Business Commons^™

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 …

Pillpetz: A Smarter Way To Encourage Medication Adherence In Children, John H. Begley

CMC Senior Theses

Medication adherence is usually framed as a problem of patient behavior, but this thesis argues that it is equally a problem of design. Children who take daily medication face barriers that adults often do not: developing executive function, dependence on caregivers, shifting school and home routines, privacy concerns, and stigma around being perceived as different. The standard prescription bottle, by contrast, was designed primarily for dispensing efficiency, safety, and accidental ingestion prevention—not for sustained daily use by a developing child.

This thesis proposes PillPetz, a smart pill case and digital companion that uses routine, play, dose confirmation, and caregiver-connected support …

Revenue Sharing: Effects On Small Market Teams, Bryant Smaaladen

CMC Senior Theses

The gap between small market teams and big market teams in the MLB

has done nothing but grow in this era, seeing vast differences in payroll and

performance. To try and counteract this, team revenue sharing was introduced in

1996 to try and level the playing field. Revenue sharing was designed to promote

a more competitive balance by redistributing resources from higher revenue

teams towards ones in smaller markets. This study aims to examine the impact

revenue sharing has on team payrolls, and particularly examining the difference

between both markets, by using panel data of teams revenue and the amount …

Ceo Linguistic Stress And Abnormal Stock Returns Evidence From S&P 500 Earnings Conference Calls, Yiqi Sun

CMC Senior Theses

Stress is pervasive among corporate executives, yet its effect on firms' future abnormal return remains largely unexplored. This paper examines whether CEO's Linguistic stress exhibited during earnings conference calls predicts future abnormal stock returns. I provided a Large Language Model (Claude Sonnet 4.6) psychology-backed prompts to analyze CEO stress from linguistic patterns in 7491 earnings call transcripts from 470 companies in the S&P 500 during 2020-2024. I found three main results. First, the CEO linguistic stress is negatively and significantly associated with the immediate market reaction, with a one-unit increase in stress score associated with a 0.9% decrease in the …

Eurovision As A Platform For Cultural Diplomacy In Times Of Conflict, Lucy Meza

CMC Senior Theses

This thesis examines how states utilize the Eurovision Song Contest as a platform for soft power, focusing on the conditions under which cultural performance translates into reputational gains. Drawing on Joseph Nye’s concept of soft power, Biasioli’s theory of songwashing, Zamorano’s typology of cultural diplomacy, Anholt’s competitive identity framework, and Feklyunina’s analysis of identity and narrative, it argues that Eurovision’s effectiveness as a soft power platform is fundamentally contingent on the alignment between a state’s cultural narrative and dominant international perceptions of its legitimacy. Through a qualitative comparative case study approach, the thesis examines two nations whose Eurovision participation during …

Do The Oscars Move Markets? Best Picture Recognition And Public Equity Responses, Avi Dayani

CMC Senior Theses

This thesis examines when culturally salient events become financially material by testing whether Academy Awards recognition is reflected in public equity markets. The central question is whether Best Picture nomination announcements and wins generate abnormal returns or abnormal trading activity for the publicly traded parent firms linked to nominated films, and whether those responses depend on the firm’s exposure to filmed entertainment. I study Best Picture nominees from 2000 through 2024, map each film to the public parent of its primary distributor, and construct a firm-by-Oscar-year sample of 119 observations. Using an event-study framework, I calculate abnormal returns as firm …

Hidden Fragility: Leveraged Loan Risk And Tail Exposure In The Clo 2.0 Era, Francis P. Gehring Iv

CMC Senior Theses

This thesis examines whether post-crisis changes in leveraged loan characteristics have increased the underlying credit risk embedded in collateralized loan obligation (CLO) portfolios and whether that risk is fully reflected in market pricing. Since the Global Financial Crisis, the leveraged loan market has expanded significantly alongside the growth of CLOs, while underwriting standards have weakened through higher borrower leverage, covenant-lite lending, and greater private equity sponsorship. Although post-crisis CLOs are often viewed as more resilient because of stronger structural protections, the quality of the underlying collateral remains central to overall risk. Using loan-level data from the Refinitiv DealScan database from …

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 …

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 …

Audit Pricing Under Asc 606: Evidence From Software-As-A-Service Technology Firms, Donald Weigle

CMC Senior Theses

ASC 606 is an accounting standard issued in May 2014 that fundamentally changed how firms identify performance obligations and recognize revenue. The standard requires a five-step framework that links recognition to the timing of customer contract satisfaction. Software-as-a-Service (SaaS) firms were uniquely affected by this standard due to subscription-based pricing models and multi-element contracts that make revenue recognition more complex. For this thesis, I estimate the impact of adopting ASC 606 on SaaS firm audit fees. I hypothesize that more complex revenue recognition results in more complex audit procedures and, hence, higher fees. I use a Differences-in-Differences (DiD) regression model …

Short-Window Market Reactions To Real Estate M&A: A Comparative Event Study Of Reits And Real Estate Services Firms, Aryan Kaila

