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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.


Subject
Date Range
2012 2019


冷链物流主要是指食品在生产到消费者食用前始终处于适宜的温度环境,以保障食品品质、降低流通过程中的损耗。冷链物流相比于传统物流而言是一项更复杂的系统性工程,受到政策和市场需求的影响呈现迅猛发展态势。但是,冷链物流企业长期以来因规模小、固定资产少、服务范围窄、服务规范性弱而发展困难重重,核心问题是资金的问题。政府引导和鼓励打造冷链物流产业园,推动产业园投资和建设主体打造平台,实现对园区内冷链企业的聚集效应并通过金融服务解决企业发展的资金问题。通过产融结合助力冷链物流企业发展,成为目前冷链物流行业发展的主要方式和未来趋势。 本研究聚焦冷链物流产业园金融服务助力冷链物流企业发展问题,主要研究内容包括:第一,基于产融结合理论,梳理冷链物流企业与产业园之间关系,从供需两侧探索冷链物流企业和产业园的金融服务的范围、类型和特点。第二,基于平台理论,构建冷链物流企业采纳产业园金融服务的研究模型,探索金融服务影响冷链物流企业的经营因素,分析冷链物流企业采纳产业园金融服务的因素和途径。第三,基于信息不对称理论,关切信息技术支持和知识分享在冷链物流企业采纳产业园提供金融服务过程中的调节作用。同时,梳理产业园提供金融服务可能面临哪些风险,制订冷链物流企业入驻园区的标准,防范风险。 本文运用实证研究方法,通过对国内18家冷链物流相关的产业园、物流园、冷链物流、商贸流通、金融等企业实地考察和专家访谈基础上,拟定问卷并对268家企业进行调查收集数据,使用结构方程模型进行假设检验。研究发现:金融服务的有形性、可靠性、移情性、经济性对冷链物流企业采纳产业园金融服务影响显著,而响应性的影响不显著。同时 信息技术支持和知识共享的调节作用不显著。最后,针对产业园吸引冷链物流企业提供金融服务、冷链物流企业采纳产业园金融服务的风险,提出防范策略措施。 Dissertation/Thesis

Contributors
Yang, Su, Shen, Wei, Chen, Xinlei, et al.
Created Date
2019

财富管理是一个高度信息不对称的行业,因此投资人需要尽可能减少自身的不确定来做投资决策,通过文献整理,本文发现通过建立信任来消除不确定性是很多投资人都会选择的帮助投资决策的方法。纵观历史,美国2007-2008年的金融危机也恰恰导致金融市场投资人对于理财机构信任的严重缺失,相同的情况也可能发生在中国财富管理市场,因此本文将此选作研究重点,希望深入研究财富管理公司投资人对理财师的信任来得到一系列结论。本文最终发现就平台和理财师相比,投资人更看重平台的信誉度。 投资人大多认为平台的信誉度要高于理财师的信誉度,但是这并不意味着理财师不重要。本文进一步的分析发现,多数投资人会和理财师建立起一种私人联系,且该私人关系有助于加强客户和平台的联系。投资人认为行业经验、为人诚恳,说话可信以及责任心是加强这种私人关系的重要因素。最后,投资人对于钜派平台的信任主要由对于理财师的信任来维持,同时对于理财师的信任主要来自与情感信任。本文的发现对财富管理平台具有战略意义。 Dissertation/Thesis

Contributors
Wu, Qimin, Shen, Wei, Chang, Chun, et al.
Created Date
2019

By matching a CEO's place of residence in his or her formative years with U.S. Census survey data, I obtain an estimate of the CEO's family wealth and study the link between the CEO's endowed social status and firm performance. I find that, on average, CEOs born into poor families outperform those born into wealthy families, as measured by a variety of proxies for firm performance. There is no evidence of higher risk-taking by the CEOs from low social status backgrounds. Further, CEOs from less privileged families perform better in firms with high R&D spending but they underperform CEOs from …

Contributors
Du, Fangfang, Babenko, Ilona, Bates, Thomas, et al.
Created Date
2018

This dissertation establishes a national exploration into the subnational fiscal policies of the United States at the county level of government. This dissertation begins a dialog about county fiscal practices and examines budget stabilization policies of county governments across the country and studies how county governments are codifying the action of setting funds aside for use during times of need. The study moves from the descriptive analysis of counties and explore quantitatively the effects of county government general fund balances and reserve practices over time and documents the reserves, revenue and expenditures of 43 counties across the United States over …

Contributors
Flick, Angie, Reilly, Thomas, Miller, Gerald J, et al.
Created Date
2018

