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Articles 106711 - 106740 of 106808
Full-Text Articles in Entire DC Network
Balancing The Scales Of Justice: The Unconstitutionality Of Marital Rape In India, Pallavi Raju
Balancing The Scales Of Justice: The Unconstitutionality Of Marital Rape In India, Pallavi Raju
CMC Senior Theses
Marital rape remains an unpunished crime in India, despite decades of dispute and litigation. This thesis explores the question of why the state continues to retain the marital rape exception within the Indian criminal code, even though it commits to combat gender based violence in other areas of justice. The research begins with a broader understanding of privatization of women’s rights in the international sphere and culturally sanctioned violence to protect the institution of marriage. With a focus on the legal justifications and language of Indian court cases, this thesis determines that judges adjudicate on gender justice inconsistently. Attempting to …
No Coup, No Conscience: Coup-Proofing In The Armenian Genocide, Rachel Svoyskiy
No Coup, No Conscience: Coup-Proofing In The Armenian Genocide, Rachel Svoyskiy
CMC Senior Theses
The Armenian Genocide functioned as a form of coup-proofing under the Committee of Union and Progress (CUP). Existing scholarship emphasizes nationalism, wartime radicalization, and security dilemmas, but does not fully account for why the military complied, why dissenters were removed, or how Armenian property became tied to political loyalty. Applying Hicham Bou Nassif’s framework of coup-proofing, this study examines four tactics the CUP used to secure military obedience while carrying out mass violence. First, the regime framed Armenians as an existential threat to align the officer corps ideologically with the state. Second, it promoted the material interests of military and …
Ceo Linguistic Stress And Abnormal Stock Returns Evidence From S&P 500 Earnings Conference Calls, Yiqi Sun
Ceo Linguistic Stress And Abnormal Stock Returns Evidence From S&P 500 Earnings Conference Calls, Yiqi Sun
CMC Senior Theses
Stress is pervasive among corporate executives, yet its effect on firms' future abnormal return remains largely unexplored. This paper examines whether CEO's Linguistic stress exhibited during earnings conference calls predicts future abnormal stock returns. I provided a Large Language Model (Claude Sonnet 4.6) psychology-backed prompts to analyze CEO stress from linguistic patterns in 7491 earnings call transcripts from 470 companies in the S&P 500 during 2020-2024. I found three main results. First, the CEO linguistic stress is negatively and significantly associated with the immediate market reaction, with a one-unit increase in stress score associated with a 0.9% decrease in the …
A Reevaluation Of South Korea’S Economic Rise: The Defense Industrial Base, Timothy Lee
A Reevaluation Of South Korea’S Economic Rise: The Defense Industrial Base, Timothy Lee
CMC Senior Theses
This paper seeks to reexamine how the Republic of Korea (ROK) was able to rise from one of the world's poorest economies after the Korean War to a leading international defense exporter today. Existing development theories—such as dependency theory, export-led industrialization, and world-systems theory—each offer partial explanations but none fully accounts for the ROK's rapid economic growth. To address this gap, the paper analyzes U.S. foreign aid data, U.S. national security documents, and the economic data of the ROK’s chaebols, family-owned business conglomerates, to reevaluate two key variables: the United States' strategic imperative to contain communism during the Cold War, …
The Vestiges Of The German Democratic Republic: Memory Politics And Xenophobia In Former East Germany, Diana Zhou
The Vestiges Of The German Democratic Republic: Memory Politics And Xenophobia In Former East Germany, Diana Zhou
CMC Senior Theses
From the 2015 migration influx onward, xenophobic and nationalist sentiments permeated Germany’s national political discourse. The former socialist territories in eastern Germany have proven particularly susceptible to far-right, anti-immigration, and anti-integration rhetoric. This thesis explores the mnemonic foundations of xenophobic sentiments in former East German states, tracing the development of an antifascist yet ethnically nationalist mnemonic framework to the state-sanctioned myths and invented traditions of the German Democratic Republic (GDR). As the loss of a collective GDR identity produced a reactionary rehabilitation of this framework post-unification, the racial and ethnic “other” — migrants, asylum seekers, and refugees — became constructed …
