Digital Commons Network^™

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 …

Evaluating The Dual-Faceted Growth Strategies In The Healthcare Sector: A Comparative Analysis Of Organic Innovation And Inorganic Expansion, Isabel Carter

CMC Senior Theses

In order to stay competitive in an expansionary industry like healthcare, companies must consistently meet market demands for growth. This paper builds an empirical model to identify which growth strategies are most highly rewarded by the public markets. The model consists of a data set of 70 healthcare companies, across various healthcare verticals, to measure market returns from 2010 to 2023. The number of completed acquisitions is used as a proxy to identify each company’s propensity towards a growth strategy. Factors from the Fama-French Model and dummy variables used to signal growth strategy expertise, indicate that firms who invest more …

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 …

Investigating The Impact Of Phthalate Exposures From Personal Care Products On Uterine Fibroid Incidence And Prevalence In Us-Born Black Women, Ella Brissett

CMC Senior Theses

Uterine fibroids are benign tumors composed of smooth muscle cells and connective tissue that develop within or on the walls of the uterus. Despite being non-cancerous, they can severely affect quality of life by causing heavy bleeding, chronic pain, and reproductive complications. Fibroids are typically found in women of reproductive age, but they disproportionately affect Black women, who experience higher incidence and severity. The underlying causes of this disparity is poorly understood; however, an emerging body of research is highlighting the role of phthalates, endocrine-disrupting chemicals found in many personal care products, in exacerbating fibroid development. Through a critical analysis …

Ubiquitin, Cavitand, And Nmr: 15n-1h Hsqc Analysis Of Cavitand Binding Domains On Ubiquitin, Grant Stucky

CMC Senior Theses

Ubiquitin and its derivatives through side chain modification are present in many of the degradation pathways for proteins found in neurodegenerative diseases. A non-toxic method for determining the amount of these proteins could have biosensing applications, but the binding domains of such proteins are not well characterized. ¹⁵N-¹H HSQC analysis of ubiquitin’s interactions with different concentrations of a small negatively charged host molecule called cavitand provides insight into the binding interactions with side chains on the protein such as lysine and arginine. This is done comparing the HSQC spectra of different concentrations of cavitand and ubiquitin to …

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 …

Regulation Of Neuronal Autophagy By Amyotrophic Lateral Sclerosis (Als) - Associated Kinase Tbk1: Evaluating The Role Of Ncoa7, Vikram Chatterjee

CMC Senior Theses

Amyotrophic lateral sclerosis (ALS) is a fatal, neurodegenerative disease characterized by motor neuron loss and the pathological accumulation of misfolded proteins. Autophagy, a lysosome-mediated clearance mechanism, plays a vital role in maintaining cellular homeostasis by removing damaged organelles and protein aggregates. Impairments in autophagy have been increasingly linked to ALS, underscoring its importance in neuronal health. TANK-binding kinase 1 (TBK1) is a key regulator of selective autophagy, facilitating the recognition and sequestration of specific cargo through phosphorylation of autophagy receptors. Notably, mutations in the TBK1 gene have been identified in ALS patients, directly implicating TBK1 dysfunction in disease pathogenesis. Through …

Six Faces Of Love: A Collection Of Short Stories, Anna Werts

CMC Senior Theses

Six Faces of Love is a collection of six original short stories that explore love in its many variations. Set across time periods and perspectives, these narratives examine the quiet, complicated ways love persists through grief, memory, distance, and change.

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, …

A Bad Bet For Adolescents: Psychological Perspectives On Sports Betting & Digital Gambling Technologies, Kaitlyn Helfrich

CMC Senior Theses

Digital sports betting is a rapidly expanding sector of the gambling industry, allowing users to place wagers on the outcomes of sporting events from virtually anywhere. While structurally comparable to traditional gambling systems, sports betting is often perceived as a more socially acceptable and accessible alternative, contributing to its growing appeal and largely positive sentiment among Americans. Yet, in the seven years since sports betting has become legalized, growing numbers of Americans have reported psychological and financial problems stemming from problem gambling. Of particular concern is the increasing percentage of adolescents engaging with these platforms, despite legal restrictions on underage …

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 Ballot, Anne Mckinley

CMC Senior Theses

The Ballot is a political fantasy set in the nation of New Salisar, where five states— divided by history, violence, and ideology—teeter on the edge of collapse. In a rare act of unity, the states agree to a radical solution to choose their next leader, a high-stakes competition called the Ballot. Run by the leader of The Vultures, Lucius, the Ballot starts as a symbol of hope—until it turns deadly.

At the center of the story are two contenders: Leon, the original heir to the thron and Serafina, a bold girl from the so-called “rebel” state. The relationships between the …

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 …

Beyond Teaching A Man To Fish: Smallholder Cultivation, Certification, And Cooperation In Southeast Asian Aquaculture, Sasha Shunko

CMC Senior Theses

This thesis explores the barriers and opportunities facing smallholder aquaculture farmers in Southeast Asia, focusing on Thailand. It examines how certification systems, technical assistance, and policy interventions can effectively include smallholders in development and sustainability efforts. Based on field interviews with Thai shrimp farmers, analysis of certification schemes, and review of other agricultural intervention models, the research traces how market access, corporate concentration, and environmental change shape smallholder livelihoods.

The findings show that while certification is promoted as a tool for sustainability and market integration, in practice it often excludes the very farmers it seeks to empower. Redundant standards, limited …

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 …

Procedural Reform And One-Sided Litigation: Evaluating The Impact Of California’S Fair Debt Buying Practices Act, Kaitlyn Seever

CMC Senior Theses

This study evaluates whether California’s Fair Debt Buying Practices Act (CFDBPA), effective January 2014, improved litigation outcomes in consumer debt lawsuits. The CFDBPA sought to curb abusive practices by imposing heightened documentation requirements on debt buyers. Using a dataset of 535,766 limited-jurisdiction debt collection cases filed in Los Angeles County between 2012 and 2022, a constrained difference-in-differences event study design compares outcomes between secondary and non-secondary debt buyers before and after the law’s implementation.

The analysis finds modest changes: dismissals for secondary buyers increased slightly relative to non-secondary buyers, but default judgment rates remained high. Defendant response rates declined for …

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 …

Cmc Thesis Chatbot, Luis Gomez

CMC Senior Theses

This GitHub repo is a senior thesis for Claremont McKenna College; it is a thesis about theses. The project is an interactive RAG-based chatbot that helps students, researchers, and faculty explore Claremont McKenna College senior theses. The goal was to create a domain-specific chatbot to show that it is possible to combat the limitations of AI, including hallucinations, outdated data, and lack of domain expertise. The website link is:

CMCThesisChatbot