Through empirical research, this paper studies the impact of Initial Public Offerings (IPOs) on European football clubs and whether transitioning to public ownership is a desirable path for football clubs to follow. Research was carried out using a unique panel dataset of 19 publicly listed European football clubs from 9 national leagues. The study finds that IPOs do not lead to positive returns for a football club in terms of on-field performance and is not the best path to follow in order to assure the future success of a football club financially.

This dissertation explores how migration responds to economic conditions, particularly differences in responsiveness for various segments of the population. After a brief introduction and motivation of my work in Chapter One, Chapter Two estimates the responsiveness of households’ interstate migration to origin state labor market conditions and surrounding state labor market conditions. Each percentage point increase in origin state unemployment insurance claims leads to a 3.2 percent increase in household’s propensity to migrate interstate and each percentage point increase in the unemployment insurance claims rate of surrounding states reduces interstate migration propensity by 5.2 percent. I then examine how this responsiveness varies by demographics and how it has changed over time. I determine that the responsiveness of migration to labor market conditions is weaker for several groups at high poverty risk, including less educated, non-employed and rural households and households with children present. I also show that between the early 1980s and mid 1990s labor market conditions became a smaller factor in household migration decisions, but since then labor market conditions have gained in importance. While Chapter Two examines short-run migration responsiveness, Chapter Three explores the size of the long-run outflow (or inflow) of skilled labor occurring in local areas in response to economic conditions, amenities and other area characteristics. I estimate the extent of this brain gain and brain drain within localities in the United States between the early 1990s and late 2000s, describing both absolute changes (percentage growth in the stock of educated individuals) and relative changes (growth in the share of educated individuals). For each of three measures of brain gain estimated, I show substantially more positive flows of educated individuals towards local areas with strong initial economic conditions. I also show that non-metropolitan areas are more likely to experience all three measures of brain drain. I present evidence that nonmetropolitan areas’ inability to attract and retain educated individuals stems primarily from labor market disparities including the urban-rural wage differential.

This project investigates the impacts of nutrition merchandising on consumers’ willingness to pay for local tomatoes and strawberries. The data come from survey of Kentucky and Ohio residents in June 2011. Two thousand one hundred twelve individuals from Kentucky and Ohio were surveyed, to find out the impact of selfawareness of health benefits and health benefits information on their willingness to pay. The consumers were offered one of the three survey versions. The versions varied by how much nutrition information was provided to the consumer related to both strawberries and tomatoes – otherwise identical. A had the most, B had text only, and C omitted any nutritional benefits. This nutrition preamble was offered just before doing a payment card willingness-to-pay experiment. Standard demographic data were also included. The goal of the study was to see if and in what way the provision (or nonprovision) of this information, as well as consumers’ own knowledge of nutritional benefits of local foods, their beliefs and lifestyle influenced their willingness to pay for these local products.

Abstract When traditional lecture methods prove ineffective, some professors turn to alternative teaching styles. In particular, a flipped or inverted classroom, where students watch conceptual videos before coming to class and use class time for application and fine tuning of these concepts has become popular in recent years. However, little consensus exists on the efficacy of these strategies. The purpose of this study is to determine whether a flipped classroom structure implemented in a medical school course successfully improved student performance. To do so, I analyzed exam data from the University of Nebraska Medical Center before and after implementation of the alternate method in a course, and compared to another class taken in the same semester that did not undergo any change in teaching style. In addition, I investigated differences among particular student academic and demographic groups that may benefit from learning in an inverted classroom environment. My findings suggest that the flipped classroom strategy is advantageous to student learning and can significantly increase the performance of particular divisions of students such as those with lower-than-average MCAT scores and students who performed highly in their first year of medical school.

