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This paper will focus on the changes in China's OFDI while also explaining its growth. However, another primary focus will be comparing the relationships between China, Hong Kong, and Africa. This paper will show the correlating changes between the three regions and explain the distribution of China's investments. One argument

This paper will focus on the changes in China's OFDI while also explaining its growth. However, another primary focus will be comparing the relationships between China, Hong Kong, and Africa. This paper will show the correlating changes between the three regions and explain the distribution of China's investments. One argument is that Hong Kong may play a large role in facilitating Chinese investment into Africa, which if not disaggregated, could lead to inaccurate numbers of China's FDI into Africa. The purpose of this paper is to investigate the importance of China's relationship with Hong Kong and Africa. In 2012, Garth Shelton argued that Hong Kong was an important gateway in South Africa's trade with China. Since then, many others have made similar claims in support of Hong Kong's bigger role. However, due to the difficulty of finding specific data for each region, these analyses are incomplete and fail to clearly substantiate their theory. I will try to find a correlation by gathering my own data, tables, and through different interviews.
ContributorsSon, James (Author) / Simonson, Mark (Thesis director) / Iheduru, Okechukwu (Committee member) / Economics Program in CLAS (Contributor) / Department of Finance (Contributor) / Barrett, The Honors College (Contributor)
Created2018-05
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In the aftermath of the 2008 financial crisis, banking regulators have been taking a more active role in pursing greater financial stability. One area of focus has been on Wall Street banks' leverage lending practices which include leveraged lending activities to fund leveraged buyouts. In March 2013, the Federal Reserve

In the aftermath of the 2008 financial crisis, banking regulators have been taking a more active role in pursing greater financial stability. One area of focus has been on Wall Street banks' leverage lending practices which include leveraged lending activities to fund leveraged buyouts. In March 2013, the Federal Reserve and the Office of the Comptroller of the Currency issued guidance urging banks to avoid financing leveraged buyouts in most industries that would put total debt on a company of more than six times its earnings before interest, taxes, depreciation and amortization, or Ebitda. Our research, using data on all leveraged buyouts (with EBITDA >$20 million) issued after the guidance, sets out to explain the elements banks consider when exceeding leverage limitations. Initially, we hypothesized that since deals over 6x leverage had higher amounts of debt, they were riskier deals, which would carry over to other risk measures such as yield to maturity on debt and company credit ratings. To analyze this, we obtained a large data set with all LBO deals in the past three years and ran difference-in-means tests on a number of variables such as deal size, credit rating and yield to maturity to determine if deals over 6x leverage had significantly different risk characteristics than deals under 6x leverage. Contrary to our hypothesis, we found that deals over 6x leverage had significantly less risk, mainly demonstrated by lower average YTMs, than deals under 6x. One possible explanation of this might be that banks, wanting to ensure they are not fined, will only go through with a deal over 6x leverage if other risk metrics such as yield to maturity are well below average.
ContributorsKing, Adam (Co-author) / Lukemire, Sean (Co-author) / McAleer, Stephen (Co-author) / Simonson, Mark (Thesis director) / Bonadurer, Werner (Committee member) / Department of Finance (Contributor) / Department of Economics (Contributor) / Barrett, The Honors College (Contributor)
Created2016-05
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Sickle Cell Disease (SCD) is a prevalent genetic disease in Africa, and specifically in Kenya. The lack of available relevant disease education and screening mean that most don't understand the importance of getting testing and many children die before they can get prophylactic care. This project was designed to address

