Economics Commons^™

Delenda Est Norfolk: The Tidewater Revolts!, Kiera Dillman, Alise Dunham, Kristen Gary, Olivia M. Haris, Nelliel A. Herrera, Logan Holzgrefe, R. J. Lynch, Adam M. Manis, David Mogan, Luke Pickard, Shayla M. Shaw, Landon Swain, Kenny Wilcox, Bailey M. Wimberly, Tracy L. Barnett

Student Projects

Introduction to the Exhibit:

Today—exactly 250 years after the signing of the Declaration of Independence—many Americans trace the origins of the nation’s revolutionary sentiment to Boston, Massachusetts or Philadelphia, Pennsylvania. We remember the violence of March 1770, when red-coated British soldiers fired into a crowded Boston street, massacring innocent colonists and igniting outrage. We recall the patriotic defiance of the Sons of Liberty, who boarded three East India Company ships and dumped chests of imported British tea into the Boston Harbor in December 1773. We can still hear, too, the reverberations of the “shot heard ’round the world,” when British …

Does Short-Termism Pay? National Short-Termism, Investment, Innovation, And Equity Returns, Andrew H. Cohen

Theses and Dissertations in Business Administration

We examine whether national short-termism, inferred from corporate language, predicts future real activity, equity returns, risk, and risk-adjusted performance. Using large-scale textual analysis of issuer-linked disclosures and earnings transcripts from the largest firms in twenty major equity markets, we construct country-quarter and annual Short-Termism Scores (STS) capturing the relative emphasis on short- versus long-horizon language.

Higher short-termism predicts lower subsequent gross fixed capital formation, lower research and development intensity, and lower multi-year equity index returns across horizons of up to sixteen quarters. In addition, higher short-termism is associated with greater future market volatility and lower Sharpe ratios, indicating a deterioration …

Board Attributes, Firm Performance, And The Moderating Role Of National Culture: A Meta-Analysis, Matthew Farrell, Chris H. Willis, Nathapon Siangchokyoo, Ryan L. Klinger, Jamil Kreugel, Hami Usta, Timiry R. Tian, Ying Thaviphoke, Samuel Wilson

Management Faculty Publications

Research Question/Issue

The impact of board structures on firm performance remains a contentious governance topic with competing theoretical paradigms and inconclusive empirical support. Scholars propose that national culture could reconcile contradictory evidence; yet, argumentation is fragmented and direct tests are rare. We meta‐analyzed 513 samples across 54 countries to examine relationships between board structures (i.e., board size, board independence, and CEO duality) and firm performance. We model national culture, using Hofstede's six cultural dimensions, as moderators to test whether these relationships align with agency or stewardship theory across different cultural settings.

Research findings/insights

Findings indicate a substantial moderating role of …

Plastic Waste Imports & Coastal Litter: Evidence From Citizen Science Data, Rebecca L.C. Taylor, Hebe Williams, Shan Zhang

Economics Faculty Publications

Plastic waste is an internationally traded commodity, where importing countries recycle plastic waste into usable materials. However, there are concerns that the importation process creates plastic litter - a negative externality - in importing countries. While this concern has received much media and policy attention, quantifying the magnitude of this externality has been hindered by a lack of data on plastic litter across countries and over time. To this end, we use unconventional citizen science data on litter from Ocean Conservancy's International Coastal Cleanup, together with the United Nations Comtrade Database, to estimate the correlation between traded plastic waste and …

The Low Human Rights Advantage And The Failure Of Globalization: The Challenge Of China Inc., Shaomin Li

Management Faculty Publications

Purpose

We develop a framework of the low human rights advantage – labor repression, state discretionary expropriation and total control – that reduces factor costs and enables coordinated resource mobilization. These mechanisms generate economic advantage only when combined with access to global markets, which provide demand, capital and technology. By leveraging this low human rights advantage, the Chinese state has transformed China into a giant corporation that combines the agility of a firm with the resources of a nation, thereby reshaping global competition. Economic integration without corresponding political integration is a major contributor to the failure of the current wave …

Unlocking Organizational Support Through Psychological Empowerment: Identification And Test Of Transformational Leadership As A Catalyst Of Perceived Organizational Support, Ryan L. Klinger, Nathapon Siangchokyoo, Tipat Sottiwan

