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The PPP Loan Program was created by the CARES Act and carried out by the Small Business Administration (SBA) to provide support to small businesses in maintaining their payroll during the Coronavirus pandemic. This program was approved for $350 billion, but this amount was expanded by an additional $320 billion

The PPP Loan Program was created by the CARES Act and carried out by the Small Business Administration (SBA) to provide support to small businesses in maintaining their payroll during the Coronavirus pandemic. This program was approved for $350 billion, but this amount was expanded by an additional $320 billion to meet the demand by struggling businesses, since initial funding was exhausted under two weeks.<br/><br/>Significant controversy surrounds the program. In December 2020, the Department of Justice reported 90 individuals were charged for fraudulent use of funds, totaling $250 million. The loans, which were intended for small business, were actually approved for 450 public companies. Furthermore, the methods of approval are<br/>shrouded in mystery. In an effort to be transparent, the SBA has released information about loan recipients. Conveniently, the SBA has released information of all recipients. Detailed information was released for 661,218 recipients who have received a PPP loan in excess of $150,000. These recipients are the central point of this research.<br/><br/>This research sought to answer two primary questions: how did the SBA determine which loans, and therefore which industries are approved, and did the industries most affected by the pandemic receive the most in PPP loans, as intended by Congress? It was determined that, generally, PPP Loans were approved on the basis of employment percentages relative to the individual state. Furthermore, in general, the loans approved were approved fairly, with respect to the size of the industry. The loans, when adjusted for GDP and Employment factors, yielded a clear ranking that prioritized vulnerable industries first.<br/><br/>However, significant questions remain. The effectiveness of the PPP has been hindered by unclear incentives and negative outcomes, characterized by a government program that has essentially been rushed into service. Furthermore, limitations of available data to regress and compare the SBA's approved loans are not representative of small business.

ContributorsMaglanoc, Julian (Author) / Kenchington, David (Thesis director) / Cassidy, Nancy (Committee member) / Department of Finance (Contributor) / Dean, W.P. Carey School of Business (Contributor) / School of Accountancy (Contributor) / Barrett, The Honors College (Contributor)
Created2021-05
Description

The Covid-19 pandemic has made a significant impact on both the stock market and the<br/>global economy. The resulting volatility in stock prices has provided an opportunity to examine<br/>the Efficient Market Hypothesis. This study aims to gain insights into the efficiency of markets<br/>based on stock price performance in the Covid era.

The Covid-19 pandemic has made a significant impact on both the stock market and the<br/>global economy. The resulting volatility in stock prices has provided an opportunity to examine<br/>the Efficient Market Hypothesis. This study aims to gain insights into the efficiency of markets<br/>based on stock price performance in the Covid era. Specifically, it investigates the market’s<br/>ability to anticipate significant events during the Covid-19 timeline beginning November 1, 2019<br/><br/>and ending March 31, 2021. To examine the efficiency of markets, our team created a Stay-at-<br/>Home Portfolio, experiencing economic tailwinds from the Covid lockdowns, and a Pandemic<br/><br/>Loser Portfolio, experiencing economic headwinds from the Covid lockdowns. Cumulative<br/>returns of each portfolio are benchmarked to the cumulative returns of the S&P 500. The results<br/>showed that the Efficient Market Hypothesis is likely to be valid, although a definitive<br/>conclusion cannot be made based on the scope of the analysis. There are recommendations for<br/>further research surrounding key events that may be able to draw a more direct conclusion.

ContributorsBrock, Matt Ian (Co-author) / Beneduce, Trevor (Co-author) / Craig, Nicko (Co-author) / Hertzel, Michael (Thesis director) / Mindlin, Jeff (Committee member) / Department of Finance (Contributor) / Economics Program in CLAS (Contributor) / WPC Graduate Programs (Contributor) / Barrett, The Honors College (Contributor)
Created2021-05
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The depiction of female action heroes in modern blockbuster films has become more accurate throughout the years; however, the representation of women is still not as progressive as feminist scholars, actors, and viewers would like. This thesis explores two recent blockbuster films, Wonder Woman (2017) and Mad Max: Fury Road

