The aim of this study is to examine National Hockey League (NHL) player production during contract years. The term contract year refers to the last year of a player's contract. The hypothesis is that players perform better during their contract year in hopes of receiving a higher salary on their next contract (through free agency). The other hypothesis is that players will perform worse in the first year of their new contract because there is a decrease in incentive. In studying player production, this thesis uses nine independent variables believed to explain the dependent variable points per game. Data was collected for every forward during the 2007-2008 NHL season. All in all, data for 416 players was gathered. Regression analysis was performed for these 416 players. Of the four models tested, five independent variables were found to be significant. Both salary and nationality-Europe were found to have a positive impact on points per game. Year in league, first year, and age were all found to negatively affect points per game. The independent variable last year, which is the variable that this thesis concerns, was found to be statistically insignificant.
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.
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.
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.
As the world enters a low carbon economy, companies must begin recognizing carbon emissions as a risk to doing business. This paper develops several regression models that test the effects of carbon emissions on company performance, whether or not carbon-intensive industries have been hurt, and the ability of the carbon to revenue ratio to capture a firm's risk exposure from carbon emissions. Carbon emissions data comes from the Carbon Disclosure Project and company performance data comes from Mergent Online. The paper concludes that carbon emissions are a liability to company performance, but carbon intensive industries have not been adversely affected. The carbon to revenue ratio does have a negative impact on company performance and may be used by companies as a measure of carbon efficiency.
This thesis analyzes the impact of identification regulations on aggregate voter turnout. It examines the presidential election cycles of 2000, 2004 and 2008 using a muItivariable regression analysis. While the raw results are statistically insignificant with regard to the impact of identification regulations affect on total voter participation, further analysis suggests a possible negative correlation. Additionally the research finds interesting disparities between the modeling of Republican and Democratic vote totals, primarily in that the explanatory power of the model is far greater for Republican vote totals.
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.
A key element of any business is determining the profit maximizing price of a good. Yet each price level will exclude some consumers who find the equilibrium too high and refrain from entering the market. If a similar product could be offered at a lower price it may lure the abstaining customers to consume, thereby increasing profits. For an industry that is flustering like the music industry, it is crucial new sales methods are found to continue growth and expansion. This paper evaluates an MP3 bundle as a modified product to attract new customers and encourage current customer to purchase more songs. Survey response data is used to determine a profit maximizing price at which to offer the modified digital song.
The study undertaken in this paper will address the subject of the role of organizational culture in the success of GreatAmerica Leasing Corporation (GreatAmerica). This privately held commercial equipment finance firm has, against overwhelming odds, overcome serious competitive shortcomings to become one of the largest entities in a commoditized industry where brand name, cost of funds and expensive systems technology are thought to be overriding competitive advantages. The company has enjoyed a record of impressive financial success competing with some of the largest banking and other corporate giants while selling the exact same commoditized product; money.
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.
This thesis measures the effect federal regulation has on market efficiency when considering the savings and loan failures of the 1980s and the mortgage market meltdown of 2007. It is argued that lower federal regulation over these institutions results in a lower level of market efficiency. Market efficiency is measured using the number of commercial bank and savings institution failures per year from 1980 through 2008. The level of federal regulation is calculated based on the amount and magnitude of annual policy changes. These factors are represented on a time series graphical model where index numbers of federal regulation are also calculated. This model demonstrates a relationship between low levels of regulation and high numbers of bank and savings institution failures.
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.
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.
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 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.
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.
