Digital Commons Network^™

Weathering The Storm: Examining The Impact Of Unexpected Inflation On Industry Returns, Casper Hoving

CMC Senior Theses

This paper analyzes the cross-sectional differences of how unexpected inflation affects industry returns, controlling for market factors and firm characteristics. The methodology builds upon Bernard (1986) in trying to explain and detect differing cross-sectional effects by industry, but instead considers daily reactions to the release of monthly CPI figures. My hypothesis was that higher unexpected inflation would have a negative effect on industry returns but when controlling for market factors and firm characteristics the reactions would be dampened. The findings of this study confirm that higher unexpected inflation tends to have a negative effect on market returns, but show mixed …

The Death Of The American Dream: How Inequality, Injustice, And Individualism Shatters Its Promise As A Unifying Force, Shaira Busnawi

CMC Senior Theses

The American Dream has long been celebrated as a unifying ideal, promising opportunity, upward mobility, and success to all who work diligently. However, this thesis argues that the Dream no longer fulfills its role as a cohesive organizational mechanism for American society. Instead, it perpetuates inequality, fosters competition over cooperation, and fails to address systemic barriers faced by marginalized communities. The analysis begins with the historical evolution of the American Dream and its transformation in the aftermath of the 2008 financial crisis, exposing structural flaws that have eroded public trust in its attainability. Case studies on rural Appalachian communities and …

“Google Is Free:” The Harm In Deferring To Information Technology And The Reimplementation Of Interpersonal Connection As A Solution, Nicole Cepeda

CMC Senior Theses

In this thesis, I confront the phenomenon that is information technology and the epistemological issues that it raises. I address how we should engage with the online resources allotted to us by media conglomerates, given both the variety of epistemic perspectives that they relay back to the user, from disenfranchised affinity to fake news, and the respective biases of the user. I propose that by reintroducing an interpersonal communicative framework, we are able to create a system that allows users to work deconstruct their biases and learn new information more effectively, all while users are able to flag information as …

Infiltrated Markets: The Italian Mafia's Influence On Waste Management, Retail, And Economic Integrity For Illicit Gain, Giselle Adiyia

CMC Senior Theses

The Italian Mafia, encompassing groups like the Cosa Nostra, Camorra, and 'Ndrangheta, has historically exerted significant influence across Italy’s economy and governance through criminal and legitimate enterprises. This thesis investigates the Mafia’s infiltration into the waste management and retail sectors, employing a mix of economic data analysis and theoretical frameworks to uncover the mechanisms and extent of their impact. Using publicly available data from Bloomberg Terminal, the United Nations Office on Drugs and Crime (UNODC), and the Italian National Institute of Statistics (ISTAT), this study examines indicators such as corruption, extortion, money laundering, environmental crimes, and drug trafficking.

Simple regression …

Maximizing The Mlb Draft: How College Performance And Leverage Impact Player Signing Bonus And Team Payoff, Derek Seneker

CMC Senior Theses

This thesis examines the factors that enable NCAA Division I college position players to maximize their signing bonuses in the MLB draft. I focus on how performance metrics, player characteristics, and program-related attributes shape bonus outcomes relative to draft slot values. Using data from the top five rounds of MLB drafts from 2012 to 2022, this research provides insights into optimal valuation strategies for draft prospects. Additionally, it explores whether higher signing bonuses correlate with a player’s likelihood of eventually making their MLB debut, assessing the potential return on investment for MLB teams. By filling a gap in existing literature, …

Just As Advertised: The Perception And Effectiveness Of Artificial Intelligence In Digital Advertising, Brandon Isem Cáceres

CMC Senior Theses

What do you think when you hear “AI in advertising”? Does it spark intrigue, or does it feel like just another tech buzzword? In today’s fast-paced digital marketing landscape, connecting with consumers is a high-stakes challenge, and artificial intelligence is at the forefront of innovation. From automating campaigns to creating hyper-targeted content, AI promises efficiency and precision—but how do audiences perceive this shift? By analyzing key performance indicators (KPIs) like impressions, click-through rates, and cost-per-click in an an original A/B test, this thesis evaluates the perception and effectiveness of AI-driven advertising strategies. Combining historical insights, case studies, and an original …

