Matching Items (30)
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- All Subjects: Private Equity
- Creators: Department of Finance
- Creators: Eaton, John
- Member of: Theses and Dissertations
Description
For this thesis, the authors would like to create a hypothetical Private Equity Real Estate Investment firm that focuses on creating value for partners by taking an opportunistic approach to acquiring under-performing urban multi-family properties with large upside potential for investing. The project will focus on both the market analysis and financial modeling associated with investment strategy and transactions. There is a substantial amount of complexity within commercial real estate and this thesis seeks to offer an accurate and comprehensive documentary of the process, while simplifying it for everyday readers. Additionally, there are a significant amount of risk factors associated with investment decisions, so the best practices from the industry documented in this manuscript are valuable tools for successful investing in the future. To gain the most profound and reliable industry knowledge, the authors leveraged the experience of dozens of industry professionals through research and personal interviews. Through careful analysis, the authors were able to ascertain the current economic position in the real estate cycle and to create a plan for future investing. Additionally, they were able to identify and evaluate a specific asset for purchase. As a result, the authors found that multifamily properties are a sound investment for the next two years and that the company should slowly start to shift directions to office and retail in 2018.
ContributorsBacon, David (Co-author) / Soto, Justin (Co-author) / Kashiwagi, Dean (Thesis director) / Kashiwagi, Jacob (Committee member) / Department of Finance (Contributor) / Department of Supply Chain Management (Contributor) / Department of Marketing (Contributor) / W. P. Carey School of Business (Contributor) / School of Accountancy (Contributor) / Barrett, The Honors College (Contributor)
Created2016-05
Description
In the aftermath of the 2008 financial crisis, banking regulators have been taking a more active role in pursing greater financial stability. One area of focus has been on Wall Street banks' leverage lending practices which include leveraged lending activities to fund leveraged buyouts. In March 2013, the Federal Reserve and the Office of the Comptroller of the Currency issued guidance urging banks to avoid financing leveraged buyouts in most industries that would put total debt on a company of more than six times its earnings before interest, taxes, depreciation and amortization, or Ebitda. Our research, using data on all leveraged buyouts (with EBITDA >$20 million) issued after the guidance, sets out to explain the elements banks consider when exceeding leverage limitations. Initially, we hypothesized that since deals over 6x leverage had higher amounts of debt, they were riskier deals, which would carry over to other risk measures such as yield to maturity on debt and company credit ratings. To analyze this, we obtained a large data set with all LBO deals in the past three years and ran difference-in-means tests on a number of variables such as deal size, credit rating and yield to maturity to determine if deals over 6x leverage had significantly different risk characteristics than deals under 6x leverage. Contrary to our hypothesis, we found that deals over 6x leverage had significantly less risk, mainly demonstrated by lower average YTMs, than deals under 6x. One possible explanation of this might be that banks, wanting to ensure they are not fined, will only go through with a deal over 6x leverage if other risk metrics such as yield to maturity are well below average.
ContributorsKing, Adam (Co-author) / Lukemire, Sean (Co-author) / McAleer, Stephen (Co-author) / Simonson, Mark (Thesis director) / Bonadurer, Werner (Committee member) / Department of Finance (Contributor) / Department of Economics (Contributor) / Barrett, The Honors College (Contributor)
Created2016-05
Description
As the poverty level increases in Arizona, so does the opportunity gap between high- income and low-income students. We believe that all youth regardless of their zip code, the color of their skin, or their family background should see themselves as leaders and scholars in the community. Access to higher education, quite simply should be attainable for all students. The New American University charter that ASU has adopted is inspiring and groundbreaking. We believe this charter underscores the significance of equal access to education. The REACH program embraces the urgency of educational inequity, by enhancing the potential success of high school teenagers, who attend the Boys & Girls Club \u2014 Ladmo Branch in Tempe, Arizona. REACH empowers youth to develop stronger leadership skills, while becoming more involved in their community. We provide an opportunity for these teens to engage in leadership discussions, receive college mentoring/tutoring, and connect with the community and resources that Arizona State University (ASU) has to offer. It is our hope that every REACH teen is inspired to apply for college. REACH strives to provide any support the teens require to be successful throughout the college testing and admission process. REACH works with multiple communities at Arizona State University including the Pat Tillman Scholars, Devils' Advocates, Honors Devils, Changemaker Central, Barrett, The Honors College and W. P. Carey School of Business to organize and lead a group of teens through a remarkable curriculum that will shape the way they view cultural diversity, educational achievement, and leadership. The weekly meetings consist of discussions, creative team-building, critical thinking exercises, and cultural awareness experiences. Demonstrating to the teens, administrators, volunteers, mentors, and tutors the rich culture that Tempe has to offer and the skills and experience that they have to offer their community as well. In this thesis will we present our work developing and implementing the REACH program at the Ladmo Branch of the Tempe Boys and Girls Club from the Spring of 2013 through the Spring of 2015. We will describe the structure of REACH, our weekly leadership curriculum, our assessment and evaluation method, and the supplemental programs that we instituted (i.e., tutoring and mentoring). We will reflect on our successes and the challenges that we faced over the span of three years. We will conclude our thesis with a critical analysis of the program as a whole in order to provide advice for others who want to create and engage in a sustainable, student lead, community action organization.
