Matching Items (8)
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- All Subjects: development
- Creators: Department of Economics
- Member of: Theses and Dissertations
- Resource Type: Text
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 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).
ContributorsLarscheid, Elizabeth (Author) / Samuelson, Melissa (Thesis director) / Casas-Arce, Pablo (Committee member) / WPC Graduate Programs (Contributor) / School of Accountancy (Contributor) / Barrett, The Honors College (Contributor)
Created2018-12
Description
The purpose of this paper is to review the effects of the Dodd-Frank Title VII Clearing Regulations on the Over-the-counter (OTC) derivatives market and to analyze if the benefits of the Title VII regulations have outweighed the costs in the OTC derivatives market by reducing systematic(market) risk and protecting market participants or if the Title VII regulations’ costs have made things worse by lessening opportunities in the OTC derivatives market and stifling economics benefits by over regulating the market. This paper strives to examine this issue by explaining how OTC are said to have played a part in the 2008 Financial crisis. Next, we give a general overview of financial securities, and what OTC are. Then we will give a general overview of what the Dodd-Frank Wall Street Reform and Consumer Protection Acts are, which are the regulations to come out of the 2008 Financial crisis. Then the paper will dive into Dodd-Frank Title VII Clearing Regulations and how they regulated OTC derivatives in the aftermath of the 2008 Financial crisis. Next, we discuss the Clearing House industry. Then the paper explores the major change of central clearing versus the previous bilateral clearing system. The paper will then cover how these rules have affected OTC derivatives market by examining the works of authors, who both support the regulations and others, who oppose the regulations by looking at logical arguments, historical evidence, and empirical evidence. Finally, we conclude that based on all the evidence how the Dodd-Frank Title VII Clearing Regulations effects on the OTC derivatives market are inconclusive at this time.
ContributorsCharette, John (Co-author) / Thacker, Harshit (Co-author) / Aragon, George (Thesis director) / Stein, Luke (Committee member) / Department of Finance (Contributor) / Department of Economics (Contributor) / Dean, W.P. Carey School of Business (Contributor) / Department of Information Systems (Contributor) / School of Accountancy (Contributor) / Barrett, The Honors College (Contributor)
Created2019-05
Description
The goal of this thesis is to conduct a descriptive analysis of the gross domestic product (GDP) sector composition of countries around the world and their respective levels of economic development with consideration of their geographic locations, economic growth over time, and their economic sizes. This analysis will be centered around exploring the differences of the GDP composition of countries at different levels of development, testing the consensus that developed countries tend to be focused on the services sector in comparison to less developed ones, who trend towards focus on the agricultural one. These findings will be primarily attained through use of data interpretation and regression analysis utilizing the statistical software packages of Stata and Excel. Results and analysis are to be supported by powerful data visualizations created in Tableau and the careful examination of said visualizations.
Due to the sheer amount of macro-economic factors and the case specific incidences involved in the determination of a country’s level of economic development, this thesis will focus entirely on the descriptive analysis of the relationship between a country’s GDP sector composition within the agricultural, industrial, and services sectors and their level of economic development measured in GDP per capita. This study will explore the relationship between GDP per capita and geographic regions, growth over time, and economic size as well. These relationships will be used to determine if said factors need to be controlled for when analyzing the relationship between a country’s sector composition and its level of development. A better understanding of what countries look like at all levels of development helps build a complete picture of a what makes a country successful and could be used in future studies that seek to predict economic success based on more and/or separate variables.
Due to the sheer amount of macro-economic factors and the case specific incidences involved in the determination of a country’s level of economic development, this thesis will focus entirely on the descriptive analysis of the relationship between a country’s GDP sector composition within the agricultural, industrial, and services sectors and their level of economic development measured in GDP per capita. This study will explore the relationship between GDP per capita and geographic regions, growth over time, and economic size as well. These relationships will be used to determine if said factors need to be controlled for when analyzing the relationship between a country’s sector composition and its level of development. A better understanding of what countries look like at all levels of development helps build a complete picture of a what makes a country successful and could be used in future studies that seek to predict economic success based on more and/or separate variables.
ContributorsStojsin, Rastko (Author) / Goegan, Brian (Thesis director) / Lopez, Andres Diaz (Committee member) / Department of Economics (Contributor) / Department of Information Systems (Contributor, Contributor) / Barrett, The Honors College (Contributor)
Created2019-05
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 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.
ContributorsGonzalez, Joana (Author) / Samuelson, Melissa (Thesis director) / Lowe, Jordan (Committee member) / School of Accountancy (Contributor) / Barrett, The Honors College (Contributor)
Created2016-12
Description
The outlying cities of Phoenix's West Metropolitan experienced rapid growth in the past ten years. This trend is only going to continue with an average expected growth of 449-891% between 2000 and 2035 (ADOT, 2012). Phoenix is not new to growth and has consistently seen swaths of people added to its population. This raises the question of what happened to the people who lived in Phoenix's West Valley during this period of rapid change and growth in their communities? What are their stories and what do their stories reveal about the broader public history of change in Phoenix's West Valley? In consideration of these questions, the community oral histories of eight residents from the West Valley were collected to add historical nuance to the limited archival records available on the area. From this collection, the previous notion of "post-war boomtowns” describing Phoenix’s West Valley was revealed to be highly inaccurate and dismissive of the residents' experiences who lived and formed their lives there.
ContributorsCampanile, Isabella (Author) / Geiser, Samantha (Co-author) / Martinez Orozco, Rafael (Thesis director) / O'Flaherty, Katherine (Committee member) / Barrett, The Honors College (Contributor) / Department of Economics (Contributor)
Created2022-05
ContributorsOsborn, Talen (Author) / Murff, Scott (Thesis director) / O'brian, Cole (Committee member) / Barrett, The Honors College (Contributor) / Department of Economics (Contributor) / School of Sustainable Engineering & Built Envirnmt (Contributor)
Created2023-12
ContributorsOsborn, Talen (Author) / Murff, Scott (Thesis director) / O'brian, Cole (Committee member) / Barrett, The Honors College (Contributor) / Department of Economics (Contributor) / School of Sustainable Engineering & Built Envirnmt (Contributor)
Created2023-12
Description
The African Continental Free Trade Agreement is one of the latest developments in the world of African politics. It influences several key policy arenas, including the focus of this paper: developmental policy. The AfCFTA hopes to integrate the intra-African trading system, as well as implement several measures to integrate their entire economies. This paper examines the intersection between the AfCFTA and developmental policy defining how it helps and hinders African development goals. This thesis intends to give a clear picture of how this agreement coincides with developmental policy through both economic and political research. The goal of this paper is to provide readers with a detailed report on how this economic agreement could be shaping the developmental policy of the African world.
ContributorsZeleny, Dylan Peter (Author) / Wong, Kelvin (Thesis director) / Hill, Alexander (Committee member) / Historical, Philosophical & Religious Studies (Contributor) / Department of Economics (Contributor) / Dean, W.P. Carey School of Business (Contributor) / Barrett, The Honors College (Contributor)
Created2019-05