Matching Items (12)

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Black Students and Investment Banking Careers: Driving Diversity to Wall Street

Description

Investment banking is an industry that has historically had a low representation of minorities. Diversity has become a common buzz word among human resource professionals and American firms have worked

Investment banking is an industry that has historically had a low representation of minorities. Diversity has become a common buzz word among human resource professionals and American firms have worked hard over the last decades to diversify their ranks. The positive effect that diversity of thought has on performance has fueled a high demand for increasingly diverse and inclusive work environments. Conversely, investment banking (typically considered a profession for upper-class, white males) has not made any strides in regard to attracting more diverse talent to Wall Street. Wall Street firms have been unsuccessful in attracting students of color and women to the industry. In this study, interest levels of Black students will be explored to understand if the shortage of Black bankers is due to supply rather than demand.

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Agent

Created

Date Created
  • 2019-05

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The Past, Present, and Future of Cryptocurrency

Description

This thesis examines the usefulness of cryptocurrency and provides a research-backed conclusion on the future of this digital currency. This starts with a look into the history of fiat moneys:

This thesis examines the usefulness of cryptocurrency and provides a research-backed conclusion on the future of this digital currency. This starts with a look into the history of fiat moneys: how they were originally created, how they were implemented in past governments, and the resulting interactions between the currency and its users. The countries that were chosen for exploration demonstrate a few common trends throughout their execution of fiat currency. It is through the relationships dating all the way back to the Ancient Romans to the recent problems in Venezuela that provide a well-rounded scope of the issues. However, there have also been a few instances in which fiat currency has been successfully integrated, which furthers the advocacy towards an eventual implementation of government-regulated cryptocurrency.
This leads into an examination on the history of one cryptocurrency in particular, Bitcoin. This analysis includes the effects of the cryptomarket and the impact that it has had on various economies. Additionally, the blockchain is explored by first defining what it is and then its potential and current uses not only in the cryptomarket industry, but others as well. This includes a focus on the real estate market as well as banking. Using knowledge gained about the history of fiat money, cryptocurrencies, and the usefulness of the blockchain, this thesis compares the history of fiat currencies with the current implementation of cryptocurrency. Furthermore, the pros and cons of the possible implementation of cryptocurrency helps to provide an outlook on whether it can eventually be government regulated.

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Agent

Created

Date Created
  • 2019-05

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Haiti: A Study of Economic Policies Effect on Education

Description

The returns to education in Haiti are high. Nevertheless, few individuals receive/enjoy them because education is privately provided, costly, and the poor cannot afford it. The poor receive too little

The returns to education in Haiti are high. Nevertheless, few individuals receive/enjoy them because education is privately provided, costly, and the poor cannot afford it. The poor receive too little education and would benefit from investing more into their education however, they cannot do so because they are unable to borrow, which can be attributed to the poorly functioning credit markets. Therefore, there is a need for government policy intervention aimed at providing more education to the poor. The purpose of this study is to propose and evaluate economic policies that might help the poor obtain more education. In particular, I analyze a taxation policy that redistributes income from the rich to the poor by implementing a tax transfer program. I also analyze a tax policy that taxes only the rich and used the tax revenue generated to fund public education for all children age 5-14. In the first policy, a tax rate of 3.17% on the rich and transfer to the poor increases the income of the poor parents by $81.74 USD a year and the income of the poor child by $61.78 USD while decreasing the income of the rich child by $61.78 USD. The second policy varies the amount parents and the government spend on a children's education and analyzes the effects on a children's income. I find that a fairly modest tax on the rich does a good job at generating more education for the poor, increasing the income of the poor children, and therefore alleviating the poverty of the poor. For example, a 5.21% tax on the top 20% of the rich raises enough money to provide six years of free public education for all children. As a result, the child's income in the poorest 20% of families raises from $539.30 to $887.14. These findings suggest that public education is likely an important channel through which the extent of poverty in Haiti can be reduced.

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Agent

Created

Date Created
  • 2017-12

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Brexit and Beyond: The Future Implications on London's Commercial Real Estate Market

Description

This thesis takes the form of a market research report with the goal of analyzing the implications of the United Kingdom (UK) leaving the European Union (EU) (known as “Brexit”)

This thesis takes the form of a market research report with the goal of analyzing the implications of the United Kingdom (UK) leaving the European Union (EU) (known as “Brexit”) on London’s office commercial real estate market. The ultimate goal of this report is to make a prediction, firmly grounded in quantitative and qualitative research conducted over the past several months, as to the direction of London’s commercial real estate market going forward (post-Brexit). Within the commercial real estate sector, this paper narrows its focus to the office segment of the London market.

