Browsing by Author "Wang, Qing"
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- ItemLogic based queries for XML databases : submitted in partial fulfillment of the requirements for the degree of Master of Information Systems at Massey University, Palmerston North, New Zealand(Massey University, 2005) Wang, QingWith the significant increase of web-based applications, the eXtensible Markup Language (XML), as a de facto standard for data interchange on the web, has attracted considerable attention in theory and practice. XML deals with irregular and heterogeneous semi-structured data that, give rise to trees, i.e. the predominant data structure in complex data models. This leads to new challenges for database research such as new data structures and models, and new database query languages in this area. 1.1 XML Data Challenges In essence, the major challenge of XML lies in its data structure, which is greatly different from the traditional data structure treated as relations. A comparison with respect to the differences between XML data and relational data has been discussed in [17]. Generally speaking, XML data has the following unique characteristics: • XML data have irregular and heterogeneous structures leading to optional values which are absent in relational data; • Metadata that describes the structure of the data is distributed throughout the data in the form of markup, instead of being stored separately as in relational data; • XML data is nested in a hierarchy, and complex nested structures might need to be decomposed and reconstructed on the fly to facilitate data manipulations; • XML data are encoded with an intrinsic order that is an important property of data themselves. This means that the order property must be taken into consideration for modelling.
- ItemPolitical ties and venture capital : evidence from China : a thesis presented in fulfilment of the requirement for the degree of Doctor of Philosophy in Finance at Massey University, Palmerston North, New Zealand(Massey University, 2016) Wang, QingThis thesis investigates whether venture capital firms (VCs) benefit from political ties (PTs), and whether VCs add value to China’s public equity market by constraining earnings management (EM) and improving corporate governance of their backed firms. The first essay examines whether PTs facilitate VCs’ successful exits via either initial public offerings (IPOs) or merger and acquisitions (M&As). Using a sample of 2578 Chinese portfolio firms that received their initial VC funding during 2004-2010, this essay shows that PTs increases the likelihood of VCs’ successful exit through mainland stock markets and M&A markets. It further shows that VCs with management-level PTs enjoy greater success than those with ownership-level PTs, whereas no significant difference between central and local government PTs on VC exits. The second essay examines whether VCs with PTs are better able to constrain opportunistic earnings management (EM) in Chinese IPO markets. It shows that IPOs backed by VCs with ownership-level PTs are more likely to conduct opportunistic IPO-year EM, while those backed by VCs with management-level PTs are associated with lower IPO-year EM. The higher EM in IPOs backed by VCs with ownership-level PTs is mainly driven by VC lock-up sale within six months following VC lock-up expiration, while the lower EM in IPOs backed by VCs with management-level PTs is not significantly associated with VC lock-up sale. Lastly, IPOs subject to immediate exits from VCs with ownership-level PTs exhibit poorer post-issue stock performance, while IPOs backed by VCs with management-level PTs exhibit better post-issue stock performance regardless of VC lock-up sale. The final essay investigates how VCs influence the size and composition of corporate boards. Using hand-collected data from 924 IPO prospectuses, this essay shows that VC-backed IPOs have more independent boards in China. Furthermore, VCs with management-level PTs improve governance by using their networks to recruit specialist independent directors with industry relevant expertise. Lastly, this essay shows that IPOs with more independent boards are not necessarily associated with better performance. However, IPOs backed by VCs with management-level PTs and firms that have a larger percentage of independent directors with industry relevant expertise exhibit higher long-term stock returns.