<p> This dissertation examines the factors that will affect nursing home quality of care using several national data sources on market regulation, county demographic characteristics, market structural and the characteristics of different types of long-term care providers in 2010. </p><p> The first study examines how nine different measures of nursing home care quality respond to the greater levels of local market competition from these alternative providers of long-term care, as well as other nursing homes. Findings reveal that faced with greater competition from assisted living facilities, nursing homes are left to care for more disabled, less healthy patients. Although the nursing home's staff-to-bed ratios rise in response, other measures of care quality decline, such as more process- and outcome-based measures. Competition from home health agencies likewise has mixed effects on nursing home care quality, and competition from other nursing homes in a market tends to decrease care quality. These finding suggest that care quality in nursing homes may continue to erode as the market for alternative, community-based long-term care services expands. </p><p> The second study examines the Medicare regulation effects on nursing home quality controlling for the whole long-term care market competition structure. In many local markets nursing homes now compete with assisted living facilities for residents, yet most previous studies of the effects of Medicaid nursing home reimbursement policies on care quality have analyzed nursing homes in isolation, ignoring the presence of nearby competitor firms, and how state regulation of assisted living facilities might also affect care quality in nursing homes. This study uses a richer model specification that accounts for a much broader range of state long-term care regulations as well as the structure of a nursing home's local market. Findings reveal that a higher Medicaid reimbursement rate leads to significant improvements in nine different aspects of nursing home quality, while state certificate-of-need programs for nursing homes lead to a decline in several (but not all) dimensions of it. A large presence of assisted living beds in a local market also tends to reduce nursing home quality, and state regulations regarding assisted living facilities indirectly affect nursing home care quality by altering the nature of local market competition. Overall, these results suggest that state laws related to all long-term care providers, not just nursing homes, are important determinants of nursing home care quality.</p>

<p> High Frequency Trading (HFT) represents an ever growing proportion of all financial transactions as most markets have now switched to electronic order book systems. This dissertation proposes a novel methodology to analyze idiosyncrasies of the high frequency market microstructure and embed them in classical continuous time models. </p><p> The main technical result is the derivation of continuous time equations which generalize the self-financing relationships of frictionless markets to electronic markets with limit order books. We use NASDAQ ITCH data to identify significant empirical features such as price impact and recovery, rough paths of inventories and vanishing bid-ask spreads. Starting from these features, we identify microscopic identities holding on the trade clock, and through a diffusion limit argument, derive continuous time equations which provide a macroscopic description of properties of the order book. </p><p> These equations naturally differentiate between trading via limit and market orders. We give several applications to illustrate their impact and how they can be used to the benefit of Low Frequency Traders (LFTs). In particular, option pricing and market making models are proposed and solved, leading to new insights as to the impact of limit orders and market orders on trading strategies.</p>

<p> This dissertation is mainly concerned with the distribution of between individuals in the economy. </p><p> The first chapter (Chapter 1) examines the various problems with Gross Domestic Product per capita (GDPpc) as a measure of economic welfare. The chapter proposes the Vast Majority Income (VMI) as a new measure of economic welfare that combines both national income and income distribution in a single, intuitive measure. The VMI measures the average income per capita of the vast majority of the population, defined as the first 80 percent of the population within the income distribution. </p><p> Chapter 2 proposes a model of the labor market that has a statistical equilibrium wage rather than a single point equilibrium wage as in the standard microeconomic model of wage equalization. Using heterogeneous agent-based modeling techniques, the chapter presents a labor market model where wages equalize around an exponential distribution of wages. Compared to previous models of statistical equilibrium in economics, this model does not require a fixed average wage levels. </p><p> Chapter 3 proposes a measure of inclusive growth that is based on the concept and methodology of the VMI discussed in Chapter 1. The growth rate of the VMI across time is proposed as a measure of the inclusivity of growth. We then compare and contrast the growth rate of the VMI to the growth rate of GDP per capita, economic growth. The Chapter shows how the last thirty years were mostly a period of non-inclusive growth in the majority of developing economies. Growth in developing nations was accompanied by a worsening of the equality of income distribution and as a result the growth in the incomes of the vast majority (the bottom 80% of income earners) was 1% less than the growth in GDP per capita for the population as a whole in developing countries. </p>

