Economics Commons^™

Bitcoin And Stock Market Return Correlation: A Sectoral Analysis Of The S&P500, Michael Narouz

Theses and Dissertations

This thesis studies the correlation between Bitcoin returns and stock market price returns for the S&P500 US stock market index by dividing the index into 11 sectors based on the industry and checking for correlation between Bitcoin returns and the returns of the stocks in each sector individually. The GARCH model is used due to its ability to account for the empirical phenomenon of volatility clustering that is usually present in financial time series datasets such as those used in this thesis. The results show statistically significant positive correlation between Bitcoin returns and stock market returns for all 11 sectors, …

The Relationship Between Microfinance Bank And Economic Growth In Nigeria, Muhammad-Bashir Owolabi Yusuf, Ridwan Olabisi Yusuff, Daud Ishola Jimoh

Arab Economic and Business Journal

The goal of this study was to investigate how Nigeria's economy and microfinance banks are related, using time series data from 1992 to 2021. The relationship was assessed using the ARDL model. Short-term negative relationship exists between Microfinance Bank Asset and Economic growth. Specifically, the results indicate that a rise in the assets of microfinance banks (MFBA) will slow Nigeria's economic expansion. Economic growth in Nigeria is considerable and favorably correlated with microfinance banks loans and advances. Finally, it was clear that there is a long-run equilibrium link between economic growth, microfinance banks' assets and their loans and advances.

Comedy Tonight? Maximizing Theatre Audiences Using A Game Theory Model, Emma Lavaune Johnson

Quantitative Social Science Undergraduate Senior Theses

Existing theatre industry literature is comprised of several arguments regarding the amount of literature on the theatre industry. Several scholars argue that the theatre industry is not extensively studied in economics due to misconceptions about the profitability of theatre, the misalignment between artists’ actions and economic “rationality,” and the contributions of the arts industries to the broader U.S. economy. Beyond this academic debate, economic research on the theatre industry explores the nuances of theatre demand and the influence of audience preferences and demographics on theatre ticket demand.

This paper presents a game-theoretic model to study the strategic season selection decisions …

Home-Grown Economic Plans, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

The government recently formed a committee of eminent international and Pakistani economists to draft a home-grown economic programme. This article shows that there is little need for such a committee. There is no dearth of reports, recommendations, cabinet decisions and plans prepared by the government itself as well as international development partners, private sector organisations, academic institutions, think tanks and professional bodies which cover all aspects of a home-grown programme. Numerous books, articles, op-ed pieces, webinars, seminars and conferences have also provided many proposals. This piece confines itself to the last six years. During this period, the management of the …

Starbucks Workers United And The Future Of American Labor Activism, Sophia Drake Braymen

Honors Projects

This essay explores the goals, motivations, and methods of Starbucks Workers United (the campaign of the labor union Workers United that is aimed at organizing Starbucks employees), as well as the Starbucks Company’s response to it. The analysis is informed by the author’s interviews with both a Workers United organizer and a Starbucks corporate employee. This essay explores the position of Starbucks Workers United within the broader history of American labor activism and our current epoch of union decline, as well as what the recent breakthrough in cooperation between Workers United and Starbucks means for American workers going into the …

Essays On The Determinants Of Women's And Children's Health In Bangladesh, Md Shahjahan

USF Tampa Graduate Theses and Dissertations

My dissertation is titled "The Determinants of Women's and Children's Health in Bangladesh." The first chapter studies the impact of a Bangladeshi schooling program on child immunization rates. The program provided a stipend and other incentives to attend secondary school, significantly increasing rural girls' education. I hypothesize that this would lead to higher immunization rates in the next generation since better-educated mothers have better knowledge of health practices. The study uses a regression model ("difference-in-differences"), which is based on differential exposure to the 1994 Female Secondary School Stipend Program (FSSSP) by birth cohort and rural residence. I find that the …

Corporate Social Responsibility, Job Satisfaction, And Company Performance, Teaira Melvin

