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2016-2017

87 hits

  • Thumbnail for Strategic vs. Not-For-Profit Corporate Social Responsibility: A Time Analysis
    Strategic vs. Not-For-Profit Corporate Social Responsibility: A Time Analysis by Acquisto, Aiden

    Corporate social responsibility (CSR) is now a standard pillar of the corporate landscape. However, despite its prevalence, many CSR studies still boast ambiguous CSR taxonomy and fail to direct attention to some of the different mediums to which CSR manifests. Particularly, although various quantifiable metrics have been applied to deciphering the impact that CSR has on corporate financial statements, research into the evaluation of the relationship between CSR and the stock market has remained relatively neglected. This study first characterizes corporate social responsibility as either strategic, a profit-maximizing CSR classification derived from Baron (2001), or not-for-profit, a purely philanthropic action. Through this categorization, this study proceeds to test the stock market reactions to announcements articulating strategic and not-for-profit CSR initiatives. In addition, this study conducts time-specific tests to evaluate how shareholder preferences to both strategic and not-for-profit CSR initiatives have evolved throughout time. We find that as a whole, shareholders react more positively to strategic CSR than not-for-profit CSR and that shareholders have

  • Thumbnail for Suicide Likelihood Among Farmers in Punjab
    Suicide Likelihood Among Farmers in Punjab by Lauer, Jacob

    This study focuses on the problem of agrarian suicide in the Punjab region of India using individual level survey data. Previous research on North Indian farmer suicides has focused solely on economic and climate related causes, and ignored familial and personal characteristics of these victims almost entirely. This study fills this gap using a Logit model to analyze how different social, as well as financial and agricultural factors increase or decrease suicide likelihood among farmers in northern India. Then it further breaks down the financial components using a Tobit Regression to model how various aspects, such as education, affect farmer debt. The findings confirm previous aggregate studies of suicide showing education and marriage to be negative correlates and decreased crop profits and debt to be positive correlates of suicide; however, it also finds the coefficients of the social factors to be much larger than those of the financial and agricultural variables. This suggests that social factors, and not debt and crop failure, may be the most important keys to preventing Indian farmer suicide. The combination of these findings helps identify Indian agrarian workers who are most prone to suicide as well as provide direction for potential policy solutions to the suicide epidemic.

  • Thumbnail for The Benefits of Extremes; How the Bifurcated Wine Market Affects Prices and Keeps Competition Levels High
    The Benefits of Extremes; How the Bifurcated Wine Market Affects Prices and Keeps Competition Levels High by Cohlmia, Kate Rose

    With the wine market offering a larger selection and variation than ever, some believe that the ideology of wine is under a shift as the market splits. Studying the factors involved in wine pricing, this paper hopes to explain how the extreme variation in prices is able to occur in such a homogenous good despite growing competition. The growing power of both sides leads to a hypothesis that the relationship between pricing of the two extremes is symbiotic and that both are benefiting from the growth of the other. This theory is tested using prices of similarly rated consumer and luxury brand wines to see how the presence of both extremes affects their prices.

  • Thumbnail for The Effect of Experiencing a Salient Extreme Weather Event on Climate Change Attitudes and Policy Support
    The Effect of Experiencing a Salient Extreme Weather Event on Climate Change Attitudes and Policy Support by Mathieson, Rebecca Elizabeth

    Climate change concern remains remarkably low in the United States despite extensive evidence of its current and future negative impacts on the planet. Previous research suggests this is because people perceive climate change as a distant risk that will not affect them personally. This study investigates whether experiencing an extreme adverse weather event such as the 2012-2016 California drought reduces the psychological distance of the issue, and leads those who experienced the weather event to have higher levels of concern about climate change. Using data from a survey administered to California, Oregon, and Washington residents in February 2017, regression analysis was performed to evaluate the hypotheses. It was expected that those living in California who had experienced the drought would express higher levels of concern over climate change than those in Oregon or Washington who had not experienced the drought. Additionally, it was hypothesized that those who experienced the drought would also be more likely to support environmental policy aimed at mitigating climate change than those with no drought experience. The first model in the study showed that drought experience on its own does not lead to higher levels of climate change concern. It was found, however, that experiencing climate change to a lesser degree, such as observing warming temperatures, does increase concern. The second model showed that those who express higher levels of concern over climate change are much more likely to support environmental policy.

