The Housing market in the United States is beginning to change due to millennial lifestyle, aging Gen Xer’s and inflation. It is important for a consumer to understand what makes a housing unit valuable. This study aims to compare 33 variables and the influence each of them have on house value. Using the 2013 data from the American Housing Survey, I found that location is the most influential variable in terms of prices. However, demographics play a larger role than anticipated but in a different context than location. These finding have an important role in determining house prices.
The focus of the thesis is to look at religion and culture’s effect on entrepreneurship. I hypothesized that culture and religions that promote strong social networks will lead to an increase in entrepreneurship. To answer this question, I collect data from the World Value Survey Wave 6 in the years of 2010 to 2014. I measure the effects by quantifying religion and culture from the survey dataset. I then use the probit regression to find if religion and culture positively affect entrepreneurship. The results show that religion and culture negatively affect entrepreneurship.
Numerous studies have analyzed the relationship between a firm’s corporate social responsibility (CSR) and its corporate financial performance (CFP). This study observes the effects of CSR engagement pace on CFP, which is measured by both growth in pre-tax return on total earnings assets and Treynor risk-adjusted return. Using multiple ordinary least squares (OLS) models, this study finds no significant relationship between CSR engagement pace and CFP in five of the six models. This result is similar to the majority of previous studies, where the results indicate no significant relationship exists between CSR and CFP.
Climate change will cause increasingly volatile winter weather, and the winter sports industry must adapt. Ski resorts already take operational steps, such as snowmaking or diversification of revenue streams, to reduce exposure to warm or dry winters, but operational strategies alone cannot effectively mitigate weather risk. Financial strategies should also be considered. While traditional insurance protects against catastrophic weather risk, weather derivatives are an emerging financial instrument to help businesses hedge against non-catastrophic weather-related losses. This thesis explores the field of weather derivatives and their application to the ski industry. Utilizing historical weather and skier visit data for Gunstock Mountain Resort in New Hampshire, the thesis models a series of weather derivative structures and their ability to reduce weather-related revenue volatility for the resort. Results from Gunstock demonstrate the potential of such hedging strategies. However, the effectiveness of weather derivatives may vary depending on the resort, and there are significant hurdles to their implementation.
The existing literature has not thoroughly investigated the relationship between higher education and economic development, especially in the context of Africa. This paper studies the effects of financial accessibility to higher education and its relationship with income inequality. I employ a three-stage conditional-mixed process model on 30 sub-Saharan African countries between 1980-2014. The results show that improving financial accessibility to higher education reduces income inequality through higher enrollment rates and greater productivity. The implications of these results are significant; focusing on creating an inclusive higher education system could greatly improve the income distribution in sub-Saharan Africa.
SM Entertainment, JYP Entertainment, and YG Entertainment, often referred to as “The Big Three”, are accredited with launching K-Pop onto the global scene. Before “The Big Three”, the South Korean music industry acclimated to tighter copyright policies between the 1960s and the late 2000s. Popular economic theory suggests that intellectual property right laws negatively impact social welfare and increase monopoly power. Using music chart data from 2011 to 2017, this analysis investigates whether or not these effects are prevalent in the South Korean music industry.
This purpose of this study is to investigate how perceptual factors, namely brand/cause fit and attributed motive, influence the effectiveness of cause-related marketing promotions. Cause-related marketing (CRM) campaigns are defined as an offer from a firm to contribute a specified amount to a designated cause when consumers purchase a promoted product. Data was collected through conducting a conjoint experiment in which survey respondents expressed their preferences towards hypothetical products promoted through CRM promotions that varied in their level of brand/cause fit and perceived motivation. This study’s findings indicate that respondents prefer CRM products when they attribute the firm’s intentions to be society-serving. In fact, motive was the most important attribute, explaining 41% of respondent decisions. Results for brand/cause fit are disregarded because this variable’s latent construction was reported to be not understood by respondents.
