Economics Commons^™

The Singapore Report: National Landscape, Current Challenges And Opportunities For Growth, Institute For Societal Leadership, Aji Paramartha, Shihui Khee, Regina Unson, Sai Hein

Institute of Societal Leadership Research Collection

Singapore has come a long way, since her beginnings as a sleepy fishing village and a tiny Malay settlement ruled by the Sultan of Johor. Sir Stamford Raffles first arrived in Singapore in 1819 and immediately recognised that its strategic location along the Straits of Malacca would be useful to the British in developing an alternative to challenge Dutch influence and monopoly in the region. During British colonial rule, Singapore developed into an important free port and trade city, an essential trait that continues to feature heavily in Singapore’s economic development to this day.

Cover - Table Of Contents

Major Themes in Economics

No abstract provided.

Perceptions Of Happiness And Its Determinants An Intergenerational Study Of What People Think About Money And Happiness, Bailey Cornell

Honors Projects in Applied Psychology

This study examines people’s perceptions of happiness. Specifically, it seeks to define the determinants of happiness, with a focus on the link between happiness and financial state. Of particular interest is an examination of differences in attribution (if any) on this issue between disparate age groups. An online questionnaire was created and then completed by 538 total participants. Belief that money can buy happiness was tested in two different ways: the Measure of Materialistic Attitudes Scale from the Handbook of Marketing, and the Money-Happiness scale, which was generated for this research. The study also evaluated people’s happiness levels using a …

Rhode Island Current Conditions Index -- April 2015, Leonard Lardaro

The Rhode Island Current Conditions Index

No abstract provided.

Anchoring Bias, Idiosyncratic Volatility And The Cross-Section Of Stock Returns, Cedric Tresor Luma Mbanga

Doctoral Dissertations

Ang, Hodrick, Xing and Zhang (2006) document an anomaly in the cross-section of stock returns. They show that high idiosyncratic volatility (IVOL) firms earn lower returns in the following month. Specifically, they find after sorting stocks in quintile portfolios based on the previous month's IVOL that a zero-investment portfolio long the most volatile quintile of stocks and short the least yields about -1% during the subsequent month. The evidence reported in Ang, Hodrick, Xing and Zhang (2006) is primarily puzzling because traditional asset pricing theories suggest that (i) only systematic risk should be priced, (ii) to the extent that markets …

Benefits Of Eu Membership For The Transition Countries: The Case Of Latvia, Marko Martinovic

Economics Honors Projects

This paper estimates the benefits of EU membership for Latvia, a former communist country and a member of the former USSR. It is widely believed that the EU membership significantly contributes to raising living standards and growth of the economies of new members. Using counterfactual analysis with the official date of accession of 2003 I find that Latvia demonstrates stronger economic growth from the EU membership, but only up to 2009. After the 2009 financial crisis Latvia’s economic growth is severally compromised as a consequence of joining the EU. When 1999 is treated as the treatment year, the year when …

Ce Spring 2015, Coyote Economist

Coyote Economist

Inside this Issue:
Commencement...............................2
Seniors' Reception...........................2
Tentative Winter Schedule...............8
Tentative Spring Schedule...............8

Estimating The Variance Of Decomposition Effects, Takuya Hasebe

Economics Working Papers

We derive the asymptotic variance of the Blinder-Oaxaca decomposition effects. We show that the delta method approach that builds on the assumption of fixed regressors understates true variability of the decomposition effects when regressors are stochastic. Our proposed variance estimator takes randomness of regressors into consideration. Our approach is applicable to both the linear and nonlinear decompositions, for the latter of which only a bootstrap method is an option. As our derivation follows the general framework of m-estimation, it is straightforward to extend to the cluster-robust variance estimator. We demonstrate the finite-sample performance of our variance estimator with a Monte …

The Role Of Productive Uses Of Electricity In Rural Development: A Case Study Of XẻO Trâm And HòA ĐứC Hamlets Of HòA An Village, Vietnam, Gabrielle Short

