Along with the continuous advancement of digital transformation in various industries and fields in China, network assets and digital assets become common in the context of digital economy. In this process, increasingly frequent digital interactions have given rise to new types of cyber risks. As cyber insurance appeared late in China, most enterprise clients know little about it and thus are unlikely to accept transferring cyber risks through insurance. This results in a low take-up rate of cyber insurance. Moreover, commercial property insurance cannot meet the demand for transferring enterprise asset security risks in the context of digital economy because new-type assets, such network assets and data assets, are not covered by commercial property insurance. In light of these facts, this paper reviews the theoretical research and market expansion of cyber insurance and commercial property insurance, and discusses the feasibility of combining cyber insurance with commercial property insurance from the perspectives of market environment, legal environment, and ecosystem of cybersecurity. Then this paper expounds on the necessity of combining cyber insurance with commercial property insurance from the perspectives of market scale, objects of insurance and development of the insurance sector post COVID-19. At last, projections are made with respect to the market revenues, premiums and possible cybersecurity loss suffered by enterprises through hypothetical models and case studies to provide insights for the theoretical research and practical exploration of combination of cyber insurance and commercial property insurance in the future. / Economics

China’s real estate industry played an outsized role in both China and global economy and has experienced a rapid growth during the past 15 years, but it went through a tough period of roller-coaster since the last half of 2021.More and more concerns about the credit stability of the industry arise with the default rate going up dramatically and both of onshore and offshore public financing windows have almost closed. This paper aims to systematically review and analyze the historical growth and credit evolvement of Chinese real estate industry based on in-depth research on the relative literature and industry practice, and to explore the key factors that drive the significant changes of the industry. It is found that the historical high growth rate and low default rate of Chinese developers relied highly on government policies, credit easing and supply-demand structure of Chinese housing market. As the macroeconomic environment has changed tremendously since the year 2021, credit of Chinese developers deteriorated dramatically and the industry is entering into a cycle of deleveraging. The paper systematically analyzed the evolvement of the three key factors including public policy, supply-demand balance and financial stability of the key players, and draw a conclusion that it is really challenging for Chinese developers to achieve soft landing during this round of downturn because it is the result of the superposition and comprehensive fermentation of short-term, medium-term and long-term factors. / Business Administration/Finance

I entered the jewelry industry in 1994 and witnessed China's jewelry industry has been developing by leaps and bounds since the country's reform and opening up. Today, however, the jewelry market is facing increasingly fierce competition as it has gradually become saturated. As a result, it is urgent for jewelry companies to align their competition strategies and more importantly, to solve financing problems by expanding financing channels. Only in this way can they find policies and countermeasures to promote the sustainable development of the jewelry industry. While modern enterprises generally take supply chain finance into consideration when dealing with financing problems, this new financing method is not quite common in the jewelry industry. For this reason, there are currently few jewelry companies in the industry that can obtain financing through the supply chain finance method. Based on the relevant literature put forward by scholars in China and abroad, this paper presents an in-depth and comprehensive analysis of the characteristics of supply chain financing. At the same time, according to Porter（2012） Five Forces Model, this paper also analyzes the methods and solutions that HY jewelry Company adopts in formulating and implementing its competitive strategy for supply chain financing, with a view to promoting the healthy development of the jewelry industry. / Business Administration/Finance

From the perspective of information asymmetry, companies located in remote areas have more serious information asymmetry than companies located in central locations. They are more difficult to obtain loans or equity funds, and therefore have lower financing efficiency, resulting in underinvestment/overinvestment. / Business Administration/Finance

