Hydraulic fracturing (fracking) is a popular and widespread method of oil and gas extraction in Colorado. This method might affect home values in certain areas of the state based on externalities associated with the practice. A hedonic pricing model was adapted to real estate in order to understand the effect that fracking has on housing values in specific areas of Colorado. This study uses data from the Colorado Oil and Gas Conservation Commission and the census to analyze frackings affect on house value in the top five oil and gas producing counties in Colorado. The goal of this study is to understand if areas that are densely packed with hydraulic fracturing wells experience lower housing prices compared against areas of the same county that are not densely packed with hydraulic fracturing wells. This study finds a significant negative externality on house price in areas that are densely packed with hydraulic fracturing wells.
In the United States spending on welfare has dramatically increased in the past decade, yet poverty rates have not declined. One of the largest welfare programs is Supplementary Nutrition Assistance Program (SNAP) also known as food stamps. With SNAP participation rates rising compounded by skyrocketing costs per participant the future of the program is unknown. Current research on SNAP investigates whether or not the program lessens hunger and poverty; collectively this research is inconclusive. This thesis attempts to analyze inefficiencies with participation and the allotment of benefits. Using a microeconomic framework, multiple regressions were done to best model if income, employment, monthly value or numbers in household have an effect on months on SNAP. Results show that different characteristics of participants do affect how long a household is on SNAP.
The results showed that teams that project themselves to have a winning record should breach the tax threshold. However, these franchises should not pay beyond one standard deviation of the average tax figure in a given year. Teams that project themselves to have a losing record should stay under the threshold. This is surprising as many franchises, particularly those in small markets, often go to drastic lengths to stay below the tax to the detriment of on and off-court performance. Over the period studied, an average of 6 teams paid the tax. The model found that regardless of market size around 15 teams per year would increase franchise net worth by having payrolls above the tax.
All undergraduate college students face the important decision upon completion of their degree: what is next? For those that are choosing whether or not to pursue legal education, the important decision affects their future careers and lifetime happiness. This thesis suggests that an individual’s probability of employment and earning a six-figure salary should be factored into determining whether or not obtaining a law degree is a financially sound investment. This paper hypothesized that the probability of employment and making a high-income is greater for individuals that have a JD than individuals with a four-year terminal bachelor degree. Further this paper hypothesized that the probabilities are higher for females with law degrees than males with the same degrees. The data in the probit models comes from The After the JD Dataset and The Current Population Survey. After analyzing the results of the probit regressions, the hypothesis proved to be strong in some aspect and weak in others. The descriptive statistics for the dependent variables, employed and high-income, indicate that more individuals that have law degrees are employed and making a high-income than individuals with a four-year terminal bachelor degree. However, the gender results are difficult to use in determining if it is a financially sound investment for women to obtain a JD: a women with a JD is 5.2 percentage points more likely to be employed than a male with the same degree but 15.0 percentage points likely to earn a six-figure salary than a male with the same degree.
Many have addressed the issue of Mixed Martial Arts as a violent blood sport that promotes violence in our society. On the other hand, martial artists have long claimed that martial arts promote peace of the mind and therefore a peaceful society. Using police data from Chicago, I analyze the effect of the biggest Mixed Martial Arts organization’s (UFC) PPV shows on crimes. I controlled for many variables such as time, day of the week, holidays, unemployment and more. The results indicate that viewing Mixed Martial Arts neither increases nor decreases crimes. The implications of such results are that bans on the sport in certain states or countries should be lifted as there are many positives a popular televised Mixed Martial Arts event can bring such as tax revenues, media attention, and entertainment for its viewers.
Mexican-American immigration is positively related to Mexico’s macro and micro economic conditions. Empirical evidence shows that the effects of NAFTA are mixed. The trade policy raised the demand for skill by reducing rents in industries that previously paid high wages, increased FDI (foreign direct investment), increased Mexican-American trade and economic integration, and caused a reshuffling of unskilled wages in both Mexico and the US. These effects possess a positive relationship to geographical location and economies of scale, with northern states reaping the benefits of higher wages, more investment, and more trade. Although NAFTA was a step in the right direction, it has been overshadowed by the lingering effects of inflationary public investment. These policies inefficiently allocated resources in priority sectors and demographic shifts within the Mexican population. Neoclassical economic theory predicts convergence in goods prices across countries. This will lead to stable economic conditions for Mexico, thereby mitigating the push factors involved in Mexican-American emigration. Hypothesis: NAFTA significantly decreased immigration since implementation.
