Theses and Dissertations
This collection includes both ASU Theses and Dissertations, submitted by graduate students, and the Barrett, Honors College theses submitted by undergraduate students.
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Description
There has been much debate in the world of academia over the valuation of conglomerates. This thesis proposes the use of the EVA theory in explaining fluctuations in conglomerates’ valuation, and we believe that ROIC, WACC, and ROIC-WACC are three indicators that to a certain extent explain these valuation fluctuations. Through analysis of a sample containing 23 conglomerates, this thesis finds that ROIC, WACC, and ROIC-WACC exhibit positive correlation with valuation fluctuations. In the case study on Fosun, this thesis finds that ROIC-WACC is highly correlated with Fosun’s valuation fluctuations and next with ROIC. Thus this thesis conjectures that for investment companies for which investment capital is derived largely from insurance float, such as Fosun, ROIC-WACC is a better valuation tool.
ContributorsLiang, Xinjun (Author) / Chen, Hong (Thesis advisor) / Pei, Ker-Wei (Thesis advisor) / Zhu, Ning (Committee member) / Arizona State University (Publisher)
Created2015
Description
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) an examination of financial trends in ACB organizations, as illustrated by survey data.
An electronic survey was designed to examine six questions: 1) what are the budgets of today’s community bands, 2) how do bands compensate their staff and personnel, 3) where are bands spending their money, 4) what are their sources of income, 5) how are their current financial trends different than Peter Martin’s 1983 study on community bands, and 6) are there trends in regards to their expenses, revenues, bands’ longevity, and locations? In order to make more accurate conclusions, the author divided bands into five classes, based on their financial structure, to analyze and compare data.
Five major trends were observed: 1) current adult bands are usually non-profit organizations that list monetary compensation for their conductors on their Annual Operating Budget (AOB), 2) fifty-four percent (54%) of bands with an AOB spend between $4,000 and $19,999, 3) after adjusting for inflation, monetary compensation has remained nearly the same over the last thirty-four years, 4) music is the most common expense among adult bands, and 5) since 1983, the number of bands reporting government funding as a revenue source has decreased.
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) an examination of financial trends in ACB organizations, as illustrated by survey data.
An electronic survey was designed to examine six questions: 1) what are the budgets of today’s community bands, 2) how do bands compensate their staff and personnel, 3) where are bands spending their money, 4) what are their sources of income, 5) how are their current financial trends different than Peter Martin’s 1983 study on community bands, and 6) are there trends in regards to their expenses, revenues, bands’ longevity, and locations? In order to make more accurate conclusions, the author divided bands into five classes, based on their financial structure, to analyze and compare data.
Five major trends were observed: 1) current adult bands are usually non-profit organizations that list monetary compensation for their conductors on their Annual Operating Budget (AOB), 2) fifty-four percent (54%) of bands with an AOB spend between $4,000 and $19,999, 3) after adjusting for inflation, monetary compensation has remained nearly the same over the last thirty-four years, 4) music is the most common expense among adult bands, and 5) since 1983, the number of bands reporting government funding as a revenue source has decreased.
ContributorsRaya, Bryan (Author) / Hill, Gary (Thesis advisor) / Caslor, Jason (Committee member) / Bailey, Wayne (Committee member) / Rockmaker, Jody (Committee member) / Mantie, Roger (Committee member) / Arizona State University (Publisher)
Created2017
Description本文对不良资产法拍定价的实践操作进行分析，选取一线、二线部分城市的住宅为主要研究对象，以主流互联网拍卖平台上真实成交的司法拍卖案例为样本，样本覆盖上海、杭州、苏州、南京等国内一二线城市主流司法拍卖资产，时间跨度为2017年至2020年。本文选取影响不良法拍资产定价的主要因素有：资产面积、位置、税费承担方式、参拍人数、加价轮数、租约情况等，以上述主要因素为自变量因素，以不良法拍资产价格偏离指数及参拍人数作为因变量。回归模型分别采用线性回归和二阶段最小二乘法，把资产面积、位置、税费承担方式、参拍人数、加价轮数、租约情况作为核心变量，研究各个因素对于不良资产拍卖成交价格的影响程度。本次所采用的回归分析中，由于研究的因果关系涉及因变量和两个以上自变量，因此在研究过程中选取六个核心变量，在系统梳理大量样本数据的基础上，利用数理统计方法建立因变量与自变量之间的回归模型，通过线性回归方法研究六个核心变量与因变量之间的关系，并通过二阶段最小二乘法来剔除核心区域、税费承担方式、租约情况对参拍人数的影响，最终得出核心变量对因变量的影响。经研究发现，位置、资产面积、税费承担方式、租约情况对△p呈负向影响，参拍人数、加价轮数对△p呈正向影响。
ContributorsShi, Jinhua (Author) / Shao, Benjamin (Thesis advisor) / Yan, Hong (Thesis advisor) / Zhu, Ning (Committee member) / Arizona State University (Publisher)
Created2021