Government revenue forecasting errors have become larger, especially in exceptional times such as the periods surrounding economic recessions. Inaccurate revenue estimates stem from unanticipated revenue increases or decreases from a previous trend. Unfortunately, current forecasting methods relying primarily on trend analysis do not incorporate these kinds of sudden changes easily. When revenue punctuations occur, the revenue forecasting errors increase. To reduce forecasting errors caused by revenue punctuations in government revenue collections, I argued that analysts must not dismiss outliers as extraneous or useless phenomena. My research revealed an approach to incorporate outliers or punctuations into revenue forecasting. First, this research …

Contributors
Wang, Dan, Miller, Gerald J, Lan, Gerald, Zhiyong, et al.
Created Date
2018

Since the 2008 financial crisis, the total assets managed by U.S. mutual funds have frequently hit new highs and the industry has become increasingly concentrated. In the meantime, two strategies have emerged in the American mutual fund industry: active and passive management. What factors affect the market shares of firms that adopted these two different strategies? Building on strategic management theories, I suggest that mutual fund families that adopted active and passive management strategies tend to compete in different dimensions. Active management fund families tend to implement the product differentiation strategy, competing on “product quality” through excess-returns, innovative and differentiated …

Contributors
Liu, Jianping, Zhu, Hongquan, Chang, Chun, et al.
Created Date
2018

This dissertation focuses on risk prevention and regulatory issues of financial asset trading platforms, exploring the composition of a financial asset trading platform and its risks, formulating the general framework of platform risk prevention and regulation, and discussing the methodologies for monitoring and managing the risk of financial assets trading platform. The dissertation is divided into eight chapters. The first chapter is the introduction, which discusses the current status in this research field, the motivation and significance of the research topic. The second chapter discusses the transaction cost theory, information asymmetry theory, financial risk management theory, financial supervision theory and …

Contributors
Xu, Chaojun, Hwang, Yuhchang, Yan, Hong, et al.
Created Date
2017

How to play the advantages of network loan platform to reduce the financing costs of net loan platform both in theory and practice has important significance. In this paper, we use the method of qualitative and quantitative combination. First of all, through the interview of the net loan platform practitioners, the financing cost of the net loan platform comes from the internal and external parts. Part of the network loan platform should be righteous, but counterproductive human and material costs, credit costs, information efficiency, transaction costs and matching costs; part of the emerging industry as a challenge, compliance costs, technical …

Contributors
Ren, Junxia, Gu, Bin, Chang, Chun, et al.
Created Date
2017

I study how the density of executive labor markets affects managerial incentives and thereby firm performance. I find that U.S. executive markets are locally segmented rather than nationally integrated, and that the density of a local market provides executives with non-compensation incentives. Empirical results show that in denser labor markets, executives face stronger performance-based dismissal threats as well as better outside opportunities. These incentives result in higher firm performance in denser markets, especially when executives have longer career horizons. Using state-level variation in the enforceability of covenants not to compete, I find that the positive effects of market density on …

Contributors
Zhao, Hong, Hertzel, Michael, Babenko, Ilona, et al.
Created Date
2017

I study the relation between firm debt structure and future external financing and investment. I find that greater reliance on long-term debt is associated with increased access to external financing and ability to undertake profitable investments. This contrasts with previous empirical results and theoretical predictions from the agency cost literature, but it is consistent with predictions regarding rollover risk. Furthermore, I find that firms with lower total debt (high debt capacity) have greater access to new financing and investment. Lower leverage increases future debt issues and capital expenditures, and firms do not fully rebalance by reducing the use of external …

Contributors
Flynn, Sean, Tserlukevich, Yuri, Hertzel, Mike, et al.
Created Date
2017

The purpose of this study was to collect specific data concerning the use of financial resources from extant adult community bands that are members of the Association of Concerts Bands (ACB). An adult community band is defined as an ensemble consisting primarily of amateur adult woodwind, brass, and percussion performers, the majority of whom are not satisfying school, college, or military requirements through participation. This investigation comprises two main parts: 1) a perusal of the development of adult community bands within the overall history of bands in the United States, including, when possible, financial aspects of their operations; and 2) …

Contributors
Raya, Bryan, Hill, Gary, Caslor, Jason, et al.
Created Date
2017

Firms reduce investment when facing downward wage rigidity (DWR), the inability or unwillingness to adjust wages downward. I construct DWR measures and exploit staggered state-level changes in minimum wage laws as an exogenous variation in DWR to document this fact. Following a minimum wage increase, firms reduce their investment rate by 1.17 percentage points. Surprisingly, this labor market friction enhances firm value and production efficiency when firms are subject to other frictions causing overinvestment, consistent with the theory of second best. Finally, I identify increased operating leverage and aggravation of debt overhang as mechanisms by which DWR impedes investment. Dissertation/Thesis

Contributors
Cho, DuckKi, Bharath, Sreedhar, Hertzel, Michael, et al.
Created Date
2017

