Economics Commons^™

Tmi : An Examination Of Excess Returns Surrounding Phase Iii Fda Approvals, Luke Chiotelis

Honors Theses

Over the past three decades, the Biotechnology and Pharmaceutical industry has had the largest growth rate of any sector in the U.S. economy. Currently, the largest 10 companies have a market cap of over 700 billion dollars. In the past 20 years, Biotech has outperformed the Standard and Poor’s 500 index earning superior returns for those willing to invest in this risky, high growth industry (Bloomberg L.P.). This upward trend is expected to continue as both institutional and private investment in biotech continues to soar.

A better understanding of the FDA approval process and the way a company’s stock price …

Rationality, Revisions, And Real-Time Data, Jason Hall

Honors Theses

Revisions to macroeconomic variables are a significant part of the process by which researchers, the general public, and the government get information about the state of the United States' economy. They are also substantial: this can have large implications for forecasting, macroeconomic research, business decisions, and monetary and fiscal policy. In this paper, I examine the cyclicality of various aggregate variables in U.S.data, and determine that of the major NIPA variables analyzed, only consumption andreal imports revisions display a large degree of cyclicality. I also examine the rationalityof the same set of variables under different definitions of the final value, …

Less Is More: Beating The Market With Recurrent Reinforcement Learning, Louis Kurt Bernhard Steinmeister

Masters Theses

"Multiple recurrent reinforcement learners were implemented to make trading decisions based on real and freely available macro-economic data. The learning algorithm and different reinforcement functions (the Differential Sharpe Ratio, Differential Downside Deviation Ratio and Returns) were revised and the performances were compared while transaction costs were taken into account. (This is important for practical implementations even though many publications ignore this consideration.) It was assumed that the traders make long-short decisions in the S&P500 with complementary 3-month treasury bill investments. Leveraged positions in the S&P500 were disallowed. Notably, the Differential Sharpe Ratio and the Differential Downside Deviation Ratio are risk …

The Seller’S Curse And The Underwriter’S Pricing Pivot: A Behavioral Theory Of Ipo Pricing, Patrick M. Corrigan

Journal Articles

From the Article

Canonical theories of law and economics predict that issuing firms in initial public offerings (IPOs) demand — and that competitive markets produce — a transaction structure that maximizes value to issuers. Yet, since 1980, corporate America has left approximately 19 cents of foregone proceeds on the table for every dollar it has raised in IPOs. Moreover, the standard IPO contract appears designed to exacerbate rather than resolve agency costs, information asymmetries, and other foreseeable causes of IPO underpricing. This Article studies a new puzzle: why don’t issuers anticipate their transactional vulnerability and bargain for a sale of …

What Is The Suitable Economic Indicator That Can Be Used To Explain Malee’S Revenue In Thailand?, Jiraphat Lertariyasakchai

Chulalongkorn University Theses and Dissertations (Chula ETD)

No abstract provided.

Sunshine, Fertility And Racial Disparities, Karen Smith Conway, Jennifer Trudeau

WCBT Faculty Publications

This research investigates the effect of sun exposure on fertility, with a special focus on how its effects and consequences for birth outcomes may differ by race. Sun exposure is a key mechanism for obtaining Vitamin D, but this process is inhibited by skin pigmentation. Vitamin D has been linked to male and female fertility and risk of miscarriage, and Vitamin D deficiency is more prevalent among blacks than whites. Using 1989–2004 individual live births data from the Natality Detail Files, county-level, monthly conceptions are estimated as a function of monthly solar insolation, temperature and humidity, as well as month, …

Gender, Politics, Market Segmentation, And Taste: Adult Contemporary Radio At The End Of The Twentieth Century, Saesha Senger

Theses and Dissertations--Music

This dissertation explores issues of gender politics, market segmentation, and taste through an examination of the contributions of several artists who have achieved Adult Contemporary (AC) chart success. The scope of the project is limited to a period when many artists who figured prominently in both the broader mainstream of American popular music and the more specific Adult Contemporary category were most commercially viable: from the mid-1980s through the 1990s. My contention is that, as gender politics and gendered social norms continued to change in the United States at this time, Adult Contemporary – the chart, the format, and the …

