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Description
In accordance with the Principal Agent Theory, Property Right Theory, Incentive Theory, and Human Capital Theory, firms face agency problems due to “separation of ownership and management”, which call for effective corporate governance. Ownership structure is a core element of the corporate governance. The differences in ownership structures thus may result in differential incentives in governance through the selection of senior management and in the design of senior management compensation system. This thesis investigates four firms with four different types of ownership structures: a public listed firm with the controlling interest by the state, a public listed firm with a non-state-owned controlling interest, a public listed firm a family-owned controlling interest, and a Sino-foreign joint venture firm. By using a case study approach, I focus on two dimensions of ownership structure characteristics – ownership diversification and differences in property rights so as to document whether there are systematic differences in governance participation and executive compensation design. Specifically, I focused on whether such differences are reflected in management selection (which is linked to adverse selection and moral hazard problems) and in compensation design (the choices of performance measurements, performance pay, and in stock option or restricted stock). The results are consistent with my expectation – the nature of ownership structure does affect senior management compensation design. Policy implications are discussed accordingly.
ContributorsGao, Shenghua (Author) / Pei, Ker-Wei (Thesis advisor) / Li, Feng (Committee member) / Shen, Wei (Committee member) / Arizona State University (Publisher)
Created2015
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
Description中国商品期货市场经历30年发展，已初备协调资源分配、对冲经营风险的功能。但受产业自身和期货市场发展的制约，各期货品种市场有效性参差不齐。随着我国经济从增量阶段过渡到存量阶段，期货作为企业的价格管理和风险控制工具的重要性日益凸显，因此研究我国商品期货市场有效性具有非常好的现实意义。
本文开创性的从期货的基本功能——资源配置的角度出发，提出有效市场是指其期货价格能够对本行业社会资源起到合理的调配作用的市场。在内容安排上，本文首先总结了现有国际成熟期货品种的特点并找出能够反映期货对资源配置能力的四个指标假说，分别为期现回归性、利润波动性、库存波动性以及现金流变化，然后通过数学模型证明指标数据和品种成熟度的关联，最后应用该套指标对我国商品市场有效性进行检验。数学方法上，本文先采用Bai-Perron内生多重结构突变模型对时间序列进行突变点检验，然后对断点时间序列分别进行多元回归，并在剔除季节性和周期性后，通过平稳性检验、ARCH效应检验结果来确定相应的Garch模型，并用Garch模型来描述时间序列的波动性。
通过数学验证，我们认为期现回归性、利润波动性、库存波动性以及现金流变化这四个指标可以作为反映期货成熟度的检验指标，用该套方法对国内部分活跃品种检验后发现大连豆粕期货已经具备成熟品种的特征，本文认为豆粕期货市场是有效的；PTA、玉米淀粉期货的四个检验指标在近年来表现出时间序列优化的特点，但因时间较短尚不稳定，可以认为是接近成熟的品种；而螺纹钢和铝期货在多数指标上表现不佳，表明他们对社会资源配置能力较差，因此本文认为螺纹钢和铝期货市场是活跃但非有效的。通过进一步分析，本文认为品种的期现回归性差是制约其资源配置能力发挥的关键因素，而交易标的不明确、
仓单制作难度大、产业参与度低以及期货设计中的其他限制因素又是导致期现回归性差的重要原因。