This paper will focus on three questions. Is the National Hockey League draft a good indicator of a drafted players probability of playing in the National hockey league? Does the relative position a player is selected in the NHL draft influence a player’s decision to attend an NCAA school? And finally, for those players that choose to attend an NCAA Division 1 hockey program, does it change their probability of playing in the National Hockey League? Three models have been created to answer these questions. The results suggest the draft is a good indicator of playing in the NHL, that draft position does have an influence on player’s decision to attend college and that playing in the NCAA will slightly reduce the negative probability of playing in the NHL.
There have been many debates and studies on how to efficiently compensate players and build winning teams in professional sports. The National Hockey League instituted a salary cap following the 2003-2004 season that changed the way general managers could pay players both individually and as a team. The study uses player data from the 2009-2010 season and team data from the 2007-2008 season to the 2013-2014 season. The study found that the largest determinants of forwards’ salaries are points per game and average time on ice. The largest salary determinants for defensemen are points per game, average time on ice, and fights per season. The Gini coefficient did not turn out to be a significant predictor of team winning percentage, while power play and penalty kill percentage did.
Peer effects in institutions of higher education are often measured in terms of differences in student achievement after interaction with able peers. This paper uses an empirical approach to analyze peer effects on student achievement in classrooms at Colorado College. Under an ordinary least squares model, student academic rating is employed as a proxy for ability – understood to be student “quality” for the purposes of this paper – and the 4.0 GPA scale-equivalent of the grade received in a class is employed as a proxy for achievement. Specific focus is placed on the potential effects that international students and student athletes may have on the achievement of their peers. If these focus groups pose any effects, how do these effects vary with course division (humanities, natural sciences, social sciences)? This paper finds evidence of the existence of peer effects at Colorado College; specifically, international students have a large positive effect on the achievement of non-international students, and the greatest benefit from peer effects occurs in humanities courses.
This study uses similar methodology developed by Kaminsky, Lizondo, and Reinhart (1998) to predict currency crises. Analyzing years outside of 1995, this paper uses different variables and countries to see if the technique applied in their study can be replicated in the modern world. Looking on the results, it does appear that this methodology remains useful and relevant in today’s world when adjustments are made to the variables and techniques of predicting currency crises. This paper also suggests that predictive variables undergo changes to their predictive power over time, whether it be positive or negative.
The film industry is a multi-billion dollar business and even though it is so profitable, is still full of major risks. Not every movie produced goes on to recoup its budget and many films lose millions of dollars for the studio. The question that studio executives have to ask themselves is what movie to make, actor, director, type, format, and genre of movie because all of these factors impact box office success. But what factors result in the highest likelihood of success? By looking at data of the top one hundred movies from 2008 to 2014, approximately 700 movies were measured and run through an OLS regression. The results found that budget isn’t as important as past studies, while variables such as genre (superhero) and format (IMAX), are highly correlated and significant to box office success.
Rookie and Restricted NHL salaries can be determined by many factors. Studies before this have mainly focused on Draft position and NHL statistics as determining factors for salary in the NHL. I will be using these determining statistics along with past amateur statistics, amateur league played in, and country from to cross-referenced 102 NHL rookies through 4 different OLS regressions, analyzing how these factors determine the value of the rookie and restricted contracts, draft position, and production statistics in the NHL.
This paper examines the performance differences between “virtue” and “sin” investing. For years people have believed that the “sin” industries: tobacco, alcohol, gambling, and defense outperform both conventional investment benchmarks and socially responsible, “virtuous”, industries. While a large portion of existing literature has been supportive of this theory, this study seeks to examine the hypothesis that socially responsible investing is equally as profitable as “sin” investing. By examining two constructed portfolios, one consisting of all socially responsible stocks and the other of all “sin” stocks, this study found evidence that socially responsible stocks do give investors the same attractive returns as “sin” stocks. Likewise, both “sin” and “virtue” outperform the Russell 3000 to further support the theory that these industries can outperform conventional investment benchmarks.
