Finance and Financial Management Commons^™

Study On The Structural Influence Mechanism Of Robot Construction On Real Estate Project Costs: Moderating Effect Of Management Change, Xiujuan Wei

Dissertations and Theses Collection (Open Access)

Cost control in construction is crucial for the survival of real estate enterprises. Especially in the context of cyclical downturns in the real estate industry, it is essential to achieve cost reduction and efficiency improvement in real estate projects. Currently, the widespread application of robotics technology may hold the key to achieving this goal. Robotics technology is widely recognized for its ability to automate tasks and reduce labor costs. However, it also brings about transformative impacts on management, organization, production, and processes, which can paradoxically increase project costs. Unfortunately, there is a lack of research focusing on the impact of …

An Investigation On The Effects Of Fund Manager’S Narcissism On Fund Performance, Ning Zhou

Dissertations and Theses Collection (Open Access)

As the capital market continues to expand, the benefits of securities investment funds have become increasingly prominent. However, for investors, selecting the right investment fund from numerous options can be more challenging than directly choosing stocks. The process of seeking investment opportunities also involves selecting the right fund manager, a step often underestimated by investors. Research in behavioral finance indicates that fund managers tend to exhibit irrational decision behavior under immense pressure and uncertain investment outcomes. Narcissism as a psychological trait may influence fund managers’ decision-making behavior. This study, through questionnaires and empirical analysis, examines the narcissistic traits of Chinese …

Esg Performance And Debt Financing Cost, Bo Shi

Dissertations and Theses Collection (Open Access)

Using the Latent Dirichlet Allocation thematic model, I calculate the comprehensiveness score of corporate ESG report and examine how the score correlates with corporate debt financing cost. Based on the empirical analysis over a sample of Chinese listed A-share firms with available ESG reports. I find that more comprehensive ESG report reduces corporate debt financing cost. Specifically, an increase by one standard deviation in ESG report comprehensiveness can decrease corporate debt financing cost by 3.88%. In heterogenous analysis, I find that the effect of ESG input on reducing corporate debt cost is stronger for state-owned firms. Good financial performance of …

The Research Of The Non-Financial Factors In The Investment Decision, Wenbiao Hou

Dissertations and Theses Collection (Open Access)

Driven by globalization and technological innovation, the complexity of investment decisions is continuously increasing. While traditional financial factors still play a crucial role in these decisions, an increasing number of real-life cases indicate that investors are relying more on non-financial factors. This paper systematically analyzes the impact of these non-financial factors in the framework of investment decision-making.

This paper employs a mixed research method, incorporating both qualitative and quantitative analyses to ensure comprehensive coverage of the topic. First, it outlines the theoretical basis and development of non-financial factors in investment decisions through a review of prior literature. Next, it collects …

Corporate Technological Patent And Financing Accessibility - An Empirical Analysis Based On Startups, Tao Xu

Dissertations and Theses Collection (Open Access)

Technological innovation is not only central to competition among firms but also a crucial driver of economic growth. The process of corporate technological innovation often demands substantial financial support. However, due to information asymmetry and capital constraints, tech startups encounter numerous obstacles in sustaining innovation. Venture capital is instrumental in fostering continuous corporate innovation, providing essential financial support for innovative activities, and playing a key role in achieving core technological breakthroughs. As a significant manifestation of corporate innovative technology, patents can mitigate the information asymmetry between startups and investors by creating a positive patent signal from diverse perspectives. Therefore, investigating …

Research On Futures, Profit Hedging, And Enterprise Price Risk Management In The Bulk Commodity Industry Chain — A Case Study Of Hot-Rolled Coil Industry Chain, Shengxi Liu

Dissertations and Theses Collection (Open Access)

Traditional hedging strategies usually center around a single product, commonly involving companies hedging against the price of their endproducts or essential production materials. At present, traditional hedgingstrategies are no longer sufficient to address the production and management requirements of physical enterprises. There is a need to develop hedgingstrategies aligning with the significant changes in both domestic andinternational markets.