本文开创性的从期货的基本功能——资源配置的角度出发，提出有效市场是指其期货价格能够对本行业社会资源起到合理的调配作用的市场。在内容安排上，本文首先总结了现有国际成熟期货品种的特点并找出能够反映期货对资源配置能力的四个指标假说，分别为期现回归性、利润波动性、库存波动性以及现金流变化，然后通过数学模型证明指标数据和品种成熟度的关联，最后应用该套指标对我国商品市场有效性进行检验。数学方法上，本文先采用Bai-Perron内生多重结构突变模型对时间序列进行突变点检验，然后对断点时间序列分别进行多元回归，并在剔除季节性和周期性后，通过平稳性检验、ARCH效应检验结果来确定相应的Garch模型，并用Garch模型来描述时间序列的波动性。
通过数学验证，我们认为期现回归性、利润波动性、库存波动性以及现金流变化这四个指标可以作为反映期货成熟度的检验指标，用该套方法对国内部分活跃品种检验后发现大连豆粕期货已经具备成熟品种的特征，本文认为豆粕期货市场是有效的；PTA、玉米淀粉期货的四个检验指标在近年来表现出时间序列优化的特点，但因时间较短尚不稳定，可以认为是接近成熟的品种；而螺纹钢和铝期货在多数指标上表现不佳，表明他们对社会资源配置能力较差，因此本文认为螺纹钢和铝期货市场是活跃但非有效的。通过进一步分析，本文认为品种的期现回归性差是制约其资源配置能力发挥的关键因素，而交易标的不明确、
仓单制作难度大、产业参与度低以及期货设计中的其他限制因素又是导致期现回归性差的重要原因。
ContributorsWang, Ping (Author) / Gu, Bin (Thesis advisor) / Li, Feng (Thesis advisor) / Yan, Hong (Committee member) / Arizona State University (Publisher)
Created2019
Description本研究旨在讨论融资租赁公司与承租的中小企之间的匹配因素。研究从融资租赁的实际业务流程切入，研究1对H公司进行了案例分析，得到基本的影响因素结果，继而研究2和研究3分别在中小企客户和融资租赁公司两类资料中独立展开分析，并比较这些因素的影响程度。研究结果发现了影响双向匹配的四个维度，以及在各自影响力的不同。研究最后分别对融资租赁公司和承租中小企提出了建议，以期提高双方匹配并达成业务的概率。
ContributorsWang, Dinghui (Author) / Pei, Ker-Wei (Thesis advisor) / Yan, Hong (Thesis advisor) / Li, Feng (Committee member) / Arizona State University (Publisher)
Created2019
Description中国证券市场一直存在着双重上市公司A、H股价差异现象，这一“同股同权不同价”的现象，长期以来都是国内外学者热议的课题之一。
本文在系统性整理前人研究成果基础上，首先对造成A、H股价差效应的内在逻辑进行了系统梳理，提炼出影响双重上市公司A、H股价格差异的9个潜在因素：信息不对称、需求差异、流动性差异、投机性差异、风险差异、公司治理结构、利率差异、市场强弱差异、汇率预期。其次，本文为各潜在影响因素构建了新的代理变量，建立面板数据模型，从全市场和行业两大视角做了实证分析，验证了影响双重上市公司A、H股价格差异的可能因素，且实证结果均通过了平稳性检验。实证结果显示：全市场视角下，仅公司治理结构和市场强弱差异对A、H价格差异的影响不显著。行业视角下，对于金融行业的双重上市公司而言，影响其A、H股价格差异的因素包括：需求差异、流动性差异、风险差异、市场强弱差异、利率差异；信息不对称、投机性差异、公司治理结构、汇率预期不具有显著影响。而对于非金融行业的双重上市公司而言，影响其A、H股价格差异的因素包括：信息不对称、需求差异、流动性差异、风险差异、投机性差异、市场强弱差异、利率差异、汇率预期；公司治理结构则不是显著的影响因素。
本文在实证分析所得结论的基础上，考虑到当前A、H股市场的现状，提出了加强资本市场双向开放、大力发展以基金为代表的机构投资者、坚定推行股票发行注册制改革、推动金融创新、丰富投资工具等建议。这一研究结果对于推动我国资本市场进一步完善，具有重要的理论与现实意义。
本文在系统性整理前人研究成果基础上，首先对造成A、H股价差效应的内在逻辑进行了系统梳理，提炼出影响双重上市公司A、H股价格差异的9个潜在因素：信息不对称、需求差异、流动性差异、投机性差异、风险差异、公司治理结构、利率差异、市场强弱差异、汇率预期。其次，本文为各潜在影响因素构建了新的代理变量，建立面板数据模型，从全市场和行业两大视角做了实证分析，验证了影响双重上市公司A、H股价格差异的可能因素，且实证结果均通过了平稳性检验。实证结果显示：全市场视角下，仅公司治理结构和市场强弱差异对A、H价格差异的影响不显著。行业视角下，对于金融行业的双重上市公司而言，影响其A、H股价格差异的因素包括：需求差异、流动性差异、风险差异、市场强弱差异、利率差异；信息不对称、投机性差异、公司治理结构、汇率预期不具有显著影响。而对于非金融行业的双重上市公司而言，影响其A、H股价格差异的因素包括：信息不对称、需求差异、流动性差异、风险差异、投机性差异、市场强弱差异、利率差异、汇率预期；公司治理结构则不是显著的影响因素。
本文在实证分析所得结论的基础上，考虑到当前A、H股市场的现状，提出了加强资本市场双向开放、大力发展以基金为代表的机构投资者、坚定推行股票发行注册制改革、推动金融创新、丰富投资工具等建议。这一研究结果对于推动我国资本市场进一步完善，具有重要的理论与现实意义。
ContributorsWang, Huan (Author) / Zhu, Hongquan (Thesis advisor) / Li, Feng (Thesis advisor) / Yan, Hong (Committee member) / Arizona State University (Publisher)
Created2019
Description
