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  • Thumbnail for Modeling the sustainability of tourism in Leh, India ‘The little Tibet’ : an econometric analysis
    Modeling the sustainability of tourism in Leh, India ‘The little Tibet’ : an econometric analysis by Angmo, Namgyal

    Over the past couple of decades, tourism has become one of the most significant and vibrant aspects of the economy of the Ladakh region in Northern India. It is probably the largest revenue generating sector, especially since the past few years with tourist arrivals exceeding the local population of the region. While tourism definitely seems to have boosted economic growth, it has also led to growing concerns regarding the impact on the natural as well as the cultural environment and the possible consequences on the touristic appeal of the region. Although this forms an important issue for the stability of the local economy, it remains fairly unstudied in the context of Ladakh. This thesis attempts to contribute to the scant literature by providing quantitative evidence to back up the underlying concerns by investigating the sustainability of tourism in the town of Leh in Ladakh through the application of an ordered probit model on tourist survey results. Tourist satisfaction level is used as the sustainability indicator and is modeled in terms of the tourist’s preferences and assessments of the characteristic features of the region. The paper also analyzes Leh’s tourist arrival trends in the context of Butler’s tourist area life cycle (TALC) model and employs the ARIMA forecasting method to produce short term predictions for tourist arrivals. The overall results suggest that Leh’s strength lies in its characteristics like the unique landscape, the cultural heritage and traditions as well as the monasteries and other ancient architectural heritage. The high satisfaction levels reported from the majority of tourists combined with the forecast results seem to suggest that tourism can be sustained at least in the short term. Long term performance would be entirely determined by how the present strengths are handled and by the measures taken to counter the ongoing negative changes.

  • Thumbnail for Moral hazard in Major League Baseball : a contract's effect on future performance
    Moral hazard in Major League Baseball : a contract's effect on future performance by Hedges, Ryan Jarvis

    With the growing capital invested in Major League Baseball and the subsequent inflation of salaries, much scrutiny is given to a franchise’s allocation of its budget. Long-term contracts are a tool used to manage risk, but also create the potential for players to shirk. Therefore, the question of how a contract affects performance has become increasingly pertinent. Past work has attempted to determine the effects through simple regression analysis and resulted in many conflicting conclusions. My work is rooted in a large data set of contract figures, performance statistics, and injury history. I analyze contract length, salary size, changes in salary, contract incentives, among other contract figures. An extensive inclusion of variables to determine expected performance is utilized to ensure utmost accuracy. Through various approaches, I examine how all aspects of a contract may impact future performance, including the effect on injuries. My findings show that specifically hitters engage in shirking, while there is no strong evidence for pitchers. However, pitchers are shown to display volatile year to year performance levels and higher paid pitchers exhibit weaker performance. Hitters are also found to be injured significantly less during their contract year. My findings have provided recommendations for a how a low-budget franchise can allocate its spending to increase its chances for success.

  • Thumbnail for Peak performance and contract inefficiency in the National Hockey League
    Peak performance and contract inefficiency in the National Hockey League by Winkler, Scott Kristian

    The purpose of this study is to determine what age National Hockey League (NHL) players have their best seasons and how this relates to their contract earnings. The hypothesis is that NHL players have their peak performance at age 27, which indicates that long-term contracts that exceed this age create inefficiency. The study will examine player productivity by taking 30 NHL players and evaluating their performance in the years leading up to age 27 as well as years that follow. Performance measures include average point production and the highest average ice-time per game. The study will also use two OLS (Ordinary Least Squares) regressions where the dependent variables are average time on ice per game and capital hit, both good indicators of how valuable a player is to his team, as well as several statistical independent variables such as points, games played and most importantly age. By gaining knowledge of peak performance, NHL organizations could better manage their teams by limiting long-term contracts to players and as a result lessen the inefficiency that exists in the market.

  • Thumbnail for Predicting diamond performance
    Predicting diamond performance by Asher, Elizabeth Anne

    In these uncertain economic times, investors are looking for assets that can hedge against risk in other investments. Diamonds are a safe investment and there is a diamond for every investor. To date, very few studies offer information about diamond pricing or diamond pricing analysis. This paper examines whether specific diamond characteristics outperform or underperform the average diamond for a given investment period. The data examined here include prices for two months of the year for 24 years. Using a random effects generalized least squares model, this paper finds that for a ten year investment period, large round diamonds with low colors and clarities perform very well, while high quality 1.00 carat diamonds perform poorly over a ten year investment window. The Study’s results inform current, and future diamond investor’s decisions.