Independent Study Project (ISP) Collection

Vietnam’s economy has grown extensively over the past twenty years; however, 68% of the population still lives in rural areas. The government of Vietnam has taken huge steps in the growth of rural infrastructure, specifically electricity. According to the World Bank 95% of the rural population had access to electricity as of 2010. This paper discusses how this electricity is being used in rural areas and whether the uses are aiding in the national growth of Vietnam. Productive uses, those which result in production of income, or value, are compared with solely economic uses. A case study comprised of surveys, …

The Rhetoric Of Ben Bernanke: A Grounded Theory Approach, Andrew Langellier

Honors Projects in Communication

The objective of this Capstone project is to determine how Ben Bernanke used rhetoric during his tenure as Chairman of the Board of Governors of the Federal Reserve System from 2006 to 2013. The scope is limited to testimony delivered as opening statements to the Federal Reserve’s semi-annual Monetary Policy Report to Congress and his prepared testimony during his Senate confirmation hearing. The research will attempt determine how Bernanke used rhetoric while testifying before congress, in particular how that rhetoric changes over the course of his tenure. While there is a substantial amount of research on the use of the …

Financial Literacy And College Students: An Exploration Of College Students’ Attitudes, Behaviors, Influences And Preparedness For Financial Decisions After Graduation, Kerry Quirk

Honors Projects in Finance

Financial literacy is the level of understanding an individual has for different financial topics, including but not limited to, investment vehicles, retirement accounts, saving, budgeting, credit and taxes, and the use of such knowledge to change one’s financial behavior to create a more positive financial position for the future. Past research has shown that college students consistently have low levels of financial literacy. They also lack knowledgeable influences on their financial education. Because many college students will soon enter the workforce after graduation and will be responsible for managing their own salary, retirement accounts and investment options, they can be …

The Discreet Trader, Seth Wing

Honors Projects in Finance

This paper examines insider trading, specifically trades by corporate insiders around quarterly earnings announcements. Announcements were broken up into three categories: earnings above analyst expectations, earnings below expectations, and earnings in line with expectations. Trade data was collected from the thirty companies of the Dow Jones Industrial Average from 2012-’13. The trades were sorted by purchases and sales by date and analyzed with the earnings report of which the trades were made. Only trades in the interval from twenty days before the announcement date to twenty days after the announcement date were considered. The prediction was that corporate insiders would …

Intergenerational Groups: How They Benefit The Workplace, Caitlyn May

Honors Projects in Management

With intergenerational groups becoming more common in the workplace, research is still focusing on how to manage working in intergenerational groups rather than how to promote the benefits of using intergenerational groups. Generations have different work values and attitudes. However, it is unclear whether putting diverse generations together will lead to better outcomes in a team setting. Using surveys and interviews of a convenience sample of all age groups, the study examines how generational perception influences the behavior and desire to work with other generations. Although there are stereotypes linked to each generation, respondents still desire to work with multiple …

Innovation And Institutional Quality On Economic Growth In Asia, Nguyen Tran-Nguyen

Honors Projects in Economics

When looking at the different effects of institutional quality on economic development, namely control of corruption, there are two different hypotheses that explain such effects. One is the “grease the wheel” hypothesis, which predicts that corruption is beneficial for growth, and the other one is the “sand the wheel” hypothesis, which says the opposite. Corruption is normally blamed for the slow economic growths in some countries, but some Asian countries’ exponential growths have proven the “grease the wheel” hypothesis otherwise. The “Asian experience”1 phenomenon occurs when corruption does not seem to hamper business activities in some Asian countries. This research …

Valuing “Green” How “Going Green” Affects A Company’S Stock Price, Alexia Bayer

Honors Projects in Finance

Environmentally conscious decision making has become a prominent topic in business that has the potential to affect the public opinion and performance of companies. This project seeks to identify whether or not positive changes in excess return might offer an incentive for companies to adopt green initiatives. It examines the ways in which companies’ green initiatives, as measured by their annual Carbon Disclosure Project S&P 500 Climate Change Report score, impact their stock price. In other words, is there value in “going green”? It is hypothesized that companies exhibiting greater variance in their environmental initiatives from one year to the …

The Scarlet Market: The Economic Framework Of Sex Trafficking And Microfinance As A Proactive Solution, Hannah M. Demarest

Selected Honors Theses

No abstract provided.

