Digital Commons Network^™

Nft-Related Companies: Token Sale Returns, Robert Liu

CMC Senior Theses

Non-fungible tokens (NFTs) have emerged as a new means of digital asset ownership and many companies are building projects that revolve around the technology. These companies are blockchain-based and raise capital for their projects through cryptocurrency token sales, which have become a new mechanism of entrepreneurial finance. In a sample of 62 NFT-related companies, I examine which company, fundraising, and token sale process characteristics are associated with the performance of 7-day and 60-day market returns after a token’s public listing. A multivariate regression analysis finds that the total amount of capital raised before a token launch has a negative relationship …

Impact Of School Closures On Female Labor Force Participation In The Covid-19 Pandemic, Shreya Shome

CMC Senior Theses

This paper examines the role of school closures in reducing the female labor force participation during the Covid-19 pandemic in the United States. While there is significant discussion on the decline of female labor force participation, this paper examines the role of school closures and lack of child care options in determining women’s decisions and ability to work. The data set includes the share school closures at each level of education, the number of schools and students in each school, the regulatory stringency indices, and the number of Covid-19 related deaths in each state on a monthly basis from January …

The Rising Power Of The Individual Investor: How Social Media Sentiments And User Activity Impact Stock Price Volatility And Trading Volume, Nandini Jayaram

CMC Senior Theses

This paper investigates the relationship between social media sentiments and user activity on the ability of online platforms like Robinhood, Reddit, and Twitter to drive volatility in stock returns and trading volume of shares. The research contributes to the existing literature by studying the potential power of social media communities to influence the stock market parameters. The dataset includes information for several stocks of daily Robinhood users, mentions in r/wallstreetbets, number of Twitter followers, as well as closing price and trading volume data. Using a fixed effects panel data model, the regressions yield statistically significant results that indicate higher WallStreetBets …

Integrating Carbon Pricing Approaches, Amay Shah

CMC Senior Theses

Concerns about global climate change and its effects have been steadily growing around the world in recent years. The Paris Agreement has laid out ambitious targets for countries to cut their emissions in order to limit global warming to 1.5 degrees and to achieve net zero emissions by 2050. Carbon pricing mechanisms are an inventive instrument that can help achieve these emissions reductions by placing a price on greenhouse gas emissions, creating incentives for organizations to reduce their emissions. These mechanisms can also help enable the transfers from wealthy nations to developing nations that will be essential for ensuring a …

Graduating Greener: Analysis Of A Non-Price Intervention To Encourage Pro-Environmental Behavior Among College Students, Jillie Santos

Honors Theses

According to the Yale Program on Climate Communication, a majority of Americans report worrying about climate change, yet the proportion of Americans who discuss climate change often with friends and family is around half of the worried percentage. This discrepancy illustrates a habit of climate avoidance and climate inaction. Drawing upon psychology and human-centered design, I assisted Dr. Michael A. Smyer in developing Graduating Greener, a workshop aimed at disrupting climate avoidance and promoting pro-environmental behavior through a sequence of social, environmentally-based activities. In this thesis, I investigate concepts from the field of behavioral economics which inform and align with …

Does Pesticide Regulation Impact The Export Competitiveness Of Major Global Cocoa Producers?, Olaide Akin-Olagunju, Abiodun Falusi, Sulaiman Yusuf, Victor Okoruwa

Journal of African Trade

Abstract Several methods are used to evaluate competitiveness, but the non-inclusion of quality measures, despite their importance in international product markets, gives less credence to such assessments. This study evaluates export competitiveness in the cocoa sector from the context of pesticide regulations. Such regulations are now increasingly common, due to their perceived benefits for humans, animals, and the environment. The results of our study show that cocoa-exporting countries stand to derive more earnings if standards are harmonized at the Codex level. Adherence to international standards, as reflected in large standard-scaled trade values, enhances competitiveness: yet compliance capacity must be matched …

