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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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Company X Collaborative Thesis: Real Estate

Description

The COVID-19 pandemic has and will continue to radically shift the workplace. An increasing percentage of the workforce desires flexible working options and, as such, firms are likely to require less office space going forward. Additionally, the economic downturn caused

The COVID-19 pandemic has and will continue to radically shift the workplace. An increasing percentage of the workforce desires flexible working options and, as such, firms are likely to require less office space going forward. Additionally, the economic downturn caused by the pandemic provides an opportunity for companies to secure favorable rent rates on new lease agreements. This project aims to evaluate and measure Company X’s potential cost savings from terminating current leases and downsizing office space in five selected cities. Along with city-specific real estate market research and forecasts, we employ a four-stage model of Company X’s real estate negotiation process to analyze whether existing lease agreements in these cities should be renewed or terminated.

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2021-05

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The Looming Eviction Crisis: Renters in Peril during the COVID-19 Pandemic

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This thesis will be exploring the situation of one of the most vulnerable groups during the COVID-19 pandemic, low-income renters. As businesses and whole states were shutdown, jobs and wages were lost and the over 100 million renters in the

This thesis will be exploring the situation of one of the most vulnerable groups during the COVID-19 pandemic, low-income renters. As businesses and whole states were shutdown, jobs and wages were lost and the over 100 million renters in the United States, many of whom spend a significant chunk of their income on their rent, were forced into a precarious situation. <br/><br/>The Federal Rent Moratorium that is currently in effect bars any evictions for missed rent payments, but these are expenses that if left unpaid, are just continuously accruing. These large sums of rent payments are currently scheduled to be dropped on struggling individuals at the end of the recently extended date of June 30th, 2021. As these renters are unable to pay for their housing, landlords lose the revenue streams from their investment properties, and are in turn unable to cover the debt service on the financing they utilized to acquire the property. In turn, financial institutions can then face widespread defaults on these loans.<br/><br/>The rental property market is massive, as roughly 34% of the American population consist of renters. If left unaddressed, this situation has the potential to cause cataclysmal consequences on the economy, including mass homelessness and foreclosures of rental properties and complexes. Everyone, from the tenants to the bankers and beyond, are stakeholders in this dire situation and this paper will seek to explore the issues, desires, and potential solutions applicable to all parties involved. Beginning with the pre-pandemic outlook of the rental housing market, then examining the impact of the coronavirus and the resulting federal actions, to finally explore solutions that may prevent or mitigate this potential disaster.

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Created

Date Created
2021-05

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Risk Factors for Perceived Increases in Smoking Due to COVID-19

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Due to the COVID-19 pandemic, declared in March of 2020, there have been many lifestyle changes which have likely influenced tobacco smoking behavior. Such lifestyle changes include lockdowns, stay at home orders, reduction in social cues related to smoking, increased

Due to the COVID-19 pandemic, declared in March of 2020, there have been many lifestyle changes which have likely influenced tobacco smoking behavior. Such lifestyle changes include lockdowns, stay at home orders, reduction in social cues related to smoking, increased stress, and boredom among other things. This study utilized a cross-sectional survey which looked into these behaviors, primarily perceived risk to COVID-19, and determined if there is an association between perceived risk and education level/race. Education level is a proxy for income and material resources, therefore making it more likely that people with lower levels of education have fewer resources and higher perceived risk to negative effects of COVID-19. Additionally, people of color are often marginalized in the medical community along with being the target of heavy advertising by tobacco companies which have likely impacted risk to COVID-19 as well.

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Date Created
2021-05

COVID-19 Literature Search via Natural Language Processing Tools

Description

The COVID-19 pandemic began in March of 2020 and drastically affected the global human population. Millions of people died due to a SARS-CoV-2 infection while many who survived developed devastating sequelae of the disease. In addition, the closure of schools

The COVID-19 pandemic began in March of 2020 and drastically affected the global human population. Millions of people died due to a SARS-CoV-2 infection while many who survived developed devastating sequelae of the disease. In addition, the closure of schools and businesses led to international economic struggle in the year 2020 as global economies declined. Since the beginning of the pandemic, over 200,000 scientific articles have been published and compiled into a database that grows daily— a rare occurrence within the scientific community. This thesis uses natural language processing tools via Python and VOSviewer software to perform a bibliometric analysis on 205,712 papers published between January of 2020 and February of 2021 pertaining to COVID-19. We first investigate how to analyze these publications most effectively in terms of title versus abstract keyword searches, we further obtain the focus of the current scientific literature via co-occurrence analysis and clustering, and we at last discuss the time evolution of these topics over the course of 14 months.

