Business Commons^™

Women's Work And Wealth: Measuring The Impact Of Incremental Liberations, 1850-1870, Hannah Kelly

Williams Honors College, Honors Research Projects

Using a two-way fixed effects difference-in-difference model, this project analyzes data from the IPUMS Full Count census for 1850, 1860, and 1870 at a state level for 48 states. Four models assess the impact of property laws on women's real property holdings, labor force participation, household types, and real property values.

By quantifying the impact of various legal reforms on women's economic empowerment, this project fills a gap in the understanding of the intersection between law, society, and women's economic agency during a transformative period in pre-industrial American history. These impacts can implicate the effectiveness of legislative measures in advancing …

Bubbly Booms And Welfare, Feng Dong, Yang Jiao, Haoning Sun

Research Collection School Of Economics

We show the competing effects of a housing bubble on the real economy by developing a multi-sector dynamic model with housing production. On the one hand, firms can sell or collateralize their housing, so a housing bubble helps firms obtain credit to finance their investment and expand production. On the other hand, a boom in the housing sector crowds out labor in the non-housing sector. We show that housing booms can reduce social welfare both in the steady state and in the transitional dynamics only when the production externalities in the non-housing sector are sufficiently large. We quantitatively evaluate our …

Exploring The Relationship Between Load Shedding And Crime In Gauteng, Bhavesh Ram

Master's Theses

This study investigates the impact of load shedding, a recurring power outage phenomenon in South Africa, on crime rates in the densely populated Gauteng province. Using a novel dataset that combines Eskom's load shedding schedules with detailed crime statistics from 2015 to 2022, a fixed-effects regression model is employed to examine the relationship between blackout hours and various crime categories. Findings reveal that while load shedding does not significantly affect overall crime rates, it significantly increases the incidence of contact crimes and sexual offenses, particularly during daylight hours. Additionally, our results provide evidence that load shedding diminishes the ability of …

A Gender-Based Ufc Demand Analysis, Nolen Michael

Economics Student Theses and Capstone Projects

The Ultimate Fighting Championship (UFC) has grown rapidly since its inception in the early 1990s. An important aspect of understanding the explosion of Mixed Martial Arts into mainstream appeal is the relationship between consumer demand and specific attributes of the sport. The UFC first began featuring female events in 2013. A robust division of women’s UFC fighters has developed in the years since. In this study I will be using econometric methods to evaluate the degree to which specific gender related variables influence consumer demand for the UFC. The Pay-Per-View format of UFC events is of critical importance because it …

Specifying And Estimating Vector Autoregressions Using Their Eigensystem Representation, Leo Krippner

Sim Kee Boon Institute for Financial Economics

This article introduces the principles and mechanics of the eigensystem vector autoregression (EVAR) framework, where a VAR may be specified and estimated directly via its eigenvalue and eigenvector parameters. Using explicit constraints on the eigensystem permits control of a VAR ís allowable dynamics, which is illustrated empirically with standard and time-varying VAR estimations specified to be always non-explosive.

New Geographies Of Electronic Commerce: An Appraisal Of Omni-Channel Strategies In The United States Grocery Industry, Connor Reed

Doctoral Dissertations

This body of doctoral research investigates the unique geography of e-commerce [electronic commerce] offerings among major grocery chains in the contiguous United States. Prior research has made efforts to understand the demographic and spatial dynamics that may influence consumers’ decision to shop online or in-store. Far less emphasis, however, has been placed on how firms have made key strategic decisions across space regarding e-commerce. This work leverages spatial econometric modeling and machine learning to understand how the characteristics of trade areas inform grocery chains’ decisions about whether to offer pickup, delivery, both, or no offering at a given store location. …

Jargon To Jackpot: The Financial Impact Of Infusing Pop Culture References In Social Media, Madelynn Solow