  • Thumbnail for The Effect of Presidential Elections on the Economy
    The Effect of Presidential Elections on the Economy by Roos, Alexander

    This study examines the effect that presidential elections have on the economy in the six-months leading up to election day. By investigating several financial markets, we seek to understand whether the economy is directly effected during presidential elections. There have been numerous studies performed looking into the economy during presidential elections, but this particular studies uses financial markets to gauge the fluctuations in the economy during this time period. The data gathered for this study consists of two separate cases, both representing a surprise Republican victory. The model used focuses on the Republican candidate’s stock price from the Iowa Electronic Market. This variable, Republican candidate stock price, was then used to examine the effect of that candidate’s position in the presidential race against the independent variables, which represent economic performance. The results of this study have shown that presidential elections do not have a significant effect on the economy leading up to election day. Additionally, this study finds that the economy experiences significant fluctuations in financial markets during the month immediately following a presidential election.

  • Thumbnail for The Effects of Corporate Social Responsibility on Corporate Financial Performance
    The Effects of Corporate Social Responsibility on Corporate Financial Performance by Hansen, Matthew

    The current literature analyzing Corporate Social Responsibility (CSR) and Corporate Financial Performance (CFP) has not shown a definitive correlation. This study attempts to determine whether implementing CSR into a company’s core business policy will show positive, negative, or neutral returns. The model in this study was based on CSR-Hub’s ratings to find any relationship between three different financial measurements: return on assets (ROA), return on equity (ROE), and earnings per share (EPS) through the years 2012-2015. This study uses total employees to control for the size of various companies, a year dummy to control for economic factors within each year, and the company’s beta to control for risk. Based on the results of this study, companies will be able to make an educated decision on whether implementing CSR into its core business policies will be financially beneficial.

  • Thumbnail for The Effects of Exchange Rate Change on International Student Mobility: an Empirical Study
    The Effects of Exchange Rate Change on International Student Mobility: an Empirical Study by Jin, Qi

    This paper investigated the effect of exchange rate on international student mobility. The paper will begin with literature reviews of the recent papers about the trends in international student mobility and information about exchange rate. The next section will describe the dataset and the empirical models used to examine the relationship between exchange rate and international student mobility. The paper will conclude with the discussion of the implication and limitation of the econometric results.

  • Thumbnail for The Effects of the Paris Agreement on Renewable and Conventional Energy Companies' Stock Returns
    The Effects of the Paris Agreement on Renewable and Conventional Energy Companies' Stock Returns by Harrison, Morgan Dean

    This paper analyzes the effects of the Paris Agreement on renewable and conventional energy companies’ stock returns; particularly, do renewable energy stocks have positive abnormal stock returns while their conventional counterparts display negative or no abnormal returns? This paper applies an event study methodology to the signing of the most important climate deal since the Kyoto Protocol in 1997, as a result of the unanticipated completion and high level of international ambition of world leaders to cut emissions and promote low carbon technologies. For example, Sunpower’s, a solar energy company, shares shot up 8.7% in the immediate aftermath of the treaty’s signing while those of Rice Energy, a petroleum exploration and production company, fell by more than 8%. By using the market model, this paper aims to estimate the effect of the Paris Agreement on short-term abnormal daily stock returns of U.S. and European renewable and conventional energy stocks. With new investment flows into renewable energy companies and increased adherence to regulatory compliance by conventional energy companies, this paper utilizes stock returns as a useful indicator to detect whether environmentally corporate socially responsible (CSR) renewable energy companies will outperform their traditional fossil fuel counterparts. This paper examines the hypotheses of higher positive abnormal returns for U.S. renewable energy companies, more negative abnormal returns for U.S. conventional energy companies, negative abnormal stock returns for the combined sample of conventional energy companies, and positive abnormal stock returns for the combined sample of corporations exclusively engaged in renewable energies. This study shows that U.S. renewable and conventional energy samples outperformed and underperformed the European samples, respectively. As a whole, conventional energy companies show significant negative abnormal returns while renewable energy companies exhibit positive abnormal returns. This suggests that investors priced in these companies’ environmental CSR after the announcement of the Paris Agreement.

