Social and Behavioral Sciences Commons^™

Evaluating The Effects Of Nutritional Intake During Adolescence On Educational Attainment And Labor Market Earnings As An Adult, Mikaela Connell

CMC Senior Theses

In this thesis, I analyze whether nutritional intake at the time of adolescence can impact academic attainment and earnings later on in life. Millions of children in the United States are living in food insecure households and do not have access to an adequate nutritious diet. Since adolescence is a time period of intense growth and development, it is essential to meet nutritional needs at this time. Using data from the Longitudinal Study of Adolescent to Adult Health (Add Health), I measure the nutrition of a nationally representative sample of youth in the United States through their daily food intake, …

The Cultural Legacy Of Communism In Entrepreneurship: Entrepreneurial Perceptions And Activity In Central And Eastern Europe, Amy Wu

CMC Senior Theses

Using data from the Global Entrepreneurship Monitor, this paper examines differences in entrepreneurial perceptions (fear of failure, opportunity perception, self-efficacy, public opinion) between CEE and non-CEE countries, before and after the 2008 recession, as well as the effects of these perceptions on entrepreneurial motivation and overall levels of activity. The results suggest that CEE countries have systematically more pessimistic outlooks in terms of fear of failure and opportunity perception, but no difference from non-CEE countries in self-efficacy and public opinion. Additionally, most of the difference in fear of failure and opportunity perception, along with an increase in necessity-motivated entrepreneurship, comes …

The Effects Of Recreational Marijuana Legislation On The Opioid Epidemic In Washington State, Steven Dickerson

CMC Senior Theses

This paper analyzes the impact of the 2012 legalization of recreational marijuana in Washington State on opioid abuse. Using synthetic control methodology, this paper finds that the legislation prevented 638 overdose deaths and lead to over 3,600 individuals seeking treatment for opioid abuse disorders. Due to the large health, social, and economic impacts of the opioid epidemic, further research should be conducted into ways to reduce the number of opioid prescriptions, the number of opioid overdoses, and opioid abuse generally.

Is Avocado Toast The Reason I'M Still Living With My Parents?, Brendan Macdonald

CMC Senior Theses

Is avocado toast the reason that I am still living with my parents? In other words, does the consumption of avocado toast, or more specifically eating out in general, have any impact on one’s ability to be a homeowner. In May of 2017, an Australian real estate developer by the name of Tim Gurner was asked to provide advice to young people who could not afford to purchase a home. He responded by saying, “when I was trying to buy my first home, I wasn’t buying smashed avocado for $19 and four coffees at $4 each,” (Victor, 2017). While the …

Model Specification For Bank Failure: A Retrospective Look At Banks In Missouri During The Great Depression, Peter Welch

CMC Senior Theses

This paper examines banks in Missouri during the Great Depression in order to find the correct model specification for bank failure during economic downturns. The data set controls for a bank’s balance sheet, correspondent network, charters and memberships, county characteristics, and market share, and includes both Federal Reserve member and non-member banks. Using a probit model, it is concluded that the contractionary monetary policy employed by the St. Louis Federal Reserve did not help bank survival, as being a member of the Federal Reserve had no significant effect on a bank’s probability of survival. Additionally, while an increased network led …

The Effects Of The Correspondent Banking Network On The Real Economy, Jack Brown

CMC Senior Theses

There is a longstanding academic debate regarding the role of financial networks. There is a tradeoff between improving the flow of funds and acting as a channel for contagion. This paper investigates the impact of banking networks on the real economy during the Great Depression. Building permit values are used as a proxy for real economic activity as implemented in previous research. A simple linear regression model estimated by ordinary least squares is used such that locational networks are differentiated from networks links to money centers and non-money centers. The results demonstrate that financial networks have both positive and negative …

The Political Economy Of Participation In The Euro: A Case Study Of Italy And Germany, Thomas Schalke

CMC Senior Theses

This thesis analyses the political economy of the decision of Italy and Germany to participate in the euro. The emphasis is on understanding the economic rationales employed in each country in support of euro membership.

For Italy, the central argument is that Italy outsourced monetary policy management to the ECB in order to delimit deficient domestic policy making and import German monetary credibility. This transferred the costs of monetary orthodoxy to Europe, and the thesis briefly examines places where we might observe those costs.

