Finance and Financial Management Commons^™

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 …

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 …

The Profitability Of Warrant Issuers: An Empirical Investigation Of Single Stock And Index Warrants, Ichaya Wongnapakarn, Arnat Leemakdej, Chiyachantana N. Chiraphol, Pattarawan Prasarnphanich, Eakapat Manitkajornkit

Research Collection Lee Kong Chian School Of Business

This study examines the derivative warrant's profit of issuers compensated with the risk from issuing call and put derivative warrants because they have commitments in risk management and managing risk by hedging the underlying exposure. The average profit of issuers is a cumulative profit from the first trading day until the last trading day. Consistent with the imperfect competition for issuing put derivative warrants on single stock from different securities borrowing and lending advantages, the profit margin of a put warrant is higher than the call warrant. However, the profit margin from a put warrant is not necessarily higher than …

Tracking Retail Investor Activity, Ekkehart Boehmer, Charles M. Jones, Xiaoyan Zhang, Xinran Zhang

Research Collection Lee Kong Chian School Of Business

We provide an easy method to identify marketable retail purchases and sales using recent, publicly available U.S. equity transactions data. Individual stocks with net buying by retail investors outperform stocks with negative imbalances by approximately 10 bps over the following week. Less than half of the predictive power of marketable retail order imbalance is attributable to order flow persistence, while the rest cannot be explained by contrarian trading (proxy for liquidity provision) or public news sentiment. There is suggestive, but only suggestive, evidence that retail marketable orders might contain firm-level information that is not yet incorporated into prices.

Air Pollution, Behavioral Bias, And The Disposition Effect In China, Jennifer (Jie) Li, Massimo Massa, Hong Zhang, Jian Zhang

Research Collection Lee Kong Chian School Of Business

Inspired by the recent health science findings that air pollution affects mental health and cognition, we examine whether air pollution can intensify the cognitive bias observed in the financial markets. Based on a proprietary data set obtained from a large Chinese mutual fund family consisting of complete trading information for more than 773,198 ac-counts in 247 cities, we find that air pollution significantly increases investors' disposition effects. Analysis based on two plausible exogenous variations in air quality (the vast dissi-pation of air pollution caused by strong winds and the Huai River policy) supports a causal interpretation. Mood regulation provides a …

Board Composition, Board Diversity And Stock Performance, Chiyachantana N. Chiraphol, Siripen Pattanawihok, Pattarawan Prrasarnphanich

Research Collection Lee Kong Chian School Of Business

The study investigates the relationship between six board compositions and stock returns. The results indicate a significant association between various board compositions and stock returns. Specifically, board size and executive directors have a negative impact, whereas independent directors enhance stock returns. Busy directors positively impact the abnormal stock returns for the companies in the non-financial industry, which implies that busy directors who serve on more boards tend to be well connected. More importantly, the results indicate a significant positive relationship between board tenure and stock returns. Board service time is perceived as the board quality of knowledge and experience from …

Esg And The Market Return, Ran Chang, Liya Chu, Jun Tu, Bohui Zhang, Guofu Zhou

Research Collection Lee Kong Chian School Of Business

We propose an environmental, social, and governance (ESG) index. We find that it has significant power in predicting the stock market risk premium, both in- and out-of-sample, and delivers sizable economic gains for mean-variance investors in asset allocation. Although the index is extracted by using the PLS method, its predictability is robust to using alternative machine learning tools. We find further that the aggregate of environmental variables captures short-term forecasting power, while that of social or governance captures long-term. The predictive power of the ESG index stems from both cash flow and discount rate channels.

Corporate Board Leadership And Earnings Informativeness, Chiyachantana N. Chiraphol, Siripen Pattanawihok, Pattarawan Prasarnphanich

Research Collection Lee Kong Chian School Of Business

This study examines the relationship between six board compositions and the informativeness of earnings. The results show that smaller board sizes are more informativeness of earnings. Longer board service time is viewed as the experience and expertise to manage the firms and increases informativeness of earnings. The average board tenure is positively significant with the informativeness of earnings. The accounting earnings generated from the firms with more independent directors and female directors are highly valued by the investors. Consequently, the accounting earnings generated from these firms are highly valuable to the investors.

