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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 examines dealers' inventory holding periods and the associated price markups on corporate bonds from 2003 to 2010. Changes in these measures explain a large part of the time series variation in aggregate corporate bond prices. In the cross-section, holding periods and markups overshadow extant liquidity measures and have significant explanatory power for individual bond prices. Both measures shed light on the credit spread puzzle: changes in credit spread are positively correlated with changes in holding periods and markups, and a large portion of credit spread changes is explained by them. The economic effects of holding periods and markups are particularly sharp during crisis periods.
ContributorsQian, Zhiyi (Author) / Wahal, Sunil (Thesis advisor) / Bharath, Sreedhar (Committee member) / Coles, Jeffrey (Committee member) / Mehra, Rajnish (Committee member) / Arizona State University (Publisher)
Created2012
Description
The purpose of our research was to develop recommendations and/or strategies for Company A's data center group in the context of the server CPU chip industry. We used data collected from the International Data Corporation (IDC) that was provided by our team coaches, and data that is accessible on the internet. As the server CPU industry expands and transitions to cloud computing, Company A's Data Center Group will need to expand their server CPU chip product mix to meet new demands of the cloud industry and to maintain high market share. Company A boasts leading performance with their x86 server chips and 95% market segment share. The cloud industry is dominated by seven companies Company A calls "The Super 7." These seven companies include: Amazon, Google, Microsoft, Facebook, Alibaba, Tencent, and Baidu. In the long run, the growing market share of the Super 7 could give them substantial buying power over Company A, which could lead to discounts and margin compression for Company A's main growth engine. Additionally, in the long-run, the substantial growth of the Super 7 could fuel the development of their own design teams and work towards making their own server chips internally, which would be detrimental to Company A's data center revenue. We first researched the server industry and key terminology relevant to our project. We narrowed our scope by focusing most on the cloud computing aspect of the server industry. We then researched what Company A has already been doing in the context of cloud computing and what they are currently doing to address the problem. Next, using our market analysis, we identified key areas we think Company A's data center group should focus on. Using the information available to us, we developed our strategies and recommendations that we think will help Company A's Data Center Group position themselves well in an extremely fast growing cloud computing industry.
ContributorsJurgenson, Alex (Co-author) / Nguyen, Duy (Co-author) / Kolder, Sean (Co-author) / Wang, Chenxi (Co-author) / Simonson, Mark (Thesis director) / Hertzel, Michael (Committee member) / Department of Finance (Contributor) / Department of Management (Contributor) / Department of Information Systems (Contributor) / School of Mathematical and Statistical Sciences (Contributor) / School of Accountancy (Contributor) / WPC Graduate Programs (Contributor) / Barrett, The Honors College (Contributor)
Created2016-05
Description
This paper explores the history of sovereign debt default in developing economies and attempts to highlight the mistakes and accomplishments toward achieving debt sustainability. In the past century, developing economies have received considerable investment due to higher returns and a degree of disregard for the risks accompanying these investments. As the former Citibank chairman, Walter Wriston articulated, "Countries don't go bust" (This Time is Different, 51). Still, unexpected negative externalities have shattered this idea as the majority of developing economies follow a cyclical pattern of default. As coined by Reinhart and Rogoff, sovereign governments that fall into this continuous cycle have become known as serial defaulters. Most developed markets have not defaulted since World War II, thus escaping this persistent trap. Still, there have been developing economies that have been able to transition out of serial defaulting. These economies are able to leverage debt to compound growth without incurring the protracted consequences of a default. Although the cases are few, we argue that developing markets such as Chile, Mexico, Russia, and Uruguay have been able to escape this vicious cycle. Thus, our research indicates that collaborative debt restructurings coupled with long term economic policies are imperative to transitioning out of debt intolerance and into a sustainable debt position. Successful economies are able to leverage debt to create strong foundational growth rather than gambling with debt in the hopes of achieving rapid catch- up growth.
ContributorsPitt, Ryan (Co-author) / Martinez, Nick (Co-author) / Choueiri, Robert (Co-author) / Goegan, Brian (Thesis director) / Silverman, Daniel (Committee member) / Department of Economics (Contributor) / Department of Information Systems (Contributor) / School of Mathematical and Statistical Sciences (Contributor) / School of Politics and Global Studies (Contributor) / W. P. Carey School of Business (Contributor) / Barrett, The Honors College (Contributor)
Created2015-12
Description
This thesis provides recommendations to implement journalism and publishing programs into Montessori secondary education systems. This applies to students of 11 years or older that can be found in more than 210 Montessori schools across the nation, according to the American Montessori Society. Much of the foundation for this thesis is created by my own experience starting a journalism program at Desert Garden Montessori School in Phoenix, Arizona. The literature review looks at the history of Montessori education; the differences between Montessori education and traditional public schooling; the benefits of journalism programs for secondary education systems; and the observed fit between journalism and Montessori philosophies. The greater research explores my experience as a journalism adviser for Desert Garden Montessori School, and my own lessons learned through the spring 2015 semester. The final suggestions for a journalism program are split into three sections: those by the Desert Garden Montessori students, by certified members of American Montessori Society, and my own final recommendations. It then looks into areas for further research to solidify the expansion of journalism programs into other Montessori schools. The appendices contain newsroom documents and material published during my time as journalism adviser for Desert Garden Montessori School. This includes the magazines and stories created by the newsroom students.
