Matching Items (15)
Filtering by

Clear all filters

133162-Thumbnail Image.png
Description
Executive compensation is broken into two parts: one fixed and one variable. The fixed component of executive compensation is the annual salary and the variable components are performance-based incentives. Clawback provisions of executive compensation are designed to require executives to return performance-based, variable compensation that was erroneously awarded in the

Executive compensation is broken into two parts: one fixed and one variable. The fixed component of executive compensation is the annual salary and the variable components are performance-based incentives. Clawback provisions of executive compensation are designed to require executives to return performance-based, variable compensation that was erroneously awarded in the year of a misstatement. This research shows the need for the use of a new clawback provision that combines aspects of the two currently in regulation. In our current federal regulation, there are two clawback provisions in play: Section 304 of Sarbanes-Oxley and section 954 of The Dodd\u2014Frank Wall Street Reform and Consumer Protection Act. This paper argues for the use of an optimal clawback provision that combines aspects of both the current SOX provision and the Dodd-Frank provision, by integrating the principles of loss aversion and narcissism. These two factors are important to consider when designing a clawback provision, as it is generally accepted that average individuals are loss averse and executives are becoming increasingly narcissistic. Therefore, when attempting to mitigate the risk of a leader keeping erroneously awarded executive compensation, the decision making factors of narcissism and loss aversion must be taken into account. Additionally, this paper predicts how compensation structures will shift post-implementation. Through a survey analyzing the level of both loss- aversion and narcissism in respondents, the research question justifies the principle that people are loss averse and that a subset of the population show narcissistic tendencies. Both loss aversion and narcissism drove the results to suggest there are benefits to both clawback provisions and that a new provision that combines elements of both is most beneficial in mitigating the risk of executives receiving erroneously awarded compensation. I concluded the most optimal clawback provision is mandatory for all public companies (Dodd-Frank), targets all executives (Dodd-Frank), and requires the recuperation of the entire bonus, not just that which was in excess of what should have been received (SOX).
ContributorsLarscheid, Elizabeth (Author) / Samuelson, Melissa (Thesis director) / Casas-Arce, Pablo (Committee member) / WPC Graduate Programs (Contributor) / School of Accountancy (Contributor) / Barrett, The Honors College (Contributor)
Created2018-12
132950-Thumbnail Image.png
Description
The purpose of this paper is to review the effects of the Dodd-Frank Title VII Clearing Regulations on the Over-the-counter (OTC) derivatives market and to analyze if the benefits of the Title VII regulations have outweighed the costs in the OTC derivatives market by reducing systematic(market) risk and protecting market

The purpose of this paper is to review the effects of the Dodd-Frank Title VII Clearing Regulations on the Over-the-counter (OTC) derivatives market and to analyze if the benefits of the Title VII regulations have outweighed the costs in the OTC derivatives market by reducing systematic(market) risk and protecting market participants or if the Title VII regulations’ costs have made things worse by lessening opportunities in the OTC derivatives market and stifling economics benefits by over regulating the market. This paper strives to examine this issue by explaining how OTC are said to have played a part in the 2008 Financial crisis. Next, we give a general overview of financial securities, and what OTC are. Then we will give a general overview of what the Dodd-Frank Wall Street Reform and Consumer Protection Acts are, which are the regulations to come out of the 2008 Financial crisis. Then the paper will dive into Dodd-Frank Title VII Clearing Regulations and how they regulated OTC derivatives in the aftermath of the 2008 Financial crisis. Next, we discuss the Clearing House industry. Then the paper explores the major change of central clearing versus the previous bilateral clearing system. The paper will then cover how these rules have affected OTC derivatives market by examining the works of authors, who both support the regulations and others, who oppose the regulations by looking at logical arguments, historical evidence, and empirical evidence. Finally, we conclude that based on all the evidence how the Dodd-Frank Title VII Clearing Regulations effects on the OTC derivatives market are inconclusive at this time.
ContributorsCharette, John (Co-author) / Thacker, Harshit (Co-author) / Aragon, George (Thesis director) / Stein, Luke (Committee member) / Department of Finance (Contributor) / Department of Economics (Contributor) / Dean, W.P. Carey School of Business (Contributor) / Department of Information Systems (Contributor) / School of Accountancy (Contributor) / Barrett, The Honors College (Contributor)
Created2019-05
134933-Thumbnail Image.png
Description
Given its impact on the accounting profession and public corporations, Sarbanes-Oxley Act of 2002(SOX) is a widely researched regulation among accounting scholars. Research typically focuses on the impact it has had on corporations, executives and auditors, however, there is limited research that illustrates the impact SOX may have on average