Lessons Unlearned: Cultural Competence And The Limits Of U.S. Army Doctrine In Iraq And Afghanistan, Kylie W. Ha
Lessons Unlearned: Cultural Competence And The Limits Of U.S. Army Doctrine In Iraq And Afghanistan, Kylie W. Ha
CMC Senior Theses
This thesis examines how the absence of comprehensive cultural and linguistic competence within U.S. Army doctrine contributed to operational and ethical failures during the wars in Iraq (2003–2011) and Afghanistan (2001–2021). It focuses on the gap between doctrinal recognition of culture and language and the failure to institutionalize these elements as measurable, force-wide competencies. The thesis analyzes doctrinal publications spanning the period from 2001 to 2014 and finds that, while these publications increasingly acknowledged the importance of cultural awareness, language, and local context—particularly in counterinsurgency operations—these elements were not embedded as standardized requirements across training, planning, or evaluation. Iraq and …
Does Immigration Enforcement Induce Legalization? Replicating And Extending The H-2b Evidence To Agricultural Guest Workers, Katherine E. Schwab
Does Immigration Enforcement Induce Legalization? Replicating And Extending The H-2b Evidence To Agricultural Guest Workers, Katherine E. Schwab
CMC Senior Theses
This thesis examines whether intensified interior immigration enforcement leads employers to increase demand for legal temporary foreign workers through the H-2 guest-worker programs. Using updated administrative data from the Office of Foreign Labor Certification, I first replicate the core findings of Amuedo-Dorantes, Arenas-Arroyo, and Schmidpeter (2021), who find that county-level enforcement significantly raises employer demand for H-2B non-agricultural workers, then apply the same empirical framework to H-2A, the agricultural equivalent.
My replication results are directionally consistent with the original study – the enforcement coefficient on H-2B demand is positive across specifications – though weaker in significance, reflecting routine vintage differences …
Eurovision As A Platform For Cultural Diplomacy In Times Of Conflict, Lucy Meza
Eurovision As A Platform For Cultural Diplomacy In Times Of Conflict, Lucy Meza
CMC Senior Theses
This thesis examines how states utilize the Eurovision Song Contest as a platform for soft power, focusing on the conditions under which cultural performance translates into reputational gains. Drawing on Joseph Nye’s concept of soft power, Biasioli’s theory of songwashing, Zamorano’s typology of cultural diplomacy, Anholt’s competitive identity framework, and Feklyunina’s analysis of identity and narrative, it argues that Eurovision’s effectiveness as a soft power platform is fundamentally contingent on the alignment between a state’s cultural narrative and dominant international perceptions of its legitimacy. Through a qualitative comparative case study approach, the thesis examines two nations whose Eurovision participation during …
The Jamaica That Dreams: A Normative Application Of Developmental Theory, Tamoy Pitt
The Jamaica That Dreams: A Normative Application Of Developmental Theory, Tamoy Pitt
CMC Senior Theses
This thesis examines Jamaica’s persistent underdevelopment through Martha Nussbaum's normative application of the capabilities approach as per her conception in Creating Capabilities. Through this approach, the paper will argue that Jamaica’s underdevelopment is a result of the failure of its domestic institutions to provide all citizens with the substantive freedoms and capabilities necessary to live lives of dignity. Originally detailed by Amartya Sen in his book Development as Freedom, the capabilities approach posits freedom as both the means and ends to development while rejecting contemporary approaches to development such as GDP, Utilitarianism, or Rawlsian resource-based approaches as insufficient frameworks for …
Defining Consensus‐Based Components For Integrating Dietitians Into Primary Dental Care For Paediatric Populations: A Delphi Study, Lauren Hallewell, Raul Bescos, Zoe Brookes, Robert Witton, Patricia Casas‐Agustench
