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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

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
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Description
The advertising agency, in its variety of forms, is one of the most powerful forces in the modern world. Its products are seen globally through various multimedia outlets and they strongly impact culture and economy. Since its conception in 1843 by Volney Palmer, the advertising agency has evolved into the

The advertising agency, in its variety of forms, is one of the most powerful forces in the modern world. Its products are seen globally through various multimedia outlets and they strongly impact culture and economy. Since its conception in 1843 by Volney Palmer, the advertising agency has evolved into the recognizable—and unrecognizable—firms scattered around the world today. In the United States alone, there are roughly 13.4 thousand agencies, many of which also have branches in other countries. The evolution of the modern advertising agency coincided with, and even preceded, some of the major inflection points in history. Understanding how and why changes in advertising agencies affected these inflection points provides a glimpse of understanding into the relationship between advertising, business, and societal values.

In the pages ahead we will explore the future of the advertising industry. We will analyze our research to uncover the underlying trends pointing towards what is to come and work to apply those explanations to our understanding of advertising in the future.
ContributorsHarris, Chase (Co-author) / Potthoff, Zachary (Co-author) / Gray, Nancy (Thesis director) / Samper, Adriana (Committee member) / Department of Information Systems (Contributor) / Department of Marketing (Contributor) / Herberger Institute for Design and the Arts (Contributor) / Barrett, The Honors College (Contributor)
Created2018-05
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Description
The town of Guadalupe, Arizona has a long history of divided residents and high poverty rates. The high levels of poverty in the town can be attributed to numerous factors, most notably high rates of drug abuse, low high school graduation rates, and teen pregnancy. The town has named one

The town of Guadalupe, Arizona has a long history of divided residents and high poverty rates. The high levels of poverty in the town can be attributed to numerous factors, most notably high rates of drug abuse, low high school graduation rates, and teen pregnancy. The town has named one of its most pressing issues of today to be youth disengagement. There are currently a handful of residents and community members passionate about finding a solution to this issue. After working with Guadalupe's Ending Hunger Task Force and resident youth, I set out to create a program design for a Guadalupe Youth Council. This council will contribute to combating youth disengagement. The program design will assist the task force in creating a standing youth council and deciding on the structure and role the council has in the town. I will offer learning outcomes and suggestions to the Task Force, youth council staff, and the youth of the youth council. This study contains an analysis of relevant literature, youth focus group results and data, and how the information gathered has contributed to the design of the youth council. The results of this study contain recommendations about four themes within the program design of a youth council: size, recruitment, activities and engagement, and adult support. The results also explore how the youth council will impact the power, policy, and behavior of Guadalupe youth.
ContributorsBalderas, Erica Theresa (Author) / Wang, Lili (Thesis director) / Avalos, Francisco (Committee member) / School of Community Resources and Development (Contributor) / Department of Information Systems (Contributor) / W.P. Carey School of Business (Contributor) / Barrett, The Honors College (Contributor)
Created2018-05
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Description
Television is currently in a changing state. There is no longer a singular broadcast format for series to follow. Streaming websites such as Netflix, Hulu, and Amazon Prime now release series in their entirety; this is known as a full-season release (FSR). Viewers are now able to act independently and

Television is currently in a changing state. There is no longer a singular broadcast format for series to follow. Streaming websites such as Netflix, Hulu, and Amazon Prime now release series in their entirety; this is known as a full-season release (FSR). Viewers are now able to act independently and determine the pace they wish to watch a new FSR series. This not only affects how fans engage in social television discussions on social media, but also changes the previously proposed viewer engagement model. Whereas previous research suggests that fans follow a static linear engagement model consisting of pre-communication, parallel communication, and post communication phases, fans are now able to move freely through viewer engagement phases. This creates a new type of engagement model: The Atomized Engagement Model. As fans move freely through the atomized engagement phases, they choose social media platforms to engage in fandom discussion. Research suggests that although there are distinct types of posts that occur in relation to social television discussions, the platforms used have a direct effect on the content and length of the post.
Created2018-05
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Description
This thesis project was conducted to create a practical tool to help micro and small local food enterprises identify potential strategies and sources of finance. Currently, many of these enterprises are unable to obtain the financial capital needed to start-up or maintain operations.

Sources and strategies of finance studied and

This thesis project was conducted to create a practical tool to help micro and small local food enterprises identify potential strategies and sources of finance. Currently, many of these enterprises are unable to obtain the financial capital needed to start-up or maintain operations.