  • Thumbnail for Product placement in the film industry
    Product placement in the film industry by Thomsen, William

    Since the earliest days of motion picture, product placement has been a part of the film industry. Product placement, or brand integration, is the inclusion of specific brands into a creative work. In recent years, product placement has been utilized in more and more feature films. Brand integration has the potential to help both the consumer products industry as well as the film industry. However, there is a high level of risk associated with the utilization of product placement. Through interviews with professionals in the film industry, I attempt to uncover details that make a product placement deal successful. The results of this research lead to certain strategies that can mitigate the risk associated with brand integration. Exclusive and transparent contracts will help make the product placement industry more efficient.

  • Thumbnail for Reflection in an organizational context : the next step in understanding identity
    Reflection in an organizational context : the next step in understanding identity by Van Wagoner, Hunter Phoenix

    Through a grounded theory approach this thesis reports on a study investigating reflection within the organizational context of the Church of Jesus Christ of Latter-Day Saints and the impact reflection has upon individual identity. A snowball sample of persons with a background in the LDS Church (n = 8) wrote and submitted journal entries upon stories from the book Echoes of Mind: Thinking Deeply About Humanship to be analyzed following grounded theory methodology. As a result of the analysis the author proposes the grounded theory of conflict engagement holding that individuals engage, through reflection, the conflicting experiences inherent to their organizational context. Through this process individuals arrive at a better understanding of their identity.

  • Thumbnail for Residential water pricing and demand : an analysis of water consumption in Colorado Springs, Colorado
    Residential water pricing and demand : an analysis of water consumption in Colorado Springs, Colorado by McNerney, Matthew J.

    Scarcity of water resources necessitates an understanding of residential water pricing and demand, two factors certain to affect water usage in the coming years. This paper pursues a discussion of water pricing theory and previous studies on residential water demand. The culmination of the paper is an analysis of residential water demand in Colorado Springs, Colorado, a city reliant on water from the Colorado River Basin, a seriously stressed water system. A fixed-effect regression with Driscoll-Kraay standard errors is utilized to analyze a panel data set providing average monthly residential water consumption per cubic feet (CF), for forty water consumption zones over the ten-year period January 2000 to December 2009. The study analyzes a number of exogenous variables including average education level to determine the influence of less obvious factors on residential water consumption. Main findings indicate increases in most measures of wealth corresponded positively with residential consumption, but not all. Above average education levels of certain age groups and household value are suggested to have negative relationships with water consumption, so that areas with above average education levels of 18-24 year olds are using less water. For the stressed Colorado River Basin these finding suggest increased investment in education, and full accounting for the price of water resources under block rate schedules will serve effective tools for water demand management.

  • Thumbnail for Risk taking behavior on the PGA Tour
    Risk taking behavior on the PGA Tour by Howe, Joseph Paul

    This thesis investigates characteristic variables such as wealth and recent wealth of PGA Tour golfers that may affect risk taking behavior during play. This study finds that professional golfer's risk taking behavior on the PGA Tour is affected very little, if at all, by recent and career performances. Additionally it is found that in-tournament performance as well the importance of the tournament will slightly affect their risk taking behavior.

  • Thumbnail for Risky business : a case study of Hyundai Motor Company's success in the U.S. market
    Risky business : a case study of Hyundai Motor Company's success in the U.S. market by Graf, Brian Kenneth

    Since its entrance into the American market, Hyundai Motor Company has transformed itself from an auto producer that was known for its poor quality and low price to one with a substantial market share, and stealing customers away from many industry veterans, as well as pushing into the luxury segment of the auto market. But how was this late-moving car maker able to gain an advantage in this extremely competitive market? This thesis attempts to answer this question through the method of archival research that results in a detailed history of the company as well as a case study that examines which factors were crucial to Hyundai Motor Company's success. This case study found that there were four key areas of the company’s business that assisted it in achieving the accomplishments that it did: a unique culture, a flexible production strategy, a constantly evolving positioning strategy, and an extremely perceptive marketing team.