Defining Consensus‐Based Components For Integrating Dietitians Into Primary Dental Care For Paediatric Populations: A Delphi Study, Lauren Hallewell, Raul Bescos, Zoe Brookes, Robert Witton, Patricia Casas‐Agustench
School of Health Professions
Background: Diet is a modifiable risk factor linking oral and systemic health, contributing to dental caries and weight-related outcomes (including underweight, overweight and obesity) in the paediatric population. However, dietary advice provided by dental professionals in primary dental care is often brief and sugar-focused, representing a missed opportunity to address shared risk factors. Integrating dietitians into primary dental care may support more holistic paediatric preventative care. Objective: To develop expert consensus on the components required to integrate dietitians into primary dental care to address diet as a common risk factor in paediatric oral health and weight-related outcomes. Methods: A three-round …
Exploring The Views Of Children With Cerebral Palsy, Their Parents And Physiotherapists On Participating In A Feasibility Randomised Controlled Trial Testing An Exergaming Device: A Qualitative Study, Rachel Rapson, Jos M. Latour, Jonathan Marsden, Bernie Carter
Exploring The Views Of Children With Cerebral Palsy, Their Parents And Physiotherapists On Participating In A Feasibility Randomised Controlled Trial Testing An Exergaming Device: A Qualitative Study, Rachel Rapson, Jos M. Latour, Jonathan Marsden, Bernie Carter
School of Nursing and Midwifery
Background: This study aimed to understand the experiences and views of children with cerebral palsy, their parents and physiotherapists participating in the ACCEPT feasibility randomised controlled trial, which explored a 10-week physiotherapy intervention using an interactive gaming training device. Design: Qualitative methods included semi-structured interviews, e-diary and photographs. Nine parent–child dyads and three physiotherapists participated. Children were aged between 7 and 16 years; four had co-existing additional needs. Interviews were transcribed. Reflexive thematic analysis was used. Results: Five themes covered the breadth of participants’ experiences: (1) Fitting in therapy; (2) Motivation; (3) New opportunities; (4) Physiotherapists out of their comfort …
Conventional Versus Advanced Imaging Selection For Endovascular Treatment Of Basilar Artery Occlusion Strokes., Huanwen Chen, Marco Colasurdo, Hidetoshi Matsukawa, Conor Cunningham, Ilko Maier, Sami Al Kasab, Pascal Jabbour, Joon-Tae Kim, Stacey Quintero Wolfe, Ansaar Rai, Robert M. Starke, Marios-Nikos Psychogios, Edgar A. Samaniego, Nitin Goyal, Shinichi Yoshimura, Hugo Cuellar, Jonathan A. Grossberg, Ali Alawieh, Ali Alaraj, Mohamad Ezzeldin, Daniele G. Romano, Omar Tanweer, Justin Mascitelli, Isabel Fragata, Adam Polifka, Fazeel Siddiqui, Joshua Osbun, Roberto Crosa, Charles Matouk, Min S. Park, Michael R. Levitt, Waleed Brinjikji, Mark Moss, Travis Dumont, Ergun Daglioglu, Richard Williamson, Pedro Navia, Reade De Leacy, Shakeel Chowdhry, David J. Altschul, Alejandro M. Spiotta, Peter Kan
Conventional Versus Advanced Imaging Selection For Endovascular Treatment Of Basilar Artery Occlusion Strokes., Huanwen Chen, Marco Colasurdo, Hidetoshi Matsukawa, Conor Cunningham, Ilko Maier, Sami Al Kasab, Pascal Jabbour, Joon-Tae Kim, Stacey Quintero Wolfe, Ansaar Rai, Robert M. Starke, Marios-Nikos Psychogios, Edgar A. Samaniego, Nitin Goyal, Shinichi Yoshimura, Hugo Cuellar, Jonathan A. Grossberg, Ali Alawieh, Ali Alaraj, Mohamad Ezzeldin, Daniele G. Romano, Omar Tanweer, Justin Mascitelli, Isabel Fragata, Adam Polifka, Fazeel Siddiqui, Joshua Osbun, Roberto Crosa, Charles Matouk, Min S. Park, Michael R. Levitt, Waleed Brinjikji, Mark Moss, Travis Dumont, Ergun Daglioglu, Richard Williamson, Pedro Navia, Reade De Leacy, Shakeel Chowdhry, David J. Altschul, Alejandro M. Spiotta, Peter Kan
Department of Medicine Faculty Papers
INTRODUCTION: Endovascular thrombectomy (EVT) is an effective treatment for basilar artery occlusion (BAO) stroke in select patients. While there is a growing body of literature suggesting that advanced imaging modalities such as computed tomography perfusion (CTP) and magnetic resonance (MR) may not be necessary for selecting anterior circulation large vessel occlusion stroke patients for EVT, whether advanced imaging may be superior to conventional imaging (non-contrast CT and CT angiography) in identifying good treatment candidates among BAO patients is less clear.
