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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。
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
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
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
Description
With the new independence of adulthood, college students are a group susceptible to adopting unsupported, if not harmful, health practices. A survey of Arizona State University undergraduate students (N=200) was conducted to evaluate supplement use, trust in information sources, and beliefs about supplement regulation. Of those who reported using supplements, college students most frequently received information from friends and family. STEM majors in fields unrelated to health who were taking a supplement were found to be less likely to receive information about the supplement from a medical practitioner than those in health fields or those in non-STEM majors (-26.9%, p=0.018). STEM majors in health-related fields were 15.0% more likely to treat colds and/or cold symptoms with research-supported methods identified from reliable sources, while non-health STEM and non-STEM majors were more likely to take unsupported cold treatments (p=0.010). Surveyed students, regardless of major, also stated they would trust a medical practitioner for supplement advice above other sources (88.0%), and the majority expressed a belief that dietary supplements are approved/regulated by the government (59.8%).
ContributorsPerez, Jacob Tanner (Author) / Hendrickson, Kirstin (Thesis director) / Lefler, Scott (Committee member) / College of Liberal Arts and Sciences (Contributor) / School of Molecular Sciences (Contributor) / Department of Physics (Contributor) / Barrett, The Honors College (Contributor)
Created2018-05
ContributorsChandler, N. Kayla (Author) / Neisewander, Janet (Thesis director) / Sanabria, Federico (Committee member) / Olive, M. Foster (Committee member) / Barrett, The Honors College (Contributor) / College of Liberal Arts and Sciences (Contributor)
Created2013-05
Description
I propose that norms regulate behaviors that negatively impact an individual's survival and reproduction. But because monitoring and enforcing of norms can be costly, individuals should be selective about which norms they police and under what circumstances they should do so. Two studies tested this idea by experimentally activating fitness-relevant motives and having participants answer questions about the policing of norms. The first study examined a norm prescribing respect for status and another proscribing sexual coercion. Results from Study 1 failed to support the hypotheses; activating a status-seeking motive did not have the predicted effects on policing of the respect-status norm nor did activating a mating motive have the predicted effects on policing of the respect-status norm or anti-coercion norm. Study 2 examined two new norms, one prescribing that people stay home when sick and the other proscribing people from having sex with another person's partners. Study 2 also manipulated whether self or others were the target of the policing. Study 2 failed to provide support; a disease avoidance motive failed to have effects on policing of the stay home when sick norm. Individuals in a relationship under a mating motive wanted less policing of others for violation of the mate poaching norm than those in a baseline condition, opposite of the predicted effects.
ContributorsSmith, M. Kristopher (Author) / Neuberg, L. Steven (Thesis director) / Presson, Clark (Committee member) / Hruschka, J. Daniel (Committee member) / Barrett, The Honors College (Contributor) / College of Liberal Arts and Sciences (Contributor)
Created2013-05
Description
Literature in public administration emphasizes a growing dissatisfaction with government on the part of residents. Where there tends to be a lack in the literature is in terms of solutions to this problem. We would like to argue that the engagement process itself has the power to foster a profound attitudinal shift on the part of both residents and government. This paper explores the structural and cultural barriers to satisfactory public engagement both from literature and a combination of policy analysis, semi-structured interviews and participatory observation within the City of Tempe. We then provide recommendations to the City of Tempe on how to overcome these barriers and effect authentic public engagement practices. With these new suggested practices and mindsets, we provide a way that people can have the power to create their own community.
ContributorsRiffle, Morgan (Co-author) / Tchida, Celina (Co-author) / Ingram-Waters, Mary (Thesis director) / Grzanka, Patrick (Committee member) / King, Cheryl (Committee member) / Barrett, The Honors College (Contributor) / College of Liberal Arts and Sciences (Contributor)
Created2013-05
Description
This thesis examines the relationship between unofficial, official, and parallel Islam in Uzbekistan following the end of the Soviet Union. Key touchstone moments in Uzbekistan during the twentieth-century show the history between unofficial and official Islam and the resulting precedents set for Muslims gathering against the government. This historical analysis shows how President Karimov and the Uzbek government view and approach Islam in the country following independence.
ContributorsTieslink, Evan (Author) / Batalden, Stephen (Thesis director) / Kefeli, Agnes (Committee member) / Saikia, Yasmin (Committee member) / Barrett, The Honors College (Contributor) / College of Liberal Arts and Sciences (Contributor) / School of Politics and Global Studies (Contributor) / School of Historical, Philosophical and Religious Studies (Contributor)
Created2013-05
Description
Through this creative project, I executed a Distracted Driving Awareness Campaign at Arizona State University to raise awareness about the dangers of distracted driving, specifically texting while driving. As an Undergraduate Student Government Senator, my priority is the safety and success of students, both in and out of the classroom. By partnering with State Farm and AT&T, we were able to raise awareness about the dangers of distracted driving and collected over 200 pledges from students to never text and drive.