This thesis examines the effect of interdependent relationship on new investor’s investment performance. Based on the ecological theory, this study argues that the interdependent relationship of new investors and syndicates’ incumbent members can have two kinds of effects on new investors: mutualistic effect and competitive effect simultaneously. While mutualistic effect will have a positive effect on new investors’ investment performance, competitive effect will have a negative effect on new investors’ investment performance. There are four different kinds of interdependent relationship: investment domain overlap; geographic proximity; complementarity human capital; supplementary human capital. These four kinds of interdependent relationship can bring about competitive effect as well as mutualistic effect. Although competitive effect and mutualistic effect can affect new investors’ performance, they grow at different rates with interdependent relationship increase. Based on the logic of ecological theory, this study augers that when the level of interdependent relationship is low, mutualistic effect plays the dominated effect on the investors’ performance as interdependent relationship increases. However, because of the restriction of environmental capacity, the mutualistic effect on new investors’ performance will increase at decreasing rate as interdependent relationship increases, in other words, the marginal increase of mutualistic effect on new investors’ investment decreases with interdependent relationship increase. When interdependent relationship increases to a certain point, further increase in interdependent relationship will lead to competition effect which will play the dominated effect on new investors’ performance. Meanwhile, the marginal effect of interdependent relationship can lead to lower level of new investors’ performance. Taking all these mutualistic effect and competitive effect on new investors’ performance into consideration, this study develops the hypotheses of the Inverted U-sharped relationship between the four dimensions of interdependent relationship on new investors’ performance. In addition, using the concept of network faultline and organizational embeddedness, this study argues that network fautline and organizational embeddedness can moderate the Inverted U-sharped relationship of interdependent relationship and new investors’ performance. High level of network Faultline will amplify the inverted U-sharped relationship between interdependent relationship and new investors’ performance, in other words, the positive effect of mutualistic effect on new investors’ performance at low level of interdependent relationship and the negative effect of competitive effect on new investors’ performance at high level of interdependent relationship will be both stronger in syndicates with high level of Faultline than in those with low level of Faultline. Furthermore, high level of organizational embeddedness of width will amplify the inverted U-sharped relationship between interdependent relationship and new investors’ performance, in other words, the positive effect of mutualistic effect on new investors’ performance at low level of interdependent relationship and the negative effect of competitive effect on new investors’ performance at high level of interdependent relationship will be both stronger in syndicates with high level of organizational embeddedness of width than in those with low level of organizational embeddedness of width. In addition, high level of organizational embeddedness of breadth will amplify the inverted U-sharped relationship between interdependent relationship and new investors’ performance, in other words, the positive effect of mutualistic effect on new investors’ performance at low level of interdependent relationship and the negative effect of competitive effect on new investors’ performance at high level of interdependent relationship will be both stronger in syndicates with high level of organizational embeddedness of breadth than in those with low level of organizational embeddedness of breadth. Based on longitudinal data, the hypotheses of this thesis are supported by the longitudinal data. Theoretical and managerial implications are discussed at the end of this thesis. / Business Administration/International Business Administration

Asset risk is one of the principal parameters in various financial models. A growing body of academic literature has examined the characteristics of risk as measured by the variance of the return distributions for various assets. While extensive analysis has been undertaken on the trading/non-trading time effect in variance patterns for assets traded in the United States financial markets, relatively little research exists for the variance patterns of assets which have multiple market listings in the U.S. and other countries. Empirical studies which have considered the variance distributions only in the context of U.S. market trading and non-trading periods have failed to properly address the potential effect of trading periods in foreign markets on the variance patterns of assets with world-wide markets which can differ from those observed for assets traded in the U.S. markets only. This study investigates the trading/non-trading time effect in the distribution of variances for the U.S. Treasury bond futures and Eurodollar futures contracts presently traded in the United States, Europe, and Far East. The effect of information arrival on the distributions of variances is also examined. Results show that variances differ both between trading and non-trading periods and between the trading periods of different markets. In addition, the analysis also indicates that the impact of macroinformation generated in the U.S. is more pronounced than the impact of similar information generated in major overseas markets on the variance patterns of the U.S. Treasury bond futures and Eurodollar futures. In view of the increasingly integrated international financial markets, the results of this analysis have important implications for various investment strategies. If asset risk vary significantly across trading and nontrading periods of individual markets, model specifications should be adjusted for the nonstationarity of risk estimates.

