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Environmental Policy, Externalities, and the Carbon Risk Premium in Europe
No full textExternality disclosures have become a central focus of policymakers in Europe, through several initiatives including the Non-Financial Reporting Directive (NFRD) and the Corporate Sustainability Reporting Directive (CSRD). In this study, I investigate whether these policies improve carbon disclosures, and more critically, whether such directives are reflected in firms’ implied cost of capital. Given the non-missing at random nature of emission disclosures, I employ Heckman selection model and a two-stage least squares (2SLS) imputation strategy. The results reveal a carbon discount: large brown firms face a lower ICC relative to their green counterparts, suggesting that investors do not uniformly penalize carbon intensity. This study provides novel evidence on the conditional and asymmetric pricing of carbon risk, with implications in environmental policy and the progress towards net-zero commitments
Oral History Interview with Tanya Harris-Glasow (Part 3)
No full textTanya Harris-Glasow is a community organizer who was a resident of the Lower Ninth Ward and a member of ACORN prior to Hurricane Katrina. The storm transformed her role, and she became a central figure in ACORN\u27s post-disaster organizing efforts in New Orleans. She was a founding member of the Katrina Survivors Association and, after ACORN\u27s dissolution, A Community Voice. Her work involved direct action coordination, policy advocacy, leadership training, and coalition-building. Her firsthand experience as a displaced resident gave her a unique and powerful perspective on the fight for housing rights, community self-determination, and racial justice in the rebuilding of New Orleans.https://scholarworks.uno.edu/ejrloh/1029/thumbnail.jp
Toward Robust Semantic Segmentation in Levee Infrastructure Monitoring: Enhancing Accuracy with High-Fidelity Synthetic Data and Ensemble Learning
Get PDFAbstract: Levees serve as critical flood protection structures, but failures due to inadequate maintenance and extreme water pressures have led to devastating events such as Hurricane Katrina. Manual inspections are slow, labor-intensive, and prone to human error, necessitating the development of automated solutions. This study proposes an AI-driven framework for levee inspection utilizing deep learning-based semantic segmentation to detect rutting and enhance the identification of sand boils. To address dataset limitations, high-fidelity synthetic images are generated using DreamBooth for fine-tuning, while ControlNet adds structural constraints to enhance realism and consistency. A semi-automatic convex hull annotation technique enhances labeling efficiency, and ensemble learning strategies further improve segmentation accuracy. The system integrates real-time inference capabilities within a web-based platform, enabling rapid and precise identification of defects. By combining deep learning, synthetic data augmentation, and real-time deployment, this research presents a scalable, innovative solution for automated levee monitoring, addressing key challenges in flood risk management and infrastructure resilience.
Keywords: Levee Inspection, Deep Learning, Semantic Segmentation, Synthetic Data, Real-time Monitoring, Generative AI
Development of the Integrated-Cultural Well-Being Index (ICWI): A Content Validity & Inter-Rater Reliability Study With Experts in Clinical Mental-Health Counseling
Get PDFAbstract
This dissertation study developed and validated the Integrated-Cultural Well-Being Index (ICWI), a psychological measurement that assessed well-being across both Individualist-Cultural (IC) and Collectivist-Cultural (CC) dimensions. Grounded in Bronfenbrenner’s Process-Person-Context-Time (PPCT) model, the ICWI was conceptualized to reflect the multidimensional nature of well-being in modern integrated societies, where cultural boundaries are increasingly fluid. The ICWI consists of ten latent dimensions of well-being: self-determination, social relationships, self-enhancement, self-contentment, cultural identity, cultural coping skills, communalism, cultural spirituality, life satisfaction, and mental health.
A three-phase expert validation process was conducted, employing both content validity and inter-rater reliability methodologies. Content validity was assessed using the Expert Level Content Validity Index indices of Item-Level Content Validity Index (I-LCVI), Total Content Validity (T-CVI), and Scale-Level Content Validity Index Average (S-CVI/Ave). Inter-rater reliability was evaluated using Intra-Class Correlation Coefficients indices of Single Measure (SM), Average Measure (AM), Cronbach’s Alpha, and F-statistics.
In Phase One, 16 experts rated 55 items on relevance. Content validity scores were I-LCVI ≥ .78 for 31 out of 55 items, T-CVI = .82, S-CVI/Ave = .867. Inter-rater reliability yielded, SM-ICC = .129, AM-ICC = .961, Cronbach’s Alpha = .968, F (15, 840) = 37.226, p \u3c .001.
In Phase Two, 16 experts evaluated 54 revised items across sufficiency, clarity, coherence, and relevance. Scores were I-LCVI ≥ .78 for 48 out of 54, T-CVI = .87, S-CVI/Ave = .931. Reliability scores were SM-ICC = .156, AM-ICC = .976, Cronbach’s Alpha = .977F (15, 840) = 41.051, p \u3c .001.
In Phase Three, 22 experts rated 36 final items. Scores were I-LCVI ≥ .78 35 out of 36, T-CVI = .88, S-CVI/Ave = .912. Reliability scores were Cronbach’s Alpha = .958, AM-ICC = .956, SM-ICC = .131, F (21, 3003) = 23.631, p \u3c .001.
