Business Commons^™

“Safe” Annuity Retirement Products And A Possible Us Retirement Crisis, Thomas E. Lambert, Christopher B. Tobe

Faculty Scholarship

This paper examines a looming possible crisis in many Americans’ retirement plans due to the proliferation of annuity products in their retirement investment portfolios. As defined benefit pension plans have almost completely disappeared as a means of retirement savings and have been replaced by defined contribution retirement plans over the last 40 to 50 years, a great number of private and public sector defined contribution retirement plans have become laden with insurance contracts called annuities. Of the remaining solid defined benefit plans many, through a process called Pension Risk Transfer are being converted to high-risk single entity annuities. Such products …

Horse Racing And Historical Horse Racing’S Impact On The Kentucky Economy: Possible Hhr Saturation?, Thomas E. Lambert

Faculty Scholarship

The Commonwealth of Kentucky currently has 5 thoroughbred racing tracks and 3 harness racing tracks (Kentucky Horse Racing Commission 2023 and Mint Julep Louisville 2021). As Table 1 below shows, the industry employees roughly 7,000 people (direct jobs), and these jobs annually support another 2,000 jobs or so throughout the state. These 2,000 jobs are jobs that are provided by the suppliers to the horse race tracks (indirect jobs) and jobs that are created by the spending of the race track employees and the employees of suppliers on food, housing, transportation, and clothing by vendors and retailers throughout the state …

Displaced Worker Angst And Far Right Populism, Thomas E. Lambert

Faculty Scholarship

Background

Nothing causes more anguish and frustration than downward social mobility such as that experienced by less-educated workers and especially by displaced workers. Those who lose economic status lose more than income because they become so socially isolated that they are further frustrated through loneliness (Case and Deaton 2020). Hanna Arendt points out that lonely men are susceptible to authoritarian influence (1973, p. 475).

There is yet another aspect to the downward social mobility of low skilled men, namely that they are losing ground not only relative to social norms but also relative to the wages of low-skilled women. In …

Congressional Briefing: Support America’S Circular Economy By Upcycling Bourbon & Brewing Wastes In Reauthorizing The Farm Bill, Samuel Kessler

Commonwealth Policy Papers

Following state level development of a new spent grain incentive system, leading to KY House Bill 627 in 2022, CPC’s Congressional Summit dialogue considered initial components and possibilities for designing an incentive to upcycle “keystone” organic wastes in regional economies across the US. For member offices, a set of general recommendations are provided for a national spent-grain upcycling incentive pilot program. It is suggested that staff of the Bourbon caucus consult with the references in this briefing and USDA Rural Development to consider further development of an incentive program in the reauthorization of the Farm Bill.

It is further urged …

Recent Impacts Of Penny And Fixed Odds Wagering: What Does The Future Hold?, Thomas E. Lambert

Faculty Scholarship

In order hopefully to revive attendance at the tracks and/or fuel a resurgence in gambling (either in person or virtually), the last year has seen some recent wagering developments and changes at different horseracing tracks in the United States. At Ellis Park Racing and Gaming (Henderson, Kentucky) in the Evansville, Indiana metro area, penny wagering has been tried since the 2022 season to influence gambling revenues. Meanwhile, starting in 2022 Monmouth Park in New Jersey now offers “fixed odds” wagering as an alternative to parimutuel wagering for patrons who do not like the possible fluctuations in odds before a race …

The Economic Surplus, The Baran Ratio, And Long Wave Cycles, Thomas E. Lambert

Faculty Scholarship

This paper briefly outlines the idea and development of the economic surplus concept at the macroeconomic level as opposed to the one in microeconomics often labeled as a Marshallian surplus. Of special interest and focus is the concept as developed and used by heterodox economists. The notion of a residual amount of output or income over and above what is necessary for a society’s consumption (education, housing, food, clothing, health care, transportation, and other necessities of life) that can be used either for further consumption by an elite class, used for reinvestment in productive activities, and/or wasted on unproductive efforts …

Perceptions Of Student Loan Debt: A Phenomenological Study Exploring Black Undergraduate Students' Experiences., Pilar Prather

Electronic Theses and Dissertations

The rising cost of higher education concerns many families in the United States, especially those from historically underrepresented backgrounds. The purpose of this study is to explore the phenomenon of Black students' perception of their student loan debt and how their financial knowledge influences their decisions at a public institution. This qualitative research provides space to empower individuals to share their stories through semi-structured interviews to get an account of their experiences. Grounded in Yosso's (2005) Community Cultural Wealth Theory, the study seeks to capture the unique ways Black students make financial decisions. The dissertation is divided into five chapters: …

