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- Member of: ASU Electronic Theses and Dissertations
- Member of: Barrett, The Honors College Thesis/Creative Project Collection
Description
I examine the degree to which stockholders' aggregate gain/loss frame of reference in the equity of a given firm affects their response to the firm's quarterly earnings announcements. Contrary to predictions from rational expectations models of trade (Shackelford and Verrecchia 2002), I find that abnormal trading volume around earnings announcements is larger (smaller) when stockholders are in an aggregate unrealized capital gain (loss) position. This relation is stronger among seller-initiated trades and weaker in December, consistent with the cognitive bias referred to as the disposition effect (Shefrin and Statman 1985). Sensitivity analysis reveals that the relation is stronger among less sophisticated investors and for firms with weaker information environments, consistent with the behavioral explanation. I also present evidence on the consequences of this disposition effect. First, stockholders' aggregate unrealized capital gain position moderates the degree to which information-related determinants of trade (e.g. unexpected earnings, firm size, and forecast dispersion) affect abnormal announcement-window trading volume. Second, stockholders' aggregate unrealized capital gains position is associated with announcement-window abnormal returns, consistent with the disposition effect reducing the market's ability to efficiently incorporate earnings news into price.
ContributorsWeisbrod, Eric (Author) / Hillegeist, Stephen (Thesis advisor) / Kaplan, Steven (Committee member) / Mikhail, Michael (Committee member) / Arizona State University (Publisher)
Created2012
Description
This study explored the phenomenon of student affairs professionals working at Arizona State University who shifted from a student affairs unit to perform similar work in an academic unit. The conceptual framework for this exploration was social identity theory (Tajfel, 1974), which asserts that individuals develop a self-concept or image that derives, in part, from her/his membership in a group or groups. This qualitative study utilized in-person interviews to capture raw data from four purposeful participants, and a software package (NVivo 9) aided in the grounded theory approach to data analysis (Charmaz, 2006). The study found that participants placed a high value on the college-centric approach to their student affairs work, but they still identified as student affairs professionals working inside the academic unit. Findings are useful to: supervisors who have an interest in the professional development and personal well-being of staff; faculty and administrators of master's and doctoral degree programs designed to prepare student affairs professionals; associations that serve student affairs professionals; higher education leaders engaged in organizational change; and higher education administrators interested in the roles of individual biases and values in organizations. This study will interest student affairs professionals making the shift from a student affairs unit to an academic unit, and it will inform the researcher's own practice and career development through his investigation of his own organization.
ContributorsMader, Michael (Author) / Mcintyre, Lisa R (Thesis advisor) / Hesse, Marian (Committee member) / Roen, Duane (Committee member) / Arizona State University (Publisher)
Created2012
Description
When managers provide earnings guidance, analysts normally respond within a short time frame with their own earnings forecasts. Within this setting, I investigate whether financial analysts use publicly available information to adjust for predictable error in management guidance and, if so, the explanation for such inefficiency. I provide evidence that analysts do not fully adjust for predictable guidance error when revising forecasts. The analyst inefficiency is attributed to analysts' attempts to advance relationship with the managers, analysts' compensation not tie to forecast accuracy, and their forecasting ability. Finally, the stock market acts as if it does not fully realize that analysts respond inefficiently to the guidance, introducing mispricing. This mispricing is not fully corrected upon earnings announcement.
ContributorsLin, Kuan-Chen (Author) / Mikhail, Michael (Thesis advisor) / Hillegeist, Stephen (Committee member) / Hugon, Jean (Committee member) / Arizona State University (Publisher)
Created2012
Description
This project seeks to investigate the ways in which the W.P. Carey School of Business, at Arizona State University, can improve student retention and engagement efforts. The analysis is being completed through an audit of the business school's current efforts towards student engagement, an examination of the internal and external environments of business schools across the nation, and a review of scholarly data/research on student retention risk factors and methods for improving engagement. The study highlights what exactly contributes to the success of the W.P. Carey School of Business, concluding with recommendations for how its engagement and retention efforts can be further improved to continue to serve students at a nationally ranked level.