Business and Economics Honors Papers

This research explores the impact of incorporating pop culture references in a company's Twitter feed on the company's stock price. Pop culture is integral to people's everyday lives, providing a sense of familiarity and fun between individuals. Many companies have started leveraging pop culture references on social media platforms like Twitter to establish a relatable and engaging connection with diverse consumer demographics. The primary purpose of this research is to investigate whether this strategy is beneficial within the stock market. It is hypothesized that incorporating pop culture references on Twitter can lead to increased sales and higher stock prices, as …

The Estimation Of Production Functions With Monetary Values, Jesus Felipe, John Mccombie, Aashish Mehta

Angelo King Institute for Economic and Business Studies (AKI)

For decades, the literature on the estimation of production functions has focused on the elimination of endogeneity biases through different estimation procedures to obtain the correct factor elasticities and other relevant parameters. Theoretical discussions of the problem correctly assume that production functions are relationships among physical inputs and output. However, in practice, they are most often estimated using deflated monetary values for output (value added or gross output) and capital. This introduces two additional problems—an errors-invariables problem, and a tendency to recover the factor shares in value added instead of their elasticities. The latter problem derives from the fact that …

Driven By Change: The Impact Of Macroeconomic Shifts And Covid-19 On New Vehicle Sales, Jackson Aldrich

CMC Senior Theses

This paper examines the impact of macroeconomic factors and the COVID-19 pandemic on new vehicle sales. In order to address these two topics, a two-pronged approach was used with separate regression models. The macroeconomic variables include monthly supply of new homes, CPI for urban public transportation, unemployment rate, disposable personal income, inflation expectation, consumer sentiment, average gas prices, and total vehicle miles traveled which were regressed on total vehicle sales from 1978-2022. The regression results confirmed and supported current literature and highlighted the importance of the housing market and unemployment rate on new vehicle sales. The COVID-19 pandemic model variables …

Unraveling The Effects Of Transfer Pricing Documentation Regulation: Indonesia’ Evidence, Anggari Dwi Saputra

Jurnal Akuntansi dan Keuangan Indonesia

To counter tax avoidance using transfer mispricing practices, Indonesia introduced a transfer pricing documentation policy. This policy requires taxpayers to be transparent with their transfer pricing decisions. Treating the implementation of this policy as a shock to the taxpayers, this paper examines how the transfer pricing documentation policy affects a firm's tax avoidance behaviour by employing regression discontinuity design and difference-in-difference. Immediately after introducing the policy, a regression discontinuity analysis results indicate a 0.9 percentage point increase in tax/sales among taxpayers obligated to prepare transfer pricing documentation. A 0.3 to 0.7 percentage point increase in the tax/sales of the treatment …

Reducing Food Scarcity: The Benefits Of Urban Farming, S.A. Claudell, Emilio Mejia

Journal of Nonprofit Innovation

Urban farming can enhance the lives of communities and help reduce food scarcity. This paper presents a conceptual prototype of an efficient urban farming community that can be scaled for a single apartment building or an entire community across all global geoeconomics regions, including densely populated cities and rural, developing towns and communities. When deployed in coordination with smart crop choices, local farm support, and efficient transportation then the result isn’t just sustainability, but also increasing fresh produce accessibility, optimizing nutritional value, eliminating the use of ‘forever chemicals’, reducing transportation costs, and fostering global environmental benefits.

Imagine Doris, who is …

Are Bond Returns Predictable With Real-Time Macro Data?, Dashan Huang, Fuwei Jiang, Kunpeng Li, Guoshi Tong, Guofu Zhou

Research Collection Lee Kong Chian School Of Business

We investigate the predictability of bond returns using real-time macro variables and consider the possibility of a nonlinear predictive relationship and the presence of weak factors. To address these issues, we propose a scaled sufficient forecasting (sSUFF) method and analyze its asymptotic properties. Using both the existing and the new method, we find empirically that real-time macro variables have significant forecasting power both in-sample and out-of-sample. Moreover, they generate sizable economic values, and their predictability is not spanned by the yield curve. We also observe that the forecasted bond returns are countercyclical, and the magnitude of predictability is stronger during …

Estimating And Applying Autoregression Models Via Their Eigensystem Representation, Leo Krippner

