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Full-Text Articles in Social and Behavioral Sciences

Reversing The Fortunes Of Active Funds, Adi Libson, Gideon Parchomovsky Jan 2020

Reversing The Fortunes Of Active Funds, Adi Libson, Gideon Parchomovsky

Faculty Scholarship at Penn Law

Recent years have witnessed a considerable growth of passive fund at the expense of active funds. This trend picked in 2019, a year that saw passive funds surpass active funds in terms of assets under management. The continuous decline of active funds is a cause for concern. Active funds engage in monitoring of firms and partake of decision-making in companies in their portfolio. The cost of these activities are born exclusively by active funds; the benefits, by contrast, are spread over all shareholders, including passive funds that freeride on the efforts of active funds. The contraction of active funds threatens ...


Travel To Cuba: A Case Study Of Media Branding In A Politicized Context, Yaneisis Infante Dec 2019

Travel To Cuba: A Case Study Of Media Branding In A Politicized Context, Yaneisis Infante

Student Theses

The purpose of this research is to detail a case study of U.S. tourism to Cuba in a politicized context; specifically, to compare and contrast the Obama and Trump administrations. This study seeks to examine how the Cuban “brand” and the island’s overall tourism strategy is formulated, circulated, shaped and reshaped by various actors and the public in the changing context of the newly antagonistic bilateral U.S.-Cuba political relationship. The research questions explore issues of how diplomatic relations impact Cuban tourism and advertising messaging. This paper also discusses the changes in the U.S. news media ...


Economic Prosperity Of Nevada Counties And Southwest Metros, Madison Frazee-Bench, William E. Brown, Caitlin Saladino Dec 2019

Economic Prosperity Of Nevada Counties And Southwest Metros, Madison Frazee-Bench, William E. Brown, Caitlin Saladino

Economic Development & Workforce

This Fact Sheet highlights the economic and social disparities of Nevada’s counties as well as the counties in the Southwest Metro Area. By using data from The Hamilton Project, the following tables illustrate disparities within each county in Nevada and in the Southwest Metros.


Megachurches And Economic Development: Pastoral Interpretations Of Internal And External Expectations On Church Behavior, Ashley E. English Dec 2019

Megachurches And Economic Development: Pastoral Interpretations Of Internal And External Expectations On Church Behavior, Ashley E. English

The Journal of Faith, Education, and Community

What sorts of economic development activities do megachurches engage in, and what rationale do leaders give for this behavior? This study provides theoretical guidance for answering this research question through an investigation of megachurches’ extra-role behaviors (ERB) in economic development activities. ERB is a “behavior that attempts to benefit the organization and that goes beyond existing role expectations” (Organ, Podsakoff & MacKenzie, 2006, p. 33). This field study includes an online survey completed by 42 megachurch senior or executive pastors in the Dallas-Fort Worth and Houston-Sugar Land-Baytown Metropolitan Statistical Areas and 23 follow-up telephone interviews. The researcher used these data to ...


Examining Racial & Ethnic Disparities In The Reach Of The Medicare Shared Savings Program, Lindsey Arneson Dec 2019

Examining Racial & Ethnic Disparities In The Reach Of The Medicare Shared Savings Program, Lindsey Arneson

Capstone Experience

It is important to understand the quality of health care for racial and ethnic minorities covered under the largest U.S. government-run insurance program, Medicare, because the demographics of the U.S. are becoming older and more diverse. A new value-based program under Medicare is the Shared Savings Program (MSSP), which creates incentives to improve care quality and health outcomes for Medicare beneficiaries with a specific focus on increasing the provision of preventive care services. This capstone project aims to understand the representation of racial/ethnic minority Medicare beneficiaries, namely African Americans/Blacks and Hispanics/Latinxs, that receive care from ...


Empowering Rural Participation And Partnerships In Morocco’S Sustainable Development, Yossef Ben-Meir Nov 2019

Empowering Rural Participation And Partnerships In Morocco’S Sustainable Development, Yossef Ben-Meir

Journal of Global Initiatives: Policy, Pedagogy, Perspective

This essay explores the vast potential for participatory and sustainable human development in Morocco. Though Morocco is a country with many diverse resources, it remains burdened by severe levels of poverty and illiteracy, and now growing social discord. There have recently been increased public calls for participatory development programs designed and implemented by and for local people. The essay identifies six existing Moroccan Frameworks intended to initiate decentralized human development programs, and critically examines their efficacy. Ultimately, the purpose of the article is to suggest a new model to implement these Frameworks with maximum impact. The six Frameworks deal with ...