Altman Z-Score Relationship With Stock Price Performance After Layoff Announcements, Natalie Phillips

CMC Senior Theses

This paper examines the broader implications of such workforce reductions, historically prevalent in corporate environments since the advent of "new capitalism" in the late 20th century. Characterized by intense global competition, deregulation, and technological advancements, this era saw a surge in corporate downsizing as a means to enhance efficiency and competitiveness. Despite the strategic intentions, layoffs often signal underlying organizational challenges, prompting critical inquiry into their short- and long-term impacts on firm performance and investor sentiment. Central to this study is the exploration of whether a firm's Altman Z-Score, a metric predicting bankruptcy risk, influences stock price reactions following layoff …

The Black Spectacle And Oppressive Double Binds: What Rap On Trial Reveals About Race, Exploitation, And Criminalization In The Music Industry, Giovanni Pierre

CMC Senior Theses

In this paper, I investigate the paradox revealed by the Young Thug trial where certain portrayals of Blackness in rap music are simultaneously praised and punished by white institutions. I propose that the theatrics of the Young Thug trial and other instances of rap lyrics used in criminal trials are emblematic of what I call the Black Spectacle. The Black Spectacle is the role Blackness plays in American entertainment. It has three elements: (1) It entertains white audiences because of Black people’s perceived otherness, (2) it provides white people, particularly white men, with a vehicle through which they can …

China’S Economic Slowdown: How Does It Affect New Zealand’S Economy?, Haven Qin

CMC Senior Theses

This paper examines the impact of China’s economic slowdown on New Zealand’s economy, focusing on sector-specific linkages across real estate, the stock market, exports, and import prices. As a small open economy, New Zealand’s deep integration with global markets makes it particularly vulnerable to external shocks from its largest trading partner. Employing OLS regression models and monthly economic data, this study reveals the nuanced pathways through which China’s economic conditions influence New Zealand. Key findings include the sensitivity of New Zealand’s housing market to Chinese property investments and Chinese stock market performance, the influence of Chinese financial market performance on …

Labor Versus Capital: Impacts Of Employment Lawsuits On Capital Expenditures, Victoria Williams

CMC Senior Theses

This thesis explores the relationship between employment-related litigation and capital expenditures (CapEx) within firms, particularly focusing on the trade-off between labor and capital as automation becomes increasingly viable. It investigates whether legal challenges in the form of labor lawsuits prompt companies to increase investments in automation to mitigate future labor risks and costs related to employing human workers. The research includes analysis of the impact of litigation on CapEx across different time periods and industries. Results suggest a significant, though not unequivocally robust, positive correlation between litigation and CapEx increases. Notably, the impact of litigation on CapEx was more pronounced …

Pay-Performance Sensitivity: How Firm Performance Impacts Ceo Compensation, Yuefeng Ma

CMC Senior Theses

This study investigates the relationship between firm performance and CEO compensation, revisiting and extending the foundational framework established by Jensen and Murphy (1990). The sample comprises compensation data for the Chief Executive Officer (CEO) of all publicly traded companies on the Wharton Research Data Services (WRDS) Compustat – ExecuComp dataset from 1994 to 2023. Using Ordinary Least Squares (OLS) regression models, the analysis evaluates the sensitivity of CEO pay to changes in shareholder wealth and other performance metrics, while accounting for structural and temporal shifts driven by corporate governance, macroeconomic environment, and legislation. The findings reveal that changes in shareholder …

The Impact Of Ceo Changes On The Recovery Of It Firms That Have Experienced Substantial Reductions In Value (2010-2024), Amanda Dee

CMC Senior Theses

The informational technology (IT) industry is one of the most dynamic industries, and the CEO plays a crucial role in steering innovation. The dependence on innovation is associated with dynamics that bring heightened volatility and force firms and their CEOs to confront significant challenges, particularly when navigating periods of substantial reductions in value. I define distress as three-year cumulative returns that are negative and underperform the market by more than 30%. Firms that meet this criteria during 2010-2017 are analyzed using regression models to assess how CEO change influences the likelihood of their recovery, defined as achieving nine-year cumulative returns—including …