Many developing countries do not have health care systems that can afford technological biomedical devices or supplies to make such devices operational. To fill this void, nonprofit organizations, like Project C.U.R.E., recondition retired biomedical instrumentation so they can send medical supplies to help these developing countries. One of the issues with this is that sometimes the devices are unusable because components or expendable supplies are not available (Bhadelia). This issue has also been shown in the Impact Evaluations that Project C.U.R.E. receives from the clinics that explain the reasons why certain devices are no longer in use. That need underlies the idea on which this honors thesis has come into being. The purpose of this honors project was to create packing lists for biomedical instruments that Project C.U.R.E. recycles. This packing list would decrease the likelihood of important items being forgotten when sending devices. If an extra fuse, battery, light bulb, cuff or transducer is the difference between a functional or a nonfunctional medical device, such a list would be of benefit to Project C.U.R.E and these developing countries. In order to make this packing list, manuals for each device were used to determine what supplies were required, what was necessary for cleaning, and what supplies were desirable but functionally optional. This list was then added into a database that could be easily navigated and could help when packing up boxes for a shipment. The database also makes adding and editing the packing list simple and easy so that as Project C.U.R.E. gets more donated devices the packing list can grow.
ContributorsGraft, Kelsey Anne (Author) / Coursen, Jerry (Thesis director) / Walters, Danielle (Committee member) / Harrington Bioengineering Program (Contributor) / Barrett, The Honors College (Contributor)
Created2018-05
Description
The Hippo signaling pathway is responsible for regulating organ size through cell proliferation, stemness, and apoptosis. Through targeting proteins Yes-associated kinase 1(YAP) and transcriptional co-activator with a PDZ-binding domain(TAZ), YAP/TAZ are unable to enter the nucleus and bind with coactivators to express target genes. To understand YAP/TAZ dynamics and its role in tumorigenesis, tissue regeneration, and tissue degeneration, a regulatory network was modeled by ordinary differential equations. Using MATLAB, the deterministic behavior of the network was observed to determine YAP/TAZ activity in different states. Performing the bifurcation analysis of the system through Oscill8, three states were identified: tumorigenic/regenerative, degenerative, and homeostatic states. Further analysis through parameter modification allowed a better understanding of which proteins can be targeted for cancer and degenerative disease.
