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- Creators: Barrett, The Honors College
- Creators: Hertzel, Michael
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, 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
Description
I examine the determinants and implications of the level of director monitoring. I use the distance between directors' domiciles and firm headquarters as a proxy for the level of monitoring and the introduction of a new airline route between director domicile and firm HQ as an exogenous shock to the level of monitoring. I find a strong relation between distance and both board meeting attendance and director membership on strategic versus monitoring committees. Increased monitoring, as measured by a reduction in effective distance, by way of addition of a direct flight, is associated with a 3% reduction in firm value. A reduction in effective distance is also associated with less risk-taking, lower stock return volatility, lower accounting return volatility, lower R&D; spending, fewer acquisitions, and fewer patents.
ContributorsBennett, Benjamin (Author) / Coles, Jeffrey (Thesis advisor) / Hertzel, Michael (Committee member) / Babenka, Ilona (Committee member) / Custodio, Claudia (Committee member) / Arizona State University (Publisher)
Created2014
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 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
Description
This paper investigates the role of top management and board interlocks between acquirers and targets. I hypothesize that an interlock may exacerbate agency problems due to conflicting interests and lead to value-decreasing acquisition. An interlock may also serve as a conduit of information and personal experience, and reduce the cost of information gathering for both firms. I find supporting evidence for these two non-mutually exclusive hypotheses. Consistent with the agency hypothesis, interlocked acquirers underperform non-interlocked acquirers by 2% during the announcement period. However, well-governed acquirers receive higher announcement returns and have better post-acquisition performance in interlocked deals. The proportional surplus accrued to an acquirer is positively correlated with the interlocking agent's ownership in the acquirer relative to her ownership in the target. Consistent with the information hypothesis, when the target's firm value is opaque, interlocks improve acquirer announcement returns and long-term performance. Interlocked acquirers are also more likely to use equity as payment, especially when the acquirer's stock value is opaque. Target announcement returns are not influenced by the existence of interlock. Finally, I find acquisitions are more likely to occur between two interlocked firms and such deals have a higher completion rate.
ContributorsWu, Qingqing (Author) / Bates, Thomas W. (Thesis advisor) / Hertzel, Michael (Committee member) / Lindsey, Laura (Committee member) / Arizona State University (Publisher)
Created2012
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
How do you convey what’s interesting and important to you as an artist in a digital world of constantly shifting attentions? For many young creatives, the answer is original characters, or OCs. An OC is a character that an artist creates for personal enjoyment, whether based on an already existing story or world, or completely from their own imagination.
As creations made for purely personal interests, OCs are an excellent elevator pitch to talk one creative to another, opening up opportunities for connection in a world where communication is at our fingertips but personal connection is increasingly harder to make. OCs encourage meaningful interaction by offering themselves as muses, avatars, and story pieces, and so much more, where artists can have their characters interact with other creatives through many different avenues such as art-making, table top games, or word of mouth.
In this thesis, I explore the worlds and aesthetics of many creators and their original characters through qualitative research and collaborative art-making. I begin with a short survey of my creative peers, asking general questions about their characters and thoughts on OCs, then move to sketching characters from various creators. I focus my research to a group of seven core creators and their characters, whom I interview and work closely with in order to create a series of seven final paintings of their original characters.
As creations made for purely personal interests, OCs are an excellent elevator pitch to talk one creative to another, opening up opportunities for connection in a world where communication is at our fingertips but personal connection is increasingly harder to make. OCs encourage meaningful interaction by offering themselves as muses, avatars, and story pieces, and so much more, where artists can have their characters interact with other creatives through many different avenues such as art-making, table top games, or word of mouth.
In this thesis, I explore the worlds and aesthetics of many creators and their original characters through qualitative research and collaborative art-making. I begin with a short survey of my creative peers, asking general questions about their characters and thoughts on OCs, then move to sketching characters from various creators. I focus my research to a group of seven core creators and their characters, whom I interview and work closely with in order to create a series of seven final paintings of their original characters.
