Economics Commons^™

On Cluster Robust Models, José Bayoán Santiago Calderón

CGU Theses & Dissertations

Cluster robust models are a kind of statistical models that attempt to estimate parameters considering potential heterogeneity in treatment effects. Absent heterogeneity in treatment effects, the partial and average treatment effect are the same. When heterogeneity in treatment effects occurs, the average treatment effect is a function of the various partial treatment effects and the composition of the population of interest. The first chapter explores the performance of common estimators as a function of the presence of heterogeneity in treatment effects and other characteristics that may influence their performance for estimating average treatment effects. The second chapter examines various approaches …

Economics Impacts Of Genetically Modified Organisms: An Analysis Of Bt Cotton In India, Joseph Lahorgue

CMC Senior Theses

The emergence of genetically modified organisms has sparked a multi-faceted debate, covering issues related to human health, ethics, and the environment. Discussions of the economics of GMO adoption are highly politicized and are influenced by large corporations and non-governmental organizations. This study aims to provide insight into the economic impacts of genetically modified organisms on individual farmers of cotton in India. The first GMO to reach commercialization in India was Bt cotton in 2002, which led to significant increases in revenue and yield among smallholder farmers. Using survey data collected between 2003 and 2009, I examine the economic impacts of …

The Impact Of Four-Day School Weeks And Fifth-Day Programs On Delinquency And Problem Behaviors In Adolescents, Emily Collins

Scripps Senior Theses

In recent years, tightening budgets have forced school districts to find new ways to save money. One way that has become increasingly popular is to shorten the traditional five-day school week to only four-days a week. This change is budget friendly and may act through efficiency wage theory as a recruitment tool for better teachers. Despite the increasing prevalence of districts running on four-day weeks, many of the effects of the shorter week on students are still unclear. Utilizing district-level panel data from the Colorado Department of Education, Study One took a difference-in-differences approach to determine the effect of the …

Circadian Variations And Risky Decision Making, Sana Sra

Scripps Senior Theses

Over the past decades, decision making under risk has garnered a great amount of attention both in the field of economics and psychology. Although state-dependent variabilities of risk taking are well-documented, little is known about the effects of a person’s preferred time of day, or chronotype, in risky decision making. Under circumstances of circadian mismatch (e.g., when an “early bird” makes decisions in the evening), research suggests that decision making may reflect a greater reliance on heuristics, such as using stereotypes in social judgments. However, the effects of circadian mismatch on heuristics in risky decision making are relatively unexplored. This …

M&A Performance: Market’S Initial Reaction As An Unbiased Indicator Of Post-Acquisition Performance, Nikolaos Papageorgiou

CMC Senior Theses

This paper investigates the reliability of the stock market’s initial reaction to M&A announcements as a predictor of actual post-acquisition performance. The two prevailing methods for evaluating M&A performance are event studies (stock market-based measures) and accounting-based measures. The present study combines these two performance evaluation approaches in a single empirical examination. Both the post-merger buy-and-hold abnormal returns and changes in ROA are used as actual post-acquisition performance variables. The acquirer’s cumulative abnormal return (CAR) around the announcement is used as the market predictor variable. An econometric model is employed to test the predictive power of the announcement-period CAR on …

Counterfactual Conditional Analysis Using The Centipede Game, Ahmed Bilal

CMC Senior Theses

The Backward Induction strategy for the Centipede Game leads us to a counterfactual reasoning paradox, The Centipede Game paradox. The counterfactual reasoning proving the backward induction strategy for the game appears to rely on the players in the game not choosing that very same backward induction strategy. The paradox is a general paradox that applies to backward induction reasoning in sequential, perfect information games. Therefore, the paradox is not only problematic for the Centipede Game, but it also affects counterfactual reasoning solutions in games similar to the Centipede Game. The Centipede Game is a prime illustration of this paradox in …

What Do We Know About The Recent Performance Of Indian Banks?, Laira Aggarwal

CMC Senior Theses

This paper examines the performance of Indian banks by studying the effects of recent reforms and macroeconomic events. Indian banks went through a period of reforms in the past twenty years. The impact of these reforms and major macroeconomic events has been examined using time-series analysis. Event studies offer additional perspective on the short-run effect of the events on different types of Indian banks. Although, the event dates are not all statistically significant in the time-series regressions, the demonetization of 2016 is significant in the event study analysis. Thus, while reforms and events have immediate impact on the performance of …

What Drives Merger Waves? A Study Of The Seven Historical Merger Waves In The U.S., Katherine Ching