ContributorsStinger, Rio W. (Author) / Hillman, Amy (Thesis director) / Mader, Michael (Committee member) / Division of Teacher Preparation (Contributor) / Department of Management (Contributor) / W. P. Carey School of Business (Contributor) / Barrett, The Honors College (Contributor)
Created2016-05
Description
The International Accounting Standards Board (IASB) is interested in a cost versus benefit analysis of the direct method of cash flow statements. IASB proposed, in the most recent Staff Draft of an Exposure Draft on Financial Statement Presentation in July of 2010, requiring the direct method to be presented, opposed to the current standard which lets companies choose between the direct or indirect method. There is constant controversy between these two presentation styles. Those who report with the indirect method claim the direct method is too costly and has no great benefit. In the United States only approximately two percent of companies report using the direct method, whereas the other ninety-eight percent use the indirect method. However, many preparers, researchers, and other financial statement users see great benefit in the direct method. Multiple research studies have been conducted in this field, and conclude the direct method has substantial and material benefits. There is strong support for the direct method in Australia, where the companies voluntarily report using the direct method. Because firms in Australia voluntarily use the direct method, I conducted a survey for Australian analysts in order to find the benefits (if any) they perceive. I have found that all of the analysts that participated in our survey state the direct method has benefits, is the more beneficial cash flow method to use for their forecasts, and should be required. With this new knowledge of the opinions and experiences of those actually using the direct method reports every day, a more accurate conclusion can be draw about the many benefits the direct method can bestow. These findings ultimately lead to the conclusion that there are added benefits in reporting the direct method, which likely outweigh the costs if Australian companies are continuing to voluntarily present the direct method each year. My major recommendations for the IASB are to require the direct method to be presented, and to require an indirect reconciliation in the notes along with the direct method. The indirect method can be useful when used with the direct method, but the direct method offers greater benefits to those who use them, and therefore should be the required cash flow statement to present. Key Words: Direct method, Cash flow statements
ContributorsArmstrong, Kate Denise (Author) / Orpurt, Steven (Thesis director) / Hillegeist, Stephen (Committee member) / Barrett, The Honors College (Contributor) / Department of Supply Chain Management (Contributor) / School of Accountancy (Contributor)
Created2013-12
Description
Challenging project-based learning, this 3-part thesis analyzes the current environment of business and university relationships, examines an experimental course at W.P. Carey and proposes a unique, execution-based teaching strategy. The outcome is a sustainable and mutually beneficial relationship between business and universities that allows each to operate at its maximum potential while bridging the gap for students between classroom theory and its application in the real world of business.
ContributorsMccaleb, Emily Anne (Author) / Peck, Sidnee (Thesis director) / Hillman, Amy (Committee member) / Barrett, The Honors College (Contributor) / W. P. Carey School of Business (Contributor) / Department of Management (Contributor)
Created2015-05
Description
Revenue recognition and disclosure in the U.S. has a stark contrast to the reporting standards used by the UK. The U.S. Generally Accepted Accounting Principles (GAAP) follows a more prescriptive approach to determine when revenue should be booked, and how it should be disclosed to investors. Conversely, the International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB), is more principle based and open to interpretation. This disparity has created valuation discrepancies for local corporations and individuals seeking to invest abroad, and vice versa. Following the events of Hewlett-Packard Company's (HP) acquisition of Autonomy PLC (Autonomy), the issues that stem from the differences between U.S. GAAP and IFRS reporting standards were magnified. In 2011, HP acquired Autonomy for $11.1 billion. Subsequently, HP declared an $8.8 billion dollar impairment in the following year due to the alleged fraudulent accounting practices of Autonomy's former executives. After 2 years, the investigation on Autonomy's purported accounting improprieties led by the UK's Serious Fraud Office (SFO) was inconclusive. All Big Four CPA firms involved in the acquisition found both HP and Autonomy to be compliant with GAAP and IFRS, respectively. This led to the conclusion that the ostensible fraudulent accounting policies that Autonomy's former executives deployed were in fact legal practices within the confinements of IFRS. The case also unravels greater issues that originate from the disparate accounting standards, as I probe into the reasons behind HP's colossal write-down of their acquired reporting unit, HP Autonomy.