The depiction of female action heroes in modern blockbuster films has become more accurate throughout the years; however, the representation of women is still not as progressive as feminist scholars, actors, and viewers would like. This thesis explores two recent blockbuster films, Wonder Woman (2017) and Mad Max: Fury Road (2015), and how each film deals with the representation of women. While one could look to many cultural forms to explore such issues, films, “the most accessible representations of the past, present, and future of our society,” are particularly fertile ground for exploring gendered representations and stereotyping (Haskell, 1974). For much of Hollywood history, action films have used female protagonists as either passive, venerated symbols of perfect femininity, or objects of fascination and sexual pleasure for their male viewers. Or, if the female hero does have a degree of agency that allows her to push the plot forward, she is subject to moral scrutiny and frequently masculinized. In fact, the representation of women often falls into binary categories: the angelic damsel in distress, or the morally reprehensible, often masculinized, female villain. While the history of women’s representation in film more generally and action films more specifically is a long and complicated one that is beyond the scope of this project, recent action productions have exhibited notable shifts, both in terms of female characters’ box-office and narrative strength. However, both Wonder Woman and Mad Max: Fury Road, present viewers with examples of female representation that break through many of the misogynistic tropes that have dominated the genre for far too long. The key distinction between how both films destroy gendered stereotypes lies in the degrees to which the films allow their central female protagonists, and more minor female characters, to dominate the narrative and inhabit the composition of the screen. Wonder Woman tells the story of one powerful woman, whereas Fury Road utilizes a multitude of women in its story to defy gender stereotypes. While both films can be interpreted as empowering for female viewers, Wonder Woman gives its audience an easily digestible example of female agency; this is due to Wonder Woman allowing its famous comic book hero to comment and reject traditional women’s clothing, but also insists Diana be limited to hypersexualized battle armour and implicates that women cannot have love, power, and family. On the other hand, Fury Road presents viewers with a more radicalized gynocentric world in which, after considerable struggle and not without compromise, female characters not only have power, but wrest it away from the men who have abusively held onto control in the past. These two films also paved new ground for women in Hollywood production terms: giving women more power at the box-office and destroying the old-aged notion that female-centric films do not sell and make money at the same rate as male-centered ones do. Both Wonder Woman and Mad Max: Fury Road, in their own ways, depict that there is space for female action heroes to be more progressive and feminist in future blockbuster action films.

ContributorsChemarla, Shresta R (Author) / Miller, April Dawn (Thesis director) / Ingram-Waters, Mary (Committee member) / Department of Finance (Contributor) / Barrett, The Honors College (Contributor)
Created2021-05
Description

Filmmakers seek to create story pieces that are visually beautiful and engage the full attention of their audience. They typically abide by a 3-step process moving through pre-production, production, and post-production. Within each step, there are a series of tasks that need to be accomplished in order to reach the

Filmmakers seek to create story pieces that are visually beautiful and engage the full attention of their audience. They typically abide by a 3-step process moving through pre-production, production, and post-production. Within each step, there are a series of tasks that need to be accomplished in order to reach the completed film. A successful film requires careful planning and strategy in pre-production, timely and decisive execution in production, and minimal unforeseen retouching in post-production.<br/><br/>Even though filmmakers have continued to follow the same formula throughout the decades, the filmmaking process has remained largely inefficient. It is extremely common for pre-production planning to be undercut, for production filming to run far too long, and for post-production VFX and editing to send the project over budget. These instances can cause major issues as the project is being finalized. In many scenarios portions of the project need to be reshot, the box office revenue isn’t enough to make up for extensive VFX retouching, or the project may never even come to fruition. <br/><br/>The reason for this recurring theme of films being over budget and out of time is quite simply that technology has made filmmakers lazy. “Fix it in post” is a disgustingly common phrase used in the film industry. It describes the utter abuse of computer retouching in the post-production phase of filmmaking. Despite working in an industry that seeks to entertain the human eye, filmmakers have become blind to all of the small mistakes that could cost them hundreds of hours and millions of dollars in the long run.

ContributorsKlewicki, Tallee Jo (Author) / Shin, Dosun (Thesis director) / Eliciana, Nascimento (Committee member) / The Design School (Contributor) / Barrett, The Honors College (Contributor)
Created2021-05
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Description

Music streaming services have affected the music industry from both a financial and legal standpoint. Their current business model affects stakeholders such as artists, users, and investors. These services have been scrutinized recently for their imperfect royalty distribution model. Covid-19 has made these discussions even more relevant as touring income

Music streaming services have affected the music industry from both a financial and legal standpoint. Their current business model affects stakeholders such as artists, users, and investors. These services have been scrutinized recently for their imperfect royalty distribution model. Covid-19 has made these discussions even more relevant as touring income has come to a halt for musicians and the live entertainment industry. <br/>Under the current per-stream model, it is becoming exceedingly hard for artists to make a living off of streams. This forces artists to tour heavily as well as cut corners to create what is essentially “disposable art”. Rapidly releasing multiple projects a year has become the norm for many modern artists. This paper will examine the licensing framework, royalty payout issues, and propose a solution.

ContributorsKoudssi, Zakaria Corley (Author) / Sadusky, Brian (Thesis director) / Koretz, Lora (Committee member) / Dean, W.P. Carey School of Business (Contributor) / Department of Finance (Contributor) / Barrett, The Honors College (Contributor)
Created2021-05
Description

Through this creative project, I analyzed how COVID-19 has affected the theatre industry. I created a mini-documentary following ASU’s production of Runaways, which was performed without an audience. The final product was a combination of pre-filmed and self-taped scenes. I documented how students were still able to learn and cultivate

Through this creative project, I analyzed how COVID-19 has affected the theatre industry. I created a mini-documentary following ASU’s production of Runaways, which was performed without an audience. The final product was a combination of pre-filmed and self-taped scenes. I documented how students were still able to learn and cultivate their skills during a time where most things are virtual. In addition, I analyzed how the shift to filmed theatre has changed the definition of live theatre, including increased accessibility. I also explored the importance of theatre through analyzing the themes of musical theatre performances such as Rent and Runaways. During a time where people cannot gather, artists are still finding a way to create and tell stories.

