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While credit rating agencies use both forward-looking and historical information in evaluating a firm's credit risk, the role of forward-looking information in their rating decisions is not well understood. In this study, I examine the association between management earnings guidance news and future credit rating changes. While upward earnings guidance

While credit rating agencies use both forward-looking and historical information in evaluating a firm's credit risk, the role of forward-looking information in their rating decisions is not well understood. In this study, I examine the association between management earnings guidance news and future credit rating changes. While upward earnings guidance is not informative for credit rating changes, downward earnings guidance is significantly and positively associated with both the likelihood and speed of rating downgrades. In cross-sectional analyses, I find that downward guidance is especially informative in two important circumstances: (i) when a firm's current credit rating is overly optimistic compared to a model predicted rating, and (ii) when the relevance or reliability of alternative information sources is lower. In addition, I find that downward guidance is associated with lower future cash flows, as well as a higher volatility of future cash flows. Overall, the results are consistent with credit rating agencies incorporating voluntary bad news disclosures into their decisions about whether and when to downgrade a firm.
ContributorsLin, An-Ping (Author) / Hillegeist, Stephen (Thesis advisor) / Hugon, Jean (Thesis advisor) / Call, Andrew (Committee member) / Dhaliwal, Dan (Committee member) / Arizona State University (Publisher)
Created2015
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Description
An ethical dilemma is not a matter of “right” versus “wrong,” but rather it is a situation of conflicting values. A common ethical dilemma is that of honesty versus loyalty—is it better to tell the truth, or remain loyal to the company? In the Japanese culture, truth is

An ethical dilemma is not a matter of “right” versus “wrong,” but rather it is a situation of conflicting values. A common ethical dilemma is that of honesty versus loyalty—is it better to tell the truth, or remain loyal to the company? In the Japanese culture, truth is circumstantial and can vary with different situations. In a way, the Japanese idea of honesty reflects how highly they value loyalty. This overlap of values results in the lack of an ethical dilemma for the Japanese, which creates a new risk for fraud. Without this struggle, a Japanese employee does not have strong justification against committing fraud if it aligns with his values of honesty and loyalty.
This paper looks at the Japanese values relating to honesty and loyalty to show how much these ideas overlap. The lack of a conflict of values creates a risk for fraud, which will be shown through an analysis of the scandals of two Japanese companies, Toshiba and Olympus. These scandals shine light on the complexity of the ethical dilemma for the Japanese employees; since their sense of circumstantial honesty encourages them to lie if it maintains the harmony of the group, there is little stopping them from committing the fraud that their superiors asked them to commit.
In a global economy, understanding the ways that values impact business and decisions is important for both interacting with others and anticipating potential conflicts, including those that may result in or indicate potential red flags for fraud.
ContributorsTabar, Kelly Ann (Author) / Samuelson, Melissa (Thesis director) / Goldman, Alan (Committee member) / WPC Graduate Programs (Contributor) / W.P. Carey School of Business (Contributor) / School of Accountancy (Contributor) / Barrett, The Honors College (Contributor)
Created2018-05
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Description
#VanLife is a long-time, up and coming lifestyle movement on social media centered around the process of leaving the traditional nine-to-five work week for a life on the road in a camper van. While the ‘hippie-esque’ vagabond lifestyle has its humble roots long before the turn of the century,

#VanLife is a long-time, up and coming lifestyle movement on social media centered around the process of leaving the traditional nine-to-five work week for a life on the road in a camper van. While the ‘hippie-esque’ vagabond lifestyle has its humble roots long before the turn of the century, the inception of social media platforms such as Instagram and Pinterest have fueled the more recent popularization of a full-time life on the road. #VanLifers often freelance on the road, work part time jobs, or gain sponsorships to help fund their traveling and humble lifestyle.
As the #VanLife craze continues to grow, new businesses are finding ways to meet the demand in the market. For #Vanlifers who own and operate their own camper vans, specialized companies like GoWesty, Vanagain, and Boxeer offer a full range of parts, upgrades, and custom mechanical and systems conversion kits to keep these vans on the road as OE manufacturers discontinue production on these parts. For those who have an itch to try out the #VanLife for a shorter period and without the financial commitment, companies like Roamerica, TontoTrails, and adventureRIGS offer nightly and weekly rental opportunities on fully-outfitted campervans ready to hit the road.
For my Honors Project I wrote a complete analysis on the history, development, and modernization of the #VanLife movement. With plans to take to the road for an extended period of time after graduation, I also developed a complete financial plan for a one-year #VanLife experience. The financial plan includes a comprehensive set of budgets that scrutinize the start-up an operational costs of the #VanLife and associated travel.
ContributorsRischitelli, Noah Gary (Author) / Garverick, Michael (Thesis director) / Dawson, Gregory (Committee member) / WPC Graduate Programs (Contributor) / School of Accountancy (Contributor) / Department of Finance (Contributor) / Barrett, The Honors College (Contributor)
Created2018-05
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Description
This thesis examines the impact of price changes of select microprocessors on the market share and 5-year gross profit net present values of Company X in the networking market through a multi-step analysis. The networking market includes segments including media processing, cloud services, security, routers & switches, and access points.

