Digital Commons Network^™

Understanding The Flow: Deconstructing The Link Between Immigrants And Fentanyl, Madeline F. Nesbitt

CMC Senior Theses

This thesis explains how a false link between undocumented immigration and fentanyl becomes widely accepted in the United States. Empirical data show that most fentanyl enters through legal ports of entry and that U.S. citizens account for the majority of those caught transporting it. Why, then, do 41% of Americans attribute overdose deaths to migrants trafficking fentanyl? This project examines how this myth is built, repeated, and sustained, and what policy consequences follow from it.

When complex social problems lack clear culprits, political actors often manufacture them through scapegoating. Current literature documents how political actors link immigrants to drug crimes, …

Adolescent Binge-Like Feeding And Neuroinflammation: Effects Of Intermittent Palatable Diet Access On Microglial Activation In The Brain In Adolescents, Jaimie T. Yu

CMC Senior Theses

Binge eating disorder (BED), one of the most common eating disorders in the United States (Definition & Facts for Binge Eating Disorder - NIDDK, n.d.), is characterized by recurrent episodes of consuming large quantities of food in a short period of time accompanied by a sense of loss of control. The intermittent access (INT) model reliably produces binge-like eating in adult rodents, with animals showing episodic hyperphagia upon time-limited access to a high-fat, high-sugar (HFHS) diet. In adult female rats, INT access produces elevated meal size and reduced satiety ratio relative to controls (Maske et al., 2020), and promotes microglial …

Volatility Modeling With An Application To Risk Parity Portfolios, Kenneth Hou

CMC Senior Theses

This thesis studies volatility modeling in the context of risk parity portfolio construction. I compare three risk parity portfolios that differ only in their underlying volatility model: a historical covariance baseline, a Bayesian stochastic volatility model, and a GRU–GARCH hybrid neural network. Using daily returns on Kenneth French’s five industry portfolios from January 2016 through December 2025, I construct monthly rebalanced portfolios under each model, with the SV and GRU forecasts embedded in hybrid covariance matrices that combine forecasted volatilities with rolling historical correlations. The results document a divergence between forecast accuracy and portfolio performance: the SV model is the …

Diplomatic Gaps And Global Finance: How U.S. Ambassadorial Vacancies Affect Bilateral Portfolio Investment Positions, Tianning Qin

CMC Senior Theses

This paper examines how the absence of U.S. ambassadors impacts bilateral portfolio investment positions held by investors in the United States and counterpart countries. The panel dataset spans 2001 to 2019, covering 56 counterpart countries in terms of portfolio investment positions held by foreign investors in U.S. securities and 102 counterpart countries in terms of portfolio investment positions held by U.S. investors in foreign countries. Using the instrumental variable approach, the results show that a prolonged vacancy lasting at least three months in a year causes sizable and significant reductions in portfolio investments held by foreign investors in U.S. securities. …

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 …

Converging, But Not Together: Regional Growth After Eu Enlargement, Armine Kardashyan

CMC Senior Theses

This paper studies whether poorer regions in Central and Eastern Europe have caught up to richer ones since EU enlargement, and whether any observed catch-up reflects absolute convergence or convergence conditional on regional fundamentals. Using annual NUTS-3 data for eleven Central and Eastern European member states from 2000 to 2023, I estimate rolling ten-year convergence regressions within a steady-state framework in which regional GDP per capita depends on investment, human capital, and within-window exposure to EU membership.

The results show strong evidence of conditional convergence during the early and middle phases of enlargement. Regions that begin a window above their …

Morals Without Movement: Veganism, Contentious Politics, And The Lifestyle Politics Constraint, Luke M. Carfaro

CMC Senior Theses

This thesis examines whether veganism constitutes a social movement through Social Movement Theory frameworks, emphasizing Sidney Tarrow's Power in Movement. Through analysis of veganism's empirical properties (collective challenge, common purpose, collective identity, and sustained interaction) and key procedural mechanisms (framing, mobilizing structures, and repertoires of contention), this thesis determines that veganism fails to meet the empirical criteria of a social movement and is more accurately classified as a lifestyle movement—a movement in which political participation is expressed through private consumption rather than sustained collective contention. Using the Make America Healthy Again movement as a counterexample, this thesis comparatively illustrates …

Rank Rebalancing In Commodity And Foreign Exchange Markets, Prateek D. Vyas

CMC Senior Theses

This thesis empirically tests the rank-rebalancing mechanism of Stochastic Portfolio Theory (SPT) across commodity futures, foreign exchange futures, and equity ETFs. The Reverse Price-Weighted strategy (RPW) assigns, to each asset, the market weight of the asset at the opposite price rank, and generates an annualized excess return of 2.90% over the price-weighted (MKT) commodity benchmark, during the period of November 1977 to October 2025 (HAC t = 2.058, p = 0.040). The differential Sharpe ratio (dSharpe) of 0.245 is confirmed by a stationary block bootstrap, with a 𝑝-value of 0.015, and factor regressions controlling for carry, momentum, and value yield …