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 …

Pitfalls In The Use Of Foreign Direct Investment Statistics, Clare O'Mahony, Frank Barry

Articles

Foreign direct investment (FDI) statistics are widely used to study the impact of international capital movements and multinational enterprise (MNE) activities. FDI-intensity is also an important indicator of globalisation and economic integration. Datasets spanning long time periods and with broad country coverage have been employed in numerous studies to analyse various aspects of the determinants and consequences of FDI. Focusing on a relatively homogeneous group of six Western European EU countries, the present study finds major inconsistencies in the construction and coverage of these data both through time and across countries, leading to large discrepancies. Asymmetries will be far greater …

Great Transformations : The Political Economy Of Megaproject Development In The Manila Peri-Urban Periphery, Jerome Patrick D. Cruz

Economics Department Faculty Publications

This chapter examines the inter-scalar governance dynamics of market-oriented city-building projects that are proliferating in the Manila mega-urban region, in the midst of the longest-running property boom in the Philippines' post-dictatorship history. Specifically, it examines local governance transformations that have been catalyzed by the two largest of these ventures: the 1,180-hectare Alviera green township by Ayala Land Inc., and the 9,400-hectare Clark Green City project of the parastatal Bases Conversion and Development Authority (BCDA). Situating the analysis of these projects amidst trends in neoliberal urban governance, it finds that the development of these ventures has witnessed the formation of new …

Limited Negotiation In Embedded Ultimatum Games, Alexandros Vasios Sivvopoulos

Electronic Theses and Dissertations

This study expands on previous work done on signaling/screening take-it-or-leave-it asymmetric information games where excess disputes occur. Two players engage in an embedded ultimatum game in a stylized legal framework of plaintiff versus defendant. The plaintiff has either a low or a high claim on the uninformed defendant. There is a computerized version of the embedded ultimatum game to test replicability of literature results. Two novel variations are introduced. In the first variation multiple sequential offers can be made by the proposer during a single period of the embedded game and in the second real time offers and counteroffers can …

Essays On Money And Labor, Kwabena Okyere Boateng

Electronic Theses and Dissertations

The price-specie-flow mechanism (PSFM) is a theory of the adjustment of the balance of trade and gold flows as a result of deviations in relative prices across countries under a gold standard. The PSFM is central to quantity-theoretic discussions of economic fluctuations under a gold standard as well as analysis of whether central banks follo``the rules of the game'' of the gold standard. In short, the PSFM is the standard working assumption when it comes to gold standard adjustment. However, at least since Adam Smith there has been an alternative to the PSFM that has come to be known as …

The Effects Of Market Fragmentation Around Corporate Events, Justin Steven Cox

Electronic Theses and Dissertations

In Part 1, I investigate the effects of market fragmentation in the liquidity formation of initial public offerings (IPOs). Recent exchange officials cite increases in market fragmentation as a hindrance to the liquidity formation in IPO trading. We find that IPOs are less fragmented at the start of IPO trading relative to later periods in the IPO secondary market. We also discover that more underpriced issues experience greater fragmentation, both lit and dark, at the start of IPO trading. Our study also examines the level of undisplayed liquidity in IPOs, finding more hidden trading at the start of IPO trading …

The Role Of Brand Love: Application Of The Hierarchy Of Effects Model, Dooyoung Choi, Tae-Im Han

STEMPS Faculty Publications

Understanding the attributes that build consumer loyalty is particularly critical to fashion companies due to the prevalence of alternatives in the market with low switching costs. The significance of this study is extending the knowledge on the role of brand love using the hierarchy of effects model in the context of fashion consumer behaviors. A questionnaire in which participants provided self-reported responses was created to measure the constructs. A two-step approach, a measurement and a structural model was used for the statistical analysis. The results indicated that consumers who know more about the fashion brands are more likely to have …

Support For And Behavioral Responses To Tolls: Insights From Hampton Roads, Virginia, Juita-Elena Wie Yusuf, Khairul Azfi Anuar, Lenahan L. O'Connell, David Chapman, Donta Council, Tancy Vandecar-Burdin, Meagan M. Jordan

