Senior Projects 2020

Table of Contents

Bachik, Ben

Marketing In Monopolistic Competition: The Case of Craft Beer
Date: Spring 2019
Major(s): Economics
Thesis Committee: Econ faculty
Abstract: The entirety of my market research and industry evaluation surrounds the idea of one specific question. Do localized marketing strategies limit growth in monopolistic competition, specifically for microbreweries? When I refer to monopolistic competition, I will be specifically looking at the market of craft beer. Being a craft beer connoisseur, this topic truly excites me because I have always enjoyed drinking craft beer as opposed to mainstream mass-produced beer. Since I began drinking beer, I have always been more drawn to the personalized and unique drinking experience that craft beer has to offer. In this paper, I will unveil how I evaluated different marketing strategies to analyze how firms in a monopolistically competitive market create a brand for themselves and find success. When looking at the craft beer industry, along with other monopolistically competitive industries like restaurants, barbershops, and bars, we don’t see a constant fixation to just make money. Instead, we see a group of companies motivated to not only offer consumers a quality product but more importantly, a quality experience. This type of company appeals heavily to the millennial population in the United States. With this deeper level of thought being put into the decision-making process, millennials are more likely to choose a more socially responsible company like a craft brewery, rather than a large brewing company like MillerCoors and Pabst (Rayapura, 2014). But, to really understand these breweries and what they stand for, we must dive deep into the history of craft beer specifically the roots of how craft beer made its way to the United States of America.

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Balanquet, Rafael

The Effect of the Slope of the Treasury Yield Curve on Private Nonresidential Fixed Investment in the United States’ Economy
Date: Spring 2019
Major(s): Economics
Thesis Committee: Econ faculty
Abstract: No abstract is available.

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Bicko, Autumn

The Failing Market of the Education System Under School Choice
Date: Spring 2019
Major(s): Economics
Thesis Committee: Econ faculty
Abstract: The purpose of this research is to analyze the outcomes and efficiency of school choice programs through the theoretical framework of market failure. School choice is a policy reform that is ever-present in current media – gaining a controversial reputation. Even though this topic is a current focus in the news, it has been the grounds for a longstanding reformation debate. From economists’ and other social scientists’ points of view, school choice is a policy that attempts to implement market theory. While generations of researchers have devoted much effort to the analysis of school choice programs, there still is no clear answer as to how school choice affects student outcomes. One consensus among researchers is that if school choice programs produce a positive effect on student achievement and outcome, it is very small. Small and even negative performance gains are common across the country’s current choice programs, which sparks a question as to what factors contribute to these failing marks. Through case study analysis of two similar voucher programs with differing success rates, the Milwaukee Parental Choice Program, and the Indiana Choice Scholarship Program, I will examine the presence of market failure through the mechanisms of negative externalities, market power, and imperfect information.

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Black, Emma

The Effects of Female State Political Representation on the Gender Wage Gap
Date: Spring 2019
Major(s): Economics
Thesis Committee: Econ faculty
Abstract: Research studies have demonstrated that women earn less than men in comparable jobs, an outcome that has changed little since the early twentieth century. Acts and laws have been passed with the intention of increasing women’s earnings and have been successful in decreasing the gender wage gap. As a record number of women are elected into office, their ability to better substantively represent other women theoretically increases and the barriers to high female earnings, such as discrimination and career interruptions, decrease. This is especially prevalent at state and local levels as opposed to at the federal level. This thesis intends to use regression analysis to provide insight into whether an increase in female representation at the state level has a positive effect on women’s earnings. Using nineteen years’ worth of data from all fifty states, this analysis provides statistically significant evidence that as the number of female state legislators increases, women’s earnings as a percentage of men’s increase in that state as well. This thesis aims to further the conversation on the gender wage gap and provide a possible solution which should continue to grow as more women enter the political spectrum every year.

