18431 research outputs found
Sort by
Beyond Pandemic Peaks: A Study on the Lasting Effects of Pandemic-Era Optimism on IPO Underpricing
No full textIn the wake of COVID-19, the federal government injected $5 trillion directly into the economy. This catalyzed a liquidity surge that fueled a historic spike in IPO activity from mid-2020 to 2021, accompanied by considerably elevated levels of underpricing. While existing studies have sought to explore the factors that drove such an increase in underpricing, limited research examines trends beyond the pandemic period. This paper aims to investigate whether the optimistic investor behavior and traditional determinants of IPO underpricing observed during the crisis remain relevant in the post-pandemic periods. Employing regression models on 977 IPO issuances from 2017 to May 2024, this study finds that the optimistic shift in investors’ behavior witnessed during the crisis continues to influence fundraising activities under current market conditions. By extending the analysis to the post-COVID period, this research contributes to the existing body of literature on IPO underpricing and provides a foundation for future research to better understand underpricing trends in the context of macroeconomic disruptions
The Solar Power of Pricing: Does Electricity Pricing Policy Drive Residential Solar Demand?
Get PDFSolar energy has emerged as a pivotal renewable energy source, experiencing significant growth in the United States over the past two decades. As policymakers continue to develop and refine the best methods to incentivize solar adoption while reflecting true costs and potential equity concerns, this paper seeks to evaluate the impact of changes in solar pricing policies on residential solar installations. Employing a difference-in-differences regression model, this study examines the effects of policy changes on both the system capacity and number of installations of adoption in three Western states that have transitioned away from traditional Net Energy Metering (NEM) policies–Arizona, California, and Utah–compared to control states (Colorado, New Mexico, Oregon, and Washington). Drawing from the Lawrence Berkley National Laboratory’s Tracking the Sun dataset, the analysis reveals insights into how changes in solar pricing policy affect inframarginal and extra-marginal adopters. Results demonstrate that announcement effects are often stronger than implementation effects, driving a surge in installation counts in treated states relative to the control group. Households appear to respond urgently to policy announcements, rushing to install systems under more favorable rates. Implementation effects varied across treated states, reflecting the nuanced trade-offs between incentivizing adoption and ensuring equity in solar pricing policies. These results offer insights into the complex dynamics of solar adoption, highlighting how policy changes can influence consumer behavior and market trends
Should Students Pull the Plug?: How AI Redefines Creativity in the Classroom
Get PDFThis paper examines how artificial intelligence (AI) tools, specifically ChatGPT as a tutor for students (ChatGPTt), reshapes creativity in the classroom. Does AI undermine or enrich creativity by altering its relational and self-disclosive dimensions? Engaging with Lindsay Brainard’s critique that AI erodes creativity by disrupting human connection and self-expression, I argue for a redefinition of creativity as a dynamic process sustained by emotion, intention, novelty, risk, and spontaneity — conditions adaptable to AI-mediated contexts. The paper challenges the premise that creativity depends on interpersonal connection, showing that self-disclosure can emerge through meaningful engagement with external systems, such as ChatGPTt. By framing ChatGPTt as a complementary tool, I demonstrate how it can scaffold creative processes without displacing relational depth. Ultimately, I advocate for the thoughtful integration of ChatGPTt in the classroom to enrich creativity while preserving its core conditions
Pay-Performance Sensitivity: How Firm Performance Impacts CEO Compensation
Get PDFThis study investigates the relationship between firm performance and CEO compensation, revisiting and extending the foundational framework established by Jensen and Murphy (1990). The sample comprises compensation data for the Chief Executive Officer (CEO) of all publicly traded companies on the Wharton Research Data Services (WRDS) Compustat – ExecuComp dataset from 1994 to 2023. Using Ordinary Least Squares (OLS) regression models, the analysis evaluates the sensitivity of CEO pay to changes in shareholder wealth and other performance metrics, while accounting for structural and temporal shifts driven by corporate governance, macroeconomic environment, and legislation. The findings reveal that changes in shareholder wealth are positively associated with CEO compensation: a $1,000 increase in shareholder wealth corresponds to a 0.022% rise in total current compensation and a 0.051% increase in total direct compensation. CEOs who simultaneously serve as Chair of the Board receive an estimated 2.48% higher total compensation. Legislative influences, particularly the Sarbanes-Oxley Act (SOX), significantly shape pay structures, with post-SOX periods witnessing an 11.0% decline in stock options awarded (using the Black-Scholes method)
Evaluating the Effectiveness of San Francisco Nonprofit Organizations in Addressing Homelessness, Crime, and Cost of Living
No full textAbstract
Governments have increasingly employed nonprofit organizations to address pressing societal challenges, including homelessness, crime, and the cost of living. This paper evaluates the effectiveness of three prominent San Francisco nonprofits—DignityMoves, Urban Alchemy, and Mercy Housing California—using the integrated accountability model, which contains three dimensions: economic/financial, mission-related, and social dimensions. Utilizing financial forms, online sources, news sources, and academic articles, the nonprofits\u27 success levels in addressing their respective social problems varied.
DignityMoves works to reduce unsheltered homelessness by creating interim supportive housing units. However, due to limited research on its housing model, nonprofits encounter challenges in proving long-term efficacy. Urban Alchemy excels in employing and reintegrating formerly incarcerated individuals, yet it has faced criticism over transparency, Practitioner training, and alleged Practitioner misconduct. Mercy Housing California, as a leader in affordable housing development, highlights innovative community-building initiatives but encounters tenant complaints about property maintenance and safety, as well as a need for city-specific data about its properties and society impact.
