Digital Commons Network^™

Size Matters: How Physical Scale Is (Or Is Not) Rewarded In A Global, Ultra-Contemporary, Online Art Market, Odd Halvdan Sakse Orstavik

MA in Art Business Dissertations

This dissertation examines how the relationship between the size and price of paintings has evolved throughout the 21st century by analysing an up-to-date dataset of 18,821 works by 103 artists offered at auction between 2000-2025 within 3 distinct segments of the market (Blue-Chip, Contemporary and Ultra-Contemporary). The main finding is that the size elasticity differs in each of these segments. It is highest for the Blue-Chip segment (0.71), lower for the Contemporary segment (0.59) and lowest for the Ultra-Contemporary segment (0.55). Contrary to many previous results, it finds no optimal size within the range of works offered at auction. As …

Changing Art Market Trends And Collector Preferences In India’S Metropolitan Hubs Amid Economic Growth, Gauri Minocha

MA in Art Business Dissertations

The dissertation aims to explore how India’s post-liberalisation economic rise has shaped the structure, buying trends, and consumer behaviour within the urban art market, with the focus being on the country’s two main hubs- Delhi and Mumbai. It investigates the role of economic liberalisation, demographic shifts, globalisation, digitisation, and regulatory frameworks in reshaping the market. A mixed-method approach, combined with site visits, studying existing research, and conducting semi-structured interviews with key market players- gallerists, collectors, advisors, and fair directors, was employed. The findings reveal that the Indian market followed a ‘boom-bust-boom’ cycle post liberalisation, with the pandemic serving as a …

Contemporary Art And Cultural Identity In Post-Soviet Kazakhstan, Dinara Saduakassova

MA in Art Business Dissertations

This dissertation explores the development of contemporary Kazakhstani art after 1991, arguing that the independent nation’s international cultural visibility is defined by artists rather than institutions. Operating without state infrastructure, Said Atabekov, the Kyzyl Tractor collective, Almagul Menlibayeva, Saule Suleimenova, and Yerbossyn Meldibekov gained international recognition via biennales, exhibitions, and transnational networks. Their practices challenge state narratives of heroic nationalism and Western expectations. Case studies, interviews, and analysis of Rukhani Zhangyru and new institutions like Tselinny, enable this dissertation to argue that Kazakhstan’s position in global art history is artist driven.

Censorship In The Indian Art Market: Legal, Institutional, And Commercial Implications, Kritika Salhotra

MA in Art Business Dissertations

This dissertation examines censorship of art in an Indian context, focusing on artistic production, exhibition practices, and the commercial viability of dissenting art. Drawing on case studies from institutional controversies, legal judgments, and interviews with practitioners, the study analyses how censorship operates not only through law but also through institutional gatekeeping and market mechanisms. The research finds that while Indian courts, particularly at the higher levels, have shown slow progress towards becoming liberal, the persistence of vague obscenity provisions and inconsistent jurisprudence sustains a climate of legal ambiguity. Extralegal pressures often shape curatorial decisions, leading art organisations to retreat or …

From Visibility To Value: How Can Digital Art Achieve Long-Term Legitimacy In The Contemporary Artworld?, Ziyuan Wang

MA in Art Business Dissertations

This dissertation explores the evolving legitimacy of digital art within the contemporary artworld, addressing the central question: How can digital art achieve long-term legitimacy in a cultural landscape increasingly shaped by decentralised networks and technological innovation? Through a qualitative methodology involving interviews with digital artist, curator, collectors, and platform leader, this study aims to discover how value, legitimacy, and aesthetic quality are constructed in digital art markets.

Within the art ecosystem, digital art often emerges from community based, peer-to-peer validation, which generates visibility and drives market activity such as high-profile sales. Yet, participants continue to place value on institutional endorsement …

From Regulation To Practice: Exploring Aml/Kyc Compliance, Proportionality, And Technology In The Art Market, Layla Rujugiro

MA in Art Business Dissertations

To sum - this dissertation examines how the UK’s adoption of 5AMLD through MLR 2019 has shaped compliance practices within the AM, focusing on SMEs classified as AMPs. Five interviews and a survey of 24 London galleries, highlight how uniform regulation create uneven impacts across the sector. The study argues that clearer guidance, proportionate fees, and accessible training are essential for effective compliance, while RegTech tools, though helpful, cannot replace AMP responsibility.

