Economic literature has long shown that capital flows and their volatilities are important for the development, growth and economic stability of economies. Developing countries have been increasingly integrated into the world market exposing their capital inflows to global shocks in addition to domestic shocks driven by country specific characteristics. This paper aims to quantify the effects of the global and domestic factors on capital inflows using FDI as a proxy. Using panel data for 84 countries spanning 1970-2009, the model was estimated using fixed effects. There are four major findings from this study. First, the importance of global and country specific effects depends on the country ‘s stage of development. In particular, financial depth is the only important contributor to FDI in emerging countries. Second, the 2008 Financial crisis positively affected the inflows to developing countries showing a redistribution of assets by investors. Third, the insignificance of exchange rate risk for FDI may indicate the ability of investors to hedge against exchange rate risk.
Microfinance is a rapidly growing branch of financial services which offers poor people, normally excluded from the formal banking sector, the opportunity to access loans, savings accounts, money transfer services, and other financial options. As the industry progresses, a debate about what microfinance institutions (MFIs) goals should be and how MFIs can best achieve these goals has developed. This paper first traces the historical progression of microfinance. Then, through a literature review it explains the social and economic goals of MFIs and the current debate about the commercialization of the industry. At this point, the idea of mission drift, where MFIs abandon their original goals in order to achieve financial self-sustainability is introduced. While some scholars argue that mission drift is occurring in MFIs, others argue that commercialization is actually enhancing microfinance institutions’ ability to reach their goals. Through an analysis of data from the Microfinance Information Exchange (MIX), this paper compares financially self-sustainable microfinance institutions to non-financially self-sustainable microfinance institutions in order to determine whether these two types of institutions vary significantly and if there is any evidence to suggest mission drift is occurring. Finally, the paper concludes with suggestions for further research and ways in which the microfinance industry can change to be most successful in the future.
As the Internet becomes an increasingly popular medium in which to conduct business, strategists have argued over the best generic strategy for online firms, and one topic that has remained controversial is first-mover advantage theory. This thesis looks at first-mover advantage and the electronic commerce industry. In particular, it will study the effects of pioneering status on consumer cognition (specifically retrieval, recall, and preference) in the online travel-booking industry. By replicating the methods and analysis of a previous survey-based approach study conducted by Alpert and Kamins (“An Empirical Investigation of Consumer Memory, Attitude, and Perceptions Toward Pioneer and Follower Brands”), this thesis was able to analyze how a convenience sampling of Colorado College students think about the pioneer brand in the online travel-booking industry. A close analysis of the survey results rejects the three initial hypotheses that favor the pioneer.
Previous empirical research has found that perceived under-reward in relation to both internal and external pay referents negatively affects work attitudes such as pay satisfaction. Unjust procedures in the workplace have similar negative effects. This study compares the effects of internal pay comparisons, external pay comparisons, and procedural justice on professor work attitudes such as job satisfaction, morale, and turnover intentions. Results varied across outcomes, though internal pay comparisons and procedural justice were found to have the most consistently significant effects. Implications for faculty compensation policies are discussed.
Innovation is a tough element to measure. It is a very strong asset to have in the business world, and businesses will do anything to get it. Innovation is a key component in technological advancement. It is difficult to determine what factors affect a particular areas innovation level. In this study, population density and other variables were examined in order to determine their affect on patent production in different cities and towns. Though population is a strong factor in regional innovation, there are other determining factors as well.
File sharing networks and the development of MP3 files forever changed the music industry. Consumers have the ability to download free songs effortlessly from their home computers. Economic debate about the implications of this technological shift have raised questions regarding the negative and positive effects free rider had on music sales and Billboard chart ratings. I hypothesis that network sharing systems have negatively effected the longevity of album chart ratings, but argue the impact is not all encompassing. Artists that are more recognizable and have reached the ‘superstar’ statues are not as affected by file sharing networks because their previous albums generally have a higher debut rank. Network, exposure and the superstar effects and previous economic theory are necessary variables into better understanding the complex and integrate market that has emerged.
California is home to 3 million of the United Statesâ 11 million unauthorized immigrants. With 9 billion dollars spent annually on illegal immigrants and their children in unreciprocated schooling, incarceration, medical, and deportation costs, California must enact new legislation if it aims to cut the nationâs biggest debt which currently stands at $77.8 billion in outstanding general obligation bonds and an additional $42.8 in authorized but unissued bonds. House Representative Elton Gallegly of District 24, the Chairman of the Judiciary Committeeâs Subcommittee on Immigration Policy and Enforcement, has recently advocated the use of E-Verify to combat the prevalence of illegal labor. This thesis includes interviews with small business owners who hire from the secondary labor market and live in District 24, and gauges their opinions on illegal immigrant labor and the use of E-verify as a way to combat it.