ContributorsBurba, Monica (Co-author) / Smith, Jenna (Co-author) / Mokwa, Michael (Thesis director) / Eaton, John (Committee member) / Barrett, The Honors College (Contributor) / School of Politics and Global Studies (Contributor) / School of Sustainability (Contributor) / School of Historical, Philosophical and Religious Studies (Contributor) / School of International Letters and Cultures (Contributor)
Created2015-05
Description
Over a twelve-month period I completed industry research on women working in the financial industry. I then compiled a set of 17 qualitative questions with a focus on career development, leadership, compensation, and best practices for women working in the financial industry in order to complete my own study. I focused my time and energy on ten women working in the finance in Arizona. I completed one hour interviews with each woman in order to gain an understanding of the challenges women face in the workforce today. I have learned that gender bias is still very prevalent in the financial industry. Seven out of the ten women I spoke to labeled it as an obstacle during their career. The wage gap in finance continues to exist and I believe this is due to a culture of secrecy in the workforce and the discouragement of negotiation. The women I interviewed focused on communal leadership skills such as encouragement, empathy, and team success. This is a benefit today as the workplace culture changes these leadership strategies are extremely affective. Although gender discrimination is still prevalent, there are many promising signs for women entering the financial industry. Women as a whole are very satisfied with their careers and recommend the field to other young women starting off. Ten out of ten of the women I interviewed believe that being female in a male dominated workforce can be a benefit. If you work hard and demonstrate successful leadership abilities it can be easier to stand out. It is definitely possible to have a fulfilling career in the financial industry, but you have to define success in your own terms and make time for the activities and people you enjoy. I hope that my research will impact other young women to continue to pave the way of success for women in the financial industry.
ContributorsRuttledge, Florence Rose (Author) / Kalika, Dale (Thesis director) / Ostrom, Amy (Committee member) / Barrett, The Honors College (Contributor) / Department of Finance (Contributor) / Department of Supply Chain Management (Contributor)
Created2015-05
Description
Modern Americans ignorantly live under a blanket of unread terms, conditions, and binding contracts. Often, these contracts (mostly associated with products and services) come and go with little effect. Periodically, the products or services cause the consumer harm, leading them to seek repair. The consumer then realizes that all the fine print they failed to read makes an impactful legal difference. This paper analyzes the work of Professor Radin through her book, Boilerplate. It goes on to explore many other arguments presented by contract theorists and makes substantial claims regarding the dangers of boilerplate (unread terms and conditions).
ContributorsBecker, Alexander Daniel (Author) / Koretz, Lora (Thesis director) / Calleros, Charles (Committee member) / Barrett, The Honors College (Contributor) / W. P. Carey School of Business (Contributor) / Department of English (Contributor)
Created2015-05
Description
This thesis details our experience assisting BASE Equity Partners, a private equity firm based in New York City, on three prospective agricultural dealership deals over the course of this past academic year. The firm is currently structured as a Fundless Sponsor. This distinct structural trait is common for a type of private equity firm known among practitioners as pledge funds. This creates an interesting element for our experience as there is very limited academic research on these types of firms, which, since the Great Recession, have become popular players in middle-market private equity deals. We, first, provide some historical context on pledge funds and identify their primary differences with traditional private equity. The remainder of the paper documents our experience working on the agricultural dealership deals. We have organized this portion after the manner in which we received assignments. We go into detail on the specific projects with which we were tasked, our interactions with the partners and the major takeaways we had from this learning experience. This thesis paper will enrich the academic knowledge regarding pledge funds—and private equity generally—by documenting a real experience of what it is like performing analyst-level tasks at a real firm. Additionally, we were privy to information that is highly confidential, and though we have protected the confidentiality of the companies through pseudonyms and redaction of confidential material, all of the financial data shown, models provided and qualitative discussion is real.
ContributorsTang, Ivan (Co-author) / Johnson, Bradley (Co-author) / Panosian, Tro (Co-author) / Simonson, Mark (Thesis director) / Bonadurer, Werner (Committee member) / Barrett, The Honors College (Contributor) / Department of Finance (Contributor) / Department of English (Contributor) / School of Accountancy (Contributor) / School of International Letters and Cultures (Contributor)
Created2015-05
Description
A fun, interactive, and practical motivational speaking package designed to inspire and encourage high school and college students, as well as young adults, to achieve success and discover their leadership potential. Using secrets learned from starting my own business, Board Blazers LED Underglow Skateboard Lighting, and performing as Drum Major of the 400+ member ASU Sun Devil Marching Band, I share tips and tricks that can be applied in everyday life. Topics include surviving in difficult leadership situations unique to young leaders, celebrity confidence secrets, and creating infectious enthusiasm while working on a team.