For Germany, the argument is that, out of respect for the national humiliation and shame of …

Going Undrafted: Survival Of Undrafted Free Agents And Seventh Round Draft Picks In The Nfl, Trey Smith

CMC Senior Theses

Over the years there have been a lot of undrafted free agents that have had successful careers in the NFL. The monopsony structure for rookies entering the NFL and the fact that undrafted free agents get to pick what team they play for suggests that there is an advantage in not getting picked in the draft. To explore this possibility, this paper compares the probabilities of remaining in the NFL for undrafted free agents and seventh round draft picks through logit regressions and survival analysis. In doing so, this paper describes the processes the NFL takes in order to find …

Are Volatility Expectations In Different Countries Interdependent? A Data-Driven Solution To Structural Var Identification For Implied Equity Volatility Indices, Timothy H. De Silva

CMC Senior Theses

Over the past couple of decades, the number of volatility indices has increased rapidly. These indices seek to represent the market’s expectation of realized volatility over the coming month, based on the prices of options traded on each underlying equity index. Although the dynamics of realized volatility spillover have been studied extensively, very few studies exists that examine the spillover between these volatility indices. By using DAG-based structural vector autoregression, this paper provides evidence that implied volatility spillover differs from realized volatility spillover. Through solving the well-known VAR identification problem for these indices, this paper finds that Asia, more specifically …

Determining Factors Of Risk Tolerance: Evidence From Fantasy Football Snake Drafts, Nicholas Obrand

CMC Senior Theses

This paper utilizes fantasy football snake drafts to analyze risk tolerance of individuals who are trying to maximize their present and future utility, but are faced with unknown factors and only have limited resources. Fantasy football provides a unique perspective on risk tolerance, different than the commonly researched fields of auctions, financial portfolios, and lotteries. I examine mock draft data from Fantasy Football Calculator as well as rankings data from Fantasy Pros to gauge the amount of risk associated with each draft pick. I find that the more perceived uncertainty that is connected to an individual selection, the more likely …

The Mall Ain’T Dead Yet! An Aristotelian Argument For The Continuation Of Physical Retail Space With The Rise Of Modern Technology, Tarah Gilbreth

CMC Senior Theses

According to Aristotle, for a human being to live their best life, that is a life that flourishes, is to live a political life. A political life is lived best in a polis , or a self - sufficient community, so therefore, the most flourishing human life is one lived in a polis . Also, for a polis to be self - sufficient, its citizens must be flourishing, so there exists a special sort of constitutive relationship between the polis and its citizens. There are certain capacities available to human beings in the polis that promote their flourishing (namely loyalty …

Ipo Underpricing And Insider Wealth Maximization In Internet Firms, Bhavika Booragadda

CMC Senior Theses

This paper empirically tests the theoretical model developed by Aggarwal, Krigman and Womack (2001), which argues that insiders of a firm strategically underprice its initial public offering to maximize personal wealth by selling shares at lockup expiration. First day underpricing generates information momentum for the stock in terms of increased research coverage and recommendations by analysts. Increased research coverage is positively correlated with stock returns and insider selling at the end of the lockup period. Although the value of the stock should be typically based on discounted expected future cash flows, several empirical papers suggest a downward sloping demand curves …

Returns To Buying Winners And Selling Losers: A Look At Cryptocurrencies, Daniel Walker

CMC Senior Theses

This paper is, to my knowledge, one of the first ever to examine the effectiveness of price momentum trading strategies applied to cryptocurrencies. Using aggregate OHLCV (Open, High, Low, Close, Volume) data on cryptocurrency pairs from Poloniex, Bittrex, and Bitfinex, I apply Jegadeesh and Titman’s classic -month/-month momentum trading strategy, reporting annual returns with and without incorporating trading fees. Portfolios are resampled daily, weekly, and monthly, testing lookback and holding periods ranging from one day to one year. The results show that trading cryptocurrencies using momentum strategies derives returns that rapidly increase the more often portfolios are resampled, with the …

Reaching The Unreached: The Role Of Information Communication Technologies On Agency Of Women In India, Suvena Yerneni

CMC Senior Theses

In this paper, I analyze the impact of Information Communication Technologies (ICTs) on female empowerment in India. In defining female empowerment, I consider the three dimensions of agency: social autonomy, economic autonomy, and mobility. Using nationally-representative data of 2012 from the Indian Human Development Survey (IHDS), I find that these information communication technologies, measured by ownership and use, have positive and significant impacts on female agency and decision-making abilities. I extend my analysis to two types of media: computers and mobile phones. These results persist even after accounting for the effects of education, income, and age of women.

The Effect Of The Change In Call Loan Rates And Volatility On Stock Returns In 1929: An Empirical Study Into A Determinant Of The Great Depression, Amberish Chitre

CMC Senior Theses

I investigate the effect of the change in call loan rates on stock returns during 1929. Call loan rates are the interest rates on borrowed funds to trade equity on a given exchange. It is estimated that 40% of stocks during this period were bought on margin. After a price decline comes a margin call, followed by a forced sales of securities, which leads to additional margin calls and future price declines. I regress daily excess returns on the change in daily call loan rates during 1929. In addition, I estimate volatility using an ARCH model and observe the previously …

Fifa World Cup: Factors That Explain The Performances Of National Football Teams, Shivaan Seth

CMC Senior Theses

This paper examines the determinants of FIFA World Cup performances of nations. The study incorporates socioeconomic, cultural, demographic and football-specific factors to investigate how World Cup results can be explained. A linear regression is used to study the last five tournaments, and the model finds that being seeded for the draw, and the host country effect are statistically significant variables. Additionally, I discover two new variables – namely, having a star player and having become a member of FIFA before 1924, as being statistically significant in my analysis.

