Digital Commons Network^™

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 …

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 …

Spatial Spillovers In Emergency Lending: Evidence From Bayesian Quantile Models Of Reconstruction Finance Corporation Lending During The Great Depression, Oncel Aldanmaz

CMC Senior Theses

This thesis investigates whether emergency lending by the Reconstruction Finance Corporation (RFC) generated spatial spillovers across U.S. counties between 1932 and 1936. Using a monthly panel of 2,979 counties constructed from digitized RFC card index records, we estimate Bayesian quantile regression models for binary longitudinal data (QBLD) that allow spillover effects to vary across the conditional distribution of lending propensity. Neighboring lending exposure is positively associated with own-county lending outcomes across a wide range of quantiles and subsamples, with the strongest effects at the lower tail, where counties are least likely to receive lending. This pattern is consistent with a …

The Original Joe Rogan: Evidence From Walter Winchell And American Political Outcomes, Quinten E. Carney

CMC Senior Theses

I study the impact of the first entertainment-news figures in American history. Walter Winchell seamlessly mixed celebrity gossip, political news, and personal attacks to create one of the most popular radio programs in the 1930s and 1940s. As a propagandist for Franklin Delano Roosevelt (FDR), he supported the New Deal, American involvement in World War II, and anti-fascism. Replicating early Irregular Terrain Model (ITM) work, I find that exposure to Winchell had no effect on voting outcomes or support for WWII through war-bond sales.  I explore potential channels of influence in a consolidated media ecosystem that existed during Winchell’s time.

From Statute To Classroom: The Implementation Gap In California's Queer-Relevant Sex Education Policy, Alejandro Quiroz-Novela

CMC Senior Theses

This thesis examines why strong sex education laws do not reliably translate into consistent classroom experiences for LGBTQ+ students. Using a qualitative single-case study of California, it traces the evolution from SB 71 (2003) to the California Healthy Youth Act (CHYA) (2016) and analyzes how mandates move through a decentralized governance chain. Drawing on statutes, legislative records, state guidance, curriculum review tools, advocacy reports, media accounts, and public indicators, the study focuses on implementation mechanisms rather than estimating causal health effects. Three findings emerge: CHYA sets a clear legal floor but is difficult to verify at scale; district discretion and …

Analysis Of Δ¹¹B As A Seawater Ph Proxy: Comparing Ocean Circulation Inverse Model Output With Marine Calcifier Geochemistry, Jesse I. Dong

CMC Senior Theses

Increasing anthropogenic carbon flux into the oceans decreases seawater pH, alters dissolved inorganic carbon speciation, and reduces biogenic calcification. The marine calcifiers— specifically corals and coralline algae—incorporate elements from surrounding seawater into their carbonate structures, which preserve past records of ocean carbon chemistry. In particular, boron in biogenic carbonate is a potentially valuable proxy for historical ocean pH across human timescales. Within seawater, boron primarily exists as boric acid B(OH)3 and borate ions B(OH)4 - , where higher pH favors the formation of borate ions. Borate ions preferentially incorporate the heavier ¹¹B isotope over 10B. On the other hand, if …

Neuroimaging Correlates Of Differences In Learning From Repeated Probabilistic Outcomes, Allison E. Rudolph

CMC Senior Theses

Learning from experience requires integrating feedback over time, yet individuals vary widely in how effectively they extract structure from probabilistic environments. This study examined how such variability relates to neural responses in the ventral striatum (vStr), caudate nucleus, hippocampus, and medial prefrontal cortex (mPFC). Seventy-four participants across childhood, adolescence, and adulthood completed a modified Iowa Gambling Task during fMRI scanning, choosing whether to play or pass on four machines differing in expected value and variance. Behavioral learning slopes, calculated across six runs for each machine, were used to classify participants as learners or non-learners. Learners showed clearer improvement over time …

From Imbalance To Phenotype: Neurodevelopmental Alterations In Trisomy 21, Andrew Yuan