CMC Senior Theses

Existing research on real estate mergers has largely focused on REIT acquirers in isolation, typically finding near-zero bidder reactions in short event windows. There is little work that directly compares REITs with publicly listed real estate services (RES) firms that operate in the same market cycles and conditions but follow different business models. Using a transaction-level dataset of 137 U.S. mergers from 1994 to 2024, this study applies event-study methodology and cross-sectional regression analysis to investigate whether equity markets respond differently to acquisitions undertaken by REITs and real estate services firms. The estimates show that REIT acquirers experience notably more …

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 …

Attention And Technical Analysis: State‑Dependent Predictability Of Cnn‑Based Stock Return Forecasts, Crystal Y. Ma

CMC Senior Theses

This thesis studies how investor attention around Federal Open Market Committee (FOMC) announcements affects cross-sectional return predictability measured by a convolutional neural network (CNN) trained on price charts. I replicate Jiang, Kelly, and Xiu’s (2023) image-based CNN using 20-day OHLCV “price images,” train it on U.S. equities from 1993–2000, freeze the model, and apply it out of sample to 2001–2024 CRSP data. The CNN assigns each stock a weekly probability of outperforming which is then sorted into deciles that form high–minus–low (H–L) long–short portfolios at horizons of 1 to 10 trading days. For matched non-FOMC (control) weeks, the equal-weighted CNN …

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 …

Psychological Distance And Auditor Assessment Of The Severity Of An Internal Control Deficiency, Scott C. Jackson, John D. Keyser, Douglas F. Prawitt

Faculty Publications

Auditors often underestimate the severity of internal control deficiencies, particularly when associated misstatements are immaterial. We find that auditors are more likely to correctly classify a material weakness when no misstatement information is provided than when misstatement information is available, and that this finding may unconsciously arise from auditors’ construal level in judging control deficiency severity. Through a series of experiments, we manipulate misstatement information related to an internal control deficiency designed to represent a material weakness. We hold the size of potential misstatement constant and find that auditors and graduate auditing students are less likely to correctly assess the …

Happy New Year To You And Your Team!, Kyle Katynski Dds

Journal of the Macomb Dental Society

This article features a monthly column from the Macomb Dental Society President, Dr. Kyle Katynski. This month Dr. Katynski discusses reoccurring themes from 2025, such as simplifying, and lessons from the past year.

Daniel Lee Goelzer [Inducted 2026], American Accounting Association

Accounting Hall of Fame Brochures

No abstract provided.

Richard Victor Alvarus Mattessich [Inducted 2026], American Accounting Association

Accounting Hall of Fame Brochures

No abstract provided.

Rewards That Resonate- How Incentivized Online Reviews Shape Customer Loyalty And Review Outcomes, Sameeha Khizindar

Marketing Dissertations

In today’s competitive marketplace, online reviews have become a central feature of consumer decision-making and business strategy. Research consistently documents that online reviews have a positive impact on outcomes such as review volume and product sales, underscoring their critical role in shaping firm performance. However, the majority of consumers do not voluntarily write reviews, posing a challenge for companies that rely on user-generated content. To address this issue, companies often offer incentives to motivate customers to write reviews. Despite their widespread use, research on their impact remains limited. This dissertation is comprised of two essays that examine the impact of …

Measuring Effective Labour Regulation In The Less Developed World: Recent Advances And Challenges Ahead, Lucas Ronconi, Steven Raphael

Comparative Labor Law & Policy Journal

This article critically reviews the literature on labour enforcement with a focus on less developed countries. Despite measurement limitations, the evidence indicates that enforcement is quite low in poorer countries; there are fewer inspectors and inspections, lower penalties, and less trust in the judiciary compared to richer countries. The lower level of enforcement contributes to higher rates of violations of workers’ rights. More controversial are the effects of enforcement on employment. Moreover, it is unclear how to prompt less developed countries to increase enforcement. This article discusses the scant evidence about the role of trade agreements, labour unions, international organizations, …

Corporatism For The Informal Economy: Democratising The Potential Of The Mathadi Tripartite Board Model, Shelley Marshall, Hila Shamir, Babu P. Remesh, Anjali Sharma

Comparative Labor Law & Policy Journal

This article examines the Mathadi Boards in Pune, India, as a pioneering example of corporatist regulation adapted to the informal economy. These tripartite institutions — comprising workers, employers, and the state — negotiate legally binding agreements on wages and working conditions for informal labourers, offering social protections and formalization without relying on traditional employment contracts. Drawing on extensive fieldwork and interviews, the study explores the Boards’ structure, governance, and impact, highlighting their potential as scalable models for informal labour regulation globally. It also identifies challenges related to representation, enforcement, and social exclusion, offering insights into how corporatist frameworks can be …

Collective Labour Dispute Resolution In Vietnam: The Evolution Of Rules And Institutions And Workers’ Strategic Deployment Of State Regulation, Trang T.K. Tran