Horse Sense Or Horse Hype? Estimating The True Economic Impact Of Churchill Downs And The Kentucky Derby On The Louisville Metro Area, Thomas E. Lambert

Faculty Scholarship

In trying to assess the true economic impact of the Kentucky Derby on the Louisville region (north central Kentucky and south central Indiana counties), one can find two different estimates appear in doing a quick search on the internet. Some sources, such as the Kentucky Derby Museum, indicate that the economic impact of the Derby is around $217 million (Kentucky Derby Museum 2023) but never mention a source or study for this conjecture. In doing some research, this amount is determined to come from a 2001 study by the marketing research firm Wilkerson and Associates (LaMarra 2001), and therefore this …

A Comparison Of The Economic Impact Of Horse Racing Tracks In Kentucky Versus Neighboring Indiana, Thomas E. Lambert

Faculty Scholarship

The Louisville metro area is one that spans two states—Kentucky and Indiana. Since the University of Louisville has many students and employees who come from the Hoosier State, it would be interesting to see how the two states compare when it comes to what has been labeled a “signature” industry for the Commonwealth of Kentucky—horse racing.

British Public Investment, Government Spending, Housing, And The Industrial Revolution: A Study Of Governmental And Social Surplus Absorption, Thomas E. Lambert

Faculty Scholarship

When it comes to the British Industrial Revolution of the 18^th Century, much of the mainstream economics literature has tended to focus on how property rights, limitations on the crown or government, and changes in agricultural and manufacturing techniques have caused a great transformation in the nation’s economic formation. Marxian and other heterodox economics views acknowledge these developments but also emphasize the enclosure movement and the development of a class of people that becomes an exploited proletariat. Both sets of views acknowledge the role of the British government in facilitating the Industrial Revolution, but in doing a review for …

The Economic Impact Of Keeneland Race Course On The Lexington Metro Area With Projections For This Year’S Breeders Cup, Thomas E. Lambert

Faculty Scholarship

Keeneland Race Course in Lexington, Kentucky has had a long tradition for quality horse racing going back to its inception in 1936 (Keeneland 2022). With the 2022 Breeders’ Cup World Championships coming to the race track this November, this paper examines what economic impact the race track has on the Lexington metro area (Bourbon, Clark, Fayette, Jessamine, Scott, and Woodford counties in Kentucky) on an annual basis and how the 2022 Breeders’ Cup will boost the impact of the race track when compared to a typical year.

The Economic Impact Of Buying And Redeveloping Ellis Park By Churchill Downs, Thomas E. Lambert

Faculty Scholarship

Churchill Downs’ acquisition of Ellis Park Racing and Gaming in Henderson, Kentucky reflects the growing number of mergers across the US among racetracks, racetracks and casinos, and casinos with other casinos. Some years back, Ellis racetrack closed for one year due to declining profitability, yet after new ownership took over and a gaming center was added, it began a rebound in earnings (Courier and Press 2008). The $75 million that Churchill Downs plans to spend to transform Ellis Park (Schulz 2022) will have a much bigger impact than the construction, revamping, and expansion of park facilities. This is in addition …

The Great Resignation, Unemployment, And Underemployment In The Us: A Study Of Labor Market Segmentation, Thomas E. Lambert

Faculty Scholarship

During 2021 and 2022 many news media outlets have been reporting that millions of workers in the US have been quitting their jobs in record numbers. In a global economy rebounding from the economic downturn caused by the Covid-19 outbreak and demanding more workers, a high rate of resignations has exacerbated labor shortages and may be aggravating underemployment rates if many workers are choosing not to be part of the labor force or only to work part time. Many reasons have been offered to explain this “Great Resignation” including high day care costs for working parents which may in turn …

Organizational Compassion: Ameliorating Healthcare Workers' Suffering And Burnout, Rachel Thienprayoon, Shane Sinclair, Beth A. Lown, Teresa Pestian, Eli Awtrey, Naomi Winick, Jason Kanov

Journal of Wellness

No abstract provided.