CMC Senior Theses

Down syndrome (DS), caused by Trisomy 21, is the most common genetic cause of intellectual disability. Individuals with DS consistently show reduced brain volume, decreased cortical thickness, and lasting impairments in learning, memory, and executive functioning. These neuroanatomical changes emerge during fetal development and are accompanied by chronic immune dysregulation due to the triplication of four interferon receptor genes on chromosome 21. Although decreased neuron progenitor proliferation has been known to contribute to these phenotypes, the precise timing and cellular mechanisms underlying disruptions in neurogenesis remain not fully understood. This study used immunohistochemistry to examine human fetal cortical tissue from …

Demographics, Macroeconomy, Or Monetary Policy: What Drives Japan’S Short Run Economic Movements Since 1991?, James Ac Raymond Ii

CMC Senior Theses

This thesis examines how Japan’s post-1991 macroeconomy behaves by analyzing quarterly inflation, money growth, and equity returns, with a focus on whether demographic change, macroeconomic indicators, or monetary policy better explains short run movements. Using Newey West regressions, the results show that demographics exert almost no influence at short horizons, while major Bank of Japan policy regimes such as QQE, NIRP, and YCC strongly shape liquidity conditions and dominate both money growth and equity performance. The findings suggest that demographic change matters primarily as a long run force that creates a low-rate environment, while short run dynamics are driven almost …

The Impact Of Asu 2023-08 On Reported Profitability Of Cryptocurrency-Exposed Firms, William C. Graff

CMC Senior Theses

This study investigates the performance of corporate cryptocurrency holdings in the context of recent accounting regulation changes. It specifically examines how adopting Accounting Standards Update (ASU) 2023-08 has affected firms with material cryptocurrency exposure. Using a panel of U.S. public firms from 2019–2025, I classified 138 companies as having material crypto exposure if cryptocurrency comprised more than 0.01 percent of total assets, which was manually calculated. Of these firms, 67 were exposed to the rule change (under GAAP), 66 were not, and 5 were excluded from final calculations due to a lack of relevant information.

Results showed statistically significant effects …

Impact Of Attention And Yield Curve On Term Structure Of Equity, Matthew C. Aved

CMC Senior Theses

This paper examines the term structure of equity and specifically focuses on the impact of term spread and market attention. The paper builds on prior work that developed the concept by adding behavioral explanations for differences between the short-term and long-term returns while also attempting to link the term structure of equity and the bond yield curve. The study examines these influences by running t-tests and regressions on dividend strip and S&P 500 return data (1996-2017) and attention data collected by Bloomberg (2010-2017). The results provide some insight into how these variables influence short-term and long-term returns; however, limited instances …

Investor Reactions To Clinical Trial Outcomes: Interpreting Impacts Using Ai-Based Measures Of Investor Sentiment, Sofia K. Weinstein

CMC Senior Theses

This thesis examines how investors react to biotechnology firms’ clinical trial announcements and whether artificial intelligence (AI) can enhance our understanding of those market reactions. Using a representative sample of 95 firm-event observations between 2014 and 2025, the study measures cumulative abnormal returns (CARs) surrounding clinical readouts, regulatory decisions, and partnership disclosures. Event-study regressions test for heterogeneity across trial phase, therapeutic area, and textual sentiment derived from company press releases. Consistent with expectations, later-phase trials, particularly Phase II and III, produce stronger short-term abnormal returns. However, categorical variables such as phase or therapeutic area explain little of the total variation …

Policy Recommendations To Reduce False Confessions By Juveniles In Wrongful Conviction Cases, Rohit R. Iyer

CMC Senior Theses

This research focuses on false confessions by juveniles in the United States justice system. False confessions are statements made by suspects during investigations in which individuals provide statements to investigators admitting to a crime in which they had no part. In these cases, individuals often spend years, if not the entirety, of their lives behind bars for crimes they did not commit. False confessions are the result of a number of systemic factors that will be discussed in this paper. While relatively rare, they are one of the largest blemishes in the U.S. justice system. Juveniles – individuals below the …

Has Liberalism Failed? Analyzing The New Right’S Critique Of Liberalism Through Its Historical Arc, Frederick (Gus) G. Mahler

CMC Senior Theses

This paper examines the historical evolution of American political culture to evaluate whether liberalism is responsible for the social and political crises confronting the United States today. Although liberalism has been foundational to American governance and national identity since the country’s inception, a growing movement known broadly as the New Right now claims that it has failed and must be replaced. I seek to assess the legitimacy of this claim.

