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Articles 1 - 30 of 44
Full-Text Articles in Social and Behavioral Sciences
The High Costs Of Small Loans: Understanding Interest Rates In Microfinance, Benjamin W. Hudgens
The High Costs Of Small Loans: Understanding Interest Rates In Microfinance, Benjamin W. Hudgens
CMC Senior Theses
Version:1.0 StartHTML:0000000183 EndHTML:0000003190 StartFragment:0000002393 EndFragment:0000003154 SourceURL:file://localhost/Users/benjaminhudgens/Desktop/Final%20Thesis.docx This thesis will use data from 2009 to examine two questions about the Microfinance industry. First, why do firms charge interest rates well beyond their cost of funds and second, are there important differences at the national level that can help us to understand the high interest rates in Microfinance? I find that interest rates are primarily a result of operating expenses, but profit-status has large effects in developed Microfinance markets. I also find that the Economist Intelligence Unit’s measures of regulatory environment and industrial development explain a large portion of the variation in …
Credit Market Imperfections, Financial Crisis And The Transmission Of Monetary Policy, Brett Spencer
Credit Market Imperfections, Financial Crisis And The Transmission Of Monetary Policy, Brett Spencer
CMC Senior Theses
This paper uses U.S. macroeconomic data drawn from 2001 to 2010 in order to test for the operation of a credit channel of monetary transmission. Using a combination of a VAR and ADL time series frameworks, evidence is found for the impairment of the credit channel during the crisis period relative to the period which preceded it. Evidence is also found against the presence of a "credit crunch" during the crisis, and supporting evidence is found for the existence of a "credit trap." This analysis indicates a significant role for credit market imperfections in the transmission of monetary policy, and …
Cross-Cultural Risk Behavior In Financial Decisions And The Cushion Hypothesis, Jin Tan
Cross-Cultural Risk Behavior In Financial Decisions And The Cushion Hypothesis, Jin Tan
CMC Senior Theses
92 students from a Southern California liberal arts college and two Beijing universities participated in an online questionnaire. Their cultural tendencies (i.e. level of collectivism and perception of family support) and responses to hypothetical investment scenarios were observed. Participants were asked to provide the amount they would invest in each scenario as well as a risk safety rating. The Chinese respondents reported higher cushion and collectivism scores than the Americans. Furthermore, the Chinese sample offered more money for the three riskiest scenarios; they also rated three scenarios safer than the Americans did. The cushion and collectivism scores were not found …
Pointless?, Jonah Yuen
Pointless?, Jonah Yuen
CMC Senior Theses
A fundamental question in politics that has no conclusive answer to this day is whether or not campaign expenditures are pointless. Determining the role of campaign contributions and spending in elections is important for formulating campaign finance reform policy and also for understanding the public choice economics behind elections. Politicians seem convinced that money is an important component in any successful election as illustrated by numerous fundraisers and lofty goals of raising $1 billion for presidential campaigns, yet the empirical research on money’s role in elections has not reached a consensus. This project seeks to further explore the relationship between …
A Natural Resource Curse: Does It Exist Within The United States?, Bryce Gerard
A Natural Resource Curse: Does It Exist Within The United States?, Bryce Gerard
CMC Senior Theses
In this paper, we examine data on U.S. GDP/Capita and natural resource share of GDP by state. We then run growth regressions and build on a previous model of dynamic equations to account for the spatial equilibrium that exists between U.S. states. Our results show that there exists evidence that overinvestment in oil and mining sectors has negative effects on state TFP growth, thus giving positive evidence for the existence of a natural resource curse between U.S. states.
