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The study of consumer behaviour has attracted much attention from researchers. Models have been postulated and re-postulated in many attempts to explain the decision process of consumers as it changes over time and space, as well as in different environments such as culture, race and religion. The growing interest in investigating the relation between psychographics and consumer behaviours with regard to their purchase preferences has helped marketers in segmenting the market more accurately so as to ensure certainty of profitability. This is especially relevant in the modern market where “crossing culture” (Davies and Fitchett, 2004, p.315) and acculturation, as well as the process of cultural integration, are common as a result of many factors such as travelling both for leisure and business, emigration and re-location, etc. Nevertheless, these studies have mainly focussed on a single community or ethnic group. This current study differs in that it attempts to compare two ethnic groups of diverse culture and religious background, i.e. the Malays and the Chinese, within a single Malaysian community. The political and social environments in Malaysia make the current study unique in that the Malays receive financial aids and incentives from the ruling Malay-dominant government while the Chinese have little or no assistance at all. Therefore, apart from looking at the psychographical aspects of consumption habit, the current study also includes source of income as a variable factor in comparing the presume differences in spending between the two ethnic groups – the Malays receive extensive financial aids and benefits from the ruling government while the Chinese work hard and save as much as possible to ensure a better future. 5 The current study focuses on University Technologi Mara (UiTM) and University Tunku Abdul Rahman (UTAR) because of their respective racial composition of Malay and Chinese youths. The findings in this study elucidate that there seems to be no apparent difference in spending behaviour between the Malays and the Chinese despite their cultural and religious differences. This could be the result of the many years of co-existence and the influence of global media and culture on both the Malay and Chinese youths. The current study also does not find any strong basis in supporting the perception that the Chinese would be more frugal in their spending because of unfavourable economic support for them in the country. On the contrary, the study shows that the Chinese are indeed financially wealthier than the Malays because of their life-long culture of prudence in savings. Another reason for this could be the failure of the government’s New Economic Policy in addressing the economic needs of the masses of the Malay population. Rather, the policy only favoured the selected few with strong political link or clout. This study also shows that there are significant differences in the spending behaviour between the genders. This study also highlights the differences in spending behaviour of the cluster groups with their respective attached inherent value-traits. The study also reveals that the Malays are no longer the homogenous group as previously thought. Rather they indicate distinct differences in their spending behaviour. It is hoped that in future, wider and in-depth studies can be conducted to further examine the consumption behaviour of races according to their value-traits.

Using data from the Global Entrepreneurship Monitor, I explored the long-term effect of entrepreneurial activities on economic growth. With both cross-sectional and panel analysis, I found that it is not the overall participation in entrepreneurial activities that relates to economic growth but only the portion engaged in opportunity-motivated entrepreneurship that explains higher growth. On the contrary, the necessity-driven entrepreneurship negatively impacts economic growth. Further, I found that the positive effect of opportunity-motivated entrepreneurship is stronger for countries that are more developed and with better gender balance in entrepreneurial business. The positive effect is also bigger in more recent time periods.

Depuis son institution en 1989, et après une première suppression de deux ans, l'Impôt de Solidarité sur la Fortune suscite de nombreuses interrogations. De ces interrogations découle un débat récurrent et de plus en plus présent au sein de la classe politique française : faut-il conserver une telle imposition dans le système fiscal français ? Qualifié d'Impôt sur les Grandes Fortunes lors de sa première apparition, celui-ci doit son maintien à des considérations tant idéologiques qu'économiques, de par la garantie par sa présence d'une certaine justice sociale et fiscale, et de la manne financière directe qu'il apporte à l'Etat. Aussi, il doit sa survie à sa capacité à faire plus contribuer les plus riches, ce qui le rend populaire auprès d'un grand nombre d'électeurs. A l'opposé de ces considérations, cet impôt regroupe bon nombre de détracteurs, arguant principalement du fait que sa présence suscite des pertes colossales pour l'économie du pays, conséquemment à sa faculté à rebuter les grandes fortunes, aussi bien françaises qu'étrangères, avec toutes les répercussions qui en découlent. Il sera fait dans cette thèse la balance entre ces argumentations pour savoir si oui ou non l'ISF est toujours légitime en France. / Since his institution in 1989, and after a first abolition of two years, the French wealth tax arouses numerous questioning. Of these questioning ensues a recurring and more and more present debate within the French political class: is it necessary to keep such taxation in the French fiscal system? Qualified as wealth tax during its first appearance, this one owes his preservation to considerations so ideological as economic, due to the guarantee by its presence of a certain social and fiscal justice, and a direct financial basket which it brings to the State. So, the French wealth tax owes his survival to his capacity to make more contribute the richest, fact that makes it popular among the voters. Contrary to these considerations, this tax includes a lot of detractors, putting forward mainly because of colossal losses for the economy of the country, as a result of its power to pall the big fortunes, so French as foreign, with all the repercussions which ensue from it. The balance between these argumentations will be made in this thesis to know if yes or not the French Wealth tax is still justifiable in France.

