Asian Studies Commons^™

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 …

On The Influence Of Incentive Mechanisms For China’S Current Mixed Ownership Reform On Corporate Performance, Hui Yong Ren

Dissertations and Theses Collection (Open Access)

Since the Central Economic Work Conference set the mixed ownership reform as where China’s state-owned enterprises (SOE) can make breakthroughs on reforms in early 2017, enterprises at all levels, from central to local state-owned, have continuously introduced new measures and new deployments involving the reform. The mixed ownership reform (hereinafter referred to as the “mixed reform”) introduces flexible market response mechanisms and innovative management systems from private enterprises into state-owned enterprises to enhance the market awareness of state-owned enterprises, to increase their own competitiveness, vitality and creativity. It aims to build a system that conforms to modern corporate governance and …

The Effects Of University Governance Structure On New Programme Development And Approval Process In Vietnamese Universities, Thi Anh Tram Le

Dissertations and Theses Collection (Open Access)

Universities and other higher education institutions are viewed as social organizations which play a crucial role in developing the economy, politic, culture, talent, and society of the country. Society expects the universities to well-fulfill their mission in education, academic research, public engagement for the economic development and sustainability of the country and the government is also accountable for supporting the universities to accomplish their missions.

In the context of the increasingly dynamic education industry, between a) internationalization with foreign schools establishing new ventures abroad or local schools recruiting students worldwide, b) the rapid development of information technology as digitization is …

The Importance Of Innovation And Entrepreneurship In China’S Social Transformation, Guo Jun Shen

Dissertations and Theses Collection (Open Access)

As world’s second largest economy, China has seen tremendous changes since its 1978 “open door and reform” policy. Different reformations in form of policies were planned and rolled out to release the potential of productivity. At the same time, social development also seen a huge progress. How the reformation been transformed to social development and in what degree? This is the question was answered in this dissertation. I studied four major reformations covering: State owned Enterprises (SoE), land, financial liberalization, and science and technology, and their impacts on the social development. At macro level, I identified mediation effects of entrepreneurship …

Risk Control System Construction Of China’S Equity Crowdfunding Platforms: A Comparative Study On The Differences Between Equity Crowdfunding And Traditional Venture Capital Investment, Wentao Bai

Dissertations and Theses Collection (Open Access)

Equity crowdfunding is a new type of public financing activity realized by Internet technology with small single investments funds, which is different from traditional venture capital. It greatly solves the equity investment problem of middle-class people and the difficulties of small and medium-sized enterprises and start-ups in financing. It is also conducive to the construction of multi-level capital market, and the healthy development of national financial system. Due to the advantages of equity crowdfunding, the global equity crowdfunding market has developed rapidly in recent years. Unfortunately, China's formal legislation on equity crowdfunding has not been introduced yet. Each platform can …

Land Policy And Welfare In China, Xin Zou

Dissertations and Theses Collection (Open Access)

This dissertation quantitatively studies the impact of land policy on welfare in China. There are two specific nationwide land policies of importance on which I focus: 1) The red-line policy that imposes a minimum 1.2 million square kilometers for agricultural use only 2) The zoning policy for urban land that strictly regulates the amount of industrial and residential land usages respectively; In the first chapter, I give an introduction about the land policy and institutional background in China and the related literature to my dissertation. Second chapter builds a two-sector(two-region) model to examine how the red-line policy interacts with land …

Performance Of Cross-Border Acquisitions: Evidence From China, Yuanyuan Fan

Dissertations and Theses Collection (Open Access)

The number of cross-border mergers and acquisitions (M&As) in China has increased dramatically in recent years. Under China’s “go global” strategy, Chinese firms are devoting more capital and time to developing their overseas business. Cross-border M&As make up a large proportion of these activities. Therefore, it is crucial to determine what factors affect the performance of cross-border acquisitions.