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Casagrande, Zachary

Multicultural Sensitivity in Allegheny College students based on their high school experience
Date: Spring 2019
Major(s): Economics
Thesis Committee: Econ faculty
Abstract: no abstract is available.

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Colomer, Moises

Uncertainty in the NFL scouting combine
Date: Spring 2019
Major(s): Economics
Thesis Committee: Econ faculty
Abstract: Over the years, players in the NFL have not performed well despite having impressive combine scores –– something that has baffled teams and fans alike. This study looks at whether or not the scouting combine is an effective tool to determine the success of wide receivers (WRs) drafted to the National Football League (NFL) given the uncertainty throughout the years surrounding the combine’s effectiveness at determining the success of NFL players. The 2010-2016 combine scores of wide receivers (N = 219) were examined using regression analyses. Multiple regressions were run to determine whether combine scores affect draft pick. The results of the regression analyses showed that there is really no correlation between combine scores and where players got drafted. The study also tested whether the combine scores have any correlation to how well you will perform in the NFL. The results of the regression showed there was no correlation between the two. However, the variable “pick” had a strong correlation with how well a player would do in the NFL. The results show the NFL scouting combine focuses primarily on physical attributes rather than football attributes.

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Crowe, Robert V.

Labor-Managed Firms in Yugoslavia: An Economic and Historical Analysis
Date: Spring 2019
Major(s): Economics, History
Thesis Committee: Econ faculty
Abstract: In my project I discuss the system of labor self-management in the country of Yugoslavia and the evolution of this system from the early 1950s to the 1980s. I explain what labor-self management is and give different visions of self-management in society which influenced the architects of Yugoslav self-management. I contrast the envisioned benefits of self-management on the national economy as well as organizational and worker behavior. I conclude that the system failed because the complex web of political intervention in the self-managed economy made it impossible for markets to function properly according to the value proportions of labor and demand, and disincentivized the firm from making decisions necessary for the survival of the firm, such as accumulating funds for research and development and investing in new technology.

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Cuen Camacho, Fabian

Disruptive Innovation: A Case Study of SpaceX
Date: Spring 2019
Major(s): Economics
Thesis Committee: Econ faculty
Abstract: We are at a fascinating point in time with the new space race taking place and the private sectors increasing role in space exploration and transportation services. Various technologies are being developed that have enabled the U.S and the world to increase its efforts to explore deeper in space. Thanks to significant technological advancements, there is a race between the newly developed private sector and incumbent firms to provide more affordable technologies that will enable us to reach the further into space than ever before. Space Exploration Technologies Corp, also known as SpaceX, was found in 2002 by Elon Musk. It of many firms in the private sector that has been leading the charge with its disruptive innovation of reusable launch systems. Their newly developed technology has reshaped the space industry and has made SpaceX a leading firm despite its young age. This study aims to shed light and the space industry and SpaceX’s disruptive innovative nature and technologies.

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Day, Trevor

Stock Market Seasonality:an empirical analysis using the CAPM
Date: Spring 2019
Major(s): Economics
Thesis Committee: Econ faculty
Abstract: To answer the timeless question of whether markets are efficient or not I apply the Capital Asset Pricing Model in a study of monthly and daily seasonality to test the weak form of the efficient market hypothesis. Within literature relating to the Capital Asset Pricing Model (CAPM), certain portfolios of assets exhibit abnormal returns in relation to the portfolio’s composition. These abnormal returns are more pronounced in certain months (January, May & September). The goal of this paper is to consider whether these abnormal returns are specific to certain trading days as these unexplained anomalies would be counter the efficient market hypothesis. This paper will consider this seasonality study through the use of an extension of the CAPM and explore the creation of a 6-factor model that includes, the market, size, value, profitability, investment, and momentum. As this paper will show, that these factor variables capture and explain variation not captured by the CAPM, additionally, these 6 variables give greater insights on the observed seasonality within United States equity markets.

