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- Member of: Theses and Dissertations
Description
This thesis develops a low-investment marketing strategy that allows low-to-mid level farmers extend their commercialization reach by strategically sending containers of fresh produce items to secondary markets that present temporary arbitrage opportunities. The methodology aims at identifying time windows of opportunity in which the price differential between two markets create an arbitrage opportunity for a transaction; a transaction involves buying a fresh produce item at a base market, and then shipping and selling it at secondary market price. A decision-making tool is developed that gauges the individual arbitrage opportunities and determines the specific price differential (or threshold level) that is most beneficial to the farmer under particular market conditions. For this purpose, two approaches are developed; a pragmatic approach that uses historic price information of the products in order to find the optimal price differential that maximizes earnings, and a theoretical one, which optimizes an expected profit model of the shipments to identify this optimal threshold. This thesis also develops risk management strategies that further reduce profit variability during a particular two-market transaction. In this case, financial engineering concepts are used to determine a shipment configuration strategy that minimizes the overall variability of the profits. For this, a Markowitz model is developed to determine the weight assignation of each component for a particular shipment. Based on the results of the analysis, it is deemed possible to formulate a shipment policy that not only increases the farmer's commercialization reach, but also produces profitable operations. In general, the observed rates of return under a pragmatic and theoretical approach hovered between 0.072 and 0.616 within important two-market structures. Secondly, it is demonstrated that the level of return and risk can be manipulated by varying the strictness of the shipping policy to meet the overall objectives of the decision-maker. Finally, it was found that one can minimize the risk of a particular two-market transaction by strategically grouping the product shipments.
ContributorsFlores, Hector M (Author) / Villalobos, Rene (Thesis advisor) / Runger, George C. (Committee member) / Maltz, Arnold (Committee member) / Arizona State University (Publisher)
Created2011
Description
Yannis Constantinidis was the last of the handful of composers referred to collectively as the Greek National School. The members of this group strove to create a distinctive national style for Greece, founded upon a synthesis of Western compositional idioms with melodic, rhyhmic, and modal features of their local folk traditions. Constantinidis particularly looked to the folk melodies of his native Asia Minor and the nearby Dodecanese Islands. His musical output includes operettas, musical comedies, orchestral works, chamber and vocal music, and much piano music, all of which draws upon folk repertories for thematic material. The present essay examines how he incorporates this thematic material in his piano compositions, written between 1943 and 1971, with a special focus on the 22 Songs and Dances from the Dodecanese. In general, Constantinidis's pianistic style is expressed through miniature pieces in which the folk tunes are presented mostly intact, but embedded in accompaniment based in early twentieth-century modal harmony. Following the dictates of the founding members of the Greek National School, Manolis Kalomiris and Georgios Lambelet, the modal basis of his harmonic vocabulary is firmly rooted in the characteristics of the most common modes of Greek folk music. A close study of his 22 Songs and Dances from the Dodecanese not only offers a valuable insight into his harmonic imagination, but also demonstrates how he subtly adapts his source melodies. This work also reveals his care in creating a musical expression of the words of the original folk songs, even in purely instrumental compositon.
ContributorsSavvidou, Dina (Author) / Hamilton, Robert (Thesis advisor) / Little, Bliss (Committee member) / Meir, Baruch (Committee member) / Thompson, Janice M (Committee member) / Arizona State University (Publisher)
Created2011
Description
This paper describes six representative works by twentieth-century Chinese composers: Jian-Zhong Wang, Er-Yao Lin, Yi-Qiang Sun, Pei-Xun Chen, Ying-Hai Li, and Yi Chen, which are recorded by the author on the CD. The six pieces selected for the CD all exemplify traits of Nationalism, with or without Western influences. Of the six works on the CD, two are transcriptions of the Han Chinese folk-like songs, one is a composition in the style of the Uyghur folk music, two are transcriptions of traditional Chinese instrumental music dating back to the eighteenth century, and one is an original composition in a contemporary style using folk materials. Two of the composers, who studied in the United States, were strongly influenced by Western compositional style. The other four, who did not study abroad, retained traditional Chinese style in their compositions. The pianistic level of difficulty in these six pieces varies from intermediate to advanced level. This paper includes biographical information for the six composers, background information on the compositions, and a brief analysis of each work. The author was exposed to these six pieces growing up, always believing that they are beautiful and deserve to be appreciated. When the author came to the United States for her studies, she realized that Chinese compositions, including these six pieces, were not sufficiently known to her peers. This recording and paper are offered in the hopes of promoting a wider familiarity with Chinese music and culture.