The Case Of Singapore, Hwee Kwan Chow, Kong Weng Ho

Research Collection School of Economics

The economic impact of the Covid-19 pandemic on Singapore was more severe and protracted than the global financial crisis. Singapore responded with easing of the monetary policy stance, reinforcing financial stability, helping individuals to reduce debt obligations, easing business cashflow constraints, adjusting financial regulatory and supervisory protocols to cope with immediate challenges, and enabling the financial sectors to build long-term capabilities. Fiscal responses were unprecedented with four consecutive budgets and two ministerial statements, initially focusing on immediate assistance in respect of jobs, businesses, households, and later refined to providing more sector-specific assistance as the pandemic evolved with more detailed information …

Essays In The Consequences Of Occupational Regulation, Noah J. Trudeau

Graduate Theses, Dissertations, and Problem Reports (ETD)

Occupational regulation affects many people across many aspects of life. This dissertation research investigates the consequences of occupational regulation across three different areas of study: economic history, urban and regional economics, and health policy.

The first chapter investigates the historic licensing of emigrant agents. In the period following the US Civil War, firms wished to capitalize on the availability of African American labor. To do so they hired emigrant agents, also known as labor agents, to hire and help with the migration of individuals from the South. Faced with out-migration at the hands of the labor force, some southern states …

Three Essays In Healthcare Economics And Policy Analysis, Tuyen Pham

Graduate Theses, Dissertations, and Problem Reports (ETD)

This dissertation research consists of three essays on healthcare economics and policy analysis. Chapter 1 investigates and explains the failure of a proposition on limiting dialysis clinic profits in California in 2018. The proposition would have required dialysis clinics to issue refunds to patients or their payers for revenue that exceeds 115% of the direct cost of treatment. In this chapter, a conceptual framework of how voters weigh costs and benefits is developed and two different empirical approaches, simple OLS and Double Post LASSO, are employed to identify key determinants of the voting outcome. The empirical results suggest that counties …

Expert Witnesses And Arbitration Outcomes: Insights From Public Procurement Contracts, Bryan Mccannon, Claudio Detotto, Marco Vannini, Riccardo Marselli

Faculty & Staff Scholarship

We explore the use of expert witnesses in arbitration proceedings by analyzing public procurement contract disputes in Italy. Balancing cost with accuracy, participants to a contract select arbitration when speedy dispute resolution is valued highly. Arbitration mechanisms tend to give arbitrators discretion in how to proceed. Consequently, principal-agent problems can arise. Using an IV approach, we show that the use of an expert witness causes a slowing down of the case resolution, without having an effect on the outcome of the dispute nor resolving uncertainty as measured by unanimous decisions by the panel of arbitrators.

Save To Win: Using Contests To Promote Savings, Bryan Mccannon, Zachary Rodriguez, Roman Sheremeta

Faculty & Staff Scholarship

We ask whether linking savings accounts to contests can promote saving. We do this by offering contest-linked accounts to individuals in rural Uganda where poverty is a serious problem. Our design builds off of results in experimental economics documenting excessive competitiveness in contests, with the goal of harnessing this behavior for the good. We find that, properly designed, we encourage savings beyond both pre-treatment levels and the control group. We explore reasonable heterogeneous treatment effects and document long lasting impacts on wealth.

District Attorney Compensation And Performance, Bryan Mccannon, Morgan Stockham, Gregory Deangelo

Faculty & Staff Scholarship

Does prosecutor pay impact performance? We attempt to identify the causal effect of wages on a prosecutor’s effort by studying a large (41%), exogenous salary increase for district attorneys in New York state. We measure the performance of prosecutors by the likelihood that a conviction is upheld when appealed. If the efficiency wage theory accurately explains non-market actor behavior, then the exogenous wage shock should entice better performance. Alternatively, if individuals who hold public office are motivated primarily by an intrinsic desire to carry out their office duties to the best of their ability rather than strictly financial compensation, then …