Kentuckians And Expanded Gaming: Opposition To Protect The Vulnerable?, Thomas E. Lambert

Faculty Scholarship

During the 2022 meeting of the Kentucky General Assembly, gambling interests in the state had both triumphs and setbacks. An attempt to raise taxes on revenues earned by specialty slot machines (historical horse racing machines, or HHR machines) was turned back, yet an attempt to legalize sports gambling on sports such as the NFL, NBA, NCAA, etc., was also turned back. Lotteries, charitable gaming, and pari-mutuel wagering on horse racing have been legal in the state for some time, and HHR machines were made fully legal after state laws were re-written in 2021 to have them comply with the state …

Support New Business To Solve Old Problems With Kentucky’S Keystone Waste From Bourbon & Brewing, Samuel C. Kessler

Commonwealth Policy Papers

Provided here is a policy solution from the backside of Kentucky bourbon and brewing to upcycle Kentucky’s “keystone” wastes and grow businesses in the process. Potential effects range from removing the bottleneck on bourbon production and producing GHG-friendly biogas to lowering the price of milk.This full whitepaper brief provides an incentive model for keystone wastes which have a provider and a use. It is equally applicable for policymakers or advocates wishing to place a policy incentive behind waste-to-product upcycling, businesses involved with methane sequestration & renewable biogas energy, and shifting regulatory and penalizing models of pollution into incentive model for …

The Great Resignation: A Content Analysis Of News Sources' Portrayals Of The Covid-19 Labor Shortage., Mackenzie Williams

College of Arts & Sciences Senior Honors Theses

When workers left the labor market in large numbers during the COVID-19 pandemic, proclamations of a labor shortage emerged extensively throughout the news. In this study, I analyze the coverage of the worker shortage among three news sources with different political orientations. Several themes emerged from analyzing a total of 75 articles. The findings showed that the perspective shown in the article, the cause of the labor shortage, restaurant worker portrayal, support of solutions, and opinion of the labor shortage all differed based on the political identity of the news source. This research supports previous findings that show there is …

Recipe For Good: Analyzing The Authenticity Of Csr Commitments Among The Leadership Of A Parent Company To Global Restaurant Brands., Lauren E. Reuss

College of Arts & Sciences Senior Honors Theses

Corporate Social Responsibility (CSR) is a form of private self-regulation conducted by businesses; CSR aims to contribute to societal goals of philanthropy, activism, and ethics by improving society, policy, and or the environment. Corporate social responsibility is becoming a greater aspect of modern business, but as it becomes part of the modern discourse, it is right to question whether its efforts are authentic to those driving these initiatives? This case study seeks to understand how the leadership within the parent company of a global foods brand depicts authenticity and communicates its social and environmental efforts to stakeholders. Building on existing …

“Lord, Mr. Ford!" The Overall Estimated Economic Impacts Of The New Blueovalsk Battery Park In Glendale, Kentucky, Thomas E. Lambert

Faculty Scholarship

No abstract provided.

Novel Pilot Development Of A Closed-Loop Sustainable System Between Biogas Renewable Energy, Distilling, And Aquaculture By Vermiculture Of Stillage Wastes, Samuel C. Kessler

The Cardinal Edge

This study provides a mixed-methods approach in analyzing a potential closed-loop system between renewable biogas production from anaerobic digestion, vermiculture production, aquaculture production, and organic wastes with a particular focus on stillage wastes. Such system may hold significant promise for significantly reducing organic carbon and methane emissions from its components, and should be assessed for such. The 2021 IPCC report essentially identified methane reduction as the single fastest way to slow global warming (IPCC, 2021), making the study and implementation of methane-reducing systems and supportive policy for them critical. Knowledge gaps to implementing this system were qualitatively identified as disconnect …

The Baran Ratio, Investment, And British Economic Growth And Development, Thomas E. Lambert

Faculty Scholarship

Investment in capital, new technology, and agricultural techniques has not been considered an endeavor worthwhile in a medieval economy because of a lack of strong property rights and no incentive on the part of lords and barons to lend money to or grant rights to peasant farmers. Therefore, the medieval economy and standards of living at that time often have been characterized as non-dynamic and static due to insufficient investment in innovative techniques and technology. Paul Baran’s concept of the economic surplus is applied to investment patterns during the late medieval, mercantile, and early capitalist stages of economic growth in …

Conjectures Of English And Uk Economic Surplus, Investment, Tax Revenues And Deficit Amounts From The 13th To The 19th Century, Thomas E. Lambert

Faculty Scholarship

This paper attempts to estimate trends in the levels of economic surplus, public and private investment, and national government surpluses and deficits from accumulated capital income, taxation, and rents estimated by different economic historians for England and the UK. The data support historical accounts that income per capita growth begins to increase around the 1600s in Britain perhaps due to the level of capital, tax, and land income achieving an adequate threshold amount. According to some historians, this would also be about the time of capitalism’s ascent as the dominant economic system in England. Even then, dramatic increases in investment …

