关性体现了互联网+医疗成为近几年市场的风口。

iv

3、 其他一些指标未呈现明显的相关性,有可能是因为我们的数据量太少引起的, 也

有可能还有其他未在我们考虑范围内的因素导致的,也可能是因为中国目前的股票市场还

未到达半强式有效市场。这可能对其他行业的影响也是如此。

在后面进行的实证分析中, 除个别情况外,我们发现公司重磅新产品相关信息的发布

基本上对公司之后 1-30 个交易日的股价起到了较明显的推动作用。

关键词: 产品差异度 医疗器械行业 公司估值
ContributorsShen, Huifeng (Author) / Chen, Pei-Yu (Thesis advisor) / Wang, Tan (Thesis advisor) / Jiang, Zhan (Committee member) / Arizona State University (Publisher)
Created2018
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Description
The inherent risk in testing drugs has been hotly debated since the government first started regulating the drug industry in the early 1900s. Who can assume the risks associated with trying new pharmaceuticals is unclear when looked at through society's lens. In the mid twentieth century, the US Food and

The inherent risk in testing drugs has been hotly debated since the government first started regulating the drug industry in the early 1900s. Who can assume the risks associated with trying new pharmaceuticals is unclear when looked at through society's lens. In the mid twentieth century, the US Food and Drug Administration (FDA) published several guidance documents encouraging researchers to exclude women from early clinical drug research. The motivation to publish those documents and the subsequent guidance documents in which the FDA and other regulatory offices established their standpoints on women in drug research may have been connected to current events at the time. The problem of whether women should be involved in drug research is a question of who can assume risk and who is responsible for disseminating what specific kinds of information. The problem tends to be framed as one that juxtaposes the health of women and fetuses and sets their health as in opposition. That opposition, coupled with the inherent uncertainty in testing drugs, provides for a complex set of issues surrounding consent and access to information.
ContributorsMeek, Caroline Jane (Author) / Maienschein, Jane (Thesis director) / Brian, Jennifer (Committee member) / School of Life Sciences (Contributor) / Sanford School of Social and Family Dynamics (Contributor) / Barrett, The Honors College (Contributor)
Created2018-05
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Description
Social-emotional learning (SEL) methods are beginning to receive global attention in primary school education, yet the dominant emphasis on implementing these curricula is in high-income, urbanized areas. Consequently, the unique features of developing and integrating such methods in middle- or low-income rural areas are unclear. Past studies suggest that students

Social-emotional learning (SEL) methods are beginning to receive global attention in primary school education, yet the dominant emphasis on implementing these curricula is in high-income, urbanized areas. Consequently, the unique features of developing and integrating such methods in middle- or low-income rural areas are unclear. Past studies suggest that students exposed to SEL programs show an increase in academic performance, improved ability to cope with stress, and better attitudes about themselves, others, and school, but these curricula are designed with an urban focus. The purpose of this study was to conduct a needs-based analysis to investigate components specific to a SEL curriculum contextualized to rural primary schools. A promising organization committed to rural educational development is Barefoot College, located in Tilonia, Rajasthan, India. In partnership with Barefoot, we designed an ethnographic study to identify and describe what teachers and school leaders consider the highest needs related to their students' social and emotional education. To do so, we interviewed 14 teachers and school leaders individually or in a focus group to explore their present understanding of “social-emotional learning” and the perception of their students’ social and emotional intelligence. Analysis of this data uncovered common themes among classroom behaviors and prevalent opportunities to address social and emotional well-being among students. These themes translated into the three overarching topics and eight sub-topics explored throughout the curriculum, and these opportunities guided the creation of the 21 modules within it. Through a design-based research methodology, we developed a 40-hour curriculum by implementing its various modules within seven Barefoot classrooms alongside continuous reiteration based on teacher feedback and participant observation. Through this process, we found that student engagement increased during contextualized SEL lessons as opposed to traditional methods. In addition, we found that teachers and students preferred and performed better with an activities-based approach. These findings suggest that rural educators must employ particular teaching strategies when addressing SEL, including localized content and an experiential-learning approach. Teachers reported that as their approach to SEL shifted, they began to unlock the potential to build self-aware, globally-minded students. This study concludes that social and emotional education cannot be treated in a generalized manner, as curriculum development is central to the teaching-learning process.
ContributorsBucker, Delaney Sue (Author) / Carrese, Susan (Thesis director) / Barab, Sasha (Committee member) / School of Life Sciences (Contributor, Contributor) / School of Civic & Economic Thought and Leadership (Contributor) / School of International Letters and Cultures (Contributor) / Barrett, The Honors College (Contributor)
Created2020-05
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As of 2019, 30 US states have adopted abortion-specific informed consent laws that require state health departments to develop and disseminate written informational materials to patients seeking an abortion. Abortion is the only medical procedure for which states dictate the content of informed consent counseling. State abortion counseling materials have

As of 2019, 30 US states have adopted abortion-specific informed consent laws that require state health departments to develop and disseminate written informational materials to patients seeking an abortion. Abortion is the only medical procedure for which states dictate the content of informed consent counseling. State abortion counseling materials have been criticized for containing inaccurate and misleading information, but overall, informed consent laws for abortion do not often receive national attention. The objective of this project was to determine the importance of informed consent laws to achieving the larger goal of dismantling the right to abortion. I found that informed consent counseling materials in most states contain a full timeline of fetal development, along with information about the risks of abortion, the risks of childbirth, and alternatives to abortion. In addition, informed consent laws for abortion are based on model legislation called the “Women’s Right to Know Act” developed by Americans United for Life (AUL). AUL calls itself the legal architect of the pro-life movement and works to pass laws at the state level that incrementally restrict abortion access so that it gradually becomes more difficult to exercise the right to abortion established by Roe v. Wade. The “Women’s Right to Know Act” is part of a larger package of model legislation called the “Women’s Protection Project,” a cluster of laws that place restrictions on abortion providers, purportedly to protect women, but actually to decrease abortion access. “Women’s Right to Know” counseling laws do not directly deny access to abortion, but they do reinforce key ideas important to the anti-abortion movement, like the concept of fetal personhood, distrust in medical professionals, the belief that pregnant people cannot be fully autonomous individuals, and the belief that abortion is not an ordinary medical procedure and requires special government oversight. “Women’s Right to Know” laws use the language of informed consent and the purported goal of protecting women to legitimize those ideas, and in doing so, they significantly undermine the right to abortion. The threat to abortion rights posed by laws like the “Women’s Right to Know” laws indicates the need to reevaluate and strengthen our ethical defense of the right to abortion.
ContributorsVenkatraman, Richa (Author) / Maienschein, Jane (Thesis director) / Brian, Jennifer (Thesis director) / Abboud, Carolina (Committee member) / Historical, Philosophical & Religious Studies (Contributor) / School of Life Sciences (Contributor, Contributor) / Barrett, The Honors College (Contributor)
Created2020-05