PATIENTS AND METHODS: This was a multicenter retrospective cohort study of BAO EVT patients treated from 2013 to 2022 in …
Digital Cognitive Behavioral Therapy Versus Education For Chronic Pain In Adults With Sickle Cell Disease: 12-Month Randomized Trial Results, Olubusola B. Oluwole, Yi-Fan Yi-Fan Chen, Christina M. Lalama, Julia A. O’Brien, Laura M. De Castro, Charles Patrick Carroll, Darla Liles, Nirmish Shah, Santosh L. Saraf, Victor R. Gordeuk, Leshana Saint Jean, Michael Debaun, Robert M. Cronin, Tonya M. Palermo, Sherif M. Badawy, Megan E. Hamm, Jennifer N. Stinson, Chitra Lalloo, Sophie Lanzkron, Cassandra Trimnell, Lakiea Bailey, Raymona H. Lawrence, Kaleab Z. Abebe, Charles R. Jonassaint
Digital Cognitive Behavioral Therapy Versus Education For Chronic Pain In Adults With Sickle Cell Disease: 12-Month Randomized Trial Results, Olubusola B. Oluwole, Yi-Fan Yi-Fan Chen, Christina M. Lalama, Julia A. O’Brien, Laura M. De Castro, Charles Patrick Carroll, Darla Liles, Nirmish Shah, Santosh L. Saraf, Victor R. Gordeuk, Leshana Saint Jean, Michael Debaun, Robert M. Cronin, Tonya M. Palermo, Sherif M. Badawy, Megan E. Hamm, Jennifer N. Stinson, Chitra Lalloo, Sophie Lanzkron, Cassandra Trimnell, Lakiea Bailey, Raymona H. Lawrence, Kaleab Z. Abebe, Charles R. Jonassaint
Department of Medicine Faculty Papers
Background: Chronic pain affects up to 40% of adults with sickle cell disease (SCD), yet treatment options remain limited. While cognitive behavioral therapy (CBT) is effective in other chronic pain conditions, it is underutilized for SCD pain, and its effectiveness remains unclear. Purpose: The Cognitive Behavioral Therapy and Real-time Pain Management Intervention for Sickle Cell via Mobile Applications (CaRISMA) compared digital CBT to Education for chronic SCD pain in adults. At 6 months, the primary outcome (pain interference) showed no between-group difference but both groups improved (CBT: −2.13; Education: −2.66). This report presents 12-month outcomes. Methods: A total of 359 …
Politics Of A Silent Pandemic: Antimicrobial Resistance And State Capacity In India And Nigeria, Mia Kelly
Politics Of A Silent Pandemic: Antimicrobial Resistance And State Capacity In India And Nigeria, Mia Kelly
CMC Senior Theses
Antimicrobial Resistance (AMR) has emerged as one of the most pressing yet widely underestimated health threats of the 21st century; this thesis explores the potentially devastating global impact of this “silent pandemic”, exposing how deeply health outcomes depend on political choices, regulatory capacity, and economic constraints. Although the danger of spreading drug-resistant pathogens is now widely acknowledged in both the scientific and political communities, states differ in their abilities to contain the issue, with low- and middle-income countries facing the greatest obstacles to national action plan implementation. This thesis investigates these disparities through a comparison of India and Nigeria, two …
Macroeconomic Resilience And Sentiment Dynamics In The Global Luxury Fashion Industry, Mehr Gupta
Macroeconomic Resilience And Sentiment Dynamics In The Global Luxury Fashion Industry, Mehr Gupta
CMC Senior Theses
The global luxury fashion industry is often viewed as a sector where broad economic conditions intersect with individual spending behavior. Yet despite this common assumption, it remains unclear whether macroeconomic fluctuations meaningfully shape luxury firms’ financial performance. This thesis examines the relationship between four key macroeconomic indicators - consumer sentiment, disposable income, unemployment, and exchange rates - and firm-level quarterly revenue for twelve publicly listed luxury companies from the early 2000s through 2024. Firm financial data from S&P Capital IQ are matched with macroeconomic measures from the Federal Reserve (FRED), and the analysis employs a two-way fixed-effects framework with firm …
Factors Correlated With State-Level Variation In Grocery Consumption Changes During The Covid-19 Pandemic, Sun Young Byun
Factors Correlated With State-Level Variation In Grocery Consumption Changes During The Covid-19 Pandemic, Sun Young Byun
CMC Senior Theses
