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- All Subjects: Finance
- Creators: Dean, W.P. Carey School of Business
- Status: Published
The PPP Loan Program was created by the CARES Act and carried out by the Small Business Administration (SBA) to provide support to small businesses in maintaining their payroll during the Coronavirus pandemic. This program was approved for $350 billion, but this amount was expanded by an additional $320 billion to meet the demand by struggling businesses, since initial funding was exhausted under two weeks.<br/><br/>Significant controversy surrounds the program. In December 2020, the Department of Justice reported 90 individuals were charged for fraudulent use of funds, totaling $250 million. The loans, which were intended for small business, were actually approved for 450 public companies. Furthermore, the methods of approval are<br/>shrouded in mystery. In an effort to be transparent, the SBA has released information about loan recipients. Conveniently, the SBA has released information of all recipients. Detailed information was released for 661,218 recipients who have received a PPP loan in excess of $150,000. These recipients are the central point of this research.<br/><br/>This research sought to answer two primary questions: how did the SBA determine which loans, and therefore which industries are approved, and did the industries most affected by the pandemic receive the most in PPP loans, as intended by Congress? It was determined that, generally, PPP Loans were approved on the basis of employment percentages relative to the individual state. Furthermore, in general, the loans approved were approved fairly, with respect to the size of the industry. The loans, when adjusted for GDP and Employment factors, yielded a clear ranking that prioritized vulnerable industries first.<br/><br/>However, significant questions remain. The effectiveness of the PPP has been hindered by unclear incentives and negative outcomes, characterized by a government program that has essentially been rushed into service. Furthermore, limitations of available data to regress and compare the SBA's approved loans are not representative of small business.
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Music streaming services have affected the music industry from both a financial and legal standpoint. Their current business model affects stakeholders such as artists, users, and investors. These services have been scrutinized recently for their imperfect royalty distribution model. Covid-19 has made these discussions even more relevant as touring income has come to a halt for musicians and the live entertainment industry. <br/>Under the current per-stream model, it is becoming exceedingly hard for artists to make a living off of streams. This forces artists to tour heavily as well as cut corners to create what is essentially “disposable art”. Rapidly releasing multiple projects a year has become the norm for many modern artists. This paper will examine the licensing framework, royalty payout issues, and propose a solution.
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What if I told you that a few photos of a sweatshirt, delivered at the perfect time, cracked a case that had stumped some of the world’s greatest marketing minds for more than twenty years? What if I told you that a dismissed lawsuit played an integral part in this? One made possible by a rainy night in Couva, Trinidad? Or that all of this, hundreds of years in the making, could aid a wrongfully incarcerated man in being freed after spending twenty two years in prison, and pioneer one of the largest-scale social justice movements of the 21st century? All catalyzed by the effects of a global pandemic? If I told you, would you believe me? But let’s get back to that sweatshirt for now.<br/>In January 2020, the Coronavirus was a seemingly distant issue for another part of the world to most Americans. A generation that had seen the likes of H1N1 and Ebola come, cause irrational panic, and subsequently disappear had grown complacent with regard to unknown diseases. On March 9th, Utah Jazz center Rudy Gobert took a defiant step in dispelling fears of COVID-19 by touching every microphone in the room at the end of an interview. Two days later, a test revealed that he had contracted the virus, the first professional athlete to do so. The NBA suspended all activities, and thus began the succession of sports leagues across the nation suspending their seasons as global infection numbers rose. But we humans are resilient. As weeks became months, the NBA and WNBA were able to engineer “bubbles” to play in: isolated areas with only the players and essential personnel to play the games, equipped with safety precautions and persistent testing. With no fans allowed inside, social media and media members provided the only glimpse into the “bubble” that ordairy fans would get.<br/>The mornings of July 25th and 26th, as the players arrived for the first games of the day and were snapped by photographers, many sported orange hoodies with the trademark white WNBA logo in the center, to promote the start of the WNBA’s “bubble” season that summer. This sent the internet into a frenzy. “#OrangeHoodie” was trending across all social media platforms, the item sold out on many websites, and more people than ever were talking about the WNBA online. That season, WNBA viewership spiked. More people watched the WNBA than ever before, even with the NBA’s playoffs taking place at the same time. How, then, did a single orange hoodie change the future of marketing the WNBA? What does that tell us about other women’s sports that have similarly struggled with attention and viewership? What role does media exposure play in all of this; do we perceive women differently in the media than we do men? Are these issues rooted in deeper societal prejudices, or are women’s sports simply quantifiably less entertaining?<br/>On a journey to find the answers to these questions, I learned a lot about the relationship of media and culture, about sport, and about the outstanding untold stories of American sportswomen. However, the most important thing I found was that women are marketable. After long being denied the opportunities and exposure they deserve, American culture has as a result pushed women to the background under the guise of them not being demanded or marketable. This could not be further from the truth. They are not demanded because they are not seen. Investing in sportswomen would not only create a better future for all women, but for all people. How, then, is this achievable? How will the powers that be allow for changes to be made? How can we as individuals be receptive to this change? In this thesis, I will take you on a journey where media is fun and fair, and where the future is female.
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institutions mainly in the early 21st century. China has gone through enormous changes in the late 20th century and early 21st century, and financial policy reforms and adjustments have been at times instrumental to aiding that growth, and at other times have served as impediments to the country’s success. As China’s clout has grown both economically and politically in the wider world, it has become evermore important to understand the Chinese financial system, particularly as other authoritarian regimes may seek to emulate it in the perhaps recent future. The paper will examine the institutional elements of Chinese finance, including the broader structure of the party state apparatus and the role of legislative and executive authorities in determining financial policy. Next, the paper will go through both the legal-regulatory environment of the country and the structure of the preeminent Chinese banks. Finally, issues in Chinese monetary policy, particularly exchange rate system reforms, and the developing stock and bond markets will be addressed.
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By working on this thesis, I was able to identify causes that lead to inequality due to how manufacturing and service systems might account for costs, as well as solutions and concepts that can help pave the way for a more egalitarian society. Furthermore, through this study I have also discovered actors, namely benefit corporations, that actively partake in various actions to benefit not only their customers, but society as a whole. The causes, measurements, documents, and principles I looked at were company financial statements whenever available, various socially responsible management literature, accounting principles, research literature on the inequality of cost externalization, etc. These resources established that a proper plan to tackling the unsustainable business and financial practices of many corporate and private entities today involves a consumer-oriented vision that follows the triple bottom line, a mission that closely follow a vision, core company values that emphasize the need to serve society, and a plan to closely and efficiently follow through with said vision. Problems such as over reliance on limited resources and externalizing environmental costs due to intrinsically uncompetitive business models could be potentially mitigated with proper restructuring of business models. The triple bottom line is an accounting framework that incorporates the integral segments of social, environmental, and financial dimensions of performance. Lastly, it is worthwhile to mention that companies which successfully worked under this mantra and plan tend to be sustainable over longer periods of time and be more innovative than competitors, which ultimately lead to higher levels of goodwill and loyalty from their customers.
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