Matching Items (35)
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Description
Online product ratings offer consumers information about products. In this dissertation, I explore how the design of the rating system impacts consumers’ sharing behavior and how different players are affected by rating mechanisms. The first two chapters investigate how consumers choose to share their experiences of different attributes, how their

Online product ratings offer consumers information about products. In this dissertation, I explore how the design of the rating system impacts consumers’ sharing behavior and how different players are affected by rating mechanisms. The first two chapters investigate how consumers choose to share their experiences of different attributes, how their preferences are reflected in numerical ratings and textual reviews, whether and how multi-dimensional rating systems affect consumer satisfaction through product ratings, and whether and how multi-dimensional rating systems affect the interplay between numerical ratings and textual reviews. The identification strategy of the observational study hinges on a natural experiment on TripAdvisor when the website reengineered its rating system from single-dimensional to multi-dimensional in January 2009. Rating data on the same set of restaurants from Yelp, were used to identify the causal effect using a difference-in-difference approach. Text mining skills were deployed to identify potential topics from textual reviews when consumers didn’t provide dimensional ratings in both SD and MD systems. Results show that ratings in a single-dimensional rating system have a downward trend and a higher dispersion, whereas ratings in a multi-dimensional rating system are significantly higher and convergent. Textual reviews in MDR are in greater width and depth than textual reviews in SDR. The third chapter tries to uncover how the introduction of monetary incentives would influence different players in the online e-commerce market in the short term and in the long run. These three studies together contribute to the understanding of rating system/mechanism designs and different players in the online market.
ContributorsLiu, Ying (Author) / Chen, Pei-Yu (Thesis advisor) / Hong, Yili (Thesis advisor) / Gu, Bin (Committee member) / Arizona State University (Publisher)
Created2018
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Description
Due to the growing popularity of the Internet and smart mobile devices, massive data has been produced every day, particularly, more and more users’ online behavior and activities have been digitalized. Making a better usage of the massive data and a better understanding of the user behavior become at the

Due to the growing popularity of the Internet and smart mobile devices, massive data has been produced every day, particularly, more and more users’ online behavior and activities have been digitalized. Making a better usage of the massive data and a better understanding of the user behavior become at the very heart of industrial firms as well as the academia. However, due to the large size and unstructured format of user behavioral data, as well as the heterogeneous nature of individuals, it leveled up the difficulty to identify the SPECIFIC behavior that researchers are looking at, HOW to distinguish, and WHAT is resulting from the behavior. The difference in user behavior comes from different causes; in my dissertation, I am studying three circumstances of behavior that potentially bring in turbulent or detrimental effects, from precursory culture to preparatory strategy and delusory fraudulence. Meanwhile, I have access to the versatile toolkit of analysis: econometrics, quasi-experiment, together with machine learning techniques such as text mining, sentiment analysis, and predictive analytics etc. This study creatively leverages the power of the combined methodologies, and apply it beyond individual level data and network data. This dissertation makes a first step to discover user behavior in the newly boosting contexts. My study conceptualize theoretically and test empirically the effect of cultural values on rating and I find that an individualist cultural background are more likely to lead to deviation and more expression in review behaviors. I also find evidence of strategic behavior that users tend to leverage the reporting to increase the likelihood to maximize the benefits. Moreover, it proposes the features that moderate the preparation behavior. Finally, it introduces a unified and scalable framework for delusory behavior detection that meets the current needs to fully utilize multiple data sources.
ContributorsLi, Chunxiao (Author) / Gu, Bin (Thesis advisor) / Chen, Pei-Yu (Committee member) / Xiong, Hui (Committee member) / Arizona State University (Publisher)
Created2019
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Description本文选取当前在学界和业界关注度较高的“新三板”企业作为研究对象,从融资效率和融资偏好角度实证了新三板企业当前的运行状况,补充了资本结构和融资效率的研究文献。利用二元选择回归以及分位数回归方法,探究了内部融资、债务融资以及权益融资偏好的影响因素。本文发现:1)对于内部融资,企业资产负债率越低、经营能力越强、盈利能力越好、抵押品越少以及公司成长性高的企业更倾向于使用内部融资,资产负债率对内部融资的负面影响边际增大;2)对于债务融资,资产负债率越低、盈利能力越好、经营能力越强、抵押品越多、公司成长性高的企业更倾向于使用债务融资;3)对于权益融资,盈利能力较差、经营能力较弱的企业更倾向于使用权益融资,而资本结构以及公司成长性对权益融资没有影响。分位数回归也发现,盈利能力、现金状况、总资产周转率、资产流动性、非债务税盾、民营企业以及公司成长性等变量对权益融资的影响较为稳定,提示公司的特征变量对权益融资并没有明显的主导作用。在融资效率上,本文也发现:1)于2012年挂牌新三板的企业整体融资效率不高,DEA融资效率为有效的企业占比仅为10%左右;但融资效率在逐年持续改善,表现出一个较好的发展势头。并且,对于做市转让的企业来说,2014年由协议转让改为做市转让以后,融资相对有效的企业数量增长明显快于协议转让企业,表明采用做市转让的企业融资效率优于采用协议转让的企业。2)市场整体融资规模并未达到挂牌企业的需求,导致一半以上企业尚未达到最优的生产经营状态,仍需要资金来增加生产资料的投入,以扩大生产规模获取规模收益。对于做市转让的企业来说,在2014年由协议转让改为做市转让以后,规模报酬递增的企业数量占比下降更快,表明做市转让制度要比协议转让制度从融资效率角度更能满足新三板企业的融资需求。
ContributorsWu, Jintao (Author) / Pei, Ker-Wei (Thesis advisor) / Li, Feng (Thesis advisor) / Wang, Tan (Committee member) / Arizona State University (Publisher)
Created2019
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Description理性决策理论基于“完全理性”假定,追求帕累托最优即个体的利益最大化。但是实际决策过程中,人的行为具备“有意识的理性,但这种理性又是有限的”,投资者也是并不是完全理性、同质的。海外投资也是如此,其背景特征诸如地域、性格、年龄、财富等特征都会对海外投资决策产生重大的影响,其程度大小势必也会因投资者背景特征的差异有所不同。考虑到投资者风险偏好与海外投资活动的关系鲜有文献涉及,笔者愿意做“第一个吃螃蟹的人”,选取该视角展开论述。