Management Faculty Publications

Organizational support theory (OST) explains how employees develop and respond to beliefs about their organization, with perceived organizational support (POS) representing a central construct within this framework. Integrating psychological empowerment theory, we examine an intrinsic motivational pathway through which POS relates to employee in-role performance and identify transformational leadership as a contextual catalyst that may strengthen this process. We test a multilevel moderated mediation model using multisource and multi-time data from 217 employees and 41 supervisors. Results indicate that POS is positively related to in-role performance through the psychological empowerment dimensions of competence and self-determination. Moreover, transformational leadership strengthens the …

But Who Are The Victims? Reassessing The 568 Higher Education Cartel, James V. Koch

Economics Faculty Publications

Thirty prestigious independent American institutions of higher education were at some time members of the 568 higher education group (often labeled a cartel). Seventeen of them were sued by the U.S. Government and representative students who alleged that their meetings and deliberations resulted in collusion that caused students to pay higher prices. Twelve of the seventeen institutions subsequently settled their cases and by 2024 collectively had paid $284 million to do so. However, an inspection of these institutions' pricing reveals that the median 568 Group institution lowered its average real net annual cost to its undergraduate students by 19.07% between …

Identifying Industry-Preferred Automation Software In Engineering: An Indeed-Based Analysis To Inform Engineering Technology Curriculum Design, Triet Minh Phan, Collins Okafor, Winifred Okafor, Devang Mehta, Mohsen Souissi, Jenora Waterman, Connie Mayberry, Misty Thomas, Orlando Ayala, Angie Price, Maurizio Manzo

Engineering Technology Faculty Publications

In the evolving field of automation engineering, staying aligned with industry software demands is critical to preparing graduates for the modern workforce. This study investigates the prevalence of leading industrial automation platforms—Rockwell / Allen-Bradley (RSLogix / Studio 5000), Siemens (TIA Portal / Step 7), and Schneider Electric (EcoStruxure / Unity Pro)—across job postings collected from Indeed using the keyword "automation engineering." The research compiles a structured dataset of job postings with seven fields: ID, Job Title, Organization, Rockwell / Allen-Bradley, Siemens, Schneider Electric, and Posting URL. Each entry is manually coded to indicate whether the listed software platforms are mentioned, …

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 …

Differential Impact Of Admission Type And Clinical Complexity On Diabetes Hospitalization Costs Among African American And Hispanic Patients In Southeastern Virginia, Ismail El Moudden, Asra Amidi, Reem Sharaf-Alddin, Michael C. Bittner, Qi Zhang

Department of Obstetrics & Gynecology Faculty Publications

Background

Diabetes mellitus (DM) imposes substantial healthcare costs with documented disparities among African Americans and Hispanic patients. To inform care delivery and resource allocation, this study identified hospitalization cost predictors among African American and Hispanic patients with diabetes in Southeastern Virginia.

Methods

We analyzed 6,011 hospital discharges from the Virginia Health Information database (2016-2020) for adults aged 18-85 with diabetes. Discharges were classified by Medicare Severity Diagnosis-Related Groups: DM with complications/comorbidities (DCC, n = 3,328), DM with major complications/comorbidities (DMCC, n = 1,518), and DM without major complications/comorbidities (DWO, n = 1,165). Because cost distributions were right-skewed (skewness 3.5-8.24), we …

A New Functional Setting For Term Structure Modeling Using The Health-Jarrow-Morton Framework, Michael Pokojovy, Ebenezer Nkum, Thomas M. Fullerton Jr.