Walden Dissertations and Doctoral Studies

Poor financial performance can have negative impacts on business sustainability. Banking and finance leaders are concerned about poor financial performance because it can lead to a decrease in investor confidence and lower share prices for publicly traded companies. Grounded in stakeholder theory, the purpose of this quantitative correlation study was to examine the relationship between corporate social responsibility, job satisfaction, and return on assets. The participants were 76 employees of the U.S. banking and finance industry who completed a job satisfaction survey. Financial performance and corporate social responsibility data were derived from the LSEG Data & Analytics database. The results …

A Systematic Literature Review On Overconfidence And Related Biases Influencing Investment Decision Making, Uttam Karki, Vaneet Bhatia, Dheeraj Sharma

Economic and Business Review

In the current market scenario, it has been observed that biases are among the most significant factors influencing investment decisions. Among these biases, overconfidence is a common phenomenon managers tend to exhibit while making decisions. To understand the role of overconfidence bias in investment decision making, this study thoroughly scrutinizes and consolidates the current research on overconfidence bias. To achieve the objective, this study performs a systematic review of literature utilizing the PRISMA approach and examines 92 journal articles published in the last 20 years. Results suggest that the other two biases—hindsight and confirmation—are related to overconfidence bias. In addition, …

Firm-Level, Macroeconomic, And Institutional Determinants Of Firm Growth: Evidence From Europe, Anže Burger, Andreja Jaklič, Klemen Knez, Patricia Kotnik, Matija Rojec

Economic and Business Review

To examine the main drivers of firm growth, we estimated a model integrating firm-level, industry-specific as well as country-level determinants, aiming at a comprehensive explanation of firm growth. We used a large dataset of European firms for the 2005–2017 period and combined Amadeus firm-level data with macroeconomic variables and multidimensional measures of institutional framework, based on a range of sources. Using different panel regression model specifications, we found the most consistent relationships for firm-level determinants. Among country-level determinants, infrastructure quality, inward FDI, natural resources, and inequality show a consistently positive and significant relation with firm growth.

The Relationship Between Culture, Sustainable Use Of Resources, And Financial Performance: An Institutional And Natural-Resource-Based Perspective, Deon H. Engelke, Noel J. Pearse, Fabio M. Correa, Frederick O. Skae

Economic and Business Review

Modelling a dataset of 5230 globally listed firms through two statistical approaches reflecting the primary principles of Natural-Resource-Based Theory and Institutional Theory, respectively, this study provides evidence that sustainability initiatives developed by firms are being rewarded in the form of improved Corporate Financial Performance (CFP). Culture has a significant influence on both firm sustainability performance, captured in ESG ratings, and CFP and also interacts with other variables, including industry sector and socio-economic development of a firm’s markets. This study is unique in hypothesising and statistically proving that sustainability is a mechanism that activates the potential of culture to produce CFP. …

The Impact Of Fiscal Policy On Macroeconomic Conditions In Pakistan: Insights From A Structural Vector Autoregression Analysis, Sarnaila Sharif, Saima Nawaz

Business Review

This article explores the relationship between fiscal policy and macroeconomic conditions in Pakistan using a robust Structural Vector Autoregression (SVAR) model. Since fiscal shock has the tendency to put a constraint on the future path of government spending and taxes, as the intertemporal budget constraint holds. This element has been missed in most of the VAR studies. This study extends Structural Framework by incorporating the dynamic nature of public debt in analyzing fiscal policy shocks. Our investigation focuses on estimating the responses of output, inflation, and debt interest payments to changes in government spending and taxes, while keeping track of …

Examining The Aggregate Economic Impacts Of Criminal Record Expungement In Marion County, Indiana, Zane Callison

Lux et Fides: A Journal for Undergraduate Christian Scholars

This article investigates the individual economic effects of criminal record expungement identified in a previous article as they appear in the aggregate, particularly rates of unemployment and wages. As interest around the effects of overincarceration increases, criminal record expungement offers a possible solution to the economic woes faced by justice-involved individuals. To that end, this article examines unemployment rates and per capita personal income in Marion County, Indiana, where implementation of the state of Indiana’s criminal record expungement statute has been exceptionally effective. After an analysis, we find that criminal record expungement bears only a light or unclear causal relationship …

