Social and Behavioral Sciences Commons^™

Essays On Economics Of Inequality, Aboozar Hadavand

Dissertations, Theses, and Capstone Projects

This dissertation consists of three chapters all around the subject of inequality. The first chapter provides a novel analysis of the trend in income inequality in the United States between 1979--2013. There are two ways in which this chapter contributes to the literature. First, I analyze how much of the existing inequality in the U.S. is due to the demographic changes that happened over this period. Using microdata from Luxembourg Income Study and after decomposing inequality into within- and between-age group components, I find that the within-group share of overall inequality in the U.S. is high and steady compared to …

Essays On The Impact Of Exchange Rate Movements On Stock Return And Country Output, Junnan Zhao

Dissertations, Theses, and Capstone Projects

Exchange rate movements are widely believed to be a major source of uncertainty at both micro- and macro-economic levels. At the microeconomic level, corporate managers controlling risk and investors seeking to hedge their portfolios are both obviously interested in estimates of a firm’s exchange rate exposure ̶ i.e., how much of the value of a firm will be affected by exchange rate movements. At the macroeconomic level, a currency appreciation may have a contractionary effect on a country's output.

Chapter 1 tests whether the launch of the euro around 1999 significantly reduced stock market volatility and exchange rate risk exposure …

Essays On Inequality And Macroeconomic Stability, Thomas Hauner

Dissertations, Theses, and Capstone Projects

This dissertation consists of three chapters. . .

Chapter 1: Aggregate Wealth and Its Distribution as Determinants of Financial Crises: Panel Evidence This essay investigates the relationship between wealth inequality and financial crises across a panel of nine advanced economies over the past 100 years. While substantiation of a role for income inequality is ambiguous in the literature, evidence is presented suggesting a unique capacity for the accumulation of assets to increase the likelihood of a future financial crisis episode. Testing long-run panel data with a reduced form, two-way fixed effects model, estimates suggest that increasing wealth inequality, in an …

Who Influences Your Outcomes? The Effect Of Culture And Ethnic Origin, Neighborhood And Peers On Personal Income: A Spatial Econometric Analysis Of New York City, Anna Arakelyan

Dissertations, Theses, and Capstone Projects

Being a “social animal”, each person is inherently embedded into a complex structure of social relations. He has role models to aspire to, conformity rules to follow, and expectations to meet. This paper explores the different social influences each person experiences in life. Specifically, I consider how a person’s ethnic community, age reference group, occupational and industry group peers, and residential area neighbors affect his total income. I introduce a novel model of multiple social networks and discuss various identification implications. I apply the model empirically to New York City, which naturally is a very favorable environment to test for …

Essays In Financial Development And Income Inequality, Samuel M. Jung

Dissertations, Theses, and Capstone Projects

This dissertation consists of three essays of original research. Chapter 1 is a survey of the literature on the theoretical and empirical interactions among financial development, economic growth, and income inequality.

Chapter 2 describes empirical research on the relationship between financial development and income inequality based on Generalized Method of Moments (GMM) method using a Chinese provincial dataset between 1998 and 2014. The empirical findings support the notion that well-developed financial markets increase income inequality in China. After adding a year dummy for 2001 to examine the impact of China’s entry into the World Trade Organization, which caused the financial …

The Bourgeois Crown: Capitalism And The Monarchy In Thailand, 1946–2016, Puangchon Unchanam

Dissertations, Theses, and Capstone Projects

In the age of capitalism, monarchy has been treated as if it were an irrelevant institution. Once capitalism becomes the dominant mode of production in a state, it is argued, monarchy must be either abolished or transformed into a constitutional monarchy, a ceremonial institution that plays no significant role in a capitalist state that is ruled by the bourgeoisie. The monarchy of Thailand, however, fits neither of those two narratives, as it enjoys hegemonic status in the capitalist state, preeminent status in the market, and popular support from the urban bourgeoisie. What explains the resilience of the Thai monarchy in …

Essays On The Economic Well-Being Of Women, Timothy A. Roeper

Dissertations, Theses, and Capstone Projects

This dissertation consists of three chapters:

1. The Effect of College Distance on Economic Opportunity for Low-Income Youth

This chapter studies the impact of one obstacle to college completion among low-income youth: geographic distance to the nearest four-year public college. The chapter's main results show that cutting the distance to a public four-year college from its mean value of 18 miles to half of that, 9 miles, is associated with a 4 percentage point increase in the college graduation rate of low-income women. Reducing the distance to public community college also increases the probability of completing college for low-income women. …

