Economics Commons^™

Undertaking Short-Term Finance Transactions In Brazil - An Historic And Modern Look At The Brazilian Economy And Associated Risks, Shawn M. D'Aversa

Student Research

The following report discusses the risks and construction of a hypothetical short-term trade finance transaction involving the five parties: Citibank N.A., Caterpillar Inc. (CAT), Banco Do Brasil, Paracatu Gold Mine and EXIM Bank. Fair warning: this is a long paper for a short-term transaction.

For the deal, Caterpillar Inc. (CAT) has approached Citibank N.A. in New York regarding a financing transaction for five 797F-400 short-ton haul trucks. The trucks are worth $5mn each, including the costs of training and spare parts, for a total of $25mn. Put simply, the trucks are beasts for mining. They will then be shipped to …

Climate Policy Uncertainty And Housing Prices: Analyzing Bidirectional Transmission Across U.S. Metropolitan Areas, Sourav Batabyal, Alper Gormus

Finance and Economics

This study examines the relationship between climate policy uncertainty (CPU) and residential housing prices across U.S. metropolitan areas using the U.S. CPU index developed by Gavriilidis in 2021 and monthly S&P CoreLogic Case-Shiller Home Price Indices, covering January 1991 to May 2024. Employing a Fourier-augmented Toda–Yamamoto causality framework that accounts for both abrupt and gradual structural breaks, we document significant CPU → housing prices transmission in multiple metropolitan markets, with bidirectional transmission dynamics emerging in Los Angeles, New York, San Diego, and San Francisco, as well as at the U.S. national level. The results reveal substantial spatial heterogeneity across various …

Resilience In Place Names: German-Hehe War Memories And Cultural Identity In Iringa Toponyms, Claudio G. Kisake, Sophilini M. Yisega, Spemba E. Spemba

Journal of Humanities and Social Sciences

Toponyms, or place names, act as vital markers of historical memory, cultural identity and resilience. In Iringa, Tanzania, toponymy offers valuable insights into the enduring impacts associated with the German-Hehe War (1890–1898), and colonial encounters on indigenous communities. This study explores how place names—such as Kitanzini (‘a place with a noose for hanging people’), Ilundamatwe or Lundamatwe (‘a collection of slaughtered heads’), and Gangilonga (‘the speaking stone’)—convey narratives of Hehe war superiority, resistance, and survival. Using a qualitative approach, the research incorporates archival sources, oral histories, and linguistic analysis to investigate the stories behind naming and renaming, the role of …

A Sturdy Future: Mangrove Restoration Against Climate Extremes, Gabriella Marie Siasoco

Student Theses 2015-Present

This paper addresses the impacts of climate change on natural disasters and examines how rehabilitation of mangrove forests in Mesoamerica and the Caribbean can mitigate those effects. Rising ocean and atmospheric temperatures contribute to higher sea levels and more severe hurricanes and tropical storms, characterized by increased frequency, duration, and intensity in peak winds, storm surges, and rainfall. Mangrove ecosystems act as vital buffers against coastal disturbances such as tsunamis and extreme storms, while contributing to climate change mitigation through carbon sequestration. Additionally, they improve water quality by filtering nutrients, preventing eutrophication. Despite their ecological and economic value, mangroves in …

Solid Waste Management In Greater Khartoum City, Sudan, Roba Mahmoud

Student Theses 2015-Present

This study investigates the rising solid waste management (SWM) dilemma in Greater Khartoum City (GKC), a critical environmental and public health issue caused by fast urbanization and inadequate infrastructure, with historical linkages to Sudan's colonial and postcolonial growth. Chapter 1 describes the current problem using quantitative and qualitative data, demonstrating that GKC produces approximately 3,340 tons of waste each day, with 56% organic matter, 8% plastics, and 16% paper. Collection efficiency remains severely poor, at 31.5%. Informal recyclers known as Nakasha or Barkata collect approximately 7% of total waste, supporting roughly 3,900 people, whereas filthy open dumps and unsorted medical …

Perception Of Asset Price Bubbles In Graphical Data, Cooper P. Vining

Honors Theses

This thesis studies how individuals judge asset price paths and bubbles from graphical data. It primarily investigates whether individuals can differentiate simulated asset price paths that are generated from pure random walks, and graphs that have a bubble element. This question is important because inventors and ordinary people often interpret price paths visually.