ContributorsBarra Avila, Diego Rodrigo (Author) / Tian, Xiaojun (Thesis director) / Wang, Xiao (Committee member) / Harrington Bioengineering Program (Contributor, Contributor) / Barrett, The Honors College (Contributor)
Created2020-05
Description
Based on James Marcia's theory, identity development in youth is the degree to which one has explored and committed to a vocation [1], [2]. During the path to an engineering identity, students will experience a crisis, when one's values and choices are examined and reevaluated, and a commitment, when the outcome of the crisis leads the student to commit to becoming an engineer. During the crisis phase, students are offered a multitude of experiences to shape their values and choices to influence commitment to becoming an engineering student. Student's identities in engineering are fostered through mentoring from industry, alumni, and peer coaching [3], [4]; experiences that emphasize awareness of the importance of professional interactions [5]; and experiences that show creativity, collaboration, and communication as crucial components to engineering. Further strategies to increase students' persistence include support in their transition to becoming an engineering student, education about professional engineers and the workplace [6], and engagement in engineering activities beyond the classroom. Though these strategies are applied to all students, there are challenges students face in confronting their current identity and beliefs before they can understand their value to society and achieve personal satisfaction. To understand student's progression in developing their engineering identity, first year engineering students were surveyed at the beginning and end of their first semester. Students were asked to rate their level of agreement with 22 statements about their engineering experience. Data included 840 cases. Items with factor loading less than 0.6 suggesting no sufficient explanation were removed in successive factor analysis to identify the four factors. Factor analysis indicated that 60.69% of the total variance was explained by the successive factors. Survey questions were categorized into three factors: engineering identity as defined by sense of belonging and self-efficacy, doubts about becoming an engineer, and exploring engineering. Statements in exploring engineering indicated student awareness, interest and enjoyment within engineering. Students were asked to think about whether they spent time learning what engineers do and participating in engineering activities. Statements about doubts about engineering to engineering indicated whether students had formed opinions about their engineering experience and had understanding about their environment. Engineering identity required thought in belonging and self-efficacy. Belonging statements called for thought about one's opinion in the importance of being an engineer, the meaning of engineering, an attachment to engineering, and self-identification as an engineer. Statements about self-efficacy required students to contemplate their personal judgement of whether they would be able to succeed and their ability to become an engineer. Effort in engineering indicated student willingness to invest time and effort and their choices and effort in their engineering discipline.
ContributorsNguyen, Amanda (Author) / Ganesh, Tirupalavanam (Thesis director) / Robinson, Carrie (Committee member) / Harrington Bioengineering Program (Contributor) / Barrett, The Honors College (Contributor)
Created2018-05
Description
Alzheimer’s Disease (AD) affects over 5 million individuals in the U.S. and has a direct cost estimated in excess of $200 billion per year. Broadly speaking, there are two forms of AD—early-onset, familial AD (FAD) and late-onset-sporadic AD (SAD). Animal models of AD, which rely on the overexpression of FAD-related mutations, have provided important insights into the disease. However, these models do not display important disease-related pathologies and have been limited in their ability to model the complex genetics associated with SAD.
Advances in cellular reprogramming, have enabled the generation of in vitro disease models that can be used to dissect disease mechanisms and evaluate potential therapeutics. To that end, efforts by many groups, including the Brafman laboratory, to generated patient-specific hiPSCs have demonstrated the promise of studying AD in a simplified and accessible system. However, neurons generated from these hiPSCs have shown some, but not all, of the early molecular and cellular hallmarks associated with the disease. Additionally, phenotypes and pathological hallmarks associated with later stages of the human disease have not been observed with current hiPSC-based systems. Further, disease relevant phenotypes in neurons generated from SAD hiPSCs have been highly variable or largely absent. Finally, the reprogramming process erases phenotypes associated with cellular aging and, as a result, iPSC-derived neurons more closely resemble fetal brain rather than adult brain.
It is well-established that in vivo cells reside within a complex 3-D microenvironment that plays a significant role in regulating cell behavior. Signaling and other cellular functions, such as gene expression and differentiation potential, differ in 3-D cultures compared with 2-D substrates. Nonetheless, previous studies using AD hiPSCs have relied on 2-D neuronal culture models that do not reflect the 3-D complexity of native brain tissue, and therefore, are unable to replicate all aspects of AD pathogenesis. Further, the reprogramming process erases cellular aging phenotypes. To address these limitations, this project aimed to develop bioengineering methods for the generation of 3-D organoid-based cultures that mimic in vivo cortical tissue, and to generate an inducible gene repression system to recapitulate cellular aging hallmarks.