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Geer, Christian

Exploring the Predictive Power of Twitter Sentiment on Stock Price Movements
Date: Spring 2019
Major(s): Economics
Thesis Committee: Econ faculty
Abstract: This paper analyzes the effect that Twitter sentiment can have on a company’s stock price. The hypothesis of this analysis was that there would exist a positive relationship between the Twitter sentiment and the company’s stock price. To answer this question, two regressions were run with a variety of control variables. The first analyzed daily closing stock price, and the second analyzed monthly closing stock prices of Amazon.com. A few of the variables were log-differenced to account for time trends in the data. Additionally, robust standard errors were calculated to account for heteroscedasticity. The results showed a statistically significant and positive relationship between Twitter sentiment and Amazon’s stock price. The monthly regression, however, was not statistically significant. This study shows that Twitter sentiment can be useful tool for gauging the short-term trends of stock market prices.

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Hoyt, Austin

The Monopolization on Antiretroviral Treatment
Date: Spring 2019
Major(s): Economics
Thesis Committee: Econ faculty
Abstract: The deprivation of essential, life saving Antiretroviral Treatments ( ART ) continues to procure the spread of HIV/AIDS in low-middle income countries and regions. The motivation behind this project is to explain the effect of the Monopolization of ART on the overall coverage of these essential medicines in high incidence HIV regions. The following variables: Countries per capita GDP, Health Care Expenditure per capita, number of Intellectual Property Patents in effect that were filed abroad, Generic Antiretroviral pricing and Tariff Revenue ( % of GDP) is regressed to explain their effect on the Coverage of Antiretroviral Treatment. From the findings it is deduced that there is an effect on the Coverage for Antiretroviral Treatment posed by the Monopolization of said Treatments.

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Javed, Ukasha

Determinants of Economic Growth In Developing and Developed Countries
Date: Spring 2019
Major(s): Economics
Thesis Committee: Econ faculty
Abstract: This paper examines the determinants of economic growth in developed and developing countries. The main goal is to explore the impact of the inflation rate and the real interest rate on GDP growth. However, there are other control variables also included in the regression model. In order to investigate the relation, we will be using cross-sectional data from the year 2017. The sample consists of 98 countries, equally divided between developing and developed. Unlike the previous literature review, this paper seeks to distinguish what drives or hinders economic growth in developing or developed countries. After conducting the multicollinearity test and dropping one of the highly correlated variables, government expenditure, the results from regression analysis for the combined data (i.e developing and developed) showed that investment and real interest rates were statistically significant variables, while the variable foreign direct investment was weakly significant. The results from developing countries showed none of the variables were statistically significant, whereas, for the developed countries, the variable foreign direct investment was statistically significant and variables real interest rate and investment were weakly significant. There was no evidence of heteroskedasticity found. Concludingly, the empirical analysis suggested that determinants of economic growth affect developing and developed countries differently.

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Kealey, Sean

The Driving Forces Behind Mergers, Acquisitions and Joint Ventures Between Macrobrewers in the 21st Century
Date: Spring 2019
Major(s): Economics
Thesis Committee: Econ faculty
Abstract: No abstract is available.

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Kelley-Cogdell, Jacqueline

The Economic Effects of Rural Public Transportation
Date: Spring 2019
Major(s): Economics
Thesis Committee: Econ faculty
Abstract: Public transportation research in the United States is mostly focused on public transportation in urban areas. However, rural areas also utilize public transportation although the economic impacts are not as clear as the research has largely ignored rural, public transportation. It is expected that rural areas will economically benefit from the implementation of public transportation systems based on economic theory. By analyzing county-level data on rural counties in the United States, the economic impacts of rural, public transportation were measured. This paper analyzes how public transportation affects economic outcomes such as GDP, income per capita, unemployment rate, poverty rate, and income inequality by using OLS regression. This paper finds that rural counties with public transportation systems experience a higher GDP and income per capita and a lower unemployment rate and poverty rate.