Mathematics & Statistics Faculty Publications

The well-known Heath–Jarrow–Morton (HJM) framework provides a universal and efficacious instrument for modeling the stochastic evolution of an entire yield curve by explaining the interest rate dynamics in continuous time under no-arbitrage conditions. Existing implementations involve exponentially weighted function spaces as theoretical settings for the former stochastic evolution. While the choice of weight can have a drastic effect on model calibration and subsequent forecasting, it cannot be estimated from market data and does not allow for any objective interpretation. The proposed approach does not have this shortcoming as it adopts a suitably designed unweighted function space. The HJM equation is …

Do Major Customers Affect Firms' Environmental, Social And Governance Activities?, Feng Dong, John A. Doukas, Stephanie Walton, Rongyao Gloria Zhang, Yiyang Zhang

Finance Faculty Publications

We examine the role of major customers in shaping firms' environmental, social and governance (ESG) practices. We find that firms with major customer relationships undertake fewer ESG activities compared to those without such ties. The association is attenuated when institutional ownership is high, firms are less diversified, customers exhibit greater bankruptcy risk and lower switching costs and during periods of elevated equity market sentiment. Taken together, our findings highlight that reliance on a concentrated customer base can weaken firms’ incentives to engage in ESG practices, with important implications for supply chain sustainability.

International Evidence On The Relationship Between Financial Literacy And Corporate Cash Holdings, Kenneth Yung, Reza Kahibavil, Su Li, Arian Amidi

Finance Faculty Publications

This study is the first investigation of the relationship between corporate cash holdings and financial literacy (FL). We find that a one‐standard‐deviation increase in FL is associated with an 8%–27% reduction in corporate cash holdings, depending on the measure of FL used. Moreover, higher FL reduces the market value of excess cash, indicating that financially literate environments discourage value‐destroying cash accumulation. The results remain robust across alternative definitions of FL and cash holdings, estimation methods, and country subsamples. We further rule out the influence of endogeneity, refinancing risk, and variation in cash needs. Additional analyses identify agency costs as the …

Natural Resource Rents And Energy Poverty Nexus In Next Eleven Economies, Muhammad Salah Uddin, Ayub Ali, Zobayer Ahmed, Md Nasir Uddin Sikdar, Ahsan Habib, Abdullah Elah Al-Mahde

Finance Faculty Publications

Energy poverty (EP) remains a persistent global challenge with important implications for economic development, public health, and social welfare. While natural resources, particularly oil and gas, are often viewed as key sources of energy access, their effectiveness in mitigating EP remains underexplored in emerging economies. This study examines the relationship between natural resource rents (NRR), specifically oil rents (OR) and natural gas rents (NGR), and energy poverty (EP) in the Next Eleven (N-11) countries from 2000 to 2020. The primary objective is to assess how NRR influences EP at various levels of poverty using the Method of Moments Quantile Regression …

How Operational And Disclosure Complexity Shapes The Conglomerate Discount, Feng Dong, John A. Doukas, Son Wilson, Rongyao Zhang

Finance Faculty Publications

This study examines how firm operational diversification and disclosure complexity jointly drive the conglomerate discount. We disentangle disclosure complexity, which is determined by managerially influenced financial transparency, from accounting complexity, which is a direct informational consequence of operational complexity. We find that operational diversification is consistently associated with significant conglomerate discounts, while disclosure complexity independently reduces firm value and amplifies the magnitude of the discount when diversification is high. These findings suggest that transparent disclosures can mitigate valuation costs, offering important implications for managers seeking effective communication, investors assessing complex firms, and policymakers aiming to enhance disclosure quality and market …

Ceo-Employee Pay Ratio Disclosure And Dividend Policy, Rajib Chowdhury, John A. Doukas

Finance Faculty Publications

We examine whether and how the magnitude of the CEO pay ratio affects dividend policy in the context of inequality-averse investors. Our results demonstrate a positive association between the two and remain robust to endogeneity concerns. We find that the CEO pay ratios positively affect dividends irrespective of whether CEO compensation contracts motivate risk-averse or risk-taking policy choices. This non-diverse effect on dividend policy across CEOs with different pay structures contradicts previous studies and highlights the wealth effect resulting from the SEC mandate. Further analyses reveal a negative effect of the pay ratio on cash holdings and investment inefficiency.

