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ASU Electronic Theses and Dissertations


This collection includes most of the ASU Theses and Dissertations from 2011 to present. ASU Theses and Dissertations are available in downloadable PDF format; however, a small percentage of items are under embargo. Information about the dissertations/theses includes degree information, committee members, an abstract, supporting data or media.

In addition to the electronic theses found in the ASU Digital Repository, ASU Theses and Dissertations can be found in the ASU Library Catalog.

Dissertations and Theses granted by Arizona State University are archived and made available through a joint effort of the ASU Graduate College and the ASU Libraries. For more information or questions about this collection contact or visit the Digital Repository ETD Library Guide or contact the ASU Graduate College at gradformat@asu.edu.


Resource Type
  • Doctoral Dissertation
Date Range
2011 2017


Responding to the allegedly biased research reports issued by large investment banks, the Global Research Analyst Settlement and related regulations went to great lengths to weaken the conflicts of interest faced by investment bank analysts. In this paper, I investigate the effects of these changes on small and large investor confidence and on trading profitability. Specifically, I examine abnormal trading volumes generated by small and large investors in response to security analyst recommendations and the resulting abnormal market returns generated. I find an overall increase in investor confidence in the post-regulation period relative to the pre-regulation period consistent with a …

Contributors
Dong, Xiaobo, Mikhail, Michael, Hwang, Yuhchang, et al.
Created Date
2011

The Balanced Scorecard (BSC) is a strategic planning and management system that causally links actions and subsequent financial and nonfinancial outcomes. The primary goal of the BSC is to motivate actions that are congruent with the organization's long-term strategy. A secondary purpose of the BSC is to facilitate the performance evaluation of managers charged with advancing the corporate strategy. To serve this second purpose the BSC must include a time dimension. Specifically, the strategic plan must recognize time lags between actions taken, lead outcomes (often nonfinancial in nature) and lagged outcomes (usually financial success measures). If an evaluator is not …

Contributors
Bartlett, Geoffrey D., Reckers, Philip M.J., Lowe, D. Jordan, et al.
Created Date
2012

In this study, I examine the extent to which firms rely on relative performance evaluation (RPE) when setting executive compensation. In particular, I examine whether firms use information about peer performance to determine compensation at the end of the year, i.e. after both firm and peer performance are observed. I find that RPE is most pronounced for firms that allow little or no scope for ex post subjective adjustments to annual bonuses. Conversely, firms that rely mainly on subjectivity in determining bonus exhibit little use of RPE. These findings suggest that information about peer performance is not used at the …

Contributors
Tsui, Stephanie Aian, Matejka, Michal, Hwang, Yuhchang, et al.
Created Date
2013

In this paper, I investigate whether participation in employee stock option exchange programs contains private information about future stock returns. High participation in employee stock option exchange programs is associated with negative future abnormal returns over the ensuing 12-month period. This association is moderated by the transparency of the firm's information environment: high institutional ownership and high financial statement informativeness weaken the negative relation between participation and abnormal returns. Controlling for transparency of the firms' information environment, the association between participation and future returns arises primarily from firms that allow the CEO to participate. Dissertation/Thesis

Contributors
Makridis, Vanessa Radick, Matejka, Michal, Hwang, Yuhchang, et al.
Created Date
2013

This study provides new evidence on the choice of performance measures used in dual-class firms to incentivize CEOs. The choice of performance measures is informative about the extent to which the board of directors focuses CEO efforts on firms' long-term versus short-term objectives. To empirically operationalize performance evaluation horizon, I measure the length of the performance evaluation period in CEO stock awards, the use of stock-based measures, and the use of peer-based measures. I collect data on 419 dual-class firms and match them with a control group of single-class firms. I find that market-based metrics are less likely to be …

Contributors
Li, Ji, Matejka, Michal, Hwang, Yuhchang, et al.
Created Date
2014

State-owned Enterprises (SOE) in China were described as Government Business Enterprises (GBE) in planned economy time. Not only as investor and owner, but also manager, government at that time was an all-powerful role in GBE. All factors of production, such as money, raw materials, production, sell, human affairs, were all decided by administrative orders. After reform and opening up, especially since 90s of last century, some related laws, including The Companies Act, were gradually promulgated and carried out, State-owned Enterprises have been found fairly like modern enterprises in appearance, but observe carefully, you will find that with the growing up …

Contributors
Shi, Lei, Hwang, Yuhchang, Chang, Chun, et al.
Created Date
2015

The Chinese capital market is characterized by high segmentation due to governmental regulations. In this thesis I investigate both the causes and consequences of this market segmentations. Specifically, I address the following questions: (1) to which degree this capital market segmentation is caused by the fragmented regulations in China, (2) what are the key characteristics of this market segmentation, and (3) what are the impacts of this market segmentation on capital costs and resources allocations. Answers to these questions can have important implications for Chinese policy makers to improve capital market regulatory coordination and efficiency. I organize this thesis as …

Contributors
Jia, Shaojun, Hwang, Yuhchang, Chen, Hong, et al.
Created Date
2015

Although China’s economy has experienced fast growth over the years, it is also characterized by a lack of innovative products and slow development of advanced production technologies. A main reason for this problem is insufficient investments in research and development (R&D) activities by Chinese firms. Because of the potential externality and free-rider effects, the economics literature has long suggested that the private sector tends to underinvest in R&D without governmental interventions. The weak protection of intellectual property rights in China makes the problem of underinvestment in R&D even worse. In this situation, it becomes increasingly important for the government to …

Contributors
Yang, Guisheng, Hwang, Yuhchang, Wang, Tan, et al.
Created Date
2015

Accompanying with the development of economy system and the completion of legal framework, Chinese domestic PE industry not only transfused vigor and vividness to capital market, but also generated contribution to substantial economy with a rapid pace in recent decades. Depending on the first move advantage and an affinity with Chinese government, PE industry initially was led by state-owned enterprises. However, these non-market-oriented PE institutions confronted challenge from the perspective of culture, structure and mechanism and crises of outflow of human capital and lacking capability of sustainable development while private section and foreign capital enter the market. Based on the …

Contributors
Chen, Zhihai, Wang, Tan, Hwang, Yuhchang, et al.
Created Date
2015

The traditional newspaper industry has been under tremendous pressure in recent years due to the emergence and growth of new media. Experiencing of a fast-shrinking market share, many traditional newspaper companies are either pushed out of business or are forced to innovate and reform. In this thesis, I investigate the organizational changes at one of the largest newspaper groups in China, particularly regarding its incentive systems as the group adjusts its business scopes under both internal and external institutional constraints. Publishers of newspapers were traditionally considered non-profit organizations or social institutions in China. Because of their focus on social goals, …

Contributors
Qiu, Xin, Shen, Wei, Hwang, Yuhchang, et al.
Created Date
2016