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Kelly, Bret

Impacts of Principal-Agent Problems on Ethics and Corporate Performance
Date: Spring 2019
Major(s): Economics
Thesis Committee: Econ faculty
Abstract: The purpose of this study is to examine the relationship, if any, between ethical decision making and corporate performance. Since technology has become an important part of our live, it has become increasingly easier for people to access information. It is generally assumed that interacting with principals, who are paid via a commission-based salary, the agent’s well-being is not always of top priority. Additionally, I examine if a company’s culture and ideology that are focused around good ethical decision making can be a sustainable competitive advantage to the firm. This study concludes that it pays huge dividends to a company who puts extra time and effort into ensuring that their employees are working with an “ethics first” mentality. In other words, it pays to have an “integrity-based” approach to ethics. I also conclude that this type of strategy can be used for a long-term sustainable competitive advantage and is not easily replicable by competitors. I use Enterprise Rent-a-Car as a case study to further support my hypothesis.

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Khan, Omar

The Mal Incentives that Lead to the Market Failure Surrounding the Underproduction of Antibiotics
Date: Spring 2019
Major(s): Economics
Thesis Committee: Econ faculty
Abstract: No abstract available.

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Kirn, Andrew

An Examination of Current Market Failures Within the Vaping Industry and Comparing Them to the Market Failures of the Cigarette Industry
Date: Spring 2019
Major(s): Economics
Thesis Committee: Econ faculty
Abstract: This paper explores the current market failures within the vaping market. It looks at the actions that the vaping companies have done to cause this market failure. This paper also compares the actions of the vaping industry to the actions cigarette companies made in the past. The paper compares these two industries because they are both within the tobacco market. In addition, to being in the same overall market both the cigarette and vaping market have similar failures. This paper looks at the failures and attributes the failures to asymmetrical information, marketing and selling to children, and irrational buyers with in the market. This paper states that these are some of the same market failures that were seen in the cigarette industry in the 20th and early 21st centuries. Therefore, in order to fix the current failures with in the vaping industry government action is required; just like government action was required in the cigarette industry years before. This paper claims that government action is needed because the market cannot fix itself due to the type of products within the market and the types of failures that are occurring.

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Lee, Sungho

Corporate Diversification: Economic Performance of Related Diversification and Unrelated Diversification
Date: Spring 2019
Major(s): Economics
Thesis Committee: Econ faculty
Abstract: “The purpose of this study is to determine which corporate strategy outperforms—comparison between the unrelated diversified firm, Samsung, and the related diversified firm, Apple. Many factors determine whether the firms are unrelated diversified or related diversified. Under the circumstances, this article explores the performances of Apple and Samsung, as two major market leaders in the smartphone market. This paper mainly focuses on the corporate strategy of diversification and integration. Throughout all the time since the companies established, it explores how and when the company acquired the global market share. To explain about diversification, it also explains the vertical integrations: backward and forward integration. These integrations determined how firms expanded their sizes and profits. While using integration, there are both advantages and disadvantages. Under all the circumstances, this study concludes that the unrelated diversified corporation, Samsung, based on stable businesses perform better than related diversified companies in the long run.”

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Massucci, Matthew

A Case Study Analysis of the Market For Pharmaceutical Drugs
Date: Spring 2019
Major(s): Economics
Thesis Committee: Econ faculty
Abstract: The market for pharmaceutical drugs is very complicated with many factors determining the price of a drug. What I am asking in this paper is what is causing the price of a drug to increase after it goes off patent? I look at the available literature and apply that to research on the topic in order to try to figure out why the market changes drastically at and after the point of patent expiration and what theories can be used to help model and explain this. The case study discussed here looks at the data available and uses analyses to reach conclusions that corresponds with the existing literature.

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Miller, Lily

A Case Study Analysis of the Market For Pharmaceutical Drugs
Date: Spring 2019
Major(s): Economics
Thesis Committee: Econ faculty
Abstract: The market for pharmaceutical drugs is very complicated with many factors determining the price of a drug. What I am asking in this paper is what is causing the price of a drug to increase after it goes off patent? I look at the available literature and apply that to research on the topic in order to try to figure out why the market changes drastically at and after the point of patent expiration and what theories can be used to help model and explain this. The case study discussed here looks at the data available and uses analyses to reach conclusions that corresponds with the existing literature.

