Digital Commons Network^™

Prosocial Ceos And Accounting Manipulation, Mei Feng, Weili Ge, Zhejia Ling, Wei Ting Loh

Research Collection School Of Accountancy

This paper examines the association between chief executive officers’ (CEOs’) prosocial tendency and their firms’ likelihood of accounting manipulation. We measure CEOs’ prosocial tendency based on their involvement with charitable organizations. We find that prosocial CEOs are less likely to engage in accounting manipulation, as proxied by material non-reliance restatements and SEC or DOJ enforcement actions. The effect is more pronounced when CEOs are involved with charities that directly aim to improve the welfare of others and when they face stronger incentives to misreport. These results continue to hold in analyses of changes in CEOs’ prosocial tendency around turnover events. …

Intermittent High-Fat, High-Sugar Access During Adolescence Drives Binge-Restriction Feeding And Reduced Weight Gain In A Food Unpredictability Model, Calvin G. Miller

CMC Senior Theses

Food insecurity affects nearly 48 million Americans and 318 million people worldwide, with very low food security disrupting normal eating habits through “feast-or-famine” episodes characterized by cycles of food overconsumption followed by restriction. This dietary pattern alters dopamine signaling within the mesocorticolimbic system — brain circuitry intimately linked to reward processing. This system includes the ventral tegmental area (VTA) and prefrontal cortex (PFC). Overstimulation can be promoted through sporadic high-fat, high-sugar diet (HFHSD) exposure, promoting dopamine neuron architecture alterations and binge-eating behavior. Adolescence represents a vulnerable window, as mesocorticolimbic dopamine projections undergo maturation during this period. Though evidence links food …

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. …

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 …

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 …

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 …

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 …

Trading Volume And Forecast Accuracy In Kalshi Prediction Markets, Nicholas Smole

CMC Senior Theses

This thesis examines the accuracy of Kalshi prediction markets and how different measures of trading volume shape their calibration and predictive power. Expanding upon previous models, use nonparametric calibration curves, pseudo-likelihood regressions, and Brier-score regressions on a large panel of Kalshi contracts to compare the effects of ex-post total volume and cumulative trading volume on market accuracy. Markets are typically well-calibrated near expiration; however, at longer horizons, low-volume markets exhibit substantially more miscalibration. Holding time to expiration fixed, greater cumulative volume is associated with higher accuracy. In comparison, higher ex-post total volume is associated with lower accuracy, highlighting the importance …

Fair Value And Funding Structures: Motivators Behind Banks' Reclassification Activities., Thomas Walker

CMC Senior Theses

U.S financial regulations and reporting standards are ever-changing and have a significant impact on how banks classify and oversee their assets. The implementation of ASC 320 in 1993, as well as ASC 820 and ASC 825-10 in 2008, altered the effects of fair value accounting. This study examines factors that drive banks to use the held-to-maturity (HTM) and available-for-sale (AFS) classifications following the implementation of ASC 825-10 during the 2008 Global Financial Crisis. I focus on how banks use the HTM classification to obscure the accurate valuation of their securities by failing to disclose unrealized gains or losses, and on …

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 …