Sim Kee Boon Institute for Financial Economics

This article introduces the eigensystem autoregression (EAR) framework, which allows an AR model to be specified, estimated, and applied directly in terms of its eigenvalues and eigenvectors. An EAR estimation can therefore impose various constraints on AR dynamics that would not be possible within standard linear estimation. Examples are restricting eigenvalue magnitudes to control the rate of mean reversion, additionally imposing that eigenvalues be real and positive to avoid pronounced oscillatory behavior, and eliminating the possibility of explosive episodes in a time-varying AR. The EAR framework also produces closed-form AR forecasts and associated variances, and forecasts and data may be …

Sharing Economy Last Mile Delivery: Three Essays Addressing Operational Challenges, Customer Expectations, And Supply Uncertainty, Nicolò Masorgo

Graduate Theses and Dissertations

Last mile delivery has become a critical competitive dimension facing retail supply chains. At the same time, the emergence of sharing economy platforms has introduced unique operational challenges and benefits that enable and inhibit retailers’ last mile delivery goals. This dissertation investigates key challenges faced by crowdshipping platforms used in last mile delivery related to crowdsourced delivery drivers, driver-customer interaction, and customer expectations. We investigate the research questions of this dissertation through a multi-method design approach, complementing a rich archival dataset comprised of several million orders retrieved from a Fortune 100 retail crowdshipping platform, with scenario-based experiments. Specifically, the first …

The Impact Of Upzoning On Housing Construction In Auckland*, Ryan Greenaway-Mcgrevy, Peter C. B. Phillips

Research Collection School Of Economics

There is a growing debate about whether upzoning is an effective policy response to housing shortages and unaffordable housing. This paper provides empirical evidence to further inform debate by examining the various impacts of recently implemented zoning reforms on housing construction in Auckland, the largest metropolitan area in New Zealand. In 2016, the city upzoned approximately three quarters of its residential land to facilitate construction of more intensive housing. We use a quasi-experimental approach to analyze the short-run impacts of the reform on construction, allowing for potential shifts in construction from non-upzoned to upzoned areas (displacement effects) that would, if …

Disagreement In Market Index Options, Guilherme Salome, George Tauchen, Jia Li

Research Collection School Of Economics

We generate new evidence on disagreement among traders in the S&P 500 options market from high-frequency intraday price and volume data. Inference on disagreement is based on a model where investors observe public information but agree to disagree on its interpretation; disagreement among investors is captured by the volume–volatility elasticity. For options, there are two natural variables related to disagreement: moneyness and tenor, which we relate to disagreement about the distribution of the market index at different quantiles and times. The estimated volume–volatility elasticity equals unity for options near the money and close to expiration, which is consistent with the …

Stock Splits And Corporate Peer Effects, Albert J. Saad

Theses and Dissertations

We find that a company’s decision to execute a stock split is affected by the number of stock splits carried out by its peers. Through the use of a broad peer group construction methodology, we also reveal the presence of asymmetric effects with regard to companies of different market capitalization size. In the periods of 1983–1996 and 1997–2009 we find that firms are more likely to split their stock if more of their peers have recently done so. However, in the period of 2010–2019 we see that the opposite is true. These results provide further evidence on social learning from …

Multivariate Econometric Regression Of Factors That Determine Form Of Disposition Of Human Remains Using Archival Death Certificates, Salt Lake County, Utah, Delphine T. Feigenbaum

All Graduate Plan B and other Reports, Spring 1920 to Spring 2023

This project considers the inescapable and burgeoning issues concerning the long-term allocation of scarce natural resources between the living and the deceased. America’s population growth will demand more space and maintenance resources used for disposition. To meet the forthcoming exigencies, economic planners need to address natural resource availability for future generations while incorporating sustainable and innovative technologies to prohibit environmental injustice.