  • Thumbnail for Sex, drugs, and rock n' roll : an analysis of the impacts of celebrity scandals on brand value
    Sex, drugs, and rock n' roll : an analysis of the impacts of celebrity scandals on brand value by Marciano, Joseph John

    The use of celebrities to market brands is nothing new. In fact, companies have been using celebrities to advertise their brands since the 1600s. Although celebrity endorsements are ever increasing, is it still a viable marketing strategy for companies? This study attempts to examine the impacts a celebrity scandal can have on the change in brand value using regression analysis. This study includes professional athletes, movie stars, and musicians and their various endorsed brands in the sample. The findings of this study show that a celebrity scandal actually does not have an impact on the change in brand value. In fact, scandal was the least significant variable in the regression analysis. What this study did find was that celebrity net worth actually has a large and significant impact on the change in brand value.

  • Thumbnail for Social capital as a determinant of innovation
    Social capital as a determinant of innovation by Alonso Arenas, Rafael

    This thesis explores the relationship between social capital and innovation across 40 regions in the United States. Data is drawn from the Social Capital Community Benchmark Survey, compiled by the John F. Kennedy School of Government and the Saguaro Seminar, and the MicroPatent CD-ROM Database from the USPTO. Innovative activity is modeled as a function of knowledge stocks, human capital, four aspects of social capital, and other control variables across six industries over 38 years. The results suggest that certain manifestations of social capital, such as levels of trust and cooperation, consistently have a positive impact on innovative activity. Furthermore, communities with greater levels of cooperation and better-established networks innovate even more in the presence of previous local knowledge.

  • Thumbnail for Something fishy :  an analysis of non-resident fishing license demand in Minnesota
    Something fishy : an analysis of non-resident fishing license demand in Minnesota by Ordway, Jackson P.

    Recreational fishing license sales bring in huge revenues for state governments. There is tremendous value in knowing how a state could increase that revenue by selling more licenses. Much research has been done on modeling the demand for fishing using resident license sales as the dependent variable, but no one has looked at what determines non-resident fishing license sales. Therefore, the purpose of this thesis is to build a model to describe the determinants of non-resident fishing license sales in the state of Minnesota. Using twelve years worth of data and an ordinary least squares regression model this paper will examine the effects various variables have on non-resident license demand. Understanding what drives non-resident license sales can be very helpful for states hoping to increase license revenues.

  • Thumbnail for Streamlining the financial aid process at Colorado College
    Streamlining the financial aid process at Colorado College by McDermott, Margaret

    The current financial aid process requires a vast amount of time and effort from colleges, students, and the government. There is a lack of transparency hindering students from considering college due to their pessimism towards the exorbitant costs and their unawareness of financial aid options. This paper explores the factors that impact prospective students’ decisions to matriculate at Colorado College using a probability distribution model. With admissions data from 2009-2012, I will simulate a simplified rule in which 25% of family income is allocated for tuition and Colorado College pays the difference. Using this new rule, I will analyze the composition of students who are then likely to matriculate and determine the feasibility of the rule. This 25% rule eliminates a significant amount of stress, wasted time, and effort for all components of the financial aid process while maintaining a feasible amount of aid donations.

  • Thumbnail for The economics of delisting: the case of European football
    The economics of delisting: the case of European football by Burbano, Santiago Alejandro

    Professional football teams that once chose to list their stock in the exchange markets have started to delist in the last few years. This study presents a modified version of Altman’s 1968 bankruptcy model and applies multivariate discriminant analysis to predict which financial and socioeconomic factors affect a team’s decision to delist from a stock market. Our non-metric dependent variable is listed/delisted teams, while our independent variables include a number of Altman’s financial ratios, GDP per capita, winning percentage, and two measures specific to soccer franchises–broadcasting and sponsorship revenues. Data are obtained for a total of 37 European teams, out of which 21 remained listed, while 16 were delisted at the time this study was written. Results suggest that the two main variables affecting a delisting decision are broadcasting revenues and working capital. Wealthier football teams that remain listed could benefit from our results by focusing on maintaining a positive working capital, while for smaller teams it might be wise to find alternative revenue sources other than TV revenues.