This thesis examines the impact of price changes of select microprocessors on the market share and 5-year gross profit net present values of Company X in the networking market through a multi-step analysis. The networking market includes segments including media processing, cloud services, security, routers & switches, and access points. For this thesis our team focused on the routers & switches, as well as the security segments. Company X wants to capitalize on the expected growth of the networking market as it transitions to its fifth generation (henceforth referred to as 5G) by positioning itself favorably in its customers eyes through high quality products offered at competitive prices. Our team performed a quantitative analysis of benchmark data to measure the performances of Company X's products against those of its competitors. We collected this data from third party computer reviewers, as well as the published reports of Company X and its competitors. Through the use of a preference matrix, we then normalized this performance data to adjust for different scales. In order to provide a well-rounded analysis, we adjusted these normalized performances for power consumption (using thermal design power as a proxy) as well as price. We believe these adjusted performances are more valuable than raw benchmark data, as they appeal to the demands of price-sensitive customers. Based on these comparisons, our team was able to assess price changes for their market and discounted financial impact on Company X. Our findings challenge the current pricing of one of the two products being analyzed and suggests a 9% decrease in the price of said product. This recommendation most effectively positions Company X for the development of 5G by offering the best balance of market share and NPV.
ContributorsArias, Stephen (Co-author) / Masson, Taylor (Co-author) / McCall, Kyle (Co-author) / Dimitroff, Alex (Co-author) / Hardy, Sebastian (Co-author) / Simonson, Mark (Thesis director) / Haller, Marcie (Committee member) / School of Accountancy (Contributor) / Department of Finance (Contributor) / Barrett, The Honors College (Contributor)
Created2018-05
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Description
Financial stress is one of the main stressors that university students face. At Arizona State University, 18.8% of students reported that financial stress has a high or very high effect on their overall stress levels. Nationwide, the National Student Financial Wellness Report states that over 70% of college students feel

Financial stress is one of the main stressors that university students face. At Arizona State University, 18.8% of students reported that financial stress has a high or very high effect on their overall stress levels. Nationwide, the National Student Financial Wellness Report states that over 70% of college students feel stressed about their financial situation. To address this problem, universities across the nation have implemented financial wellness programs to educate students on financial matters. This thesis conducts a study of five of the top financial wellness programs in the country, and then uses those findings to identify best practices for creating and implementing a financial wellness program at Arizona State University. I propose the development of a peer-to-peer program formed under the Financial Aid office. It would deliver content through presentations, workshops, one-on-one meetings, and an online platform called iGrad. It would cover critical financial topics such as budgeting, loans, credit, and investments. The program's goal of increasing financial wellness should be evaluated based on perceived efficacy, satisfaction with the material, a decrease in stress levels, lower default rates, and lower borrowing rates. Implementing this program allows ASU to help break the vicious cycle of financial stress that many students face.
ContributorsWilliamson, Madeline Jean (Author) / Pizzo, Melissa (Thesis director) / Dawes, Mary (Committee member) / WPC Graduate Programs (Contributor) / School of Accountancy (Contributor) / Department of Information Systems (Contributor) / Barrett, The Honors College (Contributor)
Created2018-05
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Description
The purpose of our research was to develop recommendations and/or strategies for Company A's data center group in the context of the server CPU chip industry. We used data collected from the International Data Corporation (IDC) that was provided by our team coaches, and data that is accessible on the

