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- All Subjects: Chamber music
Description
In this paper, I investigate whether participation in employee stock option exchange programs contains private information about future stock returns. High participation in employee stock option exchange programs is associated with negative future abnormal returns over the ensuing 12-month period. This association is moderated by the transparency of the firm's information environment: high institutional ownership and high financial statement informativeness weaken the negative relation between participation and abnormal returns. Controlling for transparency of the firms' information environment, the association between participation and future returns arises primarily from firms that allow the CEO to participate.
ContributorsMakridis, Vanessa Radick (Author) / Matejka, Michal (Thesis advisor) / Hwang, Yuhchang (Committee member) / Kaplan, Steven E (Committee member) / Arizona State University (Publisher)
Created2013
Description
In this study, I examine the extent to which firms rely on relative performance evaluation (RPE) when setting executive compensation. In particular, I examine whether firms use information about peer performance to determine compensation at the end of the year, i.e. after both firm and peer performance are observed. I find that RPE is most pronounced for firms that allow little or no scope for ex post subjective adjustments to annual bonuses. Conversely, firms that rely mainly on subjectivity in determining bonus exhibit little use of RPE. These findings suggest that information about peer performance is not used at the end of the year. Instead, peer performance seems to be incorporated in performance targets at the beginning of the year, at least among firms primarily using objective performance measurements. In addition, I provide new evidence on the determinants of the use of subjectivity.
ContributorsTsui, Stephanie (Author) / Matejka, Michal (Thesis advisor) / Hwang, Yuhchang (Committee member) / Kaplan, Steven (Committee member) / Arizona State University (Publisher)
Created2013
Description
In order to cope with the decreasing availability of symphony jobs and collegiate faculty positions, many musicians are starting to pursue less traditional career paths. Also, to combat declining audiences, musicians are exploring ways to cultivate new and enthusiastic listeners through relevant and engaging performances. Due to these challenges, many community-based chamber music ensembles have been formed throughout the United States. These groups not only focus on performing classical music, but serve the needs of their communities as well. The problem, however, is that many musicians have not learned the business skills necessary to create these career opportunities. In this document I discuss the steps ensembles must take to develop sustainable careers. I first analyze how groups build a strong foundation through getting to know their communities and creating core values. I then discuss branding and marketing so ensembles can develop a public image and learn how to publicize themselves. This is followed by an investigation of how ensembles make and organize their money. I then examine the ways groups ensure long-lasting relationships with their communities and within the ensemble. I end by presenting three case studies of professional ensembles to show how groups create and maintain successful careers. Ensembles must develop entrepreneurship skills in addition to cultivating their artistry. These business concepts are crucial to the longevity of chamber groups. Through interviews of successful ensemble members and my own personal experiences in the Tetra String Quartet, I provide a guide for musicians to use when creating a community-based ensemble.
ContributorsDalbey, Jenna (Author) / Landschoot, Thomas (Thesis advisor) / McLin, Katherine (Committee member) / Ryan, Russell (Committee member) / Solis, Theodore (Committee member) / Spring, Robert (Committee member) / Arizona State University (Publisher)
Created2013
Description
American Primitive is a composition written for wind ensemble with an instrumentation of flute, oboe, clarinet, bass clarinet, alto, tenor, and baritone saxophones, trumpet, horn, trombone, euphonium, tuba, piano, and percussion. The piece is approximately twelve minutes in duration and was written September - December 2013. American Primitive is absolute music (i.e. it does not follow a specific narrative) comprising blocks of distinct, contrasting gestures which bookend a central region of delicate textural layering and minimal gestural contrast. Though three gestures (a descending interval followed by a smaller ascending interval, a dynamic swell, and a chordal "chop") were consciously employed throughout, it is the first gesture of the three that creates a sense of unification and overall coherence to the work. Additionally, the work challenges listeners' expectations of traditional wind ensemble music by featuring the trumpet as a quasi-soloist whose material is predominately inspired by transcriptions of jazz solos. This jazz-inspired material is at times mimicked and further developed by the ensemble, also often in a soloistic manner while the trumpet maintains its role throughout. This interplay of dialogue between the "soloists" and the "ensemble" further skews listeners' conceptions of traditional wind ensemble music by featuring almost every instrument in the ensemble. Though the term "American Primitive" is usually associated with the "naïve art" movement, it bears no association to the music presented in this work. Instead, the term refers to the author's own compositional attitudes, education, and aesthetic interests.
