Social and Behavioral Sciences Commons^™

Two Essays On Credit Risk Correlation, Theophilus Teye Osah

Theses and Dissertations

This dissertation comprises two essays on credit risk correlation. In the first essay, we provide robust empirical evidence that lenders charge higher loan spreads to borrowers with higher credit risk correlation. This effect is concentrated in investment grade firms, driven by tightening lending conditions, and more pronounced for firms with higher rollover risk. Furthermore, banks whose borrowers have higher average credit risk correlation, have greater default risk themselves. In the second paper, we find that a trading strategy that buys high- and sells low-credit risk correlation stocks generates significant risk-adjusted expected return of about 121 bps per annum. Cross-sectional regressions …

Policy With Stochastic Hysteresis, Job Boerma, Georgii Riabov, Aleh Tsyvinski

Cowles Foundation Discussion Papers

This paper studies stochastic hysteresis − general dependence on the path of past decisions and shocks. We develop a new methodology for deriving the explicit dynamics of optimal policy with path-dependence and show that stochastic hysteresis changes optimal policy both qualitatively and quantitatively. We showcase our methodology by deriving new results for optimal policy with stochastic habits, tipping points, robustness concerns, limited commitment, and dynamic private information.

Business Cycle Downturn Estimation For Ciudad Juarez: 1991-2022, Steven L. Fullerton, Thomas M. Fullerton Jr.

Border Region Modeling Project

A monthly frequency metropolitan business cycle downturn likelihood equation is estimated for Ciudad Juarez. The binary index of economic conditions is based upon monthly IMMEX export oriented manufacturing employment. A dynamic probit methodology is used for parameter estimation. Continuous explanatory variables include a 1-year minus 1-month Mexico interest rate spread, a 2015 = 100 weighted real exchange rate index, and a 10-year minus 3-month USA interest rate spread. Parameter estimation results confirm the various hypotheses examined. However, model simulation outcomes are less favorable with the results indicating that accurate forecasting of the post-2010 business cycles may require additional refinement to …

Borderplex Business Barometer, Volume 7, Number 8, Thomas M. Fullerton Jr., Steven L. Fullerton

Border Region Modeling Project

No abstract provided.

Racial Discrimination In Nba Contracts, Andrew Byrne

All Theses

Throughout NBA history, there has been discrimination that has been faced by black players. This is not limited to the compensation that black players receive compared to white players. Literature in this are showed a significant amount of discrimination occurring between white and black NBA players when holding player performance constant when looking at the mid 1980s. This changed with later literature, as analyses of the early to mid 1990s found that this discrimination had subsided in NBA contracts.

This paper analyzes seasons from the early 1990s through to early 2020s to see whether this change in discriminatory practices holds …

Beef And Dairy Substitution Effects Associated With Carbon Labeling And An Information Intervention, Sara Gardner Hedgecock

Graduate Theses and Dissertations

Understanding consumer perceptions of carbon emissions in agriculture is a critical step to help increase the sustainability of food consumption. According to the Food and Agriculture Organization of the United Nations, 14.5 percent of all global anthropogenic GHG emissions are estimated to be represented by livestock (FAO), and cattle, raised for beef and milk, are the largest animal species responsible for emissions, comprising over 60 percent of the livestock sector’s emissions. This motivates this study’s analysis of beef and dairy milk products and alternatives. To better understand how consumers may substitute meat and milk products when provided with information about …

Common Bubble Detection In Large Dimensional Financial Systems, Ye Chen, Peter C. B. Phillips, Shuping Shi

Research Collection School Of Economics

Price bubbles in multiple assets are sometimes nearly coincident in occurrence. Such near-coincidence is strongly suggestive of co-movement in the associated asset prices and is likely driven by certain factors that are latent in the financial or economic system with common effects across several markets. Can we detect the presence of such common factors at the early stages of their emergence? To answer this question, we build a factor model that includes I(1), mildly explosive, and stationary factors to capture normal, exuberant, and collapsing phases in such phenomena. The I(1) factor models the primary driving force of market fundamentals. The …

Bankers As Immoral? Some Parallels And Differences Between Aquinas’S Views On Usury And Marxian Views Of Banking And Credit, Thomas E. Lambert