Hear Me Out: A Lesson In Civil Discourse, Cheryl Black

Funded Scholarship

This article describes an innovative and engaging lecture and class exercise designed to 

teach students how to think critically about issues from different perspectives and communicate effectively with those who disagree with them. The interactive lecture and class exercise introduce a civil discourse framework to encourage constructive dialogue. Developed for business law and ethics courses, the civil discourse framework enhances any curriculum that addresses controversial topics or different perspectives on complex issues. The lecture and class exercise offer a concrete, replicable model to teach civil discourse

(Not So) Common Courtesy, Michael Saba

Journal of the Macomb Dental Society

This article features a monthly column from the Macomb Dental Society's editor, Dr. Michael Saba. This month Dr. Saba shares a story that reminds readers to both be courteous and to enforce it early with patients.

Going Green: Can We Save Teeth And The Planet?, Stuart Segelnick Dds, Ms

The New York State Dental Journal

You might not think you have a role to play in combatting climate change, but dentists can make a difference by reducing plastics in their offices.

Cash Flow, Working Capital Management And Firm Performance - A Cross-Sectoral Study In An Emerging Market Context, Thuy Thanh Nguyen

DLSU Business & Economics Review

This study investigates the impact of operating cash flow and working capital management on firm performance, with a particular focus on how these relationships are moderated by industry characteristics in an emerging market context. Using a dataset of 1,480 firm-year observations from 185 Vietnamese enterprises between 2016 and 2023, the analysis employs panel data regression with feasible generalized least squares estimation. The results reveal that operating cash flow and accounts payable turnover positively influence return on assets, whereas accounts receivable turnover has a negative effect. Inventory turnover is not statistically significant. Notably, the magnitude and direction of these effects vary …

Predicting The Effect Of Transformational Leadership On Job Performance: The Intervening Role Of Happiness At Work, Jean Paolo Lacap, Angela Denise S. Pojanes, Erika Joyce V. De Guzman, Jose Angelo P. Culala, Janelo D. Mariamonte, Patrick S. Carangan

DLSU Business & Economics Review

Happiness at work (HAW) plays a pivotal role in enhancing employee outcomes by fostering a positive work environment and significantly boosting job performance (JP). This study investigates the relationship between transformational leadership (TL) and JP, with HAW serving as a mediating factor. This research involved 230 business process outsourcing (BPO) employees from the National Capital Region in the Philippines. A predictive-causal approach and partial least squares (PLS) path modeling were used to analyze the hypothesized relationships. The results revealed that TL positively and significantly influenced JP and HAW. Furthermore, HAW was found to have a substantial positive impact on JP …

Insights From Indonesia On The Moderating Effect Of Problem-Solving Ability On Factors Influencing Auditors’ Performance, Eko Suyono, Oman Rusmana, Adi Wiratno, Lego Waspodo

DLSU Business & Economics Review

This study aims to determine the moderating role of problem-solving ability on the influence of audit structure, understanding of good governance, organizational commitment, emotional intelligence, motivation, and competency on auditors’ performance. This study used a survey approach to collect data from a population of auditors in Indonesia working at public accounting firms in major cities such as Jakarta, Bandung, Semarang, Yogyakarta, and Surabaya between May 1 and November 30, 2021. From 500 questionnaires, 193 were returned. In addition, the hypotheses were evaluated using ordinary least squares and moderated regression analysis on the data. The findings show that understanding of good …

Identifying Industry-Preferred Automation Software In Engineering: An Indeed-Based Analysis To Inform Engineering Technology Curriculum Design, Triet Minh Phan, Collins Okafor, Winifred Okafor, Devang Mehta, Mohsen Souissi, Jenora Waterman, Connie Mayberry, Misty Thomas, Orlando Ayala, Angie Price, Maurizio Manzo