本文首先对前人的研究进行总结,概述了风险偏好的理论和偏好水平的度量办法,并总结了风险偏好对海外投资影响的理论基础,即决策理论和有限理性与行为经济学理论,为本文的研究奠定了坚实的理论基础。

其次,开展了问卷调查,对小城市城镇人群、二三线大城市人群、一线大城市人群、海外华人群体等不同地域的25-60岁之间的人群作为调查对象,回收了有效问卷3748份,并就问卷结果进行了描述性分析。发现跨地域人群有着不同的投资需求,小城市城镇人群整体来说对于海外投资需求较低;二三线大城市人群对海外投资不抗拒且具备一定研究和分析能力;一线大城市人群26%已考虑移民或大量海外投资,对海外投资产品有很强的分析能力;海外华人群体38%已考虑移民或大量海外投资,对于各类海外投资产品的接触机会很多。

再次,本文对风险偏好水平进行综合评价和度量。在此基础上,设定了研究变量和研究模型,采用回归分析的方法,对跨地域人群风险偏好、跨地域人群风险偏好对海外投资影响两块进行了实证分析,并验证了相关假设。本文认为,跨地域人群具有较为明显的风险偏好,其中一线城市人群风险偏好最高,高于海外华人群体,高于二三线大城市人群和小城市城镇人群。基于教育水平、财富程度和信息获取的风险偏好对海外投资影响的实证分析结果显示,风险偏好越高的区域,海外投资总额越多。充分验证了跨地域人群不同的风险偏好,以及风险偏好对海外投资的显著正向影响关系。最后,本文针对实证结果提出了相应的对策建议。
ContributorsWan, Jianying (Author) / Chen, Pei-Yu (Thesis advisor) / Wu, Fei (Thesis advisor) / Chen, Xinlei (Committee member) / Arizona State University (Publisher)
Created2019
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Description近些年来,我国城市化进程不断加快,到2020年我国常住人口城镇化率将达到60%左右,户籍人口城镇化率将会达到45%左右。伴随着我国城市化进程的高速推进以及经济水平的不断提高,公共物品及服务的需求程度加大,政府单独出资建设公共项目会导致资金不足、经营管理效率低下等问题。与此同时,我国当前不同层级地方政府的政府性债务都达到了一个非常高的水平,截至2017年末,中国地方政府债务16.47万亿元,债务率(债务余额/综合财力)为76.5%,其中地方负有偿还责任的债务约12.9万亿,地方政府性债务的控制和转化成为经济新常态下重要特征之一。在地方债务压力较大的情况下,PPP将替代土地财政和地方政府融资,为我国新型城镇化建设提供可持续的资金支持,PPP模式成为当前城市建设领域融资的重要选项。

据此,本文基于实证研究方法探讨在债务约束的背景下,在地方政府债务约束下,PPP模式的引入,对城市规划中建设用地面积、人口规划规模与容量、建设用地属性等的城市规划变量的影响;与此同时,考虑到地方政府的政策很大程度上受到是由地方官员,特别是受到作为地方政府党政“一把手”的市委书记和市长的晋升压力和激励的影响,讨论市委书记/市长的晋升压力和激励对PPP模式引入效果的影响。研究发现,在地方政府债务约束下,PPP模式的引入,显著增加城市规划中建设用地面积、人口规划规模与容量、建设用地属性等的城市规划变量;同时,地方政府官员存在利用PPP放大城市建设和规划规模的行为,反映了PPP项目在引入和使用的过程中很大程度上受政府官员的激励的影响。
ContributorsXu, Ke (Author) / Chen, Pei-Yu (Thesis advisor) / Zhu, Qigui (Thesis advisor) / Chen, Xin (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
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