Framing The Chicago School Of Antitrust Analysis, Herbert J. Hovenkamp, Fiona Scott Morton Nov 2019

Framing The Chicago School Of Antitrust Analysis, Herbert J. Hovenkamp, Fiona Scott Morton

Faculty Scholarship at Penn Law

The Chicago School of antitrust has benefited from a great deal of law office history, written by admiring advocates rather than more dispassionate observers. This essay attempts a more neutral stance, looking at the ideology, political impulses, and economics that produced the Chicago School of antitrust policy and that account for its durability.

The origins of the Chicago School lie in a strong commitment to libertarianism and nonintervention. Economic models of perfect competition best suited these goals. The early strength of the Chicago School of antitrust was that it provided simple, convincing answers to everything that was wrong with antitrust ...


European Banking Union D: Cross-Border Resolution—Dexia Group, Rosalind Z. Wiggins, Natalia Tente, Andrew Metrick Nov 2019

European Banking Union D: Cross-Border Resolution—Dexia Group, Rosalind Z. Wiggins, Natalia Tente, Andrew Metrick

Journal of Financial Crises

In September 2008, Dexia Group, SA, the world’s largest provider of public finance, experienced a sudden liquidity crisis. In response, the governments of Belgium, France, and Luxembourg provided the company a capital infusion and credit support. In February 2010, the company adopted a European Union (EU)-approved restructuring plan that required it to scale back its businesses and cease proprietary trading. In June 2011, Dexia withdrew from the government-sponsored credit support program before its expiration date, and in July, the company announced that it had passed an EU stress test. However, just three months later, Dexia wrote down its ...


European Banking Union C: Cross-Border Resolution–Fortis Group, Rosalind Z. Wiggins, Natalia Tente, Andrew Metrick Nov 2019

European Banking Union C: Cross-Border Resolution–Fortis Group, Rosalind Z. Wiggins, Natalia Tente, Andrew Metrick

Journal of Financial Crises

In August 2007, Fortis Group, Belgium’s largest bank, acquired the Dutch operations of ABN AMRO, becoming the fifth largest bank in Europe. Despite its size and its significant operations in the Benelux countries, Fortis struggled to integrate ABN AMRO. Fortis’s situation worsened with the crash of the US subprime market, which impacted its subprime mortgage portfolio. By July 2008, Fortis’s CEO had stepped down, its stock had lost 70% of its value, and it was on the verge of collapse due to a severe liquidity crisis. The governments of Belgium, Luxembourg, and the Netherlands quickly came together ...


European Banking Union B: The Single Resolution Mechanism, Rosalind Z. Wiggins, Michael Wedow, Andrew Metrick Nov 2019

European Banking Union B: The Single Resolution Mechanism, Rosalind Z. Wiggins, Michael Wedow, Andrew Metrick

Journal of Financial Crises

The options available to European governments to respond to a multinational bank in financial trouble have been severely limited since each country has its own unique laws and authority applicable to banks operating within its borders. The Bank Recovery & Resolution Directive (BRRD), which was adopted in 2013 and scheduled to go into effect January 2015, harmonizes rules across EU countries for how to restructure and resolve failing banks. However, the directive would maintain the existing system of individual national resolution authorities and resolution funds. To better secure the Eurozone banks and to compliment the Single Supervisory Mechanism, which was enacted ...


European Banking Union A: The Single Supervisory Mechanism, Rosalind Z. Wiggins, Michael Wedow, Andrew Metrick Nov 2019

European Banking Union A: The Single Supervisory Mechanism, Rosalind Z. Wiggins, Michael Wedow, Andrew Metrick

Journal of Financial Crises

At the peak of the Global Financial Crisis in fall 2008, each of the 27 member states in the European Union (EU) set many of its own banking rules and had its own bank regulators and supervisors. The crisis made the shortcomings of this decentralized approach obvious, and since its formation in January 2011, the European Banking Authority (EBA) has been developing a “Single Rulebook” that will harmonize banking rules across the EU countries. In June 2012, European leaders went even further, committing to a banking union that would better coordinate supervision of banks in the then 18-country Eurozone. A ...


European Central Bank Tools And Policy Actions B: Asset Purchase Programs, Chase P. Ross, Rosalind Z. Wiggins, Andrew Metrick Nov 2019

European Central Bank Tools And Policy Actions B: Asset Purchase Programs, Chase P. Ross, Rosalind Z. Wiggins, Andrew Metrick

Journal of Financial Crises

Beginning in August 2007, the European Central Bank (ECB) used standard and non-standard monetary policies as the global financial markets progressed from initial turmoil to a widespread sovereign debt crisis. This case describes the key features of the ECB’s asset purchase programs throughout the Global Financial Crisis and subsequent European sovereign debt crisis. These programs include the Covered Bond Purchase Programs (CBPP1, CBPP2, CBPP3), Securities Markets Program (SMP), Outright Monetary Transactions (OMT), Asset-backed Securities Purchase Program (ABSPP) and the Public Sector Purchase Program (PSPP).