Engineering Technology Faculty Publications

In the evolving field of automation engineering, staying aligned with industry software demands is critical to preparing graduates for the modern workforce. This study investigates the prevalence of leading industrial automation platforms—Rockwell / Allen-Bradley (RSLogix / Studio 5000), Siemens (TIA Portal / Step 7), and Schneider Electric (EcoStruxure / Unity Pro)—across job postings collected from Indeed using the keyword "automation engineering." The research compiles a structured dataset of job postings with seven fields: ID, Job Title, Organization, Rockwell / Allen-Bradley, Siemens, Schneider Electric, and Posting URL. Each entry is manually coded to indicate whether the listed software platforms are mentioned, …

A Methodological Framework For Modernizing Engineering Course Content With Large Language Models, Katherine Smith, Dalya Ismael, Otilia Popescu, Murat Kuzlu, Adel El-Shahat, Vukica M. Jovanovic

Engineering Technology Faculty Publications

The rapid evolution of technology presents challenges for engineering educators. While the core engineering methods often remain relevant over time, course materials rapidly become outdated in presentation and pedagogical approach. This paper presents a methodological framework for using large-language models (LLMs) to modernize engineering course content with a case study in an advanced technical analysis course.

The methodology follows a phased approach that is designed to be repeatable and verify the accuracy and completeness of course content. During the first phase, an LLM is used to map outdated text-heavy content to a modern format using a LaTeX template. The second …

Determinants Of The U.S. Experience Economy: A Macroeconomic, Demographic, And Technological Analysis, 1984–2023, Chloe Ross

CMC Senior Theses

Pine and Gilmore et al. 1999 examine American consumers’ preferences for experiences over durable goods. Since then, there has been a multitude of research on the psychology behind this shift in consumption preferences, and there has been an abundance of media coverage of the new “experience economy.” This thesis goes beyond psychology and examines the macroeconomic, demographic, and technological determinants of experiential spending in the United States from 1984 to 2023. I use annual data from the Bureau of Labor Statistics’ Consumer Expenditure Survey (CES) and variables from the Bureau of Economic Analysis (BEA), Federal Reserve Economic Data (FRED), US …

Auditor Independence And Its Impact On Debt Financing Outcomes, Harry Zhou

CMC Senior Theses

This study investigates whether perceived auditor independence, proxied through proportions of non-audit service fees and client dependence of the auditor, is associated with the outcome of debt contracts. While prior research examines how these proxies relate to auditor independence itself, and other strands of literature assess how audit quality influences debt contracting, few studies evaluate whether lenders interpret auditor independence signals in ways consistent with auditors. This study aims to contribute to the broader literature by examining the auditor independence proxies and its direct relationship to debt contract structure holistically. Two OLS models were employed to investigate the relationship between …

Macroeconomic Resilience And Sentiment Dynamics In The Global Luxury Fashion Industry, Mehr Gupta

CMC Senior Theses

The global luxury fashion industry is often viewed as a sector where broad economic conditions intersect with individual spending behavior. Yet despite this common assumption, it remains unclear whether macroeconomic fluctuations meaningfully shape luxury firms’ financial performance. This thesis examines the relationship between four key macroeconomic indicators - consumer sentiment, disposable income, unemployment, and exchange rates - and firm-level quarterly revenue for twelve publicly listed luxury companies from the early 2000s through 2024. Firm financial data from S&P Capital IQ are matched with macroeconomic measures from the Federal Reserve (FRED), and the analysis employs a two-way fixed-effects framework with firm …

Audit Fee Spillovers Following Sec Scrutiny: Evidence From Auditor Portfolio Effects, Rakhshaan R. Adamjee

CMC Senior Theses

This paper examines whether audit firms reprice clients that are not under Securities and Exchange Commission (SEC) review when a greater share of the auditor’s other clients face SEC scrutiny. Results indicate economically meaningful pricing spillovers. In the full sample, a ten-percentage-point increase in auditor-level exposure is associated with approximately 2% higher fees for non-scrutinized clients. The effect is stronger for Big Four networks: the Big Four slope is about 3.6% per ten points, and a Big Four only replication yields roughly 8.9%. Among Big Four, measuring exposure at the signing-office level also produces a positive but smaller association (~0.4% …