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Montgomery, Rachel

Does It Pay To Be Socially Responsible? A Case Study Of Unitedhealth Group And Humana Inc.
Date: Spring 2019
Major(s): Economics
Thesis Committee: Econ faculty
Abstract: This study aimed to analyze the effects of different explanatory variables on the Net Income of healthcare organizations, the most notable of the explanatory variables being the Corporate Social Responsibility (CSR) ranking of the organizations. To address the question of whether CSR ranking influences Net Income, a time-series regression analysis based off of the information obtained from ten healthcare organizations in the United States from 2015 to 2019 was utilized. My overall goal for this research was to contribute to the existing controversy in literature pertaining to the profitability of CSR and to determine whether CSR ranking contributes positively to the net income of an organization due to the fact that it attracts customers and contributes to community involvement. However, there was not enough evidence to prove that CSR ranking (provided by the MSCI Index) is related to the net income of a firm. It was discovered that most of the other explanatory variables are significant and impact the net incomes of the organizations researched. Considering that CSR is a relatively new effort taken up by many firms, it would be interesting to further test the relationship between CSR ranking and Net Income by possibly expanding the data collection and discovering a more versatile ranking of CSR for various organizations, and not the MSCI Index.

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O’Toole, Brendan

The Effects Financial Advisers have on their Clients Wealth and Financial Literacy
Date: Spring 2019
Major(s): Economics
Thesis Committee: Econ faculty
Abstract: Financial Advisers have been a way individuals try and better themselves financially for quite some time now. However, there is a stigma attached with these professionals that they are only looking out for themselves and the fees they collect. This study examines the effects these professionals leave on their clients by using a data set administered by the Federal Reserve and other work on this topic. Focusing on indicators such as net worth, assets, and knowledge will help determine if this relationship is positive or negative. Not only does this study look at the effects on their client financially, but also if they affect their financial literacy as well. The results show that certain kinds of financial professionals have different relationships with these indicators. For instance, a borrowing financial professional increases one’s knowledge while a investment financial professional increases one’s assets and net worth. From this study, it shows positive effects these professionals have on their clients. With that being said, it is important to note that certain kinds of advisers have different effects and not all are statistically significant towards the indicators.

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Pateras, Zachary

Does the opioid epidemic influence the unemployment rate in Pennsylvania by county-level
Date: Spring 2019
Major(s): Economics
Thesis Committee: Econ faculty
Abstract: The following paper was constructed to discover if the opioid epidemic has any influence on the unemployment rate in Pennsylvania by county level. To answer this question a data set was taken from the Washington Post (Drilling into the DEA’s Pain Pill Database) that had data on every opioid pill passed out throughout an eight-year period. To complete this data set there were demographic variables added such as race, age and sex, these variables were taken from the Unites States census (U.S. Census Bureau QuickFacts: United States). Using all this data we created a model to help predict what factors have an overall effect on unemployment, with a major focus on the total opioids. Using economic theories like human capital theory and screening/signaling (i.e. drug tests) they can predict that the use of opioids will and can lead to unemployment. After looking at past research and using the model created within this paper it can be said with confidence that opioids do have an influence on the unemployment rate in Pennsylvania

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Putnam, Shannon

The Volatility of Initial Public Offering Stock Prices: Comparing 2015 and 2019
Date: Spring 2019
Major(s): Economics
Thesis Committee: Econ faculty
Abstract: The media has portrayed 2019 as a strange and unsuccessful year for initial public offerings. The goal of this paper is to determine if 2019 was actually an abnormal year for IPOs. This is done by comparing 2019 to a similar year, 2015 and running statistical tests to test their difference. Additionally, a case study is done between the two largest United States IPOs of each year. For 2015 this company is First Data Corporation, a payment processing company. In 2019 this company was Uber Technology Inc, a ride-sharing service. The analysis and case study concludes that 2019 was in fact statistically different from 2015 and that prompt changes will need to be made in order to promote success in future IPO markets.

