Digital Commons Network^™

Change Of Accessibility In The Izu Islands Before And After Tourism Development In The Pre-World War Ⅱ Period, Kantaro Takahashi

International Journal of Islands Research

This study compares accessibility on the Izu Islands, an inhabited archipelago. part of Tokyo Prefecture, from around the 1910s to the 1930s, during the early years of tourism development. Most islands in the archipelago started attracting tourists during the economically prosperous 1960s and 1970s; uniquely, Izu Oshima, the largest island, had been a tourist destination since before World War II. Tourism research on this region and period has predominantly employed a descriptive approach; quantitative studies have been rare owing to the dearth of data. Addressing this gap, this study conducts a network analysis of data acquired from the books of …

Ai Is Taking Over!: A New Generation Of Unemployment Fears, Amaya V. Hepburn

Student Scholar Symposium Abstracts and Posters

The growing panic surrounding AI taking over the workforce is strong in a distinct group of demographics, in contrast to the fear of computers taking over the workforce that was seen in previous generations. This suggests that AI developments have sparked a wave of fear that is unlike the fear of tech developments in the past. I have discovered that this fear is prevalent across several demographics: age, employment, and income. By cross-analyzing through the 2017 and 2025 fear surveys, I discovered that fear of AI is more prevalent in younger generations and is more threatening to students entering the …

Essays In Empirical Asset Pricing, Songrun He

Olin Business School Graduate Student Theses and Dissertations

This dissertation examines several empirical asset pricing questions using around-the-clock high-frequency data, financial text, and AI methods. The first chapter studies systematic jump risk in equity markets by linking around-the-clock market jumps to contemporaneous news narratives identified with a reasoning large language model, and finds substantial heterogeneity in risk premia across jump types. The second chapter addresses lookahead bias in financial text analysis by developing chronologically consistent language models and showing that they perform well in both standard language tasks and asset pricing applications. The third chapter studies cryptocurrency perpetual futures, derives no-arbitrage benchmark prices under realistic payoff assumptions, and …

The Economics Of Technical Debt: Venture Capital, Cybersecurity, And Engineering Quality, Joao Henrique Avila Alves Dimas

Olin Business School Graduate Student Theses and Dissertations

This dissertation studies the economic consequences of technical debt—the accumulated cost of expedient engineering decisions in a firm’s software codebase—and how external forces shape it. Using direct codebase analysis of over 80,000 monthly snapshots from 600+ open-core technology firms (2010–2025), I develop the first dollar-denominated measure of technical debt in the finance literature and apply it across two empirical settings. Chapter 1 examines whether venture capital monitoring extends to firms’ technical practices. Using a stacked difference-in-differences design around first VC entry (225 treated firms, 330 controls, 85 cohorts), I find that VC-backed firms reduce critical code defect density by 24% …

The Effects Of Government Policies On The Stock Market, Samruddhi Somani, Dr. Holger Kern

Caravel Undergraduate Research Journal

What is the most effective government policy to boost stock returns and, subsequently, to foster economic growth, especially during an economic crisis? This paper examines the effects of various government actions on stock market performance during the global financial crisis of 2007. As expected from rational investors, nearly all of the variation in index levels is explained by the variation in index futures levels, which reflect market expectations. Index and future levels were collected for June 2007-December 2009 using Bloomberg, which tracks data for various financial instruments. The financial crisis timeline furnished by the New York Federal Reserve Board on …

Payrolling In The Deep, Kyle Rosenfeld

Business and Economics Honors Papers

This study examines how Major League Baseball teams can build their rosters to spend their payroll more efficiently. Using a manually constructed dataset, consisting of thirty teams over the past five years, this paper studies different payroll allocation strategies, such as the percentage of a team’s payroll to homegrown players or free agents, to improve the efficiency of how an MLB club is spending. Through running regression models, results have shown there is a statistically significant positive relationship between how efficient MLB teams spend their payrolls to the percentage of a team’s payroll designated to homegrown players. Additionally, there is …

The Impact Of Monetary Policy Announcements On Trading Reactions To Earnings Reports, Sean A. Maxfield

Economics Honors Projects

This paper examines trading reactions to quarterly earnings reports and the impact of recent monetary policy announcements by the Federal Open Market Committee (FOMC). It argues that the market, as a product of rational and irrational investor behavior, interprets firms’ financial performance within a broader macroeconomic context, affirming the causal channels found in similar studies. This study differs from prior research by looking at the recent, not simultaneous, monetary policy announcement for each earnings announcement in order to understand if the two types of information remain complementary. By conducting an event study model, this study confirms that the interaction of …

When Wedding Bells Stop Ringing: An Economic Analysis Of The U.S. Fertility Crisis, Mia Sideris

