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.
Displaying 1 - 10 of 92
Description
I show that firms' ability to adjust variable capital in response to productivity shocks has important implications for the interpretation of the widely documented investment-cash flow sensitivities. The variable capital adjustment is sufficient for firms to capture small variations in profitability, but when the revision in profitability is relatively large, limited substitutability between the factors of production may call for fixed capital investment. Hence, firms with lower substitutability are more likely to invest in both factors together and have larger sensitivities of fixed capital investment to cash flow. By building a frictionless capital markets model that allows firms to optimize over fixed capital and inventories as substitutable factors, I establish the significance of the substitutability channel in explaining cross-sectional differences in cash flow sensitivities. Moreover, incorporating variable capital into firms' investment decisions helps explain the sharp decrease in cash flow sensitivities over the past decades. Empirical evidence confirms the model's predictions.
ContributorsKim, Kirak (Author) / Bates, Thomas (Thesis advisor) / Babenko, Ilona (Thesis advisor) / Hertzel, Michael (Committee member) / Tserlukevich, Yuri (Committee member) / Arizona State University (Publisher)
Created2013
Description
With the increasing user demand for low latency, elastic provisioning of computing resources coupled with ubiquitous and on-demand access to real-time data, cloud computing has emerged as a popular computing paradigm to meet growing user demands. However, with the introduction and rising use of wear- able technology and evolving uses of smart-phones, the concept of Internet of Things (IoT) has become a prevailing notion in the currently growing technology industry. Cisco Inc. has projected a data creation of approximately 403 Zetabytes (ZB) by 2018. The combination of bringing benign devices and connecting them to the web has resulted in exploding service and data aggregation requirements, thus requiring a new and innovative computing platform. This platform should have the capability to provide robust real-time data analytics and resource provisioning to clients, such as IoT users, on-demand. Such a computation model would need to function at the edge-of-the-network, forming a bridge between the large cloud data centers and the distributed connected devices.
This research expands on the notion of bringing computational power to the edge- of-the-network, and then integrating it with the cloud computing paradigm whilst providing services to diverse IoT-based applications. This expansion is achieved through the establishment of a new computing model that serves as a platform for IoT-based devices to communicate with services in real-time. We name this paradigm as Gateway-Oriented Reconfigurable Ecosystem (GORE) computing. Finally, this thesis proposes and discusses the development of a policy management framework for accommodating our proposed computational paradigm. The policy framework is designed to serve both the hosted applications and the GORE paradigm by enabling them to function more efficiently. The goal of the framework is to ensure uninterrupted communication and service delivery between users and their applications.
This research expands on the notion of bringing computational power to the edge- of-the-network, and then integrating it with the cloud computing paradigm whilst providing services to diverse IoT-based applications. This expansion is achieved through the establishment of a new computing model that serves as a platform for IoT-based devices to communicate with services in real-time. We name this paradigm as Gateway-Oriented Reconfigurable Ecosystem (GORE) computing. Finally, this thesis proposes and discusses the development of a policy management framework for accommodating our proposed computational paradigm. The policy framework is designed to serve both the hosted applications and the GORE paradigm by enabling them to function more efficiently. The goal of the framework is to ensure uninterrupted communication and service delivery between users and their applications.
ContributorsDsouza, Clinton (Author) / Ahn, Gail-Joon (Thesis advisor) / Doupe, Adam (Committee member) / Dasgupta, Partha (Committee member) / Arizona State University (Publisher)
Created2015
Description
Android is currently the most widely used mobile operating system. The permission model in Android governs the resource access privileges of applications. The permission model however is amenable to various attacks, including re-delegation attacks, background snooping attacks and disclosure of private information. This thesis is aimed at understanding, analyzing and performing forensics on application behavior. This research sheds light on several security aspects, including the use of inter-process communications (IPC) to perform permission re-delegation attacks.
