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Articles 361 - 390 of 421
Full-Text Articles in Economics
Do Political Contributions Purchase Regulatory Discretion In Mining Inspections?, Neil K. Malani
Do Political Contributions Purchase Regulatory Discretion In Mining Inspections?, Neil K. Malani
CMC Senior Theses
A vast literature acknowledges the corruptibility of regulators; however, empirical tests on the matter have been limited to two-agent models examining the rulemaking process and price regulation of natural monopolies. It remains an open question whether political contributions, by driving legislative pressure, can entice laxity from regulators in their application of the rules. To remedy this issue, I observe the highly-regulated coal mining industry for which there exists several points for inspector discretion. By comparing the outcomes with Congressional coal mining contribution levels, I am able to ascertain capture across several dimensions. Specifically, I find that contributions are associated with …
Occupy This: The Effect Of Income Inequality On Gdp Per Capita Growth Using Panel Data In The United States From 1963 To 2009, Dylan B. Lee
Occupy This: The Effect Of Income Inequality On Gdp Per Capita Growth Using Panel Data In The United States From 1963 To 2009, Dylan B. Lee
CMC Senior Theses
Income inequality and its relationship to long-term GDP per capita growth has been researched for decades since the development of the Kuznet’s Curve. Theoretical and empirical research has shown mixed results including positive, negative, non-existent, or statistically insignificant relationships. Empirical research on income inequality and economic growth in the United States has also shown mixed results. In addition to using existing data, this paper uses originally-constructed Gini Coefficients from 2005 to 2009. A statistically significant negative correlation between income inequality, and both short-term growth and long-term growth is found in the analysis of this data. Finally, this paper attempts to …
The Effect Of The Establishment Of The Day Clearing Branch On Trading Costs: A Look At The Nyse In 1920, Samuel W. Wong
The Effect Of The Establishment Of The Day Clearing Branch On Trading Costs: A Look At The Nyse In 1920, Samuel W. Wong
CMC Senior Theses
As a financial institution that clears and settles payments for equity and other securities, a clearinghouse essentially reduces the counterparty risk. It diminishes the risk of one party failing to meet its obligations, and makes markets more efficient through netting. This paper examines the impact of the establishment of the Day Clearing Branch on April 26, 1920, which allowed the NYSE Clearinghouse to net cash values and clear loans, supposedly resulting in savings in banking, time, and labor. The common and preferred equity securities that traded on the NYSE during the year 1920 were analyzed. The effect on bid-ask spreads …
Water Policy: The World's Most Important Resource Politicized, Ethan Gilbert
Water Policy: The World's Most Important Resource Politicized, Ethan Gilbert
CMC Senior Theses
Water is the most important resource on the planet for sustaining life, and many consider access to water as a fundamental human right. However, in light of its necessity, the distribution and allocation of water has become a highly politicized issue. Economic and political conditions have been shown to be influential in shaping a country’s water policy, more so then recognition of water as a basic human right. The reason for this is that many agree that there needs to be a value assigned to water to encourage its conservation and efficient use, and different methods of addressing that issue …
Differential Effects Of Tort Reform Across Medical Specialties, William C. Dodds
Differential Effects Of Tort Reform Across Medical Specialties, William C. Dodds
CMC Senior Theses
This paper utilizes data on physician malpractice insurance premiums and state tort law to analyze how physicians in various medical specialties are differentially affected by caps on noneconomic damages. As higher premiums put pressure on legislators to enact damage caps, I instrument caps on noneconomic damages with enactment of tort reform measures that do not affect malpractice premiums to uncover the effect of caps on noneconomic damages on such premiums. I find evidence to support that, in terms of dollars saved, physicians in high risk specialties benefit more from noneconomic damage caps than physicians in low risk specialties. However, in …
The Evolution Of The Music Industry In The Post-Internet Era, Ashraf El Gamal
The Evolution Of The Music Industry In The Post-Internet Era, Ashraf El Gamal
CMC Senior Theses
The rise in the prevalence of the Internet has had a wide range of implications in nearly every industry. Within the music business, the turn of the millennium came with a unique, and difficult, set of challenges. While the majority of academic literature in the area focuses specifically on the aspect of file sharing within the Internet as it negatively impacts sales within the recording sector, this study aims to assess the Internet’s wider impacts on the broader music industry. In the same time that record sales have plummeted, the live music sector has thrived, potentially presenting alternative business models …
A Philosophical Framework For Conditional Cash Transfers, Jaron Abelsohn
A Philosophical Framework For Conditional Cash Transfers, Jaron Abelsohn
CMC Senior Theses