Doctor of Philosophy / School of Family Studies and Human Services / Sonya L. Britt / This study explored whether the use of debt, specifically mortgages and student loans, has a negative relationship with wealth accumulation over a consumer’s lifetime. The analysis looked at whether exploration questioned whether consumer debt is incongruent with good personal financial management and consumers should hold a philosophy of avoidance of debt in order to accumulate more wealth. Some financial planners believe in leveraging current assets in hopes of accelerating wealth accumulation. The latter approach is more congruent with a behavioral life-cycle hypothesis perspective (Shefrin & Thaler, 1988), which posits that consumers are the happiest when consumption remains relatively constant over a lifetime through use of debt and savings. To account for wealth accumulation across the lifespan, a measure of relative net worth was constructed by taking current net worth divided by current annual income divided by age. Relative net worth was used rather than net worth in order to allow comparisons between consumers of different ages and income. Data were collected from a sample of convenience, recruited from social media, friends and their acquaintances, and the clients of financial advisors who agreed to distribute the survey. Four ordinary least squares (OLS) regression analyses were conducted to determine the influence of current mortgage relative to the value of the home, mortgage obtained at the time of home purchase as a multiple of income, and student loans at graduation as a multiple of income on relative net worth accumulations. Results suggested that current mortgage debt that is 80% or less of home value, lack of a mortgage, and completing higher education without student debt are associated with higher relative net worth. Using a sample of convenience, the respondent pool was not nationally representative. In comparison to the United States population, the sample population is more highly educated, has a higher percentage of married and individuals in a committed relationship, contains more adults over the age of 50, and does not reflect the ethnic diversity of the United States. This study did not provide deep new insight into the factors contributing to wealth accumulation. It showed that mortgages and student loans alone do not have a large impact on wealth accumulation. This is evidenced by the low R² for all regressions (ranging from .00 to .07). Of the independent variables chosen for regression, the impact was not large and statistical significance for those factors was not present in all regressions. The results of this study do not provide direct support to the ability to use mortgages and student loans as part of wealth accumulation strategies. Future studies may be able to incorporate other elements with debt decisions as well as the impact of financial advice on the use and levels of debt as part of an integrated wealth accumulation strategy. The level of debt to positively impact socioeconomic status is also another area for future study.

M.A. Faculty of Humanties, School of Social Sciences. University of the Witwatersrand, 2011 / INTRODUCTION: Zimbabwe has witnessed a decline in HIV prevalence in the general population estimated to be 27% in 2001, 19% in 2005, 16% in 2007 and 14% in 2009 (Mapingure et al., 2010). Whilst it is a notable decline the rate is still high. Sexual behaviour change has been reported as key to this HIV prevalence decline. Partner reduction has been advocated as an important strategy in HIV prevention. Understanding the socioeconomic and demographic factors influencing the sexual behaviours that are either sustaining the declining, yet still high, prevalence rates is critical to inform interventions. There is growing interest in the association between individual’s socioeconomic status and sexual risk taking behaviour in sub-Saharan Africa. The general objective was to examine the association between wealth and sexual behaviour among men in Zimbabwe. METHOD: Analysis of data from 7175 sexually active aged 15-54 years who participated in the Zimbabwe’s 2005/06 Demographic and Health Survey was done using logistic regression models and have reported odds ratios (OR) with Confidence intervals. In the multiple logistic regressions, two models were used. Model 1 included variables: wealth, age and education whilst in model 2 we controlled for: marital status, type of residence, region of residence and religion because these socio-demographic factors influence male sexual behaviour. The dependent variables included: unprotected sex at last encounter, multiple and concurrent sexual partnerships in last 12 months. RESULTS: When we controlled for potential confounding effects of education, age, marital status, type of residence, region of residence and religion, men in the middle wealth category of the population were less likely to have engaged in unprotected sex in the last encounter with a nonspousal cohabiting partner (OR 0.41, 95% CI 0.22 to 0.76). Wealth was found to be not statistically significantly associated with multiple and concurrent sexual partnerships. CONCLUSION: Wealthy men in Zimbabwe are less likely to engage in unprotected sex. Wealth’s association with multiple and concurrent sexual partnerships was not confirmed in this study. Equitable distribution of wealth and sound economic policies are critical in improving the general welfare of nationals so as to reduce or eliminate some of the factors that cloud the associations between socioeconomic and demographic factors and sexual behaviours of individuals. Policies and programs that recommend deferral of gratification remain critical in order to reduce number of partners.