The thesis presents a new profit hedging model based on product manufacturing processes within the industry chain. This method involves hedging production profits by buying (selling) end products and selling(buying) raw materials according to the proportional relationships in the production process on …

The Relationship Between Medical Equipment Management Outsourcing And Performance, Sheng Bian

Dissertations and Theses Collection (Open Access)

Medical equipment, as a core component of a hospital’s fixed assets, provides essential support and assurance for the hospital to deliver medical services and enhance competitiveness. The operation of public hospitals in China is a top priority for deepening medical reforms. As hospitals transition from focusing on revenue to centering on costs, comprehensive management of medical equipment becomes a critical aspect of hospital operation management. In the scenario of utilizing the management service outsourcing mode for comprehensive management of medical equipment, equipment performance naturally becomes a topic of special interest in the industry.

Given this, this study aims to investigate …

How Does The Pace Of Digital Transformation Affect Team Viability And Performance? — The Role Of Adaptive Response, Jing Tian

Dissertations and Theses Collection (Open Access)

The national strategy of “Digital China” implemented in 2021 has catalyzed efforts to bolster the digital ecosystem across industries. With pervasive claims of digital transformation and upgrading by nearly all enterprises, digital technology permeates various sectors. This study explores, from the perspective of working teams—the smallest unit within enterprise production organizations—how the pace of digital transformation influences team viability and performance. It investigates the transmission mechanism of this effect and identifies influencing factors.

Drawing from extant research on the impact of digital technology on organizations, trends in organizational change, and psychological research on team behavior, this study establishes a theoretical …

The Effects Of Perceived Cultural Conflicts On Employee Retention After Mergers And Acquisitions, Chengpeng Luan

Dissertations and Theses Collection (Open Access)

With China’s deepening medical reform, the state has introduced a series of regulatory policies, which has set off a frenzy of mergers and acquisitions in the medical device industry. Small and medium-sized device distribution companies with small scale and weak strength have closed. Large and powerful large medical device distribution enterprises seize the opportunity to expand mergers and acquisitions rapidly.

Based on the researcher's work experience and data availability, this paper takes an MNC company, M, acquisition of a high-quality local company, K, as the research object. Based on the actual operation of the medical device industry, combined with the …

The Relationship Between Reits Industry Characteristics And Project Performance: The Moderating Role Of Macroeconomic Fluctuations, Ying Cai

Dissertations and Theses Collection (Open Access)

As a distinct investment vehicle, Publicly Listed Real Estate Investment Trusts (REITs) projects enable real estate projects to be listed on the stock market. This study begins with the industry attributes of the underlying assets of Publicly Listed REITs projects. Using econometric methods, it analyzes the variances in market performance between growth and defensive REITs, based on annual data from 1,674 REITs products in the United States from 2005 to 2022 and 27 listed REITs in China from Q3 2021 to Q1 2023. The study also leverages the data from China to explore the moderating effects of macroeconomic factors such …

The Impact Of Equity Incentive Executive Compensation On Corporate Performance, Bing Ruan

Dissertations and Theses Collection (Open Access)

The management rights and ownership of modern enterprises are often separated. Enterprise owners, i.e. shareholders, pursue the maximization of enterprise profits, while enterprise managers pursue the maximization of their own interests. This leads to conflicts between the two parties in the process of pursuing the maximization of their respective interests. To address the inconsistency of interests in principal-agent relationships, effective corporate governance mechanisms are needed. The equity incentive system is one of the important means for modern enterprises to implement effective human capital management. Its purpose is to bind the personal interests of management with the interests of the enterprise, …

The Cost Of Cheap Talk: How Campaign Promises And Default Contributions Affect Donation-Based Crowd Funding Success., Tianci Leon Qiu

Dissertations and Theses Collection (Open Access)

Non-profit organisations (NPOs) find it increasingly harder to engage donors and raise funds from the public. Post-pandemic: the emphasis on tactics to raise funds online through donation-based crowdfunding (DCF) platforms has surged in importance for both NPO survival and continued beneficiary aid. However, unlike equity-based crowdfunding platforms where campaign organisers are obligated to provide investors with tangible returns based on funding milestones, NPOs on DCF platforms do not have to adhere to any funding milestones or are beholden to any tangible obligations towards donors. Consequently, NPOs are greatly incentivised to deploy cheap talk – non-binding, unverifiable messages and claims to …