Despite some recent economic progress, there is still widespread poverty and severe inequality in developing countries. According to the World Bank there are over 925 million hungry or undernourished people worldwide. More than 80 percent of people in the world live in countries whose income inequality is rising. Over 2.1 billion people globally live on less than two dollars a day, with over 880 million people facing absolute poverty and living on less than one dollar a day. Three out of four people living on less than $1 a day live in rural areas. These impacts have been magnified by …
Cross-Cultural Risk Behavior In Financial Decisions And The Cushion Hypothesis, Jin Tan
Cross-Cultural Risk Behavior In Financial Decisions And The Cushion Hypothesis, Jin Tan
CMC Senior Theses
92 students from a Southern California liberal arts college and two Beijing universities participated in an online questionnaire. Their cultural tendencies (i.e. level of collectivism and perception of family support) and responses to hypothetical investment scenarios were observed. Participants were asked to provide the amount they would invest in each scenario as well as a risk safety rating. The Chinese respondents reported higher cushion and collectivism scores than the Americans. Furthermore, the Chinese sample offered more money for the three riskiest scenarios; they also rated three scenarios safer than the Americans did. The cushion and collectivism scores were not found …
Estimating The Effects Of Integrated Film Production On Box-Office Performance: Do Inhouse Effects Influence Studio Moguls?, Daniel M. Polyakov
Estimating The Effects Of Integrated Film Production On Box-Office Performance: Do Inhouse Effects Influence Studio Moguls?, Daniel M. Polyakov
CMC Senior Theses
Each year well over one billion movie tickets are sold to an audience who knows very little about what they are getting themselves into. Why is it that despite the uncertainty, people return to the theaters to see what Hollywood has in store for them? In efforts to provide answers regarding the driving forces behind Hollywood’s blockbuster hits, this study takes into account the integration levels of the studios. Specifically, does a movie produced in-house at a large studio have a better chance of being a blockbuster hit than one which is outsourced to an independent production company? Further, I …
Do Nba Fans Discriminate Against Race Or Nationality?, Peter Meyer
Do Nba Fans Discriminate Against Race Or Nationality?, Peter Meyer
CMC Senior Theses
Previous work found evidence that the racial composition of NBA teams was positively correlated with the racial composition of their metropolitan market areas during the 1990s. This paper finds continued evidence of this relationship in the 2000s, with an accompanying attendance boost from the incorporation of white players on teams located in whiter areas. There is also evidence that white players receive a salary premium relative to black players of equal performance quality. An examination of player performance indicates that demand for foreign players with the skill set of a forward or center is higher than demand for players of …
Predicting Enrollment Decisions Of Students Admitted To Claremont Mckenna College, Michael Zaytsev
Predicting Enrollment Decisions Of Students Admitted To Claremont Mckenna College, Michael Zaytsev
CMC Senior Theses
College admission has become increasingly competitive in the internet era. This is especially true for the highest caliber of students and institutions. College admission is a process filled with asymmetric information. One of the biggest asymmetries occurs when schools admit students not knowing whether or not students will actually enroll. This uncertainty is economically costly to schools. As national rankings become more and more influential, schools are more sensitive to their rank and the statistics that determine them. One of these is yield, the percentage of admitted students who enroll. This paper examines data on admitted students to Claremont McKenna …
A New Experiment On Rational Behavior, Myles R. Macdonald
A New Experiment On Rational Behavior, Myles R. Macdonald
CMC Senior Theses
Behavioral economics is widely recognized as a rising field in economics, one whose discoveries and implications are not yet completed or understood. At the same time, economic theory plays an enormous role in our governmental and legal system. In particular, the Coase Theorem and its implications have affected nearly every area in the field of law and economics. This paper proposes a experimental test of Coasean bargaining in situations using two competitive players whose payoffs depend on minimizing their costs of mitigating the externality. A rational player’s action can be predicted ahead of time, and the rationality of the game’s …
Executive Minority Employment And Compensation Gap In The S&P500: Is Compensation Disparity More Prevalent In Certain Industries?, Jason W. Toney
Executive Minority Employment And Compensation Gap In The S&P500: Is Compensation Disparity More Prevalent In Certain Industries?, Jason W. Toney
CMC Senior Theses
Minorities hold a significantly smaller percentage of executive positions in companies within the S&P500. However, whether these minorities are under compensated relative to their non-minority counterparts has not been previously investigated. Using Compustat data, this paper documents the differences in compensation between minorities and non-minorities as a whole, minority and non-minority CEOs, and the differences in compensation for minorities and non-minorities within industries. I show that there is no minority/white wage gap overall, and in some cases, minorities earn a premium compared to non-minorities.
