This thesis examines the size and distribution of benefits from the use of transgenic tobacco as a production vehicle for pharmaceutical proteins. Ex-ante welfare benefits are estimated for the introduction of two biotech innovations. In both cases economic surplus model with imperfect competition is employed to assess the size and distribution of benefits from these alternative uses of tobacco. An introductory chapter presents an overview of the topic followed by chapters 2 and 3 which contain the two case studies. The first paper (chapter 2) examines the case of Human Serum Albumin production from transgenic tobacco. The second paper (chapter 3) examines the case of Glucocerebrosidase Enzyme from transgenic tobacco. Results demonstrate that new products from bio-pharming applications stand to generate significant social benefits. The introduction of Human Serum Albumin generates average annual gains of $46 million and the introduction of Glucocerebrosidase Enzyme generates average annual gains of $500 to $600 million. / Master of Science

The purpose of this study was to explore behaviors and characteristics of college women within the context of their relationships with their female friends, peers, and colleagues. Specifically, the study addressed unacknowledged feelings and covert behaviors directed toward women. In opposition to the frequently commended characteristics of women such as collaborating and nurturing, experiences reported by the subjects of this study describe their female peers, and sometimes themselves, as covertly malicious. Rivalry, unlike competition, surrounds women and has the potential to penetrate every relationship women have with other women regardless of the context of the relationship. By collecting data from college women at a large, research, state-affiliated university, this exploratory study employed grounded research methodology (Glaser & Straus, 1967) to develop a theoretical image of the rivalrous woman. / Master of Arts

Predation, egg production and survivorship of Laricobius nigrinus Fender, L. rubidus, LeConte, and L. osakensis Montgomery and Shiyaki (proposed), predators of hemlock woolly adelgid, Adelges tsugae, Annand, were investigated in the laboratory and in the field. In individual assays, L. rubidus oviposited fewer eggs than either L. nigrinus or L. osakensis. In assays containing congeneric or conspecific groups of adult Laricobius, L. osakensis preyed upon the greatest number of ovisacs. When all three species were together, the numbers of ovisacs preyed upon were similar to the mean of all three individual species. Adult predators fed on few eggs and did not exhibit any species preference. The numbers of A. tsugae ovisacs fed upon did not differ significantly by groups of congeneric or conspecific Laricobius larvae. Laricobius adults and larvae had high survival rates throughout all experiments. In the field, predators were enclosed in sleeve cages with both high (> 120 ovisacs) and low (< 90 ovisacs) A. tsugae densities for 1 wk. All branches with caged beetles had significantly greater numbers of ovisacs preyed upon than branches caged without beetles. No differences in predation or egg production were found among the conspecific and congeneric groupings. Predation was uniformly higher at the high prey-density than at the low prey-density. Survivorship among predators did not differ significantly at either prey density. Results from both laboratory and field experiments suggest that these species are able to co-exist and can be in the same location for biological control of A. tsugae. / Master of Science in Life Sciences

The purpose of this thesis was to test the hypothesis that multiple-listing of equity options leads to lower bid-ask spreads because of increased competition. This competition can come in two forms, actual or potential, both of which are theorized to have the same effect on spreads. A model of the determinants of the bid-ask spread was formulated. Separate tests were conducted on 1985 and on 1992 CBOE data. The first test arose from the fact that in 1985, only a certain number of options were multiple-listed, or eligible to be multiple-listed. Spreads for multiple-listed options were conjectured to be below spreads for single-listed options across low levels of volume, and equal to single-listed option spreads at higher levels of volume. The evidence for this was mixed based on several regressions with different functional forms. The second test arose from the fact that in 1992, because of an SEC rule change, all options were eligible to be multiple-listed but still only a few were. Spreads for multiple-listed options were conjectured to be equal to spreads for single-listed options because the single-listed options had the potential to become multiple-listed. Again, the evidence for this was mixed. It appears that the actual and potential competitive effects from multiple-listing had yet to come to fruition as of 1992. Further testing revealed that, on an option-by-option basis, spreads generally rose from 1985 to 1992. / Master of Arts

Invasive plants can displace native species, deteriorate native forest, and change plant communities and ecosystem functions. Native plant populations are fundamentally impacted by invasive species because of the interactions between invasive species and native plants. This study focuses on understanding the extent, mechanisms and consequences of interaction between a non-indigenous invader Ailanthus altissima and its functionally similar native species Robinia pseudoacacia in the Mid-Appalachian region, from an individual scale to a regional scale. These two subject species are common and coexist in early-successional eastern deciduous forest. The interactions between these two common species are important to community structure and canopy tree regeneration. To address the type and extent of interactions of these two species, a greenhouse experiment utilizing various species proportions, nutrient levels and seed sources was performed. In addition, a common-garden experiment with various species densities and proportions over three consecutive growing seasons was performed in a more natural condition than that of the greenhouse experiment. We found at the seedling stage, the dominant interaction was competition, and R. pseudoacacia was the winner both above- and belowground. The allelopathic compounds of A. altissima may have inhibited nodulation of R. pseudoacacia. Ailanthus altissima seedlings from its native region had slightly stronger competitive abilities compared with the seedlings from its invaded range. In the common garden experiment, R. pseudoacacia plants grew quicker than A. altissima, but A. altissima inhibited the growth of R. pseudoacacia by interspecific competition. The negative impact of A. altissima on R. pseudoacacia became larger as time progressed. To assess the community-level consequences of the two species, we conducted a forest mapping and a complete target-tree-based forest survey, and analyzed regional-scale data from the Forest Inventory Analysis Data Base. The two target species were significantly associated with themselves and with each other. Community species composition and diversity were significantly different across sites. A negative impact of both species on the understory community diversity and tree regeneration at the neighborhood scale was detected; while at a regional level, tree diversity in the FIA plots with either A. altissima or R. pseudoacacia was higher than the reference plots. / Ph. D.