Faculty and Staff Scholarship

Since ancient times the practices and ethics of bankers and banking in general have undergone a great deal of criticism. While lending is motivated by profit, and while households are not explicitly coerced into borrowing money, the justice of a system which exploits workers and at the same time encourages them to borrow money in order to maintain a certain standard of living can be viewed as sometimes unfair and perhaps immoral. The value of goods, according to St. Thomas Aquinas and Karl Marx, should mostly reflect the value of labor embodied in them, and for that reason, labor should …

Is Neo-Fascism Inevitable? Looking At The Economic Surplus, The Baran Ratio, And Long Wave Cycles, Thomas E. Lambert

Faculty and Staff Scholarship

This paper briefly outlines the idea and development of the economic surplus concept at the macroeconomic level as opposed to the one in microeconomics often labeled as a Marshallian surplus. The notion of a residual amount of output or income over and above what is necessary for a society’s consumption (education, housing, food, clothing, health care, transportation, and other necessities of life) that can be used either for further consumption by an elite class, used for reinvestment in productive activities, and/or wasted on unproductive efforts is one that has been and continues to be taught and used in heterodox and …

Experiences With Environmental Gentrification: Evidence From Chicago, Tania Schusler, Amy Krings, Richard T. Melstrom

School of Environmental Sustainability: Faculty Publications and Other Works

Environmental contamination and limited access to green spaces disproportionately burden communities of color with negative impacts on residents’ health. Yet, cleaning up contamination and creating green spaces has in some cases been associated with displacing long-term residents as the neighborhood becomes desirable to more affluent, often Whiter, populations through environmental gentrification. We used mixed methods to investigate environmental gentrification in the city of Chicago, IL, USA. We examined quantitatively the relationship between green areas, brownfield cleanups, and indicators of gentrification, including race and ethnicity, income, households without children, and home ownership. We explored through qualitative interviews how key informants perceive …

Parental And Individual Correlates Of Work Ethic In Young People In Albania, Eljona Elmazi

All Dissertations

The purpose of this study was to investigate the work ethic strength, dimensions, and correlates in young people in Albania. The review of the available research concluded that, regardless of the attention that youth-related topics have received in the last decade, there was a considerable gap in the understanding of the state and correlates of the work ethic in this group. Using the Multidimensional Work Ethic Profile – Short Form, the work ethic strength and dimensions were explored in an Albanian sample of (N = 501) 18 to 24 years old, otherwise known as Generation Z. Data were collected via …

Global Energy Consumption: An Analysis Of Variables That Shape Per Capita Usage, Or How Pump Price, Urbanization, And Fossil Fuels Imports Impact Fossil Fuels Consumption Per Capita Across Oecd Countries, Mila Demchyk Savage

Graduate Program in International Studies Theses & Dissertations

Among reasons explaining the importance of studying fossil fuel consumption are: crude oil is a subject of the international commodities market, thus, any fluctuation related to its' availability or price would impact the rest of the World; natural resources like oil, gas, and coal are limited; the extensive use of fossil fuels harms our surroundings, creating many environmental concerns; every human (on average) has been using more energy since 1971 and the trend is expected to continue. The upward trend is not consistent among individual countries. Therefore, the core question of my research is, `Why do some countries consume less …

Spatial Disaggregation Of Poverty And Disability: Application To Tanzania, Tomoki Fujii

Research Collection School Of Economics

Estimating poverty measures for disabled people in developing countries is often difficult, partly because relevant data are not readily available. We extend the small-area estimation developed by Elbers, Lanjouw and Lanjouw (2002, 2003) to estimate poverty by the disability status of the household head, when the disability status is unavailable in the survey. We propose two alternative approaches to this extension: Aggregation and Instrumental Variables Approaches. We apply these approaches to data from Tanzania and show that both approaches work. Our estimation results show that disability is indeed positively associated with poverty in every region of mainland Tanzania.