In this paper, I employ a two-part empirical strategy to explore the effects of the COVID-19 pandemic on grocery consumption across U.S. states. First, I use the United States Department of Agriculture's Weekly Retail Food Sales data from 2018-2023 to estimate a time-series panel model. I use the results to test three hypotheses regarding state-level variation in consumption changes and impacts in the initial pandemic period, the remaining pandemic period, and the post-pandemic period. Second, I use the estimated state-level effects as dependent variables in cross-sectional regressions to test three hypotheses linking variation in state-level consumption patterns to economic, demographic, …
Keeping America Ahead: The Global Chip Conundrum, Ethan Chen
Keeping America Ahead: The Global Chip Conundrum, Ethan Chen
CMC Senior Theses
Semiconductors underpin nearly every aspect of modern economic, military, and technological power. Yet while the United States pioneered chip innovation and design, it now heavily depends on foreign manufacturing, particularly Taiwan and the Taiwanese Semiconductor Manufacturing Company who produce more than 90% of the world’s leading edge chips. This thesis investigates how the U.S. lost its fabrication leadership, what risks its current dependence creates, and what strategies can most effectively restore domestic capacity and resilience in both the short term and long term. By going through historical analysis of industrial development, recent policy evaluation such as export controls and the …
An Examination Of Sycophantic Llms: The Case For Withholding Judgement, Josephine C. Albrecht
An Examination Of Sycophantic Llms: The Case For Withholding Judgement, Josephine C. Albrecht
CMC Senior Theses
This thesis investigates sycophancy in large language models (LLMs) and argues that although agreement can be socially appealing, it introduces serious epistemic and moral risks. Through Mrinank Sharma’s experiments, I show that sycophancy emerges reliably across major AI assistants, which adjust their responses to match users’ beliefs; even when those beliefs are incorrect. I explain how deep learning and reinforcement learning from human feedback (RLHF) shape these behaviors, and why models learn to prioritize user satisfaction over truth. While agreement can build trust, mimic expert testimony, and satisfy human preferences, it also produces epistemic bubbles and misplaced confidence. These risks …
The Lipstick Effect Across Economic Crises: An Empirical Study Of Cosmetics And Luxury Spending From 2004 – 2023, Richard M. Sweeney Iii
The Lipstick Effect Across Economic Crises: An Empirical Study Of Cosmetics And Luxury Spending From 2004 – 2023, Richard M. Sweeney Iii
CMC Senior Theses
This paper examines whether consumers shift toward lower-cost beauty products during periods of economic uncertainty and whether this behavior moves with financial market volatility. Using household-level microdata and aggregate monthly expenditure data from the Bureau of Labor Statistics’ Consumer Expenditure Surveys (2004–2023), the study evaluates how cosmetics spending changes relative to jewelry across two major economic crises: the Global Financial Crisis and the COVID-19 pandemic. Across both datasets, cosmetics consistently become a larger share of discretionary spending when economic conditions deteriorate, supporting the presence of a lipstick-effect pattern. At the macro level, cosmetics spending is generally inversely related to market …
Maternity Leave And Women’S Leadership In A Changing Work Environment: Global Evidence, Josefine Byström
Maternity Leave And Women’S Leadership In A Changing Work Environment: Global Evidence, Josefine Byström
CMC Senior Theses
Family leave policies play a central role in shaping women’s participation and advancement in the labor market. This study investigates whether the relationship between maternity leave duration and women’s labor outcomes has changed before and after the COVID-19 pandemic. Using a cross-country panel spanning multiple years with fixed effects, this study examines two related outcomes: women’s labor force participation and representation in leadership. Prior to 2011, maternity leave duration displayed opposite non-linear patterns across these outcomes: an inverted U-shape for labor force participation, peaking at moderate leave lengths, and a U-shape for women’s leadership, which improved only at longer durations …
The Politics Of Russian Regional Development, Claire Moore
The Politics Of Russian Regional Development, Claire Moore