Understanding the political landscape is crucial to formulating a reasonable prediction as to the future of the London market. Aside from research reports and articles, our main insights into the political direction of Brexit come from our recordings from meetings in March of 2017 with two high-ranking members of Parliament and one member of the House of Lords—all of whom are members of the Tory Party (the meetings being held under the condition of anonymity). The below analysis will be followed by a discussion of the economics of Brexit, primarily focusing on the economic risks and uncertainties which have emerged after the vote, and which currently exist today. Such risks include the UK losing its financial passporting rights, weakening GDP and currency value, the potential for a reduction in foreign direct investment (FDI), and the potential loss of the service sector in the city of London due to not being able to access the European Single Market.

The report will shift focus to analyzing three competing viewpoints of the direction of the London market based on recordings from interviews of stakeholders in the London real estate market. One being an executive of one of the largest REITs in the UK, another being the Global Head of Real Estate at a top asset management firm, and another being a director at a large property consulting firm. The report includes these differing “sub-theses” in order to try to make sense of the vast market uncertainties post-Brexit as well as to contrast their viewpoints with where the market is currently and with the report’s investment recommendation.

The remainder of the report will consist of the methods used for analyzing market trends including how the data was modeled in order to make the investment recommendation. The report will analyze real estate and market metrics pre-Brexit, immediately after the vote, post-Brexit, and will conclude with future projections encapsulating the investment recommendation.

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Agent

Created

Date Created
  • 2017-12

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The Onset of a Second Cold War

Description

In this thesis I use reliable economic data and political reasoning to unravel the motive behind the collapse in oil and natural gas prices, which began in the summer of

In this thesis I use reliable economic data and political reasoning to unravel the motive behind the collapse in oil and natural gas prices, which began in the summer of 2014. In the first two sections of this paper, I use economic data to disclose that the success and failure of the Russian economy has invariably depended on oil and natural gas prices. With this fact in mind, I go on to elucidate that high oil and gas prices from 1998-2008 attributed to Russia's robust economic growth during this period. I then assert that Russia's strong economy enabled Moscow to politically and/or military intervene in countries such as Georgia, Syria and Ukraine. With rising Russian aggression threatening the world and America's interests, I then claim that the significant increase in the production of U.S. oil and natural gas is probably prompted by the U.S. government, which is looking to debilitate the Russian economy by suppressing prices, and U.S. firms that want to maximize profits. Finally in section six, I assert that Russia's economy will eventually collapse as long as oil and gas prices remain below Russia's breakeven price. With Russia's economy in shambles, I then deduce that Moscow's power and global influence will also subside.

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Agent

Created

Date Created
  • 2015-05

Impact of Speculation on Commodities Markets

Description

I built a short-term West Texas Intermediate (WTI) crude oil price-forecasting model for two periods to understand how various drivers of crude oil behaved before and after the Great Recession.

I built a short-term West Texas Intermediate (WTI) crude oil price-forecasting model for two periods to understand how various drivers of crude oil behaved before and after the Great Recession. According to the Federal Reserve the Great Recession "...began in December 2007 and ended in June 2009" (Rich 1). The research involves two models spanning two periods. The first period encompasses 2000 to late 2007 and the second period encompasses early 2010 to 2016. The dependent variable for this model is monthly average WTI crude oil prices. The independent variables are based on what the academic community believes are drivers of crude oil prices. While the studies may be scattered across different time periods, they provide valuable insight on what the academic community believes drives oil prices. The model includes variables that address two different data groups including: 1. Market fundamentals/expectations of market fundamentals 2. Speculation One of the biggest challenges I faced was defining and quantifying "speculation". I ended up using a previous study's definition of "speculation", which it defined as the activity of certain market participants in the Commitment of Traders report released by the Commodity Futures Trading Commission. My research shows that the West Texas Intermediate crude oil market exhibited a structural change after the Great Recession. Furthermore, my research also presents interesting findings that warrant further research. For example, I find that 3-month T-bills and 10yr Treasury notes lose their predictive edge starting in the second period (2010-2016). Furthermore, the positive correlation between oil and the U.S. dollar in the period 2000-2007 warrants further investigation. Lastly, it might be interesting to see why T-bills are positively correlated to WTI prices and 10yr Treasury notes are negatively correlated to WTI prices.

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Created

Date Created
  • 2016-05

An Examination of a Modified Taylor Rule

Description

Is there a rules-based explanation for the low interest rates and quantitative easing undertaken by the Federal Reserve following the Global Financial Crisis? The question is important as it pertains

Is there a rules-based explanation for the low interest rates and quantitative easing undertaken by the Federal Reserve following the Global Financial Crisis? The question is important as it pertains to the ongoing debate between rules-based and discretionary monetary policy. It is also important in the search for a Taylor Rule modification that can fill in the gap left by the breakdown of the original rule following the GFC. This paper examines a recent Taylor Rule modification proposed from James Bullard, President of the St. Louis Federal Reserve, to see if this modification can explain Fed actions following the GFC. The modification is analyzed in the same two ways that the original Taylor Rule was evaluated. Namely, this paper tests the economic logic of the modification as well as examines how well the rule's policy rate prescription has fit the actual federal funds rate over time. The economic logic of the modification is examined during recessions. The fit between the rule's policy rate prescription and the actual federal funds rate is examined using r-squared. I conclude that by changing the neutral rate in a Taylor-type rule, Bullard provides a credible policy rule that helps explain Fed behavior following the GFC.