From Static Λ To Moving Penalties: Dynamic Regularization In Mean-Variance Portfolio Choice, Ariel Santiago

CMC Senior Theses

This thesis evaluates whether dynamically tuned weight penalties can improve high-dimensional mean-variance portfolio choice. Classical Markowitz portfolios perform poorly when the number of assets is large relative to the data, because small estimation errors in means and covariances can generate extreme, fragile allocations. A common remedy is to regularize the weights using L1 (lasso), L2 (ridge), or elastic-net penalties, but these are typically chosen once and held fixed. Using monthly excess returns on the 48 Fama-French industry portfolios from January 2010 to June 2025, this thesis compares penalized mean-variance and minimum-variance strategies under long-only and long-short constraints, with and without …

Pillpetz: A Smarter Way To Encourage Medication Adherence In Children, John H. Begley

CMC Senior Theses

Medication adherence is usually framed as a problem of patient behavior, but this thesis argues that it is equally a problem of design. Children who take daily medication face barriers that adults often do not: developing executive function, dependence on caregivers, shifting school and home routines, privacy concerns, and stigma around being perceived as different. The standard prescription bottle, by contrast, was designed primarily for dispensing efficiency, safety, and accidental ingestion prevention—not for sustained daily use by a developing child.

This thesis proposes PillPetz, a smart pill case and digital companion that uses routine, play, dose confirmation, and caregiver-connected support …

Revenue Sharing: Effects On Small Market Teams, Bryant Smaaladen

CMC Senior Theses

The gap between small market teams and big market teams in the MLB

has done nothing but grow in this era, seeing vast differences in payroll and

performance. To try and counteract this, team revenue sharing was introduced in

1996 to try and level the playing field. Revenue sharing was designed to promote

a more competitive balance by redistributing resources from higher revenue

teams towards ones in smaller markets. This study aims to examine the impact

revenue sharing has on team payrolls, and particularly examining the difference

between both markets, by using panel data of teams revenue and the amount …

Ceo Linguistic Stress And Abnormal Stock Returns Evidence From S&P 500 Earnings Conference Calls, Yiqi Sun

CMC Senior Theses

Stress is pervasive among corporate executives, yet its effect on firms' future abnormal return remains largely unexplored. This paper examines whether CEO's Linguistic stress exhibited during earnings conference calls predicts future abnormal stock returns. I provided a Large Language Model (Claude Sonnet 4.6) psychology-backed prompts to analyze CEO stress from linguistic patterns in 7491 earnings call transcripts from 470 companies in the S&P 500 during 2020-2024. I found three main results. First, the CEO linguistic stress is negatively and significantly associated with the immediate market reaction, with a one-unit increase in stress score associated with a 0.9% decrease in the …

Eurovision As A Platform For Cultural Diplomacy In Times Of Conflict, Lucy Meza

CMC Senior Theses

This thesis examines how states utilize the Eurovision Song Contest as a platform for soft power, focusing on the conditions under which cultural performance translates into reputational gains. Drawing on Joseph Nye’s concept of soft power, Biasioli’s theory of songwashing, Zamorano’s typology of cultural diplomacy, Anholt’s competitive identity framework, and Feklyunina’s analysis of identity and narrative, it argues that Eurovision’s effectiveness as a soft power platform is fundamentally contingent on the alignment between a state’s cultural narrative and dominant international perceptions of its legitimacy. Through a qualitative comparative case study approach, the thesis examines two nations whose Eurovision participation during …

Do The Oscars Move Markets? Best Picture Recognition And Public Equity Responses, Avi Dayani

CMC Senior Theses

This thesis examines when culturally salient events become financially material by testing whether Academy Awards recognition is reflected in public equity markets. The central question is whether Best Picture nomination announcements and wins generate abnormal returns or abnormal trading activity for the publicly traded parent firms linked to nominated films, and whether those responses depend on the firm’s exposure to filmed entertainment. I study Best Picture nominees from 2000 through 2024, map each film to the public parent of its primary distributor, and construct a firm-by-Oscar-year sample of 119 observations. Using an event-study framework, I calculate abnormal returns as firm …