On October 1st, 2013, a mandate was adopted by the California Public Utilities Commission (CPUC) requiring that 1.325 GW of energy storage capability be installed on the California electricity grid by 2024, through the actions of the state’s three investor-owned utilities. While this is a bold first step towards mandated energy storage in the United States, it may be only the beginning for an energy storage industry in this state. It has been well established that energy storage would prove to be a useful asset on the California electrical grid, but the development of storage capacity past the requirements of the mandate will depend upon whether storage can be made cost-effective. Much of the value that storage creates is a public good: many storage applications allow the grid to operate more efficiently as a whole, but not necessarily in a way that can be monetized by any particular party. As a public good, these systemic benefits of storage capacity will be supplied sub-optimally in the absence of government intervention. The energy storage industry will accordingly be one that is strongly affected by the tides of change in technology, regulation and economics in the California energy market. This report will focus primarily on the intersection of the second two of these factors, largely leaving the technological questions to more well-informed parties while seeking to establish what regulatory and economic considerations might be undertaken to ensure that the road to deployment of appropriate energy storage systems is made as clear as possible so that this technology can reach the socially efficient level on the California electricity grid. It is the aim of this report not to promote a specific technology or even an energy storage industry, but rather to shed some light on the effects that the development of such an industry could have on the California electricity market and the energy use paradigm that governs modern electricity grids worldwide. With the adoption of AB 2514, a grand experiment was set in motion that will benefit the entire world as California tests the uncharted technological, regulatory and economic territories of grid-scale energy storage capacity. It is a time of change in the electricity industry, and energy storage is a potentially transformative technology that could very well enable the shattering of an energy use paradigm that has held the world captive to fossil fuels for over a century.

The subject of this thesis is the politics of economic restructuring, euphemistically termed 'reform' in the Pacific. Although structural adjustment policies are essentially neoliberal economic policies, the project of global economic restructuring, and its supposed end, a global regime of free trade, is a political one in several respects. It involves the wielding of economic power over developing countries by powerful multilateral institutions, developed countries and private corporate entities to such a degree that it is considered by some to represent the disciplining/subjugating and dis-empowering of developing states. It is supported by a successfully propagated ideology that combines economic growth theories (held to be infallible), 'good governance' rhetoric (with which no-one can reasonably disagree), and new notions of equality and 'non-discrimination' - the 'level playing field' and 'national treatment, in WTO parlance (which have been enshrined in enforceable global trade rules). It entails redefining the role of the state, transferring public ownership of assets to private hands, and removing subsidies that protect domestic industries and jobs, all of which are strongly contested. Successfully implementing 'reform' is widely acknowledged to require not only 'reform champions' but also 'ownership', and thus broad acceptance and legitimacy, yet commitments to restructuring are often made by government ministers without reference at all to national parliaments. National economic summits are used to rubber stamp or legitimate policies in a fait accompli. The thesis begins by situating the global regime of structural adjustment within the political context of North-South relations in the 1970s, the debt crisis of the early 1980s, and the collapse of socialist regimes and consequent discrediting of the socialist economic model and other variants of state-led development. It shows the key role of the World Bank in advocating the neoliberal model and setting the development aid agenda, and its abdication of this lead role after 1995 in favour of the World Trade Organisation and its agenda of global trade liberalisation. The thesis then examines the origins, agents and interests behind structural reform in the island states of the Pacific before focusing on how a regional approach to achieving regional wide economic restructuring and trade liberalisation is being taken, using a regional political organisation of Pacific Island states (The Pacific Islands Forum), and regional free trade agreements. It then illustrates the path of economic restructuring embarked on by Fiji following the 1987 coups, examines the implementation of 'economic reform' concurrently with policies to advance the interests of indigenous Fijians, and discusses some of the less acknowledged dimensions of reform.

Since 2000, gentrification has accelerated in many U.S. metropolitan areas. Nearly 20 percent of US cities have experienced this phenomenon. It has been the cause of painful conflicts in many American cities, often along racial and economic fault lines. Neighborhood change is often viewed as a miscarriage of social justice, in which wealthy, usually white, newcomers are congratulated for "improving" a neighborhood whose poor, while minority residents are displaced by skyrocketing rents and economic change. Though, there hasn’t been much agreement on the causes of gentrification, the government is often blamed for its policy decisions made in regards to urban revitalization. This paper examines the extent to which gentrification in four U.S. metropolitan areas, Washington D.C., Portland, Minneapolis and Philadelphia is associated with local government urban revitalization policies. In my study, I examine the neighborhoods that were affected by government revitalization efforts. Then I analyze data from the U.S. Census Bureau comparing the neighborhoods that gentrified with those that didn’t using a set of gentrification criteria. The results suggest that government policies is not the main driving force behind gentrification. In addition, these policies do not significantly improve conditions in non-gentrified tracts. Overall, neighborhoods that experienced gentrification experience tremendous neighborhood improvements.