Us Gambling Stagnation: Will New Gambling Forms Make A Difference?, Thomas E. Lambert

Faculty Scholarship

Much has been written recently in the popular press about the rise of sports gambling, historical horse racing or instant racing (HHR), and esports. However, despite this, some note an overall decline in the popularity of gambling and gaming in general as horse racing (pari-mutuel) wagering has declined dramatically over the decades and as casino and lottery revenues have fallen slightly since before the Great Recession. This exploratory research note examines the trends in US gambling over the last several decades and explores whether the new forms of gambling will stem and reverse overall gambling stagnation in the United States. …

Turfway Park Renovation And Transformation: Its Impact On The Cincinnati Metro Area, Thomas E. Lambert

Faculty Scholarship

No abstract provided.

Sports Gaming, Casinos, And Horse Racing In New Jersey: The Record Before And During The Covid-19 Pandemic, Thomas E. Lambert

Faculty Scholarship

New Jersey was the first state to legalize sports gaming outside of Nevada after a landmark US Supreme Court decision in May 2018 struck down a federal law banning sports gambling in all other states and the District of Columbia (Liptak and Draper 2018). Some race tracks such as Monmouth Park race track began offering sports gambling as a way to bring back fans to parimutuel wagering which had been and still is in decline for several decades at tracks throughout the nation (Associated Press 2019). This brief paper examines trends in New Jersey on how sports gambling has grown …

Did Covid Benefit Or Harm Horse Racing Wagering? A Comparison Of Trends, Thomas E. Lambert

Faculty Scholarship

Different media accounts during the recent Covid-19 pandemic have mentioned an upswing in horse racing gambling thanks to a decline in other forms of wagering at casinos and with sports gambling. This paper examines gambling trends across the US before and during the pandemic for these forms in gambling as well as lotteries. Horse racing wagering did see an increase, but not as dramatically as one would expect.

Nonprofit Social Media Internships: A Handbook, Allison Laroy

College of Arts & Sciences Senior Honors Theses

This thesis examines how nonprofits can best prepare their interns and how interns can best prepare themselves for a role in engaging audiences through social media. Through a literature review on nonprofit social media and internships, a series of qualitative interviews with interns and supervisors, and my own lived experiences as a social media intern, I develop a handbook for nonprofit social media internships. This guide is relevant to the specific experiences of nonprofit social media internships, includes advice on training, mentorship, and best practices, and finally, it incorporates further resources on nonprofit social media that interns and supervisors can …

"It's Personal": A Case Study Analysis Of The Strategic Management Of Resources In A Historically Black University Athletic Department., Brigitte M. Burpo

Electronic Theses and Dissertations

This dissertation is a qualitative case study examination of the strategic management of critical resources in an HBCU athletic program. It begins with a historical overview of HBCUs and HBCU athletic departments focusing on the systemic and societal influences that contributed to the current state of HBCU athletic programs. This dissertation later discusses the influence of a lack of financial resources on HBCU athletic departments further depletes the ability to operate with a competitive advantage. Chapter One focuses on the historic background of HBCUs and their formation as well as the societal influences that depleted critical resources. Chapter Two covers …

On The Economics Of The Jockey Club’S 140 Mare Limit Proposal, Robert L. Losey Ph.D.

Faculty Scholarship

Though the genetics and economic aspects of the Jockey Club proposal are intertwined, as much as possible this paper focuses on the economic implications of a limit on the number of mares a stallion can breed. Jim Gagliano, president of the Jockey Club, was quoted in a September 6, 2019, Thoroughbred Daily News article saying, “We cannot predict the economic effects of a limitation because of the complexity of the interactions among participants in the breeding and selling markets.” As explained in the following, significant economic consequences are predictable with considerable accuracy. Most especially in the short and intermediate …

Pricing Stallion Seasons For An Individual Stallion: The Existence Of Top Tier Pricing And Market Power, Robert L. Losey Ph.D., Thomas E. Lambert 1959-

Faculty Scholarship

This paper is an academic treatment of the pricing of stallion seasons (a “season” confers the right to breed a mare to a stallion) The commercial stallion seasons market can be represented schematically as a triangle that normally has a single-digit number of stallions offering high-priced seasons in the narrow apex, a moderate number of stallions composing the middle section, and over 150 in the $5,000-$10,000 range. We argue that it is logical for profit-maximizing stallion managers, most especially those in the apex of the stallion seasons triangle, to charge different prices for different groups of buyers of the same …