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- All Subjects: Finance
- Creators: Department of Finance
Description
This thesis project was conducted to create a practical tool to help micro and small local food enterprises identify potential strategies and sources of finance. Currently, many of these enterprises are unable to obtain the financial capital needed to start-up or maintain operations.
Sources and strategies of finance studied and ultimately included in the tool were Loans, Equity, Membership, Crowdfunding, and Grants. The tool designed was a matrix that takes into account various criteria of the business (e.g. business lifecycle, organizational structure, business performance) and generates a financial plan based on these criteria and how they align with the selected business strategies. After strategies are found, stakeholders can search through an institutional database created in conjunction with the matrix tool to find possible institutional providers of financing that relate to the strategy or strategies found.
The tool has shown promise in identifying sources of finance for micro and small local food enterprises in practical use with hypothetical business cases, however further practical use is necessary to provide further input and revise the tool as needed. Ultimately, the tool will likely become fully user-friendly and stakeholders will not need the assistance of another expert helping them to use it. Finally, despite the promise of the tool itself, the fundamental and underlying problem that many of these businesses face (lack of infrastructure and knowledge) still exists, and while this tool can also help capacity-building efforts towards both those seeking and those providing finance, an institutional attitude adjustment towards social and alternative enterprises is necessary in order to further simplify the process of obtaining finance.
Sources and strategies of finance studied and ultimately included in the tool were Loans, Equity, Membership, Crowdfunding, and Grants. The tool designed was a matrix that takes into account various criteria of the business (e.g. business lifecycle, organizational structure, business performance) and generates a financial plan based on these criteria and how they align with the selected business strategies. After strategies are found, stakeholders can search through an institutional database created in conjunction with the matrix tool to find possible institutional providers of financing that relate to the strategy or strategies found.
The tool has shown promise in identifying sources of finance for micro and small local food enterprises in practical use with hypothetical business cases, however further practical use is necessary to provide further input and revise the tool as needed. Ultimately, the tool will likely become fully user-friendly and stakeholders will not need the assistance of another expert helping them to use it. Finally, despite the promise of the tool itself, the fundamental and underlying problem that many of these businesses face (lack of infrastructure and knowledge) still exists, and while this tool can also help capacity-building efforts towards both those seeking and those providing finance, an institutional attitude adjustment towards social and alternative enterprises is necessary in order to further simplify the process of obtaining finance.
ContributorsDwyer, Robert Francis (Author) / Wiek, Arnim (Thesis director) / Forrest, Nigel (Committee member) / Department of Finance (Contributor) / Department of Information Systems (Contributor) / Barrett, The Honors College (Contributor)
Created2020-05
Description
As the U.S. reckons with the reality of sexual assault and harassment in the wake of the #MeToo movement, it is particularly important to consider sexual assault in the military, an institution that is a massive employer and the face of the U.S. abroad. Media coverage is a catalyst for change, and the nature and scope of coverage is indicative of public and political attitudes. This thesis uses both quantitative and qualitative data to analyze characteristics of military sexual assault cases that complicate media coverage and to identify strengths and weaknesses of the media's approach to such stories. On the quantitative side, it takes advantage of nearly 600 case reports of sexual assault from U.S. military bases in Japan that were categorized to identify themes such as disposition outcomes, alcohol involvement and victim participation in investigations. Qualitatively, this thesis includes interviews with military officials, victims' advocates, journalists and other stakeholders that help to create a more holistic understanding of how media cover military sexual assault. Notably, this thesis finds that a lack of public interest in the military, a lack of congruency between military and civilian systems, and a highly complex hierarchy that limits journalists' access to military sources and data all complicate coverage. Drawing from these conclusions, it recommends that the media avoid episodic reporting, focus on personalizing stories in an institutional context, embrace accountability journalism and dedicate resources to pursuing complex investigations. It also acknowledges the important role of non-traditional media in the future of information sharing on the topic of military sexual assault.