To test this, the project creates simulated asset price paths using random walks and bubble multipliers. The survey has four types of graphs: pure random walks, random walks with a 25% bubble, random walks with a 50% bubble, and random walks with a 75% bubble. The graphs …

Controlling Fiscal Destiny: Evaluating The Effect Of State Tax Composition On Resilience During Defined Shock Period, Calloway R. Bills

Honors Theses

State governments operate under strict fiscal constraints that limit their ability to respond to economic downturns through borrowing or monetary policy, making tax composition a key determinant of fiscal stability. This paper evaluates how variation in state tax revenue composition affects fiscal resilience during economic shocks, focusing on the Great Recession. While prior research shows that individual tax instruments differ in cyclicality, less is known about how overall tax structure shapes revenue performance during and after shocks. Using a panel dataset of U.S. states from 1988 to 2024, this study measures resilience through two outcomes: the magnitude of revenue decline …

Assessing College Tuition And Wage Prospects For Careers In Archaeology, Angelina H. Gutierrez

Honors Capstones

The pressures of rising college tuition are raising questions about whether a degree in higher education is worth the return on investment in today's society and economy. This study aims to acknowledge the issues of affording college and the opportunities granted in the face of college wealth premiums from the perspective of the field of archaeology. The college wealth premium is understood as additionalopportunities and increased salaries offered to those with a degree in higher education compared to those without. Using the Midwestern United States as a case study, I discuss the gender/race wage gap, college debt, loan inequity, and …

Party, Place, And Pocketbooks: What Shapes Americans’ Trust In Political Institutions, Hwayong Shin

Weidenbaum Center Survey (WCS) Reports

Evidence from the Weidenbaum Center Surveys (Waves 6–8) suggests that trust in institutions has not simply evaporated. Instead, it is being sorted along several cleavages, such as partisanship, geography, and personal economic security. While trust in the federal government remains relatively low yet stable from May 2025 to March 2026, trust in specific institutions varies across partisan, geographic, and economic cleavages. This fragmentation of trust points to a potential challenge to the stability of American democracy.

How Changes In Mexican Immigration To The United States Affect Mexican Labor Markets, Gonzalo Ares De Parga-Regalado, Marta Prato

Employment Research Newsletter

No abstract provided.

Empirical Results From The Eliminations Of Municipal Minimum Parking Requirements, David A. Griffith

Honors Theses

Minimum Parking Requirements (MPR) are municipal zoning ordinances mandating a set number of off-street parking spaces for new developments. Since the 1950s, MPR has been the near-universal way American municipalities supply parking, though growing criticisms since the late 1990s have targeted the policy for distorting development patterns, imposing high costs, and subsidizing personal vehicle use. Beginning in the early 2010s and increasingly in the early 2020s, cities and counties across the United States have moved to reform or eliminate MPR. This paper is the first empirical study of the economic effects of these removals. Using a two-way fixed-effects difference-in-differences OLS …

How Do Minimum Wages Affect Workplace Injuries?, Michael Davies, R. Jisung Park, Anna Stansbury

Employment Research Newsletter

No abstract provided.

