Stability in Afghanistan has always been and will always be impossible to achieve, so long as Afghanistan remains the most corrupt country on earth, and so long as the nation's illicit drug trade continues to flourish unchecked. Longstanding conflict in Afghanistan has fostered an environment in which the interest of the nation's influential individuals tips more in favor of instability than in favor of creating a peaceful, stable country under the rule of law. Progress in securing the nation and defeating the Taliban insurgents will not win the counterinsurgency campaign alone. Dramatic political and economic reforms are required if the nation is to have a future after the withdrawal of ISAF troops and eventual reduction in foreign aid. Only permanent changes in behavior in the country can have permanent effects on the government, economy, and welfare of the population.

Stability in Afghanistan has always been and will always be impossible to achieve, so long as Afghanistan remains the most corrupt country on earth, and so long as the nation's illicit drug trade continues to flourish unchecked. Longstanding conflict in Afghanistan has fostered an environment in which the interest of the nation's influential individuals tips more in favor of instability than in favor of creating a peaceful, stable country under the rule of law. Progress in securing the nation and defeating the Taliban insurgents will not win the counterinsurgency campaign alone. Dramatic political and economic reforms are required if the nation is to have a future after the withdrawal of ISAF troops and eventual reduction in foreign aid. Only permanent changes in behavior in the country can have permanent effects on the government, economy, and welfare of the population.

This thesis provides an in-depth comparison of the attractiveness of leveraged buyout (LBO) transactions under low versus high interest rates. In particular, our analysis focuses on how London Interbank Offered Rates (LIBOR) affect internal rates of return for hypothetical LBO transactions, assuming financing structure and operational enhancements for the individual transactions are held constant. Given that LIBOR rates are currently at historically low levels, we model four hypothetical LBO transactions in the specialty retail space using both historically high and currently low LIBOR rates (for a total of eight model outputs). We quantify the extent to which high rates have the potential to decrease LBO value, while low rates may enhance value. Through this thesis, we have obtained a better understanding of LBO transaction modeling, an understanding that will make us more effective as professionals in investment banking. Finally, this thesis can serve as a step-by-step guide to LBOs for undergraduate finance students, particularly for members of the Investment Banking Industry Scholars (IBIS) program at Arizona State University.

The current model of revenue generation for some free to play video games is preventing the companies controlling them from growing, but with a few changes in approach these issues could be alleviated. A new style of video games, called a MOBA (Massive Online Battle Arena) has emerged in the past few years bringing with it a new style of generating wealth. Contrary to past gaming models, where users must either purchase the game outright, view advertisements, or purchase items to gain a competitive advantage, MOBAs require no payment of any kind. These are free to play computer games that provides users with all the tools necessary to compete with anyone free of charge; no advantages can be purchased in this game. This leaves the only way for users to provide money to the company through optional purchases of purely aesthetic items, only to be purchased if the buyer wishes to see their character in a different set of attire. The genre’s best in show—called League of Legends, or LOL—has spearheaded this method of revenue-generation. Fortunately for LOL, its level of popularity has reached levels never seen in video games: the world championships had more viewers than game 7 of the NBA Finals (Dorsey). The player base alone is enough to keep the company afloat currently, but the fact that they only convert 3.75% of the players into revenue is alarming. Each player brings the company an average of $1.32, or 30% of what some other free to play games earn per user (Comparing MMO). It is this low per player income that has caused Riot Games, the developer of LOL, to state that their e-sports division is not currently profitable. To resolve this issue, LOL must take on a more aggressive marketing plan. Advertisements for the NBA Finals cost $460,000 for 30 seconds, and LOL should aim for ads in this range (Lombardo). With an average of 3 million people logged on at any time, 90% of the players being male and 85% being between the ages of 16 and 30, advertising via this game would appeal to many companies, making a deal easy to strike (LOL infographic 2012). The idea also appeals to players: 81% of players surveyed said that an advertisement on the client that allows for the option to place an order would improve or not impact their experience. Moving forward with this, the gaming client would be updated to contain both an option to order pizza and an advertisement for Mountain Dew. This type of advertising was determined based on community responses through a sequence of survey questions. These small adjustments to the game would allow LOL to generate enough income for Riot Games to expand into other areas of the e-sports industry.

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.

This paper intends to inform the reader about the current state of crowdfunding, also known as crowdsourced funding, as of early May 2014. Crowdfunding has proven to be an interesting alternate to other more common financing vehicles with its ability to unite people over common ideas and projects without requiring the contribution of large amounts of capital. Further, the changing legal landscape invites a new era of deregulation that makes crowdfunding easier than ever before. This paper contains explanations of the different types of crowdfunding, platforms (websites), and the international landscape particularly of the US and Europe as well as statistics regarding the predicted future growth of the industry.

This paper takes a look at developing a technological start up revolving around the world of health and fitness. The entire process is documented, starting from the ideation phase, and continuing on to product testing and market research. The research done focuses on identifying a target market for a 24/7 fitness service that connects clients with personal trainers. It is a good study on the steps needed in creating a business, and serves as a learning tool for how to bring a product to market.

My interest in this topic began last summer when I was fortunate enough to travel to Tomatin, Honduras on a microfinance mission with the organization Global Brigades. Microfinance previously an unknown concept to me, but once I saw the effect it had on the lives of those in need, I was immediately sold on its effectiveness. Microfinance stems from the field of developmental aid. While generally understood as one of the most powerful weapons in the fight against poverty, question as to which methods and techniques are the most effective are still unanswered. It is the goal of my thesis to examine the research in the area of microfinance, reveal the most effective methods, and apply these findings to improve the structure of the Global Brigade microfinance institution in Tomatin.

This thesis is a Mergers and Acquisitions (M&A) Pitchbook for the Boston Beer Company (SAM) to acquire the Craft Brew Alliance (BREW). This thesis includes a background on the beer industry, the craft beer industry, SAM and BREW. As well, the thesis includes an analysis of the reasons for the acquisition, potential risks and downsides, a valuation analysis including all of the potential and realistic synergies, conclusions and a recommendation to SAM to acquire BREW before a larger company does.