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Do Corporations Gain When They Leave California? Evidence from Equity Markets and Financial Statements
Get PDFThis thesis examines the whether a corporation materially gains when they relocate their headquarters from California to another state. The empirical evidence comes from an event study approach looking at the stock market reaction in the days after a public announcement was made as well as a financial statement analysis approach. The initial stock market reaction on the first trading day after the announcement is made is positive and significant, with an average abnormal return of 1.22%. The magnitude of the event study findings aligns with previous studies into corporate headquarter relocation announcements. However, unlike previous studies on the stock market reaction to relocation announcements, the reason why a firm left has minimal statistically significant impact on abnormal returns. The equity market reaction for firms who moved to Texas, the most common destination state, was not greater than the reaction for firms who moved to other states. Multi-year Financial Statement Ratio Analysis found some evidence of statistically significant differences in Return on Assets (ROA), Effective Tax Rate, and SG&A Expense Margin between the group of movers and a matched sample using a stacked difference in differences approach. The strongest significant results were a reduction in SG&A expenses as a percentage of revenue for movers out of California. Overall, there is some evidence that firms do benefit in the short and medium term when they relocate out of the Golden State
Intersecting Inequities: The Role of California\u27s Policies in Latinx Student Pushout and Educational Disparities
No full textThis study investigates whether and how California\u27s historical public policies have contributed to the educational pushout of Latinx students, particularly those with intersectional identities shaped by race, gender, socioeconomic status, immigration status, and English proficiency. The research examines how systemic barriers, such as inequitable school funding, punitive discipline practices, and restrictive language education policies, may perpetuate educational inequities for Latinx students. By analyzing extensive literature and quantitative data on class demographics, budget spending, and other factors and applying critical race theory and intersectionality as analytical frameworks, the study explores how these systemic issues contribute to disparities in educational outcomes for Latinx students. The study also examines how policies, rooted in broader historical and social contexts, have shaped the experiences and opportunities of Latinx students over time. Using the Los Angeles Unified School District (LAUSD) as a case study, it examines the tangible effects of these policies, including chronic absenteeism, over-policing, and restricted access to resources. By critically engaging with these historical and contemporary dynamics, the study seeks to draw lessons to inform efforts to address the intersecting challenges Latinx students face today. The findings aim to contribute to ongoing discussions about the need for equitable funding, restorative justice practices, and culturally responsive support systems, as well as how such reforms could transform the educational landscape for Latinx students
Objective-Motivated Drivers of Financial Efficiency and Transparency in Not-For-Profit Organizations
No full textThis study categorizes not-for-profit organizations as either service or revenue maximizers to examine the differences in drivers of efficiency and fiduciary transparency while controlling for size, employee workforce, and crowding-out effects. Though previous literature has consistently looked at metrics such as operating margins, program ratios, and financial statement disclosures, end-objective effects have yet to be considered as a significant aspect in determining drivers of these financial and operational measures. This paper utilizes a multiple linear regression model to analyze the determinants of an organization\u27s program ratio as an indicator of organizational efficiency. This report then incorporates a logistic regression model to assess the key drivers of independent auditing of not-for-profit financial statements as a measure of transparency. Ultimately, the statistically significant findings of this study confirm the differences in the factors influencing financial health and disclosure measures between service maximizers and revenue maximizers
Unlocking Value or Signaling Trouble? Exploring the Determinants of Immediate Market Reactions to Underwater Employee Option Exchanges