Surplus Consumption, Habit Utility And Moody Investors, Jun Lou

Dissertations, Theses, and Capstone Projects

The thesis examines a blend of Asset Pricing topics: joint stock-bond pricing, consumption-based asset pricing puzzles, time variation in risk preference, among others. In chapter one, I first review the literature on respective topics in search of a consolidated framework of resolution. I then propose one, a consumption-based affine model that jointly prices bond and stock in closed form. The tractable feature of the price solutions remains standard as in affine termstructure of interest rates, but presents novelty for the stock prices. In chapter two, I discuss the GMM based procedures for model estimation. In chapter three, I interpret the …

Gender And Financial Risk Aversion, Efstathia Korkou

Dissertations, Theses, and Capstone Projects

The primary goal of this dissertation is the study and measurement of the effect of gender in the process of financial decision making and investment decision making in particular, under uncertainty. In terms of investment decisions, researchers have linked investors’ risk aversion to several individual characteristics of theirs, such as their age, their income or their financial knowledge. However, an investor’s characteristic, somehow overlooked or not properly investigated, has been the investor’s gender, and the latter’s bearing on investment decision making. Research from the 1990s suggested that once individuals are called to allocate their wealth and make investment decisions, women …

The New American Slavery: Capitalism And The Ghettoization Of American Prisons As A Profitable Corporate Business, David A. Liburd

Dissertations, Theses, and Capstone Projects

The labor of enslaved Africans and Black Americans played a large part in the history of colonial America, with the American plantation being the epicenter for all that was to be produced. While the two have never been completely tied together, capitalism and modern day slavery have been linked with one another. Some analysis sees slavery as a remote form of capitalism, a substitute, to an antiquated form of labor in the modern world.

Slave plantations adopted a new concentration in size and management, referred to by W.E. DuBois as a change "from a family institution to an industrial system."1 …

Three Essays On The European Sovereign Debt Crisis With A Special Focus On Greece, Flora Leventi

Dissertations, Theses, and Capstone Projects

This dissertation consists of three chapters where I examine several aspects of the European sovereign debt crisis. The first chapter focuses on systemic risk. Following the financial crisis of 2007-08, both in academic as well as policy circles, much of the research has focused toward the systemic importance of financial institutions. Parallel to that research, but to somewhat lesser extent, there have been improvements in our understanding of how risk is transmitted from the financial system to the real economy. This chapter investigates a related yet distinct manifestation of systemic risk, namely systemic sovereign risk. Using data on sovereign credit …

In Search Of Homo Sociologicus, Yunqi Xue

Dissertations, Theses, and Capstone Projects

The subject of this dissertation is to build an epistemic logic system that is able to show the spreading of knowledge and beliefs in a social network that contains multiple subgroups. Epistemic logic is the study of logical systems that express mathematical properties of knowledge and belief. In recent years, there have been increasing number of new epistemic logic systems that are focused on community properties such as knowledge and belief adoption among friends.

We are interested in revisable and actionable social knowledge/belief that leads to a large group action. Instead of centralized coordination, bottom-up approach is our focus. We …

Making The Gigantic Suburban Residential Complex In Beijing: Political Economy Processes And Everyday Life In The 2010s, Pengfei Li

Dissertations, Theses, and Capstone Projects

Suburbanization is an ongoing development process in China. Hundreds of thousands of construction projects are being undertaken in outskirts of most Chinese cities, despite the increasing domestic and international concerns over China’s housing oversupply (Xu, 2010; Gough, 2015; Li, 2015). The suburbanization of China, however, is fundamentally different from the suburbanization of most Western countries, especially the United States, whose massive post-war suburbanization took place as a continuation of its pre-war industrialization and urbanization movements. In the Chinese context, suburbanization is the process of urbanization as well—urbanization and suburbanization have been promoted simultaneously since the 1990s. It is …

Sewing Garments, Sowing Lives: Two Generations Of Migrant Workers' Back And Forth To The Chinese Coast, Alice Tzou

Dissertations, Theses, and Capstone Projects

Migrant workers in China have been at the center of popular news media and scholarly attention for three decades, since they started to migrate to work in factories on the coast in the post-1978 Economic Reform era. As western and central China has developed and work opportunities have arisen in these migrant-sending regions, internal migrants have started to return home. Push and pull factors of internal migration have been reversed. Poverty and lack of job opportunities used to be the push factors; they are now replaced by new push factors—long hours of work and long-distance travel to and from the …

