Payday lenders provide access to credit for millions of credit-challenged Americans. Yet because payday loans are viewed as a predatory debt trap many states have passed legislation that effectively prohibits their use, and other states are quickly following their lead. The restriction of credit in an economically stressed environment punishes those who are less able to weather the turmoil. This thesis examines the seminal articles, studies, and reports on the development of payday lending and analyses current trends from the consumer's perspective, and used a survey to determine the consumers' attitudes toward payday loans and to understand what alternatives sources of credit they might use if payday lending were no longer available. This thesis concludes that Colorado payday borrowers are becoming more responsible despite the pitfalls of payday lending, and that current legislation is effective at protecting the consumer. Furthermore, Colorado consumers like payday lending because it fills their need for small loan credit and they believe it is their best option available.
For many years the National Hockey League was struggling to bring fans to their games. Due to such low attendance and salary caps, the National Hockey League decided to have a lockout in 2004-2005 which was the first ever season ending lockout in any sport. Since the lockout, attendance in the NHL slowly started to increase. This thesis looks at what factors affect attendance in the NHL since the lockout. Attendance was low before the lockout, but after the lockout attendance started to increase more and more every year. This thesis tests for what the NHL is doing right since the lockout so that they can continue to increase their attendance ratings even more. The research was taken from NHL.com, Versus. com, and ESPN.com. Data was found for all thirty NHL teams. A regression was used to test the data with the dependent variable being attendance. The independent variables are; goals scored, total points, winning percent, competitive balance, location, all-stars, games played, play-offs, weekend games, minor penalty minutes, and major penalty minutes. The regression found that four variables were significant in affecting attendance. These four variables were goals scored, location, minor penalty minutes, and major penalty minutes. This thesis proves that there are other factors besides game factors that affect attendance; however, the four game factors that affect attendance go along with the new rule changes that the NHL created after the lockout proving that the NHL is doing some of the right things to increase attendance in the NHL.
This study was inspired by the recent trend in the National Basketball Association (NBA) of teams signing seemingly mediocre players to abnormally large contracts. The purpose of this study was to identify if there were in fact other player characteristics that NBA teams looked for other than pure basketball ability when signing players. 284 NBA players and their salaries during the 2006-2007 were collected along with twenty other independent variables. Obviously players' salary was the single dependent variable. Data and analysis comprised a regression test to determine the relationship between these twenty independent variables and salaries. The regression test revealed a relationship between age and athleticism to salaries. A player's contract year approximate value to his team and scoring ability proved to have a strong relationship with salaries as well. Surprisingly, no player characteristic related to efficiency had any relationship to salaries.
Consumer behavior revolves around individuals' ability to gather and assess all the visual information provided by the product in order to decide whether or not to purchase that product. Traditionally consumers' wine purchasing decisions have been viewed as a function of three variables: brand, region of origin, and price. However in the past decade, societies around the world have become more aware of their impacts on their surrounding environments and as a result a new kind of consumer has emerged. The eco-consumer, when given the choice, will prefer to use/consume a product that was produced with minimal or no effect on the environment. This thesis aims to explain individuals' wine purchasing decisions, and specifically examines whether consumers' wine choices are not just a function of brand, region of origin, and price, but are also influenced by an organic designation.
With over two million people living with HIV/AIDS in India and no current widely available cure; India is at an important stage in its fight against the AIDS epidemic. The most effective and efficient method to slow the spread of AIDS is to target the people most likely to become infected with the disease via AIDS prevention campaigns. Using data from the National Family and Health Surveys (NFHS-3), this paper analyzes the socioeconomic correlates of wealth and education; of basic and advanced AIDS knowledge between a group of high AIDS prevalent states and a group of low AIDS prevalent states in India. Results from probit analysis present that there is concern for basic and advanced knowledge among lower educated and poorer individuals. The results also suggest that there are significant differences of basic and advanced knowledge between high and low AIDS prevalent states. AIDS prevention policy recommendations are to increase AIDS awareness by targeting lower educated and poor individuals at the state level.
This thesis examines how different forms of participation impact the job satisfaction of blue-collar workers. By examining previous literature, satisfaction has shown to be beneficial for both the worker and the employer, but limited research has been done in the blue-collar sector of the workforce. Six types of participation were analyzed including: participation in work decisions, consultative participation, informal participation, short-term participation, representative participation, and employee ownership. In order to analyze these types of participation, four companies were used to interview twenty blue-collar employees. A qualitative approach was used to discover what employees thought about participation and satisfaction within their own companies, and participants were encouraged to tell stories of past experiences to exemplify their responses. Results suggested that informal participation, consultative participation and emotional attachment have the most impact on blue-collar employee satisfaction.