آليّات تعزيز المسؤوليّة الاجتماعيّة في مؤسّسات القطاع الخاص الفلسطيني, سمير مصطفى أبو مدللة استاذ مشارك, محمود حسين عيسى ماجستير

Journal of Al-Azhar University – Gaza (Humanities)

ملخص:

تكمن أهميّة الدّراسة في أنّها تتعرّض لمفهوم المسؤوليّة الاجتماعيّة، وهو مفهوم حديث البحث، فرضته فلسفة الإبداع الاجتماعي، وتطوّر الفكر الإداري والاقتصادي، وأصبح معياراً هامّاً من معايير نجاح مؤسّسات الأعمال.

هدفت الدّراسة إلى وضع تصوّر للآليّات والإجراءات الّتي من شأنها تعزيز وتفعيل المسؤوليّة الاجتماعيّة في مؤسّسات القطاع الخاص الفلسطيني.

تطرّقت الدّراسة إلى مفهوم المسؤوليّة الاجتماعيّة، وأبعادها، وأهميّتها، ونطاق ممارساتها، كما تناولت بالتحليل واقع المسؤوليّة الاجتماعيّة في مؤسّسات القطاع الخاص الفلسطيني، والتّحدّيات الّتي تواجه تلك المؤسّسات، ومن ثمّ استعراض الآليّات الكفيلة بتعزيز الممارسة الاجتماعيّة في مؤسّسات القطاع الخاص الفلسطيني.

استخدم الباحثان في التحليل المنهجين الوصفي والتّحليلي، لتوصيف مفاهيم الدّراسة، وتحليل العلاقة …

واقع استخدام التسويق الإلكتروني في الشركات الصناعية في شمال الضفة الغربية, أمجد سميح القاضي أستاذ مشارك

Journal of Al-Azhar University – Gaza (Humanities)

ملخص:

تهدف هذه الدراسة إلى التعرف على واقع استخدام التسويق الإلكتروني في الشركات الصناعية في شمال الضفة الغربية، ولتحقيق هدف الدراسة قام الباحث باستخدام المنهج الوصفي الميداني؛ فقد تم اختيار عينة عشوائية طبقية بحجم (60) من الإداريين العاملين في الشركات الصناعية ، وزعت عليهم أداة الدراسة المتمثلة بالاستبانه، وتم استخدام المتوسطات الحسابية، والانحرافات المعيارية والنسب المئوية . فأشارت نتائج الدراسة إلى أن واقع استخدام التسويق الإلكتروني في الشركات الصناعية في شمال الضفة الغربية كانت عالية وذلك بدلالة المتوسط الحسابي الذي بلغ (3.61)، كما أشارت النتائج إلى أن درجة معيقات التسويق الالكتروني في الشركات الصناعية في شمال الضفة الغربية منخفضة وذلك …

الأسباب والتداعيات الاقتصادية لعجز الموازنة الفلسطينية: دراسة قياسية, نسيم حسن أبو جامع أستاذ مشارك, ايمان الخضري ماجستير

Journal of Al-Azhar University – Gaza (Humanities)

ملخص:

هدفت الدراسة إلى تحديد الآثار الاقتصادية لعجز الموازنة العامة الفلسطينية، في الفترة (1995-2014)، من خلال استخدام المنهج القياسي، بالاعتماد على أسلوب السلاسل الزمنية عن طريق مصفوفة الارتباط والتي كانت نتائجها غير معنوية عند مستوى دلالة 5% لمعظم المتغيرات، ولذلك تم استخدام نماذج الفترات المتباطئة المقدرة عن طريق برنامج Eviews7؛ من أجل تقدير النماذج وإيجاد العلاقة بين المتغير المستقل والمتغيرات التابعة.

وتوصلت الدراسة إلى: وجود علاقة عكسية معنوية بين عجز الموازنة والناتج المحلي الإجمالي، والتكوين الرأسمالي الثابت الإجمالي، ومنح الموازنة التطويرية، والإنفاق الاستهلاكي النهائي، ونصيب الفرد من الناتج المحلي الإجمالي، في حين وجود علاقة عكسية غير معنوية بين عجز الموازنة …

Collective Impact Of Scrap, Random Breakdown, Overtime And Discontinuous Issuing On Batch Production Planning In A Supply-Chain Environment, Yuan-Shyi Peter Chiu, Jia-Ning Lin, Yunsen Wang, Hung-Yi Chen

Department of Accounting and Finance Faculty Scholarship and Creative Works

This research explores the collective impact of overtime, random breakdown, discontinuous issuing rule, and scrap on batch production planning in a supply-chain environment. In today’s global business environment, manufacturing firms encounter numerous operational challenges. Externally, they must promptly satisfy the customers’ various requests, while internally, they must cautiously manage several inevitable issues in the fabrication process. These issues might be concerned with scrap, random breakdown, etc. Resolving such issues is crucial for meeting the due dates of customers’ orders, adhering to the expected manufacturing schedules, product quality, and minimizing the total fabrication-transportation-inventory costs. The study develops a model to characterize …

