This study examines the affect of winning an Academy Award on the stock price of parent companies. On average, receiving an Oscar has no significant impact on the stock of parent companies during the few days surrounding the broadcast of the Academy Awards. The findings of this study introduce questions of external interference and possible limitations on this type of research. However, my study sheds light on future topics of investigation for analyzing the effects of televised award shows on the stock market.

Supreme Commander: Forged Alliance is considered to be among the most complex real-time strategy games that exist today. I am testing whether or not players can gain meaningful strategic value through statistical analysis. In particular, I have focused my analysis on how players can redefine their path from their initial-state to their goal-state in one versus one games, how players can optimize their chance of winning through faction selection, and how players ought to evaluate balance in team games. Through regression analysis, I have concluded that there is potential for statistics to inform player behavior when it comes to each of these strategies.

Recently, the American Association of State Highway and Transportation Officials (AASHTO) indicated lack of competition and single-bid contracts in asphalt paving as a major issue facing state transportation departments. Single-bid contracts indicate a lack of competition which increases costs to state and local governments. During the period from 2005-2007 in Kentucky, 42 percent of all bids were awarded with only one firm bidding on the project. Of the asphalt paving jobs, 63 percent of those jobs were awarded to a single bidder. The analysis of this dissertation focuses on detecting tacit collusion in asphalt paving jobs in Kentucky. A focal point enables firms to coordinate bids and engage in a tit-for-tat strategy where they refuse to bid in each other’s counties. In this case the focal point is the county boundaries. Two factors contribute to the ability of firms to use county boundaries to coordinate bids. The first factor is that the political county boundaries form relatively small counties which allow a firm’s service area to cover multiple counties. The firms are able to claim counties and service the projects in those counties. The second factor is that a majority of asphalt projects which the Kentucky Transportation Cabinet puts up for bidding are exclusive to a specific county. This allows firms to know whether a project falls in a county within their bidding territory. Each county and firm in each of the 12 Kentucky Transportation Cabinet geographic districts was analyzed to see if there was evidence of bid coordination. The result is that in 94 out of 120 counties there was evidence of bid coordination or tacit collusion with increases in bid levels. There is evidence that 25 of the 31 Kentucky asphalt paving firms refuse to bid against their rivals in their rival’s territories. This refusal by firms to bid against each other resulted in single-bid contracts that were $70,595,466.09 above the competitive level.

For almost 40 years, scholars have sought to determine how elections affect the economy. Recently, certain studies have focused on the effect of political uncertainty on the economy. This paper focuses specifically on the effect of political uncertainty on business investment. We use 30 years of data from the U.S. states to show that policy uncertainty leads to significant declines in business fixed investment, sometimes referred to as “irreversible investment.” Moreover, we find that the magnitude of the decline in investment depends on the level of policy uncertainty. These results support predictions for “Electoral Investment Theory” and the existence of reverse political business cycles more generally.

A service can be traded either directly between a consumer and provider of the service or a service can serve as an input into the manufacturing of various products and other services that are traded. Trade in services has therefore become an essential part of global trade and contributes significantly to global, as well as South African economic growth, development and productivity. Service trade has furthermore been growing at a greater rate than trade in manufactured goods. The growth of services trade can be attributed to growth in goods trade, technological advances, rising per capita incomes, micro-economic reforms, as well as increased consumer and business demand, and technological change. According to the GATS’ (General Agreement on Trade in Services) services sectorial classification list, the service sector can be classified into twelve major categories and these sectors can further be divided into 160 sub-sectors. One of the sub-sectors that have been identified that has significant growth potential globally and for South Africa is the sub-sector, ‘other business’ services. This sub-sector falls under the sector, business services. Trade data revealed that this sub-sector is one of the top three traded service categories internationally, as well as for South Africa. For the purpose of this study the focus was specifically on ‘other business’ services provided by members of the BEPEC (Built Environmental Professional Export Council). The services performed by the members of the BEPEC are: consulting engineering, architectural, quantity surveying, and construction project managing services. These services are inputs into the manufacturing or construction of human creations such as buildings, structures, dams, roads etc. Trade barriers, however, hinder the free flow of services from the service provider to customers in other countries. This is no different for the providers of ‘other business’ services. Therefore in order to increase the competitiveness of South Africa’s ‘other business’ services sector internationally; the primary objective of this study was to identify the internal, as well as external barriers experienced by the exporters of ‘other business’ services. These internal and external barriers were identified by means of a questionnaire that the members of the BEPEC, who are exporters of ‘other business’ services, completed. Once these barriers were identified recommendations were made to the South African government. The most significant internal barriers were found to be: • lack of information about foreign markets; • lack of information on how to enter these foreign markets; • lack of personnel who are experienced in export activities; • scarcity of internal financial resources for export purposes and export promotion. • The most significant external barriers were found to be: • exchange rate risk and the risk of non-payment; • corruption and bribery; • risks involved with political instability in a country; • restrictions on immigration provisions such as delay in obtaining entry visas, residency or work permits; • poor infrastructure; • foreign government procurement policies; • distance to the target market. All of the identified barriers can mostly be addressed by the South African government by providing training, the provision of market related information, and trade negotiations. / Thesis (MCom (International Trade))--North-West University, Potchefstroom Campus, 2012