Cultural Dissonance: Western Hierarchical Structures In Unesco’S Representative List Of The Intangible Cultural Heritage Of Humanity, Chumnan J. Sangsvang Iii

CMC Senior Theses

This paper explores how the heritage ideologies of the academic and legal traditions of the “West” have exerted influence over the modern conception of heritage in order to fulfill their own ideas of value. It uses a combination of anthropological theory, ethnographic research, and international law to analyze this phenomenon, first identifying the theory and history behind culture, heritage, and civilization in international law. The paper then goes on to analyze UNESCO’s ICH designation and the consequences of Western heritage construction from 4 case studies, each variably removed from the West: Cases from Greece, Uruguay, Malawi, and Tonga will identify …

Bitcoin And The American Conflict Over Money And Property, Jacob Smagula

CMC Senior Theses

I argue that Bitcoin is the latest expression of the recurring American conflict over who controls the terms of money and property, and that the political coalition formed around Bitcoin shares the same characteristics as earlier coalitions formed around this struggle. I review three historical cases that each produced a coalition opposing the existing monetary order: the Bank War of the 1830s, the Free Silver movement of the 1890s, and the populist backlash against the Federal Reserve during the 1979 Farm Crisis and the 2008 Great Recession. I find that Bitcoin’s architecture, which allows for self-custody, permissionless access, and an …

More Than A Lawyer: Participation, Representation, And Outcomes In Los Angeles Debt Collection Court, Josephine V. Aspromonte

CMC Senior Theses

This paper estimates the effect of legal representation on case outcomes using 531,959 limited-jurisdiction debt-collection cases filed in the Los Angeles Superior Court between 2012 and 2022. Defendants are classified into three groups: those who defaulted without responding, those who responded pro se, and those who retained counsel. Because defendants are not randomly assigned to representation, three estimation strategies address selection bias: a binary logit, a multinomial logit with text-mined docket covariates, and propensity score matching on pre-treatment characteristics.Three findings emerge. First, the binary logit associates representation with a 10 to 13 percentage point reduction in default probability, but matching …

From Governed To Subjected: The Supreme Court And The Collapse Of Rule-Of-Law Adjudication, Katherine E. Schwab

CMC Senior Theses

This thesis argues that the Supreme Court is producing a structural crisis in rule-of-law adjudication through three converging mechanisms: the expanded use of the shadow docket, the cynical appropriation of precedent, and the dominance of strict originalism. Each independently undermines the conditions that distinguish legitimate governance from the mere exercise of coercive power. Together, they replace the general, stable, publicly intelligible norms the rule of law requires with the successive pronouncements of whoever currently holds interpretive power.

The thesis develops its argument in three stages. First, drawing on Antonin Scalia's account of rule-like precedent and Jeremy Waldron's layered theory of …

The Effects Of Community Benefit Mandates On Capital Asset Investment: An Application To Non-Profit Hospitals In Illinois, Sophie C. Podeszwa

CMC Senior Theses

Non-governmental, non-profit hospitals receive significant property tax exemptions in exchange for providing community benefits. The consequences of requiring non-profit hospitals to spend a higher community benefits minimum in order to receive property tax exemption are poorly understood. This paper asks whether the 2012 Illinois community benefits minimum policy change, as written in statute 35 ILCS 200/15-86, reduced non-profit hospital investment in the capital assets of land, buildings, and equipment. Using a difference-in-difference design that exploits the 2012 Illinois policy change as a natural experiment, non-profit hospital investment in Illinois is compared to non-profit hospital investment in all other U.S. states …

The Zoom Town Effect Of Remote Work On Rural Housing Markets, Luc R. Fabing

CMC Senior Theses

I study the impact of remote work on rural housing markets, highlighting the moderating role of outdoor recreation amenities. Using panel data from the American Community Survey and Zillow (2010–2024), I employ a Two-Way Fixed Effects model and a shift-share instrumental variable strategy to estimate the effect of work-from-home (WFH) rates on home prices. I find that higher WFH rates are strongly associated with higher home prices in high-recreation counties, but that the association is weak or negative in counties lacking significant recreation amenities. These findings point to amenity migration as a key mechanism through which remote work impacts rural …