Aacsb Accreditation And Student Demand, Bryan Mccannon, Katherine Starr, Marisa Cameron

Faculty & Staff Scholarship

We ask whether AACSB accreditation has a meaningful impact on university admissions. To do this, we explore 16 U.S. institutions which first achieved this certification recently. We, first, document a modest, but nonzero, impact on university-wide undergraduate applications, without any changes in first-year enrollment, price, or quality of the incoming student body. Restricting attention to business schools, while initial evidence suggests that the accreditation is associated with a decrease in enrollments, we show that this is complicated by non-parallel trends prior to accreditation. Compared to their comparison institutions, universities who seek out accreditation were experiencing flatter business enrollments. Correcting for …

The Right To Counsel: Criminal Prosecution In 19th Century London, Bryan Mccannon, Zachary Porreca

Faculty & Staff Scholarship

Exploiting a novel data set of criminal trials in 19th century London, we evaluate the impact of an accused’s right to counsel on convictions. While lower-level crimes had an established history of professional representation prior to 1836, individuals accused of committing a felony did not, even though the prosecution was conducted by professional attorneys. The Prisoners’ Counsel At of 1836 remedied this and first introduced the right to counsel in common law systems. Using a difference-in-difference estimation strategy we identify the causal effect of defense counsel. We find the surprising result that the professionalization of the courtroom lead to an …

Essays In Immigration Economics, Igor Mocko

Wayne State University Dissertations

This dissertation examines the two policies involving undocumented immigrants – granting them driver’s permits, and the Deferred Action for Childhood Arrival legalization. The introductory chapter surveys the history of the U.S. immigration system and reviews several approaches of identifying the undocumented population in data. Chapter 2 focuses on the Michigan driver’s license ban enacted in 2008 that restricted driving permits only to citizens and legally present foreigners. Using several time specifications and estimation methods, the data show that the ban did not increase traffic safety. Instead, the number of accidents after the ban increased by about 5%. This is consistent …

After The Cambridge Controversies: Reflections Old And New, Harvey Gram

Publications and Research

Perfect foresight is a consequence of applying the Pontryagin Maximum Principle to the analysis of an intertemporal general equilibrium. For this reason, the capital theory controversy ended in an intellectual impasse. The critique of mainstream theory largely ignored the perfect foresight entailments of intertemporal equilibrium analysis, while its defenders, with notable exceptions, too often failed to acknowledge this implication of the technique of dynamic programming. From this standpoint, the long debate over the existence or non-existence of an aggregate production function is secondary. This leaves open the theoretical question of how to proceed with an analysis of the actual dynamics …

Two Essays On Investor Disagreement And Asset Prices, Sulei Han

Electronic Theses and Dissertations, 2020-2023

My dissertation studies the measurement of investor disagreement and the effects of investor disagreement on asset prices. In my first essay, I clarify the seemingly contradicting theoretical predictions of Miller (1977), and Varian (1985, 1989) and Abel (1989), and design empirical analysis to test the predictions in a unified framework. Miller models the effect of the level of disagreement on asset prices and predicts a negative relation between investor disagreement and subsequent asset returns. Varian and Abel present results on the effect of the change in disagreement on asset prices and the resulting positive relation between disagreement and subsequent asset …

The Impact Of Paid Sick Leave Laws On Consumer And Business Bankruptcies, Michelle Miller

Economics Faculty Works

This paper examines how missed income due to illness impacts household fragility. Specifically, it shows that paid sick leave laws, which provide households insurance against illness-related income shocks, reduce consumer bankruptcy. Using a panel dataset at the county-quarter level, this paper exploits the geographic and temporal variation in the adoption of paid sick leave laws to implement a difference-in-differences and event study analysis. It finds that paid sick leave laws reduce consumer bankruptcy filings by approximately 11%; this effect is seen within three quarters of the law’s implementation and remains constant in magnitude and significance thereafter. As paid sick leave …

