Social and Behavioral Sciences Commons^™

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 …

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 …

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 …

Three Essays On Preferential Trade Agreement And Trade Policy, Kefang Yao

Dissertations and Theses Collection (Open Access)

This dissertation consists of three chapters on Preferential Trade Agreements (PTAs) and trade policies. Increasing in numbers rapidly since 1990s, PTAs have extended their traditional focus on tariff reduction to deeper policy integration in areas such as competition policy, intellectual property rights, investment, and movement of capital. The first chapter of the dissertation uses a recently released dataset of PTA contents to quantify impacts of the horizontal depth of trade agreements on bilateral trade flows and national welfare for the period of 1980-2015. The results indicate that agreements that are deeper (covering a wider range of policy areas) contribute to …

Essays On Economic Development And Environmental Sustainability, Rohan Ray

Dissertations and Theses Collection (Open Access)

The first chapter is a randomized controlled trial study that uses loss framing and information nudges to increase secondary school attendance in Bangladesh. Conditional cash transfers (CCTs) have become one of the most common policy interventions to increase school attendance, but the cost-effectiveness of such interventions has not attracted the attention it deserves. Hence, in addition to a standard CCT implementation, our rich unique dataset on daily attendance allows us to experimentally study two potential ways to improve the cost-effectiveness of school attendance interventions: (i) SMS information nudges and (ii) loss framing in CCTs. The former provides school attendance information …

Three Essays On Panel And Factor Models, Ji Feng

Dissertations and Theses Collection (Open Access)

The dissertation includes three chapters on panel and factor models.

In the first chapter, we introduce a two-way linear random coefficient panel data models with fixed effects and the cross-sectional dependence. We follow the idea of the within-group fixed effects estimator to estimate parameters of interests. We establish the limiting distributions of the estimates and also propose the two-way heterogeneity bias test to check the desirability of the estimation strategy. The specification tests then are constructed to examine the existence of the slope heterogeneity and time-varyingness. We study the asymptotic properties of the specification tests and employ two bootstrap schemes …

Three Essays On Nonstationary Financial Econometrics, Yajie Zhang

Dissertations and Theses Collection (Open Access)

This dissertation consists of three essays that contribute to the theory of nonstationary time-series analysis.

The first chapter explores the inference procedures for predictive regressions with time-varying characteristics. We extend the self-generated instrumentation, called IVX, to incorporate persistent regressors of functional local-to-unity, functional mildly explosive, and functional mildly stationary roots. The asymptotic distributions of IVX estimators under time-varying parameters are novel and nonpivotal but lead to pivotal distributions of the corresponding Wald statistics that are robust across various roots. The numerical experiments justify the robustness of IVX testing procedures in finite samples. We also verify the existence of time-varying coefficients …

Three Essays On International Trade, Renjing Chen

Dissertations and Theses Collection (Open Access)

In the first chapter, we develop an estimation procedure to identify the partial (direct) effects of the GATT/WTO membership on variable and fixed trade costs, respectively. This procedure extends the techniques of Anderson and Van Wincoop (2003) on the structural relationship of multilateral resistance terms and of Helpman, Melitz and Rubinstein (2008) on the structural modeling of trade incidence. We then develop a general equilibrium framework (that allows for the presence of zero trade) to simulate the impact of variable, fixed, and total trade cost changes on the firm-level trade structure (including the bilateral export productivity cutoff, the weighted/unweighted extensive …

Two Essays On Innovation And Growth In China, Qiugu He

Dissertations and Theses Collection (Open Access)

This dissertation studies China’s economic growth from a perspective of industry dynamics. In chapter 1, I introduce the background and policies relating to China’s economic growth after 1978. In chapter 2, I find that the elasticity of the average R&D expenditure of firms on competition is -0.29 in weak-IPR (intellectual property right) provinces, and -0.06 in strict-IPR provinces. Next, I use the Schumpeterian growth model to explain this finding: When the market becomes more competitive, a firm prefers imitation to innovation to a larger extent, as a means of getting new technology. Due to enforcement of IPR laws, the imitation …

Three Essays On Empirical Asset Pricing, Xueying Bian

Dissertations and Theses Collection (Open Access)

The dissertation consists of three essays on empirical asset pricing. The first chapter proposes a novel inter-firm link - similar employee satisfaction. Based on the employee satisfaction data on Glassdoor, the returns of similar employee satisfaction (SES) firms are documented to predict focal firm stock returns. A long-short portfolio sorted on the lagged returns of SES firms yields the Fama-French six-factor alpha of 135 bps per month. The observed predictability cannot be explained by risk-based arguments or subsumed by other known inter-firm momentums. According to the international tests, we observe stronger return predictability in countries with more flexible labor markets. …

Essays On Empirical Asset Pricing, Zilin Chen

Dissertations and Theses Collection (Open Access)

The dissertation consists of three chapters on empirical asset pricing. The first chapter examines whether the cross-sectional variation in private subsidiaries’ information disclosure predicts the cross-sectional dispersion in future equity returns of public parent firms. Information disclosure on private subsidiaries is not mandatory for public firms in the U.S., and thus these subsidiaries could be a good choice for public firms to hide bad news. We construct a private subsidiaries’ information disclosure (PSID) measure and find that a value-weighted portfolio that longs stocks in the highest PSID quintile and shorts stocks in the lowest PSID quintile yields a Fama and …

Study On The Ideas For Developing M&A Funds In China In The Context Of Economic Transformation, Xiaoming Song

Dissertations and Theses Collection (Open Access)

M & A fund is one category of private equity investment fund. In the past 25 years, private equity fund has grown into a considerable asset section. Since 2008, China's economy has experienced the pounding pain of structural transformation multiplied with other challenges, e.g. international economy’s lack of growth momentum, increased trade friction, aging population and so on. The trade friction between China and the United States has further exacerbated. Against this backdrop, from September 2018, there was a significant shift in the domestic central government’s economic policy, particularly the capital market policy, has undergone major changes with the repressed …

Regional Economic Impacts Of China's High-Speed Rail Development And Its Institutional Challenges, Hankun Zhao

Dissertations and Theses Collection (Open Access)

This article studies the impact of connecting to high-speed rail (HSR) network on regional development and the replication and sustainability of China’s GIUR system, aiming to summarize the experience of China’s HSR, which can provide several policy references for developing countries. This article conducts two research: (1) explore the impact of connecting to HSR network on the urban industrial structure, urban creativity and urban-rural income gap of cities in different regions and cities with heterogeneous locations along the HSR lines in the long and short term; (2) explore the advantages and disadvantages of the Government-Industry-University-Research (GIUR) system in the process …