Scripps Senior Theses

Historically, merger and acquisition (or M&A) activity has occurred in cyclical patterns, forming what are known as “merger waves.” To date, there have been a total of seven waves. Though it is widely acknowledged that merger waves exist, there is no consensus on what drives these waves. Through both qualitative and quantitative analysis, this paper aims to determine the causes of merger waves and looks at those causes through two different lenses: the neoclassical view, which states that economic shocks cause merger waves, and the behavioral view, which states that increases in merger activity are due to managerial behavior and …

The Intergenerational Transfer Of Criminal Justice Involvement: Risk And Protective Factors As Moderating Variables, Caitlin Storm

CGU Theses & Dissertations

Previous literature identified evidence of a transfer of criminal justice involvement between generations of family members. This relationship has proven especially strong between parents and children. Different demographic factors slightly alter the strength and significance of the transfer, but the established relationship between the criminal justice involvement of the parent and the increased likelihood of the child’s criminal justice involvement remains consistent. Data from the National Longitudinal Survey of Youth 1997 was used to analyze the effect of the father’s criminal justice involvement on his child’s. Using binary logistic regression models, predictor variables were included in a step-wise fashion to …

Can Uber And Lyft Save Public Transit?, Emily Zheng

Pomona Senior Theses

I examine whether Uber and Lyft are currently complements or substitutes of public transit, and how partnerships between cities and ride sharing companies can increase their complementary relationship and solve parking and mobility issues. The results suggest that transportation network companies (TNCs) like Uber and Lyft do not have a statistically significant effect on public transit ridership overall, but are complements of public transit for certain populations. Policies that give discounts for TNC rides taken to and from transit stops help solve the first mile / last mile problem, which consequently help increase transit ridership.

How Can California Best Promote Electric Vehicle Adoption? The Effect Of Public Charging Station Availability On Ev Adoption, Viraj Singh

Pomona Senior Theses

To promote higher air quality and reduce greenhouse gas emissions, the Californian government is investing heavily in developing public charging infrastructure to meet its electric vehicle adoption goal of five million zero-emission vehicles on the road by 2030. This thesis investigates the effect of public charging infrastructure availability on electric vehicle adoption at the zip code level in California. The analysis considers other factors that may influence electric vehicle adoption such as education level, income, commute time, gas prices, and public transportation rate. The findings suggest that public charging infrastructure availability does significantly positively correlate with electric vehicle registrations. Linear …

Sanitation, Ek Prem Katha: The Impact Of Sanitation On Education In Indian Government Schools, Romanshi Gupta

Scripps Senior Theses

The Total Sanitation Campaign is an initiative launched by the Government of India in 1999 to accelerate sanitation coverage throughout the country. This thesis measures the impact of the Total Sanitation Campaign on education in Indian government schools. I assess whether access to toilets, access to water or access to both toilets and water impact the following parameters of education: literacy, current enrollment in school or completed years of education. Data is sourced from the Indian Human Development Survey (IHDS) 2005, sorted for the nineteen major states in India and aggregated at a district level for each state. The analysis …

Gender Inequality In Hollywood: The Magnitude, Determinants, And Influence Of The Gender Wage Gap In The Film Industry, Taylor Milana

Scripps Senior Theses

In the field of labor economics, abundant research has been conducted on the cause and magnitude of the gender wage gap in various industries in the United States. While the national gender wage gap has decreased over the last few decades, this trend has not been observed in every industry. The film industry, in particular, has experienced a notable lack of progress in both its social and economic treatment of women. Because Hollywood has significant influence in the United States, its misguided portrayal of women and failure to ensure equal pay for male and female actors sets a harmful standard …

To What Extent Do Religious Institutions Provide A Societal Value? Is The Tax-Exempt Status Justified?, Annabel Hou

Scripps Senior Theses

Religious institutions have been tax-exempt from almost all taxes for more than two centuries. The two primary justifications used to protect this ‘status’ is the constitution and the concept that churches provide positive externalities that believers and non-believers all benefit from. This paper examines the relationship between religiosity and five socially important characteristics: high school graduation rate, a divorce rate, incidence of domestic violence, and levels of substance abuse and crime. I run multiple simple and full regressions across 207 counties in Texas. In four of the five analyses, religiosity has a strong statistically significant desirable impact. With the addition …

Measuring The Economic Costs Of Workplace Sexual Harassment On Women, Maureen R. Cowhey

Scripps Senior Theses

Workplace sexual harassment costs the government and companies millions of dollars a year. Women who experience sexual harassment in the workplace suffer from negative mental and physical health problems, lower career attainment, decreased productivity, and a higher rate of job turnover. Sexual harassment is both costly and unjust, however the exact cost to women who experience sexual harassment is unknown. This thesis will measure the impact of workplace sexual harassment on wages in different industries. Using data on claims filed with the Equal Employment Opportunity Commission, I calculate and analyze the impact of sexual harassment on wages, age, sex, and …

