Digital Commons Network^™

Relationships Between Local Revenue And Expenditure Policies And Urban Housing Markets, Lucas Taulbee

Theses and Dissertations--Public Policy and Administration

This dissertation consists of three essays on urban/local public finance, specifically residential property tax assessment and the provision of local public services. A general theme of the essays is the interplay between local financial policies and housing markets. Both revenue (tax) and expenditure policies can have significant effects on housing prices which can, in turn, have feedback effects on current and future revenues and expenditures. In the first chapter, Assessment Regressivity and Capitalization of Property Taxes, I consider assessment regressivity, the phenomenon in which higher-priced homes tend to be underassessed while lower priced homes tend to be overassessed. This may …

Essays On Public And Nonprofit Financial Dynamics, Yunjun Kim

Theses and Dissertations--Public Policy and Administration

This dissertation consists of three essays that explore different dimensions of financial dynamics in the public and nonprofit sectors. Each chapter examines how the fiscal behavior of neighboring jurisdictions, policy interventions, and financial practices influence fiscal decision-making and financial performance within these entities.

In the first essay, I investigate yardstick competition in local government spending in South Korea by leveraging the exogenous variation introduced by by-elections. This approach allows me to estimate the influence of neighboring jurisdictions on local expenditures. Contrary to previous empirical studies from other countries, my findings reveal no significant interdependence in spending among South Korean municipalities, …

More Than A Feeling: Exploring The Drivers Of Music Catalog Values, Emily Nutting

CMC Senior Theses

This paper examines which characteristics of songs affect transaction price in the sale of artist’s music catalogs. My analysis tests many variables, including the number of years between the song’s release its catalog’s sale (age); the natural log of the number of Spotify streams the song has (popularity); the genre of the song; themes in the song, such as dating, violence, romance, obscenity, sadness, and feelings; and elements of the song like danceability, energy, loudness, instrumentalness (the prevalence of instrumentals relative to vocals in a song), and acousticness (the measure of sound made using instruments as opposed to electronic means). …

Stimulus On The Home Front: The State-Level Effects Of Wwii Spending, Gillian Brunet

Economics: Faculty Publications

I use newly-digitized contract data on U.S. war production spending over 1940-1945 to analyze the macroeconomic effects of U.S. military spending in World War II. I find personal income multipliers of 0.34 over two years and 0.49 over three years. Personal income multipliers may substantially understate GDP multipliers, perhaps by as much as 50%. Employment estimates imply costs per job-year over the same time horizons of $405,013 and $232,268 in 2015 dollars, suggesting job creation was limited. I also find evidence of negative scale effects: larger positive spending shocks are associated with systematically smaller multiplier estimates.

Is West Virginia A Haven For Disabled Workers? An Evolving Story, James V. Koch, Robert M. Mcnab

Economics Faculty Publications

With a particular focus on West Virginia, this study utilizes state-level monthly panel data over 13 years (2010-2022) to examine the determinants of the rates of application of individuals for Social Security Administration disabled worker income payments (SSDI) and the initial recommendations of those applications for approval by the states. Application rates are particularly sensitive to the educational attainment of state populations and approval rates to economic conditions. However, in contrast to media coverage and public perceptions, both the number of applications for SSDI and approval rates have been declining nationally and in West Virginia.

Advanced Air Mobility, Economic Impacts, And Equity Considerations, Robert M. Mcnab

Economics Faculty Publications

Advanced Air Mobility (AAM) may, in the coming decades, result in tens of thousands of new jobs and billions of dollars in additional economic activity. While much of the discussion surrounding AAM focuses on the technical aspects of the nascent industry, estimates of the potential economic impact vary significantly. Much less attention has been paid in the literature to potential externalities, positive and negative, and how these externalities may impact estimates of economic impact. We argue that much work remains to be done before policy advisors and decisions makers can formulate and implement strategies based on the projections of future …

Removing Development Incentives In Risky Areas Promotes Climate Adaptation, Hannah Druckenmiller, Yanjun (Penny) Liao, Sophie Pesek, Margaret Walls, Shan Zhang

Economics Faculty Publications

As natural disasters grow in frequency and intensity with climate change, limiting the populations and properties in harm’s way will be key to adaptation. This study evaluates one approach to discouraging development in risky areas—eliminating public incentives for development, such as infrastructure investments, disaster assistance and federal flood insurance. Using machine learning and matching techniques, we examine the Coastal Barrier Resources System (CBRS), a set of lands where these federal incentives have been removed. We find that the policy leads to lower development densities inside designated areas, increases development in neighbouring areas, reduces flood damages and alters local demographics. Our …

The Effects Of School Autonomy On Student Achievement, Frank P. Kastl

Honors College Theses

This paper presents new evidence on the effects of school autonomy over personnel, budgeting, and curriculum on student achievement. I use the 2022 Programme for International Student Assessment (PISA) data, a survey and assessment of students and schools in over 80 countries along with panel data methods. The empirical findings suggest that a greater degree of autonomy over schooling decisions improves achievement in math, science, and reading. However, these improvements are most pronounced in more developed countries.