When a movie comes out it has ex post and ex ante factors. Ex ante factors describe the movie variables that exist before a movie is released. These include the size of the movie’s budget, how many theaters the movie opens up in, whether or not the movie is a sequel, how much buzz is surrounding the movie, what actors are appearing in the movie, when the movie comes out, what rating the movie has, and what genre the movie is. The ex post factors describe variables that exist after a movie is released. These include the awards a movie wins or is nominated for, how the movie is received by normal viewers, and how the movie is received by professional critics. The ex ante factors contribute to the hype that a movie has. A movie that has high ex ante factors is a lot of buzz surrounding it and is a likely big flashy movie that looks good. The ex post factors contribute to the quality of a movie. A movie with high ex post is recognized by the community to have artistic quality. I want to see whether ex post factors or ex ante factors are more important to a movie’s box office success. This will answer the question of whether it is more important for a movie to look or for it be good for the movie to be successful at the box office.
Marijuana legislation in the United States dates back to the early twentieth century. History has shown how policymakers have twisted the creed of marijuana to something dangerous and deadly. Yet, recent years have shown how individual states have been able to reduce the stigma surrounding this drug. Proposition 19 was defeated in California during November of 2010. This proposition would have legalized the consumption, production, and possession of marijuana in California for adults 21 years of age and older. This thesis illustrates the fiscal benefits that might be realized if marijuana were legalized, regulated, and taxed. While other results have recently been produced, this paper combines data, theory, and estimates from a number of renowned sources, to find the potential tax revenue that could be generated from legalization. The results are compiled with current budget deficit and revenue figures, to find the overarching fiscal impact. While others have offered different outcomes, the results indicate that legalization will only slightly improve the monetary situation in California.
Over the years studies have been documented to test whatever interests the human eye. Studies have been done on anything from economic trends to sports. This brings us to the testing of all stars in the National Hockey League. People may ask, well why is this paper important? Over the years studies have been compiled in the other major sports testing to see if all stars affect team wins but none have been done regarding the all stars in the National Hockey League. An all star player is defined as a player in a particular sport who has been selected for the All-star game. The purpose of this paper is to come to a conclusion, through regression analysis, if all stars in the National Hockey League have an effect on their team’s wins.
In this thesis I will be testing to see what the determinants for a National Hockey League forwards salary/contract size. I will be using a number of independent variables that I feel best describes a National Hockey League forwards salary size. The Main part to this thesis is to try and find out if being born in the first ninety days of the year will give you a better chance at being more successful, by making more money in the NHL. The Null Hypothesis in this study is that Birth Date will have a positive effect on the NHL forwards salaries. The way to achieve these results I will be running regressions with 13 independent variables. After the regression is ran I will hope to see a positive correlation with birth date and size of salary. With all of the independent variables I will also hope to find which one of the variables will have the highest positive correlation.
Research pertaining to CEO performance recognizes that a CEO’s true quality and character are most conspicuous during tough times. Ever since the economic crisis of 2008 the economy has been sluggish at best. The condition of the economy at that time provides an optimal opportunity to conduct a performance evaluation of CEOs. They sit at the helm of corporations that dictate the productivity and prosperity of our country. Their performance has an indirect effect on the socioeconomic standing of everyone else in the economy. Therefore, it is important to identify the dynamics that enable the holder of such a powerful position to be successful. Using regression analysis of data collected via a quantitative analysis of CEOs’ letters to shareholders, this thesis examines determinants of CEO success.
The role of culture in economic activities and outcomes is a subject debated mainly in the fields of sociology, anthropology, and political science. Recently, more economists are applying economic theory to engender new models that incorporate various aspects of culture, including widespread beliefs, values, and attitudes. Adding cultural variables to economic models has the potential to develop a better understanding of consumer choices on a microeconomics level. In addition, beliefs, attitudes, and values have the potential to explain differences in economic policies, growth, and activities on an international level. This thesis contributes to existing economic literature by 1) constructing a utility function for work ethic that includes religious and demographic variables, and 2) utilizing an Ordinary Least Squares regression with data from the World Values Survey. Controlling for socioeconomic status, income, health, education level, urbanization level, gender, and religious participation across 13 countries, religious denomination is not significant in determining work ethic. However, with the addition of interaction terms between religious denominations and demographic variables, certain religions have a significantly higher or lower work ethic than Protestants. In addition, almost all demographic variables are significant predictors of work ethic.