Business and Economics Honors Papers

Fertility in the U.S. has been in steady decline since the Great Recession. Surveyed opinions suggest this trend stems less from changing attitudes in ideal family size, and more from tangible barriers preventing people from having as many children as they desire. This paper explores several economic and social pressures that may have contributed to this discrepancy, with an emphasis on marriage. Marriage is considered to be the infrastructure that enables childbearing by minimizing both monetary and time costs. Using fixed effects and random forest regression, we estimate the impact of these measures and their relative importance on fertility decisions. …

Housing Markets In The American West: A Dynamic Time Warping Analysis Of Inter-City Relationships, Daniel Johnson

All Graduate Theses and Dissertations, Fall 2023 to Present

Housing markets revolve around perhaps the most consequential good to the average person, yet the relationships between local housing markets remain understudied. While major American cities appear to follow similar patterns, the nature of these connections is not fully understood. This project looks at housing markets across the western United States, using Dynamic Time Warping (DTW) to identify which cities tend to lead or lag others in price movements, and look at the overall similarity of their market movements. We also explore whether geographic distance, population growth, and income growth help explain why some markets are more similar than others. …

(Wp 2026-02) Behavioral Macroeconomics, Kaleckian Post-Keynesian Economics, And Stratification Economics: Incorporating Social Identity, John B. Davis

Economics Working Papers

Behavioral Macroeconomics draws on cognitive psychology’s errors and biases approach to argue that psychological factors acting on individual choice affect how the economy functions. Keynes drew on psychology in his ‘beauty contest’ account of convention to explain individual investor expectations in terms of the average expectation of all investors. This assumes individual investors identify with the group of all investors, anticipating social psychology social identity analysis. Kaleckian Post-Keynesian Economics focuses on distributional conflict between capital and labor. This also assumes individual capitalists and laborers identify with groups of capitalists and laborers. Stratification Economics makes social group identity the basis on …

On The Trail, In The Towns: Visitor Use And Community Perspectives Along Montana’S Continental Divide Trail, Ava Worbets, Kika Bradford, Melissa Weddell

Institute for Tourism and Recreation Research Publications

As outdoor recreation participation has steadily increased nationwide over the past decade, reaching record levels in 2024 amid long‑term growth trends (OIA, 2025), the Continental Divide Trail (CDT) is drawing rising numbers of hikers traveling through Montana’s gateway communities. Yet little is known about who these hikers are or how their presence affects the towns that support them. This report examines CDT hikers and their relationships with Montana gateway communities from two complementary perspectives. First, understanding hikers’ demographics, spending patterns, and trail behaviors using data from 507 respondents who completed Montana’s CDT sections between 2022 and 2024. Second, exploring how …

National Center For Children In Poverty Releases 2025/2026 Tanf Cash Assistance Policy Series, Karen Chatfield, Sydney Elltringham

All Faculty and Staff Papers and Presentations

The National Center for Children in Poverty (NCCP) at Bank Street Graduate School of Education has released its 2025/2026 TANF Cash Assistance Policy Series to help support policymakers and advocates in strengthening these vital supports.

Investigating Household Non-Farm Enterprises In Nigeria: What Influences Their Survival And Function In The Face Of Droughts?, Anna Xochitl Settels Palacios

Economics Honors Projects

This paper examines whether household non-farm enterprises (NFEs) in Nigeria function as coping mechanisms during drought shocks. Using monthly panel data, climatic water balance measures, and survival, linear probability, and staggered difference-indifferences models, I find that drought exposure is associated with increased persistence in NFE activity, reflected in lower hazards of enterprise closure and reduced monthly exit probabilities. These findings suggest that NFEs may be used as a tool by agricultural households to cope with agricultural shocks by reallocating labor, smoothing income, and maintaining economic activity.

Information Aggregation In Decision Markets Under A Modified Hanson Market Maker, Leo Vershel

Behavioral and Computational Economics (MS) Theses

In this paper, we report the results of experiments where subjects participate in a prediction market utilizing the Hanson automated market maker. The key distinction of our environment when compared with previous studies in the prediction market space is in the introduction of a conditional market that allows subjects to make conscious decisions to infuence market outcomes, and thus it investigates the quality of the decisions made by the subjects as opposed to the accuracy of the market prices. Utilizing dispersed “not-state” information, we evaluate whether subjects can accurately infer true states and maximize organizational welfare. Our initial baseline results …

Exploring The Impact Of Poverty On Financial Literacy: The Role Of Parental Education In College Student Financial Behavior, Zoe Williams

Honors Theses

Many college students experience financial stress, yet financial hardship is often explained as a simple lack of financial knowledge. Recent research suggests that how students are socialized around money may matter just as much as what they know. In this study, I examined whether parental education, specifically first-generation college status, changes the relationship between household income and financial health among undergraduate students at a regional public university in the southeastern United States. Participants included 204 undergraduates recruited through the university research pool. Students reported household income (categorized as < $50,000 or >$50,000), first-generation status, and financial behaviors. Financial literacy was measured using an …