Change Of Accessibility In The Izu Islands Before And After Tourism Development In The Pre-World War Ⅱ Period, Kantaro Takahashi

International Journal of Islands Research

This study compares accessibility on the Izu Islands, an inhabited archipelago. part of Tokyo Prefecture, from around the 1910s to the 1930s, during the early years of tourism development. Most islands in the archipelago started attracting tourists during the economically prosperous 1960s and 1970s; uniquely, Izu Oshima, the largest island, had been a tourist destination since before World War II. Tourism research on this region and period has predominantly employed a descriptive approach; quantitative studies have been rare owing to the dearth of data. Addressing this gap, this study conducts a network analysis of data acquired from the books of …

The Marginal Sexual Equality Game: Defining The Incentives For Sexual Equality Using Economic Game Theory And Butler’S Gender Trouble, Blaise Bowers

Student Scholar Symposium Abstracts and Posters

This project takes an interdisciplinary economic and gender studies approach to explain subversion, sexual equality, and the marginal nature of sexual rights. The project uses advanced economic game theory to derive the Marginal Sexual Equality Game Formula. The formula explains the various political-economic incentives for a minority gender/sexual identity’s subversion of dominance, a dominant sex's incentive to suppress, the impact of cooperation versus division among minority genders/sexual identities, incentives and impacts of cooperation between sects of minority genders/sexual identities and the dominant gender/sexual identity, and the various consequences of various social mobility and elasticity. Additionally, the formula proves and showcases …

Ai Is Taking Over!: A New Generation Of Unemployment Fears, Amaya V. Hepburn

Student Scholar Symposium Abstracts and Posters

The growing panic surrounding AI taking over the workforce is strong in a distinct group of demographics, in contrast to the fear of computers taking over the workforce that was seen in previous generations. This suggests that AI developments have sparked a wave of fear that is unlike the fear of tech developments in the past. I have discovered that this fear is prevalent across several demographics: age, employment, and income. By cross-analyzing through the 2017 and 2025 fear surveys, I discovered that fear of AI is more prevalent in younger generations and is more threatening to students entering the …

Gender And Grades: The Gap In How Men And Women Fear Economic Collapse, Riley O'Connor

Student Scholar Symposium Abstracts and Posters

Due to prescribed gender roles in society and wage gaps, historically, women have had to rely on spouses and family for economic survival. Now, with access to higher education and increased salaries, their economic fears are shifting. In this paper I analyze the extent of the gender gap in the fear of economic and financial collapse of Americans. Using the Chapman Survey of American Fear, an original data set surveying the degree to which American adults fear incidents collected in spring of 2025, men and women of the same education fear economic collapse differently, signifying men fear economic collapse less …

Essays In Household And International Finance, Tatiana Vdovina

Olin Business School Graduate Student Theses and Dissertations

In my first essay, I study whether U.S.-Mexico dual residents borrow in pesos or dollars, using both theory and survey data. I attempt to understand the microeconomic and behavioral foundations of the actual and theory-predicted currency choice by households. I also attempt to reconcile the export- and import-related theory of currency choice proposed in the corporate finance literature with behavioral tests. Finally, I test the nominal uncovered interest parity condition established in McBrady & Schill [1] in a household setting by analyzing if there can be any cost savings from borrowing in dollars over pesos and vice versa. Theoretically, I …

The Economics Of Technical Debt: Venture Capital, Cybersecurity, And Engineering Quality, Joao Henrique Avila Alves Dimas

Olin Business School Graduate Student Theses and Dissertations

This dissertation studies the economic consequences of technical debt—the accumulated cost of expedient engineering decisions in a firm’s software codebase—and how external forces shape it. Using direct codebase analysis of over 80,000 monthly snapshots from 600+ open-core technology firms (2010–2025), I develop the first dollar-denominated measure of technical debt in the finance literature and apply it across two empirical settings. Chapter 1 examines whether venture capital monitoring extends to firms’ technical practices. Using a stacked difference-in-differences design around first VC entry (225 treated firms, 330 controls, 85 cohorts), I find that VC-backed firms reduce critical code defect density by 24% …

