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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
Description
Unauthorized confronts the relationship between technology and personhood in the modern world. More specifically, it addresses the personal and social effects of border politics within the frame of cyber crime. The short film takes place in the near future where a hacker can create citizenship for anyone she wants, effectively turning anyone into a legal person in the United States. This parallels the real life struggles of unauthorized immigrants trying to gain a new life this side of the border despite the overwhelming backlash from the conservative and xenophobic population. The main character's ability to grant citizenship forces the viewer to confront what being a person really means. The film also alludes to the popularized antics of modern day hackers and whistleblowers who are often turned into heroes for fighting the establishment despite their character flaws. The protagonist of Unauthorized struggles through underhanded sexism and blatant racism as well as her own personal struggles with drug addiction and failed relationships. These are very real struggles women face in technology jobs and life in general. The main character's actions ultimately destroy every relationship that she's established, including the connection to her own family. This film, in short, is about the walls people build between each other, both physical and social.
ContributorsStabley, Justin E. (Author) / Bradley, Christopher (Thesis director) / Baker, Aaron (Committee member) / Department of English (Contributor) / Walter Cronkite School of Journalism and Mass Communication (Contributor) / Barrett, The Honors College (Contributor)
Created2016-05
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 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
Description
This creative project consists of three short stories with a common theme of release, letting go, and exhalation. Nymphal Instar is a story about Tommy, a young boy, and his encounter with his uncle, a troubled man who has just returned from war. The story explores the idea of growth and maturation, and the ability to move past and let go of trauma. A Cat Goes Away is about a young man, Richard, who is required to simultaneously deal with the loss of his cat and the suicide attempts of his sister. He also runs into his sister's ex-husband and is forced to deal with him. The story explores the difficulty in recognizing one's own emotions and the importance of knowing the difference between what one can change and what one cannot. Since Diagnosis is a story about Kate, a woman who has just been diagnosed with cancer and who is unable to tell her loved ones. The story explores acceptance and the idea that letting go can allow one to live more fully. Though the three stories are disparate in their characters and events, they share a commonality in their endings and in the final realizations of the characters. There is a focus on the importance of breath and breathing, and the essentiality of acceptance and release.
ContributorsMyers, Alan Yutaka (Author) / McNally, T. M. (Thesis director) / Irish, Jenny (Committee member) / School of International Letters and Cultures (Contributor) / Department of English (Contributor) / Barrett, The Honors College (Contributor)
Created2016-05
Description
This is an analysis of broad racial discourse through a critical race theory: Responsibility Avoidance Discourse (RAD). RAD is coded English that communicates meaning through connotation, avoidance, and implication as a means of securing its main purposes: enforcing white supremacy, obscuring inequality, and hindering significant racial progress. RAD is extremely effective at directing discussion away from arguments that might induce self-reflexivity or question white privilege. It focuses on discrediting others as a means of legitimizing whiteness. I analyze examples of it from a variety of sources—from political discourse to media coverage and social media trends—to demonstrate its manifestations throughout society.
ContributorsClarke, Ty Larson (Author) / Bebout, Lee (Thesis director) / Spanierman, Lisa (Committee member) / School of Social Transformation (Contributor) / W. P. Carey School of Business (Contributor) / Department of English (Contributor) / Barrett, The Honors College (Contributor)
Created2016-05
Description
Alternative currencies have a long and varied history, in which Bitcoin is the latest chapter. The pseudonymous Satoshi Nakamoto created Bitcoin as an implementation of the concept of a cryptocurrency, or a decentralized currency based on the principles of cryptography. Since its creation in 2008, Bitcoin has had a fairly tumultuous existence that limited its adoption. Wide price fluctuations occurred as the appeal of free money by running a piece of computer software drove people to purchase expensive hardware, and high-profile scandals cast Bitcoin as an unstable currency well-suited primarily for purchasing illicit materials. Consumer confidence in the currency was extremely low, and businesses were extremely hesitant to accept a currency that could easily lose half (or more) of its value overnight. However, recent years have seen the currency begin to stabilize as businesses and mainstream investors have begun to accept and support it. Alternative cryptocurrencies, titled "altcoins," have also been created to fill market niches that Bitcoin was not addressing. Governmental intervention, a concern of many following the currency, has been surprisingly restrained and has actually contributed to its stability. The future of Bitcoin looks very bright as it carries the dream of the alternative currency forward into the 21st century.