Invisible Hurdles: Gender And Institutional Differences In The Evaluation Of Economics Papers, Fulya Ersoy, Jennifer Pate

Economics Faculty Works

How might the visibility of an author’s name and/or institutional affiliation allow bias to enter the evaluation of economics papers? We ask highly qualified journal editors to review abstracts of solo-authored papers which differ along the dimensions of gender and institution of the author. We exogenously vary whether editors observe the name and/or institution of the author. We identify positive name visibility effects for female economists and positive institution visibility effects for economists at the top institutions. Our results suggest that male economists at top institutions benefit the most from non-blind evaluations, followed by female economists (regardless of their institution).

Mandatory Schooling Of Girls Improved Their Children’S Health: Evidence From Turkey’S 1997 Education Reform, Bahadır Dursun, Resul Cesur, Inas R. Kelly

Economics Faculty Works

This study examines the impact of mandatory maternal education on child health in Turkey, where a non-trivial fraction of families restricted their daughters’ schooling due to social and cultural barriers. The analysis employs two large data sets and exploits a quasi-experiment involving an education reform that increased compulsory schooling. Results show that an increase in mother's schooling improves child health at birth (as measured by factors such as low birth weight and premature birth) and lowers child mortality. The current study on the intergenerational benefits of compulsory schooling arguably provides the strongest evidence supporting the argument that mandatory female education …

Covid-19 School Re-Openings: The Effect On Women’S Labor Force Participation, Isabella Difeo

Williams Honors College, Honors Research Projects

As schools and daycares closed in March of 2020, mothers left the labor market in droves, either completely giving up their jobs or significantly cutting back on hours in order to care for children and/or help facilitate online learning. Furthermore, fields historically dominated by women were particularly hard hit, such as education, hospitality, and retail causing many women who may not be mothers to leave the work force as well. This paper considers how women’s labor force participation has changed throughout the COVID-19 pandemic and how the re-opening of schools, in particular, has impacted women’s return to the workforce. Triple …

Microeconomic Theory, Giri Parameswaran

Economics Faculty Scholarship

This open education textbook is comprised of two parts: Analytical Methods of Economics and Intermediate Microeconomics. Each part supports courses (ECON 201 & ECON 300) in Haverford College's Economics curriculum.

Use of this work governed by a CC BY-NC license.

'Indirect Pathways Into Practice': Philippine Internationally Educated Nurses And Their Entry Into Ontario's Nursing Profession, Lualhati Marcelino

Theses and Dissertations (Comprehensive)

While there are several studies that highlight the quantitative and statistical profiles of internationally educated nurses (IENs) from the Philippines who migrate to countries throughout Asia, the Middle East, Europe, the United States and Canada, there is little research that delves deeply into the qualitative review and analysis of their experiences in their own words. This study addresses that gap by applying the transnational feminist concept of “global care chains” in a single case study design that explores the experience of nurses who migrated to Ontario through permanent and temporary immigration streams and were interviewed in 2011 to 2012 to …

Does Capital Adequacy Affect Bank Performance? A Comparative Study Of Select Public And Private Sector Banks In India, Shakeeb Mohammad Mir, Farooq Ahmad Shah

DLSU Business & Economics Review

Purpose – The purpose of this paper is to investigate the relationship between capital adequacy (CA) and the performance of select public and private sector banks and thereby to attain an insight of whether the capital adequacy maintenance affects bank performance differently or not based on their nature of concern.