ContributorsArmstrong, Mia Anne (Author) / Warner, Carolyn (Thesis director) / Gilger, Kristin (Committee member) / Walter Cronkite School of Journalism and Mass Communication (Contributor) / School of Politics and Global Studies (Contributor) / Barrett, The Honors College (Contributor)
Created2018-05
Description
This thesis examines the impact of price changes of select microprocessors on the market share and 5-year gross profit net present values of Company X in the networking market through a multi-step analysis. The networking market includes segments including media processing, cloud services, security, routers & switches, and access points. For this thesis our team focused on the routers & switches, as well as the security segments. Company X wants to capitalize on the expected growth of the networking market as it transitions to its fifth generation (henceforth referred to as 5G) by positioning itself favorably in its customers eyes through high quality products offered at competitive prices. Our team performed a quantitative analysis of benchmark data to measure the performances of Company X's products against those of its competitors. We collected this data from third party computer reviewers, as well as the published reports of Company X and its competitors. Through the use of a preference matrix, we then normalized this performance data to adjust for different scales. In order to provide a well-rounded analysis, we adjusted these normalized performances for power consumption (using thermal design power as a proxy) as well as price. We believe these adjusted performances are more valuable than raw benchmark data, as they appeal to the demands of price-sensitive customers. Based on these comparisons, our team was able to assess price changes for their market and discounted financial impact on Company X. Our findings challenge the current pricing of one of the two products being analyzed and suggests a 9% decrease in the price of said product. This recommendation most effectively positions Company X for the development of 5G by offering the best balance of market share and NPV.
ContributorsArias, Stephen (Co-author) / Masson, Taylor (Co-author) / McCall, Kyle (Co-author) / Dimitroff, Alex (Co-author) / Hardy, Sebastian (Co-author) / Simonson, Mark (Thesis director) / Haller, Marcie (Committee member) / School of Accountancy (Contributor) / Department of Finance (Contributor) / Barrett, The Honors College (Contributor)
Created2018-05
Description
This thesis takes the form of a market research report with the goal of analyzing the implications of the United Kingdom (UK) leaving the European Union (EU) (known as “Brexit”) on London’s office commercial real estate market. The ultimate goal of this report is to make a prediction, firmly grounded in quantitative and qualitative research conducted over the past several months, as to the direction of London’s commercial real estate market going forward (post-Brexit). Within the commercial real estate sector, this paper narrows its focus to the office segment of the London market.
Understanding the political landscape is crucial to formulating a reasonable prediction as to the future of the London market. Aside from research reports and articles, our main insights into the political direction of Brexit come from our recordings from meetings in March of 2017 with two high-ranking members of Parliament and one member of the House of Lords—all of whom are members of the Tory Party (the meetings being held under the condition of anonymity). The below analysis will be followed by a discussion of the economics of Brexit, primarily focusing on the economic risks and uncertainties which have emerged after the vote, and which currently exist today. Such risks include the UK losing its financial passporting rights, weakening GDP and currency value, the potential for a reduction in foreign direct investment (FDI), and the potential loss of the service sector in the city of London due to not being able to access the European Single Market.
The report will shift focus to analyzing three competing viewpoints of the direction of the London market based on recordings from interviews of stakeholders in the London real estate market. One being an executive of one of the largest REITs in the UK, another being the Global Head of Real Estate at a top asset management firm, and another being a director at a large property consulting firm. The report includes these differing “sub-theses” in order to try to make sense of the vast market uncertainties post-Brexit as well as to contrast their viewpoints with where the market is currently and with the report’s investment recommendation.
The remainder of the report will consist of the methods used for analyzing market trends including how the data was modeled in order to make the investment recommendation. The report will analyze real estate and market metrics pre-Brexit, immediately after the vote, post-Brexit, and will conclude with future projections encapsulating the investment recommendation.
Understanding the political landscape is crucial to formulating a reasonable prediction as to the future of the London market. Aside from research reports and articles, our main insights into the political direction of Brexit come from our recordings from meetings in March of 2017 with two high-ranking members of Parliament and one member of the House of Lords—all of whom are members of the Tory Party (the meetings being held under the condition of anonymity). The below analysis will be followed by a discussion of the economics of Brexit, primarily focusing on the economic risks and uncertainties which have emerged after the vote, and which currently exist today. Such risks include the UK losing its financial passporting rights, weakening GDP and currency value, the potential for a reduction in foreign direct investment (FDI), and the potential loss of the service sector in the city of London due to not being able to access the European Single Market.
The report will shift focus to analyzing three competing viewpoints of the direction of the London market based on recordings from interviews of stakeholders in the London real estate market. One being an executive of one of the largest REITs in the UK, another being the Global Head of Real Estate at a top asset management firm, and another being a director at a large property consulting firm. The report includes these differing “sub-theses” in order to try to make sense of the vast market uncertainties post-Brexit as well as to contrast their viewpoints with where the market is currently and with the report’s investment recommendation.