This paper attempts to construct an argument that U.S. Federal Debt is not merely an asset held by foreign governments as a form of investment. Instead, this has become an essential component to growth for foreign governments as nearly all commodities vital to economic growth are traded in U.S. dollars (USD). This paper encapsulates as many of the macroeconomic variables involved with predicting US treasury yields, the price of Brent Crude oil, and Federal Debt held by foreign governments by utilizing a 3SLS regression model, placing three seemingly unrelated predictive models for the yield curve, price of Brent Crude, and Federal Debt Held By Foreign and International Investors into conversation with one another. I find the price of commodities to be significantly positively correlated with the Federal Debt Held by Foreign and International Investors, supporting the notion that foreign governments have effectively relied on US Treasuries as means for obtaining USD’s necessary for conducting trade.
Previous papers have shown that adolescent depression negatively impacts labor market outcomes. However, no paper in the literature has examined the impact of treatment and whether it mitigates the negative impacts that adolescent depression has on earnings. I use the Adolescent to Adult Health Survey, a nationally representative, longitudinal survey that follows a cohort of approximately 6,000 individuals from adolescence to adulthood, to determine the impact that the treatment of adolescent depression, through counseling, has on adult earnings. The impact of treatment varies by demographic groups. Women of color suffer disproportionately from depression; receiving counseling for adolescent depression is associated with a 147.5 percent increase in adult wages, strongly mitigating the negative impact that depression has on earnings. The results of this paper give further evidence that treatment is worth it, and they bolster the argument to increase availability of counseling services.
This paper examines whether success – defined as a win (3 points), tie (1 point) or loss (0 points) - is affected by a passing rating which is compiled through network theory analysis of passing in the sport of soccer. The proposed measurement builds a weighted network that accounts for the total number of teammates passed to, and the number of passes to those unique players. The model is run on 2012 Major League Soccer (MLS) season using Opta F24 event data. The Multinomial Probit Model suggests that the rating has no significant correlation with success.
Norway passed a gender quota law in 2003 that requires corporate boards to be 40 percent female. This paper examines the financial impact of the quota. The financials for public Norwegian companies were extracted from Mergent Online for the years 1999 to 2017. A random effects model was used to study the financial performance of the companies before and after the law was fully complied with in 2008. This study contradicts previous literature by finding that return on equity decreased after more females joined corporate boards. However, the past literature did not examine companies that had to comply with a gender quota mandate. This paper aims to lend financial insight to California as they move forward with a quota of their own.
Since Dan Pallotta’s 2013 TedTalk in which he publicly debunked the nonprofit overhead myth, overhead has persisted as a burning topic at the forefront of the sector. To date, the literature surrounding this subject primarily focuses on donor attitudes toward overhead and the necessity of healthy overhead expenditure. Through a single case study of 19 nonprofits in Colorado Springs, this study fills a gap in the literature by taking an organization-level approach to understanding the unique institutional circumstances that affect nonprofits’ overhead percentages. Because overhead needs, and thus reported overhead percentages, exceedingly differ by nonprofit, this study found that overhead rates are poor comparative measures of nonprofit efficacy. Instead, further emphasis should be placed on individualized overhead percentages that allow nonprofits to determine the right value of overhead that maximizes their impact in the community. After all, the future growth and potential of the nonprofit industry lies in its ability to properly invest in itself.
This paper investigates the decision of junior golfers to pursue playing in the NCAA. Since standardized junior golf rankings across the world is fairly new, not much is researched on this relationship between these three levels of golf. This paper will focus on four main questions through the use of two probit models and two linear regression models. Does junior rank affect the decision to attend an NCAA school? Is success at the collegiate and junior levels a good indicator of PGA Tour playing probabilities? Does success at these levels indicate success on the PGA Tour? Finally, if junior ranking is any indication of your collegiate ranking? The study provides statistical support that playing collegiate golf increases the probability of playing on the PGA Tour, more success in the NCAA increases PGA Tour playing probabilities and college ranking influences success on the PGA tour.