How Did The Extension Of The U.S. Dividend Tax Cuts In 2010 Affect Stock Prices?, Gayle Lim
How Did The Extension Of The U.S. Dividend Tax Cuts In 2010 Affect Stock Prices?, Gayle Lim
CMC Senior Theses
The efficacy of the 2001 and 2003 Bush tax cuts was a major topic of discussion in the 2010 midterm elections. I investigate the effect of the possible expiration and eventual extension of the dividend tax cut on US stock market performance in 2010 based on the methodology used by Amronin, Harrison and Sharpe (2008). I compare aggregate performance of US common stocks relative to foreign stocks using equity indices, and examine cross-sectional performance amongst US stocks by creating different stock portfolios based on their dividend yield. This comparison is done over two event windows, (1) 20-24 September 2010 and …
Energy Efficiency Technologies For Buildings: Potential For Energy, Cost, And Carbon Emission Savings, Bukola S. Jimoh
Energy Efficiency Technologies For Buildings: Potential For Energy, Cost, And Carbon Emission Savings, Bukola S. Jimoh
CMC Senior Theses
Buildings are a significant energy consumer and are responsible for an increasingly large percent of worldwide greenhouse gas emissions, currently between 30 and 40 percent. Energy efficiency presents unique opportunities for building owners to reduce their environmental footprint and add value through cost savings, tax deductions, and increased market value. An analysis of 183 samples of efficiency measures in seven technology categories found that 74% of efficiency investments had a positive net present value. Building automation system and chiller plant improvements had the highest mean energy and carbon dioxide savings per square foot. Additionally, building automation systems had, on average …
Has The Franco-German Power Balance In The European Union Tipped In Favor Of Germany?, Stephanie C. Haffner
Has The Franco-German Power Balance In The European Union Tipped In Favor Of Germany?, Stephanie C. Haffner
CMC Senior Theses
The power balance between France and Germany in the European Union has been one of great discussion and debate. Countless journalists and scholars have argued that Germany’s power has risen gradually against the seemingly perpetually stronger France over the past sixty years, and is now finally set to surpass France; but how true are these claims? How can power within the EU truly be measured? Through an analysis of Franco-German collaboration through unionization, a critique of the contemporary discourse on the relationship, and an examination of changing contributions to the EU budget, my paper argues that the Franco-German power balance …
An Analysis Of Remittance Tendencies Of Philippine Migrant Workers, Maryan S. Samson
An Analysis Of Remittance Tendencies Of Philippine Migrant Workers, Maryan S. Samson
CMC Senior Theses
In developing countries, remittances play a key role as a source of external finance. Remittances are a form of aid that migrant workers send back to their families, located in their home countries, in order to support the needs of the household. In about 25% of developing countries, remittances are larger than public and private capital flows combined (International Monetary Fund, 2009). In 2008, the Philippines economy was the 47th largest economy in the world with a GDP of $322 billion dollars (Asian Development Bank, Fact Sheet). Remittances accounted for over 10% of the Philippine economy, making the Philippines …
The Impact Of Weather Forecasts On Day-Ahead Power Prices, Noah Levin
The Impact Of Weather Forecasts On Day-Ahead Power Prices, Noah Levin
CMC Senior Theses
1. Introduction Power industry deregulation and electricity market restructuring, which began in Chile in the 1980s and then spread to Norway, New Zealand and the UK, were introduced in the United States with the passage of the Energy Policy Act (EPA) of 1992 (Jameson, 1997). The EPA and subsequent Federal Energy Regulatory Commission (FERC) Orders led to the restructuring of vertically integrated electric utilities, the establishment of Independent System Operators (ISO) and Regional Transmission Organizations (RTO) and the development of competitive wholesale power markets. Deregulation also led to the creation of various electricity contract–based financial derivative products. In 1996, the …
A Philosophical Framework For Conditional Cash Transfers, Jaron Abelsohn
A Philosophical Framework For Conditional Cash Transfers, Jaron Abelsohn
CMC Senior Theses
Despite some recent economic progress, there is still widespread poverty and severe inequality in developing countries. According to the World Bank there are over 925 million hungry or undernourished people worldwide. More than 80 percent of people in the world live in countries whose income inequality is rising. Over 2.1 billion people globally live on less than two dollars a day, with over 880 million people facing absolute poverty and living on less than one dollar a day. Three out of four people living on less than $1 a day live in rural areas. These impacts have been magnified by …
Does The Provision Of Healthcare Vary With Race? Evidence From Health Shocks To Patients Far From Home, Ajay Sridhar
Does The Provision Of Healthcare Vary With Race? Evidence From Health Shocks To Patients Far From Home, Ajay Sridhar
CMC Senior Theses
A vast literature acknowledges that minority groups, particularly African-Americans, receive less, and lower-quality treatment than Caucasians in U.S. health facilities. It remains an open question as to how much of this disparity is a result of poverty, and how much, a result of more overt discrimination. Former empirical studies are far from conclusive given the endogeneity of hospital quality, as minorities are overrepresented in areas served by poor health facilities. To remedy this endogeneity issue, we observe visitors to the state of Florida, as well as travelers within Florida. When an individual experiences a health shock far from home, her …
Take Me Out Of The Ball Game: The Efficacy Of Public Subsidies In The Success Of Professional Sports Stadiums, Jonah Chodosh
Take Me Out Of The Ball Game: The Efficacy Of Public Subsidies In The Success Of Professional Sports Stadiums, Jonah Chodosh
CMC Senior Theses
This paper weights the relative advantages of multiple factors that lead to the success of professional sports stadiums in major markets, though a discussion of the arguments for and against public subsidies towards these projects. Using a logit statistical model, the paper determines that the two factors determining the highest likelihood of venue success include multiple tenants and access to mass transit. The analysis demonstrates that public subsidies towards stadiums don’t generate sufficient economic returns, and that successful stadiums can be created without using taxpayer funds.