Education And Empowerment: The Role Of Cash Transfers In Challenging Barriers To Female Schooling In Mexico And Malawi, Kaelynn R. Mcclure

Lux et Fides: A Journal for Undergraduate Christian Scholars

Despite the wide body of research that supports the benefits of education in reducing poverty and empowering individuals, women around the world continue to face significant barriers to schooling. This paper examines key social norms and aspects of poverty hindering the path to education for girls and women, proposing the use of cash transfers to promote education worldwide. Case studies of two different cash transfer programs, PROGRESA in Mexico and SCTP in Malawi, are evaluated in terms of their effectiveness in providing opportunities for schooling and promoting women's empowerment.

Investment Strategies Of Gcc Sovereign Wealth Funds: Aligning National Development And Geopolitical Goals, Roy Conners

Theses and Dissertations

This thesis examines how Gulf Cooperation Council (GCC) Sovereign Wealth Funds (SWFs) prioritize and implement investment strategies in the context of national development and geopolitical dynamics. Using a qualitative case study approach, it analyzes the assets, key industries, leadership, and historical evolution of major GCC SWFs (ADIA, Mubadala, ADQ, QIA, and PIF) based on publicly made available information.

The findings show that GCC SWFs prioritize investments in strategic sectors, geographical destinations, and the private sector. These investments align closely with their respective national development plans, such as 'We the UAE 2031', Qatar National Vision 2030, and Saudi Arabia’s …

Eco 12 Macroeconomics Syllabus, Karen David Prof.

Open Educational Resources

This the syllabus for the RECO 12 Macroeconomics course taught by Prof. David. It is a ZTC course using an OpenStax OER textbook revised by the professor.

Open Syllabus, Dorina Tila

Open Educational Resources

This is an open syllabus for Principles of Macroeconomics course.

Sustaining Digital Assets Through Mobile Estate Planning, Norliza Katuk, Asvinitha Muniandy, Norazlina Abd. Wahab, Ijaz Ahmad

An-Najah University Journal for Research - B (Humanities)

Many people own online accounts, with some having financial values like Internet banking, e-wallet and cryptocurrency. In the case of sudden death, their heirs are unaware of the digital assets possessed by the deceased person, which causes the assets to be lost forever, and the heirs might not receive the assets. If an estate plan did not account for digital assets properly, the beneficiaries would not be able to access them. Therefore, this paper addresses this issue by implementing a software development approach in designing a suitable model for sustaining digital assets through smartphones to allow the inheritance of digital …

The Role Of Macroprudential Policies Under Carbon Pricing, Maria Teresa Punzi

Sim Kee Boon Institute for Financial Economics

This paper analyses the effectiveness of macroprudential policy on macro-financial fluctuations when the government enforces carbon pricing to reduce carbon emissions and achieve the net-zero target. A carbon tax policy alone can reduce carbon emissions by 2030, but at the cost of a deep and prolonged recession, with consequential financial instability due to a higher probability of default on entrepreneurs in the brown sector. This result suggests that carbon pricing should be coupled with complementary policies, such as macroprudential policy. In particular, differentiated LTV ratios and differentiated capital requirements that penalize the brown sector in favour of the green sector …

Dynamic Price Competition With Capacity Constraints, Jose M. Betancourt, Ali Hortaçsu, Aniko Öry, Kevin R. Williams

Cowles Foundation Discussion Papers

We study dynamic price competition between sellers offering differentiated products with limited capacity and a common sales deadline. In every period, firms simultaneously set prices, and a randomly arriving buyer decides whether to purchase a product or leave the market. Given remaining capacities, firms trade off selling today against shifting demand to competitors to obtain future market power. We provide conditions for the existence and uniqueness of pure-strategy Markov perfect equilibria. In the continuous-time limit, prices solve a system of ordinary differential equations. We derive properties of equilibrium dynamics and show that prices increase the most when the product with …