A previous study suggests NFL teams are inefficient in their draft decisions. Additionally, previous studies find the NFL Combine to be a predictor of draft position but not a predictor of NFL performance. This has led some to question the overall usefulness of the Combine. The focus of this study is to determine if the NFL Combine has a positive informational value to decisions made in the NFL Draft. From an alternative perspective, this study suggests the Combine is only used to identify the best available players in a specific position for a specific year. Therefore the Combine's informative value to the NFL is its ability to act as a signal, by separating prospects in specific positions into groups based on characteristics that indicate their perceived value. A Spearman Rank Correlation is utilized to evaluate this hypothesis. Combine performance is found to significantly relate to draft round for Running Backs, Linebackers, and Defensive Backs. Alternatively, collegiate performance relates to draft round for Running Backs, Wide Receivers, Tight Ends, Defensive Ends, and Linebackers. For these positions, with the exception of Running Backs and Linebackers, collegiate performance appears to act as a signal instead of Combine performance. The Combine can be considered a signal only for Running Backs, Linebackers, and Defensive Backs. Therefore there is evidence of signaling within the NFL Draft for six of the eight skill positions observed. Further, evidence from this study suggests the additional information from the Combine has a positive value when it has an influence on draft decisions. Therefore the Combine appears to have a positive informational value, but further research is necessary.
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.
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.
This study aims to determine the best possible option for the United States to reduce the number of disposable plastic carrier bags consumed each year. First an evaluation of the economic and environmental implications associated with disposable carrier bag use is discussed to justify the research question. An analysis of global plastic bag regulation is used to demonstrate strategies that can be pursued in the United States. Several initiatives have been introduced by city and state governments within the United States. to control plastic bag consumption. These examples are analyzed and discussed Retailers including Whole Foods, Wal-Mart, and IKEA have also chosen to voluntarily reduce the number of plastic bags used in their stores. The results of these voluntary initiatives are examined in case studies. Two surveys were conducted to compliment the qualitative analysis in this report with quantitative statistics used to predict plastic bag consumption. The results of this analysis indicates that the United States should balance voluntary reductions with legislative actions.
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 purpose of this study was to find out what effect tariff rates had on the territorial growth of late 19th century European, American, and Japanese empires. Many, if not most, historical studies of late 19th to early 20th century imperialism have explained it as a cultural phenomenon. Others have hypothesized that the territorial growth owes some explanation to protectionism. This study found that, given a three year lag, tariff rates can explain a little more than 50% of the aggregate territorial growth rate with diminished results when observing country-by-country.
In 2008, the World Health Organization's Intergovernmental Working Group (IGWG) released a global strategy and plan of action for boosting R&D of medicines for neglected diseases predominantly found in developing countries. Among other recommendations, the report advocates and prioritizes the promotion of local R&D capacity in developing countries as a solution to the absence of pharmaceutical drug innovation. In response to the primary assumption underlying the IGWG proposal, that innovation is a positive determinant of public health, the purpose of this study is to investigate the socioeconomic determinants of public health in developing countries as well as introduce innovative capacity as a potential factor influencing the level of health. This study will test whether public health is a function of innovative capacity using a cross-country regression that incorporates known determinants of public health. Fifty-nine developing countries are included in the sample, two different measures of public health are used, and nine independent variables are tested. A total of four regression models are used to explain the relationships between the variables. Innovative capacity is quantified in two different ways in order to increase the accuracy of the measure. Ultimately, the results of the study show that democracy, number of physicians, sanitation, infrastructure, and one of the measures of innovative capacity are statistically significant determinants of public health in developing countries. The conclusions of this study provides perspective on the IGWG proposal and enriches the discussion about what socioeconomic factors are most important to develop in order to achieve increased public health in developing countries.
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.
Economies of scale can be used as a tool for measuring efficiency. The wholesale pharmaceutical industry recently received regulations mandating pharmaceutical wholesalers provide a pedigree to document the flow of pharmaceutical products through the pharmaceutical supply chain. Each wholesaler had to create a new system for generating these pedigrees. Economies of scale was used to decide which wholesaler was best suited to implement a pedigree program. The largest wholesalers could not move quick enough to match pedigree deadlines while smaller companies struggled financially to afford a new pedigree program. It was found that midsized companies had the appropriate balance between quantity of products sold and overall business size.