Climate And Crime: Examining The Relationship Between Extreme Weather Events And Crime Rates In The United States, Erin Tully

CMC Senior Theses

This study attempts to determine whether there is a relationship between extreme weather events and crime rates. Due to the increasing effects of climate change, it is critical we understand the societal effects of extreme weather. Here, a panel data fixed effects regression was used to analyze state and year level data. It was hypothesized that there would be a relationship between crime and extreme events, but the results did not show a statistically significant relationship. Further research with increased geographic and temporal controls is encouraged.

An Econometrics Analysis Of Mark Rothko's Auction Results, Jiahong Zheng

CMC Senior Theses

This paper investigates the factors that influence hammer price in fine art auctions. Unlike previous studies, this thesis focuses solely on Mark Rothko’s abstract painting auction results, which eliminates pricing variation from multiple artists or painting genres. Using a freshly constructed database that covers all Rothko auction records from 1985 to 2017, this thesis affirms the presence of declining price anomaly. Auction house experts’ pre-sale estimates are shown to be largely unbiased with a marginal downward pricing tendency. Furthermore, size is a statistically significant variable that affects hammer price and Rothko’s vertical compositions are favored in the auction market.

The Role Of Conflict In Sub-Saharan Africa, Samy Lemos

CMC Senior Theses

Sub-Saharan Africa is the provider of many critical natural resources. With such resources, one would expect these countries to have thriving economies. Why is the opposite case true? To answer such a question, this paper examines a few critical causes that may justify the current economic situation these African countries are experiencing. Specifically, the paper observes the economic impact of civil war and terrorist conflict in sub-Saharan Africa from 1971 to 2016. To explore the changes in GDP per capita for all these years, this thesis sheds light on three independent variables: year of conflict, education level, and foreign direct …

Analysis Of The Economic Impact Of Constructing A Nba Arena On The Host City, Grant Gilchrist

CMC Senior Theses

Using economic data collected from 24 different Metropolitan Statistical Areas in the US, this thesis investigates the impact of constructing a new National Basketball Association (NBA) arena on the host city’s economy. When a simplistic model is implemented, which does not control for other economic factors or individual subject heterogeneity, significantly positive economic impacts of arena construction are observed. However, when a more appropriate model specification is implemented that controls for economic activity and individual heterogeneity, these effects are no longer statistically significant. This comparative analysis ultimately highlights the importance of appropriate model specification and supports the conclusion that new …

Why Not Mexico? Policy Recommendations For A Globally-Oriented Economic Strategy, Víctor Manuel Hernández-Rodríguez

CMC Senior Theses

Mexico, one of the world’s largest economies and an increasingly relevant actor in international affairs, is at a crucial point in defining its future policy course. Given the uncertainty surrounding the global economy, as well as the political situation in Mexico, it is important to have a clear vision for policy going forward. This thesis offers a foundation for a national economic strategy with a long-term vision, upon which future administrations can build as appropriate to maximize on the country’s economic potential. The task is undertaken through a three-part approach. First, a thorough and analytical overview of the country’s economic …

You Can Run But You Can’T Hide: The Advance Of Shareholder Activism, Kendall Greenberg

CMC Senior Theses

Shareholder activism has exploded in popularity since the turn of the century, due in large part to impressive relative returns generated by its major participants. The result has thus been a surge in assets invested in the category, to in excess of $170 billion today up from less than $3 billion in 2000 (Inglis 2015; Romito 2015). This influx of capital, in absolute dollars and pace of growth, has caused many to wonder whether activists truly create shareholder value and, if so, if the value generated is sustainable. Numerous studies of activist interventions prior to 2009 reveal significant stock price …

The Effect Of Fast Food Restaurants On Type 2 Diabetes Rates, Grace Bailey

CMC Senior Theses

This paper conducts an analysis of county level data to determine the effect of fast food restaurants on type 2 diabetes rates. Due to endogeneity concerns with respect to the location of fast food restaurants, this paper follows the work of Dunn (2010) and uses the number of interstate exits in a given county to serve as an instrument for fast food restaurants. The strength of the instrument, which is theoretically and empirically tested in this paper, imposes some restraints on the interpretation of the findings. Using the Two-Stage Least Squares estimation method, I find that the presence of fast …

Human Development And Subnationalism: A Disaggregated Analysis Of Indian States: Kerala And Uttar Pradesh, Manika Garg

CMC Senior Theses

This thesis investigates achievements in human development outcomes on health, education, and poverty indicators across Indian states, in order to discern what factors might influence a state’s better orientation toward social policies. After conducting data analysis, the study explains differences in outcomes, as achieved by Kerala and Uttar Pradesh, by building an argument of subnational solidarity and its impact on determining the state’s policy agendas.