This thesis explores what economic factors had the greatest affects on the early 1990s commercial real estate recession and the current commercial real estate recession. Equity Real Estate Investment Trusts (REITs) are used as the measure of the commercial real estate market. The Hypothesis states that because of the fundamental differences between the two recessions, the influential factors will also be different. Through the use of an ordinary least squares regression, the hypothesis is tested using a series of asset pricing explanatory variables. The findings suggest that the hypothesis was correct and the two recessions are influenced by different explanatory variables.
Previous research has examined factors influencing attendance at various sports leagues, but very little attention has been focused specifically on the PGA and PGA Tour. This study examines the potential factors influencing a fan to attend PGA and PGA Tour tournaments from the 1998-2007 seasons. This study incorporates a regression analysis along with qualitative research to analyze the data. The regression results suggest that income, the type of course the tournament is played on, and the tournament number are all important factors influencing attendance at PGA and PGA Tour tournaments. However, the qualitative research results suggest that Tiger Wood's participation and the strength of the field competing in the tournament are the most important factors impacting attendance.
The recent deregulation in the financial industry in both the EU and U.S. has sparked a wave of mergers within each region and country. Furthermore, the increase in globalization and international integration has been encouraging banks to expand across borders. This study provides an analysis of EU, U.S., and Inter U.S. - EU bank mergers during the period 2002 - 2005. The hypothesis is that recent inter U.S. - EU bank mergers provide positive shareholder wealth creation around the announcement date and increase efficiency (measured via return on assets) post-merger.
This thesis explores the role of mentorship in entrepreneurial ventures. With staggering failure rates of entrepreneurial firms, the study of the determinants of success and failure of entrepreneurs is abundant. Among the key determinants of success are the factors comprising the human capital of entrepreneurs. Using models and theories based on corporate mentorship, this thesis bridges the gap between the study of entrepreneurial human capital and mentorship. Relying on seventeen interviews with a variety of entrepreneurs from around the country, this thesis identifies the significance placed on mentorship, reveals the models these relationships can take, and identifies the primary benefits of mentorship among entrepreneurs.
An online social network is a venue on the internet designed for interactions among members of a community. Hundreds of millions of people across the world engage in social networking to connect with each other making this relatively new practice a significant part of our lives. This year online social network membership is expected to include 50% of internet using adults and 84% of internet using teenagers. This study compares several factors relating to the two sectors of the online social networking industry, which are niche and generic websites. The analysis of these factors is used to conduct a five forces analysis on the industry. The analysis attempts to determine the competitive environment, the current state of the industry and where it might be heading. It was found that users of niche networks showed much higher levels of loyalty meaning switching costs for niche users were higher than for generic users. Niche users also showed much higher levels of engagement than generic users, which potentially will generate higher levels of profits as social networking grows. The five forces analysis concluded that the industry is an attractive one to enter if the entrant pursues a niche strategy, can cope with strong supplier forces, and can effectively build a large as well as highly engaged member base, thus generating very high traffic and profits.
The present study investigates the ideas of labor market discrimination within the National Basketball Association, specifically consumer discrimination through gate revenues collected at NBA games. Previous research has mainly focused on consumer-based discrimination on consumption of nationally televised games. These studies have shown a variety of results, but the majority imply that consumers discriminate against African-American players. Thus, teams with higher participation by white players enjoy increased revenues. This study will use similar techniques but will attempt to explain the determinants of gate revenues instead of television viewership. In order to accomplish this, an ordinary least squares (OLS) model will be employed, with a wide variety of explanatory variables in an attempt to best explain consumer's preferences when deciding to attend a professional basketball game. The current study has used a more recent data set than previous research. It is the goal of this study to determine if there is evidence of consumer discrimination in the unique labor market of the National Basketball Association.
Hunting licenses do not represent the true value of the sport for hunters. This study examines the monetary value hunters, resident and non-resident, place on elk hunting in Colorado and which factors affect their valuation. The contingent valuation method is used to determine this information through a survey that was posted on several internet hunting forums. A hypothetical fee increase in hunting licenses from an improvement in elk habitat is used in the survey. To elicit a response, this study uses a two part question for willingness to pay, which is different from previous studies. First, intervals are presented and then the respondent answers an open-ended question. The data obtained from the survey is analyzed using the Tobit regression method. Separate regression equations are used for resident and non-resident hunters. The study finds that Colorado resident and non-resident hunters have differing views on the amount of license fee increase they would accept and base their decision on different factors.
