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In this paper I analyzed the intra-industry competitive and contagion effect during bond defaults in China. The analysis is performed using bond price, since the Chinese stock market is immature and has incredible amount of volatility. The sample includes 15 cases of default across 10 different industries since 2014, and the cumulative effect of the industry portfolio is positive over 11-day event window (competitive effect) with a t-statistic of 6.22. In addition, I found that SOE defaults overall have a significant positive abnormal return on their industry portfolios during 11-day event window with a t-statistic of 4.72, indicating a competitive effect. In contrast, Non-SOE defaults overall have a significant negative abnormal return on their industry portfolios over 3-day window with a t-statistic of -3.36, showing a contagion effect. But this difference could be due to the characteristics of industries as opposed to the nature of SOE. By analyzing the condition and characteristics of each industry, I found that the significance of abnormal return depends on the level of competition of the industry and the level of information available. In terms of contagion and competitive effect, industries showing a contagion effect offer products that are difficult to differentiate, such as cement and water bottle. Industries showing a competitive effect offer products that are highly specialized and rely heavily on technology innovation, such as the special equipment industry and electric equipment industry.

In this dissertation, I analyze the effects of competition in education markets. In my first essay, I analyze the effects of different concentration measures on school personnel salaries. I find evidence that principals have more bargaining power over their salaries than teachers in Washington that through rent-sharing, principals start getting positive returns from increasing concentration at lower levels of concentration than that of teachers. Moreover, I present that the pattern of teacher salaries versus concentration in Washington is similar to that in Texas, but the inflection point in Washington is at substantially lower levels of concentration-a finding which can be attributed to Washington's being a union state versus Texas's being a right-to-work-state. In my second essay, I examine the effects of various measures of competition on school district cost inefficiency in a stochastic frontier framework. My results show that cost frontier is U-shaped in Texas with large positive returns to the scale over a relatively big range and mild diseconomies of scale over an extended range. In addition, I find that school district cost inefficiency increases significantly when market concentration increases. Furthermore, I present the competitive effect/scale effect trade-off through a couple of simulation exercises. The findings from both of my studies show that the effects of competition are barely sensitive to measuring the competition with different sets of relevant competitors. On the other hand, sensitivity of the effects of competition to using different definitions of the education markets is significant. Yet, the range of these estimated effects is relatively small, and the sign and the significance of the effect of competition generally do not change when a meaningful definition of education markets is employed to measure concentration. Furthermore, I present that the concentration measures employed in my essays are endogenous. I control for the endogeneity with several instrumental variables including degrees of lagged educational outputs in the neighboring schools, lagged education market characteristics, and counts of streams. My results imply that the hypothesized effects of competition may be underestimated due to the endogeneity. While the plausibility of competitive effect's being underestimated bolsters the importance of the competitive effects I find, it also strengthens my criticism of using uni-dimensional concentration indices as indicators of competition in the education markets.

Thesis advisor: Joseph M. O'Keefe / This mixed methods sequential explanatory designed study applied the economic theory of marketplace competition as a way to frame superintendents' perceptions of the characteristics of students and parents seeking charter schools. Although studies on charter schools are abundant, there is limited literature on this particular aspect of market competition between traditional districts and charter schools. Through surveys and interviews with superintendents across Massachusetts, this study found that most of the superintendents reported a perception that charter schools "cream-skim" higher achieving students and under-serve or "crop" high needs or more costly students - particularly special education and English language learner students. Additionally, superintendents generally perceive that parents were most likely to choose a charter school because of a perception that it was a more elite option and that parents making those choices were more likely to have been engaged in a child's educational life. Many superintendents reported a strong pressure to find ways to retain high-achieving students while expressing resentment that charter schools under-serve high needs students. In three small urban districts, however, superintendents described charter schools that enroll high-needs students proportional to or exceeding the district's student population, filled a gap or met an unmet need, or provided a specialization from which the district could learn. / Thesis (EdD) — Boston College, 2014. / Submitted to: Boston College. Lynch School of Education. / Discipline: Educational Leadership and Higher Education.