ContributorsReardon, Brett (Co-author) / Burke, Ryan (Co-author) / Happel, Stephen (Thesis director) / Boyes, William (Committee member) / School of Politics and Global Studies (Contributor) / Department of Information Systems (Contributor) / Department of Finance (Contributor) / Barrett, The Honors College (Contributor)
Created2016-05
Description
For my creative project, I began an art press that produces small-run vinyl records and artist's books. Initially, the venture began as a means to circumvent record pressing facilities as a vinyl record-cutting service. By the end of this project, the focus shifted to encompass more visual art products than just vinyl records. The project began with vinyl records because I saw a need in the market; in the past decade, the industry has grown dramatically, but the dozen record pressing plants in the country cannot keep up with the demand. Because record pressing companies prioritize large orders, it is difficult for many small bands and independent record labels to produce work on this medium. This is due to the long lead times, high prices, and large minimum order sizes. I located a man in Germany, who invented a machine that makes high-quality, lathe-cut records. I named the project Blushing Soup, as homage to my father, who passed during my first semester of college. It is through his passing that I was able to secure funds to pursue this venture. I brought on a partner, who was more familiar with art and audio recording than myself. In the summer of 2015, we met with this inventor to learn how to use his machine. By October of 2015, a machine of our own had arrived. In early November, Blushing Soup won a grant from the Scottsdale Museum of Contemporary Art. During this time, we released two vinyl records for local bands. For a culminating project, I coordinated a Record Store Day compilation album consisting of six bands featuring. After securing all of the music, the machine started having problems, which forced me to cancel this release. Recognizing the delicacy of the machine, prompted a shift in the aim of Blushing Soup. During this process, I started learning printmaking processes, and I realized that Blushing Soup could function as more than a record cutting service; we could be an art press. In the last few month of this project, I started making artist's books. By the end of April 2016, Blushing Soup will have released vinyl records for two bands, as well as produced four handmade books. This creative project centered around the process of creating art through lathe cutting and printmaking; the objective was not to maximize profits but rather refocus the consumption of art (in a sustainable practice).
ContributorsStringer, Shelby Manning (Author) / Essig, Linda (Thesis director) / Peck, Sidnee (Committee member) / School of Art (Contributor) / Department of English (Contributor) / School of Historical, Philosophical and Religious Studies (Contributor) / Barrett, The Honors College (Contributor)
Created2016-05
Description
This thesis looks into the current method a particular company uses to value its inventory carrying costs (ICC). By identifying costs incurred during all stages of production, along with incorporating industry standards and academic research while avoiding the shortcomings of the company's current method, this thesis was able to derive a more comprehensive and manageable tool for measuring ICC. Our findings led to concrete recommendations, which will provide real value to company managers by improving the accuracy of project finance calculations, supply chain optimization modeling, and numerous other decisions relying on accurate inventory data inputs.
ContributorsDougherty, Mitch (Co-author) / Marshall, Jeffrey (Co-author) / Zieler, Jason (Co-author) / Gilmore, Eric (Co-author) / Hertzel, Michael (Thesis director) / Simonson, Mark (Committee member) / Yarn, James (Committee member) / Walter Cronkite School of Journalism and Mass Communication (Contributor) / Department of Finance (Contributor) / Barrett, The Honors College (Contributor)
Created2014-05
Description
Company X is one of the world's largest manufacturer of semiconductors. The company relies on various suppliers in the U.S. and around the globe for its manufacturing process. The financial health of these suppliers is vital to the continuation of Company X's business without any material interruption. Therefore, it is in Company X's interest to monitor its supplier's financial performance. Company X has a supplier financial health model currently in use. Having been developed prior to watershed events like the Great Recession, the current model may not reflect the significant changes in the economic environment due to these events. Company X wants to know if there is a more accurate model for evaluating supplier health that better indicates business risk. The scope of this project will be limited to a sample of 24 suppliers representative of Company X's supplier base that are public companies. While Company X's suppliers consist of both private and public companies, the used of exclusively public companies ensures that we will have sufficient and appropriate data for the necessary analysis. The goal of this project is to discover if there is a more accurate model for evaluating the financial health of publicly traded suppliers that better indicates business risk. Analyzing this problem will require a comprehensive understanding of various financial health models available and their components. The team will study best practice and academia. This comprehension will allow us to customize a model by incorporating metrics that allows greater accuracy in evaluating supplier financial health in accordance with Company X's values.
ContributorsLi, Tong (Co-author) / Gonzalez, Alexandra (Co-author) / Park, Zoon Beom (Co-author) / Vogelsang, Meridith (Co-author) / Simonson, Mark (Thesis director) / Hertzel, Mike (Committee member) / Department of Finance (Contributor) / Department of Information Systems (Contributor) / School of Accountancy (Contributor) / WPC Graduate Programs (Contributor) / Barrett, The Honors College (Contributor)
Created2016-05
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