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Sanchez, Carlos

Does a Winning Team Help the Local Economy?
Date: Spring 2019
Major(s): Economics
Thesis Committee: Econ faculty
Abstract: Contrary to popular belief a winning professional team does not positively affect their local economy. On the contrary, a winning team can negatively affect their local economy. The following composition studies the effect of a professional basketball team on their local economy and the different effects a team has depending on whether the team is located in a small market or a large market.

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Seifert, Haley

Does Knowing a Second Language Affect Income?
Date: Spring 2019
Major(s): Economics, Spanish
Thesis Committee: Econ faculty
Abstract: This study focuses on analyzing the effect that second language knowledge has on income in the United States. Previous studies have found significant increases in income for individuals who know English well and knows one or more foreign languages. Possible differences for this income premium can be explained by differences in human capital investment, which can be related to motivation or ability to learn a second language. In order to analyze the real effects of foreign language knowledge on income, this study conducted a regression analysis on data from the 2018 American Community Survey to assess national variations in income. There are two models that are analyzed. One model analyzes the income effects of knowing any foreign language and the second analyzes the income effects of knowing Spanish. This study finds that there is a 2% increase in income if an individual knows English well and speaks a foreign language at home. It also finds that there is a 7% increase in income if an individual knows English well and speaks Spanish at home. In addition to regression analysis, this study analyzes how the importance of knowing a second language and its effect on income is portrayed through the movie, El Norte, and the book Borderlands/ La Frontera. This study supports the hypothesis that knowing a second language has a significantly positive effect on income.

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Shaw, Jared

The Impact of Social Media and Streaming on the Monetary Success of Independent Artists in the Music Industry
Date: Spring 2019
Major(s): Economics
Thesis Committee: Econ faculty
Abstract: This project dives into the modern era of the music business in order to evaluate how the streaming of music and the use of social media have allowed for greater monetary success of independent artists. This project focuses specifically on the genre of hip-hop/rap, using a case study with the rap group N.W.A and the rapper NLE Choppa. Some important things to consider when it comes to the business side of the music industry is the opportunity cost, brand loyalty, barriers to entry, and market power. Over the years it has become apparent that some of the market power has actually shifted back to the artists instead of the major record labels traditionally having all of the power. The findings of this project indicate that streaming music and social media both play a major role in an independent artist’s ability to market themselves and become profitable without the support of a major record label.

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Shull, Hailey

The Effect of Education Inequality on Income Inequality
Date: Spring 2019
Major(s): Economics
Thesis Committee: Econ faculty
Abstract: “In many countries throughout the world, there is a common issue: income
inequality. Most of the previous research point to education inequality as one of the driving factors behind this common issue. This led me to analyze the effect that education inequality has on income inequality and what the driving factors are behind this income inequality. From the research that was conducted in my study, it was determined in some models that education inequality is indeed one of the driving factors behind income inequality but there are a lot of other issues that affect this issue such as the size of the economy of a particular country, whether a country is democratic or not, and the region that a country lives in. The study that I conducted found that there is a significant relationship between education inequality, GDP, partially free, and free nations with respect to income inequality but this significance disappears in some variables when we take into consideration the region that the country resides in.”