<p> There are conservative estimates that the amount of money laundered each year is anywhere between 2 and 5 percent of the annual gross domestic product of the world economy. That figure in dollars is between $800 billion and $2 trillion in U.S. dollars. Research has shown that the majority of money that is laundered across the globe either enters the United States or comes from the United States. It can be argued that the use of wire transfers is the preferred method used by criminals to move their funds. By using wire transfers it is more difficult for those tasked with prevention and investigation to track the money. </p><p> Wire transfers have become the preferred method for criminals to launder money. This is because they are fast, secure and very hard to trace. It is electronically sending cash to another individual or account. It is also easy to initiate a wire transfer. It can be done from a personal computer in a residence or from a public computer. It can be done through an established relationship with a financial institution or by using a wire transfer service such as Western Union or MoneyGram. It can be sent to another account or sent to an individual for immediate pick-up depending upon the type of service a person chooses to use. </p><p> This paper researches the argument that there is complicity within the wire transfer system that has supported this method for illegal activity and money laundering. The research argues that given the lack of effort by financial institutions and Federal regulations and enforcement efforts this activity will continue to increase. There have been successful efforts employed to reduce money laundering through wire transfers. These methods have not been embraced by the larger community of enforcement officials nor the Federal Government. </p><p> By using proven methods and analyzing trends and data within the wire transfer process an effective set of tools can be deployed by regulators, investigators and financial institutions to mitigate money laundering.</p>

<p> The financial economics profession has determined that identical agents in a dynamic, stochastic, general equilibrium (DSGE) model does not provide price and trading dynamics realized in financial markets. There has been quite a bit of research over the last three decades extending heterogeneity to the Lucas asset pricing framework, to address this issue. Once the assumption of homogeneous agents is relaxed, the problem becomes increasingly complex due to a state space including the wealth distribution, continuation utilities, and wealth distribution dynamics. To establish a more computationally feasible model, specical modifications have been made such as heterogeneity in idiosyncratic shocks and not risk aversion, including aggregate or idiosyncratic risk (but not both), or assuming no growth in the economy (steady state). </p><p> In this research, I will define a DSGE model with heterogeneous agents. This heterogeneity will refer to differing CRRA utilities through risk aversion. The economy will have growth due to the assumed dividend process. Agents will face idiosyncratic and aggregate shocks in a complete markets setting. The framework of the provided algorithm will enable issues to be addressed beyond homogeneous agent models. </p><p> The numerical simulation results of this model provide considerable asset price volatility and high trading volume. These results occur even in the complete markets setting, where investors are expected to fully insure. Given these dynamics from the simulations of the algorithm, I demonstrate the ability to calibrate this model to address specific financial economic issues, such as the equity premium puzzle. More importantly this exercise will assume realistic agent parameters of risk aversion and discount factors, relative to economic theory.</p>

<p> Having a reputation for being socially responsible is increasingly important to firm managers. To bolster their reputation, many firms have begun adopting corporate social responsibility (CSR) initiatives. The existing literature has primarily addressed the benefits of engaging in CSR initiatives, but has largely ignored the costs. This dissertation empirically explores the various costs of engaging in CSR and the critical role that civil society plays in creating those costs. </p><p> The first study, co-authored with Michael Toffel and John Maxwell, focuses on the non-market costs associated with adopting a CSR initiative. To manage reputational risks associated with supply chains, buyers are increasingly seeking information about their suppliers' labor and environmental performance. We hypothesize particular circumstances in which buyers can screen suppliers that have representative disclosures based on their participation in the Global Compact, which requires a public commitment and a public report. We find that the threat of scrutiny from civil society can deter firms with misrepresentative disclosures from participating. </p><p> In the second study, I examine the market response to the apparel industry after the collapse of Rana Plaza. CSR initiatives have been found to help firms preserve firm-value after a negative social or environmental event occurs. However, CSR initiatives may also signal to investors that the firm will respond by self-regulating to help repair the industry's aggregate reputation. I find that firms with CSR initiatives are harmed more so than those without initiatives after the collapse and that this is driven by pressure from civil society, but mitigated when firms can "cash in" on their investments. </p><p> In the third study, I analyze whether a company's symbolic policy to protecting the environment will lead to the adoption of a substantive CSR initiative, specifically an environmental management system (EMS). I find that firms with symbolic policies will be especially likely to adopt an EMS when the firm is subject to strong pressures from civil society. I also find that firms with symbolic policies are less likely to adopt an EMS when they face stronger peer pressure, suggesting that firms may use their symbolic policy as a substitute for a more substantive program.</p>