Visit Complexity Differs Between Scarring And Nonscarring Alopecia: A 5-Year Dataderm Analysis, Ian Noel Encarnacion, Noelle Desir, Nicholas Schell, Apoorva Mehta, Temitayo Ogunleye, Susan Taylor

Department of Medicine Faculty Publications

[Introduction] Accurate coding is a critical component of dermatologic practice, influencing reimbursement and documentation of clinical complexity. Although alopecia has significant psychosocial and financial burdens, Current Procedural Terminology (CPT) coding patterns in alopecia management remain largely understudied. Our population-level study using the American Academy of Dermatology's DataDerm clinical registry¹ evaluates alopecia CPT coding trends, pre-2021 and post-2021 evaluation and management (E/M) CPT coding updates,² aiming to inform coding practices and visit complexity, which have significant reimbursement implications.

Application Paths Of Semantic Modeling In Financial Fraud Detection And Risk Identification, Victor P. Gauthier, Daniel S. Wu

Computer Science Faculty Publications

Financial fraud and risk pose significant threats to economic stability and individual well-being. Traditional detection methods often struggle to keep pace with increasingly sophisticated fraudulent schemes. Semantic modeling, which focuses on understanding the meaning and relationships within data, offers a promising avenue for enhancing fraud detection and risk identification. This review paper explores the application paths of semantic modeling in this domain. We begin with a historical overview of fraud detection techniques, highlighting the limitations of traditional approaches. Subsequently, we delve into core themes, including knowledge graph-based fraud detection and semantic rule-based inference for risk assessment. We then compare and …

Sociohydrodynamics: Data-Driven Modeling Of Social Behavior, Daniel S. Seara, Jonathan Colen, Michel Fruchart, Yael Avni, David G. Martin, Vincenzo Vitelli

Data Science Faculty Publications

Living systems display complex behaviors driven by physical forces as well as decision-making. Hydrodynamic theories hold promise for simplified universal descriptions of socially generated collective behaviors. However, the construction of such theories is often divorced from the data they should describe. Here, we develop and apply a data-driven pipeline that links micromotives to macrobehavior by augmenting hydrodynamics with individual preferences that guide motion. We illustrate this pipeline on a case study of residential dynamics in the United States, for which census and sociological data are available. Guided by Census data, sociological surveys, and neural network analysis, we systematically assess standard …

Draining Development: The Changing Nature Of Corruption In Post-Independence India, Chandra Tiwari

Graduate Program in International Studies Theses & Dissertations

The economic growth of emerging economies, particularly India’s, stands at a crossroads as the fight against corruption intensifies. Corruption poses a significant threat to the overall development of a country, necessitating the convergence of technological advances with national and global initiatives to combat the issue. Despite several ongoing efforts taken by international bodies to enforce regulations, challenges persist in curbing this issue due to the fundamental behavioral and structural factors at play. This dissertation investigates the dynamic evolution of corruption within a cash-based economy, a period of trade openness, and the contemporary digitalized age in India through a comparative case …

Democracy And Foreign Aid: How Democratic Institutions Affect Aid Effectiveness, Jonas Bensah

Graduate Research Conference (GSIS)

This research paper examines the comparative effectiveness of foreign aid in Ghana and Zimbabwe, highlighting the critical role of political regimes and democratic institutions. The study underscores that while democratic governance, characterized by transparency, accountability, and citizen participation, significantly enhances aid effectiveness. Ghana’s stable democracy and robust institutions have facilitated the effective use of aid, leading to significant improvements in economic growth, education, healthcare, and infrastructure. In contrast, Zimbabwe’s authoritarian regime, marked by corruption and political repression, has hindered the efficient utilization of aid, exacerbating the country's socio-economic challenges. Policy recommendations for donors emphasize the need for promoting democratic governance, …

From Shatter Zone To Shatterbelt: The Role Of The Three Seas Initiative In Shaping Central And Eastern Europe, Ian Murphy

Graduate Research Conference (GSIS)

The Three Seas Initiative (TSI) is a relatively new political and economic platform aimed at enhancing connectivity and infrastructure development in Central and Eastern Europe (CEE). This initiative seeks to address the region’s historical underdevelopment and lack of north-south connectivity. This paper examines the role of the TSI in the context of a changing geopolitical landscape, where Russia and China are increasingly seeking to exert influence. The central research question is: Does the TSI represent a fundamental shift in the CEE region, and how can it foster interdependence while mitigating the risk of conflict? I argue that the TSI signifies …

