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Publication Powerless Against Climate Change: The Consequences of Government Intervention in Investor-Owned Utility Bankruptcies on Creditor Recoveries and Incentive Alignment(2023-05-01) Malik, TvishaPG&E is widely regarded as the first climate-change caused Chapter 11 bankruptcy. Since then, numerous other investor-owned utility companies have declared bankruptcy due to climate disasters. Historically, due to the wide-reaching consequences of utility service disruptions to broader economic activity, state and local government officials have involved themselves in utility bankruptcies to ensure services continue and ratepayers are protected from drastic rate spikes. This paper will explore what effect, if any, government involvement in utility Chapter 11s has on creditor recoveries, moral hazard, and incentive alignment. An event study of bond trading prices around the time of PG&E’s bankruptcy elucidates investor sentiment regarding climate and political economy risk present in the region. The study suggests that government intervention in PG&E caused investors of peer companies to view their investments as less risky. Finally, this paper explores potential solutions to manage climate damages in a way that decreases moral hazard.Publication Evaluating the Effect of Workplace Diversity on Job Structure Preferences(2023-05-01) Mafrici, Madeleine C.This study investigates the impact of firm diversity on job seekers’ preferences for individualistic- versus collaborative- based team structures. Using a within-subjects survey design, we examine whether participants’ ratings of organizational attractiveness change when variables such as diversity level, salary, and work style of the job/firm are altered. The study enrolled 139 undergraduates at the University of Pennsylvania who rated five hypothetical job postings within the Consulting, Investment Banking, or Software Development industries. In addition to measuring participant preferences for job roles, we also assessed their beliefs regarding the likelihood of being hired if they applied. The results suggest that there is no significant relationship between firm diversity and job structure preferences.Publication Antitrust for the Streaming Era: A Case for Regulating Streaming Giants(2023-12-01) Thrower, LolaMedia and entertainment is increasingly concentrated in the hands of a few firms, including Big Tech players. In the Streaming Video on Demand (streaming) market, the trend towards consolidation, vertical integration, price discrimination, and user data collection raises antitrust concerns. The repeal of the Paramount Decrees without replacement further underscores the industry’s potential for unfair competition. This paper explores the trends and practices in today’s streaming sector requiring regulatory attention to protect consumers and other market stakeholders. Navigating the historical context of the Paramount Decrees and antitrust in Hollywood, this paper proposes new regulation and renewed antitrust measures to promote fair competition in a modern, tech-driven entertainment landscape.Publication Electricity Sector Liberalization in South Africa: A Comparative Analysis of Reforms and Outcomes(2023-03-01) Cingo, Luyanda ThabangThis paper explores the current crises in South African state-owned enterprises, through a case-study of the state-owned power utility, Eskom. In order to understand the extent of the crisis, as well as to explore the possible impact of the privatization, the paper will employ a textual analysis of various stakeholders in the South African Economy and a differences-in-differences analysis of economic development indicators against a benchmark of other emerging economies that have privatized their power utilities. The results of the study suggest that privatization of the electricity sector has a positive effect across various indicators. Further, my analysis suggests that privatization has disparate effects on electricity supply on urban and rural populations.Publication Betting on Health Care: Evaluating Private Equity Activity in Addiction Treatment(2023) Krishnan, RohanOver the past few decades, private equity has become a growing force in healthcare, with the number of private equity deals in healthcare increasing tenfold from 2000 to 2018. Behavioral health has seen significant private equity investment, with addiction treatment facilities being a particular target due to the high reimbursement rates and growing demand for services. Private equity investment in this sector can infuse facilities with capital and improve operational efficiencies. However, the profit motive of private equity firms can lead to strategies that prioritize revenue over quality of care, patient choice, and patient safety, perpetuating low value care. This paper uses PitchBook data and statistical analysis to map private equity acquisitions of SUD treatment facilities across the US and compare them to overdose and social determinants of health data. Understanding the scope of private equity activity in addiction treatment can inform appropriate government intervention to ensure patients receive quality care.Publication The Passage of Same-Sex Marriage Laws and Anti-Asian and Anti-LGBT Hate Crimes in the U.S.