Essays In Empirical Asset Pricing, Songrun He

Olin Business School Graduate Student Theses and Dissertations

This dissertation examines several empirical asset pricing questions using around-the-clock high-frequency data, financial text, and AI methods. The first chapter studies systematic jump risk in equity markets by linking around-the-clock market jumps to contemporaneous news narratives identified with a reasoning large language model, and finds substantial heterogeneity in risk premia across jump types. The second chapter addresses lookahead bias in financial text analysis by developing chronologically consistent language models and showing that they perform well in both standard language tasks and asset pricing applications. The third chapter studies cryptocurrency perpetual futures, derives no-arbitrage benchmark prices under realistic payoff assumptions, and …

The Effects Of Government Policies On The Stock Market, Samruddhi Somani, Dr. Holger Kern

Caravel Undergraduate Research Journal

What is the most effective government policy to boost stock returns and, subsequently, to foster economic growth, especially during an economic crisis? This paper examines the effects of various government actions on stock market performance during the global financial crisis of 2007. As expected from rational investors, nearly all of the variation in index levels is explained by the variation in index futures levels, which reflect market expectations. Index and future levels were collected for June 2007-December 2009 using Bloomberg, which tracks data for various financial instruments. The financial crisis timeline furnished by the New York Federal Reserve Board on …

Living With Nature In Marilynne Robinson’S Housekeeping And Robert Frost’S “The Need Of Being Versed In Country Things”, Sarah Genay

Caravel Undergraduate Research Journal

Housekeeping, Marilynne Robinson’s 1980 novel, tells the story of teenaged Ruth in the fictional town of Fingerbone, Idaho, as she and her sister grow up in their unpredictable aunt Sylvie’s care following their mother’s suicide. In Housekeeping, Ruth develops a complicated relationship between environment and its inhabitants, especially remembering her grandfather’s death and her sister’s pursuit of a more stable life. Most notably, Housekeeping has been read as a feminist novel and for its elliptical, pretty prose. However, the relationship between its characters and the outdoors requires more investigation. Reading Housekeeping alongside Robert Frost’s “The Need of Being Versed in …

Payrolling In The Deep, Kyle Rosenfeld

Business and Economics Honors Papers

This study examines how Major League Baseball teams can build their rosters to spend their payroll more efficiently. Using a manually constructed dataset, consisting of thirty teams over the past five years, this paper studies different payroll allocation strategies, such as the percentage of a team’s payroll to homegrown players or free agents, to improve the efficiency of how an MLB club is spending. Through running regression models, results have shown there is a statistically significant positive relationship between how efficient MLB teams spend their payrolls to the percentage of a team’s payroll designated to homegrown players. Additionally, there is …

Analyzing Preparedness For Compliance With The Carbon Border Adjustment Mechanism (Cbam) Across Member States Of The European Union, Vincent Pfattner

Politics Honors Papers

The European Union’s implementation of the CBAM is a climate change-driven initiative aimed at preventing carbon leakages. This thesis aims to investigate the underlying reasons for the variation in preparedness to comply with CBAM. Exposure to CBAM-covered Extra-EU imports serves as a proxy for preparedness, a measure of the economic constraints EU countries face. The research employs a mixed-methods approach, including Regression Analysis, Bayesian model averaging, and comparative case studies of EU countries. The results show a strong association between preparedness levels and institutional factors, particularly regulatory capacity. In contrast, political, financial, and geographical factors exhibit limited influence on a …

What Is Happening In Major League Baseball? A Structural Snapshot In An Evolving Economic Landscape: A Case Study, Max K. Shilstone

Business and Economics Honors Papers

This qualitative case study examines the most visible business and economic factors currently impacting Major League Baseball (MLB). Specifically, it analyzes how current labor and collective bargaining issues, the changing media and broadcasting landscape, and the league’s reliance on locally generated revenue are shaping the league’s current and future business environment. Using a multi-method qualitative approach, this case study draws from academic scholarship, contemporary industry reporting, league documents, existing interviews, and six semi-structured interviews with professionals working in or around MLB. The evidence was analyzed through thematic coding and triangulated across sources to identify recurring themes and validate emerging findings. …