The purpose of our research was to develop recommendations and/or strategies for Company A's data center group in the context of the server CPU chip industry. We used data collected from the International Data Corporation (IDC) that was provided by our team coaches, and data that is accessible on the internet. As the server CPU industry expands and transitions to cloud computing, Company A's Data Center Group will need to expand their server CPU chip product mix to meet new demands of the cloud industry and to maintain high market share. Company A boasts leading performance with their x86 server chips and 95% market segment share. The cloud industry is dominated by seven companies Company A calls "The Super 7." These seven companies include: Amazon, Google, Microsoft, Facebook, Alibaba, Tencent, and Baidu. In the long run, the growing market share of the Super 7 could give them substantial buying power over Company A, which could lead to discounts and margin compression for Company A's main growth engine. Additionally, in the long-run, the substantial growth of the Super 7 could fuel the development of their own design teams and work towards making their own server chips internally, which would be detrimental to Company A's data center revenue. We first researched the server industry and key terminology relevant to our project. We narrowed our scope by focusing most on the cloud computing aspect of the server industry. We then researched what Company A has already been doing in the context of cloud computing and what they are currently doing to address the problem. Next, using our market analysis, we identified key areas we think Company A's data center group should focus on. Using the information available to us, we developed our strategies and recommendations that we think will help Company A's Data Center Group position themselves well in an extremely fast growing cloud computing industry.
ContributorsJurgenson, Alex (Co-author) / Nguyen, Duy (Co-author) / Kolder, Sean (Co-author) / Wang, Chenxi (Co-author) / Simonson, Mark (Thesis director) / Hertzel, Michael (Committee member) / Department of Finance (Contributor) / Department of Management (Contributor) / Department of Information Systems (Contributor) / School of Mathematical and Statistical Sciences (Contributor) / School of Accountancy (Contributor) / WPC Graduate Programs (Contributor) / Barrett, The Honors College (Contributor)
Created2016-05
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Description
Limited researches have studied on the dissonance of the representations of a destination by using difference induced agents such as government, trade media tourism articles, and visual representations. This study examines the United Kingdom's image, and determines whether the dissonance exist pre- and post- referendum in the internal imagery of

Limited researches have studied on the dissonance of the representations of a destination by using difference induced agents such as government, trade media tourism articles, and visual representations. This study examines the United Kingdom's image, and determines whether the dissonance exist pre- and post- referendum in the internal imagery of the United Kingdom and imagery portrayed aboard. Leading newspapers from the United States, United Kingdom, and Europe are analyzed to determine the predominant themes. Semi-structured interviews are conducted with the U.S. tour operators and Arizona's travel agents. Tour brochures and user-generated content on TripAdvisor are analyzed to study tourists' responses to Brexit. Skift is analyzed to project future growth in tourism industry. Results show that the leadings newspapers projects similar concerns negatively and positively pre- and post- referendum. Uncertainty in policy changes leads to other themes that are identified such as investment, employment, trade, independence, market growth, etc. It projects the international trade, domestic market growth and global market growth will be significantly impact by Brexit due to higher tariff and regulations on migrants in the United Kingdom. In contrast, travel brochures are marketing UK from heritage, historical attractions, and special events, but they do not reflect the influence of Brexit on how tour operators market UK pre- and post- referendum. Further data is conducted on the semi-structured interviews with travel agents across Arizona, but travel agents responded with Brexit has no influences on US tourists. Additional content analysis on VisitBritain/VisitEngland shows the growth in tourism industry by an increasing provided data collection on tourism performance that reflect there is an increasing departure rate of US tourists in UK after the referendum. User-generated content on TripAdvisor and Skift align with the identified themes in leading newspapers from US, UK, and Europe such as uncertainty in policy change. The present study further outlines preferable method to advance future studies on the destination image of U.K. during and after the Brexit.
ContributorsLuo, Shiyu (Author) / Chhabra, Deepak (Thesis director) / Timothy, Dallen (Committee member) / W. P. Carey School of Business (Contributor) / WPC Graduate Programs (Contributor) / School of Accountancy (Contributor) / Department of Information Systems (Contributor) / Barrett, The Honors College (Contributor)
Created2017-05
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Description
In January 2016, Chinese regulators announced the use of circuit breakers to stabilize the stock market but suspended this mechanism after two weeks. Researchers want to further understand the unique characteristics of Chinese stock market and measure the feasibility of implementing a circuit breaker in China once again. The thesis