Can The Monetary Integration Of Ecowas Improve Intra-Regional Trade?, Chinweuba E. Ezekwesili
Can The Monetary Integration Of Ecowas Improve Intra-Regional Trade?, Chinweuba E. Ezekwesili
CMC Senior Theses
A gravity model is used to evaluate the effects of currency union on intra-regional trade of ECOWAS (Economic Community of West African States) member states. The panel data used includes bilateral observations for fourteen years spanning 1994 through 2006 for 16 countries. Controlling for determinants and deterrents of trade, I find the presence of a currency union three times as likely to increase intra-regional trade between ECOWAS member countries. In addition, I find that the effect on trade creation has been steadily falling since 1994.
America's First Great Moderation, Ryan Shaffer
America's First Great Moderation, Ryan Shaffer
CMC Senior Theses
This paper identifies America's first Great Moderation, a period from 1841-1856 of unbroken economic expansion and low volatility comparable to the Great Moderation of the 1980s-2000s. This moderation occurred despite a lack of central banks, low governmental spending, and barriers to interstate commerce during the antebellum period. I demonstrate this moderation in industrial production and stock market indexes and compare the first Great Moderation with the second in these economic factors. These results also call into question the conventional wisdom of the National Bureau of Economic Research business cycle chronology that the antebellum period was volatile and fraught with recessions. …
Performance Of The Indian Banking Industry Over The Last Ten Years, Saumya Lohia
Performance Of The Indian Banking Industry Over The Last Ten Years, Saumya Lohia
CMC Senior Theses
This paper analyzes the performance of Indian banks over the period of the last ten years. It uses the CAMEL Framework to determine the performance of public and private banks in India. The paper also conducts an empirical analysis to determine the share price performance of Indian banks relative to the share price performance of banks in Hong Kong, Europe and the US. This paper finds that private banks perform better than public banks overall based on the CAMEL Framework. In addition it also finds that the Indian banks share price performance is dependent on the share price performance of …
Blood Money: A Study Of The Effect Of Fighting On Player Salaries In The National Hockey League, Matthew G. Morton
Blood Money: A Study Of The Effect Of Fighting On Player Salaries In The National Hockey League, Matthew G. Morton
CMC Senior Theses
Fighting has been a centerpiece of the National Hockey League since it was formed in 1917. Although rules have been introduced regulating the physicality of play in the NHL, fighting is demanded—and encouraged—by fans and players alike. Fans have long been attracted to the violence of professional hockey; previous studies have documented that professional hockey is a “blood sport” that generates revenues with violence. This research investigates the effect of fighting on player salaries in the NHL, examining the way in which fighting has become a strategic element of the game, describing the way players enforce their own “Code” of …
Past Financial Reporting Credibility: Does It Influence Market Perceptions Of Fair Value Assets?, Jason M. Rehhaut
Past Financial Reporting Credibility: Does It Influence Market Perceptions Of Fair Value Assets?, Jason M. Rehhaut
CMC Senior Theses
During the financial crisis, many assets became illiquid and ceased trading on the open market, thus classifying them as level three assets. This study attempts to determine whether fair value asset disclosures, especially level three assets, were viewed by the market as valued correctly, given the amount of subjectivity involved. This paper will discuss prior literature on the topics of fair value accounting, various earnings quality measures, and corporate governance impact on fair value disclosures. Using models similar to prior papers, many of the coefficients of interest proved insignificant. However, the models improved when examining only the least credible firms.