Much of previous research in finance has concentrated on explaining movements of individual securities rather than on explaining movements in the stock market as a whole. Although the available data are more limited than those for individual stocks, the movements in the stock market as a whole are extremely important for movements in individual stocks. Indeed, market events of the past ten years have sparked an interest in tactical asset allocation. The turbulence of October 1987 has only accelerated this interest. This study seeks to develop a methodology that systematically incorporates currently available information into the tactical asset allocation process. The goal of this study is not to predict individual stock prices, or every small movement in the market. Rather we would like to use the currently available data to provide the investor with an estimate of the probabilities associated with the broad measure of either a "bullish" or "bearish" market period. Logit analysis is used to determine which of the various timely and readily available data significantly affect the probabilities of "bullish" and "bearish" market months. We use the estimated probabilities generated by the logit analysis to suggest the optimal allocation of funds between the risk-free asset and the market portfolio and compare several timing strategies with a buy-and-hold strategy. An Asset allocation strategy based on the probabilities assigned by the logit model outperformed a buy-and-hold strategy by achieving a greater terminal wealth with less variability of returns. We also find that one who used our model would have reduced downside risk and improved average performance over past cycles.

This dissertation examines the phenomenon of capital flight from the Third World in general, and from four Caribbean countries in particular. The four countries are: Barbados, Jamaica, Guyana, and Trinidad and Tobago. A critical appraisal of definitions, measures, and determinants of capital flight is presented. An econometric model is developed, and the consequences of capital flight for the case study countries are examined. I present estimates of capital flight and carry out a detailed analysis of trade misinvoicing. I argue that capital flight from the Caribbean is caused by a number of factors including external debt, real interest rate differential with the United States, and political instability. I further show that capital flight decreases domestic investment and erodes the tax base of these countries.

The initiation of dividend payments has been shown (Asquith and Mullins (1983)) to convey significant new information regarding management's expectations of future cash flows and the firm's ability to support future dividend payments, and is therefore perceived to be relevant to firm-valuation. This study seeks to extend earlier work on the "information content of dividend initiations" by empirically examining whether dividend initiations of similar magnitude have differing implications for firm-valuation depending on the firm's information environment. Specifically, the objective of this dissertation is to empirically test whether the magnitude and volatility of security price reaction to a dividend initiation announcement is associated with the firm's information environment. Since, the firm's information environment is not directly observable, six firm-specific characteristics are used as proxy measures. The six proxies are firm size, percentage of institutional holding in the firm's equity, the number of institutions holding the firm's equity, the number of analysts following, the dispersion of analysts' earnings forecasts and the correlation between firm-earnings and macro-economy wide earnings. The study also attempts to statistically identify the firm-specific characteristic(s) which best explain(s) the magnitude of security price reaction at the time of dividend initiation. In general, the results indicate substantially higher price reaction to dividend initiation announcements for "low" information environment firms relative to "medium/high" information firms with respect to the market capitalization, percentage of institutional equity holding, number of institutions holding firm-equity, and number of analysts following proxies. For these proxies, the "event period" volatility of security returns also increases sizeably relative to the estimation period for "low" information environment firms. Similar increases in "event period" volatility are not found for the "medium/high" information environment firms with respect to the market capitalization, percentage of institutional equity holding and number of institutions holding firm-equity proxies. The results also indicate that firm size and the percentage of institutional equity holding are perhaps the most powerful explanatory information environment proxy variables amongst the ones examined in the study.

The dissertation provides microfoundations for theories of financial instability such as those presented by Hyman Minsky and Charles Kindleberger. The model developed shows that if there are market imperfections, firms may prefer short-term financing strategies. This shift to short-term financing leads to increasing dependence on credit availability and to greater overall financial instability. The model is an extension of current research which shows that under imperfect information, the Modigliani-Miller theorem need not hold and specific optimal financing decisions may be derived. The theoretical model considers a risk neutral firm which chooses between the short (speculative) or long (hedge) financing strategy to finance an investment with a stochastic return. The short financing strategy leads to early liquidation of the firm if it is unable to find future refinancing over the life of the project whereas the long financing strategy protects the firm from early termination. First, it is shown that an optimal debt strategy results if and only if there is a positive probability that in some future states the firm is not refinanced. Separating equilibria are then derived where some firms choose speculative finance while others choose hedge finance. Finally, it is shown that the lender's option to refuse to extend a loan also accounts for positive term premia since long-term financing "locks in" the lender for the entire life of the project.