Determining The Factors Influencing Cloud Computing Implementation In Library Management System (Lms): A High Order Pls-Ann Approach, Manish Dadhich, Shalendra Singh Rao, Surendra Sethy, Renu Sharma

Library Philosophy and Practice (e-journal)

The principal component of this paper is to ascertain the prominent variables of technological, organizational, environmental, and financial constructs that influence library cloud computing (LCC) among the library users and professionals in the selected universities of India. This paper discusses the advantages, opportunities, challenges, and Models of Smart Library in the ICT age library management system. The study also commissioned tools viz. EFA, CFA, and structural equation assess the degree to which selected factors were associated with LCC adoption. Empirical research proposed four hypotheses by selecting the technological, organizational, environmental, and financial constructs and 16 manifests in the specified model. …

Does Industry Timing Ability Of Hedge Funds Predict Their Future Performance, Survival, And Fund Flows?, Turan G. Bali, Stephen J. Brown, Mustafa O. Caglayan, Umut Celiker

Business Faculty Publications

This paper investigates hedge funds’ ability to time industry-specific returns and shows that funds’ timing ability in the manufacturing industry improves their future performance, probability of survival, and ability to attract more capital. The results indicate that the best industry-timing hedge funds in the manufacturing sector have the highest return exposure to earnings surprises. This, together with persistently sticky earnings surprises, transparent information environment in regards to earnings releases, and large post-earnings-announcement drift in the manufacturing industry, explain to a great extent why best-timing hedge funds can generate significantly larger future returns compared to worst-timing hedge funds.

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 …

Quantum Computing For Supply Chain Finance, Paul R. Griffin, Ritesh Sampat

Research Collection School Of Computing and Information Systems

Applying quantum computing to real world applications to assess the potential efficacy is a daunting task for non-quantum specialists. This paper shows an implementation of two quantum optimization algorithms applied to portfolios of trade finance portfolios and compares the selections to those chosen by experienced underwriters and a classical optimizer. The method used is to map the financial risk and returns for a trade finance portfolio to an optimization function of a quantum algorithm developed in a Qiskit tutorial. The results show that whilst there is no advantage seen by using the quantum algorithms, the performance of the quantum algorithms …

Towards Better Data Augmentation Using Wasserstein Distance In Variational Auto-Encoder, Zichuan Chen, Peng Liu

Research Collection Lee Kong Chian School Of Business

VAE, or variational auto-encoder, compresses data into latent attributes, and generates new data of different varieties. VAE based on KL divergence has been considered as an effective technique for data augmentation. In this paper, we propose the use of Wasserstein distance as a measure of distributional similarity for the latent attributes, and show its superior theoretical lower bound (ELBO) compared with that of KL divergence under mild conditions. Using multiple experiments, we demonstrate that the new loss function exhibits better convergence property and generates artificial images that could better aid the image classification tasks.

Do Investor Sentiments Drive Cryptocurrency Prices?, Erdinc Akyildirim, Ahmet Faruk Aysan, Oguzhan Cepni, Pinar Darendeli

Research Collection Lee Kong Chian School Of Business

This paper studies the dynamic network connectedness between cryptocurrency returns and sentiments using the novel cryptocurrency-specific MarketPsych sentiment data for 13 cryptocurrencies with the highest market capitalization. The results indicate the dominance of cryptocurrencies with higher market capitalization and information transmission from cryptocurrency returns to sentiments. Our results also show that Bitcoin is losing its dominance to alt-coins in return spillovers while still dominant in sentiment spillovers.

A Dynamic Delegated Investment Model Of Spacs, Dan Luo, Jian Sun

Research Collection Lee Kong Chian School Of Business

We study SPACs in a continuous-time delegated investment model. Our model is built upon three unique features of SPACs: the sponsor and the investor are only partially aligned, a SPAC has a short time horizon, and the investor has the final control over investment approval. Due to the misalignment in incentives, the sponsor has an increasing incentive to propose unprofitable projects to the investor; in response, the investor exerts more stringent screening based on her information. Although the screening helps curb the sponsor’s moral hazard, it also dampens the disciplining effect of partial alignment in incentives. When the investor’s information …