The mean field analysis of stochastic dynamical system allows us to gain insight into the qualitative features of their complex behavior, as well as quantitative estimates of certain aspects of their coarse-grained properties. As such, it usually furnishes a first front in approaching new dynamical systems and informs us about their stability landscape in the absence of fluctuations among other things. A knowledge of this landscape can be a valuable tool in model building for describing real world systems and provides a guiding principle for a justifiable choice of form and model parameters. In this work, we contribute to this analysis for two generic classes of high-dimensional models that possess a cyclic symmetry in the network that specifies their stochastic dynamics at the microscopic level. Our analysis is carried out in a manner that can be readily adapted for the mean field analysis of further generalized models that possess this symmetry. Moreover, in the second class of these models, we propose a new basic process that can change the stability landscape of an existing model and, as such, endow us with potential alternatives to model systems with robust biodiverse regimes. / Ph. D.

Thesis advisor: Thomas Chemmanur / My Ph.D. dissertation consists of three chapters focused on topics in entrepreneurial finance, financial intermediation, and FinTech. The first chapter analyzes the effects of bank competition on gender and racial gaps in entrepreneurship. By leveraging interstate bank deregulation from 1994 to 2021, I find that stronger bank competition increases the quantity and quality of banking services offered to minority borrowers. Developing a novel measure of discrimination using narrative information in the complaints filed with the Consumer Financial Protection Bureau, I demonstrate that bank competition reduces discrimination, alleviating the financial constraints of female and minority entrepreneurs. Stronger bank competition also reduces gender and racial gaps in firm performance and business equity accumulation, promoting wealth equality and fostering equitable economic growth.The second chapter draws on the context of the Consumer Financial Protection Bureau (CFPB) publicly disclosing consumer complaint narratives in 2015. Utilizing a difference-in-differences design, I find that, following disclosure, CFPB-supervised banks whose complaint narratives are disclosed are less prone to discriminate against minority borrowers in the mortgage lending market. This reduces racial disparities in interest rates, default rates, and rejection rates. The disclosure saves minority borrowers $102 million in interest payments and aids over 14,000 minority households in securing loans annually, thereby narrowing the racial gap in homeownership. Stakeholders including consumers, peer banks, and stock market investors facilitate the disclosure's effects on reducing discrimination. The third chapter, co-authored with Bibo Liu and Xuan Tian, studies how policy uncertainty affects household credit access. Using crowdfunding data from a major peer-to-peer (P2P) crowdfunding platform, Prosper.com, and a news-based policy uncertainty index developed by Baker, Bloom, and Davis (2016), we find that policy uncertainty negatively affects households’ access to small loans. Using an instrument variable based on partisan conflicts and a difference-in-differences analysis relying on plausibly exogenous variation in policy uncertainty generated by gubernatorial elections, we show that the relation is likely causal. Investors’ increased caution on deal selection and enhanced value of the “wait-and-see” option appear to be two plausible underlying channels through which policy uncertainty affects P2P crowdfunding. Further evidence suggests that policy uncertainty decreases households’ incentives to borrow at the aggregate level, and increases loan interest rates and default probabilities. / Thesis (PhD) — Boston College, 2024. / Submitted to: Boston College. Carroll School of Management. / Discipline: Finance.

