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- Member of: Barrett, The Honors College Thesis/Creative Project Collection
Description
Blockchain technology has taken the world by storm, and is now establishing itself the the real estate industry. Through new inventions such as smart contracts and crypto mortgages, the real estate industry is at the precipice of a major technological shift. After careful analysis of the current technologies and interviews with industry experts, this thesis will conclude with the possible implications that will arise from the wide spread use of Blockchain technology in real estate.
ContributorsClose, Grayson Scott (Author) / Stapp, Mark (Thesis director) / Gray, William (Committee member) / Department of Management and Entrepreneurship (Contributor) / Department of Finance (Contributor) / Barrett, The Honors College (Contributor)
Created2021-05
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 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
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 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.
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
Description
Axon Enterprise, Inc. is a publicly traded company founded in Scottsdale, Arizona in 1993. The company went public on June 7th, 2001. The inspiration for this topic is our interest in equity research. We believe that understanding how to fundamentally research a company is not only beneficial for our careers, but for our own personal financial learning. One thing that stood out about Axon was its dominant control of the stun gun market. Axon captures around 90%.. Because of this, we wanted to dive deeper. Surely, this has to be a good investment. What company owns almost all of the market share but isn’t a good investment? In our heads, none. But that wasn’t enough. We wanted to dive deeper and examine the fundamental business mechanisms of the firm to determine for ourselves why this is, and why we believe the company really does have tremendous growth potential. By connecting with Axon executives, developing an investment thesis, and understanding the fundamental business drivers behind Axon, we will develop a thorough understanding of Axon’s financial standing. Our goals; fundamental analysis of Axon, determine a one year price target, convince readers that Axon is a rewarding and appealing investment opportunity.
ContributorsGreife, Torsten Markus (Co-author) / Bailey, Eric (Co-author) / Budolfson, Arthur (Thesis director) / Licon, Lawrence (Committee member) / Department of Supply Chain Management (Contributor) / Dean, W.P. Carey School of Business (Contributor) / Barrett, The Honors College (Contributor)
Created2019-05
Description
In this thesis, we analyze the case, Swain, et al. v. Bixby Village, et al., the Ahwatukee Lakes Golf Course case, and the legal findings surrounding it. First, this thesis examines the history of the case and its ongoing litigation. Next, the background information on select definitions and other related cases is examined. Finally, this thesis analyzes three main points addressed in the Appellate Court’s Opinion on the case and presents potential next steps and recommendations for an equitable solution on both sides of this and future cases concerning land restricted to golf course use.
ContributorsEngler, Joelle Samantha (Co-author) / Asher, Rebecca (Co-author) / Gammage, Grady (Thesis director) / Stapp, Mark (Committee member) / Cassidy, Delilah (Committee member) / Historical, Philosophical & Religious Studies (Contributor) / School of Accountancy (Contributor) / Department of Economics (Contributor) / Barrett, The Honors College (Contributor)
Created2020-05
Description
This paper discusses merger arbitrage as a trading strategy, the benefits of allocating it into a diversified portfolio, and a method of replicating its returns through an alternative investment strategy (writing uncovered index put options). It discusses the approach to implementation, along with the risk and reward profile of the strategy. The paper entitled Characteristics of Risk and Return in Merger arbitrage is used as a basis for the research approach. An up-to-date time series analysis is constructed utilizing the HFRMAI index (a hedge fund index that mirrors a sizable sample of merger risk arbitrage transactions) as a benchmark for testing the effectiveness of the replication strategy (PUT index). Lastly, a live merger arbitrage strategy is executed on a current M&A transaction (the LVMH and Tiffany & Co. acquisition) to assess the acquirer and target firms’ stock volatility and profits or losses.
ContributorsArana, Cynthia (Author) / Bonadurer, Werner (Thesis director) / Licon, Lawrence (Committee member) / Department of Finance (Contributor) / Department of Information Systems (Contributor) / Barrett, The Honors College (Contributor)
Created2021-05
Description
My thesis examines the location of Minor League Baseball stadiums. From this examination, I will analyze how the location of the stadium impacts attendance levels. Specifically, I will be analyzing various micro-level factors regarding the area surrounding the stadium. The categories to be analyzed include demographics, land usage and access. To evaluate these micro-level factors, comparisons will be taken between the top-15 organizations and bottom-15 organizations in their league relative attendance levels. This comparison will provide information on potential factors that foster a relationship with successful or unsuccessful attendance levels. With the collection of data, many implications can be displayed. In order of significance of the relationship with successful attendance levels, the most impactful category was access, followed by land usage with demographics presenting the least impact on successful attendance levels. Within these categories, various factors presented different levels of connection with its impact on successful attendance levels. In addition, the various factors imposed different levels of significance at different distances surrounding the stadium. As such, it is important to take a holistic approach and consider the relationship each factor has on other factors and the role that the certain factor has on the specific community. This information provides various implications for multiple parties. Most significantly, this analysis will provide information for Minor League Baseball organizations for the optimization of the location for their stadium. Locating its stadium in the most optimal location will ensure the maximization of attendance levels, thus maximizing revenue and profit levels for the business operations of the organization. In addition, this information can also be used by the municipal government that the organization is located to assist in locating the stadium in the most optimal location. The importance of this for community is provided by the positive externalities that result from the enhanced community interaction developed by the Minor League organization. By finding the factors that influence attendance levels, parties within the organization as well as outside the organization can best access the benefits that are created from its operation.