The Impact Of Transportation Network Companies On Public Transit: A Case Study At The San Francisco International Airport, Lianne Renee Sturgeon

Scripps Senior Theses

The emergence and rapid growth of Transportation Network Companies (TNCs), such as Uber and Lyft, has challenged the transportation industry by offering a new mode of transportation to consumers. It is imperative that transit agencies and cities understand the effect of TNCs on public transit usage to make informed decisions. This study analyzes the impact of TNCs on Bay Area Rapid Transit (BART) ridership at the San Francisco International Airport (SFO) to measure the effect of TNCs on public transit. Using a fixed effects model to analyze hourly BART and TNC ridership data from 2011 to 2018, these findings suggest …

Examining The Role Of Intra-Household Bargaining In The Adoption Of Green Technology, Antara Anand

Scripps Senior Theses

This paper investigates factors that affect gender-based differences in intra-household bargaining power that are reflected in consumption decisions regarding the adoption of green technology. Using data from the Indian Human Development Survey-II and a probit regression analysis, I find that increasing the level of a woman’s education (a proxy for increasing bargaining power) increases the likelihood of her household adopting LPG, the cleanest fuel option available. I also create an experimental design to serve as a next step for future research and target data collection on individual-level factors and environmental outcomes. The setup is for a potential intervention that assesses …

New Technology, Old Ways? The Gender Price Discount In Online Contemporary Art Auctions, Madeleine Peterson

Scripps Senior Theses

There is evidence there is a global gender price gap in traditional global art auctions. Taking into account recent technological advances in the secondary art market, this study examines if there is a gender gap for the sale prices of female artists’ work in the contemporary, online art auction market. The analysis uses a unique data set of art works sold in Christie’s Online-Only Auctions for the year of 2018. We regress measures of price on gender and controls for various characteristics of the art work and artist. We find that while there is discount in prices of 17% for …

The Legalization Of Street Vending In Los Angeles: Exploring The Impact On Vendors And Their Livelihoods, Karen Alpuche Caceres

Pomona Senior Theses

This thesis aims to unpack the impact the legalization of street vending and the subsequent regulation had on sidewalk vendors. Although legalization occurred state-wide through Senate Bill 946 in September of 2017, the rules and regulations for vending were passed at a city-level, and I am focusing on the City of Los Angeles specifically. Through interviews with government officials, non-profit partners and advocates, and vendors from different parts of the City, I analyze information around the policy itself, its history, and the impact it has and is expected to have on vendors and their businesses. While vendors have been central …

The Role Of Quality Education In The Economic Development Of Mexico, Betzayra Perez

CMC Senior Theses

Mexico’s education system ranks among the lowest in terms of quality and achievement levels. Given the importance of education for a country’s economic development, it is crucial to understand how improvements in Mexico’s education quality can result in economic growth for the country. This thesis aims to create awareness about how the quality of learning rather than total schooling can result in improving Mexico’s economic development. First, a general literature review provides significant findings of the quality of education, the difference between learning and schooling, and educational equity, and its effects on economic development. Moreover, a detailed overview of the …

Are Cds Auctions The Tail Wagging The Dog? An Empirical Study Of Corporate Bond Return Volatility At The Time Of Default, Jennifer Mace

CMC Senior Theses

Over the past decade, numerous engineered credit events and cases of market participants manipulating bond prices to influence Credit Default Swap (CDS) auction payouts have occurred. These cases have become increasingly common, and the CFTC has stated they may constitute market manipulation and undermine not only the CDS market but also the credit derivative and default markets. Although there is a plethora of news and media coverage on publicized cases, there is no previous empirical research on evidence of these practices. This paper is motivated by the desire to determine if there is indirect evidence of bond price manipulation around …

The Impacts Of Supra-Regional Multi-Resort Season Passes: A Hedonic Pricing Model Of Single-Day Lift Tickets For Us Ski Areas, Sijia Lai

CMC Senior Theses

Numerous media analyses claim that supra-regional multi-resort season passes (mega passes) are negatively impacting skiing, snowboarding, and winter-sport communities. In particular, media claims that ski areas on these season passes are charging higher single-day lift ticket prices to nudge people to buy their season pass products. To test this claim, I use a hedonic pricing model to estimate the impact of season passes on adult single-day lift ticket prices. By applying OLS regressions to a dataset of 302 US ski areas for the winter of 2018-19, I find that the ski areas on the leading season passes (Ikon and Epic …

The Fall Of The 10-K Report: Measuring The Impact Of Accounting Ratios On Financial Performance, Matthew Daruty

