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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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Myth, Magic and The Tempest of the Future

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Over the course of my undergraduate experience, I have grown significantly as an artist - developing an assortment of strengths in a variety of cinematic disciplines ranging from screenwriting and producing to post-production and cinematography. All the while, I have

Over the course of my undergraduate experience, I have grown significantly as an artist - developing an assortment of strengths in a variety of cinematic disciplines ranging from screenwriting and producing to post-production and cinematography. All the while, I have been giving back to the Sun Devil community by serving in a number of leadership positions around campus which exposed me to a plethora of communities differ from my own. The combination of these experiences allows me to continuously explore new passions in synergy with my art. Two of these standing as the concept of live performance and the work of William Shakespeare. Through this exploration of artistic synergy, I have experimented with integrating the works of the Bard of Avon into the realm of cinema. From the beginning of 2105, I have been drafting a feature-length screenplay which serves as a quasi-prequel to Shakespeare's The Tempest. Under the title of A Kingdom or a Cure, it tells the story of the revolutionary war-hero Miguel Prosperiti as he struggles to save his daughter form a mysterious disease which has baffled the best medical minds while the country he has rebuilt comes crumbling down in post-apocalyptic Italy. Deposed and left to die at the hands of his brother, Miguel must defend his child from the evil witch Sycorax who attempts to kill the pair in order to feed off of their suffering and prolong her own life. Serving to fill the requirements for the Film and Media Production Capstone, A Kingdom or a Cure reimagines the world of Shakespeare's play and creates a new context for the words and actions of its leading characters. Such stands as the foundation of what I have created for what I have created as my applied project - a stylistic re-imagining of William Shakespeare's The Tempest which draws from multiple interpretations of the narrative to be performed as a piece within a larger theatrical presentation staged with only the classical techniques which stand contemporary to the Bard of Avon. The remainder of this document shall lie in six primary sections. The first two establish the project and detail its evolution over the course of the thesis process. Next stands as the production log which chronicles my journey over the Classical and Poetic Drama course as well as the rehearsal process for Mythfest and the Chaucer Festival. Fourth shall consist of a bibliography of all the texts which I have worked with over the course of this thesis experience. Fifth rests A Kingdom or a Cure - the screenplay which inspired me to embark on the grand journey which this thesis has taken me. Sixth shall assume the form of the PowerPoint Presentation which I presented at my thesis defense which contains a collection of images which have provided me with artistic inspiration throughout the thesis process. In conjunction with one another, these pieces serve as the written elements of my applied project.

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2016-05

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The Unintended Consequences of Sarbanes-Oxley Act of 2002

Description

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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Internet of Things Collaborative Project

Description

The purpose of this thesis was to design a market entrance strategy for Company X to enter the microcontroller (MCU) market within the Internet of Things (IoT). The five IoT segments are automotive; medical; retail; industrial; and military, aerospace, and

The purpose of this thesis was to design a market entrance strategy for Company X to enter the microcontroller (MCU) market within the Internet of Things (IoT). The five IoT segments are automotive; medical; retail; industrial; and military, aerospace, and government. To reach a final decision, we will research the markets, analyze make versus buy scenarios, and deliver a financial analysis on the chosen strategy. Based on the potential financial benefits and compatibility with Company X's current business model, we recommend that Company X enter the automotive segment through mergers & acquisitions (M&A). After analyzing the supply chain structure of the automotive IoT, we advise Company X to acquire Freescale Semiconductor for $46.98 per share.

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Date Created
2015-05

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

Description

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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Fringe: A Feature Length Screenplay

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Fringe: Abstract Fringe is a feature length screenplay and a work of original science fiction. The story takes place in the future, on a planet far from Earth but it is told from the human perspective and is meant to

Fringe: Abstract Fringe is a feature length screenplay and a work of original science fiction. The story takes place in the future, on a planet far from Earth but it is told from the human perspective and is meant to draw into question many issues present in society today: prejudice, hatred, multiculturalism, war, and social division. The screenplay seeks to pose an allegorical relationship between the humanity living on the planet, and the enemies they face, and the present day conflict between America and the Middle East or ISIS. The story follows Miles as he is forced to ally with his sworn enemy, the Lue, and learn to fight together to save his world from destruction. Miles begins the film bitter, resentful, and filled with prejudice towards his foes, much like a majority of Americans today. Instead of focussing on that conflict though, my story unites these two bitter enemies and asks them to put aside their violent and hateful pasts to fight a new, more powerful foe together. As the events unfold my characters learn that their enemies can be just like them and that they have something valuable to offer their world. My screenplay is about finding commonality with the enemy, on both sides of a conflict. By the end of my tale, Miles learns that there is good to be found in the world, even in his sworn enemies, if he looks close enough. It may seem like an archetypal plot on the surface but I worked hard to create a world that has not been seen in film before, an original science fiction universe that can bring these issues into the light and entertain an audience while doing so. I feel that my screenplay does just that, offering entertainment with and edge of social commentary, and stays true to the science fiction form.

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Date Created
2016-05

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Infinite Haven: An Exploration of EDM Graphics

Description

My creative project involved the creation of a short, abstract animation set to EDM music. It's meant to mimic the graphics displayed in the background of EDM concerts and was inspired by Beeple and the graphics he designed for EDM

My creative project involved the creation of a short, abstract animation set to EDM music. It's meant to mimic the graphics displayed in the background of EDM concerts and was inspired by Beeple and the graphics he designed for EDM artist, Zedd. Under the guidance of my director, Meredith Drum, and with help from my second committee member, Muriel Magenta, I was able to use Audacity to edit the music, Autodesk Maya 2016 to model and animate the animation, the HIDA render farm to render the frames using Maya Software and mentalray, Adobe After Effects CC to assemble and edit the animation, and Adobe Media Encoder to export the end product. The final animation included 20,855 individual frames, totaling to 14 minutes and 28 seconds in length. The project takes the viewer through seven worlds to express the idea of feeling isolated in your home, exploring the world, and then returning home with a new perspective. Each world evokes a different emotion through the interaction of its visual and audio design to allow the viewer to experience the intended storyline without explicit characters or plot detail. Due to the importance of maintaining plot flow, I utilized beautiful, yet difficult, design elements including glass textures, ocean shaders, and paint effects to create drastically different world designs specific to each song. These songs were chosen from a variety of EDM artists and edited to flow together seamlessly through each world and evoke a different emotion. Throughout the thesis process, I gained more skills in animation and editing and greatly improved my ability to use each application. While there is plenty of room to grow, I have improved exponentially as an artist from when I began this project to the moment I completed it.

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2018-05