Does Fertility Matter For Middle Aged And Older Adults’ Risk Attitudes?, Christine Ho, Bussarawan Teerawichitchainan, Joanne Tan, Eugene Rui Le Tan

Research Collection School Of Economics

Given that risk attitudes influence many decisions, it is important to understand the factors that shape such attitudes in late adulthood, when individuals face important risky decisions. While research finds that parenthood tends to correlate with lower risk tolerance in western countries, there is a lacuna on whether such associations persist in late adulthood, and are applicable to the Asian context, where children are conventionally considered a linchpin of old age support. Data for middle aged and older individuals come from the nationwide Singapore Life Panel (N = 6,740). Multivariate statistical analyses are employed to estimate the associations between willingness …

Sharing Economy Last Mile Delivery: Three Essays Addressing Operational Challenges, Customer Expectations, And Supply Uncertainty, Nicolò Masorgo

Graduate Theses and Dissertations

Last mile delivery has become a critical competitive dimension facing retail supply chains. At the same time, the emergence of sharing economy platforms has introduced unique operational challenges and benefits that enable and inhibit retailers’ last mile delivery goals. This dissertation investigates key challenges faced by crowdshipping platforms used in last mile delivery related to crowdsourced delivery drivers, driver-customer interaction, and customer expectations. We investigate the research questions of this dissertation through a multi-method design approach, complementing a rich archival dataset comprised of several million orders retrieved from a Fortune 100 retail crowdshipping platform, with scenario-based experiments. Specifically, the first …

Two Essays On Retail Trading, Qiqi Liang

Theses and Dissertations in Business Administration

Essay 1: Retail investors from the discount broker Robinhood swarm into stocks with pending earnings announcements and stay away from them immediately after the announcements. We study four competing explanations for this phenomenon: liquidity provision, informed trading, lottery preference, and attention-induced herding by noise traders. We find strong evidence that, immediately around earnings announcements, Robinhood investors’ behavior is primarily driven by attention-induced noise trading. Our results offer new insights into retail traders’ motivation for trading when they face heightened uncertainty from earnings announcements. Our study also goes beyond Barber et al.’s (2022) limited focus on the top 0.5% of the …

Taxing The Gender Gap: Labor Market Effects Of A Payroll Tax Cut For Women In Italy, Enrico Rubolino

Upjohn Institute Working Papers

This paper studies the labor market effects of a large payroll tax cut for female hires in Italy. Starting in January 2013, the payroll tax rate paid by the employer for female hires was reduced by 50 percent for a period of 12 months for temporary jobs and 18 months for permanent jobs. Eligibility for the tax cut depends on the time elapsed in nonemployment status and varies discontinuously by the worker’s municipality of residence, age, and occupation. Combining social security data on the universe of Italian private-sector workers with several empirical approaches, I find that the tax cut increases …

Can A Payroll Tax Cut For Women Narrow The Gender Gap?, Enrico Rubolino

Upjohn Institute Policy and Research Briefs

No abstract provided.

Research On Investment Risk And Decision Making In Dry Bulk Ships : Case Study Nijie Shipping World Limited, Mingyu Xu

World Maritime University Dissertations

No abstract provided.

Study On Port Service Capacity Along The 21st Century Maritime Silk Road : Taking Container Ports As An Example, Rujin Fu

World Maritime University Dissertations

No abstract provided.

The Attempt And Operation Of Container Sharing Platform In The Yangtze River Delta : Efficient Transfer Of Empty Containers And Resources Sharing, Yifei Wei

World Maritime University Dissertations

No abstract provided.

An Analysis Of Capital Flow To Construct An Economic Typology In A Comparative Case Study Of Three Ancient Cities: Third Kingdom Of Ur, New Kingdom Of Thebes, And Classical Athens, Darrell Gremillion

Dissertations

This dissertation adds to the literature on Economic Development through the development of a Typology of Economy applicable to the earliest cities. Understanding the evolution of these early economies is a crucial step in understanding the past to assist in the establishment of policies for the future. This is especially important in the light of the environmental and sustainability challenges facing the globe today.

The cities in the comparative case study include the Third Dynasty of Ur in Mesopotamia, the New Kingdom of Thebes in Egypt, and Classical Athens in Greece. These cities are chosen for the case study for …

Group Identity And The Formation Of Conditional Social Preferences Among Chinese Youth, Timo Heinrich, Jason Shachat, Qinjuan Wan

ESI Working Papers

Con icts between local and migrant populations have been ubiquitous in modern China. We examine the potential for longer-term amelioration of this conflict through successive generations and intergroup contact within integrated schooling. We adopt the perspective that in- and out-group biased behaviour structurally arises from group conditional social preferences. We assess the group-conditional social preferences of local and migrant children in a second-tier Chinese city, Xiamen, and the extent these preferences correlate with those of their parents. We find that local students have a greater likelihood of Egalitarian preferences and a lower likelihood of Generous preferences when allocating with locals …

Nebraska Extension: Supporting The Well-Being Of Farmers And Ranchers, Jessica Groskopf

Cornhusker Economics

Nebraska Extension is a proud member of the North Central Farm and Ranch Stress Assistance Center. A regional center funded by USDA NIFA, it delivers farm and ranch stress and mental health resources and services in 12 states, including Nebraska.

