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
The Dodd-Frank Act was created to promote financial stability in the United States. However, no one is quite sure what it is yet. While action had to be taken and Dodd-Frank has some positives, Dodd-Frank, as it is deciphered today, has severe drawbacks. Since Dodd-Frank is only in its infancy, it is difficult to form an interim conclusion about its effects on agricultural lending at this point. After passing Dodd-Frank in 2010, the government began trying to figure out what it means. Four years later, they are still trying and are about half way through making the rules. This law essentially replaces Glass-Steagall, which was repealed several years ago. Many believe repealing Glass-Steagall was a big reason for the financial collapse of 2008. While Glass-Steagall was a short, easily understood document, Dodd Frank adds many more regulations and pages. This creates a long, bulky, confusing law that seems to be extremely tough to comprehend legally or as a banker. In this study, I try to balance the positives and negatives of Dodd-Frank to understand if it is more detrimental or beneficial to agricultural lending. While we find that Dodd-Frank does help keep banks from some of the risky investments that many believe led to the financial crisis, the added paperwork, compliance costs, and strain it puts on small banks can be worrisome. I interviewed several agriculture-lending professionals who regularly deal with the rules and regulations of Dodd-Frank to discover the impact the new law has on banks, their customers, and the economy as a whole. These interviews give insight into what Dodd-Frank means to the agriculture-lending market and what changes have had to occur since the law was passed. These interviews demonstrate that Dodd-Frank is largely looked down upon by the banking industry. The professionals interviewed are very experienced. After the extensive research, interviews, and discoveries that came of this study, it was concluded that Dodd-Frank seems to hurt the lending industry much more than it helps. One major concern is the strain Dodd-Frank puts on small banks and how it makes "too big to fail" banks even bigger.
ContributorsBettencourt, Bradley D (Author) / Thor, Eric (Thesis advisor) / Manfredo, Mark (Committee member) / Englin, Jeff (Committee member) / Arizona State University (Publisher)
Created2014
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