Multinational Investment Activity Under Policy Uncertainty In Host And Competing Countries, Daisoon Kim, Sunhyung Lee

Department of Economics Faculty Scholarship and Creative Works

This paper examines how economic policy uncertainty (EPU) in host and competing countries reshapes U.S. multinationals’ greenfield foreign direct investment (FDI). Using firm–destination level data from 2003 to 2021, we show that while host-country EPU deters investment, EPU in competing destinations attracts it through a spillover effect. We document a structural shift around 2015: as global EPU rose unevenly, the spillover effect from competitors became the dominant driver of investment decisions, supplanting the direct effect of host-country policy instability. Our findings indicate that in an era of heightened global uncertainty and risk, FDI allocation is governed by relative, not just …

The Goad, The Bad, & The Ugly: The Livestreamed Vice Signaling & Body Fascism Of Clavicular & Asmongold, Jacob T. Fry

Department of Communication Studies: Dissertations, Theses, and Student Research

This thesis explores the rhetorical, material, and symbolic implications of fascist livestreaming in the United States through two popular streamers: Clavicular and Asmongold. These two streamers represent a small slice of the rise of different reactionary rhetorics online and how the use of different masculine subcultures—in this case ‘Looksmaxxing’ or Gamer inspired rhetoric—are used as ideological texts for white male supremacy. Whether in front of the glow of their gaming monitor or the flashing lights of a nightclub, the livestreaming of the body, home, relationships, and lifestyles challenge rhetorical conceptions of style, the ‘public/private sphere,’ and political communication. As different …

Analyzing Social Implications Of The Gender Wage Gap, Jessie A. Clarke

Electronic Theses, Projects, and Dissertations

The researcher seeks to understand the gender wage gap in the United States. The research question studied is “Why do women in the United States on average earn less income than men?” Women gain less power and resources as they earn less income than men. The researcher explores the phenomenon in this paper. This research proposal utilizes qualitative methods via interviews, and analysis through coding. In previous research, there is a lack of inclusion on the gender wage gap regarding various identities such as sexual orientation, other gender identities, and race/ethnicity. The researcher hopes to fill in these gaps in …

Geography, Income, And The Incidence Of A Massachusetts Carbon Tax, Susan Stratton Sayre

Economics: Faculty Publications

I use spatial microsimulation to estimate the geographic incidence of the consumer-facing portion of various revenue-neutral carbon tax designs in Massachusetts. I identify a substantial urban-rural disparity in impacts that is reduced, but not eliminated, by proposed revenue-targeting mechanisms. I further demonstrate that seemingly small variations in the definition of rural households can have substantial impacts on urban-rural equity and the distribution of gains and losses. Proposed policies are highly progressive in the aggregate with most low-income households receiving more in rebates than they pay in taxes, but notable numbers of low-income households are likely to experience significant losses. Methodologically, …

Red, White, And Broke: A Call For Accountability In Government, Mary A. Scott

Honors Theses

This study examines the scale of waste, fraud, and abuse in U.S. federal spending. The purpose of this research is to clarify how fiscal management in the federal government is intended to operate versus how it actually functions. Using a combination of conceptual analysis, existing literature, case-based evidence, and data analysis, findings suggest that the persistence of oversight failures arises from weak implementation, limited enforcement authority of oversight bodies, and an emphasis on recovery rather than prevention practices. This study contributes to the broader discussion of public finance by providing an accessible framework to understand why the foundational federal principle …

Effects Of Punitive Immigration Enforcement On The Health Of Latinos With Lower Educational Attainment, Andrea Sofia Mendoza

Theses and Dissertations

This paper analyzes the effects of the Secure Communities (SC) immigration enforcement program on self reported health and healthcare-seeking behaviors of citizen and non-citizen Latinos with lower educational attainment. SC allowed local jails to use FBI and DHS data to determine whether arrested individuals were eligible for deportation. SC was rolled out across counties from late 2008 through 2013. Using data from the Behavioral Risk Factors Surveillance Survey (BRFSS) and implementation records from Alsan and Yang (2024), staggered difference-in- difference regression estimates show that SC implementation increased the likelihood of a reported heart attack and heart disease across the sample. …

The Supply-Side Effects Of Air Pollution On Local Non-Polluting Industries, Erin Hyman

Theses and Dissertations

This paper examines the relationship between PM2.5 and the production of goods and services across industries using a county–industry panel (1999–2013). Fixed effects regressions show higher activity in manufacturing but relative declines in non-polluting sectors, suggesting pollution reflects production intensity and a reallocation toward polluting industries.

