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

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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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2018-12

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The Unintended Consequences of Sarbanes-Oxley Act of 2002

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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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2016-12

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Young Women in Leadership Workshop-Expanding Mentoring to High School Women

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Although the number of women earning college degrees and entering the workforce is increasing, a gender gap persists at top leadership positions. Women are faced with numerous challenges throughout the talent pipeline, challenges that often drive women out of the

Although the number of women earning college degrees and entering the workforce is increasing, a gender gap persists at top leadership positions. Women are faced with numerous challenges throughout the talent pipeline, challenges that often drive women out of the workforce. This paper looks at the power of mentoring and how women, particularly young women, have the potential to overcome these challenges through a successful mentoring relationship. We use examples of successful mentoring programs at the corporate and university level to support the development of a mentoring program at the high school level. Our paper presents the research and development process behind the Young Women in Leadership (YWiL) Workshop, a half-day event that focused on bringing awareness to the importance of mentoring and leadership at the high school level while providing young women with the confidence and knowledge to begin to establish their own mentoring relationships.

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2015-05

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American Nurses at War: From the Veil of Domesticity to Military Service

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During the First and Second World Wars, the totality of global war and the involvement of the United States necessitated the use of American women within military medical services as nurses. Military nursing served as a catalyst for professionalizing nursing

During the First and Second World Wars, the totality of global war and the involvement of the United States necessitated the use of American women within military medical services as nurses. Military nursing served as a catalyst for professionalizing nursing as well as the entrance women into US military jobs. This thesis explores American women’s military nursing roles during WWI and WWII within the historical context of the precedence set for female nurses’ involvement in wartime medical service in both the American Civil War and the Spanish Civil War. In so doing, it seeks to answer specific research questions focused on nurse’s wartime experiences, the formality of their role, and public perceptions of female nurses. I will examine the change over time of these issues and reasons for their evolution.

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2020-05

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Women in Technology

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Technology is everywhere. It touches every industry and nearly every aspect of our lives. It is paving the way to exciting innovations, solving long-standing problems, and helping us as humans learn at a faster rate than ever before. The Tech

Technology is everywhere. It touches every industry and nearly every aspect of our lives. It is paving the way to exciting innovations, solving long-standing problems, and helping us as humans learn at a faster rate than ever before. The Tech Industry is booming, generating an ever-increasing amount of jobs within the workforce. The number of women filling these new jobs, however, has remained static – if not declined. As a female student studying Computer Information Systems, this fact has concerned me for some time and propelled me to dig deeper and get to the root of the problem. It has been no secret that there is a lack of gender equality within the technology industry. Silicon Valley – the tech hub of the United States – has time and again been accused of creating an overwhelming sense of “bro culture”. The numbers are staggeringly obvious – women are entering into the industry at a lower rate than men, women are leaving the industry at a higher rate than men, and women are not being advanced within technology-based careers at the same rate as men. My objective with this creative project was to go beyond the numbers and to understand why this gender gap is still prevalent within the industry and, more importantly, what can be done to shrink the gap. As such, I decided to put faces to the numbers by creating a documentary in which I interviewed eight diverse female professionals with varying backgrounds that are in different stages within their careers in the technology industry. I was able to get real and raw opinions, ideas, and advice from these knowledgeable women to construct my responses to these complex issues. This paper has been structured to outline and analyze the ideas and concepts generated from my interviews of these women.

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2019-05