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Date Created
2021-05

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How corporations should respond to a public health or social crisis

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A guide to implementing empathy in crisis communications

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Date Created
2021-05

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Healthcare Cost Trend Impacts by COVID-19 in the State of Arizona

Description

Actuaries can analyze healthcare trends to determine if rates are reasonable and if reserves are adequate. In this talk, we will provide a framework of methods to analyze the healthcare trend during the pandemic. COVID-19 may influence future healthcare cost

Actuaries can analyze healthcare trends to determine if rates are reasonable and if reserves are adequate. In this talk, we will provide a framework of methods to analyze the healthcare trend during the pandemic. COVID-19 may influence future healthcare cost trends in many ways. First, direct COVID-19 costs may increase the amount of total experienced healthcare costs. However, with the implementation of social distancing, the amount of regularly scheduled care may be deferred to a future date. There are also many unknown factors regarding the transmission of the virus. Implementing epidemiology models allows us to predict infections by studying the dynamics of the disease. The correlation between infection amounts and hospitalization occupancies provide a methodology to estimate the amount of deferred and recouped amounts of regularly scheduled healthcare costs. Thus, the combination of the models allows to model the healthcare cost trend impact due to COVID-19.

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Date Created
2021-05

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VirusFreeSports: Planting the Seed for Improving Public Health by Creating a Prototype/Initial Concept For Safety Licensing for Sports Organizations

Description

The ongoing Global Coronavirus Pandemic has been upheving social norms for over a year at this point. For countless people, our lives look very different at this point in time than they did before the pandemic began. Quarantine, Shelter in

The ongoing Global Coronavirus Pandemic has been upheving social norms for over a year at this point. For countless people, our lives look very different at this point in time than they did before the pandemic began. Quarantine, Shelter in Place, Work from Home, and Online classes have led global populations to become less active leading to an increase in sedentary lifestyles. The final impact of this consequence is unknown, but emerging studies have led to concrete evidence of decreased physical and mental wellbeing, particularly in children. VirusFreeSports was the brainchild of three ASU Honors students who sought to remedy these devastating consequences by creating environments where children can participate in sports and exercise safely, free of the threat COVID-19 or other transmissible illnesses. The ultimate goal for the project team was to build traction for their idea, which culminated in a video pitch sent to potential investors. Although largely created as an exercise and we did not create a full certification course, merely a prototype through a website with sample questions to gauge interest, the project was a success as a large target market for this product was identified that showed great promise. Our team believes that early entrance to the market, as well as the lack of any other competitors would give the team a tremendous advantage in creating an impactful and influential service.

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Date Created
2021-05

COVID-19 and College Students: The Relationships among Fear of COVID-19, Preventative Behaviors, & Vaccination Intention

Description

Objective: This study looked at three key variables of fear of COVID-19, preventative behaviors, and vaccination intent among college students in the United Sates. In addition, the three key variables were compared between genders, age groups, race groups, and over

Objective: This study looked at three key variables of fear of COVID-19, preventative behaviors, and vaccination intent among college students in the United Sates. In addition, the three key variables were compared between genders, age groups, race groups, and over time to see if there were any significant findings. <br/>Method: This longitudinal study consisted of two anonymous online surveys administered on REDCap before and after a COVID-19 vaccine became available. <br/>Results: The findings suggested positive correlations between students’ fear of COVID-19 and their preventative behaviors with the passing of time. Hispanic/Latino participants had significantly higher fear of COVID-19 scores compared to Non-Hispanic Whites and other races at Wave I and II. Participants between 25 and 30 years old had a marginally greater difference fear of COVID-19 score compared to those less than 25. Females had significantly higher mean preventative behavior score than males at Wave II. There was a significant association between race/ethnicity groups and vaccination intent. <br/>Conclusion: Knowing why different groups do not engage in recommended preventative behaviors or receive vaccinations can tell us more about what tailored interventions may need to be developed and implemented to promote health and wellbeing in this population. Further research needs to be done regarding race, gender, and age and how these different groups of college students are responding to COVID-19 and why.

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2021-05