The Internet and other telecommunications systems have reshaped the means by which markets are accessed, generated, and transformed. Recent innovations in computer science have led to the development of a virtually bound, decentralized, encrypted currency system known as bitcoin. Unlike conventional currency systems, the Bitcoin protocol is cryptologically defined with a virtual structure that allows it to simultaneously operate as currency, commodity, and market shaping socio-political force. Its decentralized design permits it to function as a free-market response to fiat currencies vulnerable to inflation, regulation, and manipulation. Given the cultural significance anthropologists and other social scientists have assigned to various modes and mediums of exchange over the years, the socio-economic impact of this novel currency system warrants particular consideration. This research describes the Bitcoin community that has emerged alongside the currency, including the entrepreneurs, developers, and consumers who are dedicated to bitcoin’s perpetuation and acceptance as an internationally recognized medium of exchange. Ethnographic interviews and participant observation were utilized to collect information from users in the Central Florida area, detailing their experiences and interactions with the Bitcoin protocol and its associated community. This research provides new levels of anthropological insight into currency development, market interaction, and economically embodied social commentary. Moreover, its exploratory nature helps create a viable framework around which qualitative inquiry of virtual crypto-currencies may be designed in future studies.

Thesis advisor: Rosen Valchev / This thesis explores the impact of Donald Trump’s tweets related to China on the financial markets in the United States and China, particularly during the U.S.-China trade war period. The study collects financial variables of interest, including the USC-CNY exchange rate and several stock indices from both countries, at hourly intervals from January 2018 to December 2020, and uses OLS regression models to examine the immediate impact of Trump’s tweets on these variables. The study finds that Trump’s tweets related to China had an immediate impact on several financial variables, including a slight negative impact on the USD-CNY exchange rate, the U.S. stock market (S&P 500), the Chinese A-share stock market (CSI 300), and the U.S. industrials sector (MSCI USA Industrials index). Multiple regression analyses show that the number of tweets has a significant impact on the U.S. stock market and the U.S. industrials sector, while the number of retweets appears to be more market-moving than the number of favorites. The study concludes that Trump’s tweets during the trade war period were perceived by the market as a signal of a potential shift in U.S. trade policy towards China, leading to uncertainty and volatility in the financial markets. / Thesis (BA) — Boston College, 2023. / Submitted to: Boston College. College of Arts and Sciences. / Discipline: Departmental Honors. / Discipline: Economics.

This dissertation analyzes the determinants of labor market outcomes, with a focus on the labor market return to post-secondary education. The first chapter analyzes the matching of firms and recent college graduates through on-campus recruiting. Based on in-depth interviews with employers and career services personnel, I develop a theoretical model describing how firms choose target campuses given relevant search frictions. The model's central insight is that the decision to recruit at a university and the wage offer are driven not just by the university's quality, but also by the quality of the surrounding universities. There is strong empirical support for this prediction using the Baccalaureate and Beyond survey and newly collected data from 39 finance and consulting firms. Holding university quality constant, a university with a better regional rank is more likely to attract firms, and its graduates have higher earnings (controlling for the individual's test score). Structural estimation suggests that search frictions have important consequences for firm hiring strategies, student outcomes, and profits in this market. The second chapter analyzes whether there is a differential labor market return to certificates and Associate's degrees from for-profit relative to not-for-profit universities. Using the Beginning Postsecondary Student Survey and Transcript Data, we find no statistically significant differential return. Point estimates suggest a slightly lower return to a for-profit certificate and a slightly higher return to a for-profit Associate's degree. There is considerable variation in the return to certification across majors, including many with negligible or negative returns. The third chapter analyzes the impact of teen motherhood on labor market investments and outcomes, using five cycles of the National Survey of Family Growth. Teen mothers who conceived pre-maritally obtained less education (especially socioeconomically advantaged teens), married earlier and faced a higher risk of never marrying (especially after 1960). Socioeconomically advantaged teens avoided this negative outcome. Women who had been teen mothers in the 1940s and 1950s appear to have been at a disadvantage in the labor market of the 1970s, and faced higher costs of divorce. Motherhood positively affected labor force outcomes for teens married before conception, perhaps driven by earlier-timed births.

