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Publication Defining and Designing an Ethical Approach to Generative Artificial Intelligence in Text-to-Image Modeling(2024) Goodman, DrakeThis paper addresses the ethical concerns that generative artificial intelligence (AI) in text-to-image modeling poses, specifically in protecting social equality and against discrimination. It first defines AI and explains the focus on generative AI. It then discusses the emergence of generative AI modeling, as well as prominent players in the generative AI text-to-image space. After explaining different ethical questions that have arisen in response to the rapid deployment of the technology, this paper establishes an ethical claim for why AI developers need to design these models to protect social equality and reduce stereotypes. This occurs in two ways. The first is explaining how the biases and stereotypes present in generative AI differ from the world before this technology existed. The second is establishing why amplifying stereotypes and biases is wrong, as well as why generative AI developers specifically have a moral obligation to protect social equality.Publication Unveiling financial inclusion: transaction size and cashless payment use in Mexico(2023) Bernstein, HeatherIn Mexico, only about 47% of the population has a bank account and almost all transactions are conducted in cash— trends notably lower than in countries with similar levels of GDP per capita. To examine this phenomenon, this study analyzes the use of cashless payments by transaction size in Mexico between 2002 and 2022. The results reveal that in 2022, cashless payments accounted for 4.4% of transactions and 13.4% of transaction value (MXD). Subsequently, cashless payment use is more frequent for higher value transactions than for lower value ones. Analysis of payment use for different segments of the population reveals significant urban-rural and socioeconomic gaps. Analysis of payment usage across distinct transaction types indicates that the location of purchase influences payment preferences more than the spending category. Lastly, debit cards and electronic funds transfers have experienced the most growth in payment usage between 2016 and 2022 in Mexico, particularly for medium and high value transactions. However, informal credit such as tabs remain popular for very low and very high transaction values. Given that cashless payment use is of principal importance in promoting equal access to financial services, results from this study suggest that public policy should tailor financial products and services to rural and low-income households, reduce the informal economy, and address payment infrastructure disparities.Publication Private Equity and Lender Dynamics in Corporate Financial Distress(2024) Tong, AndrewThis paper presents an analysis of the role of private equity (PE) and lender dynamics in financial distress. Employing a dataset of leveraged loans from 2011 to 2019, this study explores relationships between PE sponsors and creditors in corporate restructurings and updates prior literature from previous periods. Preliminary findings suggest that PE sponsors not only increase the propensity of default but also manage to decelerate the default process. In doing so, they preserve equity value. Comparably, institutional loans, which are predominantly covenant-lite, intensify default risk yet delay default timing. Enhanced sponsor reputation and greater lender concentration are both associated with slower default times, possibly the product of more favorable financing and decreased coordination costs. These dynamics promote more efficient restructuring outcomes, driven by a higher tendency for out-of-court solutions over Chapter 11 bankruptcies. This paper thus indicates that the interplay of sponsor and creditor characteristics leads to heterogeneous default outcomes.Publication Sexually Transmitted Disease Prevalence and Survey Non-Response Rates in Asian Americans(2023) Lin, IsabelleSexually transmitted diseases (STDs) are one of the most prevalent diseases in America with an estimated annual incidence of 20 million cases.1 Over 50% of U.S. adults will have one STD in their lifetime.2 From 2017 to 2021, total reported STDs increased by 7%.3 Studies have shown that people of color often suffer disproportionately from these diseases. Thus, racial and ethnic disparities in STDs are national priorities. Asian people do not appear to show higher STD rates than White people. However, through analyzing publicly available datasets from the CDC, it is revealed that Asian people have the highest non-response rates for questions regarding sexual health. Using an additional study conducted on a survey platform, it was found that Asian people also showed significantly lower levels of willingness to discuss sexual health with family and answer questions about sexual health on surveys compared to other topics like general health care. This indicates that while on the surface, Asians appear not to suffer from sexual health disparities, in actuality, STD rates may be higher than Whites but are masked due to non-response. Research into Asian sexual health remains greatly understudied. These findings demonstrate that further inquiry is warranted to understand trends of non-response and produce a more accurate estimate of prevalence.Publication The Neurodegenerative Effects of Occupational Blasts on Military and Law Enforcement Personnel(2024) Roberto LemusThis paper gives a thorough analysis of current and past research on the neurodegenerative effects of blast overpressure on military and law enforcement personnel. Chronic neurodegenerative disease has historically been studied among sports such as football and boxing, leading to both pathological and symptomatological findings that have been used as diagnosis tools. The start of war in the Middle East led to a discovery in the same pathological and symptomatological discoveries in military settings. Blast overpressure waves are suspected to be the catalyst attributing to these findings, produced through occupational factors such as weapons. The research analyzed in this paper is used to give a concluding set of general guidelines for prevention practices that can be applied to military and law enforcement training settings. The use of brain proteins as a diagnostic tool for chronic neurodegenerative diseases like CTE is discussed.Publication Proptech and Housing: A Solution to the Affordability Crisis?