Get PDFWhether employee option exchanges are an effective process to ensure a firm’s future outlook is vital for companies to consider. Evaluating the impact of these exchanges on firm value and shareholder wealth can provide insights for companies to align employee incentives with shareholder interests. This paper seeks to determine a definitive correlation between employee option exchange announcements and positive or negative abnormal returns over the announcement window. The focus is on the regulatory environment post-Section 409A, a provision in the Internal Revenue Code that prohibits the issuance of in-the-money employee stock options. This paper fills a significant gap in the literature on employee option exchanges and shareholder wealth, as this analysis has not been completed on data post-Section 409A. While there is no indication that employee option exchange programs universally trigger abnormal firm returns, the presence of certain characteristics in option exchanges results in statistically significant negative abnormal returns over the event period. Specifically, this study finds that the eligibility of management in the exchange, and the presence of rumors prior to the official exchange announcement produce negative abnormal returns over the event window
The Public Face of Private Credit: Performance Dynamics in Business Development Companies
Get PDFThis study examines the performance dynamics of public Business Development Companies (BDCs) – a unique and growing component of the private credit market that bridges public and private financing. Publicly traded BDCs provide critical capital to underserved middle-market firms, while giving investors access to private credit opportunities. Using a hand-pulled dataset derived from 10-K filings and supplemental sources, this research identifies the key financial and operational factors driving BDC performance, with a focus on senior secured loan allocations, portfolio yield, and leverage strategies. The findings reveal that portfolio yield and senior secured loan allocations are significant predictors of total returns based on Net Asset Value (NAV), underscoring the importance of portfolio composition and risk management in driving performance. These results provide actionable insights for investors targeting yield, managers optimizing operational efficiency, and policymakers crafting regulatory frameworks to foster sustainable growth in the BDC sector
Determinants of Remote Suitability of Jobs and Residential Distance from the Workplace after the COVID-19 Pandemic
Get PDFImmediately before the COVID-19 pandemic, workers performed 14% of their paid hours from home, but this figure increased to 38% after the pandemic (Chen et al. 2023). This thesis contributes to our understanding of the determinants of remote work and the factors affecting how far an individual lives from the workplace in the post-pandemic period.
I use 1.95 million observations of worker-specific LinkedIn data from August 2023. I construct a measure of remote suitability using Dingel and Neiman’s (2020) method to assign each job title a remote suitability score based on the associated occupation. I use a Tobit regression to study the effect of an individual\u27s highest level of education, technical skills, and seniority level on the remote suitability of their job title. I find that post-high school education and seniority above entry level positively impact the remote suitability of an individual’s job title. An individual with high technical skills related to computing, such as knowledge of programming languages, is also more likely to have a more remote suitable job.
I use Tobit model to study the effect of remote suitability, relative housing prices, and relative populations on the distance an individual lives from the workplace. Surprisingly, individuals with more suitable remote jobs live closer to the workplace. Individuals live further away if the ratio of housing costs closer to the workplace to those in surrounding counties is higher, but this effect is less pronounced if the remote suitability score of the job is higher. Individuals live closer to the workplace if the ratio of population close to the workplace to those in surrounding counties is higher. I also find that the interaction between remote suitability and relative populations favors living further away from work if surrounding counties have a lower population
A Comparative Analysis of Islamic Sukuk vs. Conventional Bonds
No full textThis study explores the distinctions between sukuk and conventional bonds using panel-data fixed-effects regression models. The analysis employs over 2,000 observations of Malaysian sovereign sukuk (MGII) and Malaysian Government Securities (MGS) from 2019 to 2024, incorporating variables such as bond tenure, market volatility, central bank interest rates, GDP, credit ratings, and liquidity. The findings reveal both similarities and divergences in yield determinants. While sukuk and conventional bond yields exhibit comparable sensitivity to tenure, interest rates, GDP, and credit ratings, significant differences emerge in their responses to market volatility and liquidity. Sukuk yields exhibit a negative correlation with stock market volatility, suggesting resilience driven by persistent demand from Shariah-compliant investors. In contrast, conventional bond yields increase under similar conditions, reflecting broader market risk dynamics. Furthermore, increased liquidity consistently reduces sukuk yield spreads, whereas the relationship for conventional bonds appears less systematic, underscoring distinct market mechanisms. These results substantiate the argument that sukuk are not merely Shariah-compliant adaptations of conventional bonds but represent distinct financial instruments with unique behavioral characteristics. The study highlights sukuk’s potential for portfolio diversification and their innovative role within the Islamic finance framework. By addressing gaps in the literature, this research contributes to the understanding of sukuk as differentiated assets in the global financial system. Future research may extend these findings by exploring longer time horizons and the impact of secondary market dynamics on sukuk pricing