In January 2016, Chinese regulators announced the use of circuit breakers to stabilize the stock market but suspended this mechanism after two weeks. Researchers want to further understand the unique characteristics of Chinese stock market and measure the feasibility of implementing a circuit breaker in China once again. The thesis provides an overview of China's attempted implementation and its related consequences, followed by possible problems and tentative recommendations. It outlines key characteristics among different nations that are implementing circuit breakers and price limit systems. Circuit breaker policies in the United States and Japan are explained in detail, while policies in other nations are presented as an overall trend.
ContributorsLiu, Luyao (Co-author) / Zhang, Zihan (Co-author) / Simonson, Mark (Thesis director) / Aragon, George (Committee member) / School of Accountancy (Contributor) / Department of Finance (Contributor) / Barrett, The Honors College (Contributor)
Created2017-05
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Description
For this thesis, the authors would like to create a hypothetical Private Equity Real Estate Investment firm that focuses on creating value for partners by taking an opportunistic approach to acquiring under-performing urban multi-family properties with large upside potential for investing. The project will focus on both the market analysis

For this thesis, the authors would like to create a hypothetical Private Equity Real Estate Investment firm that focuses on creating value for partners by taking an opportunistic approach to acquiring under-performing urban multi-family properties with large upside potential for investing. The project will focus on both the market analysis and financial modeling associated with investment strategy and transactions. There is a substantial amount of complexity within commercial real estate and this thesis seeks to offer an accurate and comprehensive documentary of the process, while simplifying it for everyday readers. Additionally, there are a significant amount of risk factors associated with investment decisions, so the best practices from the industry documented in this manuscript are valuable tools for successful investing in the future. To gain the most profound and reliable industry knowledge, the authors leveraged the experience of dozens of industry professionals through research and personal interviews. Through careful analysis, the authors were able to ascertain the current economic position in the real estate cycle and to create a plan for future investing. Additionally, they were able to identify and evaluate a specific asset for purchase. As a result, the authors found that multifamily properties are a sound investment for the next two years and that the company should slowly start to shift directions to office and retail in 2018.
ContributorsBacon, David (Co-author) / Soto, Justin (Co-author) / Kashiwagi, Dean (Thesis director) / Kashiwagi, Jacob (Committee member) / Department of Finance (Contributor) / Department of Supply Chain Management (Contributor) / Department of Marketing (Contributor) / W. P. Carey School of Business (Contributor) / School of Accountancy (Contributor) / Barrett, The Honors College (Contributor)
Created2016-05
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Description
The loss of a loved one through suicide is a traumatic life event that brings about considerable emotional turmoil. In the present study, the term suicide loss survivor refers to an individual who is a family member or a friend of a person who died by suicide. Through the three

The loss of a loved one through suicide is a traumatic life event that brings about considerable emotional turmoil. In the present study, the term suicide loss survivor refers to an individual who is a family member or a friend of a person who died by suicide. Through the three chosen methods of gathering data, which are online surveys, in person interviews, and photography sessions, researchers highlight the personal experience of thirty-three suicide loss survivors. Supported by these various methods of data collection are the unique issues that accompany the bereavement of a suicide loss. The areas of focus are the emotional trauma, social stigma, and postvention resources utilized or made available to suicide loss survivors. Throughout interviews with suicide loss survivors, some of whom also identified as Arizona State University students, an additional opportunity for research emerged. Participants identified that Arizona State University is not effectively providing suicide awareness and prevention materials and training to its community, including staff and students. Recommendations for how Arizona State University can improve their current processes are discussed in the conclusion. By implementing the recommendations of prevention and postvention care, it is possible to educate students and staff and, in turn, allow Arizona State University to foster a culture of empathy for existing suicide loss survivors, while working on decreasing the risk of future suicides. This creative project and narrative analysis was performed by two individuals who themselves are suicide loss survivors and have taken their personal experiences as a foundation for the project's need.
ContributorsStockwell, Anna (Co-author) / Lashinske, Angela (Co-author) / Kashiwagi, Dean (Thesis director) / Kashiwagi, Jacob (Committee member) / Department of Information Systems (Contributor) / Department of Supply Chain Management (Contributor) / Economics Program in CLAS (Contributor) / School of Accountancy (Contributor) / WPC Graduate Programs (Contributor) / W. P. Carey School of Business (Contributor) / School of Community Resources and Development (Contributor) / Barrett, The Honors College (Contributor)
Created2016-05