This thesis analyzes how customer satisfaction changes, as measured by the American Customer Satisfaction Index, are correlated to stock appreciation over a three-year period from 2011-2013 with a focus on durable and nondurable goods manufacturers. Additionally, top and bottom quartile performers over this time period are analyzed. The findings suggest that customer satisfaction is more highly correlated with stock appreciation for durable goods manufacturers and for companies scoring in the bottom quartile of ACSI scores, indicating that customer satisfaction increase may have diminishing returns in terms of stock price appreciation.
The implementation of the North American Free Trade Agreement (NAFTA) on January 1, 1994 signaled the economic integration of Canada, the United States, and Mexico. The economic theory behind international trade suggests the free flow of goods allows each nation to focus on comparative advantages, therefore permitting all parties involved to consume more goods of a better quality and at a lower price. The purpose of this study was to determine how agricultural trade patterns for Canada, the United States, and Mexico changed in terms of composition, value, and volume since the implementation of NAFTA. As several studies included suggest, Canada and the United States exhibit a comparative advantage in the production of eggs, maize, milk, beef, and wheat, and Mexico tends to exhibit a comparative advantage in the production of horticultural products such as asparagus, beans, chilies, cucumbers, eggplants, grapes, onions, pumpkins, strawberries, tomatoes, and watermelons. With this information in mind, this study sought to analyze whether or not NAFTA prompted each nation to specialize in the production of products for which they have a comparative advantage, thus the focus on the changing composition of agricultural trade. Additionally, this study attempted to determine if and when structural breaks in the trade patterns for the selected products happened (both in terms of value and volume). If the structural break happened before the implementation of NAFTA, then it may be suggested that the rising trade levels are simply the continuation of an already existing upward trend that may have started during the 1980’s. If the structural break happened around the time NAFTA was implemented, then there may be some evidence that NAFTA in particular propelled this increase in agricultural trade levels. This study relied on data provided by the Food and Agriculture Organization of the United Nations (FAOSTAT). Specifically, this analysis used international trade data, in terms of value and volume, for Canada, the United States, and Mexico for sixteen agricultural products from 1961 to 2011. The methodology consisted of various multiple regression models designed to detect a structural break in value and volume trends over time. The results suggest that most products exhibited a positive value and volume structural break in 1994, when NAFTA was put in place. Various products showed evidence of a different break date, but this break date tended to be in the mid 1980’s. This is not surprising given that Mexico’s economic liberalization began during this decade with its accession into the General Agreement on Tariffs and Trade (GATT) in 1986 and considering the 1988 Free Trade Agreement (FTA) between Canada and the United States.
Despite the vast body of research surrounding mergers and acquisitions, there is little consensus as to what contributes to merger success or failure. One variable, target manager retention, has been found to have some explanatory power, but target managers experience a turnover rate significantly higher than average. Decreasing target manager turnover may be a key to improving the low merger success rate, and one possible method would be to provide incentives in the form of compensation increases. This study seeks to test the hypothesis that percent change in target manager compensation is positively and significantly correlated with the merger success rate. The statistical model used to test this hypothesis is logistic regression, and data were collected on multiple mergers, executive compensation, historical stock prices, historical S&P 500 Index prices, and several business return ratios to determine whether a merger succeeded. The findings are inconclusive but provide interesting insights into the nature of mergers and illuminate several areas of potential future research.
The main goal of this study entails the quantification of the contribution of the new patent based indicator developed Rassenfosse et al., (2013) to the GDP per capital of high income OECD countries through a robust, fixed effects panel regression. The new patent based indicator utilizes priority patent applications from WIPO, USPTO, and PCT, and it also corrects for globalization miscounts, geographical, and institution bias pertaining to patent applications. The findings of this paper indicate that priority patent applications have a positive and significant effect on the GDP per capita of the high income OECD countries.