We Are All Mestiz(Ç)Os: An Exploration And Deconstruction Of The Myth Of Mestizaje/Mestiçagem In Mexico And Brazil, Michelle Garcia

CMC Senior Theses

Different from the United States, racial-mixing was permissible in Latin America throughout its history. Furthermore, race-mixing has been cemented into the national identities of LatAm states through Mestizaje, thus painting these states as racial democracies. This thesis examines the construction and maintenance of Mestizaje as a myth and sign for racial democracies as well as the racial disconnect created within those in “Mestizo” nations. This thesis contributes to existing literature by utilizing Mexico and Brazil due to their different socio-historical contexts. They will serve as case studies to evaluate the mechanisms that allow this myth to persevere. First, I will …

Effect Of Paxlovid On Neurodevelopmental Disorder Diagnosis Outcomes In Offspring Of Mothers Infected With Sars-Cov-2 During Pregnancy, Simone Rogers

CMC Senior Theses

The onset of the 2020 COVID-19 pandemic brought concern over the effects that this virus would have on pregnancy and fetal outcomes, specifically neurodevelopmental outcomes. Maternal immune activation (MIA), caused by infection during pregnancy, is known to result in neurodevelopmental disorder (NDD) diagnosis in offspring, typically autism spectrum disorder (ASD) and attention deficit/hyperactivity disorder (ADHD). This effect has already been observed in mothers who were infected with COVID-19 during pregnancy. However, in 2023, Paxlovid, the COVID-19 antiviral drug, became available to patients experiencing symptoms of the virus, including pregnant women. Consequently, this study seeks to determine whether the risk of …

Addressing Chronic Stress: Activating The Healing Responses, Lily Walther

CMC Senior Theses

This paper seeks to explore the negative effects of chronic stress on the body, emphasize the tissue, cellular, and genetic healing responses that exist to combat these effects, and illustrate the behavioral and physiological interventions that can activate these responses. The concepts of stress and chronic stress have been explained through a progression of models that have been updated over the decades. This includes early theories such as The General Adaptation Syndrome and the Homeostatic Model, as well as more recent depictions such as the Reactive Scope Model. The healing responses are explored on a variety of levels to illustrate …

A Spectroscopy Study Of The Brain: Exploring Sex Differences In Healthy Older Adults, Angela Gushue

CMC Senior Theses

Cognitive decline and aging-related disorders, such as Alzheimer’s, disproportionately affect patients based on sex, but the mechanisms underlying these skewed effects are unknown. This proton magnetic resonance spectroscopy (H-MRS) study seeks to understand if sex disparities in aging exist in neurometabolite concentrations of older adult brains. Sixty-seven participants, ranging from 60 to 85 years of age, underwent the Montreal Cognitive Assessment (MoCA) and H-MRS of the brain. Concentrations of myo-inositol, total creatine, total NAA, and total choline were calculated in the dorsal posterior cingulate cortex, left hippocampal cortex, left medial temporal gyrus, left primary sensorimotor cortex, and right dorsolateral prefrontal …

From Fields To Fast Foods: Food Culture, Identity, And Health In Puerto Rico Under The U.S. Empire, Ivanna Morales Mercado

CMC Senior Theses

Operation Bootstrap, launched in 1947, fundamentally altered Puerto Rico’s economy, just as much as its food culture. Prioritizing manufacturing over agriculture led to the collapse of the island’s farming sector, increasing reliance on food imports and leading to a rise in diet-related diseases such as obesity, type 2 diabetes, and cardiovascular issues. This thesis examines the legacies of Operation Bootstrap on Puerto Rico’s food system, health outcomes, and cultural identity by emphasizing the need to value intergenerational knowledge. The oral history research in this study highlights the importance of intergenerational knowledge in reclaiming sustainable agricultural practices and healthy, culturally significant …

The Garden Of Pdyn: The Impact Of Pdyn Gene Deletion On Ethanol Self-Administration And Reinforcement In Female Mice, Catherine Ruan