Sources and strategies of finance studied and ultimately included in the tool were Loans, Equity, Membership, Crowdfunding, and Grants. The tool designed was a matrix that takes into account various criteria of the business (e.g. business lifecycle, organizational structure, business performance) and generates a financial plan based on these criteria and how they align with the selected business strategies. After strategies are found, stakeholders can search through an institutional database created in conjunction with the matrix tool to find possible institutional providers of financing that relate to the strategy or strategies found.

The tool has shown promise in identifying sources of finance for micro and small local food enterprises in practical use with hypothetical business cases, however further practical use is necessary to provide further input and revise the tool as needed. Ultimately, the tool will likely become fully user-friendly and stakeholders will not need the assistance of another expert helping them to use it. Finally, despite the promise of the tool itself, the fundamental and underlying problem that many of these businesses face (lack of infrastructure and knowledge) still exists, and while this tool can also help capacity-building efforts towards both those seeking and those providing finance, an institutional attitude adjustment towards social and alternative enterprises is necessary in order to further simplify the process of obtaining finance.
ContributorsDwyer, Robert Francis (Author) / Wiek, Arnim (Thesis director) / Forrest, Nigel (Committee member) / Department of Finance (Contributor) / Department of Information Systems (Contributor) / Barrett, The Honors College (Contributor)
Created2020-05
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Description
RecyclePlus is an iOS mobile application that allows users to be knowledgeable in the realms of sustainability. It gives encourages users to be environmental responsible by providing them access to recycling information. In particular, it allows users to search up certain materials and learn about its recyclability and how to

RecyclePlus is an iOS mobile application that allows users to be knowledgeable in the realms of sustainability. It gives encourages users to be environmental responsible by providing them access to recycling information. In particular, it allows users to search up certain materials and learn about its recyclability and how to properly dispose of the material. Some searches will show locations of facilities near users that collect certain materials and dispose of the materials properly. This is a full stack software project that explores open source software and APIs, UI/UX design, and iOS development.
ContributorsTran, Nikki (Author) / Ganesh, Tirupalavanam (Thesis director) / Meuth, Ryan (Committee member) / Watts College of Public Service & Community Solut (Contributor) / Department of Information Systems (Contributor) / Computer Science and Engineering Program (Contributor) / Barrett, The Honors College (Contributor)
Created2020-05
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Description
In the past ten years, the United States’ sound recording industries have experienced significant decreases in employment opportunities for aspiring audio engineers from economic imbalances in the music industry’s digital streaming era and reductions in government funding for career and technical education (CTE). The Recording Industry Association of America reports

In the past ten years, the United States’ sound recording industries have experienced significant decreases in employment opportunities for aspiring audio engineers from economic imbalances in the music industry’s digital streaming era and reductions in government funding for career and technical education (CTE). The Recording Industry Association of America reports promises of music industry sustainability based on increasing annual revenues in paid streaming services and artists’ high creative demand. The rate of new audio engineer entries in the sound recording subsection of the music industry is not viable to support streaming artists’ high demand to engineer new music recordings. Offering CTE programs in secondary education is rare for aspiring engineers with insufficient accessibility to pursue a post-secondary or vocational education because of financial and academic limitations. These aspiring engineers seek alternatives for receiving an informal education in audio engineering on the Internet using video sharing services like YouTube to search for tutorials and improve their engineering skills. The shortage of accessible educational materials on the Internet restricts engineers from advancing their own audio engineering education, reducing opportunities to enter a desperate job market in need of independent, home studio-based engineers. Content creators on YouTube take advantage of this situation and commercialize their own video tutorial series for free and selling paid subscriptions to exclusive content. This is misleading for newer engineers because these tutorials omit important understandings of fundamental engineering concepts. Instead, content creators teach inflexible engineering methodologies that are mostly beneficial to their own way of thinking. Content creators do not often assess the incompatibility of teaching their own methodologies to potential entrants in a profession that demands critical thinking skills requiring applied fundamental audio engineering concepts and techniques. This project analyzes potential solutions to resolve the deficiencies in online audio engineering education and experiments with structuring simple, deliverable, accessible educational content and materials to new entries in audio engineering. Designing clear, easy to follow material to these new entries in audio engineering is essential for developing a strong understanding for the application of fundamental concepts in future engineers’ careers. Approaches to creating and designing educational content requires translating complex engineering concepts through simplified mediums that reduce limitations in learning for future audio engineers.
ContributorsBurns, Triston Connor (Author) / Tobias, Evan (Thesis director) / Libman, Jeff (Committee member) / Department of Information Systems (Contributor) / Barrett, The Honors College (Contributor)
Created2020-05
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Description
This paper looks at the growth of influencer marketing in application and how it has shifted the relationship between brands and consumers. Barriers to enter the space and methods of practice are discussed and analyzed to project the accessibility of obtaining influencer status. Best practices for brands and influencers are