ContributorsHibbs, Jordan Ashley (Author) / Miller, Clark (Thesis director) / Parmentier, Mary Jane (Committee member) / Barrett, The Honors College (Contributor) / College of Liberal Arts and Sciences (Contributor) / School of Politics and Global Studies (Contributor) / Department of Psychology (Contributor) / Graduate College (Contributor)
Created2014-05
Description
Teen dating violence is a significant problem in the U.S., with approximately 1 out of 3 teens experiencing some form of dating violence. BLOOM is a not-for-profit organization created by Donna Bartos. BLOOM's educators enter high schools in Arizona and present their educational program on dating abuse prevention. BLOOM's primary goal is to educate teens on how to prevent teen dating violence and empower them with the skills leading to healthy relationships. After participants complete their educational program, a feedback card is filled out with an open-response section. This project focused on the open response section to analyze feedback cards through a process of code development, coding, and tallying. Information provided by this project could assist BLOOM in re-evaluating their curriculum, appealing to future investors, and growing their program to reach more students. With a coding system in place, BLOOM will also be able to better assess the impact they have on the participants of their program.
ContributorsHarmon, Ashley Nicole (Author) / Bodman, Denise (Thesis director) / Dumka, Larry (Committee member) / T. Denny Sanford School of Social and Family Dynamics (Contributor) / College of Liberal Arts and Sciences (Contributor) / Barrett, The Honors College (Contributor)
Created2016-05
Description
Background: Latinos represent 40.8% of the population in Phoenix (U.S. Census Bureau Population Division, 2010). South Phoenix, also known as the South Mountain Village, defined in geographical terms as area zip codes 85040 and 85042; is a predominantly Latino community comprised of mixed citizenship status households. During the 2010 United States Census 60.3% of the population in South Phoenix identified as Latino, 25.75% of the total population was foreign born. Of the foreign born population, 88.95% were of Latin American origin (United States Census Bureau, 2007-2011 American Community Survey). Understanding how Latino immigrants perceive differences in health between their communities in country of origin and communities in the United States is largely unknown. Irrespective of political positions, understanding how Latino immigrants perceive personal health and the health of their communities is of interest to inform public policy and implement needed interventions in the
public health sphere.
Methods: Semi-structured interviews were collected from 55 adults from the South Phoenix community between November 2009 and September 2010. Interviews were digitally recorded with participant permission and transcribed. Of those collected, 48 transcribed interviews were analyzed using a codebook designed by the researcher. Percent agreement evaluated inter-rater reliability.Results: Latino immigrants in South Phoenix largely agree that health quality is heavily dependent on personal responsibility and not an intrinsic attribute of a given place. Emotional contentedness and distress, both factors of mental health, are impacted by cross-cultural differences between Latino and U.S. culture systems.
Conclusions: As people’s personal perceptions of differences in health are complex concepts influenced by personal backgrounds, culture, and beliefs, attempting to demark a side of the border as ‘healthier’ than the other using personal perceptions is overly simplified and misses central concepts. Instead, exploration of individual variables impacting health allowed this study to gain a more nuanced understanding in how people determine quality of both personal and environmental health. While Latino migrants in South Phoenix largely agree that health is based on personal responsibility and choices, many nonetheless experience higher levels of contentedness and emotional health in their country of origin.
public health sphere.
Methods: Semi-structured interviews were collected from 55 adults from the South Phoenix community between November 2009 and September 2010. Interviews were digitally recorded with participant permission and transcribed. Of those collected, 48 transcribed interviews were analyzed using a codebook designed by the researcher. Percent agreement evaluated inter-rater reliability.Results: Latino immigrants in South Phoenix largely agree that health quality is heavily dependent on personal responsibility and not an intrinsic attribute of a given place. Emotional contentedness and distress, both factors of mental health, are impacted by cross-cultural differences between Latino and U.S. culture systems.
Conclusions: As people’s personal perceptions of differences in health are complex concepts influenced by personal backgrounds, culture, and beliefs, attempting to demark a side of the border as ‘healthier’ than the other using personal perceptions is overly simplified and misses central concepts. Instead, exploration of individual variables impacting health allowed this study to gain a more nuanced understanding in how people determine quality of both personal and environmental health. While Latino migrants in South Phoenix largely agree that health is based on personal responsibility and choices, many nonetheless experience higher levels of contentedness and emotional health in their country of origin.
ContributorsGray, Laurel (Author) / Wutich, Amber (Thesis director) / Quiroga, S. Seline (Committee member) / Nelson, Margaret (Committee member) / Slade, B. Alexandra (Committee member) / Barrett, The Honors College (Contributor) / College of Liberal Arts and Sciences (Contributor)
Created2013-05