CMC Senior Theses

Debilitating over-consumption of alcohol, often culminating into a prevalent psychiatric disorder known as alcohol use disorder (AUD), stands as one of the United States’ most expensive societal battles to face (Harwood et al., 1998). Consequently, the public’s desire and scientists’ motivation to develop novel pharmacological solutions to treat it is high. Recent and ongoing research presents new insights into the role of the dynorphin/kappa opioid receptor (DYN/KOR) system as an inhibitor of dopamine release and a regulator of the negative affective states that come with alcohol withdrawal (Karkhanis et al., 2017). However, this growing body of literature is predominantly conducted …

How Did The Implementation Of Asc 842 Affect Credit Markets And Stock Performance Among Publicly Traded Firms With Extensive Lease Obligations?, Eduardo Hernandez

CMC Senior Theses

I investigate whether the mandatory lease capitalization under ASC 842 led to measurable shifts in market-based assessments of firm risk, from both a creditor and investor perspective. Sampled firms and financial quarters are segmented based on lease intensity (a proxy for a firm’s reliance on leases) and firm size (based on market capitalization). Contrary to initial expectations, the results suggest that firms with higher lease intensity experienced a significant increase in stock returns and a decline in bond yields following the implementation of ASC 842, which indicates that the added transparency may have reassured equity and credit investors. This study …

The Predictors Of Self-Censorship On College Campuses, Henry I. Long

CMC Senior Theses

Across U.S. colleges, speech climates are poor. Self-censorship and discomfort expressing views are common. At the same time, we find wide variation in speech climates across different institutions. This study is the first to identify factors that predict variation in speech climates. Drawing on data from multiple sources, including a survey of 58,807 undergraduates across 257 colleges and universities from the Foundation from Individual Rights and Expression (FIRE), this study constructs a first-of-its-kind dataset to test three core theories of self-censorship found in the literature—student-centric theories, faculty-centric theories, and administrator-centric theories. We find moderate evidence to support each theory. Overall, …

Forecasting Equity Betas Using Option-Implied Moments, Ivan Kolesnikov

CMC Senior Theses

Traditional beta estimates are constructed from historical stock‑and‑market returns and therefore adjust only as fast as realized data accrue. This thesis investigates whether the forward‑looking information embedded in equity‑option prices can enhance beta forecasts. Using near‑end‑of‑day quotes for 236 S&P 500 firms between 2007 and 2024, I extract risk‑neutral variance and skewness, construct five alternative beta estimators (historical, option‑implied, and three hybrids), and evaluate them against realized betas over six‑, twelve‑, and twenty‑four‑month windows. Rolling‑OLS beta remains the most accurate benchmark at short horizons, yet option‑implied moments add economically and statistically significant value when systematic exposure is expected to change …

The Law Of The Land: An Analysis Of Recent Reforms To Housing Policy In California, Ryan A.T. Lenney

CMC Senior Theses

While substantial literature exists on the causes of California’s housing crisis, relatively little is known about the state legislature’s attempts to increase housing supply. This study attempts to address that shortcoming by creating a catalog of all recent changes made to land use law in California. It finds that the state legislature has passed 167 laws related to planning, zoning, and entitlement processes over the previous decade. Through an analysis of the content of those laws, this study identifies 12 policy subtopics. Subtopics that were subject to significant political opposition typically saw less legislative activity. Exceptions to this finding may …

The Pen Is The Sword: A Re-Examination Of Chinese “Wolf Warrior” Diplomacy, 2009-2024, Margo E. Cohen

CMC Senior Theses

During and for some period after the COVID-19 pandemic, there was considerable international recognition of the phenomenon dubbed “wolf warrior” diplomacy, where Chinese diplomats acted in an unusually unprofessional manner, often leveraging ad hominem attacks, violent rhetoric, and occasionally physical aggression to communicate specific points. In this paper, I question the fundamental assumptions that we make of “wolf warriors” – that they are young, early-career professionals that acted only during and after the height of the COVID-19 pandemic – and find instead that “wolf warriors” are often mid-career professionals. I also note that there are occurrences of “wolf warrior” diplomacy …

Fermented Resistance: The Role Of Kimchi In Preserving Korean Identity Through Colonialism And Modernization, Francis M. Ferreira