High transaction costs for sending money in Kenya were reduced due to the introduction of Safaricom’s mobile payment system, Mpesa. Mpesa is seen to come in under market value. Despite this Kenyans report that Mpesa is valued more than its cost. However, scholars found that 75% of Mpesa’s costs can be reduced through sending methods of the service. This paper will analyze the groups of people who generate the lowest fees, while using the service. Concluding that business and university-educated individuals have 70% lower commission rates compared to their counterparts. Findings can help future research identify reasons for reductions in transaction cost and give information for other countries adopt a similar service.
Obesity rates in the United States have risen dramatically in the last several decades. In an attempt to explain this trend, much of current literature looks for correlation between community demographic characteristics and independent food-environment components. Few studies analyze the direct relationship between obesity rates and the food-environment, however. This paper explores this relationship at a county-level across the United States in order to fill the problematic gap in the literature. To provide a complete representation of the food-environment, county-level data for the prevalence of fast-food restaurants, full-service restaurants, grocery stores, convenience stores, and supercenters are analyzed for their relationship to obesity rates at the county-level while controlling for a multitude of demographic and community characteristics. This study concludes that fast-food restaurants and convenience stores are positively correlated with obesity rates, while full-service restaurants and grocery stores are negatively correlated with obesity rates. Though intuitive, these conclusions provide representative insight to policy-makers on the true dynamic between the food-environment and obesity rate such that effective strategies may be implemented to better fight the obesity epidemic.
This study analyzes the various trends in Colorado’s historical angler license sales from the conception of hatchery and licensing programs within the state. The analyses illustrate how the historic supply and demand for hatchery trout greatly determined how Colorado’s stocking programs developed over time. The results show that as Colorado stocks more fish, there is an expected decline in total angler licenses bought three years down the line.
The Colorado Rockies play their home games in an environment unlike any other team in Major League Baseball. The altitude effect present in Denver, CO potentially plays a role in why hitters thrive for the Rockies and pitchers struggle. Player’s statistics are altered by playing in Denver, and these performance indicators’ significance diminishes, especially for Rockies players. Statistics are influential in determining player compensation in professional baseball. The statistics of Rockies players, however, are biased because they play 81 home games at high altitude each season. The results of this paper support the notion that the Rockies capitalize on their unique effect by paying players differently than the rest of the league.
The purpose of this study is to identify the primary determinants of an NBA player’s salary from his contract season performance. While some factors are outside a player’s sway, such as height and age, others such as points per game are within their control, and this study examines which factors are significant. The study examines 272 players and data from the year before they signed their new contract. A regression analysis tests the relationship between salary as the dependent variable and a number of independent variables. The analysis reveals that NBA teams value players who score points and generate wins (as measured by win shares). While teams will never forego the human aspect and evaluation present in every transaction, analyzing the statistical side should help expose some market inefficiencies currently present in the NBA.
This study examines the relationship between standardized test policies and student matriculation decisions by using Admitted Student Questionnaire data from Colorado College for years 2011 and 2012. The data compares perceived characteristics of CC and CC’s closest competitor. A probit model is used to explain the likelihood that certain personal and college characteristics will lead a student to enroll at CC. The results of this study suggest that students are 14 percentage points more likely to enroll at CC if CC’s closest competitor requires standardized test scores. In addition, this study explores the effect certain personal characteristics have on the relationship between test policies and college choice.
The Earned Income Tax Credit is a form of welfare awarded to eligible recipients as a refundable tax credit. It is awarded in three phases: the phase-in region, where the award value increases as income increases; the plateau region, at which recipients earn the maximum credit at a middle range of incomes; and the phase-out region, where the award dollar value decreases as income increases. This study attempts to quantify the effects of EITC on the hours worked by its recipients. We find that both single and married recipients tailor hours to maximize EITC earnings by bunching at the second kink. When in the plateau range, married EITC recipients tend to increase weekly hours worked by 5.60; upon moving into the phase-out region, however, these recipients decrease hours worked by 1.15 hours. Single recipients increase hours worked in the plateau range by 1.98 hours. When they enter the phase-out region, they decrease their labor supply by 0.35 hours per week. The findings suggest that EITC recipients manipulate hours worked to maximize the credits they receive.