In combating the crises, the ECB designed various innovative programs which it successively employed as ...


European Central Bank Tools And Policy Actions A: Open Market Operations, Collateral Expansion And Standing Facilities, Chase P. Ross, Rosalind Z. Wiggins, Andrew Metrick Nov 2019

European Central Bank Tools And Policy Actions A: Open Market Operations, Collateral Expansion And Standing Facilities, Chase P. Ross, Rosalind Z. Wiggins, Andrew Metrick

Journal of Financial Crises

Beginning in August 2007, the European Central Bank (ECB) responded to market turmoil with a variety of standard and non-standard monetary policy tools. This case discusses the operational framework of the ECB’s open market operation tools and standing facilities before and during the financial crisis. Specifically, this case describes the ECB’s use of its main refinancing and longer-term refinancing operations, the expansion of collateral eligible for use in Eurosystem credit operations, and the ECB’s standing facilities, including its marginal lending and deposit facilities.


Ireland And Iceland In Crisis D: Similarities And Differences, Arwin G. Zeissler, Daisuke Ikeda, Andrew Metrick Nov 2019

Ireland And Iceland In Crisis D: Similarities And Differences, Arwin G. Zeissler, Daisuke Ikeda, Andrew Metrick

Journal of Financial Crises

On September 29, 2008—two weeks after the collapse of Lehman Brothers—the government of Ireland took the bold step of guaranteeing almost all liabilities of the country’s major banks. The total amount guaranteed by the government was more than double Ireland’s gross domestic product, but none of the banks were immediately nationalized. The Icelandic banking system also collapsed in 2008, just one week after the Irish government issued its comprehensive guarantee. In contrast to the Irish response, the Icelandic government did not guarantee all bank debt. Instead, the Icelandic government controversially split each of the three major ...


Ireland And Iceland In Crisis C: Iceland’S Landsbanki Icesave, Arwin G. Zeissler, Thomas Piontek, Andrew Metrick Nov 2019

Ireland And Iceland In Crisis C: Iceland’S Landsbanki Icesave, Arwin G. Zeissler, Thomas Piontek, Andrew Metrick

Journal of Financial Crises

At year-end 2005, almost all of the total assets of Iceland’s banking system were concentrated in just three banks (Glitnir, Kaupthing, and Landsbanki). These banks were criticized by certain financial analysts in early 2006 for being overly dependent on wholesale funding, much of it short-term, that could easily disappear if creditors’ confidence in these banks faltered for any reason. Landsbanki, followed later by Kaupthing and then Glitnir, responded to this criticism and replaced part of their wholesale funding by using online accounts to gather deposits from individuals across Europe. In Landsbanki’s case, these new deposits were marketed under ...


Ireland And Iceland In Crisis B: Decreasing Loan Loss Provisions In Ireland, Arwin G. Zeissler, Andrew Metrick Nov 2019

Ireland And Iceland In Crisis B: Decreasing Loan Loss Provisions In Ireland, Arwin G. Zeissler, Andrew Metrick

Journal of Financial Crises

All public companies in the European Union, including Ireland’s major banks, were required to adopt IAS 39 for their annual accounting periods beginning on or after January 1, 2005. Under the “incurred loss” model of IAS 39, banks could set aside reserves for loan losses only when objective evidence existed that a loan was impaired, not in anticipation of future losses. As a result, Irish banks saw their aggregate reserve for bad loans drop from 1.2% of loan balances at the end of 2000 to only 0.4% by 2006-07, just before the collapse of the banking industry ...


Ireland And Iceland In Crisis A: Increasing Risk In Ireland, Arwin G. Zeissler, Karen Braun-Munzinger, Andrew Metrick Nov 2019

Ireland And Iceland In Crisis A: Increasing Risk In Ireland, Arwin G. Zeissler, Karen Braun-Munzinger, Andrew Metrick

Journal of Financial Crises

Ireland went from being the poorest member of the European Economic Community in 1973 to enjoying the second highest per-capita income among European countries by 2007. Healthy growth in the 1990s eventually gave way to a concentrated boom in property-related lending in the 2000s. The growth in the aggregate loan balances of Ireland’s six major banks greatly exceeded the growth in gross domestic product (GDP); as a result, bank loan balances grew from 1.1 times GDP in 2000 to over 2.0 times GDP by 2007. Given the small size of the domestic retail depositor base, the Irish ...