CMC Senior Theses
This thesis examines why Chechnya’s independence movement shifted from a secular nationalist struggle in the First Chechen War (1994–1996) to a religiously framed insurgency in the interwar period and Second Chechen War (1999–2000; 2007). Drawing on presidential speeches, interviews, archival materials, and secondary scholarship, it argues that religious radicalization cannot be explained solely by external influence or Russian military brutality. Instead, three underexplored variables–strategic economic appeals to the Islamic world, culturally-embedded practices of vengeance, and the enabling conditions of poverty and mass armament–collectively shaped this transformation. Chechen leaders increasingly emphasized Islamic identity to secure financial and military support from Middle …
Audit Fee Spillovers Following Sec Scrutiny: Evidence From Auditor Portfolio Effects, Rakhshaan R. Adamjee
Audit Fee Spillovers Following Sec Scrutiny: Evidence From Auditor Portfolio Effects, Rakhshaan R. Adamjee
CMC Senior Theses
This paper examines whether audit firms reprice clients that are not under Securities and Exchange Commission (SEC) review when a greater share of the auditor’s other clients face SEC scrutiny. Results indicate economically meaningful pricing spillovers. In the full sample, a ten-percentage-point increase in auditor-level exposure is associated with approximately 2% higher fees for non-scrutinized clients. The effect is stronger for Big Four networks: the Big Four slope is about 3.6% per ten points, and a Big Four only replication yields roughly 8.9%. Among Big Four, measuring exposure at the signing-office level also produces a positive but smaller association (~0.4% …
The Tcja And Shareholder Payouts, Carson T. Bloom
The Tcja And Shareholder Payouts, Carson T. Bloom
CMC Senior Theses
Abstract
The Tax Cuts and Jobs Act (TCJA) provided corporations an estimated $233 billion in tax savings, yet relatively little is known about how firms allocated this cash windfall. This study examines whether growth and mature firms differed in whether they used these tax savings to distribute dividends and repurchase shares. Using panel data on publicly traded North American firms from 2016–2019, I classify firms as either growth or mature based on their cash-flow patterns and estimate the effects of the TCJA on their behavior using a difference-in-differences design.
The results indicate that mature firms increased shareholder payouts significantly more …
From Static Λ To Moving Penalties: Dynamic Regularization In Mean-Variance Portfolio Choice, Ariel Santiago
From Static Λ To Moving Penalties: Dynamic Regularization In Mean-Variance Portfolio Choice, Ariel Santiago
CMC Senior Theses
This thesis evaluates whether dynamically tuned weight penalties can improve high-dimensional mean-variance portfolio choice. Classical Markowitz portfolios perform poorly when the number of assets is large relative to the data, because small estimation errors in means and covariances can generate extreme, fragile allocations. A common remedy is to regularize the weights using L1 (lasso), L2 (ridge), or elastic-net penalties, but these are typically chosen once and held fixed. Using monthly excess returns on the 48 Fama-French industry portfolios from January 2010 to June 2025, this thesis compares penalized mean-variance and minimum-variance strategies under long-only and long-short constraints, with and without …
Criminalizing Motherhood: Abortion, Obstetric Emergencies, And State Power In Post-1998 El Salvador, Valery M. Reyes
Criminalizing Motherhood: Abortion, Obstetric Emergencies, And State Power In Post-1998 El Salvador, Valery M. Reyes
CMC Senior Theses
This thesis examines how a series of regressive legal reforms in El Salvador–the 1997 Penal Code’s expansion of abortion-related punishments and the 1999 constitutional amendment defining life as beginning at conception–eliminated all exceptions to abortion and transformed a woman’s reproductive body into a site of surveillance. Rather than expanding rights, these reforms rolled back on existing protections by not recognizing obstetric emergencies, miscarriages, or cases of rape as legitimate grounds for abortion. Prosecutors and judges could treat such medical emergencies as convictions for “fetal homicide,” carrying sentences of 30-50 years in prison.