Android permission system is more of app-driven rather than user controlled, which means it is the applications that specify their permission requirement and the only thing which the user can do is choose not to install a particular application based on the requirements. Given the all or nothing choice, users succumb to pressures and needs to accept permissions requested. This thesis proposes a couple of ways for providing the users finer grained control of application privileges. The same methods can be used to evade the Permission Re-delegation attack.
This thesis also proposes and implements a novel methodology in Android that can be used to control the access privileges of an Android application, taking into consideration the context of the running application. This application-context based permission usage is further used to analyze a set of sample applications. We found the evidence of applications spoofing or divulging user sensitive information such as location information, contact information, phone id and numbers, in the background. Such activities can be used to track users for a variety of privacy-intrusive purposes. We have developed implementations that minimize several forms of privacy leaks that are routinely done by stock applications.
Android permission system is more of app-driven rather than user controlled, which means it is the applications that specify their permission requirement and the only thing which the user can do is choose not to install a particular application based on the requirements. Given the all or nothing choice, users succumb to pressures and needs to accept permissions requested. This thesis proposes a couple of ways for providing the users finer grained control of application privileges. The same methods can be used to evade the Permission Re-delegation attack.
This thesis also proposes and implements a novel methodology in Android that can be used to control the access privileges of an Android application, taking into consideration the context of the running application. This application-context based permission usage is further used to analyze a set of sample applications. We found the evidence of applications spoofing or divulging user sensitive information such as location information, contact information, phone id and numbers, in the background. Such activities can be used to track users for a variety of privacy-intrusive purposes. We have developed implementations that minimize several forms of privacy leaks that are routinely done by stock applications.
ContributorsGollapudi, Narasimha Aditya (Author) / Dasgupta, Partha (Thesis advisor) / Xue, Guoliang (Committee member) / Doupe, Adam (Committee member) / Arizona State University (Publisher)
Created2014
Description
The increasing number of continually connected mobile persons has created an environment conducive to real time user data gathering for many uses both public and private in nature. Publicly, one can envision no longer requiring a census to determine the demographic composition of the country and its sub regions. The information provided is vastly more up to date than that of a census and allows civil authorities to be more agile and preemptive with planning. Privately, advertisers take advantage of a persons stated opinions, demographics, and contextual (where and when) information in order to formulate and present pertinent offers.
Regardless of its use this information can be sensitive in nature and should therefore be under the control of the user. Currently, a user has little say in the manner that their information is processed once it has been released. An ad-hoc approach is currently in use, where the location based service providers each maintain their own policy over personal information usage.
In order to allow more user control over their personal information while still providing for targeted advertising, a systematic approach to the release of the information is needed. It is for that reason we propose a User-Centric Context Aware Spatiotemporal Anonymization framework. At its core the framework will unify the current spatiotemporal anonymization with that of traditional anonymization so that user specified anonymization requirement is met or exceeded while allowing for more demographic information to be released.
Regardless of its use this information can be sensitive in nature and should therefore be under the control of the user. Currently, a user has little say in the manner that their information is processed once it has been released. An ad-hoc approach is currently in use, where the location based service providers each maintain their own policy over personal information usage.
In order to allow more user control over their personal information while still providing for targeted advertising, a systematic approach to the release of the information is needed. It is for that reason we propose a User-Centric Context Aware Spatiotemporal Anonymization framework. At its core the framework will unify the current spatiotemporal anonymization with that of traditional anonymization so that user specified anonymization requirement is met or exceeded while allowing for more demographic information to be released.
ContributorsSanchez, Michael Andrew (Author) / Ahn, Gail-Joon (Thesis advisor) / Doupe, Adam (Committee member) / Dasgupta, Partha (Committee member) / Arizona State University (Publisher)
Created2014
Description
The rate at which new malicious software (Malware) is created is consistently increasing each year. These new malwares are designed to bypass the current anti-virus countermeasures employed to protect computer systems. Security Analysts must understand the nature and intent of the malware sample in order to protect computer systems from these attacks. The large number of new malware samples received daily by computer security companies require Security Analysts to quickly determine the type, threat, and countermeasure for newly identied samples. Our approach provides for a visualization tool to assist the Security Analyst in these tasks that allows the Analyst to visually identify relationships between malware samples.