Living Below The Line: Economic Insecurity And Older Americans, Insecurity In Massachusetts 2019, Jan Mutchler, Yang Li, Nidya Velasco Roldán Nov 2019

Living Below The Line: Economic Insecurity And Older Americans, Insecurity In Massachusetts 2019, Jan Mutchler, Yang Li, Nidya Velasco Roldán

Center for Social and Demographic Research on Aging Publications

New estimates from the 2019 Elder IndexTM reveal that in Massachusetts, more than six out of ten older adults living alone, and three out of ten living in two-person households, cannot afford the basic necessities of life such as food, housing, and health care. The Gerontology Institute compares household incomes for adults age 65 and above living in one- and two-person households to the 2019 Elder Index for Massachusetts to calculate Elder Economic Insecurity Rates (EEIRs), the percentage of independent older adults age 65 or older living in households with annual incomes that do not support economic security. The ...


Living Below The Line: Economic Insecurity And Older Americans, Insecurity In The States 2019, Jan Mutchler, Yang Li, Nidya Velasco Roldán Nov 2019

Living Below The Line: Economic Insecurity And Older Americans, Insecurity In The States 2019, Jan Mutchler, Yang Li, Nidya Velasco Roldán

Center for Social and Demographic Research on Aging Publications

New estimates from the 2019 Elder IndexTM suggest that half of older adults living alone, and 23% of older adults living in two-elder households, lack the financial resources required to pay for basic needs. The Gerontology Institute compares the 2019 household incomes for adults age 65 and above living in one- and two-person households to the 2019 Elder Index for each state and Washington, DC to calculate Elder Economic Insecurity Rates (EEIRs), the percentage of independent older adults age 65 or older living in households with annual incomes that do not support economic security. The EEIRs allow state and ...


Investigating Treatment Effects Of Participating Jointly In Snap And Wic When The Treatment Is Validated Only For Snap, Helen H. Jensen, Brent Kreider, Oleksandr Zhylyevskyy Oct 2019

Investigating Treatment Effects Of Participating Jointly In Snap And Wic When The Treatment Is Validated Only For Snap, Helen H. Jensen, Brent Kreider, Oleksandr Zhylyevskyy

Brent Kreider

USDA operates several food assistance programs aimed at alleviating food insecurity. Little is known about how they interact. We focus on SNAP and WIC, two of the largest means-tested programs that provide resources to low-income households to purchase food and differ in several respects. Our question is the extent to which participation in both programs alleviates food insecurity compared with participation in SNAP alone. We bound underlying causal effects by applying nonparametric treatment effect methods that allow for endogenous selection and underreported program participation to data from the National Household Food Acquisition and Purchase Survey (FoodAPS). FoodAPS contains administrative data ...


It's Capitalism, Stupid!: The Theoretical And Political Limitations Of The Concept Of Neoliberalism, Bryant William Sculos Oct 2019

It's Capitalism, Stupid!: The Theoretical And Political Limitations Of The Concept Of Neoliberalism, Bryant William Sculos

Class, Race and Corporate Power

This polemical essay explores the meaning and function of the concept of neoliberalism, focusing on the serious theoretical and political limitations of the concept. The crux of the argument is that, for those interested in overcoming the exploitative and oppressively destructive elements of global capitalism, opposing "neoliberalism" (even if best understood as a process or a spectrum of "neoliberalization" or simply privatization) is both insufficient and potentially self-undermining. This article also goes into some detail on the issues of health care and climate change in relation to "neoliberalism" (both conceptually and the material processes and policies that this term refers ...


Development On A Cracked Foundation: How The Incomplete Nature Of New Deal Labor Reform Presaged Its Ultimate Decline, Leo E. Strine Jr. Oct 2019

Development On A Cracked Foundation: How The Incomplete Nature Of New Deal Labor Reform Presaged Its Ultimate Decline, Leo E. Strine Jr.

Faculty Scholarship at Penn Law

Mariano-Florentino Cuéllar, Margaret Levi, and Barry R. Weingast’s excellent essay, Twentieth Century America as a Developing Country, Conflict, Institutional Change and the Evolution of Public Law, celebrates the period during which the National Labor Relations Act facilitated the peaceful resolution of labor disputes and improved the working conditions of American workers. These distinguished authors make a strong case for the essentiality of law in regulating labor relations and the importance of national culture in providing a solid context for the emergence of legal regimes facilitating economic growth and equality. This reply to their essay explores how the New Deal ...