The gravity equation is one of the most empirically successful tools to model international capital flows. However, technological developments and globalization have brought into question the significance of the distance aspect of the model. Contagion theory offers an avenue for developing the gravity equation and capturing some of the lost effect of distance. Therefore, this study will show that contagion theory is an effective instrument to improve the gravity model. To do this, the study will utilize international capital flows between the United States and various emerging markets from Latin America and Asia. This study will also employ principle component analysis and a random effect model for regression analysis. The results suggest that contagion theory provides a valuable improvement over the existing gravity equation.
This study analyzes the market, cost, and income valuation methods used in the healthcare industry. There are problems with the current valuation methods, especially the valuation of health care assets used in the cost approach, the exclusion of demographics, which would aid in the market valuation approach, and the difficulty of projecting revenues when smaller companies merge with larger public healthcare organizations in the income approach. Two hundred and thirty-five individual hospitals in the states of Florida and Colorado along with 14 public hospital corporations spanning the country were examined to produce the results of the study. The results of the regression analysis show that demographics play a large role in a hospital's potential earnings base. This study provides information that will help analysts develop a more complete and accurate valuation of healthcare companies.
With the growing number of uninsured Americans, the aging baby-boomer population, and the increasing life expectancies, containing costs in order to still generate positive margins in hospitals is becoming exceedingly important. One financial and organizational trend for hospitals has been to join ranks with other hospitals to create hospital systems. This study tests the proposition that hospitals that are members of a hospital system are more likely to experience positive margins than independent hospitals. Based on the cross-sectional analysis of Colorado and Florida hospitals from 2001 and 2002, the study finds that hospitals from larger hospital systems generally achieve higher margin levels, giving financial incentive for hospitals to integrate themselves into large systems.
Despite their prominent place in financial theory and practice, the Capital Asset Pricing Model and beta have failed test after test to explain stock returns. Research by John Y. Campbell and Tuomo Vuolteenaho in "Bad Beta, Good Beta" cite the misspecification of beta as the reason for this failure. They measure beta as the sum of two components: a more influential "cash-flow" beta and a secondary "discount-rate" beta. This thesis creates a ratio between the overall beta of a stock and the cash-flow beta and uses an ordinary least squares regression model to determine its significance in interpreting overall returns to a stock. It hypothesizes that this ratio will better explain returns than overall beta alone, offering improvements for both investors and financial managers alike.
Hybrid vehicles have recently emerged as a growing market segment in the automobile industry. The value these vehicles hold over time has important implications for consumers. Vehicles that maintain their value better over time are likely to be in higher demand, and thus auto-makers are keen on producing more and more of these vehicles in the next few years. Using a multiple variable regression analysis, this thesis analyzes the major determinants of resale value in used cars. Current market values of used cars compared with their original prices are used as data. This study predicts that hybrid vehicles maintain their value better than traditional vehicles due to environmental perceptions as well as fuel efficiency ratings.
This paper analyzes a large data base containing over 18,000 women micro finance clients of the Negros Women for Tomorrow Foundation (NWTF). The data base contains a powerful new poverty impact assessment tool - the Progress Out of Poverty (PPl) Scorecard. The focus of the data analysis performed in this paper was the observable characteristics of actual borrowers and how those factors influence changes in that client's PPI Scorecard Poverty Score. The conclusion of this paper is that micro finance is working in the fight against poverty in the Philippines (average change in poverty score for the population is 28.51 %) but that a small subset of the population sees dramatically greater results. Specifically, clients that receive larger loans from a successful lending branch and employ their loans in non-agriculture/non-fishing industries see on average much greater gains then the rest of the population. Results of the data analysis suggest that the NWTF employs a suboptimal lending strategy. Sixty-six borrowers received abnormally large loans; average loans size for this subset of the population is $63,780 Filipino pesos. On average, these borrowers saw a 55.86% change in pscore. Regression results upon this population yield insignificant results for initial poverty score and years as a client of the NWTF. Loan size among this population has a positive coefficient similar in size to the larger population regression results. The other 17,937 clients of the NWTF received on average a loan $10,205 pesos and saw a 25.63% change in pscore (both sig. at [alpha] =.0I level). Policy suggestions are given in the concluding chapter.
