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Description
In the aftermath of the 2008 financial crisis, banking regulators have been taking a more active role in pursing greater financial stability. One area of focus has been on Wall Street banks' leverage lending practices which include leveraged lending activities to fund leveraged buyouts. In March 2013, the Federal Reserve and the Office of the Comptroller of the Currency issued guidance urging banks to avoid financing leveraged buyouts in most industries that would put total debt on a company of more than six times its earnings before interest, taxes, depreciation and amortization, or Ebitda. Our research, using data on all leveraged buyouts (with EBITDA >$20 million) issued after the guidance, sets out to explain the elements banks consider when exceeding leverage limitations. Initially, we hypothesized that since deals over 6x leverage had higher amounts of debt, they were riskier deals, which would carry over to other risk measures such as yield to maturity on debt and company credit ratings. To analyze this, we obtained a large data set with all LBO deals in the past three years and ran difference-in-means tests on a number of variables such as deal size, credit rating and yield to maturity to determine if deals over 6x leverage had significantly different risk characteristics than deals under 6x leverage. Contrary to our hypothesis, we found that deals over 6x leverage had significantly less risk, mainly demonstrated by lower average YTMs, than deals under 6x. One possible explanation of this might be that banks, wanting to ensure they are not fined, will only go through with a deal over 6x leverage if other risk metrics such as yield to maturity are well below average.
ContributorsKing, Adam (Co-author) / Lukemire, Sean (Co-author) / McAleer, Stephen (Co-author) / Simonson, Mark (Thesis director) / Bonadurer, Werner (Committee member) / Department of Finance (Contributor) / Department of Economics (Contributor) / Barrett, The Honors College (Contributor)
Created2016-05
Description
The free-base tetra-tolyl-porphyrin and the corresponding cobalt and iron porphyrin complexes were synthesized and characterized to show that this class of compound can be promising, tunable catalysts for carbon dioxide reduction. During cyclic voltammetry experiments, the iron porphyrin showed an on-set of ‘catalytic current’ at an earlier potential than the cobalt porphyrin’s in organic solutions gassed with carbon dioxide. The cobalt porphyrin yielded larger catalytic currents, but at the same potential as the electrode. This difference, along with the significant changes in the porphyrin’s electronic, optical and redox properties, showed that its capabilities for carbon dioxide reduction can be controlled by metal ions, allotting it unique opportunities for applications in solar fuels catalysis and photochemical reactions.
ContributorsSkibo, Edward Kim (Author) / Moore, Gary (Thesis director) / Woodbury, Neal (Committee member) / School of Molecular Sciences (Contributor) / School of Sustainability (Contributor) / Barrett, The Honors College (Contributor)
Created2016-05
Description
For our collaborative thesis we explored the US electric utility market and how the Internet of Things technology movement could capture a possible advancement of the current existing grid. Our objective of this project was to successfully understand the market trends in the utility space and identify where a semiconductor manufacturing company, with a focus on IoT technology, could penetrate the market using their products. The methodology used for our research was to conduct industry interviews to formulate common trends in the utility and industrial hardware manufacturer industries. From there, we composed various strategies that The Company should explore. These strategies were backed up using qualitative reasoning and forecasted discounted cash flow and net present value analysis. We confirmed that The Company should use specific silicon microprocessors and microcontrollers that pertained to each of the four devices analytics demand. Along with a silicon strategy, our group believes that there is a strong argument for a data analytics software package by forming strategic partnerships in this space.
ContributorsLlazani, Loris (Co-author) / Ruland, Matthew (Co-author) / Medl, Jordan (Co-author) / Crowe, David (Co-author) / Simonson, Mark (Thesis director) / Hertzel, Mike (Committee member) / Department of Economics (Contributor) / Department of Finance (Contributor) / Department of Supply Chain Management (Contributor) / Department of Information Systems (Contributor) / Hugh Downs School of Human Communication (Contributor) / Barrett, The Honors College (Contributor)
Created2016-05
Description
As the IoT (Internet of Things) market continues to grow, Company X needs to find a way to penetrate the market and establish larger market share. The problem with Company X's current strategy and cost structure lies in the fact that the fastest growing portion of the IoT market is microcontrollers (MCUs). As Company X currently holds its focus in manufacturing microprocessors (MPUs), the current manufacturing strategy is not optimal for entering competitively into the MCU space. Within the MCU space, the companies that are competing the best do not utilize such high level manufacturing processes because these low cost products do not demand them. Given that the MCU market is largely untested by Company X and its products would need to be manufactured at increasingly lower costs, it runs the risk of over producing and holding obsolete inventory that is either scrapped or sold at or below cost. In order to eliminate that risk, we will explore alternative manufacturing strategies for Company X's MCU products specifically, which will allow for a more optimal cost structure and ultimately a more profitable Internet of Things Group (IoTG). The IoT MCU ecosystem does not require the high powered technology Company X is currently manufacturing and therefore, Company X loses large margins due to its unnecessary leading technology. Since cash is king, pursuing a fully external model for MCU design and manufacturing processes will generate the highest NPV for Company X. It also will increase Company X's market share, which is extremely important given that every tech company in the world is trying to get its hands into the IoT market. It is possible that in ten to thirty years down the road, Company X can manufacture enough units to keep its products in-house, but this is not feasible in the foreseeable future. For now, Company X should focus on the cost market of MCUs by driving its prices down while maintaining low costs due to the variables of COGS and R&D given in our fully external strategy.