ContributorsRudolph, Gregory James (Author) / Eaton, John (Thesis director) / Desch, Timothy (Committee member) / Barrett, The Honors College (Contributor) / Department of Marketing (Contributor) / Department of Supply Chain Management (Contributor) / W. P. Carey School of Business (Contributor)
Created2014-05
Description
This honors project was born out of a desire to understand individuals who abandoned political glory in favor of serving other leaders. I wanted to study and know who can go head-to-head with \u2014 and command the respect of \u2014 the U.S. President on a daily basis. I limited my search to friends of the presidents who held powerful positions: I identified Harry Hopkins, Robert McNamara, and Condoleezza Rice. This thesis is broken into the following sections. To begin, we follow each official in their rise to prominence and discover how they captured the attention of their respective presidents. Next, we delve into their relationships with the Oval Office -- what is similar or different about each of their connections with the presidents. The bulk of the work focuses on pivotal moments in our country's history \u2014 events that shaped the United States of today. Specifically, we look at the New Deal, World War II, the Cuban Missile Crisis, the Vietnam War, the Middle East, and nuclear weapons proliferation. Then, we dissect similarities and differences between their relationships with their presidents, and wrap up with some takeaways about how one could go about becoming a presidential advisor. Their distinctive styles can be grouped into doers or planners. Hopkins and McNamara were proud and self-proclaimed doers. Rice stands alone as a fantastic planner. If one seeks to emulate any of these three, there are three things to commit to. First, skills both matter and don't matter. Second, there are two paths to getting presidential attention and becoming close enough for them to seek one out for advice. The first is to understand which wheels need greasing, and grease them. The other is to have a potential solution to an unsolved problem -- that is powerful. Be great, a maverick, and public, or look to create your own role from scratch and hope that you are an expert when a time of great need comes. Third, once you are friends with and have the political ear of the president, know that loyalty is the only thing that truly matters. This thesis is an attempt to better understand leadership through the lens of powerful followers. This project strives to inform the reader of the context within which these actors played, the actions that they took, and the consequences that were incurred, all while being personally close to the most powerful position on the planet. I have tried to give context and understanding for pivotal moments in American history while shining a spotlight on a few underappreciated historical actors.
ContributorsAnhoury, Mitchell Alden (Author) / Mokwa, Michael (Thesis director) / Eaton, John (Committee member) / Department of Management and Entrepreneurship (Contributor) / School of Mathematical and Statistical Sciences (Contributor) / Barrett, The Honors College (Contributor)
Created2017-05
Description
The goal of this research is to answer the questions 1) What is innovation? 2) Why is innovation important? 3) How does leadership impact the effectiveness in driving innovation? 4) How can insight be taught to other individuals who would like to drive innovation in their own practice? By defining leadership characteristics, actions, and attributes, a tangible framework was created which can be utilized by any leader as a guiding point to drive innovation. Data for this project was collected through two channels: a survey which was administered to individuals who identified primarily as undergraduates and professionals, then interviews were conducted with individuals who are recognized as innovative leaders. Interview participants were selected based on recommendations from peers, awards, and accolades received. The questions in the survey focused on collecting data on the general perception and understanding of what an innovative leader is compared to traditional change management elements. Interview questions honed in on specific information regarding leadership approaches, group dynamic techniques, and personal characteristics in relation to leadership style. The findings from the study can be used for positive impact on universities and organizations.
ContributorsBriones, Nicole Marie (Author) / LePine, Marcie (Thesis director) / Wilkinson, Christine Kajikawa (Committee member) / Department of Finance (Contributor) / Department of Supply Chain Management (Contributor) / Barrett, The Honors College (Contributor)
Created2017-05
Description
The following thesis discusses the primary drivers of value creation in a leveraged buyout. Value creation is defined by two broad criteria: enterprise value creation and financial value creation. With enterprise value creation, the company itself may be improved, which in turn may have positive implications on the economy at large. As the analysis of enterprise value creation is outside the scope of publicly available information and data, the core focus of this thesis is financial value creation. Financial value creation is defined as the financial returns to a given private equity firm. Amongst this segment of value creation, there are roughly three primary categories responsible for generating returns: financial engineering, governance improvements, and operational improvements. The attached literature review and subsequent chapters of this thesis discuss the academic drivers of value creation and the outputs of a leveraged buyout model conducted on a public company, Schnitzer Steel, that has been determined to be an ideal candidate for a buyout.
ContributorsAlivarius, Chadwick (Author) / Simonson, Mark (Thesis director) / Stein, Luke (Committee member) / Department of Finance (Contributor) / Department of Economics (Contributor) / Dean, W.P. Carey School of Business (Contributor) / Barrett, The Honors College (Contributor)
Created2019-05