The remainder of the report will consist of the methods used for analyzing market trends including how the data was modeled in order to make the investment recommendation. The report will analyze real estate and market metrics pre-Brexit, immediately after the vote, post-Brexit, and will conclude with future projections encapsulating the investment recommendation.
ContributorsHorn, Jonathan (Co-author) / Sidi, Adam (Co-author) / Bonadurer, Werner (Thesis director) / McDaniel, Cara (Committee member) / Department of Finance (Contributor) / School of Politics and Global Studies (Contributor) / Economics Program in CLAS (Contributor) / Barrett, The Honors College (Contributor)
Created2017-12
Description
The purpose of our research was to develop recommendations and/or strategies for Company A's data center group in the context of the server CPU chip industry. We used data collected from the International Data Corporation (IDC) that was provided by our team coaches, and data that is accessible on the internet. As the server CPU industry expands and transitions to cloud computing, Company A's Data Center Group will need to expand their server CPU chip product mix to meet new demands of the cloud industry and to maintain high market share. Company A boasts leading performance with their x86 server chips and 95% market segment share. The cloud industry is dominated by seven companies Company A calls "The Super 7." These seven companies include: Amazon, Google, Microsoft, Facebook, Alibaba, Tencent, and Baidu. In the long run, the growing market share of the Super 7 could give them substantial buying power over Company A, which could lead to discounts and margin compression for Company A's main growth engine. Additionally, in the long-run, the substantial growth of the Super 7 could fuel the development of their own design teams and work towards making their own server chips internally, which would be detrimental to Company A's data center revenue. We first researched the server industry and key terminology relevant to our project. We narrowed our scope by focusing most on the cloud computing aspect of the server industry. We then researched what Company A has already been doing in the context of cloud computing and what they are currently doing to address the problem. Next, using our market analysis, we identified key areas we think Company A's data center group should focus on. Using the information available to us, we developed our strategies and recommendations that we think will help Company A's Data Center Group position themselves well in an extremely fast growing cloud computing industry.
ContributorsJurgenson, Alex (Co-author) / Nguyen, Duy (Co-author) / Kolder, Sean (Co-author) / Wang, Chenxi (Co-author) / Simonson, Mark (Thesis director) / Hertzel, Michael (Committee member) / Department of Finance (Contributor) / Department of Management (Contributor) / Department of Information Systems (Contributor) / School of Mathematical and Statistical Sciences (Contributor) / School of Accountancy (Contributor) / WPC Graduate Programs (Contributor) / Barrett, The Honors College (Contributor)
Created2016-05
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
Company X is one of the world's largest manufacturer of semiconductors. The company relies on various suppliers in the U.S. and around the globe for its manufacturing process. The financial health of these suppliers is vital to the continuation of Company X's business without any material interruption. Therefore, it is in Company X's interest to monitor its supplier's financial performance. Company X has a supplier financial health model currently in use. Having been developed prior to watershed events like the Great Recession, the current model may not reflect the significant changes in the economic environment due to these events. Company X wants to know if there is a more accurate model for evaluating supplier health that better indicates business risk. The scope of this project will be limited to a sample of 24 suppliers representative of Company X's supplier base that are public companies. While Company X's suppliers consist of both private and public companies, the used of exclusively public companies ensures that we will have sufficient and appropriate data for the necessary analysis. The goal of this project is to discover if there is a more accurate model for evaluating the financial health of publicly traded suppliers that better indicates business risk. Analyzing this problem will require a comprehensive understanding of various financial health models available and their components. The team will study best practice and academia. This comprehension will allow us to customize a model by incorporating metrics that allows greater accuracy in evaluating supplier financial health in accordance with Company X's values.