ContributorsJandreau, Joshua (Composer) / Rockmaker, Jody D (Thesis advisor) / Rogers, Rodney I (Committee member) / Demars, James R (Committee member) / Arizona State University (Publisher)
Created2014
Description
In this study, I test whether firms reduce the information asymmetry stemming from the political process by investing in political connections. I expect that connected firms enjoy differential access to relevant political information, and use this information to mitigate the negative consequences of political uncertainty. I investigate this construct in the context of firm-specific investment, where prior literature has documented a negative relation between investment and uncertainty. Specifically, I regress firm investment levels on the interaction of time-varying political uncertainty and the degree of a firm's political connectedness, controlling for determinants of investment, political participation, general macroeconomic conditions, and firm and time-period fixed effects. Consistent with prior work, I first document that firm-specific investment levels are significantly lower during periods of increased uncertainty, defined as the year leading up to a national election. I then assess the extent that political connections offset the negative effect of political uncertainty. Consistent with my hypothesis, I document the mitigating effect of political connections on the negative relation between investment levels and political uncertainty. These findings are robust to controls for alternative explanations related to the pre-electoral manipulation hypothesis and industry-level political participation. These findings are also robust to alternative specifications designed to address the possibility that time-invariant firm characteristics are driving the observed results. I also examine whether investors consider time-varying political uncertainty and the mitigating effect of political connections when capitalizing current earnings news. I find support that the earnings-response coefficient is lower during periods of increased uncertainty. However, I do not find evidence that investors incorporate the value relevant information in political connections as a mitigating factor.
ContributorsWellman, Laura (Author) / Dhaliwal, Dan (Thesis advisor) / Hillegeist, Stephen (Thesis advisor) / Walther, Beverly (Committee member) / Mikhail, Mike (Committee member) / Hillman, Amy (Committee member) / Brown, Jenny (Committee member) / Arizona State University (Publisher)
Created2014
Description
While credit rating agencies use both forward-looking and historical information in evaluating a firm's credit risk, the role of forward-looking information in their rating decisions is not well understood. In this study, I examine the association between management earnings guidance news and future credit rating changes. While upward earnings guidance is not informative for credit rating changes, downward earnings guidance is significantly and positively associated with both the likelihood and speed of rating downgrades. In cross-sectional analyses, I find that downward guidance is especially informative in two important circumstances: (i) when a firm's current credit rating is overly optimistic compared to a model predicted rating, and (ii) when the relevance or reliability of alternative information sources is lower. In addition, I find that downward guidance is associated with lower future cash flows, as well as a higher volatility of future cash flows. Overall, the results are consistent with credit rating agencies incorporating voluntary bad news disclosures into their decisions about whether and when to downgrade a firm.
ContributorsLin, An-Ping (Author) / Hillegeist, Stephen (Thesis advisor) / Hugon, Jean (Thesis advisor) / Call, Andrew (Committee member) / Dhaliwal, Dan (Committee member) / Arizona State University (Publisher)
Created2015
Description
This project is a practical annotated bibliography of original works for oboe trio with the specific instrumentation of two oboes and English horn. Presenting descriptions of 116 readily available oboe trios, this project is intended to promote awareness, accessibility, and performance of compositions within this genre.
The annotated bibliography focuses exclusively on original, published works for two oboes and English horn. Unpublished works, arrangements, works that are out of print and not available through interlibrary loan, or works that feature slightly altered instrumentation are not included.
Entries in this annotated bibliography are listed alphabetically by the last name of the composer. Each entry includes the dates of the composer and a brief biography, followed by the title of the work, composition date, commission, and dedication of the piece. Also included are the names of publishers, the length of the entire piece in minutes and seconds, and an incipit of the first one to eight measures for each movement of the work.
In addition to providing a comprehensive and detailed bibliography of oboe trios, this document traces the history of the oboe trio and includes biographical sketches of each composer cited, allowing readers to place the genre of oboe trios and each individual composition into its historical context. Four appendices at the end include a list of trios arranged alphabetically by composer's last name, chronologically by the date of composition, and by country of origin and a list of publications of Ludwig van Beethoven's oboe trios from the 1940s and earlier.
The annotated bibliography focuses exclusively on original, published works for two oboes and English horn. Unpublished works, arrangements, works that are out of print and not available through interlibrary loan, or works that feature slightly altered instrumentation are not included.
