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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

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
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Description
Modern Americans ignorantly live under a blanket of unread terms, conditions, and binding contracts. Often, these contracts (mostly associated with products and services) come and go with little effect. Periodically, the products or services cause the consumer harm, leading them to seek repair. The consumer then realizes that all the

Modern Americans ignorantly live under a blanket of unread terms, conditions, and binding contracts. Often, these contracts (mostly associated with products and services) come and go with little effect. Periodically, the products or services cause the consumer harm, leading them to seek repair. The consumer then realizes that all the fine print they failed to read makes an impactful legal difference. This paper analyzes the work of Professor Radin through her book, Boilerplate. It goes on to explore many other arguments presented by contract theorists and makes substantial claims regarding the dangers of boilerplate (unread terms and conditions).
ContributorsBecker, Alexander Daniel (Author) / Koretz, Lora (Thesis director) / Calleros, Charles (Committee member) / Barrett, The Honors College (Contributor) / W. P. Carey School of Business (Contributor) / Department of English (Contributor)
Created2015-05
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Description
My Honors Thesis is about answering a central question regarding the business of real estate: "What is the return on investment of obtaining a real estate license?" I focused my research on the monetary, time, and other value factors that affect the initial cost of securing a real estate salesperson

My Honors Thesis is about answering a central question regarding the business of real estate: "What is the return on investment of obtaining a real estate license?" I focused my research on the monetary, time, and other value factors that affect the initial cost of securing a real estate salesperson license in the State of Arizona (costs) and the amount of money a licensed salesperson makes as a result of having a salesperson license (income). Licensees make this trade-off: the cost in terms of real dollars to obtain a license, as well as the opportunity costs associated with the time to secure, start using, and begin to earn money by way of a salesperson license. To answer the central question I conducted a survey of active licensees in order to determine the value ascribed to holding a real estate salesperson license. Through my research, I concluded that there is not a single number that can be assigned to a real estate license that indicates its value, but the data collected reveals that the return on investment has the potential to be great. Upfront costs and fees necessary to obtain a license are insignificant when the commission a licensee can then make from a single transaction is enough to cover those expenses. Therefore, based on the survey results and research into the initial costs associated with obtaining a real estate license, there appears to be sufficient data to support a positive return on investment and warrant obtaining a real estate license.
ContributorsSanders, Sarah (Author) / Stapp, Mark (Thesis director) / Koblenz, Blair (Committee member) / Department of Finance (Contributor) / Barrett, The Honors College (Contributor)
Created2018-05
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Description
This paper investigates whether measures of investor sentiment can be used to predict future total returns of the S&P 500 index. Rolling regressions and other statistical techniques are used to determine which indicators contain the most predictive information and which time horizons' returns are "easiest" to predict in a three

This paper investigates whether measures of investor sentiment can be used to predict future total returns of the S&P 500 index. Rolling regressions and other statistical techniques are used to determine which indicators contain the most predictive information and which time horizons' returns are "easiest" to predict in a three year data set. The five "most predictive" indicators are used to predict 180 calendar day future returns of the market and simulated investment of hypothetical accounts is conducted in an independent six year data set based on the rolling regression future return predictions. Some indicators, most notably the VIX index, appear to contain predictive information which led to out-performance of the accounts that invested based on the rolling regression model's predictions.
ContributorsDundas, Matthew William (Author) / Boggess, May (Thesis director) / Budolfson, Arthur (Committee member) / Hedegaard, Esben (Committee member) / Barrett, The Honors College (Contributor) / School of Mathematical and Statistical Sciences (Contributor) / Department of Finance (Contributor)
Created2013-12
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Description
We gathered and analyzed key data from a wide-range of competitors in the foundry, fabless, and Integrated design manufacturing business. After detecting a downward trend in the return of invested capital (ROIC) and higher capital intensity of Company X, we searched for alternatives to turn this around. We conclude that,

We gathered and analyzed key data from a wide-range of competitors in the foundry, fabless, and Integrated design manufacturing business. After detecting a downward trend in the return of invested capital (ROIC) and higher capital intensity of Company X, we searched for alternatives to turn this around. We conclude that, to decrease the net PPE of Company X, a sale-leaseback transaction would help Company X reduce their balance sheet and provided financing to advance their manufacturing capabilities.
ContributorsBhat, Arjun Khandige (Co-author) / Brock, Ethan (Co-author) / Gamperl, Max (Co-author) / Gupta, Viraj (Co-author) / Macha, Sanketh (Co-author) / Simonson, Mark (Thesis director) / Duran, Juan Carlos (Committee member) / Department of Finance (Contributor) / Barrett, The Honors College (Contributor)
Created2018-05
Description
Having studied at Arizona State University and the W.P. Carey School of Business through approximately 7 semesters of undergraduate business coursework, I, along with my classmates, have learned an incredible amount of knowledge critical for success in a career in business administration. We have been provided the resources and tools

