At ̽̽ this spring, Grossman School of Business seniors who were also enrolled in the Honors College (HCOL) wrapped up and presented their honors theses, which they have been tirelessly working on since September 2023. With the countless hours of hard work and research that have gone into these final presentations, two GSB students took the time to reminisce upon their experiences with and pass on advice to those that will be following in their footsteps.
Nostalgia Affecting Consumer Behavior
In April, senior Jasper Williams defended his thesis, “Collective Nostalgia’s Effect on Consumer Behavior,” which focused on the relationship between strong emotional reactions and the perceived value of money. With the help of 72 undergraduate peers, Williams set up an in-class experiment that sought to create individual and group feelings of nostalgia, while also creating a control group for comparison. After a series of exercises, the participants were then allocated a modest budget that they were asked to disperse.
Williams hypothesized that the group with a triggered collective nostalgia would be the most generous with the distribution of their small endowment, but in a turn of events, the control group ended up giving the most away. While Williams balanced the efficacy of his conditions with a thorough audit of the experiment, he also concluded that the inconsistency with his experiment and prior studies suggests that the link between the value of money and the emotion of nostalgia may not be as strong as reported. Williams worked closely with Grossman School of Business Associate Professor Carolyn Bonifield, who Williams felt gave invaluable guidance and “allowed me to explore the topics that I gravitated towards while also constantly offering advice.”
Real Estate Investment Trusts
For senior Sam Thompson, the topic of choice was an exploration into the relationship between CEO compensation and the performance of real estate investment trusts (REITs). REITs are specially designated companies that pool capital from investors who earn dividends from real estate while not having to individually buy, manage, or sell properties. Sam’s thesis argued that there was a positive correlation between healthy salaries for CEOs of these trusts and the return that investors saw. Conversely, when bonuses and short-term incentives were in place that were more influenced by market conditions, the performances of CEOs diminished.
Thompson’s advisor for the thesis, Professor Andrew Provost, was there to assist him every step of the way. “He helped me form the questions and really approach the framework in an academic sphere,” recounted Thompson. “I knew what I wanted to do, but he helped me frame the right questions to ask.”
Advice for Upcoming Seniors
While Williams and Thompson acknowledged that being enrolled in the Honors College was a challenge, they were both ultimately glad they stayed focused and followed through with their honors thesis. Along with their Bachelors of Science in Business Administration degree requirements for Grossman School, they were required to take several interdisciplinary courses as Honors College students.
It was Williams’s experience that “most HCOL students love the first two years – they are fun – but...I think the honors project intimidates them. At the end of the day it ended up being a really cool experience that let me chart my own path even though it was a lot of work.”
Williams further pointed out that “an honors project is especially helpful for Grossman School students. When it is done, you have something that is completely your own, and that becomes a great example in interviews where they will ask you often about project that you have overseen from beginning to end.”
Thompson added his parting thoughts, “If I had a piece of advice for an upcoming senior – try to get it done sooner than you feel you will need to.”
A tremendous congratulations to both Thompson and Williams, and all seniors for completing their theses! View all including those of our very own Grossman School grads.
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Leahy Honors College Scholars in the Grossman School of Business
Dante Vincent Blasi, Thesis: Measuring the Value of Web Design Elements with the Conjoint Method Advisor: Erik Monsen, PhD
Lizbeth Cintron, Thesis: Tax Considerations in the Puerto Rico Statehood Debate: Understanding the Effects on Individual Income Taxes and Federal Program Access Advisor: Glenn Walberg, JD, LLM
Pierce Michael Quinn DeBoer, Thesis: Leaving an Impression: How can different storytelling principles affect the effectiveness of a movie trailer? Advisors: Carolyn Bonifield, PhD; Thomas Nordewier, PhD
Samuel Bartlett Thompson, Thesis: CEO Compensation and Performance in Real Estate Investment Trusts (REITs) Advisor: Andrew Prevost, PhD
Jasper Mcrae Williams, Thesis: Collective Nostalgia’s Effect on Consumer Behavior Advisor: Carolyn Bonifield, PhD