This paper looks at the growth of influencer marketing in application and how it has shifted the relationship between brands and consumers. Barriers to enter the space and methods of practice are discussed and analyzed to project the accessibility of obtaining influencer status. Best practices for brands and influencers are outlined based on research, and key findings are analyzed from interviewed participants that play an active role in the field. Another component of the paper includes the discussion of the significance of platform dependence regarding influencers and brands using social media channels to reach consumers. The dynamic of the relationship that exists between consumers, brands and platforms is demonstrated through a model to demonstrate the interdependence of the relationship. The final component of the paper involves the exploration of the field as an active participant through an experiment that was conducted by the researcher on behalf of the question: can anyone be an influencer? The answer to this question is explored through personal accounts on the journey during an eight month process of testing content creation and promotion to build awareness and increase engagement. The barriers to enter the space as an influencer and to collaborate with brands is addressed through the process of testing tactics and strategies on social channels, along with travel expeditions across Arizona to contribute to content creation purposed into blog articles. The findings throughout the paper are conclusive that the value of influencer marketing is increasing as more brands validate and utilize this method in their marketing efforts.
ContributorsDavis, Natalie Marie (Author) / Giles, Bret (Thesis director) / Schlacter, John (Committee member) / Department of Information Systems (Contributor) / Department of Marketing (Contributor) / Walter Cronkite School of Journalism and Mass Communication (Contributor) / Barrett, The Honors College (Contributor)
Created2018-05
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Description
As the U.S. reckons with the reality of sexual assault and harassment in the wake of the #MeToo movement, it is particularly important to consider sexual assault in the military, an institution that is a massive employer and the face of the U.S. abroad. Media coverage is a catalyst for

As the U.S. reckons with the reality of sexual assault and harassment in the wake of the #MeToo movement, it is particularly important to consider sexual assault in the military, an institution that is a massive employer and the face of the U.S. abroad. Media coverage is a catalyst for change, and the nature and scope of coverage is indicative of public and political attitudes. This thesis uses both quantitative and qualitative data to analyze characteristics of military sexual assault cases that complicate media coverage and to identify strengths and weaknesses of the media's approach to such stories. On the quantitative side, it takes advantage of nearly 600 case reports of sexual assault from U.S. military bases in Japan that were categorized to identify themes such as disposition outcomes, alcohol involvement and victim participation in investigations. Qualitatively, this thesis includes interviews with military officials, victims' advocates, journalists and other stakeholders that help to create a more holistic understanding of how media cover military sexual assault. Notably, this thesis finds that a lack of public interest in the military, a lack of congruency between military and civilian systems, and a highly complex hierarchy that limits journalists' access to military sources and data all complicate coverage. Drawing from these conclusions, it recommends that the media avoid episodic reporting, focus on personalizing stories in an institutional context, embrace accountability journalism and dedicate resources to pursuing complex investigations. It also acknowledges the important role of non-traditional media in the future of information sharing on the topic of military sexual assault.
ContributorsArmstrong, Mia Anne (Author) / Warner, Carolyn (Thesis director) / Gilger, Kristin (Committee member) / Walter Cronkite School of Journalism and Mass Communication (Contributor) / School of Politics and Global Studies (Contributor) / Barrett, The Honors College (Contributor)
Created2018-05
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Description
Pandora is a play exploring our relationship with gendered technology through the lens of artificial intelligence. Can women be subjective under patriarchy? Do robots who look like women have subjectivity? Hoping to create a better version of ourselves, The Engineer must navigate the loss of her creation, and Pandora must

Pandora is a play exploring our relationship with gendered technology through the lens of artificial intelligence. Can women be subjective under patriarchy? Do robots who look like women have subjectivity? Hoping to create a better version of ourselves, The Engineer must navigate the loss of her creation, and Pandora must navigate their new world. The original premiere run was March 27-28, 2018, original cast: Caitlin Andelora, Rikki Tremblay, and Michael Tristano Jr.
ContributorsToye, Abigail Elizabeth (Author) / Linde, Jennifer (Thesis director) / Abele, Kelsey (Committee member) / Department of Information Systems (Contributor) / Economics Program in CLAS (Contributor) / Barrett, The Honors College (Contributor)
Created2018-05