Having studied at Arizona State University and the W.P. Carey School of Business through approximately 7 semesters of undergraduate business coursework, I, along with my classmates, have learned an incredible amount of knowledge critical for success in a career in business administration. We have been provided the resources and tools necessary to excel in full time business careers, implement new ideas, and innovate and improve preexisting business networks as driven, motivated business intellectuals. Additionally, having worked in four diverse business internships throughout my undergraduate career, I have come to understand the importance of understanding and studying law and contracts as they relate to business. In all of those internships, I worked extensively with a variety of contracts and agreements, all serving critical purposes within each individual line of business. Within supply chain management studies and jobs, I found contracts to be of utmost importance for students to understand prior to entering a full time job or internship. Students study a wide variety of topics during their education within the Supply Chain Management department at Arizona State University. In procurement and purchasing classes specifically, students cover topics from supplier negotiation strategies to sourcing and sustainability. These topics engage students of all backgrounds and offer exceptional knowledge and insight for those seeking a full time job within supply chain management. What is interestingly so often excluded from such lectures is discussion with regards to the contracts and laws pertinent to purchasing and supply management success. As most procurement and sourcing professionals know, contracts are the basis for all agreements that a company and supplier may engage in. A critical component within the careers of supply managers, contract law provides the foundation for any agreement. Thus, the necessity for a discussion on how to best integrate purchasing and contract law into undergraduate supply chain management education, including depicting the material that should be covered, is permitted. In my Honors Thesis, I have decided to create an informative lecture and outline that can be readily understood by undergraduate students in supply chain management courses, at the benefit of professors and lecturers who wish to utilize and incorporate the material in their classroom. The content consists of information recommended by industry professionals, relevant real-life procurement and contract law examples and scenarios, and universal and common law relevant to contracts and purchasing agreements within the workplace. All of these topics are meant to prepare students for careers and internships within supply chain management, and are topics I have found lack current discussion at the university level. Additionally, as a part of my Honors Thesis, I was given the opportunity to provide a cohesive lecture and present the topics herein in SCM 355 Purchasing classes. This was an opportunity to present to students topics that I feel are currently underrepresented in college courses, and that are beneficial for business students to learn and fully understand. Topics discussed in this interactive lecture and slideshow extracted information from the lecture template.
ContributorsPakula, Jacqueline Rose (Author) / Gilmore, Bruce (Thesis director) / Guy, Shannon (Committee member) / Department of Finance (Contributor) / Department of Supply Chain Management (Contributor) / Barrett, The Honors College (Contributor)
Created2017-12
Description

In the early years of the National Football League, scouting and roster development resembled the wild west. Drafts were held in hotel ballrooms the day after the last game of regular season college football was played. There was no combine, limited scouting, and no salary cap. Over time, these aspects

In the early years of the National Football League, scouting and roster development resembled the wild west. Drafts were held in hotel ballrooms the day after the last game of regular season college football was played. There was no combine, limited scouting, and no salary cap. Over time, these aspects have changed dramatically, in part due to key figures from Pete Rozelle to Gil Brandt to Bill Belichick. The development and learning from this time period have laid the foundational infrastructure that modern roster construction is based upon. In this modern day, managing a team and putting together a roster involves numerous people, intense scouting, layers of technology, and, critically, the management of the salary cap. Since it was first put into place in 1994, managing the cap has become an essential element of building and sustaining a successful team. The New England Patriots’ mastery of the cap is a large part of what enabled their dynastic run over the past twenty years. While their model has undoubtedly proven to be successful, an opposing model has become increasingly popular and yielded results of its own. Both models center around different distributions of the salary cap, starting with the portion paid to the starting quarterback. The Patriots dynasty was, in part, made possible due to their use of both models over the course of their dominance. Drafting, organizational culture, and coaching are all among the numerous critical factors in determining a team’s success and it becomes difficult to pinpoint the true source of success for any given team. Ultimately, however, effective management of the cap proves to be a force multiplier; it does not guarantee that a team will be successful, but it helps teams that handle the other variables well sustain their success.