Sickle Cell Disease (SCD) is a prevalent genetic disease in Africa, and specifically in Kenya. The lack of available relevant disease education and screening mean that most don't understand the importance of getting testing and many children die before they can get prophylactic care. This project was designed to address the lack of knowledge with supplemental educational materials to be partnered with an engineering capstone project that provides a low cost diagnostic test.
ContributorsShawver, Jamie Christine (Author) / Caplan, Michael (Thesis director) / Snyder, Jan (Committee member) / Barrett, The Honors College (Contributor) / Department of Chemistry and Biochemistry (Contributor) / Harrington Bioengineering Program (Contributor)
Created2014-05
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Economists, political philosophers, and others have often characterized social preferences regarding inequality by imagining a hypothetical choice of distributions behind "a veil of ignorance". Recent behavioral economics work has shown that subjects care about equality of outcomes, and are willing to sacrifice, in experimental contexts, some amount of personal gain

Economists, political philosophers, and others have often characterized social preferences regarding inequality by imagining a hypothetical choice of distributions behind "a veil of ignorance". Recent behavioral economics work has shown that subjects care about equality of outcomes, and are willing to sacrifice, in experimental contexts, some amount of personal gain in order to achieve greater equality. We review some of this literature and then conduct an experiment of our own, comparing subjects' choices in two risky situations, one being a choice for a purely individualized lottery for themselves, and the other a choice among possible distributions to members of a randomly selected group. We find that choosing in the group situation makes subjects significantly more risk averse than when choosing an individual lottery. This supports the hypothesis that an additional preference for equality exists alongside ordinary risk aversion, and that in a hypothetical "veil of ignorance" scenario, such preferences may make subjects significantly more averse to unequal distributions of rewards than can be explained by risk aversion alone.
ContributorsTheisen, Alexander Scott (Co-author) / McMullin, Caitlin (Co-author) / Li, Marilyn (Co-author) / DeSerpa, Allan (Thesis director) / Schlee, Edward (Committee member) / Baldwin, Marjorie (Committee member) / Barrett, The Honors College (Contributor) / Department of Economics (Contributor) / School of Mathematical and Statistical Sciences (Contributor) / Economics Program in CLAS (Contributor) / School of Historical, Philosophical and Religious Studies (Contributor)
Created2014-05
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This paper examines the qualitative and quantitative effects of the 2008 financial crisis on the current landscape of the investment banking industry. We begin by reviewing what occurred during the financial crisis, including which banks took TARP money, which banks became bank holding companies, and significant mergers and acquisitions. We

This paper examines the qualitative and quantitative effects of the 2008 financial crisis on the current landscape of the investment banking industry. We begin by reviewing what occurred during the financial crisis, including which banks took TARP money, which banks became bank holding companies, and significant mergers and acquisitions. We then examine the new regulations that were created in reaction to the crisis, including the Dodd-Frank Act. In particular, we focus on the Volcker Rule, which is a section of the act that prohibits proprietary trading and other risky activities at banks. Then we shift into a quantitative analysis of the changes that banks made from the years 2005-2016. To do this, we chose four banks to be representative of the industry: Goldman Sachs, Morgan Stanley, J.P. Morgan, and Bank of America. We then analyze four metrics for each bank: revenue mix, value at risk, tangible common equity ratio, and debt to equity ratio. These provide methods for analyzing how banks have shifted their revenue centers to accommodate new regulations, as well as how these shifts have affected banks' risk levels and leverage. Our data show that all four banks that we observed shifted their revenue centers to flatter revenue areas, such as investment management, wealth management, and consumer banking operations. This was paired with fairly flat investment banking revenues across the board when controlling for overall market changes in the investment banking sector. Additionally, trading-focused banks significantly shifted their operations away from proprietary trading and higher risk activities. These changes resulted in lower value at risk measures for Goldman Sachs and Morgan Stanley with very minor increases for J.P. Morgan and Bank of America, although these two banks had low levels of absolute value at risk when compared to Goldman Sachs and Morgan Stanley. All banks' tangible common equity ratios increased and debt to equity ratios decreased, indicating a safer investment for shareholders and lower leverage. We conclude by offering a forecast of our expectations for the future, particularly in light of a Trump presidency. We expect less regulation going forward and the potential reversal of the Volcker Rule. We believe that these changes would result in more revenue coming from trading and riskier strategies, increasing value at risk, decreasing tangible common equity ratios, and increasing debt to equity ratios. While we do expect less regulation and higher risk, we do not expect these banks to reach pre-crisis levels due to the significant amount of regulations that would be particularly difficult for the Trump administration to reverse.
ContributorsPatel, Aashay (Co-author) / Goulder, Gregory (Co-author) / Simonson, Mark (Thesis director) / Hertzel, Michael (Committee member) / Department of Finance (Contributor) / Department of Economics (Contributor) / Economics Program in CLAS (Contributor) / Barrett, The Honors College (Contributor)
Created2017-05
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Description