Ticking Time Bomb: The Economic Ramifications Of Mlb's Pitch Clock, Katie Ciuffreda

Business and Economics Honors Papers

In recent years, Major League Baseball has been challenged with declining engagement and attendance, particularly with younger audiences, with the long duration of games most commonly cited as the reason for disinterest. In response to this, MLB implemented a pitch clock that worked its way through the minor league system until it was introduced to the majors for the 2023 season. The goal for the clock was to reduce game times by increasing pace of play. While early evidence shows that the clock has been successful in that regard, its impact on player performance remains to be explored. This study …

When Wedding Bells Stop Ringing: An Economic Analysis Of The U.S. Fertility Crisis, Mia Sideris

Business and Economics Honors Papers

Fertility in the U.S. has been in steady decline since the Great Recession. Surveyed opinions suggest this trend stems less from changing attitudes in ideal family size, and more from tangible barriers preventing people from having as many children as they desire. This paper explores several economic and social pressures that may have contributed to this discrepancy, with an emphasis on marriage. Marriage is considered to be the infrastructure that enables childbearing by minimizing both monetary and time costs. Using fixed effects and random forest regression, we estimate the impact of these measures and their relative importance on fertility decisions. …

The Impatience Of Winning: An Analysis Of Time Discounting, Predictive Modeling, And The Nba Draft, Alec R. Plante

Business and Economics Honors Papers

This paper examines whether NBA draft decisions can be better explained by incorporating non-geometric time discounting into a model of general manager decision making. Using a dataset of 285 NBA draft prospects over a 12-year period, the impact of college statistics on Value Over Replacement Player (VORP) is determined, and these impact values are then used to create a “predicted” VORP for the first 4 seasons of each player’s career: a projection of what a general manager might think of a prospect’s future value given their college statistics. Following this, geometric and hyperbolic time discounting models are applied to estimate …

The Impact Of Monetary Policy Announcements On Trading Reactions To Earnings Reports, Sean A. Maxfield

Economics Honors Projects

This paper examines trading reactions to quarterly earnings reports and the impact of recent monetary policy announcements by the Federal Open Market Committee (FOMC). It argues that the market, as a product of rational and irrational investor behavior, interprets firms’ financial performance within a broader macroeconomic context, affirming the causal channels found in similar studies. This study differs from prior research by looking at the recent, not simultaneous, monetary policy announcement for each earnings announcement in order to understand if the two types of information remain complementary. By conducting an event study model, this study confirms that the interaction of …

Money And Power: How Big Money Shapes Democracy In The United States, Paige Long

Thinking Matters Symposium

This project explores the question: what could and should be done to strengthen democracy in the United States? More specifically, it examines the role that large amounts of money in politics play in shaping political power and representation. The central argument of this project is that reducing the influence of big money in political campaigns and policymaking is necessary for creating a more fair and representative democratic system. When wealthy donors, corporations, and special interest groups are able to spend large amounts of money to influence elections and policy decisions, it can limit the political voice of ordinary citizens.

This …

Losses And Labor: Experimental Insights Into Worker Effort Supply And Behavioral Biases, Maia Lemov

Economics Honors Projects

Worker effort supply is influenced not only by rational expectations but also biases such as framing and numerical presentation of incentives. Identifying these effects is essential for designing effective incentives. To study left-digit manipulation, loss aversion, and loss aversion prediction, I conducted an experiment in an online labor market. Participants completed a real-effort typing task, a willingness- to-pay (WTP) task, and a self-reported loss aversion survey. Loss framing and left-digit manipulation had no statistically significant effects on effort, with no interaction effect, suggesting their influence on effort-supply may be overstated or highly heterogeneous. Despite null treatment effects, behaviorally elicited loss …