CMC Senior Theses

The annual 10-K report has historically been the most important aspect in assessing the position of a publicly held company. However, as the flow of information has increased with the dawn of new technologies, less and less attention has been paid to these audited financial statements. In order to assess if investors are still reacting to the information contained in the annual report, this paper examines the relationship between accounting ratios and stock price in banks traded on United States stock exchanges. By examining accounting ratios instead of simply looking at Earnings Per Share, new information was revealed regarding what …

First Movers In Marijuana: Tourism Boom Or Bust?, Henry Klyce Minervini

CMC Senior Theses

In 2014, Colorado and Washington legalized the cultivation, sale, and consumption of recreational marijuana for anyone over the age of 21. In doing so, the two states presented the first opportunities for marijuana-specific tourism in the United States. Direct benefits of legalization to these first movers, namely tax revenues generated through the sale of marijuana, have been quantified, but the indirect benefits in the tourism sector are as of yet unquantified. Although there is a large body of informal literature and popular media on marijuana tourism, academic study of the subject is scant. Working with a panel composed of 47 …

The Effect Of Neighborhood Crime Rates On Childhood Obesity In Los Angeles County, Lachlan Montgomery

CMC Senior Theses

This thesis examines the effect of neighborhood crime rates on childhood obesity in Los Angeles County over a five-year period 2012-2016. Using yearly pooled cross-sectional geocoded data from the University of Southern California (USC) Price Center for Social Innovation Neighborhood Data for Social Change (NDSC) interactive platform, I run multiple ordinary least squares regressions using different measures of crime to determine if neighborhoods with higher crime rates influence the unhealthy percentage of 5^th, 7^th, and 9^thgrade public school students. I hypothesize that crime influences obesity, violent crime has a stronger correlation than property crime, …

All Recessions Are Not Equal: The Effect Of Sectoral Shifts On Unemployment Using Regional Data, Eamon Gallagher

CMC Senior Theses

This thesis investigates the effect that variation in employment between industries has had on the depth of recession faced by Metropolitan Statistical Areas (MSAs) in the United States. This analysis is limited to the previous two national recessions. I use regression analysis to find that increases in variation in employment has a significant effect on the maximum increase in unemployment rate in MSAs after controlling for relevant MSA characteristics. In this framework I also find that increases in education could mitigate the negative effects of this variation. I include several other measures of depth of recession including the fall in …

Modeling Returns On Carbon Emission Allowances: An Application To Rggi, James Keneally

CMC Senior Theses

This thesis attempts to model the returns on Regional Greenhouse Gas Initiative (RGGI) allowances using logged monthly returns from 2011-2018. This asset, shown to be a useful diversifier in portfolios, has been identified by previous literature to behave similarly to commodities. I used auto-regressive, GARCH, and Markov regime switching models to analyze the returns because the returns displayed changing volatility. These models were comparatively analyzed both in and out-of-sample. In this limited data analysis, the Markov model outperformed both alternatives in-sample. The Markov and Garch models displayed similar predictive power out-of-sample, however neither were particularly effective.

Love At First Byte: An Economic Analysis Of The Internet Dating Apocalypse, Hamsa Srikanth

CMC Senior Theses

We’re often warned that the internet will hasten the dating apocalypse. The internet (it is posited) is depriving us of the elusive in-person magic, and modern courtship is now little more than love at first byte.

There remains uncertainty, however, about what the independent impact of the internet on the dating market has been. Similar to the internet, the telephone also changed the way we communicate, but its effect on the dating market was mostly complementary to the 'traditional' ways of meeting – i.e. calling your school crush at home. So the question remains: Is the effect of the …

Evolving Conceptions Of Sovereignty As Applied To Membership In International Organizations, Luke C. Radice

CMC Senior Theses

In the current international climate, both nations and individuals increasingly question both the validity and necessity of international organizations. This paper seeks to answer some of those questions, and to determine why countries choose to surrender significant portions of the national power that they are afforded under traditional perceptions of “Westphalian sovereignty”. This question is answered through an analysis of historical political thought on the concept of Sovereignty, then is applied to two case studies: the United Nations and the European Union, in which the benefits and downsides of surrendering sovereignty are discussed. Ultimately, this thesis concludes that the concept …

Leveraging Trade Agreements To Reduce Greenhouse Gas Emissions In Accordance With The Paris Agreement, Sam Becker

CMC Senior Theses

Climate change is the most obvious and pressing impairment of the biological, physical, and chemical systems. To help mitigate this unprecedented problem, I present heads of state, policymakers, and members of civil society with a set of new provisions that they can include in their trade agreements to drive emissions reduction from countries inside and outside of their trade agreements, maintain their ability to compete in an increasingly globalized world, and comply with international trading rules. Ultimately, I seek to demonstrate the untapped potential for leveraging trade agreements to reduce emissions in the midst of an international system that lacks …