CMC Senior Theses

This thesis began with a simple observation during my year abroad in Seoul: kimchi was everywhere. It appeared at every table, in every household, and soon, in every question I had about Korean identity. What started as a personal curiosity evolved into a deep historical inquiry into how this single dish — made of fermented cabbage, radish, and spices — came to represent the soul of a nation. This thesis traces kimchi’s journey from a humble survival food in agrarian Korea to a symbol of resistance during Japanese colonization, a tool for reclaiming identity after liberation, and ultimately, a globally …

Wearing Our Values On Our Sleeves: The Intersection Of Fashion Leadership, Values, And Sustainability, Cayman Chen

CMC Senior Theses

Fashion leaders are social leaders who derive their power from what they wear and how they influence others. There are three types: 1) fashion innovators, who are early adopters of trends, 2) fashion opinion leaders, who legitimize new styles and influence others, and 3) innovative communicators, who exhibit the behaviors of both fashion innovators and fashion opinion leaders. This study investigates motivational differences between different fashion leaders through their values. We then investigate how fashion leadership and value-based advertising appeal predicts intention to purchase sustainable fashion products. 213 student participants were administered the Portrait Values Questionnaire, the …

Regional Realignment: Mexico's Appeal In The Era Of Nearshoring, Dorismar Cuevas

CMC Senior Theses

With growing geopolitical tensions and increased uncertainty over global trade, foreign companies are considering nearshoring (relocating their production to be closer to the end-market) and altering their supply chains to reduce risk and be more efficient. From growing demand for industrial parks to large public investments in Mexico’s manufacturing sector, evidence suggests that Mexico is one of the most attractive nearshoring locations. Therefore, using the process tracing method, in this thesis I explore why Mexico is such as compelling option for nearshoring. I find that Mexico’s strategic location, not only as a neighbor of the United States but its abundance …

The Front, Peter Vu Dien

CMC Senior Theses

In 1980s San Francisco, a journalist named Jon Gillespie investigates the mysterious murders of several Vietnamese American journalists.

You Lose, You Lag: Evidence From 2020 And 2024 On U.S. Partisan Bias, Presidential Election Defeat, And Perceived Future Real Income, Brandon O. Felix

CMC Senior Theses

Recent presidential elections, in particular the two most recent ones, have revealed striking partisan divides, not only in political attitudes but also in household economic expectations. This study investigates how partisan electoral loss shapes perceived changes in real income across income groups, using data from the University of Michigan Survey of Consumers surrounding the 2020 and 2024 U.S. presidential elections. I employ ordered logistic regression models for the baseline models and generalized ordered logistic regression models for those models with pertinent demographic controls in order to analyze the probability of respondents expecting real income losses, stability, or gains, respectively. Generating …

Gender And Self In Product Evaluation, Samantha Ennis

CMC Senior Theses

Gender schema plays a critical role in decision making by guiding mental organization frameworks and processing information. Drawing on gender schema theory and the self-congruity framework, this study hypothesized that participants with a mean femininity score above the median would ascribe a feminine-typed shampoo more hedonic attributes than other participants. Similarly, the second hypothesis claimed that participants with a mean masculinity score above the median would ascribe masculine-typed shampoo more utilitarian attributes than all other participants. A third hypothesis predicted that product evaluation would be more favorable when the participants’ gender self-schema aligned with the product gender-type. Participants (N=85), recruited …

Invisible No More: Looking And Listening Locally To Build Conflict-Related Sexual Violence Resilience, Anjali Thakore

CMC Senior Theses

The ubiquity of sexual violence, with its devastating physical and psychological consequences, has rendered conflict-related sexual violence (CRSV) one of the most effective and enduring “invisible crimes” of war. Despite receiving growing attention across academic, political, and activist circles, wartime sexual violence remains pervasive in contemporary conflict zones. Against the backdrop of these frequent and recurring violations, this thesis explores the dissonance between high-level rhetorical commitments to preventing and punishing CRSV and on-the-ground realities. What soon emerges is a troubling pattern in which gendered violence—and women’s lived experiences more generally—while increasingly visible in theory, remains marginalised in practice. By investigating …