Pointless?, Jonah Yuen
Pointless?, Jonah Yuen
CMC Senior Theses
A fundamental question in politics that has no conclusive answer to this day is whether or not campaign expenditures are pointless. Determining the role of campaign contributions and spending in elections is important for formulating campaign finance reform policy and also for understanding the public choice economics behind elections. Politicians seem convinced that money is an important component in any successful election as illustrated by numerous fundraisers and lofty goals of raising $1 billion for presidential campaigns, yet the empirical research on money’s role in elections has not reached a consensus. This project seeks to further explore the relationship between …
The Great Indian Growth Puzzle: What Caused A Spike In 2003?, Aditya Bindal
The Great Indian Growth Puzzle: What Caused A Spike In 2003?, Aditya Bindal
CMC Senior Theses
This paper will employ unit root tests for finding structural breaks endogenously among India’s key macroeconomic aggregate series, as well as their components and subcomponents. The same analysis will be repeated, wherever data are available, for states. The results from these unit root tests will then be used in regression models for national and state level data to understand the causes behind structural breaks. We find that breakpoints cluster around 1982 and 2003 for most series at the national and state level. The services component appears to be a promising candidate for explaining the 2003 structural break in some of …
The High Costs Of Small Loans: Understanding Interest Rates In Microfinance, Benjamin W. Hudgens
The High Costs Of Small Loans: Understanding Interest Rates In Microfinance, Benjamin W. Hudgens
CMC Senior Theses
Version:1.0 StartHTML:0000000183 EndHTML:0000003190 StartFragment:0000002393 EndFragment:0000003154 SourceURL:file://localhost/Users/benjaminhudgens/Desktop/Final%20Thesis.docx This thesis will use data from 2009 to examine two questions about the Microfinance industry. First, why do firms charge interest rates well beyond their cost of funds and second, are there important differences at the national level that can help us to understand the high interest rates in Microfinance? I find that interest rates are primarily a result of operating expenses, but profit-status has large effects in developed Microfinance markets. I also find that the Economist Intelligence Unit’s measures of regulatory environment and industrial development explain a large portion of the variation in …
The Effect Of Culture On Female Labor Force Partcipation, Joycelyn J. Ho
The Effect Of Culture On Female Labor Force Partcipation, Joycelyn J. Ho
CMC Senior Theses
This article looks at the effect of culture on female labor force participation. Proxies of culture used are Globe cultural social practice dimensions, and Hofstede cultural dimensions. This article finds that globe cultural dimensions have a stronger explantory value that Hofstede cultural dimensions. It confirms that gender eglaitarianism is a predictor of female labor force participation. It also suggests that assertiveness and uncertainty avoidance are also predictors of female labor force participation.
Strategic Significance: A Model Of G-20 Membership, Patrick Eagan-Van Meter
Strategic Significance: A Model Of G-20 Membership, Patrick Eagan-Van Meter
CMC Senior Theses
The membership of the Group of 20 was selected without any official criteria. This paper investigates whether group membership can be explained through the consideration of several different factors that coincide with the mission of the organization. I found strong evidence that membership in the Group of 20 was based on some combination of land mass and economic output. The results demonstrate that these factors are highly predictive of group membership.