Since 2021, several programs delivered by Nebraska Extension and its partners have been supported with these funds. This article will review the key programs supported in Nebraska.

How Do Digital Advertising Auctions Impact Product Prices?, Alessandro Bonatti, Dirk Bergemann, Nicholas Wu

Cowles Foundation Discussion Papers

We ask how the advertising mechanisms of digital platforms impact product prices. We present a model that integrates three fundamental features of digital advertising markets: (i) advertisers can reach customers on and off-platform, (ii) additional data enhances the value of matching advertisers and consumers, and (iii) bidding follows auction-like mechanisms. We compare data-augmented auctions, which leverage the platform’s data advantage to improve match quality, with managed campaign mechanisms, where advertisers’ budgets are transformed into personalized matches and prices through auto-bidding algorithms. In data-augmented second-price auctions, advertisers increase off-platform product prices to boost their competitiveness on-platform. This leads to socially efficient …

How Do Digital Advertising Auctions Impact Product Prices?, Dirk Bergemann, Alessandro Bonatti, Nick Wu

Cowles Foundation Discussion Papers

We ask how the advertising mechanisms of digital platforms impact product prices. We present a model that integrates three fundamental features of digital advertising markets: (i) advertisers can reach customers on and off-platform, (ii) additional data enhances the value of matching advertisers and consumers, and (iii) bidding follows auction-like mechanisms. We compare data-augmented auctions, which leverage the platform’s data advantage to improve match quality, with managed campaign mechanisms, where advertisers’ budgets are transformed into personalized matches and prices through auto-bidding algorithms. In data-augmented second-price auctions, advertisers increase off-platform product prices to boost their competitiveness on-platform. This leads to socially efficient …

Neighborhoods Of Kalamazoo: Summary Of Land Parcels, Val Klomparens

Presentations

No abstract provided.

The Impact Of Geopolitical Risks On Price Variation And Political Trust In France: Analyzing The Ukraine-Russia Conflict, Olivier Sempiga

The Journal of International Relations, Peace Studies, and Development

Geopolitical risks (GPRs) have varied consequences over countries and over time. COVID-19 and the war in Ukraine are some of the recent GPRs. The conflict in Ukraine has had far-reaching economic consequences, not only for the countries directly involved in it but also for their trading partners and allies, and on the global economy in general. France, as one of Ukraine and Russia's major trading partners, has also felt the impact of the conflict on its economy. Using data from the French National Institute of Statistics and Economic Studies (INSEE), the paper investigates the impact of GPRs caused by the …

Never Enough: Eu Military Spending Challenges In The Face Of Open Conflict, Katherine Wallentine

The Journal of International Relations, Peace Studies, and Development

The Russian invasion of Ukraine in February 2022 sent a jolt of tension and anxiety throughout the European Union, as well as the rest of the world. Lawmakers and strategists scrambled to find a suitable response in the immediate aftermath and now, a year later, the conversation continues as to what the best course of action is for the EU. Should it amplify and radically increase its supranational defense budget and if so, how should it accomplish this monumental task? How much of it should fall on the Member States to meet the two percent threshold as laid out by …

Current Developmental Challenges In Nepal: How Can The Diaspora Help?, Ambika P. Adhikari

Himalayan Research Papers Archive

Nepal now enjoys a unique opportunity to positively transform the country’s economy and society. The economic activities fueled by remittance, supported by foreign aid, and aided by domestic economic activities such as tourism, trade, and services, including start-ups, are helping increase individual incomes. However, the earnings from remittances, which measure to about 25% of Nepal’s GDP, are spent on consumer goods and not on investments that can generate employment and raise the standards of living. The foreign aid is often donor driven and also not always well managed and wisely spent on national priorities. Further, it is frequently marred by …