The findings from this study suggest preliminary support for the Integrated Cultural Well-Being Index. Expert evaluations indicated that the ICWI items possess high levels of sufficiency, clarity, coherence, and relevance as indicators of culturally integrated well-being. Content validity scores exceeded established thresholds, and inter-rater reliability was consistently strong at the group level. These results provide a solid foundation for future studies and suggest the ICWI holds potential for application in research, clinical assessment, and policy development in diverse and integrated populations.
Keywords: Integrated Well-Being, Content Validity, Inter-Rater Reliability, Individualist, Collectivist, Cultural Identity, Psychometric Evaluation, PPCT Mode
The Impact of Subsidies on Firm Behavior
Get PDFThis study investigates how government subsidies shape firm behavior, with a focus on financial performance, strategic decisions, and executive compensation. Firstly, we examine the impact of subsidies on firm profitability, investment, and employment in U.S. firms from 2000 to 2022 using a comprehensive dataset that matches local, state, and federal subsidies with firm-level financial information. Results show that subsidies generally improve firm outcomes, particularly when they are cost-reducing and aligned with firms’ strategic commitments. Secondly, we analyze the relationship between subsidy receipt and CEO compensation. Our findings reveal that non-debt-related subsidies are positively associated with CEO pay, especially for first-time recipients and firms receiving large subsidies. Together, these studies highlight the nuanced effects of government support, suggesting that subsidies not only influence operational outcomes but also executive incentives. The findings contribute to ongoing debates in corporate finance and public policy, emphasizing the importance of tailoring subsidy programs to firm characteristics and governance considerations
Global Financial Crises, Economic and Financial Systems, and Sustainable Development Goals
Get PDFThe first essay explores how global financial crises impact both developed and developing countries, using a comparative analytical approach. It covers 30 nations (15 developed, 15 developing) from 1990 to 2022 and employs econometric methods including Pooled Ordinary Least Squares (POLS) and Fixed Effects Panel Least Squares (PLS). The findings reveal that while both groups are affected, developing countries face a more significant impact during crisis periods. Central government debt and trade tend to rise in both groups during crises, while political stability declines. However, developing countries experience sharper declines in lending/borrowing ratios and foreign direct investment (FDI). The study emphasizes the importance of tailored policy responses for different economic groups and highlights the need for better crisis preparedness. It concludes that addressing these disparities is essential for strengthening economic resilience in future financial shocks.
The second essay focuses on environmental sustainability and economic growth across 34 OECD countries from 1995 to 2022. It investigates how Environmental Policy Stringency (EPS), Green Energy Transition (GT), and Financial Technology (FT) influence economic growth, especially under the moderating roles of governance quality and transport infrastructure. Using second-generation econometric techniques—such as Dynamic Common Correlated Effects (DCCE), Feasible Generalized Least Squares (FGLS), and co-integration tests—the study confirms that EPS and GT positively affect economic growth when supported by good governance and strong infrastructure. FT also shows a strong positive impact, particularly when governance quality is high. The findings are robust across multiple testing models, reinforcing that combining clean energy policies with effective institutions and infrastructure leads to sustainable development. The study contributes to SDG 13 (Climate Action) by providing evidence-backed policy recommendations for researchers, investors, and policymakers to strengthen green growth and sustainability
Financial Performance, Islamic Banking, and Gender Diversity
Get PDFThe dissertation examines the impact of the COVID-19 pandemic and women’s representation on banks’ financial performance and resilience. The study investigates the financial performance of Islamic banks compared to conventional banks in Organization of Islamic Cooperation (OIC) countries during the COVID-19 pandemic, using data from 230 banks across 15 OIC countries from 2016 to 2022. It employs pooled OLS and random effects models to assess the impact of the pandemic on bank performance. The findings show that while the pandemic negatively impacted both Islamic and conventional banks, Islamic banks outperformed their conventional counterparts in terms of Return on Assets (ROA), Return on Equity (ROE), and Tobin’s Q. Furthermore, the analysis identifies a potential channel for this outperformance, as Islamic banks performed better when Capital Adequacy (CAR) and Asset Turnover Ratio (ATR) were higher. Overall, the study emphasizes the resilience of Islamic banking during financial crises and provides insights for policymakers to enhance banking stability in OIC countries. The dissertation also explores the effect of women’s representation on financial performance and sustainability in the banking sector, focusing on the importance of reaching a 30% critical mass at different hierarchical levels. Using a dataset of 941 banks from 71 countries from 2014 to 2023, the study analyzes whether women’s representation at the board of directors, management, and employee levels improves financial and sustainability outcomes. The findings indicate that achieving a critical mass of women at different hierarchical levels positively affects ROA, reduces non-performing loans (NPL), and increases earnings per share (EPS). Furthermore, greater gender diversity improves sustainability, as measured by ESG scores. However, in high-volatility environments, the positive impact of women’s representation on financial performance weakens, with lower ROA and EPS, suggesting a more risk-averse approach in volatile conditions. These findings support the critical mass theory and provide insights for policymakers and financial institutions seeking to balance diversity, risk, and performance in corporate governance. Collectively, these findings emphasize the importance of ethical banking principles and inclusive governance structures in encouraging more stable, resilient, and sustainable financial systems worldwide