The Effect Of Culture On Female Labor Force Partcipation, Joycelyn J. Ho
The Effect Of Culture On Female Labor Force Partcipation, Joycelyn J. Ho
CMC Senior Theses
This article looks at the effect of culture on female labor force participation. Proxies of culture used are Globe cultural social practice dimensions, and Hofstede cultural dimensions. This article finds that globe cultural dimensions have a stronger explantory value that Hofstede cultural dimensions. It confirms that gender eglaitarianism is a predictor of female labor force participation. It also suggests that assertiveness and uncertainty avoidance are also predictors of female labor force participation.
Strategic Significance: A Model Of G-20 Membership, Patrick Eagan-Van Meter
Strategic Significance: A Model Of G-20 Membership, Patrick Eagan-Van Meter
CMC Senior Theses
The membership of the Group of 20 was selected without any official criteria. This paper investigates whether group membership can be explained through the consideration of several different factors that coincide with the mission of the organization. I found strong evidence that membership in the Group of 20 was based on some combination of land mass and economic output. The results demonstrate that these factors are highly predictive of group membership.
Democratic Strength And Terrorism: An Economic Approach, Brian P. Winter
Democratic Strength And Terrorism: An Economic Approach, Brian P. Winter
CMC Senior Theses
There has been much literature about the economic effects of terrorism in democratic countries, but this literature often considers democracy to be a binary variable. This paper sought to explore how the effects might differ depending on the strength of a democracy. In the end, I found that the numbers of attacks and the effects of those attacks do not follow a linear path. The results for autocracies and anocracies require further analysis, but democracies have revealed interesting results. It seems that democracies as a whole have more terrorist attacks, but, within this group, the more democratic a country is …
Predicting Enrollment Decisions Of Students Admitted To Claremont Mckenna College, Michael Zaytsev
Predicting Enrollment Decisions Of Students Admitted To Claremont Mckenna College, Michael Zaytsev
CMC Senior Theses
College admission has become increasingly competitive in the internet era. This is especially true for the highest caliber of students and institutions. College admission is a process filled with asymmetric information. One of the biggest asymmetries occurs when schools admit students not knowing whether or not students will actually enroll. This uncertainty is economically costly to schools. As national rankings become more and more influential, schools are more sensitive to their rank and the statistics that determine them. One of these is yield, the percentage of admitted students who enroll. This paper examines data on admitted students to Claremont McKenna …
Fiscal Impact Of Privatization In Developing Countries, Alexander H. Sunderland
Fiscal Impact Of Privatization In Developing Countries, Alexander H. Sunderland
CMC Senior Theses
This paper examines the fiscal impact of privatization revenues in 47 developing countries. There are many reasons that privatization is attractive for the central government of developing countries. If substantial, these revenues from the sale of state owned enterprises can present a potential solution to persistent deficits. On the other hand, the privatization revenues could be used to finance an even larger deficit. In this paper, I will discuss previous research on the fiscal impact of privatization revenues, the factors that contribute to persistent fiscal budget deficits and explain how empirical research on the fiscal impact of privatization in the …
Public Dollar Private Owners; Tax Subsidies For New Stadiums In Professional Sports, Grant J. Bunnage
Public Dollar Private Owners; Tax Subsidies For New Stadiums In Professional Sports, Grant J. Bunnage
CMC Senior Theses
The growing popularity of North American professional sports over the last twenty years directly coincides with the recent trend of urban communities using tax dollars to publically subsidize professional football, baseball, and basketball stadiums. Communities across North America invest substantial amount of public tax dollars in private facilities in light of a consensus among policy analysts that the economic impact of the new stadium is greatly exaggerated. The economic impact of new stadiums has been extensively researched, the focus of this paper rather, is to examine the impact publically subsidized facilities built in the last twenty years have on the …
Tie The Knot Or You Tighten The Noose? The Current Effect Of Pre-Marital Cohabitation On Marriage Survival Rates, Matthew D. Beienburg
Tie The Knot Or You Tighten The Noose? The Current Effect Of Pre-Marital Cohabitation On Marriage Survival Rates, Matthew D. Beienburg