This paper is, to my knowledge, one of the first ever to examine the effectiveness of price momentum trading strategies applied to cryptocurrencies. Using aggregate OHLCV (Open, High, Low, Close, Volume) data on cryptocurrency pairs from Poloniex, Bittrex, and Bitfinex, I apply Jegadeesh and Titman’s classic -month/-month momentum trading strategy, reporting annual returns with and without incorporating trading fees. Portfolios are resampled daily, weekly, and monthly, testing lookback and holding periods ranging from one day to one year. The results show that trading cryptocurrencies using momentum strategies derives returns that rapidly increase the more often portfolios are resampled, with the exception of weekly portfolios. However, after incorporating trading fees, returns between high and low frequency portfolios become more comparable, though daily strategies still bring the highest fee-adjusted returns at about 10% annually. This paper adds to the very limited research on momentum factors within the cryptocurrency market.

Expected damages of environmental risks depend both on their intensities and probabilities. There is very little control over probabilities of climate related disasters such as hurricanes. Therefore, researchers of social science are interested identifying preparation and mitigation measures that build human resilience to disasters and avoid serious loss. Conversely, environmental degradation, which is a process through which the natural environment is compromised in some way, has been accelerated by human activities. As scientists are finding effective ways on how to prevent and reduce pollution, the society often fails to adopt these effective preventive methods. Researchers of psychological and contextual characterization offer specific lessons for policy interventions that encourage human efforts to reduce pollution. This dissertation addresses four discussions of effective policy regimes encouraging pro-environmental preference in consumption and production, and promoting risk mitigation behavior in the face of natural hazards. The first essay describes how the speed of adoption of environment friendly technologies is driven largely by consumers’ preferences and their learning dynamics rather than producers’ choice. The second essay is an empirical analysis of a choice experiment to understand preferences for energy efficient investments. The empirical analysis suggests that subjects tend to increase energy efficient investment when they pay a pollution tax proportional to the total expenditure on energy consumption. However, investments in energy efficiency seem to be crowded out when subjects have the option to buy health insurance to cover pollution related health risks. In context of hurricane risk mitigation and in evidence of recently adopted My Safe Florida Home (MSFH) program by the State of Florida, the third essay shows that households with home insurance, prior experience with damages, and with a higher sense of vulnerability to be affected by hurricanes are more likely to allow home inspection to seek mitigation information. The fourth essay evaluates the impact of utility disruption on household well being based on the responses of a household-level phone survey in the wake of hurricane Wilma. Findings highlight the need for significant investment to enhance the capacity of rapid utility restoration after a hurricane event in the context of South Florida.

This dissertation introduced a method to construct a new measure for trade flows within a region using nighttime lights. After analyzing the relation between lights data and other proxies of economic human activity, I employed light data and econometric techniques to estimate the bilateral trade between any two regions around the world. Using these estimations, I estimated the overall internal trade volume for all countries. Moreover, I estimated the effect of internal trade within a state of the United States on the state’s income. The first essay proposed nighttime lights as an alternative proxy for economic activity to be used in gravity regressions. Due to the well-known problems in the measurement of gross domestic or regional products, gravity regressions based on both international and intranational trade data suffer from potential biases. At both international and intranational levels, log nighttime lights positively and significantly enter the gravity regressions (with a coefficient of roughly one) that explain at least about half of the variance in exports. The results were shown to be robust to the inclusion of several control variables and the consideration of predicted trade flows. Trade within a nation and internal distance are variables known to play key roles in explaining home bias and the distance puzzle in international trade literature, but data on these measures are limited to only a few countries. To address this problem, in the second essay, I constructed micro-founded measures of internal trade and internal distances from satellite data on nighttime lights. By estimating the gravity equation coefficients using the simulated method of distance estimation, I constructed the bilateral trade flow at subnational scale and aggregated it to overall internal trade. I found my internal trade measure is highly correlated with its benchmark, the difference between GDP and total exports; however, I showed it has more information and is a more precise measure for developed countries, which have a large amount of non-tradable services included in their national income account data. The internal distance measure is generated as the lights-weighted average distances between the states within a country. While my internal distance measure is largely correlated with its alternative, which is constructed based on city-level population data, it does not suffer from the uncertainty surrounding population data. Correlation between trade and income cannot identify the effect of trade because of the endogeneity problem. The third essay examined this relationship at subnational level and by focusing on instrumenting trade via time varying geographic factors. Proximity and economic size are determinants of trade that are uncorrelated with other income determinants. This experiment not only confirmed the effect of interregional trade, but also provided evidence that intraregional trade has a large and statistically significant impact on income. I found, however, that the effect of both trade measures is statistically similar; a one percentage point increase in the interregional and intraregional trade ratio increases income per person by 2 to 4 percent.