Business Commons^™

Initial Public Offerings In The Microfinance Industry: Does A Mission Drift Occur?, Sarah Segill

Honors Projects in Finance

This thesis analyzes whether or not there is a mission drift when microfinance organizations become publicly traded entities. One of the most debated criticisms of microfinance institutions (MFIs) today involves becoming for-profit organizations in attempt to raise more capital. Donor funding is limited for non-profit organizations and does not give an MFI much room to grow to serve a maximal number of people. The entry of for-profit microfinance institutions has a great deal of possibility in terms of generating scale, efficiency and innovation. Yet these for-profit institutions can easily lose track of their social mission to serve the poor and …

The Impact Of New Product Announcements On Quick Service Restaurant Companies’ Stock Returns, Tim Drechsler-Martell

Honors Projects in Finance

This study seeks to answer two main questions: 1) Do product announcements impact quick service restaurant stock returns? 2) Do economic conditions impact the degree which product announcements impact quick service restaurant stock returns? 159 total product announcements were collected for 6 quick service companies: McDonald’s Corp., YUM! Brands Inc., The Wendy’s Co., AFC Enterprises Inc., Jack in the Box Inc., and Sonic Corp. 84 of these announcements were from 2005-2007 (Labeled “Pre-Recession”), and 75 were from 2009-2011 (Labeled “Post-Recession”). Using historical stock price data, an analysis of the overall trends of the mean-adjusted excess returns was conducted to determine …

Tobin In Europe: A Case For The Financial Transaction Tax, Stephanie I. Schneider

Claremont-UC Undergraduate Research Conference on the European Union

No abstract provided.

When Europe Hits Home: How Europeanization Triggers The Conflict Of Capitalism In The German System Of Corporate Control, Alexander El Alaoui

Claremont-UC Undergraduate Research Conference on the European Union

No abstract provided.

Inclusive Business: Using For-Profit Business Models To Address Global Poverty, Samuel James Conner

Senior Honors Theses

Due to the rise of globalization, modernization, and the Internet revolution, awareness of global poverty has expanded, making its eradication a chief goal of the global development community for the twenty-first century. Though corporations are often expected to participate in social and community development initiatives without regard for profits, this paper presents inclusive business as a way for businesses to profitably engage impoverished segments of society. Inclusive businesses seek to expand their consumer bases or strengthen their supply chains by moving into new markets among the poor that have limited access to global markets and remain largely untapped. The research …

Upham’S Corner Main Street: Developing Ideas For Promoting Arts And Businesses In Upham’S Corner, Werner Kunz, Barbara Lewis, Upham's Corner Main Street

Office of Community Partnerships Posters

Dorchester’s Upham’s Corner neighborhood is home to a diverse mix of neighborhood residents, many historical landmarks, and a commercial district. At one point, Upham’s Corner was one of the top five market hubs for New England. It was because of this market history that the Strand Theater was built as a community home, as a community connection, and as a network. UMass Boston’s College of Management undergraduate students have developed ideas for promoting the arts and bringing businesses to the Upham’s Corner neighborhood. Assistant Professor of Marketing, Werner Kunz, coordinated the project with students in his “Services Marketing” class to …

Explaining Political Activeness And Attitudes Toward Unionization Among Nurses In The United States., Crystal L. Lesmeister

Political Science Theses and Capstones

There is no question; nurses play a key role in healthcare. Nurses provide direct care, coordinate health promotion activities, educate, and provide support and advocacy to patients. Today, there are over two million registered nurses in the United States. My research aims to determine the variables that influence some nurses to be more politically active and more engaged in unionization than their counterparts. I analyze The National Sample Survey of Registered Nurses 2004 looking at a variety of potential explanations for union participation. Findings show a strong regional variation in the percentage of unionization, however, some of the conventional explanations …

The Effect Of Foreign Direct Investment On Economic Growth And Its Implications, Mark Tolley '13

Honor Scholar Theses

My thesis paper examines whether or not foreign direct investment promotes economic growth in the host country. Looking into a prior study, by Li and Liu (2005), they found that FDI does spur growth; however, there has been contrasting studies that show that FDI has a negative effect on host country’s growth. I argue that, after researching conflicting arguments, foreign direct investment is correlated to positive economic growth. My econometric model takes a panel data set from 82 different countries from 1970-2011. The growth model concludes that FDI does promote positive economic growth. This is significant because it confirms my …

Heterodox Economics: The Alternative To Neoliberal Market-Fundametalist Economics, Tae-Hee Jo

Neoliberalism Seminar

Mainstream-neoclassical economics is the theoretical foundation of neoliberal economic policy that promotes competition and commodification through markets. Increasing fragility of an economy, increasing income inequality, the scaled-back welfare system, and recurring financial crisis are prominent consequences of neoliberal restructuring of industries and the economy as a whole. Is the “law of supply and demand” the universal principle that governs all the economic activities under capitalism? Is there an alternative way of explaining and organizing the provisioning process of a capitalist economy? How can economics deal with such socio-economic problems beyond market-fundamentalist economic narratives? In my presentation, I will highlight heterodox …

