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An Examination Of The Stock Market's Effect On Economic Inequality, Nicholas Golina 2019 The University of Akron

An Examination Of The Stock Market's Effect On Economic Inequality, Nicholas Golina

Honors Research Projects

The economic literature on economic inequality has shown that it can negatively impact aggregate demand because it indicates a higher concentration of wealth in the hands of the top 10% as opposed to the poor and middle class, who are more likely to consume. The literature has identified many factors that can lead to increasing inequality. The stock market could be one of those factors since it can either create an upward redistributive effect towards the top 10% or redistributive effect towards the middle class. This paper tested the effect of the stock market on inequality. This study contributes to ...


Gdp And Refugees: An Economic Argument For Accepting Refugees, Michael Jarman 2018 Brigham Young University

Gdp And Refugees: An Economic Argument For Accepting Refugees, Michael Jarman

Marriott Student Review

This paper examines both the costs and benefits associated with accepting refugees and purports to show that accepting refugees is economically beneficial; increasing GDP in the long run. There is a substantial cost associated with accepting and sustaining refugees, both in providing necessities and in the impact that refugees have on local job markets. However, longitudinal data pulled from Denmark, Germany, and Turkey has shown that local markets do recover from the initial shock. Over time as refugees integrate into their host communities, they provide dividends in the form of increasing demand, greater mobility and wage increases for locals, and ...


Do Congressmen Really Drive Cars?, Tyler Brown 2018 Utah State University

Do Congressmen Really Drive Cars?, Tyler Brown

All Graduate Plan B and other Reports

My research focuses on stock returns around term elections. I will be looking at the 50 most held stocks of congressmen, and taking the returns of these stocks against the market average during election season. I examine if there are Cumulative Abnormal Returns (CARs) that can be realized as a result of information about the elections. I want to find any possible trading strategy that investors could use to obtain returns that are in excess of the market average. I am attempting to discover how the market behaves when election season is occurring. This information could prove to be very ...


The Effects Of Economic Policy Uncertainty On Common Stock And American Depository Receipts, Bradley David Zynda II 2018 Utah State University

The Effects Of Economic Policy Uncertainty On Common Stock And American Depository Receipts, Bradley David Zynda Ii

All Graduate Plan B and other Reports

Uncertainty can have profound implications on both firms and individuals who hope to optimally make decisions in their best interest. In this research, I seek to examine the impact that economic policy uncertainty has on domestic and foreign stock. In particular, I take a market microstructure perspective focused on stock liquidity and volatility measures in response to changes in economic policy uncertainty. Understanding the directional flow of economic policy uncertainty and the magnitude of the consequences at home and abroad can both help prepare agents to make good decisions about the future and exhort policy makers to be more efficient ...


Behavioral Finance, Decumulation And The Regulatory Strategy For Robo-Advice, Tom Baker, Benedict Dellaert 2018 University of Pennsylvania Law School

Behavioral Finance, Decumulation And The Regulatory Strategy For Robo-Advice, Tom Baker, Benedict Dellaert

Faculty Scholarship

This working paper surveys the decumulation services offered by investment robo-advisors as a case study with which to examine regulatory and market structure issues raised by automated financial advice. We provide a short introduction to decumulation, describing some of the uncertainties involved in identifying optimal decumulation strategies and sketching a few of the ‘rules of thumb’ that financial advisors have developed in this area in the face of this uncertainty. Next we describe behavioral effects that could inhibit consumers from following an optimal decumulation strategy, concluding that, left to their own devices, consumers are likely to make sub-optimal decumulation decisions ...


Microfinance, Msmes And The Macro Economy: Evidence From India, Monica Casabona 2018 Honors College, Pace University

Microfinance, Msmes And The Macro Economy: Evidence From India, Monica Casabona

Honors College Theses

Much of prior literature on the relationship between microfinance and the macro-economy has focused on the effect of the latter in determining the success of microfinance institutions (MFIs). However, the microfinance industry has been underserved in studies evaluating microfinance as a legitimate contributor toward macro-economic growth. Researching this connection would provide a clearer direction for policymakers to support microfinance, and the institutions that foster such activities. This paper investigates the hypothesis that microfinance is not only important to the people at the bottom of the socio-economic pyramid, but for the overall health of a national economy. We explore different mechanisms ...


Examining Moral Hazard In The Healthcare Insurance Market, Samuel Ashby 2018 Honors College Pace University

Examining Moral Hazard In The Healthcare Insurance Market, Samuel Ashby

Honors College Theses

This study aims to examine the effect of insurance coverage on medical expenditure in the United States. The data was gathered from the Household Component Medical Expenditure Panel Survey and is a cross-sectional data set with a sample size of approximately 1500 observations. The study also distinguishes between public and private insurance coverage to compare the potential moral hazard in the two separate markets. The results of this study suggest that insurance status, specifically public, has a strong positive effect on healthcare expenditure. This result, combined with a negative relationship between household income and healthcare expenditure, suggests that the source ...