Court documents, reports from non-government organizations …
Beyond Guns And Butter: Structural Fiscal Priorities And The Politics Of Welfare In Oecd Economies, 2000-2023, Nyassa Garg
Beyond Guns And Butter: Structural Fiscal Priorities And The Politics Of Welfare In Oecd Economies, 2000-2023, Nyassa Garg
CMC Senior Theses
The “guns vs. butter” debate has long framed the tension between military and welfare spending, but this thesis reveals that the tradeoff is far more complex than traditionally assumed. This study re-examines the tradeoff in OECD economies from 2000 to 2023, using fixed-effects and within-between Mundlak models to distinguish between short-run adjustments and long-run structural patterns. My results show no clear evidence of year-to-year substitution; instead, welfare commitments in advanced OECD countries are institutionally rigid and insulated from contemporaneous military spending pressures. Crowding out primarily presents itself as a structural pattern—countries with consistently higher military burdens allocate a smaller share …
Esg And Misvaluation In U.S. Equity Markets, Rohaan Bhojwani
Esg And Misvaluation In U.S. Equity Markets, Rohaan Bhojwani
CMC Senior Theses
Existing research has produced conflicting conclusions on whether environmental, social, and governance (ESG) characteristics are efficiently priced in equity markets. While some studies argue that ESG performance improves firm value through lower risk and stronger fundamentals, others suggest that investor demand has inflated valuations in the past beyond intrinsic worth. This thesis examines whether ESG-driven valuation gaps represent justified pricing through firm fundamentals or systematic mispricing using Bartram and Grinblatt’s Agnostic Fundamental Analysis Framework (2018).
For this paper, I analyze the top 1000 U.S public firms by market value. I regress the market value on 19 accounting fundamentals for these …
Federal Credit And Post-Disaster Economic Recovery: A County-Level Study Of Sba Lending From 2002 - 2022, Tanveer Singh Chabba
Federal Credit And Post-Disaster Economic Recovery: A County-Level Study Of Sba Lending From 2002 - 2022, Tanveer Singh Chabba
CMC Senior Theses
The United States Small Business Administration (SBA) is a government organization founded in 1953 that plays a central role in disaster response by providing capital contracts and low-interest loans to affected firms and households. This thesis will examine whether the SBA’s disaster lending program supports county-level economic recovery in the aftermath of a disaster period. My initial hypothesis is that after a natural disaster, an increase in SBA loan activity should help mitigate income losses and support economic recovery, leading to a consistent level of county-level Adjusted Gross Income (AGI) growth in future years. Using a constructed dataset that links …
Loan-Heavy Aid: Consequences On Academic And Early-Career Outcomes, April Zhang
Loan-Heavy Aid: Consequences On Academic And Early-Career Outcomes, April Zhang
CMC Senior Theses
This study examines how the composition of financial aid, specifically the balance between loans and grants, shapes students’ academic performance, major selection, and early career outcomes. Using administrative data from the University of California system (2007-2019) and post-graduation records from UC Irvine, I analyze how loan reliance influences both educational trajectories and labor-market results. The key measure, loanshare, captures the fraction of total aid financed through loans rather than grants. This allows for comparisons among students with similar financial need, expected family contribution, and total aid levels. Results show that students with more loan-heavy aid packages earn significantly lower …
Estimating Risk In Early-Stage Venture Capital: A Real Options Approach, Luke H. Jacobson
Estimating Risk In Early-Stage Venture Capital: A Real Options Approach, Luke H. Jacobson
CMC Senior Theses
This study uses a Real Options analysis model to measure the implied volatility of early-stage startup firms in the United States since 2005. This model is used to examine the effect of Venture Capital firms’ investments in the early stages of startup life, along with the effects of startup-specific characteristics on implied volatility. While previous research has created a foundation for Real Options theory in Venture Capital investing, there have only been case studies on applying Real Options analysis to startup firms. Existing research has also provided evidence that Venture Capital firms “de-risk” startups when they invest in early stages …