ContributorsDavis, Elizabeth Nelson (Author) / Moran, Stacey (Thesis director) / Yatso, Toby (Committee member) / Arts, Media and Engineering Sch T (Contributor) / School of Community Resources and Development (Contributor) / Barrett, The Honors College (Contributor)
Created2021-05
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 by the pandemic provides an opportunity for companies to secure

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.

ContributorsHegardt, Brandon Michael (Co-author) / Saker, Logan (Co-author) / Patterson, Jack (Co-author) / Ries, Sarah (Co-author) / Simonson, Mark (Thesis director) / Hertzel, Michael (Committee member) / Department of Finance (Contributor) / Barrett, The Honors College (Contributor)
Created2021-05
Description

Can You Hear Me is a short documentary which seeks to give voice to the experiences of trans and nonbinary students in ASU classrooms. What I present in this project are the direct spoken accounts of the feelings, thoughts and frustrations of transgender and nonbinary students as they navigate university

Can You Hear Me is a short documentary which seeks to give voice to the experiences of trans and nonbinary students in ASU classrooms. What I present in this project are the direct spoken accounts of the feelings, thoughts and frustrations of transgender and nonbinary students as they navigate university classrooms at Arizona State University. Can You Hear Me serves as a representational platform for trans and nonbinary students to communicate their experiences to other students, staff and faculty in the hopes that it might help make classroom spaces more inclusive.

ContributorsKeranen, Gabriela R (Author) / Miller, April (Thesis director) / Ganssle, Gene (Committee member) / The Sidney Poitier New American Film School (Contributor) / School of Life Sciences (Contributor) / School of Social Transformation (Contributor) / Barrett, The Honors College (Contributor)
Created2021-05
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Description
I show that firms' ability to adjust variable capital in response to productivity shocks has important implications for the interpretation of the widely documented investment-cash flow sensitivities. The variable capital adjustment is sufficient for firms to capture small variations in profitability, but when the revision in profitability is relatively large,

I show that firms' ability to adjust variable capital in response to productivity shocks has important implications for the interpretation of the widely documented investment-cash flow sensitivities. The variable capital adjustment is sufficient for firms to capture small variations in profitability, but when the revision in profitability is relatively large, limited substitutability between the factors of production may call for fixed capital investment. Hence, firms with lower substitutability are more likely to invest in both factors together and have larger sensitivities of fixed capital investment to cash flow. By building a frictionless capital markets model that allows firms to optimize over fixed capital and inventories as substitutable factors, I establish the significance of the substitutability channel in explaining cross-sectional differences in cash flow sensitivities. Moreover, incorporating variable capital into firms' investment decisions helps explain the sharp decrease in cash flow sensitivities over the past decades. Empirical evidence confirms the model's predictions.
ContributorsKim, Kirak (Author) / Bates, Thomas (Thesis advisor) / Babenko, Ilona (Thesis advisor) / Hertzel, Michael (Committee member) / Tserlukevich, Yuri (Committee member) / Arizona State University (Publisher)
Created2013
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Description
Mutual monitoring in a well-structured authority system can mitigate the agency problem. I empirically examine whether the number 2 executive in a firm, if given authority, incentive, and channels for communication and influence, is able to monitor and constrain the potentially self-interested CEO. I find strong evidence that: (1) measures

Mutual monitoring in a well-structured authority system can mitigate the agency problem. I empirically examine whether the number 2 executive in a firm, if given authority, incentive, and channels for communication and influence, is able to monitor and constrain the potentially self-interested CEO. I find strong evidence that: (1) measures of the presence and extent of mutual monitoring from the No. 2 executive are positively related to future firm value (Tobin's Q); (2) the beneficial effect is more pronounced for firms with weaker corporate governance or CEO incentive alignment, with stronger incentives for the No. 2 executives to monitor, and with higher information asymmetry between the boards and the CEOs; (3) such mutual monitoring reduces the CEO's ability to pursue the "quiet life" but has no effect on "empire building;" and (4) mutual monitoring is a substitute for other governance mechanisms. The results suggest that mutual monitoring by a No. 2 executive provides checks and balances on CEO power.
ContributorsLi, Zhichuan (Author) / Coles, Jeffrey (Thesis advisor) / Hertzel, Michael (Committee member) / Bharath, Sreedhar (Committee member) / Babenko, Ilona (Committee member) / Arizona State University (Publisher)
Created2012