Yes

Thesis (MBA)--Stellenbosch University, 2001. / ENGLISH ABSTRACT: The recent enactment of the Competition Act 89 of 1998, has resulted in a world of speculation and discussion. The reason seems to be that the previously 'protected' monopolies who were allowed to continue with business without fear of retribution, have now been stopped in their tracks with the new legislation. South African legal application and protection has been rather one sided in previous years with specific reference to the protection of minorities. This was exasperated by the political and economical situation in South Africa in the eighties. Sanctions led to consolidation of companies and industries, because companies were not allowed to take money of the country. This had a negative result on the competitive situation and the little guys had to survive on the dregs. The new Act is based on the American anti-trust legislation as well as the competition law of the European Union. It is therefore of utmost importance to take note of this international law with specific reference to the interpretation of the Competition Act due to the fact that the Act is so recent. The Competition Act expressly provides for the use of foreign law in the interpretation of the Act. This project is not a comparative study between current competition legislation available in the world. It purports to be a more user friendly guide to business people to make the Act more useful and understandable. The project focuses on some helpful hints to assist the reader with interpretation and application. The project gives a short description of the development of competition legislation in South Africa in Chapter 2. Chapter 3 is a discussion on the main sections of the Act that deal with prohibited practices, dominant position, mergers and remedies and enforcement. A few examples are given of uncompetitive behaviour. Chapter 4 deals with the helpful hints and illustrates thresholds as determined in section 11, with the help of diagrams, it also lists a few helpful references of handy resources. The project ends off with a short conclusion. / AFRIKAANSE OPSOMMING: Die onlangse inwerkingtreding van die Wet op Mededinging 89 van 1998, het 'n wêreld van spekulasie en bespreking ontketen. Die rede hiervoor is dat die voorheen "beskermde monopolieë" tot op hede kon voortgaan met besigheid sonder stoornis, hierdie stuk wetgewing het hulle egter nou tot halt geroep. Suid-Afrikaanse regswerking en -beskerming was in die vorige jare van regering effens eensydig met betrekking tot beskerming van minderhede. Die verskynsel is aangehelp deur die politieke en ekonomiese situasie waarin SA homself bevind het in die tagtigerjare. Sanksies het gely tot konsolidasie van maatskappye en industrieë, aangesien firmas nie geld uit die land mag geneem het nie. Die resultaat hiervan was monopolieë en konglomerate. Hierdie verskynsel het negatief ingewerk op kompeterende ekonomiese toestande, en die "kleiner outjies" moes die krummels van die tafel af eet. Die nuwe stuk wetgewing is gebasseer op die Amerikaanse "anti-trust" wetgewing sowel as die kompetisie wetgewing van die Europese Unie. Dit is noodsaaklik om kennis te neem van hierdie Internasionale wetgewing, veral in terme van die interprestasie van die Wet op Mededinging, siende dat ons eie wetgwing baie resent is. Die Wet maak ook daarvoor voorsiening dat Internasionale reg in ag geneem moet word vir interpretasie van enige van die artikels van die Wet. Hierdie werkstuk is nie 'n vergelykende studie tussen die bestaande wetgewing wat in die wêreld beskikbaar is nie, maar poog om 'n meer gebruikers vriendelike gids te wees vir veral besigheidsmense om die Wet makliker bruikbaar en verstaanbaar te maak. Die studie fokus daarop om 'n opsommende beskrywing te gee van die Wet sowel as die formulering van bepaalde hulpmiddels om die leser van hulp te wees met interpretasie en toepassing. Die werkstuk gee 'n kort beskrywing van die ontwikkeling van Kompetisie wetgewing in Suid-Afrika in Hoofstuk 2. Hoofstuk 3 is 'n bespreking van die hoof artikels van die Wet wat handelaar beperkende praktyke, dominansie, samesmeltings en oornames, remedies en afdwinging. Daar volg ook 'n bespreking van 'n paar tipiese voorbeelde van onkompeterende praktyke. Hoofstuk 4 handel oor hulpmiddels en illustreer by wyse van diagramme, die drempels vir vasstelling van welke firma onderhewig is aan artikel 11, sowel as 'n paar verwysings van handige bronne. Die werkstuk sluit af met 'n kort gevolgtrekking.

My dissertation consists of three essays focused on identifying the strategic responses of governments and individuals following changes in the tax and transfer system. Two essays contribute to the literature on fiscal competition, focusing on state level polices aimed at redistributing income. A third essay contributes to the literature estimating the responsiveness of individual’s incomes to changing marginal tax rates. A better understanding of these responses contributes to our ability to design an optimal tax and transfer system in a federalist nation. In essay 1 I employ a spatial dynamic approach to investigate interstate welfare competition across multiple policy instruments and across three distinct welfare periods - the AFDC regime, the experimental waiver period leading up to the reform, and the TANF era. Results suggest the strategic setting of welfare policy occurs over multiple dimensions of welfare including the effective benefit level and the effective tax rate applied to recipient's earned income. Furthermore, strategic behavior appears to have increased over time, a finding consistent with a race to the bottom after welfare reform. Another form of interstate competition examined in Essay 3 is the spatial patterns in state level estate tax policy. My examination follows a major reform which greatly altered both the state and federal estate tax landscape. This study develops a model in which a state’s tax base and rate are simultaneously determined. Results indicate a state’s estate tax base is negatively influenced by its own tax rate and positively influenced by the tax rate set in neighboring jurisdictions. A state’s own tax rate is also found to be positively influenced by the tax rates set in neighboring jurisdictions. Last, Essay 2 uses matched panels from the Current Population Survey for survey years 1980-2009 to estimate the elasticity of taxable income (ETI) and how it varies in response to measurement of the tax rate, heterogeneity across education attainment, selection on observables and unobservable, and identification. Substantial variation in the ETI across all key economic and statistical decisions is found.