ContributorsCote, Jacqueline (Author) / Button, Melissa M (Thesis director) / Dove-Viebahn, Aviva (Committee member) / School of Art (Contributor) / Barrett, The Honors College (Contributor)
Created2020-05
Description
The original version of Helix, the one I pitched when first deciding to make a video game
for my thesis, is an action-platformer, with the intent of metroidvania-style progression
and an interconnected world map.
The current version of Helix is a turn based role-playing game, with the intent of roguelike
gameplay and a dark fantasy theme. We will first be exploring the challenges that came
with programming my own game - not quite from scratch, but also without a prebuilt
engine - then transition into game design and how Helix has evolved from its original form
to what we see today.
for my thesis, is an action-platformer, with the intent of metroidvania-style progression
and an interconnected world map.
The current version of Helix is a turn based role-playing game, with the intent of roguelike
gameplay and a dark fantasy theme. We will first be exploring the challenges that came
with programming my own game - not quite from scratch, but also without a prebuilt
engine - then transition into game design and how Helix has evolved from its original form
to what we see today.
ContributorsDiscipulo, Isaiah K (Author) / Meuth, Ryan (Thesis director) / Kobayashi, Yoshihiro (Committee member) / School of Mathematical and Statistical Sciences (Contributor) / Computer Science and Engineering Program (Contributor) / Barrett, The Honors College (Contributor)
Created2020-05
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
The SolarSPELL is an offline, ruggedized, digital library, created by Dr. Laura Hosman for the U.S. Peace Corps. It has thousands of pieces of educational content that can be accessed through a self-contained Wi-Fi hotspot on the device itself. Currently, there are more than 200 deployed in several Pacific Island nations. After visiting one of these nations, Tonga, in December of 2016, I learned that almost all of the Peace Corps volunteers stationed around the Pacific Islands suffered from a lack of resources due to a variety of reasons. While the SolarSPELL helps to remedy that, the device is lacking classroom activities and resources for creative work and educational drama. Furthermore, for many students in these environments, schools are for learning information and producing high scores on exams, not for learning about creative strengths and identity. After researching curriculum development and the use of drama in an educational setting, I compiled over 50 pieces of content to include on the SolarSPELL involving art, drama, music, movement, and most importantly, imagination. These resources will allow Peace Corps volunteers to explore additional ways to teach English in their schools, while also creating a classroom environment that allows for creative expression. All the content is compiled into one folder as "Teaching Resources", and is then broken down into seven sub- categories. In the first sub-category, Art Projects, there is a collection of several hands-on projects, many of which involve recyclable or readily available materials. These projects will allow for a greater understanding of conservation and "green" living, concepts that are crucial to the stability of these island nations. The next 5 categories are Drama Readings, Music, Movement, and Video, Group Exercises, Creative Writing, and Worksheets. The second sub- category is a collection of beginner-level "Reader's Theater" scripts. The third sub-category involves music and video to engage students in movement activities. The fourth sub-category is a compilation of group games and activities to help students express themselves and learn social skills. The fifth sub-category includes a collection of activities such as fill-in-the-blank story worksheets and journal prompts which will aid in creative thinking and the practice of the English language. The sixth sub-category involves a collection of worksheets that mainly focus on self-reflection and identity. The seventh and final sub-category, Content Guide and Information, works to explain the benefits of using of drama and creative play in the classroom, as well as strategies teachers can implement in order to further engage their students in dramatic learning and play. Overall, these pieces of content are meant to be used as resources for the Peace Corps volunteers in order to provide alternative ways to practice reading, writing, and speaking the English language, a critical part of education in the Pacific Islands.
ContributorsTaylor, Amanda Nicole (Author) / Hosman, Laura (Thesis director) / McAvoy, Mary (Committee member) / School of Film, Dance and Theatre (Contributor) / Division of Teacher Preparation (Contributor) / Barrett, The Honors College (Contributor) / School for the Future of Innovation in Society (Contributor)
Created2017-12
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