Economics Commons^™

The Impact Of Continuing Education Modules On The Moral Obligations And Responsibilities Of Financial Advisors, Sandy Modell

Electronic Theses and Dissertations

Increased life expectancies and a significant reduction in the number of corporate pension plans nationwide have made the prospects of retirement a challenge for many of us. The burden of funding retirement will move from the corporation or government to the individual. Those individuals with limited financial experience will most likely need the guidance of a financial advisor. Can we trust and rely upon them? Following the 2004 late trading scandal and the 2008 financial meltdown, the Financial Industry Regulatory Authority ("FINRA") implemented Continuing Education requirements at the advisor level. The intent was to improve the quality and integrity of …

Competition, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Shaikh, A. (2011, May 4). Profit rate equalization theory and evidence. Typed notes discussing theoretical issues and empirical testing of profit rate equalization, citing Karl Marx, Gérard Duménil, Dominique Lévy, and Dennis C. Mueller. Unpublished manuscript.

• Shaikh, A. (2009, March 12). Competitionbasiclect. Lecture notes discussing competition in theory and reality, classical economics, and critiques of neoclassical perfect competition. Unpublished manuscript.

• Shaikh, A. (2011, May 4). Profit rate equalization—theory and evidence. Outline covering standard theoretical frameworks and empirical testing of profit rate equalization. Unpublished manuscript.

• Shaikh, A. (n.d.). Competition and technical change. Notes discussing …

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Petri Paper, Probability Of Reswitching, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Petri, F. (2010, July 31). On the likelihood and relevance of reswitching and reverse capital deepening [Unpublished draft manuscript with handwritten annotations by Shaikh, A., PhD].

• Petri, F. (2011). On the likelihood and relevance of reswitching and reverse capital deepening. In C. Gehrke, N. Salvadori, H. D. Kurz, & I. Steedman (Eds.), Keynes, Sraffa and the criticism of neoclassical theory: Essays in honour of Heinz D. Kurz (pp. 219–243). Routledge.

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

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 …

Brain Drain Out Of Hungary And Its Inhibitors, Eliza Plous

Capstone Collection

In many Central and Eastern European countries, a poor economic climate at home forces young people to make their careers in the West. Hungary is no exception. After spending time both studying and working in Hungary, the author chose to investigate the phenomenon known as “brain drain”: the large-scale emigration of young, educated individuals from Hungary as they seek higher salaries and more promising career prospects in neighboring Western European countries. This paper offers a comprehensive report on the economics of the brain drain problem, and on the opinions of young Hungarians who are currently seeking employment abroad; it also …

Three Sisters Exchange: Building Alliances And Promoting Justice From The United States To Ecuador, Ariel Climer

Capstone Collection

This paper presents a proposal for a social justice and action-based study abroad program with foundations in the short-term reality tours of the education and human rights-based NGO, Global Exchange, a far-reaching non-profit with friendships built on solidarity against the spread of elite globalization. The program is called the Three Sisters Exchange to honor the sustainable design of indigenous crop planting prevalent around the world. The design comes at a time when international educators offer few programs with foci in social justice. The international education field needs more sustainable programs that take into account global systems. A propagation of such …

Public Policy, Human Instincts, And Economic Growth, Jonathan B. Wight

Economics Faculty Publications

Alfred Marshall famously insisted that economics is more like biology than physics. Societies are organic ecologies that evolve and produce organized but unplanned complexity (Hayek 1979). Although no public policy reliably produces economic growth across all ecosystems, a key element unites diverse institutions and policies that do seem to work: they all are reasonably compatible with human instinct. Institutions that build on the basic instinct for self-betterment (as in markets) have a much easier time in achieving success than institutions that oppose it (as in communism). Instincts, like gravity, are a force of nature. Adam Smith theorized, for example, …

Conference Marketing Research For Rolla, Missouri Chamber Of Commerce, Rebecca Mcnally, Bonnie Bachman

Business and Information Technology Faculty Research & Creative Works

This paper is used to give recommendations to the Chamber of Commerce in Rolla, Missouri to help them to better attract conferences and events. A survey given to event planners was the main method used for analyzing what Rolla needs to change to gain more of a name as a conference destination. Although this paper is specific to Rolla, Missouri, the methods used can be imitated for any rural town wishing to attract more conferences.

Living In The Dark In Nepal, Raisha Kasaju

Undergraduate Research Awards

An economics thesis that considers the problem of electricity in Nepal and hypothesizes that increased participation from the private sector would help to increase power supply. The PDF includes the author's entry submission essay from the 2011 Undergraduate Research Awards.

Sweet Diversity: Colonial Goods And The Welfare Gains From Trade After 1492, Jonathan Hersh, Hans-Joachim Voth

Economics Faculty Articles and Research

When did overseas trade start to matter for living standards? Traditional real-wage indices suggest that living standards in Europe stagnated before 1800. In this paper, we argue that welfare rose substantially, but surreptitiously, because of an influx of new goods as a result of overseas trade. Colonial luxuries such as tea, coffee, and sugar transformed European diets after the discovery of America and the rounding of the Cape of Good Hope. These goods became household items in many countries by the end of the 18th century. We use three different methods to calculate welfare gains based on price data and …

Is A Beautiful System Dying? A Possible Smithian Take On The Financial Crisis And Its Aftermath, Maria Pia Paganelli

Economics Faculty Research

Adam Smith is not an optimistic describer of a providential order moved by an always-successful invisible hand. I present some of the more pessimistic analysis of Smith, which, unfortunately, seems to be most appropriate to describe and analyze our current affairs. This reading of Smith may provide an explanation for the events started in the fall of 2008.