Given its impact on the accounting profession and public corporations, Sarbanes-Oxley Act of 2002(SOX) is a widely researched regulation among accounting scholars. Research typically focuses on the impact it has had on corporations, executives and auditors, however, there is limited research that illustrates the impact SOX may have on average Americans. There were several US criminal code sections that resulted from the passing of SOX. Statute 1519, which is often referred to as the "anti-shredding provision", penalizes anyone who "knowingly alters, destroys, mutilates, conceals, covers up, falsifies, or makes a false entry in any record, document, or tangible object with the intent to" obstruct a current or foreseeable federal investigation. This statute, although intended to punish behavior similar to that which occurred in the early 2000s by corporations and auditors, has been used to charge people beyond its original intent. Several issues with the crafting of the statute cause its broad application and some litigation even reached the Supreme Court due to its vague wording. Not only is the statute being applied beyond the intent, there are other issues that legal scholars have critiqued it for. This statute is far from being the only law facing these issues as the same issues and critiques are found in the 14th amendment. Rewriting the statute seems to be the most effective way to address the concerns of judges, lawyers and defendants regarding the statute. In addition, Congress could have passed this statute outside of SOX to avoid being seen as overreaching if obstruction of justice related to documents was actually an issue outside of corporate fraud.
ContributorsGonzalez, Joana (Author) / Samuelson, Melissa (Thesis director) / Lowe, Jordan (Committee member) / School of Accountancy (Contributor) / Barrett, The Honors College (Contributor)
Created2016-12
147583-Thumbnail Image.png
Description

This paper analyzes the economic, legal, and social aspects of the legal cannabis industry in the United States. These analyses include the history, current status, and future of all three components, all with an emphasis on reforming the existing systems in place in order to achieve the most beneficial cannabis

This paper analyzes the economic, legal, and social aspects of the legal cannabis industry in the United States. These analyses include the history, current status, and future of all three components, all with an emphasis on reforming the existing systems in place in order to achieve the most beneficial cannabis industry possible. Many reformative legal implications are made, stressing the importance of decriminalizing cannabis, releasing nonviolent and cannabis-related criminals from prison, and expunging their criminal records. The paper places a heavy emphasis on the importance of designing the legal system to be fair and equal across all racial and ethnic groups, given that people of color have been hit the hardest in terms of cannabis-related issues. Economic components such as tax design and access to proper financial institutions are also included, as well as the social implications that have both gone into and are a product of the long-standing war on drugs. While there is no comprehensive solution for how to fix every aspect of the industry, this paper highlights key aspects to be aware of in the design stages of potential federal legalization.

ContributorsCurtis, Capri Andriana (Author) / Reffett, Kevin (Thesis director) / Boyce-Jacino, Katherine (Committee member) / Dean, W.P. Carey School of Business (Contributor) / Department of Economics (Contributor) / Sanford School of Social and Family Dynamics (Contributor) / Barrett, The Honors College (Contributor)
Created2021-05
147956-Thumbnail Image.png
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
147733-Thumbnail Image.png
Description

The threat of global climate change to the world’s water resources has jeopardized access to clean drinking water across the world and continues to devastate biodiversity and natural life globally. South Africa operates as a useful case study to understand and analyze the effectiveness of public policy responses to the

The threat of global climate change to the world’s water resources has jeopardized access to clean drinking water across the world and continues to devastate biodiversity and natural life globally. South Africa operates as a useful case study to understand and analyze the effectiveness of public policy responses to the perils of climate change on issues of water access and ecosystem preservation. After the new South African Constitution was enacted in 1997, protecting water resources and ensuring their equitable distribution across the nation’s population was a paramount goal of the young democratic government. The National Water Act was passed in 1998, nationalizing the country’s water infrastructure and putting in place programs seeking to ensure equitable distributive and environmental outcomes. Thus far, it has failed. Access to South Africa’s water resources is as stratified as access to its economy; its aquatic ecosystems remain in grave danger; and many of the same problems of South Africa’s Apartheid era still plague its efforts to create an equitable water system. Decision-making power continues to be concentrated in the hands of the wealthy, at the expense of historically marginalized groups, whose voices are still not adequately heard. Corporate actors still exert undue influence over legislative policy that favors economic growth over environmental sustainability. The looming threat of climate change is exponentially increasing the chances of disasters like Cape Town’s 2018 feared ‘Day Zero’. The National Water Act’s noble intentions were never actualized, and therefore the people of South Africa remain in serious danger of acute and chronic threats to their water supply.