(2024) Steinberg, HaileyRental home affordability is a growing concern across the United States, perpetuating secondary issues of homelessness and food insecurity. Despite many policy interventions aimed at promoting affordable housing, rising costs far outpace the current solutions. Previous research has explored the relationship between modular construction methods and cheaper construction cost. I hypothesize that, given cheaper costs, modular housing should reduce rent prices at the hyperlocal level. To test my hypothesis, I investigated the rent price per square foot for 200 homes (100 modular homes and 100 traditionally-built) across five major U.S. cities. I found that modular construction has no statistically significant impact on rent price per square foot. While modular construction may offer potential long-term benefits in terms of cost-effectiveness, the full realization of these advantages may not have happened yet. Future studies should consider a more extensive sample of homes before recommendations regarding modular construction subsidies can be made.Publication THE TWENTY-THREE TRILLION DOLLAR QUESTION: THE IMPACT OF FINANCIAL WARFARE ON THE UNITED STATES AND CHINA(2023) Brotherton, Paige A.The United States has been a world power since the beginning of the twentieth century, and the world power since its defeat of the Soviet Union in the Cold War. China, meanwhile, has been on the economic and political rise for a little over thirty years, its meteoric expansion raising questions about its willingness and desire to compete with the United States. Such a conflict could take the form of a Cold War, or something much, much messier. Tension regarding Taiwan and spheres of influence in the Pacific, along with fundamentally contrasting political, economic, and social ideals, lead the world to wonder if another war between powers is brewing. However, as this paper shows, the cost would be too high—literally. The intertwined economies of both countries mean both would have too much to lose by engaging in warfare that prevents trade. This paper explores sanctions and their affects during warfare using three case studies before analyzing the situation between China and United States for consequent observations and predictions.Publication Regulating Payday Lending(2024-05-21) Sun, MichaelThe 2017 Rule on Payday, Vehicle Title, and Certain High-Cost Installment Loans issued by the Consumer Financial Protection Bureau (CFPB) aimed to curb debt traps and better protect consumers from predatory small-dollar lending practices. By mandating ability-to repay analyses, limiting rollovers, and enhancing disclosure requirements, the rule sought to shield borrowers from unfavorable loan terms and harmful products. This paper investigates whether the CFPB achieved its intended policy objectives by examining the impact of the 2017 rule on consumer complaints regarding payday lenders. Using the CFPB’s public Consumer Complaint Database, I employ a difference-in-difference research design that measures changes in payday loan complaint volumes around the rule’s introduction relative to a control group of mortgage loan complaints. My analysis reveals a statisticallysignificant 18.4% increase in payday loan grievances reported to the CFPB after the rule took effect. These findings reflect success in empowering and educating consumers about their rights through disclosure requirements and financial literacy efforts, with elevated grievances signaling more assertive enforcement of violations.Publication Competition Or Monopoly For Kuala Lumpur’s Metro Rail Industry?(2023) Mohd Zarif, Aini SofiaPublic transportation in the Greater Kuala Lumpur area (KL) has been receiving particularly increased spotlight in recent years. As the government plans for the public transportation network’s expansion to accommodate for the population growth and alleviate traffic congestion in KL, critics raise concerns about the reliability and practicality of the existing system. This thesis seeks to answer the question of which operating model, competition or monopoly, best suits the KL metro rail landscape. After analyzing the operating models of Hong Kong and Singapore as reference points of gold standards of monopoly and competition-based settings respectively, this thesis recommends KL should shift to a competition-based operating model and be more aggressive in implementing Land Value Capture (LVC) mechanisms to diversify away from significant reliance on government funds and fare revenues. Additionally, it is also important to have sound checks and balances in political and government involvement especially pertaining to the appointment and termination of top level executives of government-linked organizations directly involved with the rail transit industry such as Mass Rapid Transit Corporation Sdn Bhd (MRT Corp) and Prasarana Malaysia Berhad (Prasarana).Publication The Finnish Education Puzzle: Dissecting the Performance Divide Between Native and Immigrant Students(2024-05-31) Sun, MichaelWhile Finland's education system is often praised internationally, a distinct academic divide exists between native Finnish students and their immigrant counterparts. This research combines quantitative analysis of national exam results—specifically those of the 2018 Programme for International Student Assessment (PISA)—with qualitative feedback from educators and immigrant student experiences. The study identifies key factors contributing to this divide, including socio-economic differences, language barriers, and family and cultural dynamics. The findings emphasize the need for more inclusive educational strategies and suggest tailored interventions to ensure that all students in the Finnish education system have equal opportunities for success.