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- Creators: Barrett, The Honors College
- Creators: Kavazanjian, Edward
- Creators: Allenby, Braden
- Creators: Cadillo – Quiroz, Hinsby
Description
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.
ContributorsZulanas, Charles (Author) / Simonson, Mark (Thesis director) / Aragon, George (Committee member) / Barrett, The Honors College (Contributor)
Created2015-05
Description
This thesis details our experience assisting BASE Equity Partners, a private equity firm based in New York City, on three prospective agricultural dealership deals over the course of this past academic year. The firm is currently structured as a Fundless Sponsor. This distinct structural trait is common for a type of private equity firm known among practitioners as pledge funds. This creates an interesting element for our experience as there is very limited academic research on these types of firms, which, since the Great Recession, have become popular players in middle-market private equity deals. We, first, provide some historical context on pledge funds and identify their primary differences with traditional private equity. The remainder of the paper documents our experience working on the agricultural dealership deals. We have organized this portion after the manner in which we received assignments. We go into detail on the specific projects with which we were tasked, our interactions with the partners and the major takeaways we had from this learning experience. This thesis paper will enrich the academic knowledge regarding pledge funds—and private equity generally—by documenting a real experience of what it is like performing analyst-level tasks at a real firm. Additionally, we were privy to information that is highly confidential, and though we have protected the confidentiality of the companies through pseudonyms and redaction of confidential material, all of the financial data shown, models provided and qualitative discussion is real.
ContributorsTang, Ivan (Co-author) / Johnson, Bradley (Co-author) / Panosian, Tro (Co-author) / Simonson, Mark (Thesis director) / Bonadurer, Werner (Committee member) / Barrett, The Honors College (Contributor) / Department of Finance (Contributor) / Department of English (Contributor) / School of Accountancy (Contributor) / School of International Letters and Cultures (Contributor)
Created2015-05
Description
This thesis seeks to explore the contrast between the performance of mergers and acquisitions and the propensity of CEOs to enter into these deals. M&A are common means by which firms achieve inorganic growth, but they often perform poorly and fail to accrue expected returns. This apparent contrast between deal popularity and performance prompts further examination and an application of theoretical concepts from the field of strategic management. Following a review of M&A theory, this thesis explores agency theory and managerial hubris and applies these concepts to executive decision-making in M&A. Four hypotheses are presented, evaluating the effects of compensation structure and overconfidence on the M&A decision-making behavior of executives.
ContributorsQuinty, Nicole Anne (Author) / Arrfelt, Mathias (Thesis director) / Nahrgang, Jennifer (Committee member) / Nemanich, Louise (Committee member) / Barrett, The Honors College (Contributor) / School of Accountancy (Contributor) / Department of Management (Contributor)
Created2013-05
Description
The purpose of this paper is to study the impact that poison pills have on the value of share prices after the cancellation of a transaction. While various studies have focused on the generic share price impact of poison pills, very few have focused on the impact of poison pills in cancelled transactions. Based on our research and analysis, in cancelled transactions, target firms that have poison pills prior to the transaction and target firms without poison pills generate returns above the announcement date premium and subsequent investment in the S&P 500 when held to the cancellation of the transaction and when held from cancellation to 6 months after the transaction. This analysis can contribute to the argument that holding shares of firms regardless of cancellation risk is preferable to taking profit at announcement date. Additionally, it can contribute to the study of undiscovered pricing impact of poison pills.
ContributorsChotalla, Gurkaran (Co-author) / Amjad, Hamza (Co-author) / Reddy, Samir (Co-author) / Stein, Luke (Thesis director) / Lindsey, Laura (Committee member) / School of Mathematical and Statistical Sciences (Contributor) / Department of Finance (Contributor) / Economics Program in CLAS (Contributor) / Barrett, The Honors College (Contributor)
Created2016-12
Description
Currently conventional Subtitle D landfills are the primary means of disposing of our waste in the United States. While this method of waste disposal aims at protecting the environment, it does so through the use of liners and caps that effectively freeze the breakdown of waste. Because this method can keep landfills active, and thus a potential groundwater threat for over a hundred years, I take an in depth look at the ability of bioreactor landfills to quickly stabilize waste. In the thesis I detail the current state of bioreactor landfill technologies, assessing the pros and cons of anaerobic and aerobic bioreactor technologies. Finally, with an industrial perspective, I conclude that moving on to bioreactor landfills as an alternative isn't as simple as it may first appear, and that it is a contextually specific solution that must be further refined before replacing current landfills.