Developing Countries And External Debt: What Is Wrong?, Jesus Felipe, Jose Antonio Perez Montiel

Angelo King Institute for Economic and Business Studies (AKI)

LAST DECEMBER, the World Bank published its annual report on international debt (https://www.worldbank.org/en/programs/debt-statistics/idr/products). The report indicates that, in 2022, the developing countries spent $443 billion on debt-service repayment (principal plus interest) of their external public and publicly guaranteed debt, 5% more than in 2021. These payments are expected to rise in 2023 and 2024 due to the increase in interest rates. The report indicates that debt levels and high interest rates have set many countries on a path to crisis.

Utilizing Pitchbook In A Live Case Study

Journal of Economics and Finance Education

This article discusses how to incorporate PitchBook in a live case study for Venture Capital, Investment Banking, or Mergers and Acquisitions courses. Students conduct a live case study in which they prepare an executive summary, forecasted financial statements, and an investment pitch deck for real companies preparing to raise private capital. PitchBook provides extensive capital market data on private equity, venture capital, and merger and acquisitions data across the globe. Students utilize PitchBook to gather data critical to prepare companies to go on a “Road Show” to raise private capital.

Monte Carlo And Bootstrapping Carry Trade Simulations In Excel

Journal of Economics and Finance Education

In a currency carry trade, an investor borrows money in a low interest rate currency and invests in a high interest rate currency. The trade is profitable if the future exchange rate does not adjust to the interest rate differential. After downloading exchange rate data, a Monte Carlo simulation of a carry trade is performed in Excel based on a normal distribution and the data’s mean and standard deviation. A bootstrapping carry trade simulation exercise is also generated by randomly selecting observations from the historical data. In contrast to the Monte Carlo simulation, the bootstrapping exercise preserves the skewness within …

Note-Taking It Back To The Old School: Note-Taking & Student Outcomes

Journal of Economics and Finance Education

Recent research has suggested that students lack effective note-taking skills, but note-taking may improve student learning. In order to promote meaningful learning, a small investment in note-taking instruction may be a valuable use of scarce classroom time. We implement a randomized experiment to assess the effect of note-taking instruction on student note quality in the principles of microeconomics classroom. We compare note quality of students who received note-taking guidance to those who did not. We find that students who received guidance have significantly better quality notes than those who did not.

Enhancing Student Engagement: The Synergy Of Peer Assessment And Flipped Classroom Design

Journal of Economics and Finance Education

Grounded in student-centered teaching practices, we investigate the synergy of peer assessments and flipped classroom design in an economics course specifically developed for incoming MBA students. This innovative approach was implemented for two consecutive terms. Survey results show that students have a positive view of this integrated approach. It enhances their engagement and improves their knowledge and skills by providing constructive feedback. Additionally, this combination helps students improve their assessment skills.

Amortization Tables With Loan Prepayments

Journal of Economics and Finance Education

This paper presents an Excel-based learning exercise to build amortization tables with mortgage prepayments. Periodic and one-time prepayments are considered. Students analyze how the application of prepayments changes the cost and term of a mortgage. Essential financial literacy and spreadsheet skills that are highly valued by households and employers are demonstrated in this exercise.

Teaching Recessions In Macroecconomics With A Severity Index

Journal of Economics and Finance Education

With concepts and data familiar to macroeconomics students, at both the principles and intermediate levels, this paper constructs a recession severity index and calculates this index for the twelve recessions experienced in the United States since the end of World War II. We reach two primary conclusions. First, and perhaps as anticipated, we find that the Great Recession was the most severe contraction since the Second World War. Second, we conclude that the least severe recession since World War II was that which occurred in 2001.

Learning About Data Sources Through The Dataset Presentation

Journal of Economics and Finance Education

Economics has become an increasingly data-driven, empirical discipline. Alongside this, the advantages of undergraduate research have become more appreciated. These trends merge with students employing empirical techniques in undergraduate research. An active literature has developed on how to implement this. This paper addresses a potential hold-up for undergraduates that has received little attention: how to acquaint students with major data sources. To accomplish this, we provide an assignment (prompt, list of data sources by difficulty, and grading rubric) in the form of a short, data-driven presentation designed to have students learn, acquire, and work with a publicly available dataset.