Entries in this annotated bibliography are listed alphabetically by the last name of the composer. Each entry includes the dates of the composer and a brief biography, followed by the title of the work, composition date, commission, and dedication of the piece. Also included are the names of publishers, the length of the entire piece in minutes and seconds, and an incipit of the first one to eight measures for each movement of the work.
In addition to providing a comprehensive and detailed bibliography of oboe trios, this document traces the history of the oboe trio and includes biographical sketches of each composer cited, allowing readers to place the genre of oboe trios and each individual composition into its historical context. Four appendices at the end include a list of trios arranged alphabetically by composer's last name, chronologically by the date of composition, and by country of origin and a list of publications of Ludwig van Beethoven's oboe trios from the 1940s and earlier.
ContributorsSassaman, Melissa Ann (Author) / Schuring, Martin (Thesis advisor) / Buck, Elizabeth (Committee member) / Holbrook, Amy (Committee member) / Hill, Gary (Committee member) / Arizona State University (Publisher)
Created2014
Description
This study provides new evidence on the choice of performance measures used in dual-class firms to incentivize CEOs. The choice of performance measures is informative about the extent to which the board of directors focuses CEO efforts on firms' long-term versus short-term objectives. To empirically operationalize performance evaluation horizon, I measure the length of the performance evaluation period in CEO stock awards, the use of stock-based measures, and the use of peer-based measures. I collect data on 419 dual-class firms and match them with a control group of single-class firms. I find that market-based metrics are less likely to be used by dual-class firms relative to single-class firms. In addition, I find that peer-based measures are much less common for dual-class than single-class firms. These findings suggest that dual-class firms shield their executives from short-term market pressures and design stock compensation contracts that deemphasize volatile stock prices.
ContributorsLi, Ji (Author) / Matejka, Michal (Thesis advisor) / Hwang, Yuhchang (Committee member) / Reckers, Philip (Committee member) / Arizona State University (Publisher)
Created2014
Description
Responding to the allegedly biased research reports issued by large investment banks, the Global Research Analyst Settlement and related regulations went to great lengths to weaken the conflicts of interest faced by investment bank analysts. In this paper, I investigate the effects of these changes on small and large investor confidence and on trading profitability. Specifically, I examine abnormal trading volumes generated by small and large investors in response to security analyst recommendations and the resulting abnormal market returns generated. I find an overall increase in investor confidence in the post-regulation period relative to the pre-regulation period consistent with a reduction in existing conflicts of interest. The change in confidence observed is particularly striking for small traders. I also find that small trader profitability has increased in the post-regulation period relative to the pre-regulation period whereas that for large traders has decreased. These results are consistent with the Securities and Exchange Commission's primary mission to protect small investors and maintain the integrity of the securities markets.
ContributorsDong, Xiaobo (Author) / Mikhail, Michael (Thesis advisor) / Hwang, Yuhchang (Committee member) / Hugon, Artur J (Committee member) / Arizona State University (Publisher)
Created2011
Description
I examine the degree to which stockholders' aggregate gain/loss frame of reference in the equity of a given firm affects their response to the firm's quarterly earnings announcements. Contrary to predictions from rational expectations models of trade (Shackelford and Verrecchia 2002), I find that abnormal trading volume around earnings announcements is larger (smaller) when stockholders are in an aggregate unrealized capital gain (loss) position. This relation is stronger among seller-initiated trades and weaker in December, consistent with the cognitive bias referred to as the disposition effect (Shefrin and Statman 1985). Sensitivity analysis reveals that the relation is stronger among less sophisticated investors and for firms with weaker information environments, consistent with the behavioral explanation. I also present evidence on the consequences of this disposition effect. First, stockholders' aggregate unrealized capital gain position moderates the degree to which information-related determinants of trade (e.g. unexpected earnings, firm size, and forecast dispersion) affect abnormal announcement-window trading volume. Second, stockholders' aggregate unrealized capital gains position is associated with announcement-window abnormal returns, consistent with the disposition effect reducing the market's ability to efficiently incorporate earnings news into price.
ContributorsWeisbrod, Eric (Author) / Hillegeist, Stephen (Thesis advisor) / Kaplan, Steven (Committee member) / Mikhail, Michael (Committee member) / Arizona State University (Publisher)
Created2012