Previous studies show that the acquirers’ post-merger performance is affected by various factors. Those papers mainly focus on domestic M&As. However, cross-border M&As also have unique features. In this study, I focus on Chinese cross-border acquisitions and the factors that affect the …

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 …

Predictors Of Returning Filipino Expatriates' Job Success, Ramon Borrero Segismundo

Dissertations and Theses Collection (Open Access)

This dissertation research investigated the potential predictors of returning Filipino expatriates’ and their sustainable job success. This research investigates the extent of firm level differences such as a companies’ global engagement, repatriate support programs and individual differences such as the repatriates’ compensation, alignment of their personal goals with organizational values, and the level of patriotism to predict their job success upon return to the Philippines. The research employed a grounded theory approach to develop the hypotheses and was executed using a survey methodology. The results were analyzed using a variety of quantitative and statistical techniques. A total of 141 respondents …

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 …

Urban Complex Value Study Based On Management Practice Of China Central Place, Chao Fang

Dissertations and Theses Collection (Open Access)

In recent years in China, with the rapid development of China’s economy, the acceleration of urbanization, the extension of city size and the rapid growth of urban population, living conditions, traffic and environment in the cities are getting worse and worse. Under this background, urban complex integrating a series of functions like “living, business, office, tourism, culture and entertainment etc” has become popular with the urban administrators and developers in many cities. According to relevant statistics, by the end of 2015, there had been more than 2000 urban complexes (including the ones which have been completed, the ones which are …

Corporate Governance Of Innovation In Singapore Chinese Family Business, Geok Chwee Ong

Dissertations and Theses Collection (Open Access)

Despite the large number of research publications on innovation management matters, there is still a gap in the understanding of effective innovation governance at corporate levels. The mechanisms that drive effective governance at firm level to ensure the “alignment of goals, allocation of resources and assignment of decision-making authority for innovation across the company, and with external parties” (Deschamps, 2013) remain unclear. Given the importance of family firms in Asia (and beyond), there is an urgent need to examine those family factors that influence the effectiveness of corporate governance of innovation in Asian enterprise. Against this background, this study attempts …

The Impact Of Fintech Innovations And Financial Standards On Bank Performance: Evidence From Selected Commercial Banks In Asean, Kiyono Hasaka

Dissertations and Theses Collection (Open Access)

In the rapidly evolving financial
technology (fintech) landscape, there has been an increase in the number of the
industry research papers and articles on fintech adoption and innovations. However,
there are relatively few empirical studies that provide a quantitative analysis
of the effects of fintech and financial standards on bank performance using
financial indicators. This dissertation attempts to fill this research gap by
identifying and analysing the impact of commercial banks’ adoption of mobile
banking technologies on bank financial performance in five countries that adopted
financial standards in the Association of Southeast Asian Nations (ASEAN). Using
the longitudinal panel data …

An Exploratory Study Of How To Navigate Brand Management And Improve Sales Performance Through Control Policies, Pavuth Sriaranyakul

Dissertations and Theses Collection (Open Access)

The aim of this study was to examine the effects of alcohol and tobacco control policies on sales performance when two central elements of marketing, communication and promotion programs, are significantly restricted. The study took place in Thailand, which has some of the strongest tobacco control regulations in the world, along with moderately strong alcohol control regulations. Under these regulations, tobacco firms operate in a dark market, with near-total regulatory prohibition on advertising, promotion, and even the display of their products. Alcohol firms operate in a less restrictive or “grey” market, as they face restrictions on advertising and promotion content, …

Foreign Direct Investment, A Movement Toward Investors' Centricity, A Behavioral Perspective, Jimmy Wee Teck Tan

Dissertations and Theses Collection (Open Access)

This dissertation proposal studies the determinants of Foreign Direct Investment (FDI) in a frontier economy from the behavioral perspective of a manager. There are many determinants used in determining a Foreign Direct Investment. These determinants range from economic, social, institutional, technology, organization, and commercial down to cultural distance. The objective of this research is not to duplicate the methodologies of many quantitative research studies that have been conducted, in which many economists use quantitative analysis of several years of data to determine the many factors that correlate with levels of FDI. The behavioral aspect of a manager’s decision is noticeably …

Forecasting Inflation In Asian Economies, Freddy Chian Fatt Liew

Dissertations and Theses Collection (Open Access)