Multilevel Marketing Diffusion And The Risk Of Pyramid Scheme Activity: The Case Of Fortune Hi‐Tech Marketing In Montana, Stacie A. Bosley, Kim Mckeage

School of Business All Faculty Scholarship

While statisticians have simulated the expected rate of growth in pyramid schemes, this research examines actual data on the spread of an alleged pyramid scheme in Montana. Fortune Hi-Tech Marketing (FHTM) was a multilevel marketing firm, sued by six states and the Federal Trade Commission and permanently shut down in 2014. Data from a settlement with the State of Montana provide a population of participants in a geographic region with definable markets and offer unique insights into local contagion. The authors analyze the pattern of FHTM adoption within a diffusion-of-innovation framework. The findings confirm that nearly all adoption results from …

Estimating Earnings Differentials Among Military Veterans, Shawn M. Tangen

Honors Theses, 1963-2015

This thesis analyzes whether the decision to enter the military offers a different investment in human capital as indicated by the civilian earning of veterans. Using seven one month samples from the Current Population Survey, I run three linear regressions to compare the earnings of veterans by gender, the earnings of female veterans and non-veterans, and the earnings of male veterans and non-veterans. It appears that, between 2005 and 2013, veterans enjoyed a wage premium which existed for both male and female veterans. These results suggest that military service acts as a screening device or a bridge to employment in …

Happiness And Time Preference: An Empirical Analysis Of Individual Happiness And Information On Intertemporal Choice And Delaying Gratification, Daniel Flesher

Honors Theses, 1963-2015

Individuals tend to discount the future, meaning they value a reward more in the present than the same reward in the future. Research indicates there are several consequences to the rate one discounts the future, suggesting those who value the future more have better life outcomes. Because of the ramifications of such decisions, this study explores the dynamic of the relationship between discounting and one’s happiness. Participants indicated an indifference point for given present values for given time periods in the future, using both money and periods happiness as hypothetical rewards. These indifference points allow for the calculation of various …

Somali Remittances Campaign, Ammar Mohammed

Capstone Collection

The world changed after 9/11, and so did the US banking regulations. One change was that it has become increasingly difficult for families and communities in Somalia to receive remittances from relatives and friends living in the United States. Those funds are essential to the livelihoods of 40% of the population, especially women and children. It further has a negative impact on the national economy of one of the world’s poorest countries. However, US banks has become increasingly willing to assume the costs of complying with the government’s Anti-Money Laundering and Combatting the Financing of Terrorism (AML/CFT) regulations or to …

Geographic Variation In The Delivery Of Public Health Services: Understanding Causes And Consequences, Glen P. Mays

Health Management and Policy Presentations

The implementation and reach of evidence-based prevention and public health programs varies widely across the U.S., as does the availability of cross-cutting infrastructure and foundational capabilities required to support these interventions. This talk profiles ongoing research to uncover the causes and consequences of variation in public health delivery. This research points to policy and administrative strategies that can reduce inequities and inefficiencies in public health protections.

Documento Conceptual Sobre Redes De Excelencia Para La Investigación Y La Educación, Suresh V. Garimella, David B. Janes, Anne Slaughter Andrew

PPRI Digital Library

“Redes de Excelencia” focalizadas permitirán que las instituciones en América Latina desarrollen ecosistemas de investigación y educación de un modo mucho más rápido que si siguieran procesos "orgánicos" o locales. Una vez implementados, estos ecosistemas no solo permitirán profundas transformaciones que lleven a economías basadas en el conocimiento, sino que también desempeñarán roles claves en las redes necesarias para los sistemas de innovación regionales.

Para acelerar el desarrollo de ecosistemas de investigación y educación en toda América, los autores proponen establecer “Redes de Excelencia” en las áreas claves. Cada Red de Excelencia será multiinstitucional, multisectorial (universidad, empresa, gobierno, ONG) y …

Trees Grow On Money: Urban Tree Canopy Cover And Environmental Justice, Michail Fragkias

Economics Faculty Publications and Presentations

This study examines the distributional equity of urban tree canopy (UTC) cover for Baltimore, MD, Los Angeles, CA, New York, NY, Philadelphia, PA, Raleigh, NC, Sacramento, CA, and Washington, D.C. using high spatial resolution land cover data and census data. Data are analyzed at the Census Block Group levels using Spearman’s correlation, ordinary least squares regression (OLS), and a spatial autoregressive model (SAR). Across all cities there is a strong positive correlation between UTC cover and median household income. Negative correlations between race and UTC cover exist in bivariate models for some cities, but they are generally not observed using …

Introduction, Ken Mccormick

Major Themes in Economics

No abstract provided.