  • Thumbnail for The Emerging Athlete Stock Exchange
    The Emerging Athlete Stock Exchange by Riley, Thomas Andres

    The paper presented explores the current use and future implications of the securitization of professional athletes’ future income streams. Including both off-field financial variables, and on-field game variables, this study seeks to inform both investors and athletes alike of the attractive traits that lead to success in the athlete tracking stock market and growth in an individual athletes tracking stock. Using a single OLS model, the paper discovers the variables that carry significance in determining short-run growth of an athlete tracking stock. The model incorporates figures from Fantex Inc, the global leader in issuing and trading athlete tracking stocks, with figures from six NFL athletes from the 2013-2017 seasons. The observations should serve as preliminary analysis of an enticing, fast-growing financial market.

  • Thumbnail for The Impact of Demand Shocks on the Emerging Markets of South and Central America
    The Impact of Demand Shocks on the Emerging Markets of South and Central America by McCormick, John

    This study uses structural vector auto regressions, based on the model by Lutz Kilian, to explore Latin American market exposure to oil demand channels and the influence of these oil demand shocks on five major stock indices in Brazil, Mexico, Chile, Peru, and Colombia. This investigation finds a loosely consistent pattern in the region and significant relationship between precautionary demand shocks and market index returns. Aggregate demand shocks appear to be less significant in most Latin American countries. Additionally, this study investigates the magnitude and time frame by which markets are affected by each type of demand shock.

  • Thumbnail for The Impact of Endogenous Oil Price Shocks on the Emerging Markets of South and Central America
    The Impact of Endogenous Oil Price Shocks on the Emerging Markets of South and Central America by McCormick, John

    This study uses structural vector auto regressions, based on the model by Lutz Kilian, to explore Latin American market exposure to oil demand channels and the influence of these oil demand shocks on five major stock indices in Brazil, Mexico, Chile, Peru, and Colombia. This investigation finds a loosely consistent pattern in the region and significant relationship between precautionary demand shocks and market index returns. Aggregate demand shocks appear to be less significant in most Latin American countries. Additionally, this study investigates the magnitude and time frame by which markets are affected by each type of demand shock.

  • Thumbnail for The Impact of Export Diversification and Corruption on Human Development
    The Impact of Export Diversification and Corruption on Human Development by Havasi, Marcel Philippe

    This study examines the impact of primary commodity exports on to the human development index (HDI). Recent literature suggests Least Developed Countries engage in export policies that focus on a select number of primary commodities. I use The World Bank data from 92 countries, from 1981 to 2013. Export commodity reliance is measured through the percentage of merchandise exports devoted to agriculture, foods, ores and metals, fuel, and technology. This study finds that greater GDP per capita, general government final consumption expenditure, the price of commodity goods, percentage of permanent cropland, fuel exports, greater trade openness, and lowered corruption promote greater human development. Other factors such as gross capital formation, agricultural exports, food exports, high technological exports, and ores and metal exports hinder human development.

  • Thumbnail for The Impact of Mass Shootings on Gun Stock Prices and Sales: Exploring Long Run Correlation
    The Impact of Mass Shootings on Gun Stock Prices and Sales: Exploring Long Run Correlation by Petersilge, Stephen

    Mass shootings have been increasing at an alarming rate in recent decades. While no economic research has currently been completed on the subject, popular literature points to a national response of increased gun sales and rising gun stock prices. By examining the entirety of mass shootings between 2000 and 2016, I explore if all mass shootings elicit a response of increased gun sales, resulting in increased gun stock prices. I examine if there are specific traits of mass shootings that evoke a national response. The results suggest that not all mass shootings induce a spike in gun sales or gun stock prices. However, there are attributes of mass shootings that draw a larger response. This study pinpoints the traits of mass shootings that cause spikes in both gun sales and gun stock prices.

  • Thumbnail for The Impact of the Craft Beer Market Boom on Drunk Driving Fatalities
    The Impact of the Craft Beer Market Boom on Drunk Driving Fatalities by Hale, Bradley

    Drunk driving fatalities in the United States ha ve decreased significantly in the last several decades. To explain this trend, current literature examines possible reasons for the reduction and points to correlations between legislation, police enforcement levels, education levels, and alcohol abuse programs. However, there are limited studies analyzing the direct relationship between drunk driving fatalities and craft breweries. This paper studies this relationship at a nationwide level across the United States from 1994-2014 to better understand the complexities of the craft beer industry revolution and attempt to explain the decline in drunk driving deaths. To represent craft breweries, total breweries are analyzed while controlling for craft beer with a variety of demographic variables and other control variables. This study concludes that craft breweries are negatively correlated with drunk driving fatalities. Although the explanation to this discovery is challenging, the results provide insight to policy makers on the relationship between the rapid expansion of the craft beer market and drunk driving. These conclusions may lead to continued strategic efforts to eliminate drunk driving from our society.