Do Hacker Groups Pose A Risk To Organizations? Study On Financial Institutions Targeted By Hacktivists, Mikko Samuli Niemelae

Dissertations and Theses Collection (Open Access)

Publication date: 5 September 2023

In the digital era, technological progress has been shadowed by an escalation in cybersecurity threats, notably impacting the financial sector. This research critically examines the influence of hacktivist campaigns—particularly those led by groups like Anonymous—on the cyber exposure of financial services firms listed on the NYSE. Employing Synthetic Controls and analyzing 22 treated firms, the study found that such campaigns significantly enhance the target institutions' deep and dark web exposure, with an average increase of 65% per annum in the subsequent two years from the campaign initiation. Crucially, smaller firms display a heightened susceptibility to …

Esg Ratings Rewriting Or Recalibration?, Chengshuang Zhang

Dissertations and Theses Collection (Open Access)

ESG ratings are the nexus of sustainable development. Are ongoing retroactive adjustments of ESG scores rewriting or recalibration? Using datasets from 20 random weeks of downloads of Refinitiv ESG universe between 7 October 2021 to 14 December 2022, we find that the positive link between ESG scores or E&S scores to firms’ stock returns existed between 2011 to 2017, disappeared between 2002 to 2011 and attenuated between 2017 to 2021. Using the formation of the International Sustainability Standard Board on 3^rd November 2021 as the external shock event, we further find that the retroactive ESG score adjustments are not …

An Empirical Research On The Financial Distress Risk In The Garden And Construction Industry, Jianlin Guan

Dissertations and Theses Collection (Open Access)

In recent years, the garden and construction industry has faced significant financial distressdue to the downward pressure on the macro economy. This financial distress not onlyposesrisks to the financial stability and management of enterprises but also has far-reachingimpactson society.

This paper utilizes various analytical methods such as case analysis, empirical analysis, andevent analysis to derive the following conclusions:(1)The participation of garden constructionindustry enterprises in public-private partnership (PPP) projects leads to increased financial distress.(2)The higher the debt ratio of the local government where listed gardenandconstruction enterprises are located, the greater the financial distress theyexperience.(3)Enterprises in the garden and construction industry, whose …

The Role Of Disclosure In Defi Markets: Evidence From Twitter, Amanda Aw Yong

Dissertations and Theses Collection (Open Access)

Decentralized Finance (DeFi) platforms use self-executing smart contracts to provide financial services and are programmed to automatically post all transactions on the public blockchain. Notwithstanding this public availability of blockchain information, DeFi platforms also aggregate these transactions and disclose the summarized blockchain information on their Twitter accounts. This paper studies whether and how voluntary disclosure of blockchain information plays a role in the transparent DeFi market. I find that the number of blockchain-related tweets is associated both with an increase in the platform’s Total Value Locked (TVL) and with an increase in the unique number of platform users. The relationship …

Cbdc: Context, Challenges, And Conditions For A Successful Adoption, Charlie Nhuc Hiang Lay

Dissertations and Theses Collection (Open Access)

Central bank digital currencies (CBDC) are the digital version of physical notes and coins. They are the latest milestone in the evolution of money over the centuries due to technological advancements. This digitalisation of physical money primarily serves as a medium of exchange that has a central bank anchor. There are two versions of CBDC, wholesale and retail. This thesis focuses on retail CBDC, which targets the general public and small daily transactions. It discusses the issues and the plausible implementation of a retail CBDC. A CBDC will preserve monetary sovereignty, foster financial stability, and counter private network effects, i.e., …

The Effects Of Prior Trading Performance Have On Risk-Taking Of Subsequent Trading – The House Money Effect, Lenz Tan Koon Bin

Dissertations and Theses Collection (Open Access)

