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An Analysis of SEC Clawback Provisions in terms of Loss-Aversion and Narcissism

Description

Executive compensation is broken into two parts: one fixed and one variable. The fixed component of executive compensation is the annual salary and the variable components are performance-based incentives. Clawback provisions of executive compensation are designed to require executives to

Executive compensation is broken into two parts: one fixed and one variable. The fixed component of executive compensation is the annual salary and the variable components are performance-based incentives. Clawback provisions of executive compensation are designed to require executives to return performance-based, variable compensation that was erroneously awarded in the year of a misstatement. This research shows the need for the use of a new clawback provision that combines aspects of the two currently in regulation. In our current federal regulation, there are two clawback provisions in play: Section 304 of Sarbanes-Oxley and section 954 of The Dodd\u2014Frank Wall Street Reform and Consumer Protection Act. This paper argues for the use of an optimal clawback provision that combines aspects of both the current SOX provision and the Dodd-Frank provision, by integrating the principles of loss aversion and narcissism. These two factors are important to consider when designing a clawback provision, as it is generally accepted that average individuals are loss averse and executives are becoming increasingly narcissistic. Therefore, when attempting to mitigate the risk of a leader keeping erroneously awarded executive compensation, the decision making factors of narcissism and loss aversion must be taken into account. Additionally, this paper predicts how compensation structures will shift post-implementation. Through a survey analyzing the level of both loss- aversion and narcissism in respondents, the research question justifies the principle that people are loss averse and that a subset of the population show narcissistic tendencies. Both loss aversion and narcissism drove the results to suggest there are benefits to both clawback provisions and that a new provision that combines elements of both is most beneficial in mitigating the risk of executives receiving erroneously awarded compensation. I concluded the most optimal clawback provision is mandatory for all public companies (Dodd-Frank), targets all executives (Dodd-Frank), and requires the recuperation of the entire bonus, not just that which was in excess of what should have been received (SOX).

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Date Created
2018-12

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Personalizing the In-Store Shopping Experience

Description

In this paper, I have designed a business model for a new type of fashion retail
store. This store will perfect the personal styling experience by utilizing customer and
apparel data to make individualized apparel recommendations. The format of this

In this paper, I have designed a business model for a new type of fashion retail
store. This store will perfect the personal styling experience by utilizing customer and
apparel data to make individualized apparel recommendations. The format of this store
will heavily reduce the amount of search time for customers by only showing clothing
pieces that each person is likely to purchase, based on predictive analytics. In order to
plan this business model and determine whether a company of this style could be
successful, this paper includes research on the current environment of the fashion
industry, the company’s potential target market segmentation, and tactics for developing
the best customer offering.

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Date Created
2020-05

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WPC 101: Ethics Curriculum

Description

At a time when the national and world community is viewing collegiate business programs as complicit in many recent business scandals rooted in ethical violations and breaches of trust, improving ethics education is a high priority. Review of current research

At a time when the national and world community is viewing collegiate business programs as complicit in many recent business scandals rooted in ethical violations and breaches of trust, improving ethics education is a high priority. Review of current research on techniques for effectively teaching ethics highlights the importance of incorporating conversational learning, decision models, and relevant, personalized case discussions into undergraduate ethics lessons. Focusing exclusively on ethics education in the first-year business seminar WPC 101, we evaluated the current ethics/academic integrity module and found it to be lacking many research-supported techniques. To develop an updated curriculum, we first used the EthicsGame Ethical Lens Inventory in a survey of 114 W. P. Carey students to explore whether a connection between students' majors and primary ethical lenses would demonstrate the effectiveness of designing different, tailored ethics curricula for students in each major. Regression analysis of the survey responses indicated that this research was inconclusive for every major except for Accountancy, which already has a specific (upper-division) ethics course. This initial research stage led to the creation of a universally applicable ethics curriculum based on the Baird Decision Model. Incorporating techniques from the literature review, the new WPC 101 Academic Honesty & Ethics curriculum includes a presentation on the Baird Decision Model, a small-group discussion of a relevant ethical dilemma, and a class role play. The curriculum additionally includes detailed Facilitator Guidelines for educators. The curriculum was piloted in WPC 101 classes during Spring 2016, and we present student and facilitator feedback as well as suggestions for further research and improvement. Use of this research-backed curriculum and further study into its impact on student decision making will allow W. P. Carey to continue advancing in pursuit of training students to be effective ethical leaders.

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Date Created
2016-05

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The Unintended Consequences of Sarbanes-Oxley Act of 2002

Description

Given its impact on the accounting profession and public corporations, Sarbanes-Oxley Act of 2002(SOX) is a widely researched regulation among accounting scholars. Research typically focuses on the impact it has had on corporations, executives and auditors, however, there is limited

Given its impact on the accounting profession and public corporations, Sarbanes-Oxley Act of 2002(SOX) is a widely researched regulation among accounting scholars. Research typically focuses on the impact it has had on corporations, executives and auditors, however, there is limited research that illustrates the impact SOX may have on average Americans. There were several US criminal code sections that resulted from the passing of SOX. Statute 1519, which is often referred to as the "anti-shredding provision", penalizes anyone who "knowingly alters, destroys, mutilates, conceals, covers up, falsifies, or makes a false entry in any record, document, or tangible object with the intent to" obstruct a current or foreseeable federal investigation. This statute, although intended to punish behavior similar to that which occurred in the early 2000s by corporations and auditors, has been used to charge people beyond its original intent. Several issues with the crafting of the statute cause its broad application and some litigation even reached the Supreme Court due to its vague wording. Not only is the statute being applied beyond the intent, there are other issues that legal scholars have critiqued it for. This statute is far from being the only law facing these issues as the same issues and critiques are found in the 14th amendment. Rewriting the statute seems to be the most effective way to address the concerns of judges, lawyers and defendants regarding the statute. In addition, Congress could have passed this statute outside of SOX to avoid being seen as overreaching if obstruction of justice related to documents was actually an issue outside of corporate fraud.