Inside The Adventure: A Case Study On The Immersive Engagement Practices At Universal Studios Hollywood, Jordan A. D'Acquisto

Experience Industry Management

The success of theme parks relies heavily on immersion and identification of the elements that create such immersion to further enhance it. Universal Studios Hollywood utilizes many engagement tactics to immerse their guests in the worlds of their park. The purpose of this study was to analyze guest engagement through themed, immersive experiences and touchpoints at Universal Studios Hollywood. A case study was conducted on Universal Studios Hollywood to analyze what immersive engagement tactics were utilized as well as their effectiveness. The results of this study determined that the park very effectively engages guests through themed experiences with its newer …

Marriage And Economic Status As Predictors Of Depressed Symptoms, Achmad Kautsar, Dini Widiani, Ni Putu Mia Tarani, Grace Wulandari, Adiatma Y. M. Siregar

Economics and Finance in Indonesia

Mental disorders can result in more significant economic losses than chronic physical illnesses. Mental disorders can be influenced by both economic and non-economic factors. This study investigates the influence of marital status and economic status interventions on depression symptoms with Propensity Score Matching (PSM). The data of this analysis was obtained from the Indonesian Family Life Survey (IFLS V). The findings indicated that individuals who were married experienced a 6% reduction in depressive symptoms, while those in the middle to high economic status category experienced a 3% decrease. Enhancing well-being and promoting effective communication play crucial roles in mitigating depressive …

The Effect Of Tax Avoidance, Tax Rate Change, And Sustainability Disclosure On Earnings Management, I Putu Hendy Bimantara Dinata, Asqolani Asqolani

Economics and Finance in Indonesia

This study aims to analyze the effect of tax avoidance, changes in tax rates, and sustainability disclosures on earnings management. The sample in this study is public companies listed on the IDX for the period 2018–2021. The results of this study indicate that tax avoidance has no effect on earnings management. In addition, after the reduction in the corporate income tax rate, companies tend to conduct earnings management to reduce revenue. In the sustainability aspect, environmental sustainability disclosure has no effect on earnings management, while social sustainability disclosure has a positive effect on earnings management. The results of this study …

Kartu Prakerja Program And Youth Employment: Gender-Specific Outcomes In Indonesia, Rizki Tri Anggara

Economics and Finance in Indonesia

The Kartu Prakerja Program is a form of the active labor market policy in Indonesia, serving as a significant initiative to enhance competencies and job opportunities, including for vulnerable groups such as the young and female labor force. This study aims to analyze the program’s impact on youth employment, with a focus on gender differences. Using Propensity Score Matching (PSM), the results show a significant positive effect on employment probability, particularly for women. The findings suggest that skills training and financial incentives play a crucial role in enhancing employability. The study recommends expanding program access to vulnerable groups and continuously …

Identifying Risk-Taking Behavior And Prudent Asset Allocation In Pension Funds In Indonesia, Mohammad Alvin Prabowosunu, Reza Yamora Siregar, Rosi Melati, Devan Hadrian, Rizky Rizaldi Ronaldo

Economics and Finance in Indonesia

This research aims to investigate asset allocation strategies in the pension fund industry in Indonesia in relation to liability profiles and risk-taking behavior. Utilizing data on market returns for each asset class and several financial indicators of pension funds, we applied the risk-taking behavior model proposed by Andonov & Rauh (2022) and a modified model to observe the Liability-Driven Investment (LDI) strategies of pension funds in Indonesia. We discovered that private defined contribution pension fund schemes (PPIP) tend to exhibit higher risk-taking behavior, primarily through investment allocation in equities. On the other hand, private defined benefit pension funds (PPMP) demonstrate …