Uncovering a Novel Role for Drosophila brain tumor (brat) in Dopamine Regulation
No full textDopamine (DA) and dopaminergic transmission are highly conserved aspects of eukaryotic organisms that are implicated in both peripheral physiological processes and neurophysiological functioning. Many of these processes are conserved at the cellular and molecular level from Drosophila melanogaster to Homo sapiens, providing an excellent model organism for studying DA-related human diseases as well as typical dopaminergic functioning. A set of genes involved in DA synthesis and metabolism are clustered in the Drosophila genome around ddc, the gene that encodes for dopamine decarboxylase (Ddc). These genes form the Ddc gene cluster, and eight of them have experimentally been shown to increase levels of DA and/or DA metabolites in mutants. One of these genes, known as brain tumor (brat), is also implicated in neuroblast differentiation, particularly the determination of neuroblast cell fate. Because of the previously observed increases in DA in brat mutants, we sought to determine whether brat suppression increases activity and alters circadian rhythmicity by knocking down brat either pan-neuronally or in dopaminergic neurons and assaying for sleep and locomotor behavior. Our results suggest that knockdown of brat pan-neuronally displays a phenotype characterized by decreased activity and an unaltered circadian rhythm. Additionally, we sought to find a link between the increased DA phenotype and DA cell number in the central brains of brat mutants by quantifying DA cells as well as neuroblasts and their progeny in the central brains of third-instar larvae, hypothesizing that the increase in DA in mutants may be due to increases in DA neuron differentiation. Results suggested that brat mutants display increases in DA neurons as well as neuroblasts and their progeny. Whether this phenomenon is specific to DA neurons or occurs similarly in other neuron types remains unclear and warrants further investigation
Balancing Oil and Sustainability: Assessing Saudi Arabia’s Commitment to Renewable Energy Policies in the Vision 2030 Era
Get PDFThis paper investigates the commitment of Saudi Arabia to renewable energy policies within the context of Vision 2030, with particular focus on the National Renewable Energy Program (NREP). The driving forces of this transition that are explored in this research involve environmental degradation, economic diversification, and the centralized leadership of the Saudi government, as well as systemic barriers like dependence on fossil fuel revenues, infrastructural limitations, and low public awareness. Though the findings are worthwhile regarding renewable energy and policy reform, the difficult areas of structural inefficiencies and fostering public-private collaboration still hold daunting challenges. The study concludes that the Kingdom of Saudi Arabia (KSA) had a reasonably good commitment to its energy transition and provides some recommendations that could further strengthen its policies to make the Kingdom a future leader in sustainable development for oil-dependent economies
The Death of the American Dream: How Inequality, Injustice, and Individualism Shatters Its Promise as a Unifying Force
Get PDFThe American Dream has long been celebrated as a unifying ideal, promising opportunity, upward mobility, and success to all who work diligently. However, this thesis argues that the Dream no longer fulfills its role as a cohesive organizational mechanism for American society. Instead, it perpetuates inequality, fosters competition over cooperation, and fails to address systemic barriers faced by marginalized communities. The analysis begins with the historical evolution of the American Dream and its transformation in the aftermath of the 2008 financial crisis, exposing structural flaws that have eroded public trust in its attainability. Case studies on rural Appalachian communities and women’s rights illustrate how systemic inequities exclude entire groups from accessing the Dream. Drawing on the four tenets of the American Dream, alongside scholarly critiques of race, class, and materialism, the thesis reveals a dissonance between the Dream’s promises and its reality. Ultimately, this work proposes a reimagined Dream centered on community, accountability, and collective progress, challenging the prevailing narrative of individual success to restore its relevance and inclusivity in contemporary society