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Date Created
2016-12

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A Study of League Influence on the Overall Health and Perceptions of Major League Baseball and the National Football League

Description

We were driven by the question: what is happening to the popularity of Major League Baseball? In order to answer this question we compared the league structure of Major League Baseball with that of the National Football League. We were

We were driven by the question: what is happening to the popularity of Major League Baseball? In order to answer this question we compared the league structure of Major League Baseball with that of the National Football League. We were able to speak with five former or current members of the respective leagues in order to gain some insight into how the two leagues operate. The main focus of our research was around the payroll structures of the two leagues as well as their revenue sharing policies. In the end, we discovered that Major League Baseball is becoming highly regionalized. The sport is still growing in popularity in terms of revenue and fan involvement, but it is becoming less popular on a national stage. The league is benefitting greatly from factors like the increasing importance of "TiVo proof programming" and a lack of competition. Each league is very different in its own right. While the NFL promotes a perception of competitive balance, Major League Baseball can be plagued by the negative perception it creates surrounding some of its smaller market teams.

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Date Created
2015-05

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Company X Supplier Financial Health Model

Description

Company X is one of the world's largest manufacturer of semiconductors. The company relies on various suppliers in the U.S. and around the globe for its manufacturing process. The financial health of these suppliers is vital to the continuation of

Company X is one of the world's largest manufacturer of semiconductors. The company relies on various suppliers in the U.S. and around the globe for its manufacturing process. The financial health of these suppliers is vital to the continuation of Company X's business without any material interruption. Therefore, it is in Company X's interest to monitor its supplier's financial performance. Company X has a supplier financial health model currently in use. Having been developed prior to watershed events like the Great Recession, the current model may not reflect the significant changes in the economic environment due to these events. Company X wants to know if there is a more accurate model for evaluating supplier health that better indicates business risk. The scope of this project will be limited to a sample of 24 suppliers representative of Company X's supplier base that are public companies. While Company X's suppliers consist of both private and public companies, the used of exclusively public companies ensures that we will have sufficient and appropriate data for the necessary analysis. The goal of this project is to discover if there is a more accurate model for evaluating the financial health of publicly traded suppliers that better indicates business risk. Analyzing this problem will require a comprehensive understanding of various financial health models available and their components. The team will study best practice and academia. This comprehension will allow us to customize a model by incorporating metrics that allows greater accuracy in evaluating supplier financial health in accordance with Company X's values.

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Date Created
2016-05

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Exploring Undergraduate Admissions through the Development of Shadowing Programs

Description

The thesis titled "Exploring Undergraduate Admissions through the Development of Shadowing Programs" is an organizational study and analysis of a shadowing program developed by Krista Moller, Ryan Johnson, and Kean Thomas. It resulted in the creation of a 25+ person

The thesis titled "Exploring Undergraduate Admissions through the Development of Shadowing Programs" is an organizational study and analysis of a shadowing program developed by Krista Moller, Ryan Johnson, and Kean Thomas. It resulted in the creation of a 25+ person student organization in the W.P. Carey School of Business called "Explore". The organization received backing and support from the admissions department in W.P. Carey, notably Dean of Admissions, Timothy Desch. The organization's members (titled "ambassadors") host a high school student interested in the business school for a day of class. High school students are matched with an ambassador based on majors they might be interested in, and ideally the result of the day of shadowing is the high school student having a better understanding of the opportunities available at W.P. Carey. The organization began in the fall of 2013, and was intended to be used as a thesis project from its inception. As a result, the founder's experiences were carefully documented and this allowed for a detailed analysis to take place. The analysis delves into the difficulties faced by the organization's members and executive board as a result of internal and external influences. The successes and experiences they were fortunate enough to have are also detailed, and plans for the organization's future are included as well. In addition, the Explore program is analyzed in comparison to other programs around the country and even in Canada, with the goal being to see where we could potentially strengthen our program. The founders of the Explore program (and authors of this thesis) hope other students might learn from it so that more programs such as Explore can be created, benefiting the local community and ASU itself.

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Date Created
2015-12

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Long Lines: Looking at The Starbucks On Campus from A Business Process Management Perspective

Description

This project aimed to find implementable solutions to the long flow times at the Starbucks locations on campus. Surveys of the consumers indicated a dissatisfaction rating of 29%, neutral rating of 29% and satisfaction rating of 42%. Showing room for

This project aimed to find implementable solutions to the long flow times at the Starbucks locations on campus. Surveys of the consumers indicated a dissatisfaction rating of 29%, neutral rating of 29% and satisfaction rating of 42%. Showing room for improvement in satisfaction, respondents were asked if a decrease in flow time or if mobile ordering was implemented would affect their frequency, over 50% responded that it would increase their frequency. Implementation of a mobile ordering system into the ASU app or separating the register line into M&G only and then cash and card only, is recommended to decrease the flow time.

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Date Created
2020-12