Three Essays On Inequality In The United States, Gowun Park

Dissertations, Theses, and Capstone Projects

This dissertation is about inequality of income in the United States. The first essay examines how inequality in total personal income relates to the inequality in each income component, such as wage income, interest income, transfer income, and so forth. The second essay analyzes the percentile shares of wages to find the factors that contribute to U.S. wage inequality. Furthermore, wage inequality is decomposed into the parts that are explained and unexplained by these contributing factors. The third essay distinguishes the proportion of the overall inequality that is due to pre-determined conditions of an individual.

Chapter 1: The Source of …

Why Do Negative Employment Outcomes For Workers With Disabilities Persist?: Investigating The Effects Of Human Capital, Social Capital, And Discrimination, Martine Maculaitis

Dissertations, Theses, and Capstone Projects

Little is known about why poor job outcomes for workers with disabilities (WD) persist. Hence, the aim of this study was to combine and extend human capital, social capital, and multiple jeopardy advantage theories to develop and test a comprehensive model of the processes explaining job outcomes for WD. Data from the 2010 US National Health Interview Survey (N=3,887) and O*Net were analyzed to investigate the extent to which disability status (i.e., WD with work limitations, WD with no work limitations, or non-disabled workers [NDW]) relates to four types of work outcomes (i.e., annual compensation, employment status, job …

Production Of Energy And Environmental Protection As A Prerequisite For Sustainable Development, Diana Baus

Dissertations, Theses, and Capstone Projects

This paper explains why renewable energy is a prerequisite for sustainable development. The development of renewable energy sources is important because renewable energy sources have a very important role in reducing emissions of carbon dioxide (CO₂) into the atmosphere, eradicate poverty and increase the employment rate. In the first section the paper introduces renewable energy sources. The focus is on the function of solar energy, wind power, biomass, geothermal energy, and hydroelectric energy and their implementation globally. The second part of the paper elaborates on the economic, political, and social aspects for the development of renewable energy sources. …

By Beauty Damned: Millennial Feminism And The Exploitation Of Women's Empowerment In Pop Culture And Corporate Advertising, Maria L. Carreon

Dissertations, Theses, and Capstone Projects

Feminism has become a trendy cultural identity, leaving it open to exploitation by capitalists. Notions relating to “women’s empowerment” are used by capitalists to sell products to women, and yet many of those capitalists fund political campaigns that directly seek to quash or inhibit the advancement of women’s rights. With a little effort, any consumer can find out who their big purveyors are supporting politically. For example, Procter Gamble, who makes many products bought by women, gives the majority of its political contributions to republicans who oppose women’s reproductive rights. The same is true of McAndrews & Forbes, the parent …

Housing Market Liquidity And The Effect On Unemployment In The United States: An Application To The U.S. Housing Market, Isolating Regional Housing Market Liquidity And The Associated Effect On Unemployment, Lindsey M. Piegza

Dissertations, Theses, and Capstone Projects

This study proposes a measure of price spread between the bid (or the offer price from the buyer) and the ask (or the list price of the seller) in order to isolate the effect of housing market liquidity on unemployment. Housing market liquidity is defined as its impact on labor market equilibrium and unemployment at the state and regional levels. This proxy for housing market liquidity offers a more thorough measure of housing liquidity or market clearing ability compared with the current literature, which has relied on price or price changes alone as the primary measure of activity in the …

Essays On The Law Of One Price In Financial Markets And The Recent Financial Crisis, Igor Sorkin

Dissertations, Theses, and Capstone Projects

Essay 1: The theory of the Law of One Price (LOOP) is one of the most important theories in International Economics. I use financial markets to revisit the validity of the LOOP in the short run, and then extend the analysis into the long-run to examine whether events such as the Financial Crisis of 2007-2009 can lead to the failure of the LOOP or worsen deviations from it. Using the data on Canadian companies cross-listed on the New York Stock Exchange, I find strong support that the LOOP holds in a cross-sectional framework despite the fact that the sample includes …

Overpopulation And The Impact On The Environment, Doris Baus

Dissertations, Theses, and Capstone Projects

In this research paper, the main focus is on the issue of overpopulation and its impact on the environment. The growing size of the global population is not an issue that appeared within the past couple of decades, but its origins come from the prehistoric time and extend to the very present day. Throughout the history, acknowledged scientists introduced the concept of “overpopulation” and predicted the future consequences if the world follows the same behavioral pattern. According to predictions, scientists invented the birth control pill and set population control through eugenics. Despite that, population continued to increase and fight with …