No / In this study, a new methodology to optimally allocate wind turbines (WTs) in distribution networks is proposed. A market-based optimal power flow is used to determine the optimal numbers and capacities of WTs in a way that maximises the social welfare. The method is conceived for distribution network operators to strategically allocate WTs in distribution networks. The proposed method by yielding location-specific WTs capacity settlement both in terms of cost reduction and consumers' benefits is consistent with distribution network topology and constraints. The method is solved by using step-controlled primal dual interior point method considering network constraints. The effectiveness of the proposed method is demonstrated with two radial distribution systems including an 84-bus 11.4 kV and a 69-bus 11 kV network.

AN ABSTRACT OF THE THESIS OFSamridha Jung Rana, for the Master of Science degree in Economics, presented on November 10, 2022, at Southern Illinois University Carbondale.TITLE: MACROECONOMICS AND ANAMOLIES AS DETERMINANTS OF STOCK RETURNSMAJOR PROFESSOR: Dr. Scott GilbertAbstract: There is no general support to explain the strong correlation between the macroeconomic variables and the Standard & Poor 500 index fund returns. This thesis sheds some light on how the macroeconomic variables have impacted the monthly returns on the Standard & Poor 500 over the last decade. Firstly, we introduce the Standard & Poor 500 index and various macroeconomic factors influencing the U.S. economy over the years. Subsequently, investigating the casualty relationship between the monthly rate of returns, the consumer-producer index, the industrial producer index, Money Supply, Unemployment, inflation rate, and the exchange rate. The methodology used in this study includes a stepwise multiple regression model, Johansen cointegration test, Dickey-fuller augmented test, Phillip perron test, and the Granger Causality test. Furthermore, investigating stock market anomalies that have been verified immensely, such as the day-of-the-week Effect and month-of-the-year Effect, has also been explored to see whether those anomalies still exist in recent times.

Many studies have recognised the importance of a variety of factors in the internationalisation of firms. Only a few, however, have attempted to integrate these factors into a comprehensive framework. In this study, taking the network approach as its main analytical foundation, an integrative theoretical framework is developed and tested empirically to assess the impact of a wide range of factors on the internationalisation of firms. The internationalisation phenomenon is examined in a more comprehensive manner than in many previous studies, as a two-sided process of both inward and outward international operations. Using logistic regressions in the analysis of empirical evidence gathered through a national survey sample of 148 Brazilian software firms, the theoretical framework proposed in this study obtained substantial support. The findings expand previous knowledge through a comprehensive explanation that incorporates determinant factors from four distinct dimensions ¿ contextual, organisational, network, and entrepreneurial ¿ in examining the internationalisation of firms from emerging markets. The findings indicate that business networks are indeed strategic mechanisms for a firm in developing its internationalisation trajectory, as hypothesised. The results of this research suggest that studies based on the business-network model of internationalisation can no longer ignore the impact of other factors at the contextual, organisational, and entrepreneurial level. Incorporating these elements into research that seeks to explain the internationalisation of firms could provide a more sophisticated understanding through new insights and allow scholars to go beyond one-dimensional and static theorising. / Brazilian Support Service for Micro and Small Enterprises

<p> This research paper looks at the past, present and temporal changes in Bi-Way's market areas for Metropolitan Toronto. Each of the stores trade or market areas was defined by using Thiessen polygons which gave boundaries in which specific census data was collected and analyzed. The analysis essentially three questions; the first being to see if there are any differences between the trade areas of those stores built in the 1970's and those built in the 1980's, the second was to see if there were any changes between the two groups of stores but in terms of 1981 data, and the third was to see if there were any changes between the groups of stores and their changes between 1971 and 1981. The results showed that for thesis number one it was only the 1980's potential trade areas which revealed any specific market characteristics which could be used to define its target markets. The results from the second hypothesis that both sets of stores showed similar and different trade area characteristics and target markets. The results from the third hypothesis revealed that overall the stores built in the 1970's underwent the most significant changes in its market characteristics. Overall however, it was shown that although some similarities and differences came through for these two sets of stores a more indepth analysis is needed.</p> / Thesis / Candidate in Philosophy