ContributorsRubin, Levi Dartagnan Vitus (Author) / Stapp, Mark (Thesis director) / Bronska, Michael (Committee member) / Department of Finance (Contributor, Contributor) / Barrett, The Honors College (Contributor)
Created2018-12
Description
Financial distress and restructuring is a core component of the corporate finance advisor's arsenal and is needed in nearly all market conditions, whether recessionary or expansionary. Financial distress means that a company is in present or future danger of not being able to pay its financial obligations. There are many market indicators of distress which may include: debt trading significantly below face value, stock price trading at or below $1 per share, and implied negative shareholders' equity on the balance sheet. In order to remedy financial distress, the debtor and its creditors seek to hire investment banks specializing in financial restructuring to help fix the debtors's capital structure and possibly navigate through a bankruptcy process. Stephen Moyer describes financial restructuring as "the process of transforming a firm's capital structure to better fit the current and/or future circumstances of the firm" (53). The way that this is accomplished is reducing the debtor's liabilities in order to accurately reflect asset value. Liabilities may be adjusted in out-of-court restructuring agreements or in-court bankruptcy restructurings. The former is often quite difficult considering the hostile nature of the situation and competing interests but is preferred if possible. The latter is most common but also usually both lengthy and expensive. In most cases, the liabilities will be exchanged for new liabilities or equity, providing the creditors with some form of recovery, and leaving the debtor in a healthier position post-emergence. In order to put myself into the shoes of a financial restructuring advisor, I conducted a technical case study on Eastman-Kodak by recreating a financial model depicting possible returns to creditors and emergence from bankruptcy. This model is depicted within the thesis.
ContributorsEghlimi, Sean Cameron (Author) / Licon, Lawrence (Thesis director) / Orpurt, Steven (Committee member) / School of International Letters and Cultures (Contributor) / Department of Finance (Contributor) / Barrett, The Honors College (Contributor)
Created2018-12
Description
The United States has experienced a financial crisis every ten years for the past three decades. Investors, financial institutions, and government officials fear these moments because of how negative the experience is and the strain it puts on the nation’s financial markets. Analyzing the financial crises of 1987, 1997 and 2008 shows what is to blame for the chaotic times that happened. In all these instances, human actions set up the occurrences that allowed a crash to take place. Each crash is different in their own respect; however, greed, procrastination and a herd mentality are the biggest reappearing trends in each ten-year cycle. Human nature helped escalate each of these crises as well, making them worse than they might have been.
It is important to know why financial crises happen every ten years since the United States is approaching what could be the next ten-year cycle. However, 2019 could be the year the financial markets escape past trends, but that will not happen without understanding why past crises have taken place. If humans stop creating the occurrences for a crisis, there will be nothing for human nature to escalate and make worse. The more independence and knowledge investors and financial institutions have, the easier it will be to stop the occurrences that create a crisis every ten years. This thesis explores why human actions are really to blame for the financial crises the United States’ markets have experienced, and why human nature is to blame for escalating the crisis experienced. Moving forward, if humans can stop creating the occurrences for a financial crisis, the markets can be changed for the better.
It is important to know why financial crises happen every ten years since the United States is approaching what could be the next ten-year cycle. However, 2019 could be the year the financial markets escape past trends, but that will not happen without understanding why past crises have taken place. If humans stop creating the occurrences for a crisis, there will be nothing for human nature to escalate and make worse. The more independence and knowledge investors and financial institutions have, the easier it will be to stop the occurrences that create a crisis every ten years. This thesis explores why human actions are really to blame for the financial crises the United States’ markets have experienced, and why human nature is to blame for escalating the crisis experienced. Moving forward, if humans can stop creating the occurrences for a financial crisis, the markets can be changed for the better.
ContributorsPoore, Savannah Shea (Author) / Licon, Lawrence (Thesis director) / Budolfson, Arthur (Committee member) / Department of Information Systems (Contributor) / Department of Finance (Contributor) / Barrett, The Honors College (Contributor)
Created2019-05
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 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