ContributorsKadi, Bengimen (Co-author) / Peterson, Tyler (Co-author) / Langmack, Haley (Co-author) / Quintana, Vince (Co-author) / Simonson, Mark (Thesis director) / Hertzel, Michael (Committee member) / Department of Supply Chain Management (Contributor) / Department of Finance (Contributor) / Department of Information Systems (Contributor) / Department of Marketing (Contributor) / School of Accountancy (Contributor) / W. P. Carey School of Business (Contributor) / Barrett, The Honors College (Contributor)
Created2016-05
Description
This is a creative thesis project on the topic of the third party logistics industry, and the improvements that are possible through the implementation of goods to person technologies. The scope of the project entails the relationship between Company X, which is a third party logistics provider, and Company Y, a major toy retailer. This thesis identifies current trends for the third party logistics industry such as rising operating costs and average savings achieved through these business relationships. After identifying the negative trends that Company X is vulnerable to such as high human resources costs, and cost of quality issues. Given the findings derived from industry data, a final recommendation was settled on to improve productivity and ultimately reduce the use of temporary labor for Company X. The implementation of a goods to person technology solution provides the opportunity to reduce hours of operation, man hours, as well as direct and indirect costs such as labor. Research has proven that firms operating in the retail industry rely heavily on temporary labor to handle the seasonal demand brought by the holidays, thus this recommendation could be applied to a variety of operations. The data compiled throughout this thesis have major implications for the third party logistics industry and achieving long term profitability in operations management.
ContributorsFonseca, Tanner (Author) / Printezis, Antonios (Thesis director) / Kellso, James (Committee member) / Department of Supply Chain Management (Contributor) / School of Sustainability (Contributor) / Barrett, The Honors College (Contributor)
Created2016-05
Description
Company X has developed RealSenseTM technology, a depth sensing camera that provides machines the ability to capture three-dimensional spaces along with motion within these spaces. The goal of RealSense was to give machines human-like senses, such as knowing how far away objects are and perceiving the surrounding environment. The key issue for Company X is how to commercialize RealSense's depth recognition capabilities. This thesis addresses the problem by examining which markets to address and how to monetize this technology. The first part of the analysis identified potential markets for RealSense. This was achieved by evaluating current markets that could benefit from the camera's gesture recognition, 3D scanning, and depth sensing abilities. After identifying seven industries where RealSense could add value, a model of the available, addressable, and obtainable market sizes was developed for each segment. Key competitors and market dynamics were used to estimate the portion of the market that Company X could capture. These models provided a forecast of the discounted gross profits that could be earned over the next five years. These forecasted gross profits, combined with an examination of the competitive landscape and synergistic opportunities, resulted in the selection of the three segments thought to be most profitable to Company X. These segments are smart home, consumer drones, and automotive. The final part of the analysis investigated entrance strategies. Company X's competitive advantages in each space were found by examining the competition, both for the RealSense camera in general and other technologies specific to each industry. Finally, ideas about ways to monetize RealSense were developed by exploring various revenue models and channels.
ContributorsDunn, Nicole (Co-author) / Boudreau, Thomas (Co-author) / Kinzy, Chris (Co-author) / Radigan, Thomas (Co-author) / Simonson, Mark (Thesis director) / Hertzel, Michael (Committee member) / WPC Graduate Programs (Contributor) / Department of Psychology (Contributor) / Department of Finance (Contributor) / School of Accountancy (Contributor) / Department of Economics (Contributor) / School of Mathematical and Statistical Science (Contributor) / W. P. Carey School of Business (Contributor) / Computer Science and Engineering Program (Contributor) / Barrett, The Honors College (Contributor)
Created2016-05
Description
This work challenges the conventional perceptions surrounding the utility and use of the CMS Open Payments data. I suggest unconsidered methodologies for extracting meaningful information from these data following an exploratory analysis of the 2014 research dataset that, in turn, enhance its value as a public good. This dataset is favored for analysis over the general payments dataset as it is believed that generating transparency in the pharmaceutical and medical device R&D process would be of the greatest benefit to public health. The research dataset has been largely ignored by analysts and this may be one of the few works that have accomplished a comprehensive exploratory analysis of these data. If we are to extract valuable information from this dataset, we must alter both our approach as well as focus our attention towards re-conceptualizing the questions that we ask. Adopting the theoretical framework of complex systems serves as the foundation for our interpretation of the research dataset. This framework, in conjunction with a methodological toolkit for network analysis, may set a precedent for the development of alternative perspectives that allow for novel interpretations of the information that big data attempts to convey. By thus proposing a novel perspective in interpreting the information that this dataset contains, it is possible to gain insight into the emergent dynamics of the collaborative relationships that are established during the pharmaceutical and medical device R&D process.