Environmental Conflicts In The Neoliberal Era, Charalampos Kostantinidis

Neoliberalism Seminar

Neoliberalism is characterized as a 35-year long period of attack of capital against labor in an attempt to restore falling profit rates. This has come at the expense of increased inequality and uncertainty, leading to a crisis of legitimacy for the neoliberal model of capitalism. Environmental issues offer both an opportunity for accumulation and profits, by extending the reach of the market into areas that were not previously incorporated into the circuits of capital, as well as a chance to restore some of the waning legitimacy of the neoliberal model, to the extent that environmental problems occupy a central position …

Quasi-Maximum Likelihood Estimation Of Multivariate Diffusions, Xiao Huang

Faculty Articles

This paper introduces quasi-maximum likelihood estimator for multivariate diffusions based on discrete observations. A numerical solution to the stochastic differential equation is obtained by higher order Wagner-Platen approximation and it is used to derive the first two conditional moments. Monte Carlo simulation shows that the proposed method has good finite sample property for both normal and non-normal diffusions. In an application of estimating stochastic volatility models, we find evidence of closeness between the CEV model and the GARCH stochastic volatility model. This finding supports the discrete time GARCH modeling of market volatility.

Food From Foreigners: Examining Expatriate Entrepreneurship In The Food Sector Of Nepal, Melanie R. Couchman

Independent Study Project (ISP) Collection

Recognizing the large impact that entrepreneurship can have on the development of a country, this research attempts to study the process foreigners face in starting up a business, the motives for entering the Nepalese market place, and ultimately how these foreign business owners are finding success in Nepal. Focusing primarily on the food sector, this research hopes to answer the question of whether foreign entrepreneurs can successfully integrate into the Nepalese market, how foreign business might differ from native business, and how foreign presence is affecting Nepal’s development. This study takes place in Kathmandu, Pokhara, and Patan, and will use …

Why Isn't China Exporting Automobiles? : A Model Of Technology Adoption, Nianchen Han

Honors Theses

In modern times, the automobile industry has become a relatively labor intensive industry as compared to other industries such as the food processing industry orIT industry. Normally, several people are involved in each process of an automobile production line. However, for a food processing firm such as a bottled water firm, it only takes a few people to control the huge machine in the factory. Under the Heckscher-Ohlin theorem’s assumption, a country will operate an industry that is intensive in its abundant resource. That means a labor abundant country will produce labor intensive goods and a capital abundant country will …

The Existence Of State Dependence And Switching Costs In The Transition From Myspace To Facebook, Taryn M. Ohashi

Scripps Senior Theses

In this paper, I examine the existence and roles of state dependence and switching costs in the mass transition from MySpace to Facebook during the 2007-2008 time period. Using a dataset that compiles individual browsing behavior and a discrete multinomial logit model, I find precise, yet extremely small amounts of state dependence for users of only MySpace, of only Facebook, and users of both MySpace and Facebook. Positive state dependence directly implies the existence of switching costs for each firm. While there is an abundance of literature regarding switching costs in the brick and mortar setting with tangible products and …

Montana Nonresident Traveler Expenditure Profiles: Quarter 4, 2012, Kara Grau

Institute for Tourism and Recreation Research Publications

This report examines spending profiles of nonresident travelers to Montana. It displays the average daily expenditures by purpose of trip for different spending categories during the fourth quarter of 2012.

Pay In Nonprofits, Kevin F. Hallock

Economics Faculty Publications

In the US, April 21-April 27 is National Volunteer Week, a time to recognize all those who work without pay to support important missions or causes championed by nonprofits. Many of the issues that come up when designing pay systems in for-profits (strategy, internal equity, performance, motivation, fairness, transparency, etc.) are as important to consider in nonprofits as they are in for-profits. But some of the facts and issues differ. Using a sample of data from the 2000 US Census of Population about approximately 3 million people between the ages of 16 and 65 who worked full year and full …

Montana Nonresident Traveler Expenditure Trends: 2002-2012, Kara Grau

Institute for Tourism and Recreation Research Publications

This report shows the nonresident traveler expenditure trends for visitors of Montana from 2002-2012. It also displays the total actual expenditures and the total inflation-adjusted expenditures.

Montana Nonresident Traveler Expenditure Profiles: 2012, Kara Grau

Institute for Tourism and Recreation Research Publications

This report examines spending profiles of nonresident travelers to Montana. It displays the average daily expenditures by purpose of trip for different spending categories during 2012.

Montana Nonresident Traveler Expenditure Profiles: Quarter 3, 2012, Kara Grau

Institute for Tourism and Recreation Research Publications

This report examines spending profiles of nonresident travelers to Montana. It displays the average daily expenditures by purpose of trip for different spending categories during the third quarter of 2012.

Montana Nonresident Traveler Expenditure Profiles: Quarter 2, 2012, Kara Grau

Institute for Tourism and Recreation Research Publications

This report examines spending profiles of nonresident travelers to Montana. It displays the average daily expenditures by purpose of trip for different spending categories during the second quarter of 2012.