Top players in the sports industry enjoy a fanatical following across the globe, making them ideal prospects for advertising campaigns in both print and electronic media forms. This paper uses decades of TV ratings, specifically from golfs FedEx Cup Era and television shows in general. Using weekly data from the Top 5 FedEx Cup ranked players presence in the Top 10 of golf’s most competitive tournaments, the presence of Tiger Woods, and the number 1 ranked television show of the year, this study utilizes a generalized least squares regression. This study hypothesizes that all variables used will positively affect the golf tournaments television rating. The results suggest that most variables do positively affect TV ratings, but based on the statistical evidence the hypothesis was not present.
This thesis focuses on the United States’ “National Innovation System” (NIS) and the role of private and public actors in this system. It is part of a broader literature seeking to identify the key catalysts of innovative activity, and hence economic growth. Although there are many elements that constitute the NIS, this study emphasizes one private institution, the venture capital industry, and one public institution, the Small Business Innovation Research program. The study uses state-level panel data aggregated over a fourteen-year period (2002-2015) and is operationalized by implementing an Ordinary Least Squares fixed-effects model that uses utility patent applications—a proxy for innovation—as the dependent variable. This thesis argues that public-private partnerships and symbiosis between the two sectors is critical to empowering technological innovation and sustainable long-run economic growth.
The Affordable Care Act was a monumental piece of health legislation, impacting welfare, insurance coverage rates, and medical expenditures. Previous economic studies have documented the exact magnitude of these effects. However, the behavioral mechanics that rendered these efficacious outcomes possible have gone by somewhat undocumented. This thesis addresses this concern, by proposing a theoretical framework derived from prospect theory that analyzes how the individual mandate provision impacted demand for health insurance. This framework is empirically tested on young adults (aged 20-25) with a difference-in-differences linear probability model. Findings are consistent with proposed behavioral theory, suggesting that penalties induce demand for insurance by editing reference points and heightening loss-aversion. Additionally, results imply that young adults have marginally more responsive loss-preferences when compared to control counterparts (aged 27-30). Conclusions drawn from this model provide an increased understanding of young adult decision-making processes with the usage of real evidence.
This paper builds on decades of hot hand effect research. Belief in persistent success or failure is common in sports despite a lack of statistical evidence supporting the phenomenon. Using weekly ranking data for 60 professional golfers around the world, this study deploys an ordinary least squares regression to analyze if persistent rank movement exists in the Official World Golf Rankings. This study hypothesizes that persistence does not exist outside of chance because significant evidence is needed to support the existence of streaks in golf ranks. Like previous studies, the results suggest that streaks do occur, but true statistical evidence to reject the hypothesis was not present.
This research paper examined the enormous divide in terms of public health between Africa and the United States. Ten output countries were chosen from Africa and data was found on a number of public health measurements over the time period 1990-2016. The inputs of research and development and pertinent patents from the United States were also found over the same time period. Results showed that the only significant indicator of public health is the public health data from earlier years. The indirect spillover of R&D was proven to be insignificant.
This paper presents results from an economic-groundwater model developed for the Oxnard, Las Posas, and Pleasant Valley groundwater subbasins. Located in Ventura County, California, these subbasins are experiencing issues relating to groundwater overdraft. Due to the Sustainable Groundwater Management Act (SGMA), each subbasin must create strategies to address groundwater overdraft. This model informs potential strategies by simulating three scenarios: (1) a baseline scenario using current water allocations, (2) a scenario where groundwater allocations are restricted 20% and farmers have the ability to import surface water to replace their groundwater, and (3) a scenario where groundwater is restricted 20% and farmers cannot import water. This study finds that scenario 2 generates the least financial losses, although the difference between the scenarios 2 and 3 is unsubstantial. The total financial losses for agricultural producers under scenario two are: $9,450,269 (a 31% decrease) in Oxnard, $637,499 (a 29% decrease) in Pleasant Valley, and $19,932,643 (a 45% decrease) in Las Posas.