<p> My dissertation, "Spatial Relationships in High-Dimensional, International, and Historical Data" examines the effects of distance not only in a geographical sense, but also in a higher dimensional sense where statistical distance metrics are widely used. The first two chapters of my Ph.D. thesis are closely related, and together they represent an attempt to develop a new method for computing index numbers, which are applications of statistical distance metrics. I consider distance metrics on categorical shares data, for example the proportions of a consumer's income spent on food, clothing, entertainment, and housing. Distance metrics are frequently used on such data, although all suffer from an essential flaw, which is that they treat each category as a separate, orthogonal dimension. That is, each metric assumes that every category is equally different from every other one. That assumption would be like saying Fuji apples are equally as different from Gala apples as either are to oranges, and then the distance metric is like adding apples to apples as well as apples to oranges. Because of this, the policy conclusions reached through distance measures could be greatly distorted. </p><p> The third chapter of my dissertation looks at the effect of railroads on retail prices in the United States from 1851&ndash;1892. Consistent with the theory of comparative advantage, railroads in more remote areas caused the price of agricultural goods to increase and the price of manufactured and imported goods to decline.</p>

<p> This paper examined patterns of decumulation and the role that health events and marital disruption play in forming those patterns. Study data were drawn from six biennial waves of the HRS (1998 - 2008), and merged RAND HRS data files for the period 1998&ndash;2008. The a priori expectation was that there will be variation in drawdown strategies households employ. Findings suggest that patterns of dissaving are heterogeneous. The five most prevalent patterns were discussed. Households predominantly transitioned between oversaving and overspending. Households are expected to have a goal of on target spending therefore the observed cycle's dissaving will influence the next cycle's draw down rate in an attempt to maintain a sustainable drawdown rate. Markov model results suggest that households do recalibrate their depletion rate as a function of their last depletion rate. This study hypothesized that the onset of a health condition or a spouse's admission to a nursing home would be associated with an excessive decumulation of assets. These hypotheses were unsupported by the research. Marital transitions as predictors of decumulation were only partially borne out by the results. Divorce was also expected to increase the likelihood of overspender however this relationship was not significant. Loss of spouse was associated with an increased likelihood of verspending. One of the major contributions of this study is the identification of patterns of dissaving in retirement. Various life course, demographic and decumulation factor variables were determinants of these patterns. Overall results suggest that elders have a difficult time managing to an on target drawdown. This study concludes with a national decumulation policy directive outline.</p>

<p> As a developing country with the second largest population in the world, India's energy needs will continue to grow steadily in the coming decades. A significant proportion of India's oil, coal and natural gas are imported because of a dearth of indigenous energy resources. This creates a situation of energy dependence and is a potential national security issue. As a result, the government is embarking on an ambitious plan to have nuclear power generate 25% of electricity in 2050 &ndash; up from 3.7% in 2012. The aim is to be running on thorium fast-breeder reactors, that are currently in development, by that time. India's vast reserves of thorium would mean that this would improve energy security, while also improving access to energy for the large part of its population that remains without it.</p><p> However, nuclear energy is controversial. Issues of safety and viability must be addressed adequately if nuclear energy is to be pursued. Civil-society concerns about the displacement of people and the degradation or changes in environment around plants and its consequences must also be appropriately addressed. The aim of this paper is to ascertain if it is indeed in India's strategic interest to invest in nuclear energy. Within a theoretical framework of energy security the paper will seek to identify what changes should be made in the sector to guide and manage the process of expanding nuclear-power generation is also important if prescribing this course of action.</p>

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