Matching Items (4)
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- All Subjects: Monitoring
- All Subjects: confidence
- Creators: Bates, Thomas
- Creators: Ross, Michael
Description
This paper examines how equity analysts' roles as information intermediaries and monitors affect corporate liquidity policy and its associated value of cash, providing new evidence that analysts have a direct impact on corporate liquidity policy. Greater analyst coverage (1) reduces information asymmetry between a firm and outside shareholders and (2) enhances the monitoring process. Consistent with these arguments, analyst coverage increases the value of cash, thereby allowing firms to hold more cash. The cash-to-assets ratio increases by 5.2 percentage points when moving from the bottom analyst-coverage decile to the top decile. The marginal value of $1 of corporate cash holdings is $0.93 for the bottom analyst-coverage decile and $1.83 for the top decile. The positive effects remain robust after a battery of endogeneity checks. I also perform tests employing a unique dataset that consists of public and private firms, as well as a dataset that consists of public firms that have gone private. A public firm with analyst coverage can hold approximately 8% more cash than its private counterpart. These findings constitute new evidence on the real effect of analyst coverage.
ContributorsChang, Ching-Hung (Author) / Bates, Thomas (Thesis advisor) / Bharath, Sreedhar (Committee member) / Lindsey, Laura (Committee member) / Arizona State University (Publisher)
Created2012
Description
Girard Training Stables is a horse-based nonprofit organization that offers riding lessons, mental health support, and physical therapy. A scheduling tool was recently built for them to assist in managing as many as 90 volunteers across many different events. Our goal was to add observability to this scheduling tool, as being able to better observe the tool’s internal state would make fixing any problems easier. To add this observability we added both frontend and backend monitoring to track metrics such as how many users sign up for new accounts, when users start and finish creating an event, how much the server running the website is using its resources, and how many errors are caught while the server is running. Using these metrics, we were able to gain much insight into the internal state of the website and its users. We found that the frontend metrics were useful to non-technical users, with 70% of the users surveyed being able to correctly understand the data generated and theorize about parts of the website UI that could be improved based on said data. We were also able to correctly catch and log 100% of the test errors that were generated, and send alerts to administrators if these errors led to system failure. Overall, we were able to significantly improve the observability of the Girard Training Stables scheduling tool by adding monitoring, making it more robust, scalable, and easy to improve for the future.
ContributorsMoore, Peter (Author) / Ross, Michael (Co-author) / Chavez, Helen (Thesis director) / Vannoni, Greg (Committee member) / Barrett, The Honors College (Contributor) / Computer Science and Engineering Program (Contributor)
Created2022-12
Description
Girard Training Stables is a horse-based nonprofit organization that offers riding lessons, mental health support, and physical therapy. A scheduling tool was recently built for them to assist in managing as many as 90 volunteers across many different events. Our goal was to add observability to this scheduling tool, as being able to better observe the tool’s internal state would make fixing any problems easier. To add this observability we added both frontend and backend monitoring to track metrics such as how many users sign up for new accounts, when users start and finish creating an event, how much the server running the website is using its resources, and how many errors are caught while the server is running. Using these metrics, we were able to gain much insight into the internal state of the website and its users. We found that the frontend metrics were useful to non-technical users, with 70% of the users surveyed being able to correctly understand the data generated and theorize about parts of the website UI that could be improved based on said data. We were also able to correctly catch and log 100% of the test errors that were generated, and send alerts to administrators if these errors led to system failure. Overall, we were able to significantly improve the observability of the Girard Training Stables scheduling tool by adding monitoring, making it more robust, scalable, and easy to improve for the future.
ContributorsRoss, Michael (Author) / Moore, Peter (Co-author) / Chavez, Helen (Thesis director) / Vannoni , Greg (Committee member) / Barrett, The Honors College (Contributor) / Computer Science and Engineering Program (Contributor)
Created2022-12
Description
Chief Executive Officers (CEOs) whose observed personal option-holding patterns are not consistent with theoretical predictions are variously described as overconfident or optimistic. Existing literature demonstrates that the investment and financing decisions of such CEOs differ from those of CEOs who do not exhibit such behavior and interprets the investment and financing decisions by overconfident or optimistic CEOs as inferior. This paper argues that it may be rational to exhibit behavior interpreted as optimistic and that the determinants of a CEO’s perceived optimism are important. Further, this paper shows that CEOs whose apparent optimism results from above average industry-adjusted CEO performance in prior years make investment and financing decisions which are actually similar, and sometimes superior to, those of unbiased CEOs.
ContributorsWalton, Richard (Author) / Bates, Thomas (Thesis advisor) / Lindsey, Laura (Committee member) / Babenko, Ilona (Committee member) / Arizona State University (Publisher)
Created2016