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- Language: English
Description
I examine the degree to which stockholders' aggregate gain/loss frame of reference in the equity of a given firm affects their response to the firm's quarterly earnings announcements. Contrary to predictions from rational expectations models of trade (Shackelford and Verrecchia 2002), I find that abnormal trading volume around earnings announcements is larger (smaller) when stockholders are in an aggregate unrealized capital gain (loss) position. This relation is stronger among seller-initiated trades and weaker in December, consistent with the cognitive bias referred to as the disposition effect (Shefrin and Statman 1985). Sensitivity analysis reveals that the relation is stronger among less sophisticated investors and for firms with weaker information environments, consistent with the behavioral explanation. I also present evidence on the consequences of this disposition effect. First, stockholders' aggregate unrealized capital gain position moderates the degree to which information-related determinants of trade (e.g. unexpected earnings, firm size, and forecast dispersion) affect abnormal announcement-window trading volume. Second, stockholders' aggregate unrealized capital gains position is associated with announcement-window abnormal returns, consistent with the disposition effect reducing the market's ability to efficiently incorporate earnings news into price.
ContributorsWeisbrod, Eric (Author) / Hillegeist, Stephen (Thesis advisor) / Kaplan, Steven (Committee member) / Mikhail, Michael (Committee member) / Arizona State University (Publisher)
Created2012
Description
Four Souvenirs for Violin and Piano was composed by Paul Schoenfeld (b.1947) in 1990 as a showpiece, spotlighting the virtuosity of both the violin and piano in equal measure. Each movement is a modern interpretation of a folk or popular genre, re- envisioned over intricate jazz harmonies and rhythms. The work was commissioned by violinist Lev Polyakin, who specifically requested some short pieces that could be performed in a local jazz establishment named Night Town in Cleveland, Ohio. The result is a work that is approximately fifteen minutes in length. Schoenfeld is a respected composer in the contemporary classical music community, whose Café Music (1986) for piano trio has recently become a staple of the standard chamber music repertoire. Many of his other works, however, remain in relative obscurity. It is the focus of this document to shed light on at least one other notable composition; Four Souvenirs for Violin and Piano. Among the topics to be discussed regarding this piece are a brief history behind the genesis of this composition, a structural summary of the entire work and each of its movements, and an appended practice guide based on interview and coaching sessions with the composer himself. With this project, I hope to provide a better understanding and appreciation of this work.
ContributorsJanczyk, Kristie Annette (Author) / Ryan, Russell (Thesis advisor) / Campbell, Andrew (Committee member) / Norton, Kay (Committee member) / Arizona State University (Publisher)
Created2015
Description
The classification of financially at-risk is an expansive term that fits the personal profile of most individuals when it comes to the conditioning of their attitude toward money management, particularly in the planning and investment of that money for the achievement of long-term goals. In the case of this thesis, we focus primarily on those who have made a career in professional athletics and entertainment. The behavioral finance tendencies of these two industry professions are widely regarded as insufficient and often damaging the to the longevity of achieved financial security. This ideology stems primarily from an environment where individuals enjoy rapid wealth accumulation in a highly competitive and constantly transitioning role within their respective crafts. The subjectively common behavioral shortcomings of these world-class athletes and performers and uncertain day-to-day security of the professions which these at-risk individuals possess make for highly unfavorable circumstances when striving to achieve a lifetime of income and a secure retirement. In examining individuals of these classes who have faced grave financial hardship, this thesis will serve as a basis for identifying measures to recondition problematic behavioral tendencies that ultimately cause disengagement from a prudent financial plan. Therefore, this thesis will also serve as a framework to determine what investment strategies will complement the behavioral modifications financial planners strive to instill in these individuals, so that professional athletes, celebrities, and financially at-risk professionals alike may achieve higher probability of creating financial freedom through the engaged execution of a goals-based financial plan.
ContributorsKeller, Charles Phillip (Author) / Licon, Wendell (Thesis director) / Budolfson, Arthur (Committee member) / Department of Supply Chain Management (Contributor) / Dean, W.P. Carey School of Business (Contributor) / Barrett, The Honors College (Contributor)
Created2019-05
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 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
Description
Samuel Máynez Prince (1886-1966), was a prolific and important Mexican musician. Prince’s musical style followed the trends of the nineteenth-century salon music genre. His compositions include lullabies, songs, dances, marches, mazurkas, waltzes, and revolutionary anthems. Prince’s social status and performances in the famed Café Colón in Mexico City increased his popularity among high-ranking political figures during the time of the Mexican Revolution as well as his status in the Mexican music scene.
Unfortunately there is virtually no existing scholarship on Prince and even basic information regarding his life and works is not readily available. The lack of organization of the manuscript scores and the absence of dates of his works has further pushed the composer into obscurity. An investigation therefore was necessary in order to explore the neglected aspects of the life and works of Prince as a violinist and composer. This document is the result of such an investigation by including extensive new biographical information, as well as the first musical analysis and edition of the complete recovered works for violin and piano.
In order to fill the gaps present in the limited biographical information regarding Prince’s life, investigative research was conducted in Mexico City. Information was drawn from archives of the composer’s grandchildren, the Palacio de Bellas Artes, the Conservatorio Nacional de Música de México, and the Orquesta Sinfónica Nacional. The surviving relatives provided first-hand details on events in the composer’s life; one also offered the researcher access to their personal archive including, important life documents, photographs, programs from concert performances, and manuscript scores of the compositions. Establishing connections with the relatives also led the researcher to examining the violins owned and used by the late violinist/composer.
This oral history approach led to new and updated information, including the revival of previously unpublished music for violin and piano. These works are here compiled in an edition that will give students, teachers, and music-lovers access to this unknown repertoire. Finally, this research seeks to promote the beauty and nuances of Mexican salon music, and the complete works for violin and piano of Samuel Máynez Prince in particular.
Unfortunately there is virtually no existing scholarship on Prince and even basic information regarding his life and works is not readily available. The lack of organization of the manuscript scores and the absence of dates of his works has further pushed the composer into obscurity. An investigation therefore was necessary in order to explore the neglected aspects of the life and works of Prince as a violinist and composer. This document is the result of such an investigation by including extensive new biographical information, as well as the first musical analysis and edition of the complete recovered works for violin and piano.
In order to fill the gaps present in the limited biographical information regarding Prince’s life, investigative research was conducted in Mexico City. Information was drawn from archives of the composer’s grandchildren, the Palacio de Bellas Artes, the Conservatorio Nacional de Música de México, and the Orquesta Sinfónica Nacional. The surviving relatives provided first-hand details on events in the composer’s life; one also offered the researcher access to their personal archive including, important life documents, photographs, programs from concert performances, and manuscript scores of the compositions. Establishing connections with the relatives also led the researcher to examining the violins owned and used by the late violinist/composer.
This oral history approach led to new and updated information, including the revival of previously unpublished music for violin and piano. These works are here compiled in an edition that will give students, teachers, and music-lovers access to this unknown repertoire. Finally, this research seeks to promote the beauty and nuances of Mexican salon music, and the complete works for violin and piano of Samuel Máynez Prince in particular.
ContributorsEkenes, Spencer Arvin (Author) / McLin, Katherine (Thesis advisor) / Feisst, Sabine (Committee member) / Jiang, Danwen (Committee member) / Arizona State University (Publisher)
Created2016