Hidden Fragility: Leveraged Loan Risk And Tail Exposure In The Clo 2.0 Era, Francis P. Gehring Iv

CMC Senior Theses

This thesis examines whether post-crisis changes in leveraged loan characteristics have increased the underlying credit risk embedded in collateralized loan obligation (CLO) portfolios and whether that risk is fully reflected in market pricing. Since the Global Financial Crisis, the leveraged loan market has expanded significantly alongside the growth of CLOs, while underwriting standards have weakened through higher borrower leverage, covenant-lite lending, and greater private equity sponsorship. Although post-crisis CLOs are often viewed as more resilient because of stronger structural protections, the quality of the underlying collateral remains central to overall risk. Using loan-level data from the Refinitiv DealScan database from …

Prediction Markets Vs. Sportsbooks: A Comparison Of Nfl Forecast Accuracy, Dylan Cotti

CMC Senior Theses

This paper compares the forecast accuracy of Kalshi, a prediction market, and DraftKings, a sportsbook, using data from 285 NFL games in the 2025-26 season. I collect win probabilities from both platforms at three time points in the week before each game and measure accuracy using the Brier score. I find that Kalshi produces slightly more accurate predictions than DraftKings, but the gap is small and marginally significant. More surprisingly, both platforms become less accurate as the game approaches rather than more accurate. Once I control for differences in how each platform distributes its quoted probabilities, the accuracy gap largely …

Why Dining Out Stayed Cheap In Japan, Taketo Hayashi

CMC Senior Theses

This thesis examines why food-away-from-home inflation in Japan was persistently lower than in the United States from 1995 to 2021 and why this dynamic changed after 2021 during the COVID-19 pandemic. Two structural buffers sustained the divergence: wage stagnation in Japan, which kept restaurant labor costs flat for nearly three decades, and a strong yen, which absorbed global commodity price shocks before they could reach restaurant menus. In 2008, the financial crisis sent food and energy prices skyrocketing. However, even though Japan imports most of its food and energy, the effects from global price increases were due to a strong …

Fair Value And Funding Structures: Motivators Behind Banks' Reclassification Activities., Thomas Walker

CMC Senior Theses

U.S financial regulations and reporting standards are ever-changing and have a significant impact on how banks classify and oversee their assets. The implementation of ASC 320 in 1993, as well as ASC 820 and ASC 825-10 in 2008, altered the effects of fair value accounting. This study examines factors that drive banks to use the held-to-maturity (HTM) and available-for-sale (AFS) classifications following the implementation of ASC 825-10 during the 2008 Global Financial Crisis. I focus on how banks use the HTM classification to obscure the accurate valuation of their securities by failing to disclose unrealized gains or losses, and on …

Audit Pricing Under Asc 606: Evidence From Software-As-A-Service Technology Firms, Donald Weigle

CMC Senior Theses

ASC 606 is an accounting standard issued in May 2014 that fundamentally changed how firms identify performance obligations and recognize revenue. The standard requires a five-step framework that links recognition to the timing of customer contract satisfaction. Software-as-a-Service (SaaS) firms were uniquely affected by this standard due to subscription-based pricing models and multi-element contracts that make revenue recognition more complex. For this thesis, I estimate the impact of adopting ASC 606 on SaaS firm audit fees. I hypothesize that more complex revenue recognition results in more complex audit procedures and, hence, higher fees. I use a Differences-in-Differences (DiD) regression model …

Short-Window Market Reactions To Real Estate M&A: A Comparative Event Study Of Reits And Real Estate Services Firms, Aryan Kaila

CMC Senior Theses

Existing research on real estate mergers has largely focused on REIT acquirers in isolation, typically finding near-zero bidder reactions in short event windows. There is little work that directly compares REITs with publicly listed real estate services (RES) firms that operate in the same market cycles and conditions but follow different business models. Using a transaction-level dataset of 137 U.S. mergers from 1994 to 2024, this study applies event-study methodology and cross-sectional regression analysis to investigate whether equity markets respond differently to acquisitions undertaken by REITs and real estate services firms. The estimates show that REIT acquirers experience notably more …