The ‘beautiful system of natural liberty’ that Smith describes is a system that may be achieved only under rare circumstances. Smith recognizes systematic biases in human behaviours, ranging from overestimation of probability of success to almost blind admiration for the rich. He …

Opportunity Cost Of Land And Urban Growth, Bo Jiang

Theses and Dissertations--Economics

This study examines the impact of the opportunity cost of urban land on urban growth. Based on prices, costs and productivity data on agricultural commodities at county levels, the opportunity cost of land was measured by the weighted revenue, cost, and government payment per acre of farm lands. Aggregating county data to metropolitan area levels, a panel data for 269 metropolitan areas from 1978-2000 were constructed. This study found that, as predicted by the theory, cities grow slower when revenue increases or cost decrease in the area. The impact of commodity program payment was also examined. Our results show that …

Price Levels And Dispersion With Asymmetric Information, Tanmoy Bhattacharya

Theses and Dissertations--Economics

In the extensive literature on price dispersions that exists to date, there is a gap in the analysis of how market structure affects prices as well as the degree of dispersion in prices. Specifically, the literature is deficient in analyzing how price levels and price dispersion are affected by the number of firms operating in a market. I use secondary data to look at the prices of prescription drugs at the retail level in nine hundred and seventy pharmacies across one hundred and sixty five markets in Maryland and compare price dispersion across these brick and mortar pharmacies as well …

Identifiability Of The Misspecified Split Hazard Models, Sanjiv Jaggia

Economics

Unlike standard models, a split population hazard model allows the exit probability to be less than one. Although conceptually attractive, split models are prone to identification problems. In the reduced form estimation of the hazard function, the influence of split may not be distinguishable from that of neglected heterogeneity. For illustration, I use Monte Carlo simulations to highlight the problem of interpreting the structural parameters of the split Weibull and the Weibull-gamma models.

Special Education, Poverty, And The Limits Of Private Enforcement, Eloise Pasachoff

Georgetown Law Faculty Publications and Other Works

This Article examines the appropriate balance between public and private enforcement of statutes seeking to distribute resources or social services to a socioeconomically diverse set of beneficiaries through a case study of the federal special education law, the Individuals with Disabilities Education Act (IDEA). It focuses particularly on the extent to which the Act’s enforcement regime sufficiently enforces the law for the poor. The Article responds to the frequent contention that private enforcement of statutory regimes is necessary to compensate for the shortcomings of public enforcement. Public enforcement, the story goes, is inefficient and relies on underfunded, captured, or impotent …

Winning Off The Field: The Determinants Of Mlb Franchise Value, David F. Ulrich

CMC Senior Theses

This paper examines the underlying drivers of MLB franchise value. Using panel data for MLB teams from 2000-2010, I find that a team’s ballpark and metro-area market are significant determinants, yet revenues truly drive value. Further, I find that incremental increases in winning percentage by a particular team has an insignificant effect on total revenues and has no marginal impact on the value of the team, particularly if the team recognizes consistent revenue streams every year. Finally, I show that the modern sabermetric approach to player management negatively impacts firm value, suggesting that although small market teams have been successful …

Foreign Corrupt Bribery Act: Long-Term Benefits Should Outweigh Short-Term Burdens, Brian K. Gose

CMC Senior Theses

The purpose of this thesis is to examine the Foreign Corrupt Practices Act. Specifically, do long-term benefits from the FCPA outweigh short-term burdens? The paper begins with a short Introduction that provides a roadmap for the overall thesis. Chapter I discusses the business and economic environment of America during the 1970s. Specifically, the focus is on the Watergate scandal and how it played a crucial role in the enactment of the FCPA. Chapter II explains and analyzes specific provisions of the FCPA. It also demonstrates the FCPA‟s relationship to the Securities and Exchange Act of 1934 and the Sarbanes-Oxley Act …

Blood Money: A Study Of The Effect Of Fighting On Player Salaries In The National Hockey League, Matthew G. Morton

CMC Senior Theses

Fighting has been a centerpiece of the National Hockey League since it was formed in 1917. Although rules have been introduced regulating the physicality of play in the NHL, fighting is demanded—and encouraged—by fans and players alike. Fans have long been attracted to the violence of professional hockey; previous studies have documented that professional hockey is a “blood sport” that generates revenues with violence. This research investigates the effect of fighting on player salaries in the NHL, examining the way in which fighting has become a strategic element of the game, describing the way players enforce their own “Code” of …

Past Financial Reporting Credibility: Does It Influence Market Perceptions Of Fair Value Assets?, Jason M. Rehhaut

CMC Senior Theses

During the financial crisis, many assets became illiquid and ceased trading on the open market, thus classifying them as level three assets. This study attempts to determine whether fair value asset disclosures, especially level three assets, were viewed by the market as valued correctly, given the amount of subjectivity involved. This paper will discuss prior literature on the topics of fair value accounting, various earnings quality measures, and corporate governance impact on fair value disclosures. Using models similar to prior papers, many of the coefficients of interest proved insignificant. However, the models improved when examining only the least credible firms.