A New Playbook: The Procedural Resilience Of Oregon’S Rooney Rule In The Wake Of Students For Fair Admissions V. Harvard, Jada I. Cook

CMC Senior Theses

This article evaluates the constitutionality of Oregon’s codified Rooney Rule considering the Supreme Court’s decision to end affirmative action in Students for Fair Admissions (SFFA) v. Harvard. Passed in 2009, the Oregon mandate requires public universities to include at least one minority applicant in the interview process for all head coaching vacancies. By analyzing the architectural origins of the Rooney Rule within the National Football League (NFL) and the systemic racial exclusion it sought to dismantle, this research explores whether interview-stage mandates, that are applied at the state level, can survive the rigorous application of the strict scrutiny standard. …

Microbial Community Structure In Global Soils, Matthew Jabro

CMC Senior Theses

Soil harbors the most diverse microbial communities on Earth, yet whether predictable community types exist across biomes and whether taxonomic composition encodes habitat of origin remain open questions at global scale. This thesis addresses both questions by applying unsupervised clustering and supervised classification to transformed 16S ribosomal RNA (rRNA) amplicon profiles from two independent datasets: the global topsoil survey of Bahram et al. (193 samples) and the Earth Microbiome Project (EMP) soil subset of Thompson et al. (2,209 samples). Application of a sample clustering method based on a mixture of Gaussian Graphical Models (MixGGM) identified 19 clusters in the topsoil …

Salary Caps And The Valuation Of U.S. Professional Sports Teams, Chase J. Cioe

CMC Senior Theses

This thesis examines whether salary caps affect the valuation of professional sports franchises in the NBA, NFL, and MLB over the 2003–2024 period. Amid ongoing debate over whether salary caps create financial value or simply redistribute it, this study asks whether capped leagues command a valuation premium relative to uncapped leagues. Using a balanced panel of 92 teams and 2,024 observations, the analysis employs random effects, league fixed effects, system GMM, and three natural experiments to identify the cap premium. The primary dependent variable is the year-over-year log growth in franchise value, d.ln(FV) = ln(FVt/FVt-1), which is stationary by design …

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 …

Rethinking Reentry In The United States: A Comparative Analysis Of Incarceration Strategies In Norway, Singapore, And Austria, Amelia Ulmer

CMC Senior Theses

The prison reentry system in the United States remains a pressing social, economic, and political issue, as hundreds of thousands of prisoners are released each year with few resources to assist them with their transition. In fact, these previously incarcerated people are arguably set up to fail, which leads to over half of them reoffending within two years. This thesis analyzes how the United States should reform its current prison system based on lessons learned from three international case studies. These three case studies, Norway, Singapore, and Austria were chosen as countries that have globally low recidivism rates and unique …

Procedural Rhetoric And Prosociality: How Game Mechanics Shape Altruistic Decision-Making, Elijah Emory-Muhammad

CMC Senior Theses

This study investigates how different prosocial video game designs influence subsequent altruistic behavior, specifically comparing interactive narratives with procedural rhetoric. While prior research demonstrates that prosocial games can prime helpful behaviors, less is known about the underlying mechanical structures driving these effects. Fifteen participants engaged with either an Interactive Narrative Game (ING) or a Procedural Rhetoric Game (PRG) before completing a resource allocation task (Dictator Game). Results revealed no statistically significant differences between the two conditions in promoting sacrificial altruism or satisfying basic psychological needs. Instead, participants across both groups demonstrated a strong adherence to an equality-seeking norm, consistently choosing …

Moving The Goalposts: Saudi Arabia, Football, And The Changing Rules Of Global Legitimacy, Sanskriti S. Kumar

CMC Senior Theses

Most commentary on Gulf state sports investment concludes that sportswashing fails: Saudi Arabia's favorability ratings remain low, its human rights situation has deteriorated, and Western public opinion shows no measurable improvement. This thesis argues that this conclusion applies the wrong standard. Asking whether Saudi Arabia has become more admired misses the more consequential question of whether it has become more accepted, and treating those two outcomes as equivalent produces misleading results. This thesis develops an original Normalization-Attraction Framework to evaluate whether the Saudi Public Investment Fund's October 2021 acquisition of Newcastle United Football Club has generated measurable political returns. The …

By The Light, Desiree Galamgam

CMC Senior Theses

On the island of Helios, the sun god, a water nymph finds comfort tending to the flora along  riverbanks. Clytie avoids her oceanid sisters’ poisonous proclivities. Modeling herself after the sun god’s incessant responsibilities, she spends her existence working. Only taking breaks to perch herself at the top of her alcove’s hill to watch Helios drive his chariot to rise and set the sun, she sees him as the epitome of perfection and freedom.