The National Basketball Association (NBA) is one of the four largest professional sports organizations in the United States. There are currently 23 teams in the NBA that gathered over $100 million in revenue during the 2007-08 season alone. This study examines the components of total NBA franchise revenues and investigates the effect that multiple losing seasons has on total revenue performance. A fixed-effects regression analysis is used to examine the effect of multiple losing seasons on total NBA franchise revenue. All the statistics and data observed in this study are from the 10 year period of 1999 to 2008. The findings in this study provide valuable information to NBA teams as to whether losing consecutive seasons affects total revenue performance.
Since the North American Free Trade Agreement (NAFTA) has been such a debatable topic for the past 15 years of it's implementation, previous research has been conducted on this topic. However, most of this research ignores the positive effects that this agreement may have caused. The purpose of this thesis is to examine an industry that has experienced positive changes induced by NAFTA. The positive changes are expected to have occurred using expectations from classical international trade theory. Based off of these theories, the hypothesis is that in an industry that has experienced an increase in net exports, employment will have increased as well. This thesis examines the cattle industry in Colorado, which has seen a net increase in exports of beef products as a direct result of NAFTA. A qualitative research method was used, interviewing cattle ranchers in Colorado to gather data on the changes that have occurred since NAFTA. Results from data show that NAFTA has caused employment in this industry to remain stable over the NAFTA years. Also concluded from the data is that international trade models do not explain enough, resulting in expectations that do not capture the entire dynamics of free trade and globalization.
This case study examines the commodity chain and industrial upgrading concepts and applies them to the international coffee industry. By examining research on previous upgrading strategies, the study will analyze the potential implications of the buyout of Starbucks by the coffee producing countries. Due to the nature of the coffee industry in each of the top three coffee producing countries, Brazil and Colombia will benefit from the acquisition, while Vietnam will not experience positive effects. Farmer cooperatives in producing countries are the keys to discovering new methods of industrial upgrading.
This study attempts to explain the determinants of NFL franchise revenue generation. Seven variables will be examined and tested in order to determine which of those variables have the most significant effect on revenue. Data were collected from the 2000 through 2005 regular seasons. Regression analyses were used to analyze the data. The results of this study were that ticket price, attendance, and television deals all have a large positive effect on NFL franchise revenue generation.
Water scarcity presents an obstacle to economic development in the western United States. In an attempt to accommodate the increasing levels of demand that population growth, recreation, industry, and environmental protection place on water supplies, western states frequently establish markets for water. Water markets promote efficient allocation, helping states to derive the highest possible economic benefit from available resources, and allowing western water supplies to support as much new development and population growth as possible. However, imperfect pricing information for water threatens the ability of water markets to efficiently allocate water. Correct valuation improves water right allocation by aiding market participants in negotiating and completing sensible transactions despite the limited availability of price signals. This project will estimate the values market participants place on shares of ditch company water rights in Colorado's South Platte basin. Based on observed market activity, the hedonic will method will be used to estimate the implicit value consumers place on each characteristic of a water right, and the contribution of each characteristic to the water right's price. The dataset analyzed in this project includes price, quantity, reliability, location, and type of use information for 254 transfers of ditch company shares. Because these data are proprietary and difficult to collect, this dataset represents one of the most comprehensive collections of water transaction information in existence for Colorado's South Platte basin. It is predicted that the ordinary least squares estimation of the hedonic price model developed in this project will reveal that reliable water supplies located near municipalities attract higher prices than variable water supplies situated downstream from cities. In addition, economies of scale and water price appreciation are predicted to exist in the South Platte basin.
The exact motivations for a 'green' and/or stakeholder approach to business are often unclear, though many view these approaches as beneficial to business over the long-term. This study specifically examines the incentives that stock market investors provide for companies to adopt an environmental program or environmentally friendly practices within their business. It also addresses the possible motivations that those companies might give investors in return. Voluntary company participants of the Environmental Protection Agency's 33/50 Program are used in econometric regressions that analyze both stock price and earnings per share changes before and after the program was began, from 1987 to 2007. After controlling for firm-specific and market variables, the stock price data concludes that investors do value the 33/50 program over the long-run. To address the efficient markets hypothesis, a time period analysis is performed. It does not find significant over- or underreaction evidence, but instead shows greater overall price increases over time with lower predictability. Whether or not the investors should have valued the 33/50 program, as would be indicated by long-run earnings growth, is largely inconclusive.