  • Thumbnail for The Key to a Happy Life: The Impact of Outdoor Activities on Happiness
    The Key to a Happy Life: The Impact of Outdoor Activities on Happiness by Miller, Madigan

    This paper explores the relationship between outdoor activities and happiness. It is hypothesized that participation in outdoor activities increases happiness. A cross-section of data from the General Social Survey is used. After estimating the ordered logit regression on the Outdoor Activities frequency variable against General Happiness, Outdoor Activities is positive and statistically significant. Marginal effects and odds ratio tests confirm that when respondents participate in Camping, Hunting, and Playing Sports, there is a higher probability and greater odds that a participant will have the highest happiness level. When controls are added and other tests of robustness are run, the coefficient on Outdoor Activities remains the same and statistically significant.

  • Thumbnail for The Life of the Ruble as Told by Oil Prices
    The Life of the Ruble as Told by Oil Prices by Heil, Christian Jacob

    The Russian economy is widely assumed to have a fairly heavy reliance on the international oil market. This due to the large amount of oil Russia exports, and theoretically relies upon for economic success. This leads to a question of how responsive the Russian currency is to international oil prices. Using an ordinary least squares (OLS) model, it was found that the ruble is very dependent on valuations of international oil prices. The ruble and international oil prices experience a direct relationship where any rise in oil price will be reflected in the increasing value of the ruble, or decreasing value when oil prices fall.

  • Thumbnail for The New Glass Ceiling - Incarceration’s Effects on Lifetime Wage Growth
    The New Glass Ceiling - Incarceration’s Effects on Lifetime Wage Growth by Corwin, Theodore, III

    The United States incarcerates its citizens at rates higher than those of any other developed nation in the world, straining both its budgets and communities. The long-run effects of incarceration have been receiving more attention in the past two decades, but little research addresses incarceration’s effects on earnings trajectory. Using the National Longitudinal Survey of Youth for 1997, I implement propensity score matching to model the treatment effects of incarceration on wage growth rates, controlling for individual characteristics that influence labor market outcomes.

  • Thumbnail for The New Glass Ceiling Incarceration’s Effects on Lifetime Wage Growth
    The New Glass Ceiling Incarceration’s Effects on Lifetime Wage Growth by Corwin, Theodore, III

    The United States incarcerates its citizens at rates higher than those of any other developed nation in the world, straining both its budgets and communities. The long-run effects of incarceration have been receiving more attention in the past two decades, but little research addresses incarceration’s effects on earnings trajectory. Using the National Longitudinal Survey of Youth for 1997, I implement propensity score matching to model the treatment effects of incarceration on wage growth rates, controlling for individual characteristics that influence labor market outcomes.

  • Thumbnail for The New Glass Ceiling: Incarceration’s Effects on Lifetime Wage Growth
    The New Glass Ceiling: Incarceration’s Effects on Lifetime Wage Growth by Corwin, Theodore, III

    The United States incarcerates its citizens at rates higher than those of any other developed nation in the world, straining both its budgets and communities. The long-run effects of incarceration have been receiving more attention in the past two decades, but little research addresses incarceration’s effects on earnings trajectory. Using the National Longitudinal Survey of Youth for 1997, I implement propensity score matching to model the treatment effects of incarceration on wage growth rates, controlling for individual characteristics that influence labor market outcomes.

  • Thumbnail for The New Glass Ceiling: Incarceration’s Effects on Lifetime Wage Growth
    The New Glass Ceiling: Incarceration’s Effects on Lifetime Wage Growth by Corwin, Theodore, III

    The United States incarcerates its citizens at rates higher than those of any other developed nation in the world, straining both its budgets and communities. The long-run effects of incarceration have been receiving more attention in the past two decades, but little research addresses incarceration’s effects on earnings trajectory. Using the National Longitudinal Survey of Youth for 1997, I implement propensity score matching to model the treatment effects of incarceration on wage growth rates, controlling for individual characteristics that influence labor market outcomes.