School of Public Service Faculty Publications

This chapter analyzes the experiences with tolling in the Hampton Roads region of Southeastern Virginia to better understand residents' and drivers' support for tolls and behavioral responses to tolls. The Hampton Roads region, with its population of 1.7 million and extensive network of highways, roads, bridges, and tunnels, has a long history of toll facilities that date back to the 1920s. The most recent tunnel tolls, associated with the Elizabeth River Crossing Project and introduced in February 2014, are the focus of this chapter. This chapter analyzes two sets of survey data to provide insights that have implications for policies …

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 …

Advances Of Standard And Nonstandard Neutrosophic Theories, Florentin Smarandache

Branch Mathematics and Statistics Faculty and Staff Publications

In this book, we approach different topics related to neutrosophics, such as: Neutrosophic Set, Intuitionistic Fuzzy Set, Inconsistent Intuitionistic Fuzzy Set, Picture Fuzzy Set, Ternary Fuzzy Set, Pythagorean Fuzzy Set, Atanassov’s Intuitionistic Fuzzy Set of second type, Spherical Fuzzy Set, n-HyperSpherical Neutrosophic Set, q-Rung Orthopair Fuzzy Set, truth-membership, indeterminacy-membership, falsehood-nonmembership, Regret Theory, Grey System Theory, ThreeWays Decision, n-Ways Decision, Neutrosophy, Neutrosophication, Neutrosophic Probability, Refined Neutrosophy, Refined Neutrosophication, Nonstandard Analysis; Extended Nonstandard Analysis; Open and Closed Monads to the Left/Right; Pierced and Unpierced Binads; MoBiNad Set; infinitesimals; infinities; nonstandard reals; standard reals; Nonstandard Neutrosophic Lattices of First Type (as poset) and …

On Soft Rough Topology With Multi-Attribute Group Decision Making, Florentin Smarandache, Muhammad Riaz, Atiqa Firdous, Atiqa Fakhar

Branch Mathematics and Statistics Faculty and Staff Publications

Rough set approaches encounter uncertainty by means of boundary regions instead of membership values. In this paper, we develop the topological structure on soft rough set (SR-set) by using pairwise SR-approximations. We define SR-open set, SR-closed sets, SR-closure, SR-interior,SR-neighborhood,SR-bases, product topology onSR-sets, continuous mapping, and compactness in soft rough topological space (SRTS). The developments of the theory onSR-set and SR-topology exhibit not only an important theoretical value but also represent significant applications ofSR-sets. We applied an algorithm based onSR-set to multi-attribute group decision making (MAGDM) to deal with uncertainty.

Natural Resources Governance Employing Blockchain-Based Decision-Making, Farinaz Sabz Ali Pour, Adrian Gheorghe

Engineering Management & Systems Engineering Faculty Publications

Natural resources are essential structures of socio-economic systems which shape the well-being of humanity, environment, and the economy. Human actions have become the critical responsibility for environmental changes and pressuring many planetary boundaries. Having a systematic approach can provide a governance platform including the inherent characteristics of the resource, the historically established form of use, and transaction costs. A natural resource governance framework is developed by applying Blockchain technology as the primary goal of this study to regulate and manage the extraction and trades. Blockchain technology provides a distributed concurrency monitoring system for sustainable resource management. Persistent and pervasive cooperation …

Coordination Costs, Market Size, And The Choice Of Technology, Haiwen Zhou

Economics Faculty Publications

Impact of coordination costs and market size on a firm’s choice of technology is studied in a general equilibrium model in which firms engage in oligopolistic competition. A firm establishes an organizational hierarchy to coordinate its production. First, it is shown that an increase in market size leads a firm to choose a more specialized technology. Second, surprisingly, a robust result is that an increase in the level of coordination efficiency leads a firm to choose a less specialized technology.

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 …

On The Determinates Of Riots Coups And Civil Wars, Hosam Ibrahim

Archived Theses and Dissertations

No abstract provided.