Passive Investors, Jill E. Fisch, Asaf Hamdani, Steven Davidoff Solomon 2018 University of Pennsylvania Law School

Passive Investors, Jill E. Fisch, Asaf Hamdani, Steven Davidoff Solomon

Faculty Scholarship

The increasing percentage of the modern capital markets owned by passive investors – index funds and ETFs – has received extensive media and academic attention. This growing ownership concentration as well as the potential power of passive investors to affect both corporate governance and operational decision-making at their portfolio firms has led some commentators to call for passive investors to be subject to increased regulation and even disenfranchisement. These reactions fail to account for the institutional structure of passive investors and the market context in which they operate. Specifically, this literature assumes that passive investors compete primarily on cost and that, as ...


Optimal Stackelberg Strategies For Financing A Supply Chain Through Online Peer-To-Peer Lending, Guang-Xin GAO, Zhi-Ping FAN, Xin FANG, Yun Fong LIM 2018 Nanjing University of Aeronautics and Astronautics

Optimal Stackelberg Strategies For Financing A Supply Chain Through Online Peer-To-Peer Lending, Guang-Xin Gao, Zhi-Ping Fan, Xin Fang, Yun Fong Lim

Research Collection Lee Kong Chian School Of Business

In recent years, supply chain finance (SCF) through online peer-to-peer (P2P) lending platforms has gained its popularity. We study an SCF system with a manufacturer selling a product to a retailer that faces uncertain demand over a single period. We assume that either the retailer or the manufacturer faces a capital constraint and must borrow capital through an online P2P lending platform. The platform determines a service rate for the loan, the manufacturer sets a wholesale price for the product, and the retailer chooses its order quantity for the product. We identify optimal Stackelberg strategies of the participants in the ...


Banking Efficiency Within The World’S Largest Banks: Application Of Data Envelopment Analysis To The Global Financial Crisis Of 2008, Devin Coffey 2018 Union College

Banking Efficiency Within The World’S Largest Banks: Application Of Data Envelopment Analysis To The Global Financial Crisis Of 2008, Devin Coffey

Honors Theses

The world’s financial system is one of the globe’s most powerful structures, however the institutions that make up this network of banking firms are certainly not immune to the pressures of market globalization and technical innovation that drive change within the financial landscape. In order to exist within such an environment, the world’s largest commercial banks must constantly reevaluate the ways in which they function in order keep pace in the competitive market. The objective of this paper is to examine the efficiency of ten of the world’s largest commercial banks during the period spanning from ...


Essays In Business Cycles And Asset Pricing, Ruiyang Hu 2018 Southern Methodist University

Essays In Business Cycles And Asset Pricing, Ruiyang Hu

Economics Theses and Dissertations

This dissertation investigates several key macroeconomic and asset pricing topics, with a particular interest in exploring the underlying driving forces of business cycles and asset market fluctuations. The dissertation includes three chapters, with the first two chapters solo-authored by me and the third chapter co-authored with Dr. Carlos Zarazaga.

The first chapter develops a dynamic and stochastic general equilibrium model, and exploits Bayesian inference methods to investigate the major sources of fluctuations in aggregate variables and asset prices. Taking into account the possibility that the growth of total factor productivity, labor-augmenting technology and investment-specific technology might consist of permanent and ...


Cryptocurrencies As An Alternative To Fiat Monetary Systems, David A. Georgeson 2018 State University of New York College at Buffalo - Buffalo State College

Cryptocurrencies As An Alternative To Fiat Monetary Systems, David A. Georgeson

Applied Economics Theses

The recent popularity of cryptocurrencies is largely associated with a particular application referred to as Bitcoin. Cryptocurrency has a mix of properties that make it difficult to examine. These properties consist of being infinitely divisible, durable, transferable, fungible and can be controlled to be artificially scarce. Further, cryptocurrencies can act as a means of payment, a medium of exchange, a store of value, and a unit of account. This thesis will analyze the technical features underlying cryptocurrencies and find out whether or not they can function as an alternative to fiat money. Since Bitcoin is the most commonly understood application ...


A Dynamic Network Perspective On The Latent Group Structure Of Cryptocurrencies, Li GUO, Yubo TAO, Wolfgang Karl HARDLE 2018 Singapore Management University

A Dynamic Network Perspective On The Latent Group Structure Of Cryptocurrencies, Li Guo, Yubo Tao, Wolfgang Karl Hardle

Research Collection School Of Economics

In this paper, we study the latent group structure in cryptocurrencies market by forming a dynamic return inferred network with coin attributions. We develop a dynamic covariate-assisted spectral clustering method to detect the communities in dynamic network framework and prove its uniform consistency along the horizons. Applying our new method, we show the return inferred network structure and coin attributions, including algorithms and proof types, jointly determine the market segmentation. Based on the network model, we propose a novel "hard-to-value" measure using the centrality scores. Further analysis reveals that the group with a lower centrality score exhibits stronger short-term return ...