ContributorsLee, Jun Yi (Author) / Orpurt, Steven (Thesis director) / Hillegeist, Stephen (Committee member) / Department of Finance (Contributor) / School of Accountancy (Contributor) / Barrett, The Honors College (Contributor)
Created2015-12
Description
This study explores whether finance students at Arizona State University learn important technical business concepts at a textbook level and, if they do, do they recognize when to use them in real-world scenarios. These questions are important because the ability to learn and adapt knowledge to different situations is a desirable skill for a business professional. I chose NPV as the concept to test because it is arguably the central concept to learn in business school. Additionally, NPV is specifically taught in at least two courses by the time students graduate and it is frequently applied in business. The main hypothesis the study intends to explore is: students that have taken finance 300 will be able to identify the NPV problem. Survey results indicated that only 47% of students could identify the NPV problem. Further results indicated that only 27% of the original 100% (8 out of 30) participants could further apply NPV knowledge. Additional analyses based on grade earned and personal confidence level showed that having higher of either of the attributes generally showed the ability to identify NPV. Based on the results, I propose teaching more application-based learning to enhance career-readiness. Further research, expanding on these results, could be made to formulate a function to predict a student’s ability to identify NPV before being surveyed. This function could then be used to predict the outcome of the next student tested and allow for change to be made in teaching techniques.
ContributorsGomez, Andrew (Author) / Orpurt, Steven (Thesis director) / Hillegeist, Stephen (Committee member) / School of Accountancy (Contributor) / Department of Information Systems (Contributor, Contributor) / Barrett, The Honors College (Contributor)
Created2019-05
Description
The beginnings of this paper developed from the initial question of: how can tribal nations create private economies on their reservations? Written and researched from an undergraduate student perspective, this paper begins to answer the question by analyzing the historical and current states of Indian Country's diverse tribal economies. Additionally, this paper will identify various tribal economic development challenges with a specific emphasis on education attainment as a key factor. Then, a solution will be presented in the form of a tribal business program modeled within the W.P. Carey School of Business at Arizona State University located in Tempe, Arizona. The solution is grounded in the idea that a highly qualified workforce is the best resource for economic development.
ContributorsTso, Cora Lee (Author) / Miller, Robert (Thesis director) / Hillman, Amy (Committee member) / School of Politics and Global Studies (Contributor) / American Indian Studies Program (Contributor, Contributor) / Barrett, The Honors College (Contributor)
Created2016-12
Description
Over the last several years there has been increased enthusiasm surrounding local interests, particularly when it comes to the economic development of local communities (Esteves, Barclay, 2011). This study seeks to identify potential barriers to local sourcing that have not been previously identified in literature. By conducting interviews with organizations in the private and public sectors, this study was able to gain a broad perspective of the sourcing decision making process across these sectors. The study was able to determine three new barriers to local sourcing. First, in the private sector, the lack of personal commitment to local sourcing from the decision maker to source locally is a barrier. Second, in the public sector, the intention behind procurement policies are creating the barrier for local sourcing opportunities. Finally, both private and public sectors experience the same external barriers due to a mismatch of the local supply base and the needs of the organization.
ContributorsKolesar, Katherine Ann (Author) / Kull, Thomas (Thesis director) / Hillman, Amy (Committee member) / Lanning, Kimber (Committee member) / Department of Marketing (Contributor) / Department of Supply Chain Management (Contributor) / Barrett, The Honors College (Contributor)
Created2016-12