This study tests for house money effect on 2,030 non-professional FX investors trading through an Australian Financial Service provider. The results indicate that, in general, investors display a positive relationship between prior gains and the change in subsequent weekly risk-taking - the house money effect. The results also suggest that astute investors display a stronger house money effect than mediocre investors following prior gains. In comparison, mediocre investors display a stronger disposition effect following prior losses than astute investors. The study further reveals that investors who initially demonstrated the house money effect became more prone to the disposition effect during …

A Study On The Mechanisms Of Shareholders’ Equity Adjustment In Bankruptcy Reorganization Of Listed Companies, Yongliang Zhang

Dissertations and Theses Collection (Open Access)

In recent years, amid cyclical macroeconomic fluctuations, national economic slowdown, economic restructuring, and over-expansion of some enterprises, a number of listed companies have faced serious debt and operational challenges, many of which are worthy of keeping afloat. From June 1, 2007 when the Enterprise Bankruptcy Law of the People’s Republic of China came into effect, up to the end of 2021, a total of 93 listed companies in China have gone through bankruptcy reorganization, one of the major means to save the listed companies in distress.

The bankruptcy reorganization of listed companies, by its nature, is a process of game …

A Study On The Impact Of Technological Innovation Attributes On Listing Success Rate And Post-Listing Performance, Yijun Xu

Dissertations and Theses Collection (Open Access)

"Key and core technology" enterprises form the backbone of great powers. China’s STAR Market (technological innovation board) is committed to implementing strategies that will lead to technological innovation-driven sustainable development and strengthen the country by building a secure and independent industrial chain that can support the development of cutting-edge technology. From the outset, the STAR Market put forward clear requirements for "key and core technology" enterprises. The technological innovation attributes of the enterprises listed on the STAR Market are the most essential core characteristics, but a question arises as to how best to evaluate their technological innovation attributes. Are these …

Essays On Financial Materiality Of Corporate Social Responsibility And Corporate Strategies, Yang Lan

Dissertations and Theses Collection (Open Access)

This dissertation investigates how the endorsement of certain social activities by CSR standards impacts stakeholders’ interpretation on firms’ motivation of doing CSR and how managers make decisions on which specific CSR activities they would like to participate in. The first essay examines how the standards release of CSR by Sustainability and Accounting Standards Board (SASB) affects the relationship between material CSR and firm performance outcomes in terms of stock returns (for investors) and sales growth (for customers), through shaping investor and customer perceptions on the motivation underlying a firm’s material CSR activities. I further argue that a sharp increase in …

Essays On Information Diffusion And Stock Market Efficiency & Analyst Style, Zuben Jin

Dissertations and Theses Collection (Open Access)

The dissertation consists of three chapters on information diffusion and stock market efficiency and analyst style. The first chapter examines the asset pricing implications of investors’ inattention to non-obvious firm relatedness hidden in earnings calls. This chapter documents that the overlap in attention allocation over various business aspects serves as a time-sensitive proxy for firm relatedness. By employing the unsupervised topic modelling methodology, I characterize the attention allocation of earnings conference call participants (executives, investors and analysts) over topics discussed. I construct a novel cross-firm topic similarity measure that captures difficultto-observe and time-varying firm relatedness compared with existing peer-firm classification …

Information Acquisition And Market Friction, Bo Sang

Dissertations and Theses Collection (Open Access)

My dissertation consists of three papers related to information diversity, acquisition, and asymmetry. One part of the dissertation explores the implications of interactions among different market participants and subsequent price efficiency in the stock market. The empirical findings indicate the information diversity between individuals and institutional investors, as well as an important channel for retail investors to obtain useful information – through insider filings. The remaining part investigates the information asymmetry between issuers and naive investors in the cryptocurrency market. In Chapter 2, I aggregate trading signals from hedge funds and retail investors, in order to examine their information diversity …

The Industry Expertise Of Sell-Side Equity Analysts, Matthew Louis Dearth

Dissertations and Theses Collection (Open Access)