Montana Nonresident Traveler Expenditure Profiles: Quarter 1, 2012, Kara Grau

Institute for Tourism and Recreation Research Publications

This report examines spending profiles of nonresident travelers to Montana. It displays the average daily expenditures by purpose of trip for different spending categories during the first quarter of 2012.

Montana Nonresident Traveler Quarterly Travel Comparison: 2012, Kara Grau

Institute for Tourism and Recreation Research Publications

This report shows the 2012 quarterly visitation and length of stay data for nonresident travelers to Montana. It also displays average daily spending for various expenditure categories, as well as total expenditures for those categories.

Allowing For Low-Cost Labor In Underdeveloped And Developing Countries As A Method For Initiating Economic Industrialization, Jordon A. Wolfram

Selected Honors Theses

The topic presented here closely examines the link between low-cost labor and the affect that it has on initiating industrialization in underdeveloped and developed countries. It can ultimately create a better standard of living for a country’s general population in the future, but the initial conditions for the laborers can be harsh. The low wage labor force achieves this goal by creating a competitive labor market which has the ability to stimulate economic growth. Once the initial steps of creating manufacturing and industry are achieved, then the general standard of living has robust potential to increase in the country as …

A Statistical Analysis Of Public Sector Corruption And Economic Growth, Kaycea Campbell

LUX: A Journal of Transdisciplinary Writing and Research from Claremont Graduate University

This study reports on the results of a statistical analysis in which the relationship between the independent variable of corruption, as measured by the World Bank, and the dependent variable of economic growth, as measured by percentage of GDP growth per year, was examined. The purpose of this study is to apply empirical methods to the debate on corruption and growth, in which neoclassical theory predicts that corruption retards growth but in which other models, such as Lewis growth and the Kuznets Curve, suggest that corruption may actually speed up growth in underdeveloped countries. The main finding of the study …

Review Of Proposed Zoning Bylaw Amendments & Concept Plan For 129 Parker Street, Maynard, Ma, Edward J. Collins, Jr. Center For Public Management, University Of Massachusetts Boston

Edward J. Collins Center for Public Management Publications

The Edward J. Collins, Jr. Center for Public Management was hired by the Town of Maynard to analyze the proposed amendment to the Neighborhood Business Overlay District (NBOD) of the Maynard Zoning Bylaw and associated concept plan for the property located at 129 Parker Street in Maynard. The bylaw amendment and concept plan have been proposed by Capital Group Properties, LLC, the developer of the site. Specifically, the Center was tasked with preparing the following materials:

• Task 1 – Economic Development and Impact Study;
• Task 2 – Traffic Peer Review and Analysis; and,
• Task 3 – Recommendations on proposed bylaw …

An Agenda For Reviving Islamic Finance, Ishrat Husain Dr.

Faculty Research - Talks, Speeches, & Discourse

Islamic Finance is still a small player in Global Financial System with a share of less than 2 percent. The growth has been impressive but the takeoff has been bumpy. The vision of Islamic Finance is to offer itself as a source of stability to the Global Financial System that is coming out of a crisis of gigantic proportions –next only to the Great Depression of 1930s. If Islamic Finance can demonstrate that its unique and distinctive features and asset-backed transactions are able to reduce the fragility and volatility of the financial system in a convincing manner then there would …

Penchant For Property Drives Buoyant Market, Singapore Management University

Perspectives@SMU

The catch phrase “location, location, location” is often cited by the real estate industry as crucial to closing a deal. In the case of land-scarce Singapore, its citizens’ penchant for property is giving Mr Patrick Liew, CEO of real estate company HSR Property Group, much cause for optimism as he says he is “very excited” at the opportunities available in the robust property market.

Valuing Employee Stock Options, Kevin F. Hallock

Economics Faculty Publications

It helps to remember that employee options and market-traded options are quite different. The difference between them makes valuing employee options more complicated, but it also offers a lesson about how the employer's cost for a given piece of the total rewards package may not be the same as its value to a given employee. Organizations too often miss this and, as a result, can find themselves leaving money on the table. A stock option is the right to buy a share of stock at a specific price (called the strike or exercise price) at some point in the future. …

Financial Inclusion Initiatives And National Economic Development, Paul N. Eluhaiwe

Bullion

The paper present a clear understanding of the term financial inclusion, its role in economic development, measures being adopted to forge financial inclusion by selected countries and the attempt being made by Nigerian to follow suit. Section two of this paper gives an overview of the concept financial inclusion, section three highlights the difference between financial inclusion and economic development. Section four presents country experiences on financial inclusion followed by highlights of the current state of financial inclusion in Nigeria.

How Would Non-Interest Banking Affect The Effectiveness Of Monetary Policy In Nigeria, Yusuf Adamu

Bullion

This article espouses the effectiveness of monetary policy in a dual economic framework (interest bearing/non-interest bearing). In other words it examines how the element non-interest banking when combined with interest bearing framework affect the effectiveness of monetary policy. The use of interest based instruments can effectively be combined with the identified non-interest interest instrument to conduct monetary policy. This article recommend that Nigeria should start thinking towards a policy that takes into account the monetary aggregate instruments as the main tool for executing monetary policy.