This approach consists of three steps. First, the received samples are processed by a sandbox environment to perform a dynamic behavior analysis. Second, the reports of the dynamic behavior analysis are parsed to extract identifying features which are matched against other known and analyzed samples. Lastly, those matches that are determined to express a relationship are visualized as an edge connected pair of nodes in an undirected graph.
This approach consists of three steps. First, the received samples are processed by a sandbox environment to perform a dynamic behavior analysis. Second, the reports of the dynamic behavior analysis are parsed to extract identifying features which are matched against other known and analyzed samples. Lastly, those matches that are determined to express a relationship are visualized as an edge connected pair of nodes in an undirected graph.
ContributorsHolmes, James Edward (Author) / Ahn, Gail-Joon (Thesis advisor) / Dasgupta, Partha (Committee member) / Doupe, Adam (Committee member) / Arizona State University (Publisher)
Created2014
Description
I examine the determinants and implications of the level of director monitoring. I use the distance between directors' domiciles and firm headquarters as a proxy for the level of monitoring and the introduction of a new airline route between director domicile and firm HQ as an exogenous shock to the level of monitoring. I find a strong relation between distance and both board meeting attendance and director membership on strategic versus monitoring committees. Increased monitoring, as measured by a reduction in effective distance, by way of addition of a direct flight, is associated with a 3% reduction in firm value. A reduction in effective distance is also associated with less risk-taking, lower stock return volatility, lower accounting return volatility, lower R&D; spending, fewer acquisitions, and fewer patents.
ContributorsBennett, Benjamin (Author) / Coles, Jeffrey (Thesis advisor) / Hertzel, Michael (Committee member) / Babenka, Ilona (Committee member) / Custodio, Claudia (Committee member) / Arizona State University (Publisher)
Created2014
Description
This dissertation analyzes the reliability of reported employee stock option (ESO) expense, the determination of expected life of ESOs, motivations to manipulate ESO expense, and the impact of noise in ESO expense on subsequent stock price returns. Based on unique data, this is the first paper to measure average historical ESO life for all employees of a broad set of firms. I find average life has a mean of 4.12 years. Average life is reduced by 0.38 years per 10 percentage point increase in volatility, and industry effects explain an additional 7% of the variation. Reported expected life increases 0.37 years per year of historical life and an additional 0.16 years per year of age of the outstanding options. Deviations of reported volatility and life from benchmarks have positive correlations with deviations from own reporting history. Using stated assumptions rather than benchmark assumptions drops (increases) ESO expense by 8.3% (17.6%) for the 25th (75th) percentile firm. The change in earnings per share decreases (increases) by $0.019 ($0.007) for the 25th (75th) percentile firm. Tests for motivations to manipulate stock option expense downward have mixed results. Absolute values of deviations from benchmarks have a positive relationship with subsequent stock price volatility suggesting noise in reported stock option expense results in stock price noise. Deviations from benchmarks and subsequent cumulative abnormal returns have statistically significant results but are difficult to interpret.