Abstract The negative impact of invasive plant species on biodiversity and ecosystem functions, such as productivity and nutrient cycling has been deemed a global epidemic. To address this worldwide concern, information is needed on how the invasion process happens and how to control an existing invasion. The main aim of the research presented in this thesis was to develop a better understanding of the interacting role different mechanisms play in facilitating invasion and then link this understanding to the design of more effective control strategies. This aim is significant because traditional weed control strategies are not working. The estimated cost of controlling weeds in Australia is $1.4 billion per year in agricultural landscapes. Despite this substantial investment, invasive weed species are estimated to continue to cost the agricultural industry $2.2 billion per year in loss of yield. Current control strategies tend to focus on killing or removing an invasive plant species directly with the application of herbicides and/or mechanical removal. These strategies have proven ineffectual because the plant communities that assemble after management often remain dominated by the same invader or another. In this thesis, I use a combination of empirical and modelling techniques to investigate how disturbance regimes and competitive interactions between invasive plants and native plants can be manipulated to improve the efficacy of restoration efforts. To do this, I use the model scenario of the invasion of Eragrostis curvula (African lovegrass), an invasive grass species introduced into Australia in the early 1900s from South Africa. This species has now spread into every Australian state and territory (chapter 2). I specifically focus on two mechanisms: (1) disturbance, i.e. cattle grazing, and (2) competitive interactions. In chapter 3, I examine connections between dominance and competitive differences among African lovegrass and several functionally similar native grass species in a pasture community. To test the displacement hypothesis, I used a glasshouse competition trial to investigate interactions between African lovegrass and two non-persisting native grass species (Themeda australis and Bothriochloa decipiens) with manipulations of resources, neighbour density, and establishment order. To test the partitioning hypothesis, I compared in situ water use patterns among African lovegrass and two coexisting native grass species (Aristida calycina and Aristida personata) based on the assumption that water is the most limiting resource in this system. The key finding of this chapter is that competition can have important, but contingent, impacts on dominance. Competitive differences appear to partially contribute to abundance patterns after establishment, but may be relatively unimportant during the establishment phase where disturbance appears more critical. In chapter 4, I provide evidence that the identification of mechanisms that led to an invasion, while crucial for the development of effective preventative measures and understanding the invasion process, may not be necessary for the design of more effective control strategies. To examine the effects of different control strategies on African lovegrass and the resultant community, I established a large factorial field-trial with a split-plot design. I manipulated grazing, soil nutrient levels and the presence of the invader. The most common control strategy (removing the causal disturbance and killing the invasive grass), based implicitly on traditional equilibrium models, was not an effective option for restoring a desirable native community. Instead, this strategy led to the dominance of a secondary invader. The most effective control strategy was based on alternative stable states models and involved maintaining grazing, and increasing the palatability of the invader with fertilizers. The key finding of this chapter is that novel approaches for control, which consider the dynamics of the invader-dominated system, are needed. In chapter 5, I investigate the benefits of explicitly incorporating actions that manipulate disturbance (natural or imposed) into control efforts. To do this, I first developed a process model that described the dynamics of an invader whose establishment is preferentially favoured by disturbance. I then couched this model in a decision theory framework, a stochastic dynamic program, and applied a case-study of another invasive plant species, Mimosa pigra (a perennial legume shrub and pan-tropical weed). The key finding of this chapter is that strategies should not only focus on existing invader-dominated sites, but should also protect sites occupied by native species from disturbances that facilitate invasion. The research discussed in this thesis makes three key contributions to a better understanding of the invasion process and the design of more effective control strategies: 1) the search for one key mechanism is not sufficient because multiple mechanisms can interact or shift in importance to facilitate different stages of invasion, 2) a novel approach is needed to restore a more desirable native community because the dynamics of the invader-dominated system can differ from the historical native community, and 3) control efforts should be broadened in focus to include protection of the integrity of native communities from disturbances that facilitate invasion.

Börsintroduktioner är ett ämne som undersökts i många tidigare studier, men där fokuset oftast legat på vilka effekterna det har på det börsnoterade företaget i stället för dess konkurrenter. Tidigare forskning har undersökt hur en börsintroduktion påverkar konkurrenternas aktiekurser och funnit att det resulterar i både negativa och positiva effekter. Syftet med studien är att undersöka om det förekommer temporära effekter på konkurrenters aktiekurser vid börsintroduktioner på Euronext-marknaden. För att genomföra detta utformas en eventstudie som består av 25 dagar kring börsnoteringsdagen. Utifrån detta så beräknas den kumulativa avvikelseavkastningen under eventfönstret som använts för att genomföra en multivarit regressionsanalys som syftar att isolera effekterna i de olika variabler. Effekterna som ämnas att isoleras är konkurrenseffekten, positiva kontagiösa effekter samt negativa och positiva utbudschocker vars alla påvisats finnas i tidigare studier. Resultaten från studien indikerar att det uppstår både negativa och positiva effekter på konkurrenternas aktiekurser vid en börsintroduktion, men att de negativa effekterna är starkare. Studien visar därmed på att det förekommer negativa temporära avvikelseavkastningar på konkurrenternas aktiekurser vid börsintroduktioner på Euronext-marknaden. / Initial public offerings (IPOs) have been the subject of many previous studies, but the focus has mainly been on the effects they have on the listed company rather than its competitors. Previous research has examined how an IPO affects competitor's stock prices and found that it results in both negative and positive effects. The purpose of this study is to investigate whether there are temporary effects on competitor's stock prices around IPOs on the Euronext market. To accomplish this, an event study is designed, consisting of a 25-day window around the IPO date. Based on this, the cumulative abnormal returns during the event window are calculated and used to conduct a multivariate regression analysis aimed at isolating the effects in the various variables. The effects to be isolated include competitive effects, positive contagion effects, and negative and positive supply shocks, all of which have been shown to exist in previous studies. The results of the study indicate that there are both negative and positive effects on competitor's stock prices during an IPO, but that the negative effects are stronger. Thus, the study shows that it exists a negative temporary abnormal return on competitor's stock prices around IPOs on the Euronext market.