Economics Commons^™

Economic Contribution Of Nonresident Travel Spending In Montana Travel Regions And Counties , Kara Grau

Institute for Tourism and Recreation Research Publications

Nonresident spending is a significant contributor to Montana's economy. Money spent by those traveling to and through the state has an effect not only on the businesses where spending occurs, but it ripples throughout Montana's economy, both locally and regionally. Economic impact analysis allows us to observe the direct and indirect effects of the money spent by nonresident travelers in terms of the economic activity supported by this spending, and the number of jobs and labor income attributable to this spending, as well. This report is comprised of a collection of economic impact analyses for each of Montana's six travel …

Do Singaporeans Spend Too Much On Housing?, Sock Yong Phang

Research Collection School Of Economics

According to a 2011 IMF study, Singapore's level of government intervention in housing finance is the highest in the developed world (Slide 3). This level of intervention in housing finance has correspondingly produced the highest level of homeownership amongst advanced countries. This housing outcome is the result of our very unique HDB-CPF housing framework – an institutional framework that was established in the 1960s during the formative period of our country?s history (Slides 4 and 5). Singapore was, at that particular point in time, faced with a situation of chronic housing shortage, low homeownership rates and an underdeveloped housing mortgage …

The Stock Market Impact Of Bond Rating Changes, Michael Leonard

Honors Projects in Mathematics

This paper examines the impact of a downgrade of a company’s credit rating on its stock price in the days surrounding the downgrade. If we consider this downgrade new information, then a negative impact on the company’s stock price would be expected. However, if we assume that rating agencies use information that investors have already accounted for, then there would be no impact. There could also be an impact, at least temporarily, due to the fact that a ratings downgrade is bad news, even if the reasons for the downgrade have already been priced in. To perform this analysis I …

Relationship Between Interest Rate And Bank Common Stock Return: Evidence From The Top 10 United States Banks And Financial Sector Index, Hieu Trung Tran

Honors Projects in Finance

This research paper investigates the effect of changes in long-term interest rates on the returns of the top 10 US banks included in the Financial Sector Index. There are three main parts of this paper.

The first part uses the Augmented Dickey-Fuller (ADF) test to test the “Random Walk” of banks’ common stock returns. Based on the test’s results, returns of banks’ common stock do not solely follow the “Random Walk”.

In the second part, the Two-Factor Arbitrage Pricing Theory is employed to test the effect of changes in long-term interest rate on the return of banks’ common stocks. The …

Private Student Loan Asset Backed Securities: A Default Curve Analysis, Nicholas Gentile

Honors Projects in Finance

Business and mainstream media devote significant attention to the student lending industry and its possible threat to the economy. While the private loan component of student lending may not be largest part of this one trillion dollar industry, it is likely to be the space where evidence supporting the media’s concerns are found. This paper examines the variation in cumulative default rates for private student loan asset backed securities issued between 2001 and 2007, revealing the dynamics of these opaque financial instruments. The study analyzes internal pool data and external economic data, uncovering the primary factors that shape the respective …

The Cost Of Culture The Impact Of National Culture On The Pass-Through Of Commodity Shocks, Christine Gerrity

Honors Projects in Finance

This study analyzes the impact of national culture on the pass-through of commodity price shocks to retail goods. In particular, this study explores the commodities of coffee, cotton and steel. Through the use of regression analysis, this study looks to determine the relationship between two key predictive variables: risk tolerance of a country and commodity shocks within a company’s associated commodity market, and their impact on the value of companies within that country. Additional factors are explored at the firm financial level and the firm country level. The purpose of this study is to examine if consumers of one country …

Has Government Tax Policy In Greece Led To A Large Shadow Economy?, Nils Thompson

Honors Projects in Economics

This capstone investigates the impact that tax policy has on the shadow economy in Greece. Greece has one of the largest shadow economies in the world and the largest in the European Union, with tax evasion being one of the main drivers. While previous research has provided measures of the shadow economy, none matches the shadow economy estimations with policies, laws, and agencies enacted by the government, specifically over the period in time of 1990-2012. This study contributes to the literature by connecting the policies implemented by the government with the size of the shadow economy in Greece, along with …

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 …