ContributorsLuo, Yali, D.M.A (Author) / Hamilton, Robert (Thesis advisor) / Campbell, Andrew (Committee member) / Pagano, Caio (Committee member) / Cosand, Walter (Committee member) / Rogers, Rodney (Committee member) / Arizona State University (Publisher)
Created2012
Description
In this dissertation, I examine the source of some of the anomalous capital market outcomes that have been documented for firms with high accruals. Chapter 2 develops and implements a methodology that decomposes a firm's discretionary accruals into a firm-specific and an industry-specific component. I use this decomposition to investigate which component drives the subsequent negative returns associated with firms with high discretionary accruals. My results suggest that these abnormal returns are driven by the firm-specific component of discretionary accruals. Moreover, although industry-specific discretionary accruals do not directly contribute towards this anomaly, I find that it is precisely when industry-specific discretionary accruals are high that firms with high firm-specific discretionary accruals subsequently earn these negative returns. While consistent with irrational mispricing or a rational risk premium associated with high discretionary accruals, these findings also support a transactions-cost based explanation for the accruals anomaly whereby search costs associated with distinguishing between value-relevant and manipulative discretionary accruals can induce investors to overlook potential earnings manipulation. Chapter 3 extends the decomposition to examine the role of firm-specific and industry-specific discretionary accruals in explaining the subsequent market underperformance and negative analysts' forecast errors documented for firms issuing equity. I examine the post-issue market returns and analysts' forecast errors for a sample of seasoned equity issues between 1975 and 2004 and find that offering-year firm-specific discretionary accruals can partially explain these anomalous capital market outcomes. Nonetheless, I find this predictive power of firm-specific accruals to be more pronounced for issues that occur during 1975 - 1989 compared to issues taking place between 1990 and 2004. Additionally, I find no evidence that investors and analysts are more overoptimistic about the prospects of issuers that have both high firm-specific and industry-specific discretionary accruals (compared to firms with high discretionary accruals in general). The results indicate no role for industry-specific discretionary accruals in explaining overoptimistic expectations from seasoned equity issues and suggest the importance of firm-specific factors in inducing earnings manipulation surrounding equity issues.
ContributorsIkram, Atif (Author) / Coles, Jeffrey (Thesis advisor) / Hertzel, Michael (Committee member) / Tserlukevich, Yuri (Committee member) / Arizona State University (Publisher)
Created2011
Description
One necessary condition for the two-pass risk premium estimator to be consistent and asymptotically normal is that the rank of the beta matrix in a proposed linear asset pricing model is full column. I first investigate the asymptotic properties of the risk premium estimators and the related t-test and Wald test statistics when the full rank condition fails. I show that the beta risk of useless factors or multiple proxy factors for a true factor are priced more often than they should be at the nominal size in the asset pricing models omitting some true factors. While under the null hypothesis that the risk premiums of the true factors are equal to zero, the beta risk of the true factors are priced less often than the nominal size. The simulation results are consistent with the theoretical findings. Hence, the factor selection in a proposed factor model should not be made solely based on their estimated risk premiums. In response to this problem, I propose an alternative estimation of the underlying factor structure. Specifically, I propose to use the linear combination of factors weighted by the eigenvectors of the inner product of estimated beta matrix. I further propose a new method to estimate the rank of the beta matrix in a factor model. For this method, the idiosyncratic components of asset returns are allowed to be correlated both over different cross-sectional units and over different time periods. The estimator I propose is easy to use because it is computed with the eigenvalues of the inner product of an estimated beta matrix. Simulation results show that the proposed method works well even in small samples. The analysis of US individual stock returns suggests that there are six common risk factors in US individual stock returns among the thirteen factor candidates used. The analysis of portfolio returns reveals that the estimated number of common factors changes depending on how the portfolios are constructed. The number of risk sources found from the analysis of portfolio returns is generally smaller than the number found in individual stock returns.
ContributorsWang, Na (Author) / Ahn, Seung C. (Thesis advisor) / Kallberg, Jarl G. (Committee member) / Liu, Crocker H. (Committee member) / Arizona State University (Publisher)
Created2011
Description
The purpose of this project was to examine the lives and solo piano works of four members of the early generation of female composers in Taiwan. These four women were born between 1950 and 1960, began to appear on the Taiwanese musical scene after 1980, and were still active as composers at the time of this study. They include Fan-Ling Su (b. 1955), Hwei-Lee Chang (b. 1956), Shyh-Ji Pan-Chew (b. 1957), and Kwang-I Ying (b. 1960). Detailed biographical information on the four composers is presented and discussed. In addition, the musical form and features of all solo piano works at all levels by the four composers are analyzed, and the musical characteristics of each composer's work are discussed. The biography of a fifth composer, Wei-Ho Dai (b. 1950), is also discussed but is placed in the Appendices because her piano music could not be located. This research paper is presented in six chapters: (1) Prologue; the life and music of (2) Fan-Ling Su, (3) Hwei-Lee Chang, (4) Shyh-Ji Pan-Chew, and (5) Kwang-I Ying; and (6) Conclusion. The Prologue provides an overview of the development of Western classical music in Taiwan, a review of extant literature on the selected composers and their music, and the development of piano music in Taiwan. The Conclusion is comprised of comparisons of the four composers' music, including their personal interests and preferences as exhibited in their music. For example, all of the composers have used atonality in their music. Two of the composers, Fan-Ling Su and Kwang-I Ying, openly apply Chinese elements in their piano works, while Hwei-Lee Chang tries to avoid direct use of the Chinese pentatonic scale. The piano works of Hwei-Lee Chang and Shyh-Ji Pan-Chew are chromatic and atonal, and show an economical usage of material. Biographical information on Wei-Ho Dai and an overview of Taiwanese history are presented in the Appendices.