This thesis examines multiple variables believed to have a relationship with residential housing price. The sales price of 6,464 homes sold from 18 Colorado Springs zip codes from January 1, 2010 to December 31, 2010 serves as the dependent variable. By examining the multiple variables that are hypothesized to have a statistically significant impact on housing prices, this thesis attempts to answer the question, “What are the major factors that dictate the development of a residential neighborhood?”
The value and importance of diversity in one's portfolio has long been postulated, but it was Harry M. Markowitz who proposed the first mathematical model that would allow investors to systematically compute the optimal allocation of assets based on individual preferences (the investor's utility function), covariance, variance, and expected value of returns. Adequate diversification can mitigate risk substantially while potentially enhancing returns. Markowitz provided investors with the tools to optimally diversify their investments.
Marketing strategies have changed over the last few decades and are still changing. Marketing managers need to realize these changes in marketing strategies and use them effectively to market to the changing demographic of skiers. Skiers are getting older and the numbers of advanced skiers is increasing, but as they get older more and more of the baby boomer generation is exiting the sport there needs to be a strong effort to encourage younger and newer participants to avidly pursue the sport and more importantly start them at your resort and keep them as lifelong participants. The purpose of this thesis is to research different marketing strategies and campaigns so that resort marketers can determine where and how to allocate them. In addition it will determine which marketable expenditures positively affect skier visits.
This study examines the effect of socioeconomic factors on winning games at the FIFA World Cup. This study identifies various macroeconomic, geographic, and soccer-specific characteristics that impact World Cup success. Determinants of World Cup success were largely identified through examination of performances measured at the Olympics and international soccer games. Ordinary Least Squares regression method is used to determine the significance of these factors for the countries that participated in the 1994-2010 World Cup tournaments. The results of this estimation method indicate that hosting, international rank, as well as regional origins and cultural traditions significantly impact wins. A country's wealth and population are not significant factors in winning games at the World Cup.
Since the formation of Kimana Group Ranch in 1972, land tenure in Loitokitok District has been based on a system of communally owned group ranches. Currently, only five group ranches remain, as Kimana has been fully subdivided. This study assessed the effects of subdivision on Kimana Group Ranch and forecasted the effects that subdivision will have on Mbirikani and Kuku Group Ranches. An emphasis was placed on diversification of land use and how that relates to the economy and ecosystem of the region. A semi-structured questionnaire was used to interview 369 residents of the three group ranches. Interviews were also conducted with key informants, such as ministry officials, group ranch officials, and representatives from non-governmental organizations. Data was analyzed using a multiple regression linear probability model and chi-square goodness of fit statistical tests. GIS points were also analyzed to create a map of land plots that have and have not been sold within Kimana Group Ranch and the wildlife sanctuaries that it contains. Results showed that the factors that most greatly influence one’s decision to diversify their livelihood strategy are ethnic background, acres owned, and the perception that their current land use affects their opinion of subdivision. Diverse land uses such as leasing plots, conservation areas, and development are, unlike pastoralism and agriculture, not as susceptible to adverse affects from unforeseeable difficulties, such as drought. Community involvement in conservation and other sustainable economic endeavors is necessary for subdivision to be successful. It is also vital that landowners be educated on the importance of land so that they can make an informed decision about selling.
Homes are a permanent fixture in the “American Dream”, representing security, wealth, and social placement. However, the growing number of subprime mortgages that were granted over the past decade has been blamed for the financial crash of 2007 from which we are still recovering. These subprime mortgages carried too much “systematic risk”. I define systematic risk herein as the risk of collapse of an entire financial system or an entire market due to an external factor such as falling house prices or a failing economy. After the financial crash, the packaging of these mortgages into collateral debt obligations (CDOs) has received intense scrutiny. Only after housing prices started deteriorating did the rating agencies that rated these CDOs issue substantial downgrades to securities that, even a year before, they had rated as safe as government-issued bonds. Could a crisis this severe have been the result of the sheer size of the subprime market? Did rating agencies not see a decline coming? I will address these questions, and make my case that within the last twelve years, increasing leverage within the subprime mortgage market had the most substantial impact on increasing systematic risk. This will include a comparison of my research to the revised 2009 Moody’s rating agency model that accounts for increased levels of correlation in its ratings.
