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|Title: ||Structure flaw and shadowology : root cause of financial crises|
|Other Titles: ||Jie gou xing que xian yu yin xing wei : jing ji wei ji de gen yuan|
結構性缺陷與隱行為 : 經濟危機的根源
|Authors: ||Liang, Hwa Dong (梁華棟)|
|Department: ||College of Business|
|Degree: ||Doctor of Business Administration|
|Issue Date: ||2010|
|Publisher: ||City University of Hong Kong|
|Subjects: ||Financial crises.|
Financial crises -- Psychological aspects.
|Notes: ||CityU Call Number: HB3722 .L55 2010|
vi, 196 leaves 30 cm.
Thesis (DBA)--City University of Hong Kong, 2010.
Includes bibliographical references (leaves 174-188)
|Abstract: ||Whenever there was a major financial crisis, regulators and investors always tried to
identify and solve the problems. However, such efforts only touched the surface, not
the root or the structural issues where problems were created. Therefore, people never
learned the lessons or intentionally ignored the truth, then, crises and debacles just
repeated again and again. This study tries to discuss this question by perspective of
dark side nature of human beings, namely shadowology, which had already
investigated in Bible. Several cases of financial bubbles are studied and analyzed for
exploring structure flaws and framework of shadowology. Existing researches on
shadow system behind the bubble is summarized to derive the research problem in this
study. In the third part, a game theory model is formulated to discuss structure
problem that effect equilibrium among four main participants who need to choose
between acting sunshine and shadow activities. We observe that when coalition is
permitting, collusion and shadow activities are the preferable choices against
investors. In the fourth part, a research model is constructed to investigate the impact
of shadow activities to the efficiency of financial markets. A survey is conducted and
data is collected through questionnaire. Quantitative methods such as descriptive
statistics, factor analysis, reliability analysis, validity analysis and structural equation model analysis are applied to the data. According to the refined research model, most
hypotheses are supported and important factors leading to market failure are revealed.
A case study is conducted to verify the active shadow activities revealed in the model.
In the final part of the thesis, several policy recommendations are proposed.|
|Online Catalog Link: ||http://lib.cityu.edu.hk/record=b3947551|
|Appears in Collections:||CB - Doctor of Business Administration|
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