ContributorsOtarola Alfaro, Miguel Angel (Author) / Gilger, Kristin (Thesis director) / Roschke, Kristy (Committee member) / Walter Cronkite School of Journalism and Mass Communication (Contributor) / School of Historical, Philosophical and Religious Studies (Contributor) / Barrett, The Honors College (Contributor)
Created2016-05
Description
I will be investigating the merit of participatory culture in online literary roleplaying. While looking at an affinity space within participatory culture, I will be examining the importance of narrative within a roleplay board, the value placed in writing ability and habitual participation, and the gaining of social capital within the affinity space of players through the scope of two forms of participatory culture: expressions and collaborative problem solving. I will also look at the limitations of literary roleplaying before talking about the potential of roleplaying to be used as a tool for students in the classroom. Throughout my investigation, I pool information from online roleplay forum boards as well as Tumblr blogs. Drawing from these examples, I hope to not only show the value and merit of online roleplaying as a form of literature, but also demonstrate its potential as a curriculum guide for educators.
ContributorsLacson, Therese (Author) / Lussier, Mark (Thesis director) / Daer, Alice (Committee member) / Barrett, The Honors College (Contributor) / Department of English (Contributor) / School of Historical, Philosophical and Religious Studies (Contributor)
Created2014-05
Description
Nations have a vital interest in creating a citizenry with certain attributes and beliefs and, since education contributes to the formation of children's national identity, government authorities can influence educational curricula to construct their ideal citizen. In this thesis, I study the educational systems of Pakistan and Arizona and explore the historical and conceptual origins of these entities' manipulation of curricula to construct a particular kind of citizen. I argue that an examination of the ethnic studies debate in Tucson, Arizona, in conjunction with Pakistan's history education policy, will illustrate that the educational systems in both these sites are developed to advance the interests of governing authorities. Resource material demonstrates that both educational systems endorse specific accounts of history, omitting information, perspectives, and beliefs. Eliminating or reimagining certain narratives of history alienates some students from identifying as citizens of the state, particularly when contributions of their ethnic, cultural, or religious groups are not included in the country's textbooks.
ContributorsFritcke, Emily Anne (Author) / Saikia, Yasmin (Thesis director) / Haines, Chad (Committee member) / Barrett, The Honors College (Contributor) / Department of English (Contributor) / School of Historical, Philosophical and Religious Studies (Contributor)
Created2014-12
Description
This project covered different components to strengthen Model United Nations organizations, especially programs in Arizona itself. The lack of strong programs in Arizona can be attributed in many ways to a lack of resources, and this project's work aims to bolster programs by providing some resources. The written component contains a write-up of a 2013 High School Model United Nations Conference at Arizona State University; a write-up of a 2014 Middle School Model United Nations Conference at Arizona State University; a guide on how to run such a conference, focused at the high school level; a university-level curriculum that integrates a Model United Nations organization into a classroom setting, including assignments and; a grade school lesson plan with seven lessons that focuses on teaches students about international relations and global affairs while preparing them for a Model United Nations conference.
ContributorsLanza, Jentry Elizabeth (Author) / Von Hagen, Mark (Thesis director) / Hutchinson, Marcie (Committee member) / Barrett, The Honors College (Contributor) / School of International Letters and Cultures (Contributor) / School of Politics and Global Studies (Contributor) / School of Historical, Philosophical and Religious Studies (Contributor)
Created2014-05
Description
This paper provides evidence through an event study, portfolio simulation, and regression analysis that insider trading, when appropriately aggregated, has predictive power for abnormal risk-adjusted returns on some country and sector exchange traded funds (ETFs). I examine ETFs because of their broad scope and liquidity. ETF markets are relatively efficient and, thus, the effects I document are unlikely to appear in ETF markets. My evidence that aggregated insider trading predicts abnormal returns in some ETFs suggests that aggregated insider trading is likely to have predictive power for financial assets traded in less efficient markets. My analysis depends on specialized insider trading data covering 88 countries is generously provided by 2iQ.
ContributorsKerker, Mackenzie Alan (Author) / Coles, Jeffrey (Thesis director) / Mcauley, Daniel (Committee member) / Licon, Wendell (Committee member) / Barrett, The Honors College (Contributor) / Department of Economics (Contributor) / School of Mathematical and Statistical Sciences (Contributor) / Department of Finance (Contributor)
Created2014-05
Description
This thesis provides an in-depth comparison of the attractiveness of leveraged buyout (LBO) transactions under low versus high interest rates. In particular, our analysis focuses on how London Interbank Offered Rates (LIBOR) affect internal rates of return for hypothetical LBO transactions, assuming financing structure and operational enhancements for the individual transactions are held constant. Given that LIBOR rates are currently at historically low levels, we model four hypothetical LBO transactions in the specialty retail space using both historically high and currently low LIBOR rates (for a total of eight model outputs). We quantify the extent to which high rates have the potential to decrease LBO value, while low rates may enhance value. Through this thesis, we have obtained a better understanding of LBO transaction modeling, an understanding that will make us more effective as professionals in investment banking. Finally, this thesis can serve as a step-by-step guide to LBOs for undergraduate finance students, particularly for members of the Investment Banking Industry Scholars (IBIS) program at Arizona State University.
ContributorsGormley, Sean (Co-author) / Hert, James (Co-author) / Coles, Jeffrey (Thesis director) / Bhattacharya, Anand (Committee member) / Barrett, The Honors College (Contributor) / Department of Economics (Contributor) / Department of Finance (Contributor) / School of Accountancy (Contributor)
Created2014-05