Imagining Basic Income As An International And Domestic Remedy To Wealth Inequality, Christian A. Davis

Dissertations, Theses, and Capstone Projects

Has the success of corporate capitalism undermined the neoliberal ideas it presupposes, leading to the inevitable growth of socialism? While labor unions may lament the export of jobs, the real issue in today’s increasingly administered and mechanized economy is the global loss of jobs. James Ferguson has provided a strong argument that despite the triumphalist narratives of neoliberalism, capitalist development strategies particularly in South Africa have resulted in concentrated wealth, large unemployment, and the growth of transfer payments. More importantly, he shows how traditional critics of capitalism fall short in addressing the issues of a jobless future. For example, Marxists …

Essays In Corporate Responsibility And Finance, Mert Demir

Dissertations, Theses, and Capstone Projects

This dissertation consists of three chapters:

Chapter 1: The Effects of Corporate Social Performance and Social Norms on Market Valuation of Nonfinancial Disclosures Using a novel measure of the quality of corporate social responsibility (CSR) disclosures by global companies, this paper analyzes how CSR report quality affects firm value when mediating roles of social pressure and CSR performance are considered. I find that firms operating in socially controversial industries enjoy higher valuations when they issue high-quality CSR reports. I also find that for firms with poor CSR performance, higher-quality CSR disclosure is associated with a decline in firm value, while …

The Failure Of Post-War Reconstruction In Jaffna, Sri Lanka: Indebtedness, Caste Exclusion And The Search For Alternatives, Ahilan Kadirgamar

Dissertations, Theses, and Capstone Projects

Reconstruction of contemporary war-torn societies can lead to further dispossession and social exclusion, particularly through neoliberal development policies and financialized indebtedness. This dissertation analyses post-war reconstruction of the Jaffna District in the Northern Province of Sri Lanka after the end of a brutal three decade long civil war in May 2009, through a survey and ethnographic study of one village, Pathemany and its oppressed caste quarter, Bharathy Veethy. Drawing on a study of Pathemany village on agrarian change before the war, this study addresses contemporary questions about land, rural incomes, rural debt and caste structure. The study evaluates reconstruction policies …

Local Immigration Enforcement Entrepreneurship In The Punishment Marketplace, Daniel L. Stageman

Dissertations, Theses, and Capstone Projects

The contemporary neoliberal economic order plays a significant role in American social organization and policy-making. Most importantly, neoliberal ideology drives the creation and imposition of markets in public goods and services and the valorization of free market ideology in cultural life. The neoliberal ‘project of inequality’ is in turn delimited and upheld by an authoritarian system of punishment built around mass incarceration, surveillance, and an unprecedented level of social control directed at the lowest strata of American society – a group that includes both the urban underclass, and unauthorized immigrants.

This study lays out the theory of the punishment marketplace …

Three Essays On Fiscal Policy, Sinem Buber Singh

Dissertations, Theses, and Capstone Projects

This dissertation examines the domestic and international effects of fiscal policy shocks on country risk, stock markets returns and trading partners. There are three essays in this study.

First essay examines the relative impacts of macroeconomic, financial and political variables on country risk for five advanced economies; the US, the UK, Canada and Singapore for 1984:M1-2014:M12 and Germany for 1990:M9-2014:M12 time periods. To do so, I follow a two stage estimation procedure. In the first stage, a CAPM is used to estimate time-variant country betas which are used as a proxy for country risk by using a DCC-GARCH model. Then, …

Capitalism And Unfreedom: Louis D. Brandeis And A Liberty Of The Left, Eric L. Apar

Dissertations, Theses, and Capstone Projects

The American Right features a well-developed—and well-heeled—infrastructure for promoting a conception of freedom as inextricable from capitalism. The American Left, by contrast, has seemed content to cede the territory, abandoning the ground of freedom for the terrain of “equality,” “justice,” “fairness,” and “prosperity.” This paper is an effort to address this asymmetry in the public discourse over the meaning of freedom. Its principal objective is to capture the vision of freedom embodied in the political and economic thought of Louis D. Brandeis, one of the American Left’s ablest expositors of freedom.

In addition, the paper has three subsidiary objectives. The …