ContributorsWhitten, George Avery (Author) / Kavazanjian, Edward (Thesis director) / Allenby, Braden (Committee member) / Houston, Sandra (Committee member) / Civil, Environmental and Sustainable Engineering Programs (Contributor) / Barrett, The Honors College (Contributor)
Created2013-05
Description
This paper serves as an analysis of the current operational conditions of a real-world company – referred to as “Company X” – with respect to the IC substrate industry. The cost of substrates, a crucial component in the production of Company X’s product, has recently diverged from Company X’s predictions and is contributing to declining profitability. This analysis aims to discover the underlying cause for price divergence and recommend potential resolutions to improve the forecast of substrate costs and profitability. The paper is organized as follows: Chapter 1 is an introduction to IC substrates and the industry as a whole, Chapter 2 is a breakdown of the specific factors responsible for substrate prices, and Chapter 3 delivers a final recommendation to Company X and concludes the paper.
ContributorsAggarwal, Bianca (Author) / Guillaume, Riley (Co-author) / O'Loughlin, Connor (Co-author) / Fares, Ari (Co-author) / King, Camden (Co-author) / Simonson, Mark (Thesis director) / Hertzel, Michael (Committee member) / Barrett, The Honors College (Contributor) / Department of Finance (Contributor) / Department of Information Systems (Contributor)
Created2023-05
Characterization and Manipulation of Microbiomes From Arid Landfills for Improved Methane Production
Description
Environmentally harmful byproducts from solid waste’s decomposition, including methane (CH4) emissions, are managed through standardized landfill engineering and gas-capture mechanisms. Yet only a limited number of studies have analyzed the development and composition of Bacteria and Archaea involved in CH4 production from landfills. The objectives of this research were to compare microbiomes and bioactivity from CH4-producing communities in contrasting spatial areas of arid landfills and to tests a new technology to biostimulate CH4 production (methanogenesis) from solid waste under dynamic environmental conditions controlled in the laboratory. My hypothesis was that the diversity and abundance of methanogenic Archaea in municipal solid waste (MSW), or its leachate, play an important role on CH4 production partially attributed to the group’s wide hydrogen (H2) consumption capabilities. I tested this hypothesis by conducting complementary field observations and laboratory experiments. I describe niches of methanogenic Archaea in MSW leachate across defined areas within a single landfill, while demonstrating functional H2-dependent activity. To alleviate limited H2 bioavailability encountered in-situ, I present biostimulant feasibility and proof-of-concepts studies through the amendment of zero valent metals (ZVMs). My results demonstrate that older-aged MSW was minimally biostimulated for greater CH4 production relative to a control when exposed to iron (Fe0) or manganese (Mn0), due to highly discernable traits of soluble carbon, nitrogen, and unidentified fluorophores found in water extracts between young and old aged, starting MSW. Acetate and inhibitory H2 partial pressures accumulated in microcosms containing old-aged MSW. In a final experiment, repeated amendments of ZVMs to MSW in a 600 day mesocosm experiment mediated significantly higher CH4 concentrations and yields during the first of three ZVM injections. Fe0 and Mn0 experimental treatments at mesocosm-scale also highlighted accelerated development of seemingly important, but elusive Archaea including Methanobacteriaceae, a methane-producing family that is found in diverse environments. Also, prokaryotic classes including Candidatus Bathyarchaeota, an uncultured group commonly found in carbon-rich ecosystems, and Clostridia; All three taxa I identified as highly predictive in the time-dependent progression of MSW decomposition. Altogether, my experiments demonstrate the importance of H2 bioavailability on CH4 production and the consistent development of Methanobacteriaceae in productive MSW microbiomes.