  • Thumbnail for The economics of linguistic diversity throughout the EU
    The economics of linguistic diversity throughout the EU by Cooley, Michael

    Economists Chen, Santaereu-Vasut, and Amir Shoham all have published works showing the statistical significance of a linguistic relativity variable. The impact of these variables ranges from micro-decisions to macro-predictions. The goal of this paper is to look at the ability of the economics of linguistic relativity to predict linguist diversity across the European Union.

  • Thumbnail for The efficacy of various hydraulic fracturing techniques in the Denver Basin
    The efficacy of various hydraulic fracturing techniques in the Denver Basin by Diamond, Colby G.

    Hydraulic fracturing is a stimulation technique that allows for the commercial exploitation of oil and gas from reservoirs that would be otherwise uneconomical. Designing the fracture stimulation is a complicated process with many considerations, and better designs will ultimately improve production performance. Using fracture stimulation data and oil and gas production data for 33 wells in the Denver Basin, OLS regressions help determine which fracture stimulation design variables create the largest increases in post-fracture oil and gas production. This study finds that post-fracture cumulative production, particularly gas, is affected by the completion type—whether a new or existing geological formation in the well is fractured; the fracture type—the specific fracture treatment being used, such as a hybrid frac or water frac; and the average injection rate of the fracture treatment. These results help elucidate which treatment variables have the largest effect on production performance.

  • Thumbnail for The for-profit problem with the G.I. Bill
    The for-profit problem with the G.I. Bill by Zachary, Atchinson Albert

    Government-sponsored educational benefit programs for veterans have evolved throughout the years to meet the needs of military students. The growth of these programs has had a significant impact on schools’ growth and proliferation, and they are often considered partially responsible for the shift in cultural perception of post-secondary learning. As the value of a post-secondary degree has increased exponentially over the years, veteran benefit programs have evolved to meet the changing needs of veteran students. The relatively recent proliferation of for-profit colleges and universities is sometimes considered a threat to the effectiveness of these programs, as they aggressively target and recruit students with eligibility for these military benefits. In considering the subpar financial outcomes of for-profit schools graduates, we seek to determine the effects that the growth of these schools has had of the effectiveness of educational benefits for veterans. We find that receipt of veterans’ benefits increases the chances of enrolling at a for-profit school while limiting students’ satisfaction with the academic programs. Though the effects on deciding if and how to pursue higher education are negligible, the decreased satisfaction combined with the higher chance of enrollment at a for-profit school suggest a serious decrease in the effectiveness of these programs.

  • Thumbnail for The hand of God or death : mitigating earthquake fatalities through aid and infrastructure
    The hand of God or death : mitigating earthquake fatalities through aid and infrastructure by Miller, Elyse Nicole

    Through the perspective of the 2010 earthquake in Port-au-Prince, Haiti, I examine the factors that decrease earthquake death tolls. I find that each additional dollar of aid per capita received by a nation two years prior to a quake causes a 2.36 percent decline in fatalities from the event; investment in infrastructure has ambiguous results. Furthermore, I conclude that the death toll of the Haitian quake was atypically high when compared to earthquakes of similar magnitude.

  • Thumbnail for The impact of generalization and technology on trade publisher mortality
    The impact of generalization and technology on trade publisher mortality by Henderson, Samuel Alexander

    The trade publishing industry has long been stable. Recently this stability has given way to struggle. In light of these struggles this paper sheds light on the industry by utilizing organizational ecology’s theoretical framework. Out of these many theory fragments, this study focuses on the impacts of age, size, generalization, and environmental factors. The established understanding of these theory fragments indicates that each fragment, particularly age and size, has a complicated relationship with mortality. By discovering the impact of each of these theory fragments on trade publisher mortality this study adds to the discourse of both organizational ecology and trade publishing. This study finds no conclusive connection between age or size and trade publisher mortality. This disconnect between these factors and mortality indicates that the relationship cannot be grasped by linear terms. There was, however, a strong connection between both specific environmental factors and generalization and trade publisher mortality. These connections indicate that a broader scope of operations increases trade publisher survivability and that there is a direct relationship between technological availability and trade publisher mortality.