Advances in cellular reprogramming, have enabled the generation of in vitro disease models that can be used to dissect disease mechanisms and evaluate potential therapeutics. To that end, efforts by many groups, including the Brafman laboratory, to generated patient-specific hiPSCs have demonstrated the promise of studying AD in a simplified and accessible system. However, neurons generated from these hiPSCs have shown some, but not all, of the early molecular and cellular hallmarks associated with the disease. Additionally, phenotypes and pathological hallmarks associated with later stages of the human disease have not been observed with current hiPSC-based systems. Further, disease relevant phenotypes in neurons generated from SAD hiPSCs have been highly variable or largely absent. Finally, the reprogramming process erases phenotypes associated with cellular aging and, as a result, iPSC-derived neurons more closely resemble fetal brain rather than adult brain.
It is well-established that in vivo cells reside within a complex 3-D microenvironment that plays a significant role in regulating cell behavior. Signaling and other cellular functions, such as gene expression and differentiation potential, differ in 3-D cultures compared with 2-D substrates. Nonetheless, previous studies using AD hiPSCs have relied on 2-D neuronal culture models that do not reflect the 3-D complexity of native brain tissue, and therefore, are unable to replicate all aspects of AD pathogenesis. Further, the reprogramming process erases cellular aging phenotypes. To address these limitations, this project aimed to develop bioengineering methods for the generation of 3-D organoid-based cultures that mimic in vivo cortical tissue, and to generate an inducible gene repression system to recapitulate cellular aging hallmarks.
ContributorsBounds, Lexi Rose (Author) / Brafman, David (Thesis director) / Wang, Xiao (Committee member) / Harrington Bioengineering Program (Contributor) / Barrett, The Honors College (Contributor)
Created2018-05
Description
The combination of immunohistochemical (IHC) stainings and optical microscopy has allowed for the visualization of specific microscopic structures within tissue; however, limitations in light and antibody penetration mitigate the scale on which these images can be taken (Alshammari et al, 2016; Marx, 2014). Tissue clearing, specifically the removal of lipids to improve sample transparency, solves the former weakness well, but does not improve antibody penetration significantly (Chung et al, 2013; Treweek et al, 2015). Therefore, there is a need to equalize the maximum depth that light can pass through a section with the depth at which there is recognizable fluorescence. This is particularly important when staining blood vessels as traditional size limitations exclusively allows for cross sectional visualization. Passive CLARITY Technique (PACT) has been at the forefront of tissue clearing protocols, utilizing an acrylamide hydrogel solution to maintain structure and sodium dodecyl sulfate to wash out lipids (Tomer et al, 2014). PACT is limited in its ability to clear larger sections and is not conducive to IHC antibody diffusion (Treweek et al, 2015). In order to circumvent these drawbacks, CUBIC was developed as an alternative passive protocol, aimed at being scalable to any tissue size (Richardson, 2015; Susaki et al, 2015). This study compared the effectiveness of both protocols in high and low lipid tissues in the context of blood vessel staining efficacy. Upon initial comparison, it became apparent that there was a statistically significant difference in mean DAPI intensity at all depths, up to 200 micrometers, between CUBIC and PACT \u2014 the former showcasing brighter stainings. Moreover, it was found that PACT does not remove erythrocytes from the tissue meaning that their auto-fluorescence is seen during imaging. Therefore, for blood vessel stainings, only CUBIC was optimized and quantitatively analyzed. In both tissue conditions as well as for two stainings, DAPI and fibronectin (FNCT), optimized CUBIC demonstrated a statistically significant difference from standard CUBIC with regards to mean fluorescent intensity.
ContributorsSidhu, Gurpaul Singh (Author) / VanAuker, Michael (Thesis director) / Kodibagkar, Vikram (Committee member) / Harrington Bioengineering Program (Contributor) / Barrett, The Honors College (Contributor)
Created2018-05