Effects Of Intermediate Finance Course Timing On Performance

Journal of Economics and Finance Education

We study the effect of course timing and sequencing on performance of students taking intermediate corporate finance at a certain university. Controlling for student attributes, grades in intermediate and post principles overall were better if students had completed 1) investments and 2) financial markets and institutions, while the delay between completion of principles and intermediate was associated with reduced performance. The former effect appears to dominate. The relations tend to be stronger for students who entered the university as transfer students and for other specific populations. The population-specific results support a role for advising tailored to specific student characteristics and …

Macro-Financial Linkages And Perspectives In Economic Development, Nasser Khalil

CGU Theses & Dissertations

This paper is a composition of three essays on topics dealing with financial market derivatives, macroeconomic policies using microdata, and the link between macroeconomics and international finance. All three chapters are a cohesive discussion on financial markets, investment analysis of financial derivatives, and economic impacts during COVID-19. We examine capital and resource allocation in a variety of cases across all three chapters: international capital flows on the largest domestically listed firms, investments in option contracts with low likelihoods of being exercised, and the role of domestic policy in distributing social welfare benefits during periods of economic downturns in India. The …

Do Globalization And China’S Wto Accession Affect Social Spending In Its Eleven Neighboring Countries? An Empirical Study Of The China Shock, Jian Qing Xu

CGU Theses & Dissertations

This dissertation investigates whether globalization and China’s WTO accession in 2001 have any impact on government expenditure to social security transfers and human capital of its eleven neighboring countries--Bangladesh, India, Indonesia, Japan, Korea, Malaysia, Nepal, Pakistan, the Philippines, Singapore, and Thailand. These countries have enjoyed economic growth from intra-regional trade and foreign direct investment (FDI). Due to Chinese liberalization of trade and FDI-led growth policies, China became the favorite destination for foreign investors because of the large population providing enormous potential markets for consumption of goods and services as well as having a huge pool of low-wage workers for lower …

Aligning Eye Care Provider Beliefs With Behaviors: Exploring And Improving Ocular Surface Disease Decision-Making In A Cataract Surgery Clinic, Amy Hellem

Communication (PhD) Dissertations

Millions of cataract surgeries are performed every year in the United States, yet both surgeon reports and patient reports indicate that practices are not utilizing the diagnostic tests and treatments that are advocated in the medical literature to identify and manage ocular surface disease prior to surgery. As a result, patients risk suffering several significant consequences with regard to their vision, comfort and safety. Personal observations from my 25 years of experience working with ophthalmologists and optometrists led to curiosity regarding the root cause of undertreatment of ocular surface disease. Specifically, I had the impression that eye care providers held …

Analyzing The Effects Of 2018 Bank Reclassifications On Individual Balance Sheet Compositions, Hiyab Abraha

CMC Senior Theses

The March 2023 collapse of Silicon Valley Bank (SVB) marked the second largest bank failure in United States history and the largest bank failure since the 2008 Global Financial Crisis (GFC). This paper analyzes the mechanisms underlying SVB’s downfall and explores the specific systemic vulnerabilities that March 2023 revealed. To study the impact of systemic risk reclassification on individual bank balance sheets, I construct a quarterly panel dataset of the largest US chartered banks and track their regulatory classification and financial reports from 2009 to 2023. The 2018 Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA) changed the Federal …

Happy Teams: Utilizing Remote Data Entry Work To Understand The Relationship Between Team Gender Composition, Team Performance, And Worker Satisfaction, Laura Zimmer

CMC Senior Theses

The following study contributes to existing scholarship surrounding the relationship between gender and teamwork. My experiment aims to build on how gender impacts team members' success, emotions, and overall experience by randomly pairing individuals in two-person remote teams, to complete data entry tasks together. Teams work together remotely to complete tasks rating Chicago roads. Pre and post-teamwork surveys were completed by individuals surrounding their emotions and experience working with their partner. My results demonstrate that single-gender female teams report the highest increases in happiness while working in teams. Individuals were found to rate partners of their same gender more highly …

Do Inclusionary Zoning Ordinances Restrict Housing Supply: An Instrumental Variable Approach Using Evidence From California, Liam James

CMC Senior Theses

Do inclusionary zoning (IZ) ordinances restrict the supply of housing, putting undue upward pressure on prices? Using an improved version of the California Coalition of Rural Housing database, we use OLS and 2SLS methods to estimate the effect of IZ policies on supply. In demonstrating the endogeneity of OLS, we address this concern through the use of differences in two-party voter registration as an instrument for the presence of an inclusionary zoning ordinance. We find no evidence consistent with a clear restrictive effect of these policies.