Democratic Strength And Terrorism: An Economic Approach, Brian P. Winter
Democratic Strength And Terrorism: An Economic Approach, Brian P. Winter
CMC Senior Theses
There has been much literature about the economic effects of terrorism in democratic countries, but this literature often considers democracy to be a binary variable. This paper sought to explore how the effects might differ depending on the strength of a democracy. In the end, I found that the numbers of attacks and the effects of those attacks do not follow a linear path. The results for autocracies and anocracies require further analysis, but democracies have revealed interesting results. It seems that democracies as a whole have more terrorist attacks, but, within this group, the more democratic a country is …
Fiscal Impact Of Privatization In Developing Countries, Alexander H. Sunderland
Fiscal Impact Of Privatization In Developing Countries, Alexander H. Sunderland
CMC Senior Theses
This paper examines the fiscal impact of privatization revenues in 47 developing countries. There are many reasons that privatization is attractive for the central government of developing countries. If substantial, these revenues from the sale of state owned enterprises can present a potential solution to persistent deficits. On the other hand, the privatization revenues could be used to finance an even larger deficit. In this paper, I will discuss previous research on the fiscal impact of privatization revenues, the factors that contribute to persistent fiscal budget deficits and explain how empirical research on the fiscal impact of privatization in the …
Public Dollar Private Owners; Tax Subsidies For New Stadiums In Professional Sports, Grant J. Bunnage
Public Dollar Private Owners; Tax Subsidies For New Stadiums In Professional Sports, Grant J. Bunnage
CMC Senior Theses
The growing popularity of North American professional sports over the last twenty years directly coincides with the recent trend of urban communities using tax dollars to publically subsidize professional football, baseball, and basketball stadiums. Communities across North America invest substantial amount of public tax dollars in private facilities in light of a consensus among policy analysts that the economic impact of the new stadium is greatly exaggerated. The economic impact of new stadiums has been extensively researched, the focus of this paper rather, is to examine the impact publically subsidized facilities built in the last twenty years have on the …
Tie The Knot Or You Tighten The Noose? The Current Effect Of Pre-Marital Cohabitation On Marriage Survival Rates, Matthew D. Beienburg
Tie The Knot Or You Tighten The Noose? The Current Effect Of Pre-Marital Cohabitation On Marriage Survival Rates, Matthew D. Beienburg
CMC Senior Theses
Pre-marital cohabitation has become a mainstream practice among couples in the United States, yet initial empirical evidence demonstrated significant correlations between cohabitation and subsequent marital instability. Later studies disputed a causal relation and have attempted to show a weakened connection over time, but have themselves suffered from the use of exclusively older and/or unreliable data. This paper uses figures from the National Longitudinal Survey of Youth (1997-08) and the National Survey of Family Growth (2006-08) to provide an updated analysis of cohabitation’s effect on marriage over the past decade. Using proportional hazard and competing risk models, this paper confirms a …
The Gift That Keeps Giving: Fdi Inflows In China, Joseph Chang
The Gift That Keeps Giving: Fdi Inflows In China, Joseph Chang
CMC Senior Theses
This paper investigates the primacy of foreign direct investment inflows in liberalizing China’s economy and whether the long-term gains from economic openness will justify its inefficient energy uses and growing regional income disparities. By examining the history of FDI inflows in China, it becomes evident that FDI inflows were an instrumental part in institutional and technological development in China. I extend the argument to take into account how these developed infrastructures react to China’s growing energy demand in light of a shrinking world supply. Lastly, I perform a meta-analysis on the Environmental Kuznets Curve theory and the Pollution Haven Hypothesis, …
The Impact Of Terrorism On Foreign Direct Investment: Which Sectors Are More Vulnerable?, Shivani Agrawal
The Impact Of Terrorism On Foreign Direct Investment: Which Sectors Are More Vulnerable?, Shivani Agrawal
CMC Senior Theses
The impact of conflict and violence on foreign direct investment (FDI) is not a topic that has been done justice by the literature, and what few studies exist have contradictory results. This paper studies the impact that transnational terrorism has on FDI inflows by economic sector, in developed countries. Results indicate a statistically significant negative correlation between terrorist events and total FDI inflows. Amongst a list of 12 broad industrial sectors, FDI inflows for manufacturing, trade and repair, and construction were found to have a statistically significant negative correlation with terrorist events.