Has The Iasb Successfully Achieved Its Stated Goals? A Literature Synthesis And Theoretical Model, Stephen B. Salter, Hong Kim Duong, Gaurav Gupta

Accounting Faculty Publications

The purpose of this paper is to examine whether the International Accounting Standards Board (IASB) has been successful in achieving its stated objective of enhancing the comparability of financial reports produced across the globe. According to IFRS.org, "IFRS Accounting Standards bring transparency by enhancing the international comparability and quality of financial information, enabling investors and other market participants to make informed economic decisions." To meet our research objective, we summarize the research on international financial reporting standards (IFRS) found in seven relevant ABDC A and A* journals for 2016-2021. Based on the examination of published research, we create a model …

Part 3: Virginia's Workforce: Understanding Apprentices, Dragas Center For Economic Analysis And Policy, Old Dominion University

State of the Commonwealth Reports

This chapter examines the state of apprenticeship programs in the United States and Virginia, assessing their role in the labor market. We begin with an overview of national apprenticeship policy, tracing major laws and initiatives that have influenced the system’s evolution and expansion. We then review trends in apprenticeship participation, highlighting the states that lead in registrations and program growth. The discussion pivots to Virginia, where we analyze current occupation, wage and demographic data, and regional apprenticeship examples that connect education and industry. Finally, we consider whether apprenticeships represent a sustainable and scalable solution to the Commonwealth’s workforce challenges.

Front Matter: 2025 State Of The Commonwealth Report, Dragas Center For Economic Analysis And Policy, Old Dominion University

State of the Commonwealth Reports

Cover, front matter, table of contents, sponsors, and other materials for the 2023 State of the Commonwealth Report authored by the Center for Economic Analysis and Policy at Old Dominion University,

Part 1: Virginia's Economy Slows As Challenges To Growth Rise, Dragas Center For Economic Analysis And Policy, Old Dominion University

State of the Commonwealth Reports

As we near the end of 2025, we now have sufficient evidence that economic activity has slowed in Virginia. The civilian labor force and the number of individuals reporting they are at work has fallen in 2025. Weekly continued unemployment claims, which capture individuals who are unemployed, looking for work, but have not found work, have been higher for each week of 2025 when compared to 2024. Job growth has continued, but the economy is buffeted by tariffs and declines in federal employment.

Front Matter: The State Of The Region, Hampton Roads 2025, Dragas Center For Economic Analysis And Policy, Old Dominion University

State of the Region Reports: Hampton Roads

Cover, Front Matter, Table of Contents, Sponsors, and other materials for the 2025 The State of the Region Report authored by the Center for Economic Analysis and Policy at Old Dominion University.

Part 7: Hampton Roads' Collaborative Spirit Produces Regional Results, Dragas Center For Economic Analysis And Policy, Old Dominion University, Drew Lumpkin

State of the Region Reports: Hampton Roads

In this chapter, Drew Lumpkin, lead author, examines how collaboration has improved in Hampton Roads over the last two decades. He highlights specific examples of regional collaboration and how these efforts have changed the conversation in Hampton Roads.

Part 2: Defense, The Port, And Tourism: The Pillars Of The Economy, Dragas Center For Economic Analysis And Policy, Old Dominion University

State of the Region Reports: Hampton Roads

There was (mostly) good news to report about the pillars of the Hampton Roads economy in 2024. More defense spending flowed into the region in 2024, and defense spending is likely to increase in 2025 and 2026. The Port of Virginia experienced gains in traffic in 2024, but tariffs has created headwinds in 2025. The hotel industry’s growth has slowed, and increasing uncertainty may undermine prospects for growth in 2025 and 2026.

Part 3: Heads Carolina, Tails Somewhere Else, Dragas Center For Economic Analysis And Policy, Old Dominion University

State of the Region Reports: Hampton Roads

From 2021 to 2024, Hampton Roads grew more quickly and created jobs at a faster pace than the previous decade. Even after accounting for the impacts of inflation, real Gross Domestic Product (GDP), wages, and incomes were higher than 2019. The region’s economic performance relative to other metropolitan areas, however, has left much to be desired. One reflection of Hampton Roads economic performance has been the continued outmigration of residents to other locales in the Commonwealth and, in some cases, other states.