Shifting Landscapes: The Effects Of Gentrification On Homelessness In Los Angeles County, Hannah Huining Deng

CMC Senior Theses

Gentrification, characterized by the influx of young professionals into low-income neighborhoods, is reshaping communities across the US. This study investigates how gentrification impacts homelessness rates through the mechanisms of median housing values and educational attainment. Using a longitudinal design, data was gathered on census tracts and service planning areas located within Los Angeles County spanning 7 years (2011, 2013, and 2015 to 2019). Census tract data was categorized into gentrifiable and nongentrifiable subgroups to establish a more discernible cause-and-effect relationship. As hypothesized, the study results show that gentrification is associated with increased rates of homelessness through increased bachelor’s degree attainment. …

A Dollar A Day Keeps Inflationary Crisis Away: An Evaluation Of Proposed Dollarization In Argentina, Dante Mcdermott

CMC Senior Theses

This thesis analyzes the history and policy variations of dollarization to gain understanding that can be used to evaluate the proposal of dollarization in Argentina. After analyzing the monetary policy histories of Ecuador, El Salvador, Liberia, Panama, and Zimbabwe, I put the main takeaways into the context of Argentina’s monetary history and current economic situation. I find that the adoption of foreign currencies in an economy provides short-term relief from inflationary crises, but that long-term economic benefits are vulnerable to attacks by populist leaders and their high spending governments. In order to maximize the long-term benefits of dollarization, the policy …

Electric Vehicles: Exploring The Granularity In California Zip Codes, Hans Melvern Kasim

CMC Senior Theses

This paper studies a number of factors that affect electric vehicle (EV) sales in California. In comparison to previous papers, this paper examines EV sales at a higher granularity by using zip code level data. My model utilizes a panel fixed effect to examine factors like income, energy prices, commute time, number of chargers and tax rebates. The results show that the number of chargers (specifically DC fast), commute time, and tax rebates have the greatest statistically significant effects on EV sales in California. Furthermore, I utilize an empirical specification - a conditional logit model accounting for zip code fixed …

Divided By Design? Urban Renewal’S Differential Impacts On Economic Outcomes By Race, Derik Suria

CMC Senior Theses

I study city-level effects of the federally and state-sponsored urban renewal program that aimed to improve living conditions for residents in blighted areas and slums. I use an interdisciplinary approach to estimate urban renewal effects on measures of income, property value, poverty, and employment. I first replicate the methodology and estimates of urban renewal effects on city outcomes in 1980 from Slum Clearance and Urban Renewal in the United States (Collins and Shester 2013). I extend this research by looking at a longer time horizon (1990, 2000, 2010) and incorporating race-based outcomes. From 1980 to 2010, estimated effects on property …

Revolutionizing Lithium Extraction: Analysis Of Factors Affecting Commercialization Timelines With Insights From The Shale Gas Boom, Bilge Tayyar

CMC Senior Theses

This study draws parallels between Direct Lithium Extraction (DLE) and hydraulic fracturing to highlight the transformative potential of DLE technology in the lithium industry. The comparative analysis supports the hypothesis that DLE might expedite commercialization timelines, similar to the effect hydraulic fracturing has had on traditional shale gas extraction. The study includes a regression analysis to determine the factors affecting the commercialization of conventional lithium brine extraction methods, thereby better understanding the potential changes DLE will create. The regression model, based on data from 11 projects, examines the impact of variables such as temperature range, tax rates, royalty rates, regulatory …

Driven By Change: The Impact Of Macroeconomic Shifts And Covid-19 On New Vehicle Sales, Jackson Aldrich

CMC Senior Theses

This paper examines the impact of macroeconomic factors and the COVID-19 pandemic on new vehicle sales. In order to address these two topics, a two-pronged approach was used with separate regression models. The macroeconomic variables include monthly supply of new homes, CPI for urban public transportation, unemployment rate, disposable personal income, inflation expectation, consumer sentiment, average gas prices, and total vehicle miles traveled which were regressed on total vehicle sales from 1978-2022. The regression results confirmed and supported current literature and highlighted the importance of the housing market and unemployment rate on new vehicle sales. The COVID-19 pandemic model variables …

Is Green The New Gold? Esg’S Influence On The Financial Performance Of The Energy And Mining Industries, Alexa De Vegvar

CMC Senior Theses

The demand for Environment, Social, and Governance (ESG) reporting has increased in recent years. As the concern for climate change has moved to the forefront of the investment process, companies have needed to prioritize ESG in their operations. Previous literature addresses how ESG has benefited companies’ financial performance and increased shareholder value. The pandemic has proven to have positively impacted ESG reporting as social priorities shifted. However, studies have also shown that ESG reporting is too ambiguous to concretely display any relationship with financial performance. This thesis will analyze the impact of ESG and environmental data reporting on the Return …