  • Thumbnail for The New Glass Ceiling: Incarceration’s Effects on Lifetime Wage Growth
    The New Glass Ceiling: Incarceration’s Effects on Lifetime Wage Growth by Corwin, Theodore, III

    The United States incarcerates its citizens at rates higher than those of any other developed nation in the world, straining both its budgets and communities. The long-run effects of incarceration have been receiving more attention in the past two decades, but little research addresses incarceration’s effects on earnings trajectory. Using the National Longitudinal Survey of Youth for 1997, I implement propensity score matching to model the treatment effects of incarceration on wage growth rates, controlling for individual characteristics that influence labor market outcomes.

  • Thumbnail for The Next Big Short: an Econometric Analysis of the Subprime Auto Lending Market
    The Next Big Short: an Econometric Analysis of the Subprime Auto Lending Market by Scobie, Ian James

    With rising default rates on automobile loans, especially subprime, anxiety in the market is increasing. Eight-year auto loans are now common in the market and critics are claiming this is the next subprime bubble. This study hypothesizes that there will be a positive correlation between the delinquency rate of automobile loans and market wide factors such as, unemployment rate, gas prices, and the duration of loans. Panel data was collected from the Consumer Expenditure Survey as well and Experian in order to run econometric analysis. After analyzing the data from 2014 and 2015, the variables of interest were not statistically significant.

  • Thumbnail for The Plastic Recycling Industry and its Relationship to Oil Price
    The Plastic Recycling Industry and its Relationship to Oil Price by Boyle, Brooke

    Plastic manufacturers have a choice of purchasing virgin or secondary material for production. Virgin material in plastics production is oil, and secondary material is recycled plastic. Both can be used to make resin used in plastic production. This substitute relationship means that the material plastic recycling industry is likely to be impacted by changes to oil prices. If plastic recycling limits the negative externalities caused by virgin resource consumption and provides a viable substitute in the form of secondary material, then understanding the relationship between the two could be key to increasing the recycling rate and usage of secondary material in the future. A finite distributed and autoregressive distributed lag model are used to analyze the constant elasticity relationship between the price of oil and the producer price index of material plastic recyclers, using data from 1996-2016. It is expected that a positive impact between oil price in a previous period and the PPI of material plastic recyclers in the current period will be found.

  • Thumbnail for The Price of Leadership
    The Price of Leadership by Rothstein, Samuel

    Compensation in professional sports is something that is argued and debated over in fan circles all over the world. Whether a player was paid his or her deserved amount is a question that usually has had an ambiguous answer. In the National Hockey League (NHL), team captains are an integral part of the success of their team, but are they being compensated for their extra efforts? Data was collected from all NHL players that played a game between 2011 and 2016 and a quantile regression was run to assess how they are being compensated. The results show that at every salary level a team captain is compensated beyond their statistical impact.

  • Thumbnail for The Spillover of Mexican-Born Immigrants on Southwest States Due to The Legal Arizona Workers Act
    The Spillover of Mexican-Born Immigrants on Southwest States Due to The Legal Arizona Workers Act by Lincoln, Christopher John

    At the start of 2008, in Arizona, undocumented workers were faced with a complicated decision of whether or not to emigrate out of the state or to stay and face harsher labor laws. The Legal Arizona Workers Act was put in effect on January 1, 2008. This law made it necessary for all employers to verify their worker’s authorization status using E-Verify. As a result, there was a significant amount of emigration out of Arizona by unauthorized workers. Similar to the self-selection process narrowed down by Chiquiar and Hanson (2002), the sets of decisions made by this leaver group can be made clearer by studying where they moved. Building on Liou and Halliday (2015), this paper continues to focus on populations of Mexican-born workers living in the southwest in order to model an estimated movement of the leaver group. Ultimately, the model estimates that Texas and New Mexico are the states most likely to have had spillovers. Colorado and Nevada were the least likely to see spillovers. These results are in line with what is known about the movements of undocumented workers in current research; that workers leaving Arizona as a result of LAWA were focused on a move towards the state with, the highest share of their occupation, coupled with the least risk, and the highest population of undocumented immigrants.