ContributorsReynolds, Mark Christian (Author) / Cadillo-Quiroz, Hinsby (Thesis advisor) / Krajmalnik-Brown, Rosa (Thesis advisor) / Wang, Xuan (Committee member) / Kavazanjian, Edward (Committee member) / Arizona State University (Publisher)
Created2022
Description
Zero-Valent Metals (ZVM) are highly reactive materials and have been proved to be effective in contaminant reduction in soils and groundwater remediation. In fact, zero-Valent Iron (ZVI) has proven to be very effective in removing, particularly chlorinated organics, heavy metals, and odorous sulfides. Addition of ZVI has also been proved in enhancing the methane gas generation in anaerobic digestion of activated sludge. However, no studies have been conducted regarding the effect of ZVM stimulation to Municipal Solid Waste (MSW) degradation. Therefore, a collaborative study was developed to manipulate microbial activity in the landfill bioreactors to favor methane production by adding ZVMs. This study focuses on evaluating the effects of added ZVM on the leachate generated from replicated lab scale landfill bioreactors. The specific objective was to investigate the effects of ZVMs addition on the organic and inorganic pollutants in leachate. The hypothesis here evaluated was that adding ZVM including ZVI and Zero Valent Manganese (ZVMn) will enhance the removal rates of the organic pollutants present in the leachate, likely by a putative higher rate of microbial metabolism. Test with six (4.23 gallons) bioreactors assembled with MSW collected from the Salt River Landfill and Southwest Regional Landfill showed that under 5 grams /liter of ZVI and 0.625 grams/liter of ZVMn additions, no significant difference was observed in the pH and temperature data of the leachate generated from these reactors. The conductivity data suggested the steady rise across all reactors over the period of time. The removal efficiency of sCOD was highest (27.112 mg/lit/day) for the reactors added with ZVMn at the end of 150 days for bottom layer, however the removal rate was highest (16.955 mg/lit/day) for ZVI after the end of 150 days of the middle layer. Similar trends in the results was observed in TC analysis. HPLC study indicated the dominance of the concentration of heptanoate and isovalerate were leachate generated from the bottom layer across all reactors. Heptanoate continued to dominate in the ZVMn added leachate even after middle layer injection. IC analysis concluded the chloride was dominant in the leachate generated from all the reactors and there was a steady increase in the chloride content over the period of time. Along with chloride, fluoride, bromide, nitrate, nitrite, phosphate and sulfate were also detected in considerable concentrations. In the summary, the addition of the zero valent metals has proved to be efficient in removal of the organics present in the leachate.
ContributorsPandit, Gandhar Abhay (Author) / Cadillo – Quiroz, Hinsby (Thesis advisor) / Olson, Larry (Thesis advisor) / Boyer, Treavor (Committee member) / Arizona State University (Publisher)
Created2019
Description
The retail industry has experienced significant change and evolution in the past decade—perhaps more than any other consumer discretionary industry in the marketplace. The rapid growth and expansion of e-commerce has been a key catalyst in driving such evolution. As consumer preferences have evolved, and their demand for convenience and expedited service has increased, e-commerce has been a become a preferred channel for making purchases. What started out as a medium for purchasing everyday goods, such as clothing, has become a vast marketplace where buyers can find just about anything they need or want online – even groceries.
ContributorsKrause, Carson L (Author) / Brian, Sadusky (Thesis director) / Rick, DeAvila (Committee member) / Department of Finance (Contributor) / Barrett, The Honors College (Contributor)
Created2019-05
Description
Concero Partners is committed to pioneering innovative capital solutions in emerging markets, with a strategic focus on Latin America. By leveraging a state-of-the-art online brokerage platform, Concero Partners aims to democratize access to global capital for small to mid-sized businesses in Chile and Brazil, enhancing financial transparency and fostering economic growth. At the heart of our mission is bridging the capital accessibility gap and simplifying transactions by collaborating with regional audit firms to standardize financial reporting, enhance market transparency, and make businesses more attractive to global investors. Beyond facilitating financial transactions, our broader goal is to stimulate economic growth by creating a more interconnected, efficient, and robust M&A ecosystem.
ContributorsHarmon, William (Author) / Freiheit, William (Co-author) / Dalton, Ryan (Co-author) / Seykora, Colton (Co-author) / Byrne, Jared (Thesis director) / Thomasson, Anna (Committee member) / Barrett, The Honors College (Contributor) / Department of Finance (Contributor) / School of Accountancy (Contributor)
Created2024-05