Essays On Empirical Economics, Dorian Abreu

Dissertations, Theses, and Capstone Projects

CHAPTER 1: HIGH FREQUENCY TRADING AND MARKET LIQUIDITY

This paper provides evidence of the impact of High Frequency Trading (HFT) on liquidity. I use data from the NASDAQ OMX that identifies the trades of 26 HFT firms on 120 randomly selected stocks listed on the NASDAQ. I find that HFT improves overall market liquidity. However, the liquidity improvements come at the expense of the non high frequency traders. Results indicate that trades in which the HFT supply liquidity to non HFTs have a significantly wider spreads. This impact is larger for smaller cap stocks. Additionally, price impacts are largest when …

Turning Movements Into Markets: How Corporations Co-Opt Cultural Values For Profit, Anthony J. Capote

Dissertations, Theses, and Capstone Projects

In this dissertation, I explore how corporations engage in values-based marketing in the 21^st Century. It is hardly a new phenomenon for corporate advertising to co-opt popular cultural values and trends. With the rise of platform capitalism — under which digital platforms generate wealth by cultivating our online data and resell it to advertisers — as well as the political and social context of the Trump Administration, however, major corporations have entered a new phase in the marketing framework that aims to attract consumers based specifically on their cultural and political values. Using a mixed methods approach I explore …

Black Food Geographies And The Politics Of Resistance In The Brick City. An Intersectional Analysis Of Black Food Provisioning Practices, Food Access, And Racial Food Inequities In Newark, New Jersey From 1666 – 2020, Angelika Winner

Dissertations, Theses, and Capstone Projects

This work studied Black food geographies in Newark, NJ, which represent alternative food provisioning practices and strategies working within but also parallel to traditional food geographies and exist within and despite of foodscapes of domination. Black food geographies not only include the spatial agency of Black residents but also entail the structural intersectionality and organized abandonment that Black residents currently experience as well as their historical production. Thus, food access of Newark’s Black resident was analyzed with a three-pronged mixed methods research design, a supply-centered analysis from a Positivistic perspective, a political economy-centered historical analysis from a Marxist perspective, and …

Essays On Monopoly Power In Housing Rental Markets, Goncalo Filipe Pessa Figueiredo Costa

Dissertations, Theses, and Capstone Projects

This dissertation consists of three chapters on market power in housing rental markets. It introduces the concept of dynamic monopoly power in housing rental markets, develops methods to estimate that form of market power, and uses its analytical lense over the New York City (NYC) housing rental market.

In the first chapter, I formulate a search model in which market frictions give landlords rent-setting (dynamic monopoly) power. This model incorporates search frictions in the spirit of Manning’s (2003) monopsonistic labor market framework. In this setting, the demand faced by individual landlords (i.e., residual demand) results from an equilibrium between tenants’ …

Empirical Essays On Retail Investors, Institutional Investors, And Anomalies, Yuqing Yang

Dissertations, Theses, and Capstone Projects

This dissertation consists of five chapters on market efficiencies through retail and international mutual fund investors.

Chapter 1 This chapter briefly introduces this dissertation.

Chapter 2 This chapter Anomalies Never Disappeared: The Case of Stubborn Retail Investors delves into the “stubborn” retail investors and finds that anomalies traded against by retail investors never disappear in the long run, defying the conventional wisdom that anomalies are disappearing in recent years as market efficiency improves. Incorporating retail trading, I develop asset pricing models that surpass existing prominent models in explaining these long-run alphas. I hypothesize that retail investors exacerbate anomalies: the more …

Robust Contracts In Common Agency, Keler Marku, Sergio Ocampo, Jean-Baptiste Tondji

School of Economics and Finance Faculty Publications

Business activities often involve a common agent managing a variety of projects on behalf of investors with potentially conflicting interests. The extent of the agent's actions is also often unknown to investors, who have to design contracts that provide incentives to the manager despite this lack of crucial knowledge. We consider a game between several principals and a common agent, where principals know only a subset of the actions available to the agent. Principals demand robustness and evaluate contracts on a worst-case basis. This robust approach allows for a crisp characterization of the equilibrium contracts and payoffs and provides a …