Using qualitative historical analysis, I trace how the form liberalism takes and the role it occupies in America’s political order has changed throughout the nation’s development. Liberalism was not always …

The Influence Of Injury Stimuli On Stress Levels In Female Rugby Players Post Injury., Hannah L. Maycock Miss

CMC Senior Theses

This article is a proposal of a study which explores the relationship between female rugby injuries and stress levels through measuring stress between different stimuli. I will recruit 195 participants from across the country to take part in the study. They will be assigned to one of three groups: no injury, ACL injury, and head injury based on their past injury experience. Their stress levels will be measured using the galvanic skin response measure, which will be used to compare the results of each group's stress throughout the study. The participants will all complete two measures of stress, one comparing …

Determinants Of The U.S. Experience Economy: A Macroeconomic, Demographic, And Technological Analysis, 1984–2023, Chloe Ross

CMC Senior Theses

Pine and Gilmore et al. 1999 examine American consumers’ preferences for experiences over durable goods. Since then, there has been a multitude of research on the psychology behind this shift in consumption preferences, and there has been an abundance of media coverage of the new “experience economy.” This thesis goes beyond psychology and examines the macroeconomic, demographic, and technological determinants of experiential spending in the United States from 1984 to 2023. I use annual data from the Bureau of Labor Statistics’ Consumer Expenditure Survey (CES) and variables from the Bureau of Economic Analysis (BEA), Federal Reserve Economic Data (FRED), US …

10 Years Of The Hive: Successes, Challenges, And Lessons For Designing Creative Learning Hubs In Higher Education, Celine Bernhardt-Lanier

CMC Senior Theses

College students are often told to be “innovative” and to prepare themselves for a rapidly changing job market. Yet, most institutional learning environments are built for everything but that, focusing on efficiency, mastery, and content delivery. The Hive, formerly known as the Rick and Susan Sontag Center for Collaborative Creativity, pushes against this reality in higher ed. Founded ten years ago and nestled in a corner of East 7th Street in Claremont, California, the Hive brings together students, faculty, and staff through workshops, classes, skillshares, and events that are centered around making, reflecting, and collaborating. Drawing on eight semi-structured …

Auditor Independence And Its Impact On Debt Financing Outcomes, Harry Zhou

CMC Senior Theses

This study investigates whether perceived auditor independence, proxied through proportions of non-audit service fees and client dependence of the auditor, is associated with the outcome of debt contracts. While prior research examines how these proxies relate to auditor independence itself, and other strands of literature assess how audit quality influences debt contracting, few studies evaluate whether lenders interpret auditor independence signals in ways consistent with auditors. This study aims to contribute to the broader literature by examining the auditor independence proxies and its direct relationship to debt contract structure holistically. Two OLS models were employed to investigate the relationship between …

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

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 …

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 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 …

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 …

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

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

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

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

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 …

An Intuitionistic Fuzzy Hypergraph Model Enhanced ‎By Forest-Of-Walks Dynamics For Medical Image ‎Segmentation, Brinthaguru Thangaraj, Karthick Palanisamy

Mansoura Engineering Journal

The process of accurately segmenting Urolithiasis and pulmonary nodules from medical images presents significant difficulties because of three main factors which include nonuniform intensity distribution and the presence of weak object borders and the uncertainty caused by anatomical structure overlaps. The study introduces F-Zinhger as a solution to these problems through its application of the Forest of Walks technology. The method uses superpixels as fundamental elements which form a multi-scale hypergraph that establishes hyperedges through three criteria: intensity similarity, spatial proximity, and Z-intuitionistic fuzzy hesitation to capture complex contextual connections. The system incorporates a random walk-based label propagation system. The …