Her tranquil life is interrupted by the sudden arrival of Helios himself at the footsteps of her isolated cave. Clytie begins to feel new emotions as …

From Collective Punishment To Collective Action, Samuel N. Johnson-Saeger

CMC Senior Theses

Regime change may be sought in two primary ways, absent a turn to internal or external violence: through nonviolent resistance, from within, and sanctions, from abroad. This paper is about how those two pathways are intertwined. I challenge two different strands of the existing literature. First, I show that Liou et al. (2022)'s finding that sanctions increase the predicted probability of nonviolent resistance movement progress is subject to substantial upward bias from country heterogeneity. Incorporating country fixed effects, I show that sanctions, on average, have no statistically significant effect on resistance outcomes. Second, I challenge Chenoweth and Stephan (2008)'s argument …

The History Of Mass Incarceration And Its Implications, Evan Sevaly

CMC Senior Theses

In this thesis, I develop a model to answer four questions about US incarceration: why did incarceration increase between 1973 to 2009, why have incarceration figures experienced an overall decrease since then, and what explains their oscillation, why has the penal system consistently incarcerated marginalized groups at disproportionate rates, and why is the US an incarceration outlier compared to other industrialized countries? I split the competing explanations to these questions into four schools of thought: the perspective that neoliberalism caused mass incarceration, the perspective that surpluses in finance capital, land, population, and state capacity caused mass incarceration, the perspective that …

The Impact Of The Filibuster On The Ideological Composition Of The Judiciary, James Cullers

CMC Senior Theses

This paper examines whether the 2013 Senate filibuster reform–the so-called "nuclear option"–changed the ideological composition of federal judicial nominees and whether that change translated into different confirmation outcomes. Using ideology scores from the Database on Ideology, Money in Politics, and Elections (DIME) matched to a dataset of all federal judicial nominees from 2000 to 2024, we separate the judicial selection process into two stages: presidential nomination and Senate confirmation. At the nomination stage, we find that post-2013 nominees were approximately 71% more likely to be ideologically extreme by pre-reform standards, a large and statistically significant shift consistent with presidents responding …

The Aporia Of Divinity: Hegel's Metaphysics In Conversation With Spinoza And Schelling, Abhinav Ganesh

CMC Senior Theses

This thesis explores the intersections between the metaphysics of Spinoza, Hegel, and Schelling, as seen through their engagement with the concept of immediacy. I aim to show that this perspective offers a fruitful way of understanding the arguments of these three figures, while also complicating our understanding of the nature of immediacy and its importance to metaphysical systems.

Constitutional Rights, Human Dignity, And The American Dream: A Historical Analysis Of U.S. Immigration Policy After 9/11, Shelby Mcilroy

CMC Senior Theses

This thesis examines how United States immigration policy transformed after September 11, 2001 and asks whether modern immigration enforcement remains consistent with constitutional principles, human rights protections, and the broader ideals associated with the American Dream. The project investigates how immigration shifted from a primarily civil administrative system into one increasingly defined by surveillance, detention, and punishment. The central question guiding this research is whether the securitization of immigration has reshaped not only enforcement practices, but also the meaning of constitutional protections and human dignity for both citizens and noncitizens.

To answer this question, this thesis conducts a historical policy …

Pesos For Pesos And No One Feels At Home: Gentrification And Displacement In Mexico City, Sophia L. Castellanos

CMC Senior Theses

This thesis investigates how gentrification and displacement have affected Mexico City, providing historical context and reasoning behind current policies for digital nomads and tourists. It examines policies enacted in similar cities such as Barcelona, Amsterdam, and Venice, which face challenges from increased tourism and short-term rentals like Airbnb. The thesis also reviews these regulations, highlighting their successes and limitations, and offers recommendations for integrating some of these strategies into Mexico City’s 2024 Tourism Law. Additionally, it explores public innovation strategies that could promote collaborations between the government and communities rather than complete government control. Finally, the paper discusses the challenges …

Family, Stability, Mentors & Money: Student Definitions Of Success, Arturo Caldera

CMC Senior Theses

This research takes a deep dive into the factors shaping marginalized communities’ educational experiences, particularly for low-income Latino students from migrant backgrounds navigating public schooling spaces. Across sixteen qualitative interviews, participant narratives reveal how a systemic lack of resources at the institutional, interpersonal, and structural levels undermines the quality of support students receive and shapes their academic trajectories. Grounded in student-centered practices and informed by scholarship in multicultural education, Chicanx/Latinx studies, feminism, and psychology, this study contributes to ongoing efforts to move beyond deficit-based frameworks and instead recognize the cultural wealth, knowledge, and resilience students bring from their homes and …