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Created

Date Created
  • 2018-05

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EFFECT OF A CASHLESS ECONOMY ON THE ROBBERY RATE

Description

A global trend towards cashlessness following the increase in technological advances in financial transactions lends way to a discussion of its various impacts on society. As part of this discussion,

A global trend towards cashlessness following the increase in technological advances in financial transactions lends way to a discussion of its various impacts on society. As part of this discussion, it is important to consider how this trend influences crime rates. The purpose of this project is to specifically investigate the relationship between a cashless society and the robbery rate. Using data collected from the World Bank’s Global Financial Inclusions Index and the United Nations Office of Drugs and Crime, we implemented a multilinear regression to observe this relationship across countries (n = 29). We aimed to do this by regressing the robbery rate on cashlessness and controlling for other related variables, such as gross domestic product and corruption. We found that as a country becomes more cashless, the robbery rate decreases (β = -677.8379, p = 0.071), thus providing an incentive for countries to join this global trend. We also conducted tests for heteroscedasticity and multicollinearity. Overall, our results indicate that a reduction in the amount of cash circulating within a country negatively impacts robbery rates.

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Agent

Created

Date Created
  • 2019-05

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Threes Get Degrees? Evaluating the Performance of AP-3 Students and AP Credit Acceptance Policy at ASU

Description

The goal of this study is to test the assumption that an AP score of 3 is equivalent to a C and gain an understanding of how AP-3 students are

The goal of this study is to test the assumption that an AP score of 3 is equivalent to a C and gain an understanding of how AP-3 students are performing academically at ASU and how to interpret a 3 when evaluating ASU AP credit acceptance policy. Of primary interest is comparing the performance of AP-3 students to those non-AP students that got a C or higher in the corresponding course. To accomplish this, a tabular analysis of academic performance by AP score is conducted using aggregate student data from the ASU 2012-2014 cohorts. Among the performances considered are GPA, time to graduation, performance in the corresponding and following course at ASU, and more. Following this, a model is estimated for the impact that a 3 has on a student’s time to graduation when compared to non-AP students that got a C in the corresponding course.

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Created

Date Created
  • 2021-05

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It’s All About the Capital: Evaluating the Effects of the Great Recession’s Regulatory Reforms and their Impact on the COVID-19 Recession

Description

Following the Global Financial Crisis of 2007-2008, financial institutions faced regulatory changes due to inherent weaknesses that were exposed by the recession. Within the United States, regulation came via the

Following the Global Financial Crisis of 2007-2008, financial institutions faced regulatory changes due to inherent weaknesses that were exposed by the recession. Within the United States, regulation came via the passing of the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010, which was heavily influenced by the internationally focused Basel III accord. A key component to both of these sets of regulations focused on raising the capital requirements for financial institutions, as well as creating capital buffers to help protect solvency during economic downturns in the future. The goal of this study is to evaluate the effectiveness of these changes to capital requirements, and to hypothesize as to what would happen if the modern banking system experienced the COVID-19 pandemic recession with the capital and leverage levels of the banking institutions circa 2007. To accomplish this, data from the Federal Reserve describing the capital and leverage ratios of the banking industry will be evaluated during both the Global Financial Crisis of 2007-2008, as well as during the COVID-19 Recession. Specifically, we will look at by how much capital was improved due to Dodd-Frank/Basel III, the resiliency of the capital and leverage ratios during the modern COVID-19 recession, and we will look at the average drop in capital levels caused by the COVID-19 recession and apply these percentage changes to the leverage/capital levels seen in 2007. Given the results, it is clear to see that the change in capital requirements along with the counter-cyclical buffers described in Dodd-Frank and Basel III allowed the banking system to function throughout the COVID recession without approaching insolvency in the slightest, something that ailed many large banks and firms during the Global Financial Crisis. As an answer to our hypothetical, we found that the drop seen affecting the measures of bank capital experienced during the COVID pandemic when applied to values seen at the beginning of the 2007 recession still led to a well-capitalized banking industry as a whole, highlighting the resiliency seen during the COVID recession thanks to the capital buffers put in place, as well as the direct assistance provided by the federal government (via PPP loans and stimulus checks) and the Federal Reserve in keeping the hit on capital to minimal values throughout the pandemic.

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Agent

Created

Date Created
  • 2021-05