Comparative Labor Law & Policy Journal

While Vietnam has established a legal system for labour disputes that largely mirrors those in developed countries, empirical evidence reveals these formal mechanisms are rarely, if ever, used to resolve collective disputes. The persistent failures of the formal mechanisms have, paradoxically, created an environment where workers and trade unions have developed innovative, informal strategies to leverage the state’s legal framework. Workers in Vietnam mobilize around the very existence of labour laws to exert pressure on employers and state institutions to intervene on their behalf, even if not directly following each labour laws’ procedure. This strategic deployment of state regulation, often …

Empowering Change From The Ground Up: Women’S Entrepreneurship In Sub-Saharan Africa’S Informal Sector, Rita Abban, Esi A. Elliot

International Business and Entrepreneurship Faculty Publications

Women’s entrepreneurship in Sub-Saharan Africa (SSA) is a critical driver of socio-economic development, within the informal sector where women enterprises are concentrated. Despite substantial contributions, structural and institutional barriers impede the formalization of these businesses, curbing their economic impact. This study examines how women entrepreneurs in Ghana and SSA navigate informal practices to achieve economic mobility. Employing a systematic literature review - PRISMA framework, the research synthesizes key themes including entrepreneurial capacity, sustainability, intellectual property, and institutional support. A comparative lens incorporating Rwanda and South Africa reveals Ghana’s high rate of female entrepreneurship, predominance of informal trade, and socio-cultural dynamics …

Impact Of Foreign Direct Investment On Employment In The Metropolitan Statistical Areas Of North Carolina, Matthew Y. Xiong

Doctor of Business Administration Dissertations

Foreign direct investment (FDI) is widely recognized as a catalyst for regional economic development; however, limited research has examined its relationship with employment growth at the metropolitan level within individual U.S. states. This study examined the relationship between FDI and employment growth across fifteen North Carolina Metropolitan Statistical Areas (MSAs) from 2010 to 2019. Guided by Dunning's Eclectic (OLI) Paradigm (1988), Endogenous Growth Theory, the Human Capital/Absorptive Capacity Framework, and Institutional Capacity Theory, this quantitative study employed a balanced panel dataset of 150 MSA-year observations. Fixed-effects panel regression models with cluster-robust standard errors were used to examine the effects of …

Human Resources Representation Models And Municipal Employee Outcomes: A Quantitative Study Of Small Pennsylvania Municipalities, John W. Crouser

West Chester University Graduate Theses, Dissertations, and Final Projects

Small municipalities operate in resource-constrained environments that shape how human resource management (HRM) is organized and experienced. This study examines whether HR representation models (in-house, delegated, outsourced, and hybrid) differ in association with employee job satisfaction and manager-reported turnover trends (RQ1), and whether delegating HR responsibilities to non-HR managers is associated with outcomes differently than other models (RQ2). Grounded in Strategic Human Capital Management, the Resource-Based View, and contingency theory, the study assesses whether HR information system (HRIS) capability is associated with turnover trends or employee satisfaction (RQ3) and whether Strategic Human Capital Management (SHCM) alignment is associated with manager-reported …

The Evolving Beijing Consensus: Chinese Communist Party Political Control And Economic Trade Offs, Ian Murphy

Political Science & Geography Faculty Publications

China’s rapid economic rise and unique development trajectory have long been the subject of scholarly debate, often framed through the concept of the “Beijing Consensus” as an alternative to the Washington Consensus. While initial conceptualizations highlight innovation, sustainability, and national sovereignty, later analyses highlighted elements like state capitalism and authoritarianism, particularly in the wake of the 2008 Global Financial Crisis. This paper argues that the Beijing Consensus is undergoing a significant evolution under Chairman Xi Jinping, increasingly prioritizing the Chinese Communist Party’s political security, regime stability, and ideological control at the expense of economic growth. This marks a notable departure …

Revisiting Dependency In The Twenty-First Century: A Critical Analysis Of Africa-China Relations, Chick Edmond

Political Science & Geography Faculty Publications

This research assesses the characteristics of today’s Africa–China relations using dependency theory, world systems theory, neocolonialism, and South-South cooperation, using comparisons between historical African dependence on European colonial powers and recent reliance on China in terms of trade, infrastructure, debt, and technology. This research identifies how contemporary cooperations either continue previous patterns of economic and political subordination or create a transformation of those relationships or provide a challenge to them. Using qualitative comparative historical analysis, along with specific case studies and secondary sources (academic journals, speeches, government publications, etc.), the research demonstrates that while Africa-China relations exhibit fewer structural features …

The Financial Effects Of Clinically Significant Readmissions In Florida Hospitals, Brian Patrick Cotton

Doctor of Business Administration Dissertations

This study examines how the financial performance of hospitals in the state of Florida impacts the quality of care. This study used data from 2017-2019 to evaluate how the number of hospital readmissions – a proxy for care quality – are associated with and vary in relation to the stability of the financial resources held by the hospital. The Hospital Readmission Reduction Program (HRRP), a Medicare value-based purchasing program, uses a mandatory pay-for-performance process that was initiated to decrease the 30-day hospital readmission rate. Hospitals with high readmissions are held accountable and financially encouraged to increase their quality of care …