(2023-05-01) Kyong, ThomasQueer people are some of the most oppressed, marginalized, and disadvantaged individuals in the world. In fact, same-sex relationships are considered a crime in over seventy-five countries. Globally, over a third of all countries criminalize LGBT people, constantly putting them at risk of persecution, hate crimes, imprisonment, and discrimination (Political Youth Network). Understanding the economic and social effects of the passage of Queer laws can help build more inclusive and safer communities. As a result, my research will be important to policymakers, to social justice advocates, to economists. To policymakers, the econometric analysis of state-level and prefecture-level panel data will provide further insights on policy analysis – at a multinational level. How does the passage of Queer laws affect U.S. and Asian populations similarly, but also in their own ways? I believe this paper will produce more hypotheses on how the two countries’ varying political frameworks and infrastructures may affect, and optionally enhance, one another.Publication Effectiveness Behind the HUD-184 Loan Program(2023-05-01) McDonald, LaurenThis paper evaluates the effectiveness behind the HUD-184 Loan Program. This paper combines data with legislation to provide a timeline of the program’s history. The data has been collected through Congressional archives and HMDA sources in order to better understand the program’s main performance metric: the number of loans endorsed. There is discussion on the possible reasons behind the outcomes of the program, and the main drivers that may have influenced its effectiveness. The mortgage loan count levels for over 200 tribal counties during 2018 to 2021 are mapped below and used for a granular approach to understanding the program’s outcomes. This paper seeks to understand the HUD-184 Loan Program in a number of quantitative ways to build upon the work found in earlier research.Publication Exploring the Relationship Between Bitcoin and Inflation Expectations: An Empirical Analysis(2023-05-01) Krakower, Ross H.This paper explores the relationship between Bitcoin and inflation expectations. More specifically, this paper seeks to understand how inflation expectations impact and move with Bitcoin prices and returns. As cryptocurrencies soared in both popularity and value over the last three years to become a mainstay in global macroeconomics, it remains important to understand how macroeconomic factors such as inflation expectations impact this asset class. Bitcoin is worth examining in particular because of all cryptocurrencies it has the greatest market capitalization and is also the most frequently traded. Using historical data on Bitcoin prices and relevant measures for inflation expectations, this study uses regression analyses and cointegration tests to explore the relationship between Bitcoin and inflation expectations. The regression analyses reveal that inflation expectations are a statistically significant predictor of Bitcoin prices. Cointegration tests reveal that inflation expectations and Bitcoin prices share a long-term equilibrium relationship, albeit one that is not relatively strong.Publication Sentiment Analysis in Banruptcy as a Predictor of Dip Loan Interest Rates(2023-04-01) Esmail, IbreezA number of recent papers have found a significant relationship between the sentiments of 10-K MD&A sections as well as other textual sources and bankruptcy outcomes, such as success. However, there has been no research on whether sentiment is a significant predictor of the interest rate on debtor-in-possession loans, which has been documented as having substantial benefits on the restructuring of firms in Chapter 11. This paper addresses this gap by analyzing whether the sentiment of company-produced texts—such as the MD&A section and press releases—as well as externally-produced texts—such as news articles—significantly predict for the spread on DIP loans. In general, findings were not significant, resulting in an inability to prove a statistically significant relationship between sentiment and DIP loan interest rates. However, moderate, significant improvement results were found for models that added in a sentiment scores for external-source articles and a blended average of sentiment scores from all textual pieces.Publication Sexually Transmitted Disease Prevalence and Survey Non-Response Rates in Asian Americans(2023-12-01) Lin, IsabelleSexually transmitted diseases (STDs) are one of the most prevalent diseases in America with an estimated annual incidence of 20 million cases. Over 50% of U.S. adults will have one STD in their lifetime. From 2017 to 2021, total reported STDs increased by 7%. 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.