This paper surveys the recent literature on inflation forecasting and conducts an extensive empirical analysis on forecasting inflation in Singapore, Japan, South Korea and Hong Kong paying particular attention to whether the inflation-markup theory can help to forecast inflation. We first review the relative performance of different predictors in forecasting h-quarter ahead inflation using single equations. These models include the autoregressive model and bivariate Philips curve models. The predictors are selected from business activity, financial activity, trade activity, labour market, interest rate market, money market, exchange rate market and global commodity market variables. We then evaluate a vector autoregressive inflation-markup …

Analysis Of Singapore's Foreign Exchange Market Microstructure, Chee Wai Wan

Dissertations and Theses Collection (Open Access)

This paper analyses the Singapore foreign exchange market from a microstructure approach. Specifically, by applying and modifying the empirical methodology designed by Bollerslev and Melvin (1994), we examine the relationship between bid-ask spreads and the underlying volatility of the USD/SGD. Our data set comprises high-frequency USD/SGD tick data of three separate years (April-June 1989, April-May 2006, April-May 2009). We found that for the USD/SGD: i) the size of bid-ask spreads are positively related to the underlying exchange rate volatility; ii) the magnitude of the dependence on underlying volatility increases as tick volume increases; and iii) the size of the bid-ask …

How Predictable Is The Chinese Stock Market?, Fuwei Jiang

Dissertations and Theses Collection (Open Access)

We analyze return predictability for the Chinese stock market, including the aggregate market portfolio and the components of the aggregate market, such as portfolios sorted on industry, size, book-to-market and ownership concentration. Considering a variety of economic variables as predictors, both in-sample and out-of-sample tests highlight significant predictability in the aggregate market portfolio of the Chinese stock market and substantial differences in return predictability across components. Among industry portfolios, Finance and insurance, Real estate, and Service exhibit the most predictability, while portfolios of small-cap and low ownership concentration firms also display considerable predictability. Two key findings provide economic explanations for …

Ownership Structure, Financial Structure And R&D Investment: Evidence From Korean Firms, Yanghua Chen

Dissertations and Theses Collection (Open Access)

Understanding factors that can enhance a firm‟s innovativeness is of critical concern in management research. Prior studies in strategy and financial economics have advanced our understanding of how resource allocation into innovation is shaped in a firm, mainly from the perspectives of ownership and financial structures. However, the extant literature is incomplete, because it treats ownership and financial structures as separate determinants, even though theoretical arguments and empirical evidences suggest that they are interdependent. This study investigates the determinants of firm‟s R&D investments by bridging ownership and financial structures. Ownerships held by inside and external owners are considered for ownership …

Corporate Governance And Earnings Management Before Share Repurchase Announcements In Singapore, Jian Ming Chua

Dissertations and Theses Collection (Open Access)

Share repurchase in Singapore was legalized in 1998. It is well known that investors view share repurchase as good news. This study is based on share repurchase announcements from 2006 to 2009. The mean Cumulative Market-Adjusted Returns (CAR) for the period [0, +1] and [-1, +1] are significant at 1.25% and 1.33% respectively. In Singapore, there are positive abnormal returns following share repurchase announcements in support of the ―free cash flow‖ hypothesis. By using the Singapore Corporate Governance Index as a proxy, the weakly governed companies exhibit the strongest, positive and significant CAR of 2.62% for the period [0, +1]. …

Multifactor Productivity And Idea Transmission Channels In The Malaysian Economy, Ester Shen Ai Chan

Dissertations and Theses Collection (Open Access)

This paper examines the contribution of multifactor productivity (MFP) growth to output per worker growth in Malaysia from 1961-2000. MFP growth is found to contribute about 74 percent to output per worker growth from 1987-2000, but has only minimal or negative contribution to growth in the earlier years. This paper then attempts to explain why MFP growth has such a large contribution to output per worker growth in the period 1987-2000 by looking at international trade as channel of technology or idea transfer from the G5 countries into Malaysia. MFP grows because ideas from these advanced nations are transferred into …

Has The Introduction Of Bookbuilding Increased The Efficiency Of China's Ipo Pricing?, Jiehui Fei