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Steiner, Scott

The Criminogenic Effects of the Opioid Crisis
Date: Spring 2019
Major(s): Economics
Thesis Committee: Econ faculty
Abstract: The significance of the opioid crisis in our society cannot be understated. How to address opioid addiction has become one of the most hotly debated topics of our time. The collateral consequences of the abuse of this class of drugs include a staggering amount of deaths, huge costs associated with treatment, and an increase in certain types of criminal activity. This paper seeks to examine the correlation between opioid use/abuse and criminal activity. Economic principles can be utilized to analyze how crime rates may be influenced by opioid addiction. Regression models were employed with numerous variables to assess whether there is in fact a correlation. Most studies find a positive correlation between opioid use and increased criminogenic behavior. The results of an analysis of the statistics of the state of Pennsylvania demonstrate a statistically significant relationship between opioid use and property related crimes, but not violent crimes. The findings show that prescription opioid use in particular causes an increase in property crime arrests. Policy makers can utilize such statistics in order to address the epidemic that is costing society immeasurable dollars.

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Ta, Anh

The Road to Zero: Regulating Carbon Emissions
Date: Spring 2019
Major(s): Economics
Thesis Committee: Econ faculty
Abstract: The two major market-driven mechanisms to cost-effectively reducing carbon emissions is through a cap–and–trade or a carbon tax. In the United States, California is the leader in environmental policies for reducing carbon pollution. Their current program utilizes a cap–and–trade model with no absolute cap but instead a price floor and ceiling. Gavin Newsom, the current governor of California, has publicly criticized their current program and stated his desire to shift its policy to a carbon tax (Hart, 2018). To study why Newsom prefers the carbon tax model, this project addresses the question of which market-driven model is the most efficient way for California to get to zero and why.

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Tufts, Graham

Nothing New Under the Sun: The Origins and Effects of the Chicago Boys’ Neoliberalism
Date: Spring 2019
Major(s): Economics, History
Thesis Committee: Econ faculty
Abstract: The Chicago Boys were a group of American-educated neoliberal economists who were active in Chile during the dictatorship of Augusto Pinochet. Studies on the Chicago Boys generally have been either specific histories of the relationship between the University of Chicago and the Catholic University of Chile, political histories of the Pinochet regime, or purely economic analyses of the effect of their policies. In this paper, I analyze trends in Chile’s economic history that made it particularly fertile ground for the Chicago Boys’ ideals, create a regression model to examine the success of their policies, and consider what conclusions can be drawn from this research.

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Urso, Brendon

How do voucher programs affect the graduation rate of public high schools? Evidence from Indiana.
Date: Spring 2019
Major(s): Economics
Thesis Committee: Econ faculty
Abstract: This study sets out to show how voucher programs affect the graduation rate of public high schools. Voucher programs are set up through a state and provide funds to families to enable them to send their children to a school of their choice. The families that receive these funds fall under a certain standard that is determined by the state. This study also takes into consideration other variables such as race, gender, enrollment, special education, free/reduced priced lunches, and attendance rates. The data that was used for this analysis was gathered from Indiana’s Department of Education which contains information on Indiana schools’ corporations for over the past 20 years. The data in this study takes into account recent information on Indiana’s education systems looking at the time period of 2014-2019. After studying prior research on the topics of voucher programs and school choice opportunities, along with analyzing this topic through economic theories and running multiple regression, the question of interest was able to be answered. It was determined that voucher programs increased the graduation rate of public high schools within Indiana’s education system.

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Wilby, Liam

An Empirical Investigation into England National Sporting Teams impact on the FTSE 100 Market Index
Date: Spring 2019
Major(s): Economics
Thesis Committee: Econ faculty
Abstract: Sport influences society in numerous ways, England has historically attached itself to national sporting teams, in particularly Football and Rugby. This paper seeks to investigate through a series of OLS Regressions whether Investor Sentiment created by the result of English national sporting fixtures has an impact on the FTSE-100 Market Index. A unique methodology was created involving splitting sporting fixtures into varying importance levels and finding relevant independent and control variables to account for non-sport related impacts on the market. In order to ascertain whether the result of sporting fixtures played a significant role in the stock market, the percentage change of the Daily Closing Price and Total Volume of Daily Trades of the FTSE-100 was measured both one and five trading days after the match. This area of research is young, and this paper answers several research questions but more importantly, adds to the literature and proposes future research ideas in the growing field of behavioural economics and investor sentiment.

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