Department Of Economics Newsletter, V20, Spring 2015, University Of Northern Iowa. Department Of Economics.

Department of Economics Newsletter

Inside this issue:
-- Scholarship News
-- Alumni News
-- Connect With Us
-- Alumni-in-Residence
-- Fun Stuff
-- Economics Club
-- More Club News
-- WHAT???
-- Student Writing - Undergraduate Research Program
-- Poland 2014
-- Internships - Internships, Cooperative Education (Co-ops), and Placement
-- Faculty Teaching
-- Economic Students/Faculty Recognition
-- Faculty Interview - An interview with Bulent Uyar
-- What is "Obamacare?"
-- Graduation Day - Spring 2014

The Dynamics Of Capital Accumulation In The Us: Simulations After Piketty, Philippe De Donder, John E. Roemer

Cowles Foundation Discussion Papers

We calibrate a sequence of four nested models to study the dynamics of wealth accumulation. Individuals maximize a utility function whose arguments are consumption and investment. They desire to accumulate wealth for its own sake — this is not a life-cycle model. A competitive firm produces a single good from labor and capital; the rate of return to capital and the wage rate are market-clearing. The second model introduces political lobbying by the wealthy, whose purpose is to reduce the tax rate on capital income. The third model introduces differential rates of return to capitals of different sizes. The fourth …

Universities And Innovation In A Factor-Driven Economy: The Egyptian Case, Hala Elhadidi, David A. Kirby

Business Administration

The paper explores the role of universities in innovation in the modern knowledge economy, discusses the Triple Helix model and the entrepreneurial university, and then examines the application of these concepts in Egypt. The study, which specifically addresses the roles of universities in the innovation process in Egypt, is based on a series of in-depth interviews with eighteen Egyptian experts drawn from government, non-governmental organizations (NGOs) and academia. The paper shows that universities do play a role in the innovation process in Egypt, but that more needs to be done. It points to the challenges the universities encounter and calls …

The Dynamics Of Capital Accumulation In The Us: Simulations After Piketty, Philippe De Donder, John E. Roemer

Cowles Foundation Discussion Papers

We develop a dynamic model where a competitive firm produces a single good from labor and capital, with market clearing rates of return. Individuals are heterogeneous in skills, with an endowment in capital/wealth increasing in skill. Individuals aspire to a standard consumption level, with a constant marginal propensity to consume out of income above this level. We define a steady state of this model as an equilibrium where factor returns and wealth shares remain constant. We calibrate the model to the US economy and obtain that a steady state exists. We then study three variants of the model: one with …

Overidentification In Regular Models, Xiaohong Chen, Andres Santos

Cowles Foundation Discussion Papers

In models defined by unconditional moment restrictions, specification tests are possible and estimators can be ranked in terms of efficiency whenever the number of moment restrictions exceeds the number of parameters. We show that a similar relationship between potential refutability of a model and semiparametric efficiency is present in a much broader class of settings. Formally, we show a condition we name local overidentification is required for both specification tests to have power against local alternatives and for the existence of both efficient and inefficient estimators of regular parameters. Our results immediately imply semiparametric conditional moment restriction models are typically …

Overidentification In Regular Models, Xiaohong Chen, Andres Santos

Cowles Foundation Discussion Papers

In the unconditional moment restriction model of Hansen (1982), specification tests and more efficient estimators are both available whenever the number of moment restrictions exceeds the number of parameters of interest. We show a similar relationship between potential refutability of a model and existence of more efficient estimators is present in much broader settings. Specifically, a condition we name local overidentification is shown to be equivalent to both the existence of specification tests with nontrivial local power and the existence of more efficient estimators of some “smooth” parameters in general semi/nonparametric models. Under our notion of local overidentification, various locally …