The Effect Of Inbound Tourism On Consumer Prices In Japan, Serenity E. Thompson

Theses and Dissertations

This paper uses monthly prefectural data to estimate the effect of inbound tourism on Japan’s consumer prices. Results indicate that a 10% increase in foreign overnight stays is associated with a 0.01% increase in capital city prices. The paper discusses localized dual pricing as a response to these price pressures.

The Effect Of Prenatal Substance Use Policies On Women's Well-Being, Zukruf Alam

Theses and Dissertations

This paper examines the effects of punitive and priority treatment policies relating to the use of illicit substances during pregnancy on women's health and health-related behavior. Punitive interventions criminalize substance use during pregnancy, which can even lead to termination of parental rights. In contrast, priority treatment policies support pregnant women and grant them priority access to substance use disorder treatment programs. I use staggered difference-in-differences methods and data from the Behavioral Risk Factor Surveillance System data from 2004 to 2018 to estimate the impact of prenatal substance use policies on women's mental health, physical health, self-reported poor health, and cigarette …

Congestion Pricing And Traffic Safety: Evidence From New York City, Mirella Charros

Theses and Dissertations

This paper examines the impact of congestion pricing on motor vehicle collisions in New York City. Using a spatial difference-in-differences approach, the study finds evidence of increased collisions near the congestion boundary, suggesting potential spillover effects and changes in traffic patterns following policy implementation.

Air Pollution And Self-Reported Health Outcomes In The United States, Alina Dervisevic

Theses and Dissertations

This study examines the relationship between short-term PM2.5 exposure and self-reported health outcomes among U.S. adults using BRFSS data from 2000 to 2012 linked to county-level pollution and weather data. Results show that PM2.5 exposure is associated with worse mental health and gender specific behavioral responses.

Herding In Artificial Intelligence, John Cotter

Honors Scholar Theses

This paper examines whether increased attention to artificial intelligence (AI) influences herding behavior in financial markets. As AI has become a dominant theme in both financial markets and public discourse, understanding how investor attention affects behavior has become increasingly important. Herding behavior is measured using the Cross-Sectional Absolute Deviation (CSAD) methodology developed by Chang, Cheng, and Khorana (2000). The analysis uses daily data from December 2019 through November 2025 and focuses on the Global X Artificial Intelligence & Technology ETF (AIQ) as a proxy for the AI sector. Investor attention is measured using a composite Google Search Volume Index (SVI) …

Regional Economic Impacts And Emission Responses Under Solar Radiation Modification, Jenny Bjordal, Evelien Van Dijk, Henri Cornec, Anthony A. Smith Jr, Trude Storelvmo

Cowles Foundation Discussion Papers

Solar Radiation Modification (SRM) has been proposed as a potential tool to limit increases in global or regional temperatures caused by anthropogenic greenhouse gas emissions. While previous research has extensively examined the climate system’s response to various SRM strategies, as well as their aggregate economic consequences, the regional distribution of economic impacts has received less attention. In this study, we use NorESM2–DIAM—an Earth System Model coupled to a high-resolution integrated assessment model—to assess the economic impacts, measured in GDP per capita, in an idealised SRM scenario where incoming solar radiation is reduced by 1%. Our results suggest that, relative to …

Civilian Mass Killings Perpetrated By Nonstate Actors: Data Trends And Theoretical And Empirical Risk Factors, Charles H. Anderton, Roxane A. Anderton

Economics

This article addresses two research questions: (1) What are recent trends in nonstate actor (NSA) civilian mass killings by country locations and perpetrator groups? and (2) What are risk factors for NSA civilian mass killings based on economic choice theory and large-sample empirical inquiry? We summarize recent data on mass killings perpetrated by various NSAs including rebel groups; political, territorial, and identity militias; and terrorist organizations. Following a review of the empirical NSA mass killing literature, we develop an economic choice model of a NSA's resource allocations to direct (military) fighting and to violence against civilians when in contestation with …

Examining The Lives And Experiences Of Mariachi Leadership In San Antonio, Texas: A Narrative Ethnographic Inquiry Using A Constructivist Lens, Baldemar Villarreal

Theses & Dissertations

Mariachi leaders carry far more than instruments. They carry history, community, identity, and the responsibility of sustaining a living tradition within a rapidly changing world. This study explores the experiences of three Mariachi leaders in San Antonio to understand how cultural heritage, leadership development, and entrepreneurial practice unfold within the pressures of the contemporary gig economy.

Guided by a constructivist narrative inquiry approach, the study draws on the view that meaning is created through experience, relationship, and reflection (Clandinin and Connelly, 2000; Polkinghorne, 1995). The narratives reveal leadership as a dynamic process shaped by migration, gender, innovation, and communal responsibility. …