This dissertation is a collection of three essays relating household financial obligations to asset prices. Financial obligations include both debt payments and other financial commitments. In the first essay, I investigate how household financial obligations affect the equity premium. I modify the standard Mehra-Prescott (1985) consumption-based asset pricing model to resolve the equity risk premium puzzle. I focus on two channels: the preference channel and the borrowing constraints channel. Under reasonable parameterizations, my model generates equity risk premiums similar in magnitudes to those observed in U.S. data. Furthermore, I show that relaxing the borrowing constraint shrinks the equity risk premium. …

Contributors
Jahangiry, Pedram, Mehra, Rajnish, Wahal, Sunil, et al.
Created Date
2017

Managers’ control over the timing and content of information disclosure represents a significant strategic tool which they can use at their discretion. However, extant theoretical perspectives offer incongruent arguments and incompatible predictions about when and why managers would release inside information about their firms. More specifically, agency theory and theories within competitive dynamics provide competing hypotheses about when and why managers would disclose inside information about their firms. In this study, I highlight how voluntary disclosure theory may help to coalesce these two theoretical perspectives. Voluntary disclosure theory predicts that managers will release inside information when managers perceive that the …

Contributors
Busenbark, John R., Certo, S. Trevis, Semadeni, Matthew, et al.
Created Date
2017

There have been extensive research in how news and twitter feeds can affect the outcome of a given stock. However, a majority of this research has studied the short term effects of sentiment with a given stock price. Within this research, I studied the long-term effects of a given stock price using fundamental analysis techniques. Within this research, I collected both sentiment data and fundamental data for Apple Inc., Microsoft Corp., and Peabody Energy Corp. Using a neural network algorithm, I found that sentiment does have an effect on the annual growth of these companies but the fundamentals are more …

Contributors
Reeves, Tyler Joseph, Davulcu, Hasan, Baral, Chitta, et al.
Created Date
2016

Informal finance in this paper refers to the financing activities of individuals or households to borrow money through channels other than formal financial institutions such as commercial banks. Using data from China Household Finance Survey (CHFS) conducted by Southwestern University of Finance and Economics (SWUFE) and the People's Bank of China, this paper employs Probit model to analyze the factors that may influence the financing needs of Chinese households and factors that influence their likelihood of obtaining loans from formal financial institutions versus from informal channels. Results show that household wealth, family structure, and household head’s characteristics are the major …

Contributors
Zhang, Linchao, Shen, Wei, Chen, Xiaoping, et al.
Created Date
2016

This thesis investigates whether mergers and acquisitions (M&As) help increase the competitive advantage and core competency of Chinese securities companies. Although M&As among Chinese securities companies were almost exclusively guided by the Chinese government in the earlier years, they have increasingly become more market-driven in recent years. Many large Chinese securities companies have engaged in horizontal mergers, cross-industry mergers, and cross-border mergers to increase their market positions. However, there is little up-to-date evidence about how these market-driven M&As influence the competitive advantage and core competency of securities companies in China. I seek to fill this gap by conducting a systematic …

Contributors
Wang, Lijuan, Shen, Wei, Qian, Jun, et al.
Created Date
2016

This paper examines the link between firm size and innovation. Given that innovation is highly reliant on human capital, the ability to attract, motivate, and retain high quality inventors is a key determinant of firm innovation. Firm size may affect these abilities, and small firms are known to account for a disproportionate share of aggregate innovation. I therefore investigate the role that sorting of inventors across firms plays in explaining this disparity. Talented inventors may find employment at a large firm less attractive due to the relative absence of growth options and a lower ability to link compensation to performance. …

Contributors
Chi, Yung-Ling, Lindsey, Laura A., Tserlukevich, Yuri, et al.
Created Date
2016

Based on multiple case studies of the transactions in China by private equity funds, this paper attempts to explore the value-creation capabilities of private equity funds at the transaction/deal level. Previous studies on financial performance of PE funds utilized data collected from publically traded companies in European/US markets. By measuring financial performance of both “pre- and post-transactions,” these studies researched two questions: 1) Do buyout funds create value? 2) If they do, what are the sources of value creation? In general, studies conclude that private equity/buyout funds do create value at both the deal level and investor level. They also …

Contributors
Ye, Youming, Lee, Peggy, Zhu, Ning, et al.
Created Date
2016

Chief Executive Officers (CEOs) whose observed personal option-holding patterns are not consistent with theoretical predictions are variously described as overconfident or optimistic. Existing literature demonstrates that the investment and financing decisions of such CEOs differ from those of CEOs who do not exhibit such behavior and interprets the investment and financing decisions by overconfident or optimistic CEOs as inferior. This paper argues that it may be rational to exhibit behavior interpreted as optimistic and that the determinants of a CEO’s perceived optimism are important. Further, this paper shows that CEOs whose apparent optimism results from above average industry-adjusted CEO performance …

Contributors
Walton, Richard, Bates, Thomas, Lindsey, Laura, et al.
Created Date
2016