This paper examines infrastructure spending in a model economy. Infrastructure is subdivided into two types: one that makes future production more efficient, and another that decreases the risk of devastation to the future economy. We call the first type base infrastructure, and the second type risk-reducing infrastructure. Our model assumes

This paper examines infrastructure spending in a model economy. Infrastructure is subdivided into two types: one that makes future production more efficient, and another that decreases the risk of devastation to the future economy. We call the first type base infrastructure, and the second type risk-reducing infrastructure. Our model assumes that a single representative individual makes all the decisions within a society and optimizes their own total utility over the present and future. We then calibrate an aggregate economic, two-period model to identify the optimal allocation of today’s output into consumption, base infrastructure, and risk-reducing infrastructure. This model finds that many governments can make substantive improvements to the happiness of their citizens by investing significantly more into risk-reducing infrastructure.

ContributorsFink, Justin (Co-author) / Fuller, John "Jack" (Co-author) / Prescott, Edward (Thesis director) / Millington, Matthew (Committee member) / School of Mathematical and Statistical Sciences (Contributor, Contributor) / Economics Program in CLAS (Contributor) / Barrett, The Honors College (Contributor)
Created2021-05
Description

The deadly shipwrecks of migrant boats in the Mediterranean brought international attention to the plight of migrants in the mid-2010s but the focus soon shifted from humanitarian assistance to capturing smugglers and preventing migrants from reaching the shores of Europe. The step towards a humane migration policy was a short-lived

The deadly shipwrecks of migrant boats in the Mediterranean brought international attention to the plight of migrants in the mid-2010s but the focus soon shifted from humanitarian assistance to capturing smugglers and preventing migrants from reaching the shores of Europe. The step towards a humane migration policy was a short-lived diversion from the project of “Fortress Europe” undertaken since the passing of the Schengen Convention. This project seeks to harden the external borders of Europe and prevent refugees from accessing the asylum system by enlisting neighboring non-European states to prevent migration at the point of departure. Deals such as the EU-Turkey deal of 2016 and the Spanish-Moroccan deals have resulted in migrants being funneled into increasingly dangerous corridors, such as Libya, as the safest and shortest paths are cut off. Although these deals are problematic in their own right, they pale in comparison to the egregious Italy-Libya Memorandum of 2017, which in practice enables Libyan militias to enforce Italy’s migration policy within the Libyan “rescue zone.” The human rights abuses perpetrated by these Libyan mercenaries in makeshift detention centers and on the Mediterranean are well documented, yet the Italian government continues to renew the deal and continue supplying these criminal groups. This literature review examines the issue of European border externalization in the Mediterranean and its impact on the internationally recognized rights of migrants and the stability of African governments. Using a systematic review of existing research, I analyze the key themes and trends that have emerged in the literature on this topic, including the legal and ethical implications of border externalization policies, the impact on African economies and governments, and the human rights implications for migrants. The review concludes that international courts are becoming increasingly ineffective in enforcing the rights of refugees and recommends a reform of the international refugee protection regime to favor autonomous movement.

ContributorsYousefelahi, Shawn (Author) / Wheatley, Abby (Thesis director) / Ripley, Charles (Committee member) / Paynter, Eleanor (Committee member) / Barrett, The Honors College (Contributor) / Economics Program in CLAS (Contributor)
Created2023-05