The intention of this study is to analyze the economic impact of redeveloped Major League Baseball stadiums opened between 1991 and 2004. Using two empirical models, including an event study, this impact analysis captures the economic conditions of the cities during the opening year of the stadium, as well as the prior conditions leading up to the opening of the stadium, along with any lingering effects or gradual changes in conditions. The impact was measured in relation to the Metropolitan Statistical Areas corresponding to the 18 ballparks included, specifically looking at the impact on employment rates and per capita personal income. The common assumption is that stadium redevelopment will provide a positive impact on the surrounding community, initiating revitalization of urban neighborhoods as well as increasing job opportunities, income levels, and city revenues. While previous research on the effects of stadium development have mostly concluded that there is no positive or significant quantitative impact resulting from stadiums, this study shows that the boom of ballpark redevelopment may actually have positive effects, contrasting this prior research. With the results showing small, yet positive effects, the recent boom period may actually have been so far effective in initiating new development and revitalized culture in urban areas, and will therefore be useful in further developing future plans for modernizing and redeveloping baseball stadiums.

This paper looks at the impact that competitive balance has on team revenues. The hypothesis that this paper is operating under is that higher levels of competitive balance will lead to higher levels of revenue. Two different measures of competitive balance will be used and regressions will be run to investigate whether high levels of the competitive balance measure are associated with high levels of revenue. The results of the data indicated that over all three time horizons (ten year, five year, and two year), high levels of variability in playoff appearances were associated with high revenue for Major League Baseball (MLB) teams. The results also indicate that over a two year time span, high standard deviation in winning percentage were associated with higher revenue in both MLB and the National Football League (NFL) and also that high standard deviation of winning percentage over a ten year period were associated with lower revenues in the NFL. The data provides consistent support for the hypothesis of a positive relationship between competitive balance and revenue in MLB and inconsistent support in the NFL. This inconsistent relationship in the NFL is hypothesized to be due to differences in time horizons. Over the short term, fans like to see high variability in winning percentage because it gives them faith that their team will be good the next season. In the long term however, fans do not like a lot of variability in their team and would rather see a consistent winner.

While the importance of venture capital (VC) can be highlighted by policy goals outlined in the 'Lisbon agenda', the European VC industry remains nascent in comparison to the more sophisticated VC market in the US. Researchers have identified key determinants that foster VC success on a broad level, and have often identified syndication as an important factor of success. This paper seeks to understand the role of syndication on the VC-backed company's success. I take a novel departure from past research in this area in three ways 1) I measure performance from the perspective of the portfolio company, rather than the VC firm which invests in the company 2) I isolate syndication in the first financing round and 3) I utilize a logistical model as well as a simultaneous equation model for which I introduce an instrumental variable. I gather VC data for both Europe and the US from the VentureXpert database to test various hypotheses regarding syndication. The results are significant and provide evidence to support that syndication in the first financing round is associated with greater success in achieving IPO exit in both regions. This should encourage VC firms, VC-backed companies, and policymakers to increase the practice of VC syndication in early financing rounds, thereby providing access to greater long-term growth opportunities. This paper adds to the existing, but limited, literature base on cross-region venture capital syndication.

This paper focuses on the problem of collapsed “stay in the market” (SIM) beliefs during financial crises. The primary purpose of this investigation was to ascertain whether or not inoculation messages represent a viable communication strategy to preemptively protect SIM beliefs during forthcoming financial crises. Ancillary purposes of this study were to further investigate the role of print and video crises, explicit instructions regarding post-inoculation talk (PIT), and gain and loss frame inoculation messages on the inoculation process. This study used a between subjects factorial design (3 x 2 plus four additional conditions) to explore ten hypotheses. Data collected from 513 participants were analyzed using multivariate and univariate tests and planned comparisons. The results of this investigation indicate that inoculation messages can serve as a viable preemptive crisis communication strategy, that inoculation can protect beliefs equally well when the crisis message is presented through video or print, and that employing a loss frame can strengthen the inoculation process. Mixed results regarding PIT call for further research. Research and practical implications, as well as limitations, are discussed.

This paper attempts to estimate the change in sales associated with pharmaceutical patent expiration. Using data from the Medical Expenditure Panel Survey and patent expiration information from historical Orange Book publications, I estimated monthly sales associated with choice pharmaceutical patents. I then used a fixed-effects model to estimate the average change in sales before and after initial patent expiration, controlling for patent extension factors. My findings support that pharmaceutical patent expiration results in a statistically significant drop in sales by 38% on average within this sample, and further, that patent extensions had a negligible effect on this relationship. The question of patent expiration’s effect on sale is economically important for the sake of evaluating the efficacy of pharmaceutical patent law in protecting the interests of brand-name and generic drug manufacturers as well as paying consumers.