Institutional investors, the most important consumer of analyst research, consistently rank industry knowledge as the most important attribute of analysts. Despite this, little is known about how investors measure industry knowledge since analyst output which can be evaluated objectively is usually associated with firm-level outcomes such as earnings forecasts or price targets. Comprehensive data are recently available for analyst forecasts of key performance indicators (“KPIs”), firm-performance metrics specific to a particular industry. Whereas reactions to earnings forecasts and other firm-level outputs only inform us about analyst skill in firm-level predictions, stock-price reactions to forecast revisions of industryspecific KPIs can proxy …

Innovating In Traditional Real Estate Business Development Based On Value Co-Creation, Ya Zhang

Dissertations and Theses Collection (Open Access)

The real estate industry is an important aspect of China's social development and plays a pivotal role in economic growth. With the development of urbanization in my country, the supply relationship in the real estate industry has changed, consumer demand has become more rational, and the real estate industry’s financial and investment attributes have been superimposed on the influence of the real estate industry. The competition among small and medium real estate companies with relatively weak resource endowments has become increasingly fierce. Some land expansion models can no longer adapt to the development of the new situation. How to survive …

A Study On Constructing The Fourth Financial Statement For The Performance Prediction And Value Assessment Of Internet Enterprises In The Food Industry, Jianxin Zhang

Dissertations and Theses Collection (Open Access)

For a long time, industry, financial institutions, PE investment funds, and capital market investors have determined the business performance and market value of a company, usually based on the data of the three audited financial tables provided by the company, and further comprehensive analysis will be carried out the evaluation. Due to the limitations of accounting standards, the three financial tables cannot truly reflect all the business conditions of the enterprise. At the same time, the economic stage with traditional manufacturing as the main body and the economic stage with the digital economy as the main body are concerned with …

Analysis Of Factors Influencing The Bailout Of Distressed Enterprises By Local Asset Management Companies, Houwen Li

Dissertations and Theses Collection (Open Access)

In recent years, the number of distressed enterprises in China has gradually increased due to radical enterprise strategies, excessive expansion, poor management, and a trend of accelerating growth. Unable to adapt to fierce market competition, a large number of “zombie enterprises” disrupt the market order, reduce the use efficiency of social resources, and aggravate market risks. However, some enterprises are
temporarily caught in financial distress due to a deterioration of their financial situation caused by factors such as debt structure or capital liquidity. If such enterprises can be bailed out in time, they can escape their distress, which not only …

Effect Of Gamification Narrative Quality On Users’ Value Co-Creation Behavior In Context Of B2c Sharing Economy, Ziwen Wang

Dissertations and Theses Collection (Open Access)

B2C sharing economy is now a major part of the economic system in China and the essence of it is the value co-creation of the users and platforms. However, the means to effectively stimulate users into value co-creation in B2C sharing economy are not well-understood. While gamification marketing is a low cost means to enhance user participation, empirical research of high granularity is lacking. This dissertation seeks to fill the gap by exploring how gamification narrative quality affects users’ value co-creation behavior in the B2C sharing economy model and the underlying mechanism.

Using the bike sharing industry in China as …

Dynamic Analysis Of Money Supply, Unemployment And Inflation Rate In The Us, Guangyu Wang

Dissertations and Theses Collection (Open Access)

Price stability is not only an important indicator of the healthy and stability of macro-economy, but also one of the goals of macroeconomic policy. There are many factors affecting inflation. Different monetary policy instruments, such as money supply, liquidity and market expectations, have different effects on inflation. Meanwhile, monetary policy goals, such as inflation rate, employment rate and economic growth rate, also affect each other.

This paper provides an empirical study of money supply, inflation and unemployment in the US economy. Based on the existing theoretical and empirical analysis, this paper selects different research models and new data dimensions to …

On Financial Quotient: Theory And Empirical Analysis, Gang Sun

Dissertations and Theses Collection (Open Access)

Financial Quotient (FQ) has become a common topic of concern in the global academic, business and social communities, but at this stage, academic research on FQ and its education are still immature, theoretical depth and empirical support basis are shortage, and influence factors of FQ and the degree of influence of each factor have not been systematically studied. Therefore, there is a large gap between research and practice.

The purpose of this Paper is to construct a set of scientific and reasonable FQ index for individuals, to find factors that can influence or predict personal financial quotient (PFQ), and to …