This paper studies the commonalities among top performing racehorses. The horse racing industry has been growing steadily over the years, and there is potentially a great amount of money to be made. This study observes the effect of past earnings and fees of the horse, the jockey, and the trainer. I test to see the effect these factors have on a racehorse’s earnings by using a multiple OLS model. The results showed that prior horse earnings, the stud fee of the horse’s sire, and age have the most effect on a racehorse’s current earnings.
The United States has seen a concerning escalation of opioid overdose death rates in the 21st century. With some states suffering more than others, it is crucial to determine state-level factors that contribute to the reduction of mortalities. Using a fixed-effects regression model, this thesis examines the determinants of opioid overdose death rates in the United States from 2013-2016 across all states and the District of Columbia. The major findings are that medical cannabis laws play a significant role in reducing deaths, while recreational cannabis laws and over-the-counter Naloxone do not. Additionally, the most effective form of PDMP is mandatory reporting of suspicious behavior.
The economic benefits that electrification provides have long been a driver for increasing rural electricity rates in India. However, the correlation between the two has not been fully investigated. This paper examines whether household electrification increases the propensity for movement out of poverty in rural India. I find that having access to electricity is significantly correlated to poverty escape, an effect that remains statistically significant across varying specifications of the poverty level. These results corroborate previous smaller studies that found electrification to improve incomes, and hold important policy implications for India.
Many coffee shops encourage sustainability by offering small discounts to customers who bring reusable mugs, though many consumers do not take advantage of the discount. Would a change in price framing at coffee shops increase the use of reusable mugs? The neoclassical law of demand suggests a same-sized discount and fee would not change behavior. The behavioral economic principle of loss aversion suggests that a fee may be more behavior-changing than a discount. To test these competing theories, a 10-week experiment was run at Colorado College. Before the experiment, customers received a $0.25 drink discount if they brought their own mug. The experiment lowered all drink prices by $0.25 and, if customers needed a disposable cup, they were changed an additional $0.25. The prices in both scenarios are the same, but in the first a disposable cup is included in the price and the second frames buying a disposable cup as an additional cost. Results show the experiment did not impact total drinks sold, but reusable mug distribution and the price change increased reusable mug-bringing by 3.8 and 1.9 percentage points respectively.
The problem that is reviewed within this thesis is the exponential rate of growth in student loans that affect certain age groups ability to borrow in the future. The changes in regulations and disbursement amounts of unsubsidized Stafford government student loans is affecting home ownership rates through the lack of ability to take out a mortgage within certain age groups. The method which is used is the reviewing of various papers on similar educational topics, data used from government and public information sites and testing correlations through regression. Using data from the past 27 years to analyze national homeownership rates and specific areas of undergraduate grants and loans, this research done primarily explores and questions the correlation between homeownership rates and student loans. This paper depicts the exponential increase in unsubsidized Stafford student loans is having a negative effect on certain borrowers, therefore proving that the borrowing methods and lenders of current student loans are ineffective and inefficient in providing beneficial growth in human capital.
Using data from the U.S. Bureau of Labor Statistics, U.S. Bureau of Transportation Statistics, U.S. Department of Energy from 2013 and 2018, I use an OLS and binary probit regression transformed with marginal effects, to determine what factors influence consumers to purchase electric and hybrid vehicles. The results of the regressions indicate that few people are purchasing electric and hybrid vehicles. The research and results look at driver commute times and high-occupancy vehicle lane (HOV) access for electric and hybrid vehicle drivers, to see if daily driving patterns make an impact in the decision-making process. States that give HOV access to electric and hybrid vehicle drivers positively influences consumers to buy an electric or hybrid vehicle, while longer commute times sway people away from electric or hybrid vehicles. Further research needs to be done to find exactly how people make the choice to purchase these vehicles.