Design/methodology/approach – The study utilized a balanced panel data set using bank level data of 37 banks indexed at Bombay stock exchange (BSE) across public and private sector for the period of 10 years (2009-2018). The study takes 370 observation into consideration (i.e.,37 banks over time frame of 10 years). …

An Experimental Study: Audit Quality Importance On Selecting A Public Accountant Firm (Paf), Ruth Samantha Hamzah, Efva Octavina Donata Gozali, -- Patmawati

DLSU Business & Economics Review

The study aims to emphasize the importance of knowledge of audit quality on Public Accountant Firm (PAF) selection for a company by employing a 2x1 factorial design between-subject. To achieve this goal, we identified differences between the experimental and control groups. The experimental group was given knowledge of audit quality, whereas the control group had no treatment during the process selection of PAF. There were 10 indicators used in term of audit quality, namely audit workload, business expertise, audit turnover, audit hours, result of employee satisfaction surveys, partner compensation, result of client satisfaction surveys, PCAOB inspection results, restatements on audit …

A Theoretical Approach In Explaining The Impact Of Remittances On The Macroeconomy: Evidence From An Overlapping Generations Model For The Philippines, John Paolo R. Rivera

DLSU Business & Economics Review

Despite the constraints posed by the coronavirus pandemic on the global movement of migrant workers, cash remittance inflows remained to be a significant component of the Philippine economy. It still comprises a significant proportion of the economy’s gross domestic product and exceeds the influx of overseas development assistance and foreign direct investments. On top of the various empirical studies discussing the effects of remittances on the macroeconomy, I took the theoretical approach in explicating its impact on the macroeconomy. Through a micro-founded macro-model overlapping generations model, I trace the effects of remittances on the path of steady-state aggregate income, capital …

Small Area Estimates Of Poverty In Region Iii, Caesar B. Cororaton, Arlene B. Inocencio, Alellie B. Sobreviñas, Emmanuel Dc. Barnedo

DLSU Business & Economics Review

Official estimates of the Philippine Statistical Authority (PSA) poverty incidence prior to 2018 are reliable up to the regional level as these are consistent with the sampling domain of the data used for estimation. Below this level, the PSA poverty estimates are unreliable because of very large sampling errors. The high level of unreliability makes the estimates less useful for poverty policy targeting. This paper addresses this concern by combining the Family Income and Expenditure Survey (FIES) and the Census of Population and Housing (CPH) data and using an increasingly accepted technique for small area estimation (SAE). We estimate the …

The Mediating Effects Of Perceived Value Between The Relationship Of Social Media Marketing And Purchase Intention, Tyron W. Yap

DLSU Business & Economics Review

The objective of this study is to test the mediating role of the dimensions of perceived value—conditional, epistemic, monetary, social, convenience, and emotional—between the relationship of social media marketing and purchase intention, in online hotel booking sites. Partial least square structural equation modeling (PLS-SEM) was employed to test all 19 hypotheses. Results revealed that social media marketing positively and significantly influences the dimensions of perceived value, as well as purchase intention. Also, convenience value and conditional value are positively and significantly related to purchase intention. In terms of the mediating effects, it was found that both convenience value and conditional …

Analysis Of The Influence Of Cryptocurrency Regulation On Levels Of Financial Literacy, Kieran C. Yuen

Dissertations and Theses

Using data collected by the National Financial Capability Study (NFCS), a survey by the Financial Industry Regulatory Authority (FINRA), this paper investigates the influence of passage of cryptocurrency regulation in U.S. states on levels of financial literacy. Results indicate that living in a state where cryptocurrency regulation was signed into law, a decrease was observed in the level of financial literacy. This finding supports the growing literature on factors that affect levels of financial literacy using a novel exogenous variable, cryptocurrency regulation.

Mechanism And Methods Of Early Prevention Of Bank Insolvency, Morgan Alexander Fox

DLSU Business & Economics Review

Early detection of the financial condition of commercial banks is especially relevant in modern conditions of economic turbulence related to the global COVID-19 pandemic. The article provides a brief overview of the applied methods in the early detection of financial problems and prevention of bank insolvency. This study also explains the use and purpose of systems such as CAMELS and multivariate analysis models.The article illustrates the necessity of the complex use of multivariate analysis models and averaging simulation results in obtaining the most reliable results.A mechanism is offered for organizing the process of early prevention of bank insolvency.When implementing this …