ContributorsWakefield, Alex (Author) / Childers, Dan (Thesis director) / Larson, Rhett (Committee member) / Department of Economics (Contributor) / Dean, W.P. Carey School of Business (Contributor, Contributor) / Barrett, The Honors College (Contributor)
Created2021-05
ContributorsFarmer, Bethany (Author) / Blanks, Zachary (Co-author) / Martin, Thomas (Thesis director) / Prosser, Eric (Committee member) / Irving, Tom (Committee member) / Barrett, The Honors College (Contributor) / Dean, W.P. Carey School of Business (Contributor)
Created2023-05
ContributorsFarmer, Bethany (Author) / Blanks, Zachary (Co-author) / Martin, Thomas (Thesis director) / Prosser, Eric (Committee member) / Irving, Tom (Committee member) / Barrett, The Honors College (Contributor) / Dean, W.P. Carey School of Business (Contributor)
Created2023-05
163424-Thumbnail Image.png
Description

In this project I created a series of infographics as comprehensive resources for students to reference as educational guides. As a business law student I have been able to accumulate knowledge through all of my law courses to better understand our society and its laws, albeit this knowledge is not

In this project I created a series of infographics as comprehensive resources for students to reference as educational guides. As a business law student I have been able to accumulate knowledge through all of my law courses to better understand our society and its laws, albeit this knowledge is not yet complete. Other students are not always given this same opportunity to understand their rights and the laws that govern them and have clearly indicated to me through my survey that they would feel better prepared to become young adults in society if they were given additional resources. Therefore, my thesis consists of research based on the results of my survey regarding the areas of law that students indicated interest in along with a series of seven infographics with easy to understand information about the First Amendment, the Sixth Amendment, women’s rights, arbitration, legal offenses and consequences, Arizona State University’s legal and emergency resources, and the main constitutional amendments students should be aware of. Students should understand the laws they must abide by as members of society as well as the constitutional rights they are guaranteed if they are expected to fully obey and use both as incoming adults of the United States of America.

ContributorsSlawson, Morgan (Author) / Hoekstra, Valerie (Thesis director) / Forst, Bradley (Committee member) / Barrett, The Honors College (Contributor) / Dean, W.P. Carey School of Business (Contributor) / Economics Program in CLAS (Contributor)
Created2022-05
132328-Thumbnail Image.png
Description
This paper looks at case studies, legal journals, and legal commentaries to examine the history of plea bargains and determine how such a practice slowly crept its way into the American judicial system. Next, I discern both the two specific benefits and three disadvantages of utilizing plea bargains in a

This paper looks at case studies, legal journals, and legal commentaries to examine the history of plea bargains and determine how such a practice slowly crept its way into the American judicial system. Next, I discern both the two specific benefits and three disadvantages of utilizing plea bargains in a system that was traditionally renowned for its unique form of adversarial / trial based justice. By analyzing case studies and legal texts, I find that the administrative advantages and cost benefits used to rationalize continued usage of plea deals does not outweigh its extremely negative effects on significant aspects of law and the American legal system. These significant negative effects as a product of the plea bargain are a definitive hindrance to justice and further characterize the system as no longer fair and certainly not equitable. Consequently, I assert that in order to maintain the ethics of the system, plea bargains should be removed. I also generally outline the Philadelphia Bench Trial as a prospective and viable alternative to plea bargains that could act as an intriguing substitute. The Philadelphia Bench Trial represents a highly viable alternative to the plea bargain and consequently preserves many of the advantages plea bargains offer the system without sacrificing the adversarial element necessary to receive correct and accurate verdicts.
ContributorsRimsza, Alex Gill (Author) / Stanford, Michael (Thesis director) / Forst, Brad (Committee member) / Dean, W.P. Carey School of Business (Contributor) / Department of English (Contributor) / Sandra Day O'Connor College of Law (Contributor) / Barrett, The Honors College (Contributor)
Created2019-05