Global warming imposes significant physical, regulatory and reputational risks to listed corporations. Consequently, climate-related issues have recently received increased attention from investors, creditors and stock market regulators. In February 2010, The United States (US) Securities and Exchange Commission (SEC) issued an interpretative guidance requiring publicly listed firms to disclose material climate change risks (CCR) in their annual securities filings (10Ks). However, considering the level of enforcement and managerial discretion in the definition of materiality, market participants raised concerns about the lack and quality of CCR disclosure. This research explores the effects of family control as an important determinant of CCR disclosure strategies. Family firms are the world’s most common form of economic organizations, dominating the global economy. The socioemotional wealth (SEW) theoretical perspective argues that family firms behave differently from their nonfamily counterparts and exhibit significant heterogeneity depending on the level of family control and involvement. Using a sample of S&P 500 companies, I examine whether family firms differ from their non-family peers in their climate change disclosure strategies. Additionally, I further explore the effects of two dimensions (i.e. family control and influence, family identity) of socioemotional wealth on CCR disclosures. Overall, I find that family ownership has no impact on CCR disclosure decisions, but is negatively related to CCR disclosure quality. Moreover, I find a positive relationship between family firms prioritizing family identity and CCR disclosure quality. The findings of this research have implications for regulators, investors, and academic researchers.

Thesis. 1977. Ph.D.--Massachusetts Institute of Technology. Dept. of Economics. / MICROFICHE COPY AVAILABLE IN ARCHIVES AND DEWEY. / Vita. / Bibliography : leaves 130-133. / Ph.D.

Thesis (Ph.D.)--Boston University / PLEASE NOTE: Boston University Libraries did not receive an Authorization To Manage form for this thesis or dissertation. It is therefore not openly accessible, though it may be available by request. If you are the author or principal advisor of this work and would like to request open access for it, please contact us at open-help@bu.edu. Thank you. / One of the lessons from the recent global financial crisis is the importance of macro-financial linkage in the economy. Based on this background, this dissertation analyzes the effects of financial frictions on the aggregate activities of the economy, wealth distribution and business cycles. The first chapter investigates the effects of financial development on aggregate capital accumulation and wealth distribution by constructing a heterogeneous-agent general equilibrium model with two idiosyncratic risks, endogenous occupational choice and Holmstrom and Tirole (1999) type financial contracts to prevent moral hazard issue. The benchmark model is calibrated to match the empirical data, where the wealth distribution has a right-hand fat tail and a small number of entrepreneurs hold a large amount of wealth. We find that financial development measured by decrease of monitoring cost contributes to the economy's higher capital accumulation and lower wealth Gini coefficient. The second chapter develops a dynamic stochastic general equilibrium (DSGE) model with financial frictions arising from the moral hazard problem as in Holmstrom and Tirole (1997) together with regulatory capital requirements on the banks. In contrast with the standard BGG (1999) financial accelerator model, we consider the agency problem from hidden action and regulatory capital requirements on the banks in order to examine whether changes of regulatory capital requirements result in credit crunches in the transmissions of aggregate technology and monetary policy shocks. The third chapter explores quantitative experiments using the above DSGE model. We examine whether there exists a "financial accelerator" effect from these kinds of financial frictions and a "credit crunch" from shocks. We find that there exists a "financial accelerator" effect and that financial deepening measured by decrease of financial intermediary's monitoring costs could contribute to mitigating business cycle fluctuations. In particular, no financial frictions with zero monitoring cost could decrease the variance of aggregate investment to around 18.5%. We also find that imposing and increasing capital requirements on the banks could cause decrease of bank's lending ("credit crunch"), thereby amplifying business cycles. / 2031-01-02

Statistical mechanics pursues low-dimensional descriptions of systems with a very large number of degrees of freedom. I explore this theme in two contexts. The main body of this dissertation explores and extends the Yard Sale Model (YSM) of economic transactions using a combination of simulations and theory. The YSM is a simple interacting model for wealth distributions which has the potential to explain the empirical observation of Pareto distributions of wealth. I develop the link between wealth condensation and the breakdown of ergodicity due to nonlinear diffusion effects which are analogous to the geometric random walk. Using this, I develop a deterministic effective theory of wealth transfer in the YSM that is useful for explaining many quantitative results. I introduce various forms of growth to the model, paying attention to the effect of growth on wealth condensation, inequality, and ergodicity. Arithmetic growth is found to partially break condensation, and geometric growth is found to completely break condensation. Further generalizations of geometric growth with growth in- equality show that the system is divided into two phases by a tipping point in the inequality parameter. The tipping point marks the line between systems which are ergodic and systems which exhibit wealth condensation. I explore generalizations of the YSM transaction scheme to arbitrary betting functions to develop notions of universality in YSM-like models. I find that wealth condensation is universal to a large class of models which can be divided into two phases. The first exhibits slow, power-law condensation dynamics, and the second exhibits fast, finite-time condensation dynamics. I find that the YSM, which exhibits exponential dynamics, is the critical, self-similar model which marks the dividing line between the two phases. The final chapter develops a low-dimensional approach to materials microstructure quantification. Modern materials design harnesses complex microstructure effects to develop high-performance materials, but general microstructure quantification is an unsolved problem. Motivated by statistical physics, I envision microstructure as a low-dimensional manifold, and construct this manifold by leveraging multiple machine learning approaches including transfer learning, dimensionality reduction, and computer vision breakthroughs with convolutional neural networks.