CMC Senior Theses
Pre-marital cohabitation has become a mainstream practice among couples in the United States, yet initial empirical evidence demonstrated significant correlations between cohabitation and subsequent marital instability. Later studies disputed a causal relation and have attempted to show a weakened connection over time, but have themselves suffered from the use of exclusively older and/or unreliable data. This paper uses figures from the National Longitudinal Survey of Youth (1997-08) and the National Survey of Family Growth (2006-08) to provide an updated analysis of cohabitation’s effect on marriage over the past decade. Using proportional hazard and competing risk models, this paper confirms a …
The Gift That Keeps Giving: Fdi Inflows In China, Joseph Chang
The Gift That Keeps Giving: Fdi Inflows In China, Joseph Chang
CMC Senior Theses
This paper investigates the primacy of foreign direct investment inflows in liberalizing China’s economy and whether the long-term gains from economic openness will justify its inefficient energy uses and growing regional income disparities. By examining the history of FDI inflows in China, it becomes evident that FDI inflows were an instrumental part in institutional and technological development in China. I extend the argument to take into account how these developed infrastructures react to China’s growing energy demand in light of a shrinking world supply. Lastly, I perform a meta-analysis on the Environmental Kuznets Curve theory and the Pollution Haven Hypothesis, …
The Impact Of Terrorism On Foreign Direct Investment: Which Sectors Are More Vulnerable?, Shivani Agrawal
The Impact Of Terrorism On Foreign Direct Investment: Which Sectors Are More Vulnerable?, Shivani Agrawal
CMC Senior Theses
The impact of conflict and violence on foreign direct investment (FDI) is not a topic that has been done justice by the literature, and what few studies exist have contradictory results. This paper studies the impact that transnational terrorism has on FDI inflows by economic sector, in developed countries. Results indicate a statistically significant negative correlation between terrorist events and total FDI inflows. Amongst a list of 12 broad industrial sectors, FDI inflows for manufacturing, trade and repair, and construction were found to have a statistically significant negative correlation with terrorist events.
Running Backs In The Nfl Draft And Nfl Combine: Can Performance Be Predicted?, Chris Blees
Running Backs In The Nfl Draft And Nfl Combine: Can Performance Be Predicted?, Chris Blees
CMC Senior Theses
Berri and Simmons (2009) investigate the relationship between the NFL Combine and the NFL Draft. They find that a quarterback’s performance in the Combine can have a significant impact on that player’s draft position. However, they find that no known aspect of a quarterback before they are drafted is an indicator of success in the NFL. I examine if these relationships exist for the Running Back position. I find similar results to Berri and Simmons: that performance in the Combine does have an effect on that player’s draft position, but that no aspect of a running back’s pre-draft characteristics can …
The Effects Of Industry On Cross-Border And Domestic Ipo Underpricing, Emily K N Hirano
The Effects Of Industry On Cross-Border And Domestic Ipo Underpricing, Emily K N Hirano
CMC Senior Theses
Increasing numbers of foreign firms are holding cross-border IPOs in attempts to raise capital in markets outside of their home nation. Within the United States cross-border IPOs consistently experience greater amounts of underpricing than domestic IPOs. This paper examines the effects of SIC industry classifications on cross-border and domestic IPO underpricing from 2004-2010. Analysis demonstrates that in various industries, SIC classification has a significant impact upon underpricing in comparison to other industries. While in other industries, significance is solely exhibited through the differing impacts of domestic and cross-border IPOs, within the industry itself, upon underpricing. The most significant industry effect …
A New Experiment On Rational Behavior, Myles R. Macdonald
A New Experiment On Rational Behavior, Myles R. Macdonald
CMC Senior Theses
Behavioral economics is widely recognized as a rising field in economics, one whose discoveries and implications are not yet completed or understood. At the same time, economic theory plays an enormous role in our governmental and legal system. In particular, the Coase Theorem and its implications have affected nearly every area in the field of law and economics. This paper proposes a experimental test of Coasean bargaining in situations using two competitive players whose payoffs depend on minimizing their costs of mitigating the externality. A rational player’s action can be predicted ahead of time, and the rationality of the game’s …