ContributorsWang, Jinding (Author) / Pagano, Caio (Thesis advisor) / Campbell, Andrew (Committee member) / Humphreys, Jere T. (Committee member) / Meyer-Thompson, Janice (Committee member) / Norton, Kay (Committee member) / Arizona State University (Publisher)
Created2011
Description
A systematic top down approach to minimize risk and maximize the profits of an investment over a given period of time is proposed. Macroeconomic factors such as Gross Domestic Product (GDP), Consumer Price Index (CPI), Outstanding Consumer Credit, Industrial Production Index, Money Supply (MS), Unemployment Rate, and Ten-Year Treasury are used to predict/estimate asset (sector ETF`s) returns. Fundamental ratios of individual stocks are used to predict the stock returns. An a priori known cash-flow sequence is assumed available for investment. Given the importance of sector performance on stock performance, sector based Exchange Traded Funds (ETFs) for the S&P; and Dow Jones are considered and wealth is allocated. Mean variance optimization with risk and return constraints are used to distribute the wealth in individual sectors among the selected stocks. The results presented should be viewed as providing an outer control/decision loop generating sector target allocations that will ultimately drive an inner control/decision loop focusing on stock selection. Receding horizon control (RHC) ideas are exploited to pose and solve two relevant constrained optimization problems. First, the classic problem of wealth maximization subject to risk constraints (as measured by a metric on the covariance matrices) is considered. Special consideration is given to an optimization problem that attempts to minimize the peak risk over the prediction horizon, while trying to track a wealth objective. It is concluded that this approach may be particularly beneficial during downturns - appreciably limiting downside during downturns while providing most of the upside during upturns. Investment in stocks during upturns and in sector ETF`s during downturns is profitable.
ContributorsChitturi, Divakar (Author) / Rodriguez, Armando (Thesis advisor) / Tsakalis, Konstantinos S (Committee member) / Si, Jennie (Committee member) / Arizona State University (Publisher)
Created2010
Description
I study the importance of financial factors and real exchange rate shocks in explaining business cycle fluctuations, which have been considered important in the literature as non-technological factors in explaining business cycle fluctuations. In the first chapter, I study the implications of fluctuations in corporate credit spreads for business cycle fluctuations. Motivated by the fact that corporate credit spreads are countercyclical, I build a simple model in which difference in default probabilities on corporate debts leads to the spread in interest rates paid by firms. In the model, firms differ in the variance of the firm-level productivity, which is in turn linked to the difference in the default probability. The key mechanism is that an increase in the variance of productivity for risky firms relative to safe firms leads to reallocation of capital away from risky firms toward safe firms and decrease in aggregate output and productivity. I embed the above mechanism into an otherwise standard growth model, calibrate it and numerically solve for the equilibrium. In my benchmark case, I find that shocks to variance of productivity for risky and safe firms account for about 66% of fluctuations in output and TFP in the U.S. economy. In the second chapter, I study the importance of shocks to the price of imports relative to the price of final goods, led by the real exchange rate shocks, in accounting for fluctuations in output and TFP in the Korean economy during the Asian crisis of 1997-98. Using the Korean data, I calibrate a standard small open economy model with taxes and tariffs on imported goods, and simulate it. I find that shocks to the price of imports are an important source of fluctuations in Korea's output and TFP in the Korean crisis episode. In particular, in my benchmark case, shocks to the price of imports account for about 55% of the output deviation (from trend), one third of the TFP deviation and three quarters of the labor deviation in 1998.
ContributorsKim, Seon Tae (Author) / Prescott, Edward C. (Thesis advisor) / Rogerson, Richard (Committee member) / Ahn, Seung (Committee member) / Low, Stuart (Committee member) / Arizona State University (Publisher)
Created2011
Description
My research aims to determine the effectiveness of meditation and sleep applications (apps) on the reduction of anxiety and stress in college students, with a focus on sedative piano music. Results showed a significant reduction of stress and anxiety levels in college students when listening to sedative piano music versus non-sedative piano music. Music along with other therapy modalities in meditation and sleep apps show promise in reducing students’ anxiety and stress and promoting their successes.
ContributorsPantha, Bidur (Author) / Brian, Jennifer (Thesis director) / Patten, Kristopher (Committee member) / School of Molecular Sciences (Contributor) / School of Life Sciences (Contributor) / Barrett, The Honors College (Contributor)
Created2021-05