The method of determining tax liability in the United States is commonly questioned by policy makers and taxpayers alike. A new trend is pointing toward the possibility of America adopting a flat taxation system. Part of what this paper hopes to examine is the utility effects experienced by taxpayers resulting from a switch from progressive taxation to the flat tax. A switch from America’s current tax system to the flat tax would leave some tax payers better off, while leaving others worse off. A simulation model was designed to investigate just who these “winners” and “losers” would be in the wake of such a change. This model combined taxpayer income across a broad range and utility functions placing differing levels of preference on leisure time and income. Each simulated taxpayer was given a pre-tax income and assigned to a taxpaying group. Taxpayers fall into four groups under the both the flat and progressive tax systems: single, head of household, married filing jointly, and married filing separately. Seven simulated taxpayers were created for each tax filing option. Next, each taxpayer’s tax liability was calculated under the progressive and flat taxes. The resulting post-tax incomes were then entered into the following utility functions: U=I1/4L3/4, U=I1/2L1/2 and U=I3/4L1/4. In each case I stands for income and L stands for leisure hours, which was held constant at 16. The resulting utility functions were then compared and the difference in taxpayer utility was noted. This simulation was conducted a second time, but this time deductions were included for both the progressive and flat taxes. The end results suggest that if standard deductions are accounted for, taxpayers from a broad range of incomes and who place different levels of preference on income and leisure all experience a gain in utility brought about by a transition to the flat tax.
Crime is very prevalent among athletes of all sports at all levels, but it is seen especially often among football players, whether it be in high school, college, or the NFL. In the following study I determine the variables that have significance on where a college player gets drafted and how much that player gets paid in his rookie contract. In this study I used variables in order to forecast where a player will be drafted using a negative binomial count estimator. I then used this forecasted draft position in an OLS regression with the dependent variable of guaranteed money in a player’s rookie contract. I found that there were some variables that showed up as significant in many of the regressions, however off the field issues of a player was not significant in the regression analysis.
This thesis suggests that certain characteristics make victims of domestic violence and sexual assault more or less likely to seek a Temporary Protection Order (TPO). In Colorado Springs, CO, the annual number of sexual assaults is exceptionally high and domestic violence incidents are frequent. Using data from TESSA, the only agency that is serving victims in Colorado Springs and El Paso County, CO, this thesis examines self-reported victim characteristics in conjunction with TPO seeking behaviors. After analyzing the data with a probit regression, the results have shown that domestic violence and sexual assault are very different crimes, and that domestic violence victims and sexual assault victims display some important differences when it comes to reporting the crimes and seeking TPO’s. Victims of domestic violence are more likely to seek a protection order against an offender who was an acquaintance, but victims of sexual assault are less likely to seek a protection order against an acquaintance. At the same time, all victims demonstrated some similarities in TPO reporting. TESSA clients that lived in rural locations, that had lower annual familial incomes, and that were associated with the military were less likely, to varying degrees, to seek a TPO. The results of this thesis, if combined with community awareness, engagement and cooperation, have the potential to reduce the occurrence of domestic violence and sexual assault in Colorado Springs.
As the economy is in a decline, fewer people are willing to pay for luxuries such as vacations. Thus, the ski resort industry is suffering. This thesis reveals an opportunity m the growth of free skiing and a demand for more difficult terrain. In this paper, data is collected from nearly all Colorado ski resorts to form a regression model explaining resort success. Regression analysis is conducted to discover what aspects of a ski resort contribute to success. Primarily, skier visits from the 2008-2009 ski season are_useclas the dependant variable in the regression model to measure resort success. Additionally, hedonic pricing theory is applied to test lift ticket price as a dependant variable. The paper finds that resort size, and possibly terrain park features are related to resort success. The hedonic pricing regression finds that bowl skiing, and lack of crowds, increase consumer willingness to pay for expensive lift tickets.
Los Angeles is the largest apparel manufacturing region in the United States. The purpose of this thesis is to gain an understanding of the historical, economical, social, and cultural factors that make Los Angeles the most successful apparel production region in the nation and how forthcoming changes in the apparel industry will affect the region. In order to gain an in depth understanding case study methodology is used.
The investigation of the relationship between income and happiness can provide important insights into human’s material aspirations. By redefining the application of the term utility, economics can be used to understand how money affects our happiness. Today and in past years at a given point in time those with higher incomes are indeed happier than those with lower incomes. However, raising the incomes of a nation does not make that nation any happier. These conclusions are suggested by data on reported happiness and income collected in the United States over the past forty years. The paradox that takes place in this relationship has important public policy implications and raises doubts on the primary economic goal of growth in GDP. This thesis hopes to stimulate a debate that questions some of the basic tenets of economic theory that regard the use of GDP as a measure of welfare and the simplistic and limiting role that is applied to individuals in behavior models.