Social and Behavioral Sciences Commons^™

The Future Development Of Reits In China, Jia Sun

Dissertations and Theses Collection (Open Access)

Real Estate Investment Trust (REIT) is a type of trust fund or corporation that pools the funds of a large number of investors by issuing a certificate of income and invest the raised funds in real estate projects that are managed by a specialized investment institution. The real estate investment risk is moderate, and the rent is stable, but the capital threshold is high, and it is difficult for small and medium investors to enter the market. The invention of REITs aims to solve this problem, through the collection of funds, so that small and medium investors can enter the …

International Trade, Fdi And Agency Problems, Yuting Chen

Dissertations and Theses Collection (Open Access)

This dissertation comprises three papers that separately study product quality in international trade, the governance’ effect on FDI and the agency problems in firms’ exporting decisions.

The first chapter quantifies the contribution of differences in quality preferences to the differences in gains from trade across countries. The quantification demonstrates that variations in the strength of quality preferences across countries add to heterogeneities across countries in market competitiveness. If the quality channel is shut down, countries with stronger preferences for quality have larger degrees of underestimations in their losses from the trade barrier. Finally, gains from a universal rise in quality …

The Interplay Between Real Estate Prices In Shenzhen, Dongguan And Huizhou, Zhituan Su

Dissertations and Theses Collection (Open Access)

In recent years, the Chinese government has proposed a national development strategy for the construction of Guangdong-Hong Kong-Macao Greater Bay Area, which has been beefing up the trend of integrated development of Shenzhen, Dongguan and Huizhou, frontiers of the reform and opening up. Among many other topics, the evolution of the real estate prices in Shenzhen, Dongguan and Huizhou has become a front-burner topic.

In this dissertation focusing on the real estate price in Shenzhen, Dongguan and Huizhou, we have conducted in-depth analysis of the interplay between the real estate price in Shenzhen, Dongguan and Huizhou from such perspectives as …

Quantitative Effects Of Two Kinds Of Robots In A Neo-Classical Growth Model, Hoang Phuong Que Vu

Dissertations and Theses Collection (Open Access)

Advances in artificial intelligence are leading to many revolutions in robotics. How will the arrival of robots impact the growth of the economy, the workers' wage, consumption, and lifetime welfare? This dissertation attempts to answer this question by presenting a standard neoclassical growth model with two different kinds of robots, reflecting two ways that robots can transform the labor market. The first chapter introduces additive robots- a perfect substitution for human labor, while the second chapter employs multiplicative robots- a type of robots that augments human labor. The prevailing main result is that even in the case with no population …

Essays On Human Capital, Growth And Innovation: Political Economy Perspective, Di Sima

Dissertations and Theses Collection (Open Access)

The dissertation explores the role of human capital, education, and political institutions in the process of economic and political development. The first chapter shows that economic development such as secondary school enrollment rates during the democratization period exerts long-lasting effects on growth, possibly by giving permanent birthmarks to newly minted democratic institutions. Specifically, democracies born in weak development tend to have weak institutions and slow growth, while in contrast, those with adequate development at the political transition time establish strong institutions and achieve faster growth. The second chapter explores the effect of curriculum control in schooling on national innovation and …

Institutional Management And Institutional Trading, Jingi Ha

Dissertations and Theses Collection (Open Access)

This dissertation consists of three papers in mutual fund governance or market microstructure that analyze the causal effect of board independence on mutual fund performance or the trading behavior of institutional trading and informed trading.

Chapter I studies how board independence affects fund performance, in relation to investment experience of independent directors. Using the SEC amendment in 2001 as an exogenous shock, I find that board independence does not improve or damage fund performance on average. When a fund board has independent directors with investment experience, however, it boosts fund performance. I also find that a fund manager is less …

Three Essays On Information Diffusion And Market Friction, Li Guo

Dissertations and Theses Collection (Open Access)

How markets impound information into asset prices is one of the most important concerns of financial economics. Due to behavioural bias and transaction friction, information could be mispriced in the real world, thus driving market anomalies and return predictability of behavioural factors. My dissertation contributes to the literature by investigating how information can be quantified, acquired, disseminated and priced in the financial market with the existence of market frictions.

In Chapter 2, we propose an efficient method based on machine learning and textual analysis to quantify cross industry news and shed light on how news travels across different industries. The …

Three Essays On Nonstationary Time-Series Analysis And Network Dynamics, Yubo Tao

Dissertations and Theses Collection (Open Access)

My dissertation consists of three essays which contribute new theoretical results to nonstationary time-series analysis and network dynamics.

Chapter 2 examines the limit properties of information criteria (such as AIC, BIC, HQIC) for distinguishing between the unit root model and the various kinds of explosive models. The explosive models include the local-to-unit-root model, the mildly explosive model and the regular explosive model. Initial conditions with different orders of magnitude are considered. Both the OLS estimator and the indirect inference estimator are studied. It is found that BIC and HQIC, but not AIC, consistently select the unit root model when data …

The Extensive And Intensive Margins Of Time Investments On The Skill Development Of Children And Adolescents, Yi Rachel Tan

Dissertations and Theses Collection (Open Access)

The literature on time investments and skill development has focused on estimating the intensive margins of time investments; This study explores whether including extensive margins might provide additional insights. The extensive and intensive margins of maternal time investments and child time investments (or child self-investments) in three categories of activities (educational, structured and unstructured) on the cognitive and non-cognitive skill development of children (6 to 10 years) and adolescents (11 to 15 years) are quantified by fitting skill production functions with ordinary least squares and family fixed effects specifications. Cognitive skills are assessed by three achievement test scores which indicate …