ContributorsLi, Tong (Co-author) / Gonzalez, Alexandra (Co-author) / Park, Zoon Beom (Co-author) / Vogelsang, Meridith (Co-author) / Simonson, Mark (Thesis director) / Hertzel, Mike (Committee member) / Department of Finance (Contributor) / Department of Information Systems (Contributor) / School of Accountancy (Contributor) / WPC Graduate Programs (Contributor) / Barrett, The Honors College (Contributor)
Created2016-05
Description
As the IoT (Internet of Things) market continues to grow, Company X needs to find a way to penetrate the market and establish larger market share. The problem with Company X's current strategy and cost structure lies in the fact that the fastest growing portion of the IoT market is microcontrollers (MCUs). As Company X currently holds its focus in manufacturing microprocessors (MPUs), the current manufacturing strategy is not optimal for entering competitively into the MCU space. Within the MCU space, the companies that are competing the best do not utilize such high level manufacturing processes because these low cost products do not demand them. Given that the MCU market is largely untested by Company X and its products would need to be manufactured at increasingly lower costs, it runs the risk of over producing and holding obsolete inventory that is either scrapped or sold at or below cost. In order to eliminate that risk, we will explore alternative manufacturing strategies for Company X's MCU products specifically, which will allow for a more optimal cost structure and ultimately a more profitable Internet of Things Group (IoTG). The IoT MCU ecosystem does not require the high powered technology Company X is currently manufacturing and therefore, Company X loses large margins due to its unnecessary leading technology. Since cash is king, pursuing a fully external model for MCU design and manufacturing processes will generate the highest NPV for Company X. It also will increase Company X's market share, which is extremely important given that every tech company in the world is trying to get its hands into the IoT market. It is possible that in ten to thirty years down the road, Company X can manufacture enough units to keep its products in-house, but this is not feasible in the foreseeable future. For now, Company X should focus on the cost market of MCUs by driving its prices down while maintaining low costs due to the variables of COGS and R&D given in our fully external strategy.
ContributorsKadi, Bengimen (Co-author) / Peterson, Tyler (Co-author) / Langmack, Haley (Co-author) / Quintana, Vince (Co-author) / Simonson, Mark (Thesis director) / Hertzel, Michael (Committee member) / Department of Supply Chain Management (Contributor) / Department of Finance (Contributor) / Department of Information Systems (Contributor) / Department of Marketing (Contributor) / School of Accountancy (Contributor) / W. P. Carey School of Business (Contributor) / Barrett, The Honors College (Contributor)
Created2016-05
Description
Based upon personal involvement from August 2010 to July 2014 as a Marine Option Midshipman within the ASU Naval Reserves Officer Training Corps (NROTC), being a student of leadership training within my degree plan, and gender difference research I conducted, this creative project addresses potential issues that reside within the ASU NROTC and the ways in which the program overall can be changed for the Marine Options in order to bring about proper success and organization. In order to officially become a Marine within the Unites States Marine Corps, it is necessary for Marine Option students to fulfill Officer Candidate School (OCS) at Quantico, Virginia. As the first female to go through OCS as a midshipman from the ASU NROTC, I found that there is an inadequate amount of preparation and training given in regards to the gender differences and what is to be expected for successful completion. I will offer a brief history regarding the NROTC across the Unites States and the ASU NROTC itself. These subjects will cover the program layouts as well as the leadership training that is required and provided within it and the ways in which this is conducted. I will then compare and contrast this to the leadership training given to me within my study of Leadership and Ethics regarding the transformational leadership, gender-based leadership, and coercive leadership. Finally, I end my thesis with a reflection of personal experiences taken away from these avenues and offer recommendations to better equip the ASU NROTC program in having successful retention and success of the female Marine Option midshipman.
ContributorsCamarena, Leonor Jimenez (Author) / Lucio, Joanna (Thesis director) / Warnicke, Margaretha (Committee member) / Barrett, The Honors College (Contributor) / School of Public Affairs (Contributor)
Created2014-12
Description
This paper provides evidence through an event study, portfolio simulation, and regression analysis that insider trading, when appropriately aggregated, has predictive power for abnormal risk-adjusted returns on some country and sector exchange traded funds (ETFs). I examine ETFs because of their broad scope and liquidity. ETF markets are relatively efficient and, thus, the effects I document are unlikely to appear in ETF markets. My evidence that aggregated insider trading predicts abnormal returns in some ETFs suggests that aggregated insider trading is likely to have predictive power for financial assets traded in less efficient markets. My analysis depends on specialized insider trading data covering 88 countries is generously provided by 2iQ.
ContributorsKerker, Mackenzie Alan (Author) / Coles, Jeffrey (Thesis director) / Mcauley, Daniel (Committee member) / Licon, Wendell (Committee member) / Barrett, The Honors College (Contributor) / Department of Economics (Contributor) / School of Mathematical and Statistical Sciences (Contributor) / Department of Finance (Contributor)
Created2014-05