The goals are to answer the following questions: How do demographical variables, age and sex influence the choice of disposition? How do cause of death variables influence the choice of disposition? I also evaluate the hypothesis that the average …

Economic Impact Assessment Of Nature-Based Coastal Resilience Solutions In Charleston. Estimating Local Economic Effects With Algorithm-Based Supporting Tool., Oksana Veselkova

All Theses

Coastal cities are at the forefront of the risks induced by climate change. Local communities are adversely affected, but the essential cultural assets and economies are also at risk of damage or destruction. In the efforts to limit hazard risk exposure, local governments are increasingly planning for long-term flood protection. One prospective flood risk mitigation measure is living shorelines or nature-based adaptation. The coastal ecosystems, such as beaches, wetlands, barrier islands, oyster reefs, and salt marshes, deliver multiple benefits to communities, including recreation, natural resources, freshwater, and carbon sequestration. Moreover, when combined with structural solutions, they can effectively reduce water …

Esg Scores As A Measure Of Risk: The Relationship Between Environmental, Social, And Corporate Governance Ratings And The Financial Performance Of U.S. Oil And Gas Companies, Lauren Kim

Scripps Senior Theses

This study investigates the association between ESG (environmental, social, corporate governance) scores on the financial performance of U.S. oil and gas companies, an industry facing significant ESG-related pressures. ESG scores evaluate a firm’s environmental impacts, social responsibility, and corporate governance practices and can be used as a form of evaluating a firm’s risk mitigation efforts. However, there is not sufficient evidence to conclude that there exists a relationship, positive or negative, between ESG scores and firm performance in this industry. Overall, the findings of this study highlight the growing interest in ESG investing and is useful for investors and firms …

Evaluating The Effect Of Nil Laws On College Athletic Department Revenue, Dylan C. Cherullo

Undergraduate Theses, Professional Papers, and Capstone Artifacts

This paper examines the impact of Name, Image, and Likeness (NIL) laws on revenue for public Division I universities' athletic departments, challenging the long-standing debate within the National Collegiate Athletics Association (NCAA). Utilizing panel data from the Knight Commission on College Athletics, which encompasses over 350 public Division I universities from 2002 to 2021, this study employs a difference-in-differences model. The model investigates state-level changes in university athletic department revenue from sponsorships (sponsrev), with special focus on the post-NIL law era. The analysis is bolstered by controls for various factors including ESPN’s FPI data, coach and equipment expenditures, and COVID-19 …

Assessing The Impact Of Financial Obstacles On Manufacturing Firm's Capacity Utilization: Bayesian Approach, Arab Dahir Hassan, Razim Ozcan

The Indonesian Capital Market Review

This study aims to investigate the relationship between financial obstacles and the capacity utilization of manufacturing firms. This study departs from previous studies in the literature by employing Bayesian linear regression analysis. The results demonstrate that financial constraints have a considerable negative effect on the capacity utilization of manufacturing enterprises, but access to credit lines has a positive effect. The sample consists of 1,494 private manufacturing firms in 31 Europe & Central Asian countries. Financial obstacles were perceived as the major impediment to business operations by 65% of the enterprises in the survey. Furthermore, 52% of enterprises in the sample …

The Paycheck Protection Program's Effect On Real Estate Prices, Someswar Amujala

CMC Senior Theses

This paper investigates the relationship between the Paycheck Protec- tion Program (PPP) and real estate price increases. The Paycheck Protection Program was established by the Small Business Association in 2020 to pro- vide forgivable loans to businesses to aid with potential losses from COVID- 19 impacts. I leverage zip code level data across the United States and a fixed effects panel data model to quantitatively measure the PPP’s influence on housing and rental prices. I find a positive and significant relationship between the number of PPP loans disbursed and housing and rental rates. Specifically, a 1% change in the number …

A Comparison Of M&T Bank And Citizens Bank Net Income Changes During The Coronavirus Pandemic, Alex R. Glasier

Applied Economics Theses

The COVID-19 pandemic had a tremendous impact on every aspect of life, particularly within the world of banking & finance. All banks saw sharp drops in their stock prices and net income, but my hypothesis is that larger, more established banks maintained more stability during 2020 than smaller banks. This paper analyzes the income statements and balance sheets of M&T Bank (an older, more well-established bank) and Citizens Bank (a less-established bank) during this difficult time.