ContributorsVelez-Cruz, Nayely Luz (Author) / Laubichler, Manfred (Thesis director) / Van Der Leeuw, Sander (Committee member) / School of Sustainability (Contributor) / Sanford School of Social and Family Dynamics (Contributor) / School of Human Evolution and Social Change (Contributor) / School of Historical, Philosophical and Religious Studies (Contributor) / School of Life Sciences (Contributor) / Barrett, The Honors College (Contributor)
Created2016-05
Description
This paper explores the relationship between wildfire management and the consideration of ecological and environmental concerns in Arizona. To get a proper perspective on the current state of wildfire management in Arizona, information on two wildfire management programs, the Four Forests Restoration Initiative and FireScape, was researched and analyzed, as well as contemporary fire policy, a history of wildfire in Arizona, and two recent fires in Sedona, AZ. The two fires in Sedona, the Brins Fire of 2006 and the Slide Fire of 2014, act as a focal point for this ecological management transition, as even within an 8-year period, we can see the different ways the two fires were managed and the transition to a greater ecological importance in management strategies. These all came together to give a full spectrum for the factors that have led to more ecologically-prominent wildfire management strategies in Arizona.
ContributorsGeorge-Sills, Dylan (Author) / Pyne, Stephen (Thesis director) / Hirt, Paul (Committee member) / Barrett, The Honors College (Contributor) / School of Life Sciences (Contributor) / School of Sustainability (Contributor)
Created2015-05
Description
The objective for Under the Camper Shell was to build a prototype of a full living environment within the confines of a pickup truck bed and camper shell. The total volume available to work with is approximately 85ft3. This full living environment entails functioning systems for essential modern living, providing shelter and spaces for cooking, sleeping, eating, and sanitation. The project proved to be very challenging from the start. First, the livable space is extremely small, being only tall enough for one to sit up straight. The truck and camper shell were both borrowed items, so no modifications were allowed for either, e.g. drilling holes for mounting. The idea was to create a system that could be easily removed, transforming it from a camper to a utility truck. The systems developed for the living environment would be modular and transformative so to accommodate for different necessities when packing. The goal was to create a low-water system with sustainability in mind. Insulating the space was the largest challenge and the most rewarding, using body heat to warm the space and insulate from the elements. Comfort systems were made of high density foam cushions in sections to allow folding and stacking for different functions (sleeping, lounging, and sitting). Sanitation is necessary for healthy living and regular human function. A composting toilet was used for the design, lending to low-water usage and is sustainable over time. Saw dust would be necessary for its function, but upon composting, the unit will generate sufficient amounts of heat to act as a space heater. Showering serves the functions of exfoliation and ridding of bacteria, both of which bath wipes can accomplish, limiting massive volumes of water storage and waste. Storage systems were also designed for modularity. Hooks were installed the length of the bed for hanging or securing items as necessary. Some are available for hanging bags. A cabinetry rail also runs the length of the bed to allow movement of hard storage to accommodate different scenarios. The cooking method is called "sous-vide", a method of cooking food in air-tight bags submerged in hot water. The water is reusable for cooking and no dishes are necessary for serving. Overall, the prototype fulfilled its function as a full living environment with few improvements necessary for future use.
ContributorsLimsirichai, Pimwadee (Author) / Foy, Joseph (Thesis director) / Parrish, Kristen (Committee member) / Barrett, The Honors College (Contributor) / Materials Science and Engineering Program (Contributor) / School of Sustainability (Contributor)
Created2014-12
Description
The Confessions of a College Entrepreneur is an honors project with the goal of revealing the business and marketing strategies that Charles Crawford used to create multiple successful companies. It's a collection of personal stories, book notes, millionaire interviews, and experiences that Charles had over the past 4 years of intense business experience and research across multiple industries. Charles wants college students and business owners to succeed in business ventures and life in general. This creative thesis project is the map for how to do just that.
ContributorsCrawford, Charles Joseph (Author) / Budolfson, Arthur (Thesis director) / Giles, Charles (Committee member) / Barrett, The Honors College (Contributor) / Department of Finance (Contributor)
Created2014-12