Dissertations and Theses Collection (Open Access)

Book-building is commonly adopted in global primary markets and regarded as the most efficient pricing method for accurate IPO pricing by literatures. China has introduced book-building in 2005 to increase IPO pricing accuracy and the capabilities of domestic institutional investors. However, with the current IPO data from China, I find the level of under-pricing has unexpectedly increased after book-building, which is against the empirical studies of a few domestic papers. Secondly, there's some evidence that with better information disclosure from issuer-side through book-building process, the signaling and ex-ante uncertainty effect that previously caused under-pricing has been reduced. But there're unique …

Multivariate Garch Models For The Greater China Stock Markets, Xiaojun Song

Dissertations and Theses Collection (Open Access)

This paper reviews the commonly used multivariate GARCH models and uses the daily data of the four Greater China region stock markets, namely Hongkong, Shanghai,Shenzhen, and Singapore, and data of Japan as one ex-ogenous variable to investigate the volatility and shocks spillover behavior and to establish the market linkage among the four markets. We find that the volatility spillover between Shanghai and Shenzhen is obvious and correlation contagion is detected. Conditional variance and conditional correlations are time varying and dynamic which conforms to the arguments in most of the literature. Shanghai and Shenzhen present a very high correlation level during …

The Effects Of Patent Characteristics As Signals On The Growth Of Follow-On Innovations: Evidence From Chinese Patenting Activities In U.S, Wenxin Guo

Dissertations and Theses Collection (Open Access)

As global trade and business activities intensified, cross-national patenting activities have been playing an increasingly important role in the process of innovation accumulation and growth. However, few studies (to my knowledge) have examined the characteristics of cross-national patents and their relationship to the accumulation and growth of innovation, especially in the context of a developing versus a developed country.
Motivated by the anecdotal evidence and `Patent Signaling Theory'(Spence, 1973), I investigate the possible influential factors on the `quality' of a US patent with a Chinese priority (thereafter `US-CN' patent) and their impact on the growth of follow-on innovation. By developing …

Rolling Adf Tests: Detecting Rational Bubbles In Greater China Stock Markets, Peng Huang

Dissertations and Theses Collection (Open Access)

Following Phillips, Wu and Yu (2007), this paper extends their bubble detecting work to several Greater China stock markets. Two alternative bubble detecting methods, the forward recursive ADF tests raised by Phillips et al. (2007) and the modified version, forward rolling ADF tests, are implemented and compared. Monte Carlo simulations are performed to determine the critical values of the ADF statistic under different sample size. Empirical results demonstrate that only rolling ADF tests are successful in detecting rational bubbles by overcoming the problem of periodically collapsing bubble. As we have expected, bubbles in China Mainland stock market are detected. Out …

Moving Window Unit Root Test: Locating Real Estate Price Bubbles In Seoul Apartment Market, Shuping Shi

Dissertations and Theses Collection (Open Access)

Bubbles are characterized by rapid expansion followed by a contraction. Evans (1991) shows that stationarity tests suggested by Hamilton and Whiteman (1985) and Diba and Grossman (1988) are incapable of detecting periodically collapsing bubbles. Phillips, Wu, and Yu (2006) advanced the forward recursive unit root test which improves the power significantly in the presence of periodically collapsing bubbles. In this paper, we consider rolling window unit root test with a pre-selected optimum window. A combining use of conventional unit root test and forward recursive unit root test is suggested from the results of power comparison. Furthermore, we apply those three …

Information Value Of Credit Ratings In Asia Ex-Japan Markets, Chen Zhou

Dissertations and Theses Collection (Open Access)

This study investigates the information value of credit ratings by exploring the relationship between ratings and security price. Unlike previous studies, we concentrate on the major markets ex-Japan in Asia. We begin with an investigation of rating reclassification as well as credit watch placement events by three leading international rating agencies. We show that markets with differing level of sophistication behave differently. Specifically, South Korea and Hong Kong are found to respond in a similar manner. Indonesia shows possible ign of information leakage. In the cases of Malaysia and Thailand, significant and positive equity price responses exist for upgrades, suggesting …