  • Thumbnail for The impact of natural disasters on divorce rate : housing destruction as a channel
    The impact of natural disasters on divorce rate : housing destruction as a channel by Iwasaki, Yukiko

    With the increasing frequency, natural disasters are affecting more and more people these days. We investigate the relationship between natural disasters and divorce rate in the United States, specifically through the channel of housing destruction. We used panel data of 50 states for the years 2000 to 2009 from multiple sources. Becker’s marriage model suggests that destruction of houses through natural disasters is a great shock to a marital-specific capital and may be a trigger for a divorce. OLS regression with fixed effect reports a positive and significant relationship between divorce rate and per capita property damage through natural disasters, as hypothesized. The result was robust after the white’s correction and instrumenting medium income and home price.

  • Thumbnail for The price of health : a cross national analysis of medical expenditures
    The price of health : a cross national analysis of medical expenditures by Sigalov, Vyacheslav

    Health research has been rapidly growing within the realm of development economics. A recent and important question is whether national health expenditures significantly influence the health outcomes of a nation. While health budgets increase by millions of dollars every year, there is no consensus on whether these increases have a positive effect on overall medical care. Using macro-economic data from 155 developed, transition, and developing nations, I provide econometric evidence towards this question. Furthermore, I attempt to show variable returns to scale by separating the country set into four human development levels. The results show a significant and positive relationship between health expenditures and health outcomes, but fail to show a trend in returns to scale.

  • Thumbnail for Trading biopharmaceutical stocks after catastrophic one-day declines
    Trading biopharmaceutical stocks after catastrophic one-day declines by Ward, Daniel Elliott

    This thesis analyzes volatility of small capitalization biopharmaceutical stocks after significant one-day price drops. Stock performances after one-day declines of ten percent or greater for companies in the NASDAQ Biotechnology Index were gathered from 2011-2012 to test for evidence of market overreaction. While no substantial evidence was found for overreaction, long-term performance suggested that traders underreact during the initial stock drop, with underreaction most prevalent in stocks seeing an initial one-day drop of at least twenty percent. Overreaction only appeared present when companies saw a stock drop due to negative pipeline results.

  • Thumbnail for Universities, industries and your wallet : university impacts on earnings per worker
    Universities, industries and your wallet : university impacts on earnings per worker by Berglund, Hanna

    Research university impacts are difficult to measure, but vital to understanding the economic development surrounding these universities. This study examines whether research universities in the United States contribute significantly to regional economic development and whether agglomeration economies explain earnings per worker based on university presence or not. Drawing on county-by-county data for the first time, more precisely highlights more specifically the differences between regions with universities and regions without. The effects of university presence, federal, state and institutional research and development expenditures, and industry presence on earnings per worker are tested using multivariate regression analysis. The study finds that university presence alone impacts the presence of industries related to science and technology. University impact measurements are becoming more important as universities compete for government funding.

  • Thumbnail for Why alumni (don’t) give : motivations of charitable giving at Colorado College
    Why alumni (don’t) give : motivations of charitable giving at Colorado College by Lee, Nathan Harry

    In 2012 Colorado College has a low rate of alumni giving of less than 19%. The top colleges in this category boast a rate of more than 50%. At this time, Colorado College is a highly selective and competitive private liberal arts college. In 2012, philanthropic giving to institutions of higher education totaled more than $31 billion. This study seeks to identify the motivations of Colorado College alumni to give philanthropically to their alma mater. A survey used by Hubert (2009) was modified and sent out to 1000 CC alumni. Five groups of alumni were targeted: those who give regularly, those who used to give but no longer do so, those who have never given, alumni who live outside the state of Colorado, and alumni who live in Colorado. In addition, different direct mailing strategies were used to attempt to influence response rates. This study finds that the major motivations of charitable giving among CC alumni are loyalty to the institution, the establishment of a relationship with the institution, and financial security.

  • Thumbnail for “Book ’em Danno!” Environmental liability disclosure in a post Sarbanes-Oxley environment
    “Book ’em Danno!” Environmental liability disclosure in a post Sarbanes-Oxley environment by Spears, Sarah R.

    Despite increasing legal and social pressure to reduce environmental impact, many corporations continue environmentally damaging industrial practices. This study seeks to understand the impact of accounting policies articulated in the Sarbanes-Oxley Act of 2002 (SOX) by studying changes in the PERI Toxic 100 Air Polluters index, pre and post SOX. Results suggest that full recognition of environmental liabilities in corporate financial statements has not increased since 2002, but important differences between companies showing improved environmental impact and those who have yet to implement changes are elucidated.