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.
ContributorsZhan, Yuyin (Author) / Gu, Bin (Thesis advisor) / Wang, Jiang (Thesis advisor) / Wang, Tan (Committee member) / Arizona State University (Publisher)
Created2016
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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

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.
ContributorsMa, Jun (Author) / Gu, Bin (Thesis advisor) / Chen, Hong (Thesis advisor) / Wang, Tan (Committee member) / Arizona State University (Publisher)
Created2016
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Description随着科技的发展,许多新兴技术被用于提高企业营销策略的精准性和有效性,如大数据、人工智能、虚拟现实等。基因检测作为新时代的生物技术,随着其成熟与普及,也逐渐被用于提高企业经营决策的有效性。基因检测能较真实地反映出人体的生理信息,不仅能帮助顾客了解其实际需求,也有助于企业针对性开发新产品和提供精准营销活动。本研究检验了企业营销活动中使用基因检测对消费者购买的提升作用,并尝试探讨相关机制。首先,本研究与护肤品品牌百雀羚合作,通过实验法观察并收集了使用基因检测和未使用基因检测的消费者购买数据,分析发现,不考虑其他因素时,基因检测能显著提高消费者护肤购买行为。短期内,基因检测对老顾客购买行为提升作用更强。长期来看,基因检测对新顾客购买行为提升作用更强。而在平均消费水平更高的地区,基因检测的作用更强。另外,本研究通过电话访谈的方式,进一步收集数据分析发现,肤质相关基因检测能显著提高消费者购买推荐护肤品的意愿。而当存在感知有用性时,愿意购买推荐护肤品的顾客人数会进一步提高。本研究发现基因检测可以有效提高顾客的购买行为和购买意愿,丰富了新技术与精准营销、客户关系管理等文献的内容。为进一步分析基因检测影响消费者购买行为和购买意愿内部作用机制的研究提供了初步尝试和基础支持。另外,本研究的结论也为企业利用基因检测技术提高营销策略和营销活动的有效性和精准性提供了启发和借鉴。
ContributorsWu, Jian (Author) / Chen, Pei-Yu (Thesis advisor) / Chen, Xinlei (Thesis advisor) / Li, William (Committee member) / Arizona State University (Publisher)
Created2022
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Description近年来,越来越多的工作团队将功能性领导角色分配给那些具有必要才能的成员。认识到这一趋势,领导学领域的学者开始将他们的关注重点从自上而下的垂直影响过程转移到团队成员之间的水平和共享的领导过程。共享领导,被定义为一种团队现象,即领导的角色和影响力在团队成员中分配,已经在一系列学术领域中得到了相当大的关注,包括工业和组织心理学、组织行为学、战略管理、和创业管理等。与其他领导理论关注正式任命的领导者的领导作用不同,共享领导强调团队成员在团队领导过程中的代理作用。特别是,越来越多的证据表明,共享领导在提高团队效率方面发挥着积极的作用。因此,共享领导力是一个有趣的新领域,它丰富了我们对领导力的理解,并将领导力范式从将领导力视为个人的属性转变为将领导力视为集体的属性。本文以AR公司的技术或研发团队为例,对其共享型领导的典型特征、表现形式以及对员工个体创造力和离职意向的影响机制进行了分析。第一,理清了技术型团队共享型领导的特征与表现形式。技术团队共享型领导主要实现了领导力与影响力在团队成员内部之间的共享和横向分担,且领导与下属之间的角色界限也变得模糊。同时,技术团队共享型领导表现在开放性的领导风格、团队内部的知识分享与共同学习以及领导角色定期轮换与交流等。第二,探讨技术型团队共享型领导对个体创造力与离职意向的影响机制。本文采用定量实证研究方法,按照量表开发、数据采集、数据分析等程序,检验共享型领导对个体创造力与离职意向的影响机制,研究发现:共享型领导能够正向影响员工的团队认同;员工的团队认同能够负向影响其离职意向;员工团队认同在共享型领导与员工离职意向之间具有中介作用;共享型领导与心理授权正相关;心理授权与个体创造力正相关;员工的心理授权在共享型领导与员工创造力之间有显著的中介作用;支持性人力资源实践在在共 享型领导与员工心理授权之间起到调节作用;支持性人力资源实践在在共享型领导与员工团队认同之间起到调节作用。
ContributorsJi, Pengwei (Author) / Chen, Pei-Yu (Thesis advisor) / Hu, Jie (Thesis advisor) / Zhang, John (Committee member) / Arizona State University (Publisher)
Created2022