This thesis explores three important topics spanning international asset pricing, empirical capital structure, U.S. politics, and corporate law: relationship-specific investment (RSI), contracting environment and financial performance; RSI, contracting environment and the choice of capital structure; and political value and SEC enforcement actions. Firms that engage in long-term bilateral relationships with their buyers or suppliers are usually required to make relationship-specific investments. We examine how the values of these long-term specific investments are affected by the quality of governmental contract enforcement. We find that firms in relationship-specific industries have higher valuations, measured by Tobin’s Q, when their countries of origin are able to strongly enforce contractual agreements. Our finding is robust to a variety of empirical specifications and regression methods. We also show that as legal quality improves, firms with relationship-specific investments exhibit lower operating performance, presumably due to risk or in order to motivate further investments from their stakeholders. Further analysis of the cross-section of stock returns supports a risk-based explanation. Firms in long-term bilateral relationships with their customers or suppliers are required to make relationship-specific investments in the form of physical equipment, human resources, specific production sites, or brand names. These dedicated assets are usually tied to a particular use or relationship and cannot be redeployed if the firm is liquidated. In the absence of legal enforcement, firms are required to limit their use of debt financing and, consequently, signal a reduced default risk to encourage investment by their contracting parties. Using a sample of 143,278 firm-year observations, and measures of industry-level relationship-specificity and the quality of legal enforcement across 57 countries, we find strong evidence that good quality contract enforcement mitigates the negative association between relationship-specificity and debt financing. The Securities and Exchange Commission (SEC) plays a central role in investigating potential violations of securities laws and initiating enforcement actions in the United States. We examine the association between political culture and political connections and the penalties imposed at the end of SEC enforcement actions. Our analysis is based on two key ideas. First, the political culture of a firm indicates its ethical boundaries and explains the propensity of misconduct across different domains, such as securities laws. Second, political connections signal a firm’s willingness to challenge SEC’s enforcement decisions. We find that the individual defendants associated with Republican firms are less likely to receive a bar or suspension penalty. This finding supports the notion that Republican managers are less likely to commit securities fraud since the Republican ideology stresses market discipline. Moreover, in line with prior research, our results show that political connections and firm size, as a proxy for bargaining power, also reduce penalties imposed in SEC enforcement actions. / Thesis / Doctor of Philosophy (PhD)

In this thesis, we use methods from econometrics to empirically measure and quantify how digital information influences industries and markets. Specifically, we focus on two important areas of marketing: online reputation management, and competition between online and offline markets. In the first part of the thesis, we study the impact of management review responses, a popular reputation management mechanism, on consumer ratings. To do so, we exploit a difference in managerial practice across two hotel review plat- forms, TripAdvisor and Expedia: while hotels regularly respond to their TripAdvisor reviews, they never do so on Expedia. Based on this observation we employ a “difference-in-differences” design to identify the causal impact of management responses on ratings, and show that responding hotels see an average increase of 0.1 stars. We then turn to analyze the mechanisms behind this increase in ratings and show that by responding to reviews, hotels attract consumers who are inherently more positive, and therefore more likely to leave good reviews. In the second part of the thesis, we study peer-to-peer markets and their impact on traditional industries. We do so by looking at Airbnb, a sharing economy pioneer offering short-term accommodation. We combine data from Airbnb and the Texas hotel industry, and estimate the impact of Airbnb’s entry into the Texas market on hotel room revenue. To identify Airbnb’s causal impact on hotel room revenue, we use a “difference-in-differences” empirical strategy that exploits the significant spatiotemporal variation in the patterns of Airbnb adoption across city-level markets. We estimate that in Austin, where Airbnb supply is highest, the impact on hotel revenue is roughly 8-10% for the most affected hotels. Further, we find that affected hotels have responded by reducing prices, an impact that benefits all consumers, not just participants in the sharing economy. The results presented in this thesis have practical implications for firms seeking to improve their operations and marketing strategies, platforms seeking to design better and efficient marketplaces, and consumers who are often not aware of important dynamics that can be helpful in their decision-making process.

The professional scene of Esports got its humble start in the 1990’s, when the first tournaments for various games were hosted (McLeod, Xue &amp; Newman, 2022). The number of professional players has increased dramatically until today. How the market for these professional players works as a labour market in today's society is relatively unknown. However, what is known is that this labour market stands out in regard to the small number of female workers it houses (Ratan et al., 2021). This is especially true for the game “League of Legends”, which has a particularly small number of women, even by Esports-standards1. With the purpose of finding the origin of this fact, I have conducted a survey measuring the skill of the players as well as their tendencies towards sexism. The survey results showed that sexism does increase with skill. This measured sexism is on average higher among better players. This could indicate that sexism is acting as a barrier for women to enter the professional scene and that this could be one of the causes of why there is a lack of female players in League of Legends.