ContributorsYoung, Brian (Author) / Coles, Jeffrey (Thesis advisor) / Hertzel, Michael (Committee member) / Babenko, Ilona (Committee member) / Arizona State University (Publisher)
Created2011
Description
In this dissertation, I examine the source of some of the anomalous capital market outcomes that have been documented for firms with high accruals. Chapter 2 develops and implements a methodology that decomposes a firm's discretionary accruals into a firm-specific and an industry-specific component. I use this decomposition to investigate which component drives the subsequent negative returns associated with firms with high discretionary accruals. My results suggest that these abnormal returns are driven by the firm-specific component of discretionary accruals. Moreover, although industry-specific discretionary accruals do not directly contribute towards this anomaly, I find that it is precisely when industry-specific discretionary accruals are high that firms with high firm-specific discretionary accruals subsequently earn these negative returns. While consistent with irrational mispricing or a rational risk premium associated with high discretionary accruals, these findings also support a transactions-cost based explanation for the accruals anomaly whereby search costs associated with distinguishing between value-relevant and manipulative discretionary accruals can induce investors to overlook potential earnings manipulation. Chapter 3 extends the decomposition to examine the role of firm-specific and industry-specific discretionary accruals in explaining the subsequent market underperformance and negative analysts' forecast errors documented for firms issuing equity. I examine the post-issue market returns and analysts' forecast errors for a sample of seasoned equity issues between 1975 and 2004 and find that offering-year firm-specific discretionary accruals can partially explain these anomalous capital market outcomes. Nonetheless, I find this predictive power of firm-specific accruals to be more pronounced for issues that occur during 1975 - 1989 compared to issues taking place between 1990 and 2004. Additionally, I find no evidence that investors and analysts are more overoptimistic about the prospects of issuers that have both high firm-specific and industry-specific discretionary accruals (compared to firms with high discretionary accruals in general). The results indicate no role for industry-specific discretionary accruals in explaining overoptimistic expectations from seasoned equity issues and suggest the importance of firm-specific factors in inducing earnings manipulation surrounding equity issues.
ContributorsIkram, Atif (Author) / Coles, Jeffrey (Thesis advisor) / Hertzel, Michael (Committee member) / Tserlukevich, Yuri (Committee member) / Arizona State University (Publisher)
Created2011
Description
Mutual monitoring in a well-structured authority system can mitigate the agency problem. I empirically examine whether the number 2 executive in a firm, if given authority, incentive, and channels for communication and influence, is able to monitor and constrain the potentially self-interested CEO. I find strong evidence that: (1) measures of the presence and extent of mutual monitoring from the No. 2 executive are positively related to future firm value (Tobin's Q); (2) the beneficial effect is more pronounced for firms with weaker corporate governance or CEO incentive alignment, with stronger incentives for the No. 2 executives to monitor, and with higher information asymmetry between the boards and the CEOs; (3) such mutual monitoring reduces the CEO's ability to pursue the "quiet life" but has no effect on "empire building;" and (4) mutual monitoring is a substitute for other governance mechanisms. The results suggest that mutual monitoring by a No. 2 executive provides checks and balances on CEO power.
ContributorsLi, Zhichuan (Author) / Coles, Jeffrey (Thesis advisor) / Hertzel, Michael (Committee member) / Bharath, Sreedhar (Committee member) / Babenko, Ilona (Committee member) / Arizona State University (Publisher)
Created2012
Description
This paper investigates the role of top management and board interlocks between acquirers and targets. I hypothesize that an interlock may exacerbate agency problems due to conflicting interests and lead to value-decreasing acquisition. An interlock may also serve as a conduit of information and personal experience, and reduce the cost of information gathering for both firms. I find supporting evidence for these two non-mutually exclusive hypotheses. Consistent with the agency hypothesis, interlocked acquirers underperform non-interlocked acquirers by 2% during the announcement period. However, well-governed acquirers receive higher announcement returns and have better post-acquisition performance in interlocked deals. The proportional surplus accrued to an acquirer is positively correlated with the interlocking agent's ownership in the acquirer relative to her ownership in the target. Consistent with the information hypothesis, when the target's firm value is opaque, interlocks improve acquirer announcement returns and long-term performance. Interlocked acquirers are also more likely to use equity as payment, especially when the acquirer's stock value is opaque. Target announcement returns are not influenced by the existence of interlock. Finally, I find acquisitions are more likely to occur between two interlocked firms and such deals have a higher completion rate.
ContributorsWu, Qingqing (Author) / Bates, Thomas W. (Thesis advisor) / Hertzel, Michael (Committee member) / Lindsey, Laura (Committee member) / Arizona State University (Publisher)
Created2012