The first part of my thesis describes similarities and differences between M&T Bank and Citizens Bank. I explain how these similarities and differences may …

Dynamic Return Relationships In The Market For Cryptocurrency: A Var Approach, Julian Gouffray

James Madison Undergraduate Research Journal (JMURJ)

This paper examines how the Bitcoin-altcoin return relationship has evolved in periods between 2015 and 2020. To understand this relation, we observe data on the cryptocurrency Bitcoin and prominent altcoins Ethereum, Litecoin, Ripple, Stellar, and Monero, which collectively represent over 90% of the market throughout the observed period. We employ a vector autoregressive model (VAR) to produce forecast error variance decompositions, orthogonal impulse response functions, and Granger-causality tests. We find evidence that Bitcoin return variation has increasingly explained altcoin returns and that market inefficiency increased between 2017 and 2020, as shown by increased Granger causality between Bitcoin and altcoins. These …

Do Philippine Stocks Catch Coronavirus? Some Econometric Check-Up On Pandemic Data, 2021-2022, Mark Reniel M. Amarila, Luisito C. Abueg

Journal of Economics, Management and Agricultural Development

Using daily data from March 1, 2021 to March 31, 2022, the USD-PHP exchange rate and pandemic-related variables such as the number of cases, vaccinations, and stringency index in relation to the movements of Philippine Stock Exchange index (PSEi) were investigated. The paper views vaccination as an instrument for reducing economic uncertainty, subsequently providing a positive sentiment for investors and stock market. Ordinary least squares, autoregressive distributed lags, and vector autoregression was used to show some dynamics based on time series data. Particularly, there are indications of reported cases being negatively correlated and statistically significant for PSEi. Further, impulse response …

How Presidential Disapproval Affects Bitcoin Returns: A Product Of The President, Joseph Libretti

Honors Theses

There has been a growing fascination for decentralized electronic assets, and Bitcoin has emerged as the face and leader of the movement. There have been three different presidents coinciding with the growth of Bitcoin. Since the creation of Bitcoin, each president has faced periods of net disapproval, and these periods have been the norm throughout Obama’s, Trump’s, and Biden’s presidencies. There is currently no existing literature on Presidential ratings as a predictor of Bitcoin, however, there has been research on the predictors of Bitcoin and Presidential ratings as a predictor of financial markets. I hypothesized that increases in net disapproval …

Aggregate Online Brand Name Pharmacy Price Dynamics For The United States And Mexico, Thomas M. Fullerton Jr., Steven L. Fullerton

Border Region Modeling Project

Virtual cross-border medical tourism allows many residents in the United States to purchase brand name medicines from companies in Mexico without travelling there. Monthly economic reports indicate that the online brand name pharmaceutical product prices in Mexico are noticeably lower than the corresponding internet prices in the United States. There have been very few econometric studies on how these prices are linked and the dynamic nature of those relationships. Results in this study indicate that online medicine prices in Mexico respond very rapidly to online prices changes in the high-price market.

Opportunity Calls: The Moral Economy During Existential Economic Transition In The Ural Mountains And Appalachia, 1991 - 2008, Nora Springer

Of Life and History

It is often assumed that economists and businessmen act outside of moral constraints, even in times of existential economic crisis. The econometrics of Chubais and Gaidar, as well as the accounting of Deloitte, have all been used to characterize engineers of transition as cold, academic, and removed from reality. However, in both Appalachia and the Urals, mathematics about what will make a profit is inextricable from moral questions of what should make a profit. The goals of economic transition, and ideology about what economic transition should mean, were baked into the calculations of both transitions. Further, the data used to …

The Effects Of Environmental Corporate Social Responsibility On Financial Returns, Kevin Acevedo

Theses and Dissertations

A major issue concerning companies is global warming and the impact that firms have on the environment. Companies are taking steps towards sustainability, but it is unclear if sustainable business practices are beneficial to companies’ financial performance. This paper examines the effect of environmental corporate social responsibility (CSR) of Fortune 250 companies on financial performance. The analysis reveals significant effects on financial performance, but they are inconsistent and hard to interpret.