The assessments of the nonprofit organizations exhibit the importance of robust oversight, accountability, transparency, and evidence-based programming for nonprofits to optimize alleviating social problems in San Francisco. The author encourages nonprofit organizations and policymakers to adopt evidence-based strategies and foster collaboration and transparency to enhance nonprofit contributions to their beneficiaries and larger communities
Betting Against All Betas: Do Fama-French-Carhart Factors Share the Beta Anomaly?
Get PDFFrazzini and Pedersen’s (2013) Betting Against Beta is an investment strategy that exploits a well-documented anomaly in the Capital Asset Pricing Model. This anomaly is called the beta anomaly, which states that the model overestimates the risk-adjusted returns of high-beta assets and underestimates the risk-adjusted returns of low-beta assets. According to the beta anomaly, betas and alphas should be negatively correlated. Frazzini and Pedersen prove that an investor is able to generate positive abnormal returns by holding a long position in low-beta assets and a short position in high-beta assets. They also show that their Betting Against Beta factor delivers statistically significant returns when adjusted for multiple factors. My research seeks to test the significance of the beta anomaly in the market factor when adjusted for factors used in the Fama-French 5-Factor and Carhart 4-Factor models that control for the known size, value, momentum, profitability, and investment factors. I find that the beta anomaly loses significance in the market factor when adjusted for the Fama-French 5-Factor model, proving that Frazzini and Pedersen’s results are not robust. I also test for a factor beta anomaly across the size, value, momentum, profitability, and investment factors, as well as the significance of style beta anomalies when adjusted for additional factors. I find that the HML, RMW, and CMA factors show statistically strong patterns that can be made into effective investment strategies
Near-Peer Student-Run Virtual STEM Summer Camp: Lessons Learned
Get PDFThe United States Military Academy is uniquely positioned to contribute to our nation’s Science, Technology, Engineering, and Math (STEM) outreach initiatives. As one of the country’s most highly regarded undergraduate engineering schools, the institution receives a steady influx of Cadet near-peer mentors who volunteer to lead STEM modules. When the COVID-19 pandemic shut down in-person STEM workshops for the better part of 2020-2021, the Center for Leadership and Diversity in STEM adeptly transitioned to a virtual platform. Informed by research on STEM education and delivery, the Center successfully executed its signature summer camp event in a virtual format for two days in July of 2021 for 227 middle and high school students across 43 states. Despite challenges in logistics and module delivery, the event proved highly successful. Comprehensive pre- and post-surveys were administered to participants, yield- ing both quantitative and qualitative data through Likert scale assessments and open-ended inquiries. Based on survey results, we attribute our virtual camp success to near-peer mentors, small group breakout sessions, guest speaker panels, and spirited competitions within each module. This article provides lessons learned and key insights in both planning and executing a virtual STEM workshop. This successful virtual STEM workshop event provides a compelling alternative framework to traditional in-person STEM workshops
A Spectroscopy Study of the Brain: Exploring Sex Differences in Healthy Older Adults
No full textCognitive decline and aging-related disorders, such as Alzheimer’s, disproportionately affect patients based on sex, but the mechanisms underlying these skewed effects are unknown. This proton magnetic resonance spectroscopy (H-MRS) study seeks to understand if sex disparities in aging exist in neurometabolite concentrations of older adult brains. Sixty-seven participants, ranging from 60 to 85 years of age, underwent the Montreal Cognitive Assessment (MoCA) and H-MRS of the brain. Concentrations of myo-inositol, total creatine, total NAA, and total choline were calculated in the dorsal posterior cingulate cortex, left hippocampal cortex, left medial temporal gyrus, left primary sensorimotor cortex, and right dorsolateral prefrontal cortex. The extensive number of variables inspired dimensionality reduction approaches, such as Principal Component Analysis and Factor Analysis. Each dimension primarily correlated to several metabolites in one brain region. Logistic regression with 10,000 permutation significance tests and multiple regression were conducted with dimension scores to evaluate their relationship with sex, age, and MoCA. Our evidence suggests that a collection of metabolites in the medial temporal gyrus is a reliable predictor of sex. We also found that hippocampal and dorsal posterior cingulate metabolites are associated with age and MoCA, respectively. These three findings emphasize the impact of sex, age, and cognition on neurochemical profiles, specifically in certain brain regions. This work is critical to understanding how sex plays a role in aging and how we can use this knowledge to empower geriatric patients with enhanced diagnostic medicine and personalized care
Nuclear Magnetic Resonance and Its Applications to Undergraduate Research
No full textNuclear Magnetic Resonance is a powerful, non-invasive technique that provides detailed insights into molecular structures by taking advantage of the behavior of nuclear spins in homogenous magnetic fields. My research uses the TeachSpin Earth’s Field NMR apparatus to explore foundational NMR concepts, such as spin dynamics, relaxation processes, as well as the experimental challenges of signal acquisition. The experiments highlight the critical role of spin-½ nuclei in gathering high-resolution NMR signals and show the significance of relaxation mechanisms such as spin-lattice (T1) and transverse (T2) relaxation. Comparing between indoor and outdoor setups underscores the challenges of calibrating NMR experiments, particularly the impact of non-homogenous magnetic fields on signal integrity. The findings also reveal the importance of tools like Helmholtz coils in enhancing the precision and clarity of indoor measurements. Through these investigations, this study reinforces the interdisciplinary value of NMR as a teaching tool and its role in creating a deeper understanding of quantum mechanics, electromagnetism, and the scientific process in undergraduate research