Higher Education Savings And Planning: Tax And Nontax Considerations, F. Philip Manns Jr., Timothy M. Todd 2018 Liberty University

Higher Education Savings And Planning: Tax And Nontax Considerations, F. Philip Manns Jr., Timothy M. Todd

Texas A&M Law Review

Funding higher education is among the critical financial decisions made by individuals and families. There are myriad options. Yet, the conventional wisdom—namely using Section 529 Plans—may not be the optimal vehicle to effectuate this goal. Therefore, this Article discusses various strategies to plan, save, and pay for higher education. It compares various savings methods including gifts, UTMA accounts, Section 529 Plans, trusts, and other vehicles. The analysis explores both tax and non-tax considerations, including the effect of different strategies on financial aid, transaction costs, investor control, income taxes, gift and estate taxes, flexibility, and creditor protection. This Article ...


The Analysis Of Labor Market Efficiency: A Comparative Analysis Of Maine And The United States, Sarah M. Welch 2018 University of Maine

The Analysis Of Labor Market Efficiency: A Comparative Analysis Of Maine And The United States, Sarah M. Welch

Honors College

The purpose of this research is to analyze the change in the labor market efficiency from before to after the great recession and its effect on economic output following the recession. Concerns have been raised about the adjustment of the labor market compared to the recovery of other economic indicators. Influenced by the methods of Blanchard and Diamond (1989) and Dixon et al. (2014), the Beveridge curve and matching function are used to estimate and observe changing labor market dynamics through the relationship between unemployment and job vacancies.

This thesis finds that labor markets for both Maine and the United ...


The Impact Of Active And Passive Ownership On Total Shareholder Return And Environmental, Social, And Governance Performance Of Companies, Abigail J. Bennett 2018 University of Maine

The Impact Of Active And Passive Ownership On Total Shareholder Return And Environmental, Social, And Governance Performance Of Companies, Abigail J. Bennett

Honors College

The purpose of this study was to test the impact of passive and active ownership on total shareholder return (TSR) and environmental, social, and governance (ESG) score of firms. The motivation behind the study is the rise in passive investing over the last few decades and the concern that passive owners are not able to engage sufficiently with management of the companies they are invested in.

This study hypothesized that firms that are actively controlled have high TSR and higher ESG scores than firms that are passively controlled. The hypothesis was supported by the reasoning that passive owners lack the ...


Constructing Identity Through The Lens Of Fashion: An Honors Thesis, Cara P. Doiron 2018 University of Maine

Constructing Identity Through The Lens Of Fashion: An Honors Thesis, Cara P. Doiron

Honors College

Fashion is an artistic decision that every person makes every day. Even those who say they don’t care about clothing are still portraying something about themselves to the outside world with the stylistic choices they make. This creative Honors Thesis explores the impact of fashion on self-representation, accomplished through the design and construction of a capsule wardrobe line of clothing. Due to the project’s personal and introspective nature, the intended wearer is the artist, and therefore the pieces are specifically tailored to her, rather than the straight sized garments that are typically produced in the fashion industry. This ...


Public Principles And Economic Legacy, Stanley Schwartz 2018 Cedarville University

Public Principles And Economic Legacy, Stanley Schwartz

Channels: Where Disciplines Meet

2018 will mark the 60th anniversary of the publication of Public Principles of Public Debt. The Nobel-prize winning economist’s first book conflicted with the Keynesian orthodoxy of the day, and added fresh ideas to an ongoing debate over the fundamentals of public debt theory. This paper seeks to outline the dialogue among leading economists surrounding public debt since the publication of Public Principles of Public Debt, examining the major schools of thought and their development. The ideas of John Maynard Keynes, James Buchanan, and Richard Barro will receive attention, without neglecting other significant contributions. The paper will conclude ...


Is A Country’S Aggregate Income Related To Its Level Of Happiness?, Alexis Crispin 2018 Fort Hays State University

Is A Country’S Aggregate Income Related To Its Level Of Happiness?, Alexis Crispin

John Heinrichs Scholarly and Creative Activities Day (SACAD)

The Easterlin paradox suggests that a greater level of economic prosperity does not translate into more happiness for a society. We investigate this paradox using a methodology new to this literature called quantile regression (QR) analysis. We find evidence that aggregate income is statistically related to a nation’s average level of happiness, but (i) the magnitude of this relationship is relatively modest, and (ii) greater levels of income bring about smaller and smaller increases in a nation’s happiness. These results provide a more nuanced understanding of the empirical support for and against the Easterlin paradox.


The Rise And Fall Of The Stock Market: A Look At Financial Professionals Suicide Ideation, Jefferson McClain 2018 Brigham Young University

The Rise And Fall Of The Stock Market: A Look At Financial Professionals Suicide Ideation, Jefferson Mcclain

Undergraduate Honors Theses

On October 24, 1929, the United States stock market crashed. Will Rogers, a local newspaper writer, said of that experience, “When Wall Street took that tail spin, you had to stand in line to get a window to jump out of, and spectators were selling space for bodies in the East River” (Lowenthal 1987). Tales of ruined stockbrokers jumping from the windows of tall buildings ran across the country. These stories have prompted interest in the interaction between workplace environment and mental health. In this study, we looked at the relationship between stock market performance and suicide ideation for working ...


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