ContributorsBolger, William (Author) / Eaton, John (Thesis director) / Mokwa, Michael (Committee member) / Department of Marketing (Contributor) / Sandra Day O'Connor College of Law (Contributor) / Barrett, The Honors College (Contributor)
Created2021-05
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Description
This thesis explores the profitability of various technical trading strategies to explore their ability, generate returns in the American stock market. All strategies are based on five popular technical indicators, including the volume-weighted average price, moving average convergent-divergent index, Bollinger bands, support/resistance, and simple momentum trading. Most strategies were tested

This thesis explores the profitability of various technical trading strategies to explore their ability, generate returns in the American stock market. All strategies are based on five popular technical indicators, including the volume-weighted average price, moving average convergent-divergent index, Bollinger bands, support/resistance, and simple momentum trading. Most strategies were tested from 2019-2022 and tested for the SPY and QQQ stocks, representing the S&P 500 and NASDAQ. 3 of the 26 strategies had win rates of over 50%, but several were able to greatly outperform broader market returns. The best performing strategies were based on simple momentum trading, while the MACD and Bollinger Bands produced the worst results. Some strategies based on simple momentum trading or Bollinger bands found results greatly exceeding standard market returns in recent years, but most do not.
ContributorsEberle-Taylor, Nicholas (Author) / Boguth, Oliver (Thesis director) / Ikram, Atif (Committee member) / Barrett, The Honors College (Contributor) / Department of Finance (Contributor)
Created2022-05
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Description
The Solis Lofts Development Proposal thesis consisted of a full prospective development within the City of Tempe. Our team conducted a vast amount of market research to determine what sector of the market would provide the best return on investment. We organized meetings with local brokers from Cushman & Wakefield,

The Solis Lofts Development Proposal thesis consisted of a full prospective development within the City of Tempe. Our team conducted a vast amount of market research to determine what sector of the market would provide the best return on investment. We organized meetings with local brokers from Cushman & Wakefield, CBRE, JLL, and Colliers International to learn more about the current market environment. Also, we organized meetings with local developers, architects, and lenders. These included Merit Partners, Sunbelt Holdings, MODUS Development, Catclar Investments, 5Visual, Butler Design Group, and Colonial Capital. Through the research we conducted we were able to successfully determine that a multifamily development within the City of Tempe would be a great way to enter the Commercial Real Estate Development field. Our project consisted of the full land acquisition process, architectural site plan review, financial analysis, and completion of the product.
ContributorsLiu, Braden John (Co-author) / Butura, Alexander (Co-author) / Zwillinger, Mason (Co-author) / Farnsworth, Yzaac (Co-author) / Sadusky, Brian (Thesis director) / Avrhami, Matthew (Committee member) / Department of Finance (Contributor, Contributor) / Barrett, The Honors College (Contributor)
Created2019-05
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Description
This paper will examine the statistical significance of IRR dispersions caused by adjustments to property conditions. Many different economic metrics affect the returns and performance of real estate assets. During the underwriting process, many of these factors are considered and analyzed to find the true value of the asset given

This paper will examine the statistical significance of IRR dispersions caused by adjustments to property conditions. Many different economic metrics affect the returns and performance of real estate assets. During the underwriting process, many of these factors are considered and analyzed to find the true value of the asset given a set of market conditions. Because of the dynamic nature of the market, these factors fluctuate and therefore affect asset returns. Using Argus software, real estate managers can identify these variables and see how their adjustments affect asset returns in real-time. The beginning of this paper will start with an outline of the properties being analyzed, and well as financial information and market assumptions. For the statistical analysis, the Argus inputs that will be analyzed are:
1. Rental Revenue
2. Occupancy Rate
3. Tenant Improvements
4. Leasing Commissions
5. Operating Expenses
6. Capital Expenditures
7. Purchase Price
8. LTV
9. Debt Service Payment
10. Exit Sales Price
For the analysis, each variable will be individually adjusted without any changes to the other variables to ensure that changes in IRR are solely a result of the variable being adjusted. After the sensitivity analysis, each variable will be examined further the showcase differences in disparities and provide managerial insight. Finally, the findings will be applied to a modern-day scenario for additional insight on the practice use of the data. The importance of this data is that once analyzed, it can help real estate managers understand the main determinants of value in commercial real estate investments.
ContributorsMakhija, Aditya (Author) / Stapp, Mark (Thesis director) / Koblenz, Blair (Committee member) / Department of Finance (Contributor, Contributor) / Barrett, The Honors College (Contributor)
Created2020-05