Running Backs In The Nfl Draft And Nfl Combine: Can Performance Be Predicted?, Chris Blees
Running Backs In The Nfl Draft And Nfl Combine: Can Performance Be Predicted?, Chris Blees
CMC Senior Theses
Berri and Simmons (2009) investigate the relationship between the NFL Combine and the NFL Draft. They find that a quarterback’s performance in the Combine can have a significant impact on that player’s draft position. However, they find that no known aspect of a quarterback before they are drafted is an indicator of success in the NFL. I examine if these relationships exist for the Running Back position. I find similar results to Berri and Simmons: that performance in the Combine does have an effect on that player’s draft position, but that no aspect of a running back’s pre-draft characteristics can …
The Effects Of Industry On Cross-Border And Domestic Ipo Underpricing, Emily K N Hirano
The Effects Of Industry On Cross-Border And Domestic Ipo Underpricing, Emily K N Hirano
CMC Senior Theses
Increasing numbers of foreign firms are holding cross-border IPOs in attempts to raise capital in markets outside of their home nation. Within the United States cross-border IPOs consistently experience greater amounts of underpricing than domestic IPOs. This paper examines the effects of SIC industry classifications on cross-border and domestic IPO underpricing from 2004-2010. Analysis demonstrates that in various industries, SIC classification has a significant impact upon underpricing in comparison to other industries. While in other industries, significance is solely exhibited through the differing impacts of domestic and cross-border IPOs, within the industry itself, upon underpricing. The most significant industry effect …
Energy Efficiency Technologies For Buildings: Potential For Energy, Cost, And Carbon Emission Savings, Bukola S. Jimoh
Energy Efficiency Technologies For Buildings: Potential For Energy, Cost, And Carbon Emission Savings, Bukola S. Jimoh
CMC Senior Theses
Buildings are a significant energy consumer and are responsible for an increasingly large percent of worldwide greenhouse gas emissions, currently between 30 and 40 percent. Energy efficiency presents unique opportunities for building owners to reduce their environmental footprint and add value through cost savings, tax deductions, and increased market value. An analysis of 183 samples of efficiency measures in seven technology categories found that 74% of efficiency investments had a positive net present value. Building automation system and chiller plant improvements had the highest mean energy and carbon dioxide savings per square foot. Additionally, building automation systems had, on average …
How Did The Extension Of The U.S. Dividend Tax Cuts In 2010 Affect Stock Prices?, Gayle Lim
How Did The Extension Of The U.S. Dividend Tax Cuts In 2010 Affect Stock Prices?, Gayle Lim
CMC Senior Theses
The efficacy of the 2001 and 2003 Bush tax cuts was a major topic of discussion in the 2010 midterm elections. I investigate the effect of the possible expiration and eventual extension of the dividend tax cut on US stock market performance in 2010 based on the methodology used by Amronin, Harrison and Sharpe (2008). I compare aggregate performance of US common stocks relative to foreign stocks using equity indices, and examine cross-sectional performance amongst US stocks by creating different stock portfolios based on their dividend yield. This comparison is done over two event windows, (1) 20-24 September 2010 and …
Has The Franco-German Power Balance In The European Union Tipped In Favor Of Germany?, Stephanie C. Haffner
Has The Franco-German Power Balance In The European Union Tipped In Favor Of Germany?, Stephanie C. Haffner
CMC Senior Theses
The power balance between France and Germany in the European Union has been one of great discussion and debate. Countless journalists and scholars have argued that Germany’s power has risen gradually against the seemingly perpetually stronger France over the past sixty years, and is now finally set to surpass France; but how true are these claims? How can power within the EU truly be measured? Through an analysis of Franco-German collaboration through unionization, a critique of the contemporary discourse on the relationship, and an examination of changing contributions to the EU budget, my paper argues that the Franco-German power balance …
The Impact Of A Conditional Cash Transfer Program On Credit Behavior In Colombia, Brittany Pineros
The Impact Of A Conditional Cash Transfer Program On Credit Behavior In Colombia, Brittany Pineros
CMC Senior Theses
This paper investigates the impact of Familias en Acción, a conditional cash transfer program in Colombia, on participant credit behavior. The motivation of the research is derived from previous studies which indicate that conditional cash transfer programs have effects on households aside from those directly intentioned by the programs. While the direct impacts of Familias en Acción have been measured by the research team responsible for evaluating the program, potential indirect effects remain uninvestigated. My research specifically focuses on the impacts of the program on credit behavior. I compute estimates on the percent change in loan balance outstanding and …