Coastal And Marine Tourism In The Future, Mohammad Nur Mobi, Md. Alauddin Majumder Oct 2019

Coastal And Marine Tourism In The Future, Mohammad Nur Mobi, Md. Alauddin Majumder

Journal of Ocean and Coastal Economics

Having the world's largest unbroken sea-beach and vast coastline, Bangladesh has an immense potentiality to develop sustainable coastal and marine tourism. In Bangladesh, coastal and marine tourism is already in operation, though on a limited scale. But the growth of tourism in this country is lagging behind compared to the world as a whole. The contribution of this sector in the economy of Bangladesh is still below the mark. Therefore, the economy can be benefited by harnessing opportunities pertinent to the country’s coastal and marine tourism. To attract the local and foreign tourists, the country can improve the ...


The Prosperity Paradox, A Review, Ryan Stenquist Oct 2019

The Prosperity Paradox, A Review, Ryan Stenquist

Marriott Student Review

No abstract provided.


Boomers And Fraudsters: A Closer Look At The Financial Elder Abuse Cycle In America, Ryan E. Brown Oct 2019

Boomers And Fraudsters: A Closer Look At The Financial Elder Abuse Cycle In America, Ryan E. Brown

Marriott Student Review

In 2011, a landmark study was published by the Metlife Mature Market Institute claiming that nearly $3 billion disappears from the wallets and bank accounts of senior citizens annually. More surprising is that a similar study reported that figure could be as high as $36 billion. Because so many seniors let incidents of fraud or financial deceit go unreported, there is a huge discrepancy in annual reporting. This contributes to the overall lack of understanding we have of elder financial abuse, or why seniors continue to lose to fraudsters and scam artists. In a brief overview of financial elder abuse ...


Panel 2 Paper 2.3: A Discussion On Rural Transformation In Turkey, Vacide Betül Kurtuluş, Neriman Şahin Güçhan Oct 2019

Panel 2 Paper 2.3: A Discussion On Rural Transformation In Turkey, Vacide Betül Kurtuluş, Neriman Şahin Güçhan

Rural Heritage - Landscapes and Beyond / PATRIMOINE RURAL: Paysages et au-delà

Rural areas represent an indigenous culture and richness of a native society. The environment made by this society is a product of local culture, built by the use of available local materials, considering local production and lifestyle of the villages. Continuity of rural areas is necessary for safeguarding a specific landscape – which has specific features – on earth with its components. A specific landscape can sustain only with a continuous rural life. For a sustainable rural life, the income source of the inhabitants which is mainly based on production should be continuous.

In Turkey, in rural areas, most of the population ...


Policy Interventions For The Development Of The Blue Economy In Bangladesh, Pierre Failler, M Gulam Hussain, Khurshed Alam, Ahmad Al Karim Oct 2019

Policy Interventions For The Development Of The Blue Economy In Bangladesh, Pierre Failler, M Gulam Hussain, Khurshed Alam, Ahmad Al Karim

Journal of Ocean and Coastal Economics

Between 2012 and 2014, disputes over maritime boundary with Myanmar and India were favorably settled for Bangladesh, resulting in the expansion of its territorial waters of more than 30% and the country received entitlement to 118,813 km2 in the Bay of Bengal. This achievement offers a wide range of new economic opportunities for jobs & growth around marine and coastal sectors such as marine fisheries, marine aquaculture, tourism, exploitation of natural resources, trade and energy. This created new opportunities to exploited the untapped potential of these waters. The challenge will be to develop smart and sustainable solutions to meet ...


Blue Biotechnology, Renewable Energy, Unconventional Resources And Products As Emerging Frontiers At Sea, Sheikh Aftab Uddin, Mohammad Mahmudul Islam Oct 2019

Blue Biotechnology, Renewable Energy, Unconventional Resources And Products As Emerging Frontiers At Sea, Sheikh Aftab Uddin, Mohammad Mahmudul Islam

Journal of Ocean and Coastal Economics

Blue biotechnology, renewable energy and unconventional marine living resources are considered as emerging frontiers for enhancing ocean-based blue economy in Bangladesh. Blue biotechnology can help both fisheries and aquaculture industry by producing fish varieties that can become quicker, more beneficial, and greater with tastier flesh, by developing gene transfer technology to be used to develop the growth of fish or by using of monoclonal antibodies and DNA probes to new diagnostic strategies for pathogens. Transformation of marine bioresources (main, co-product and by-products) into food, medicine, animal feed and related bio-based items i.e. cosmetics, nutritional supplements, enzymes, agrichemicals etc could ...


Future Importance Of Maritime Activities In Bangladesh, M Gulam Hussain, Pierre Failler, Subrata Sarker Oct 2019

Future Importance Of Maritime Activities In Bangladesh, M Gulam Hussain, Pierre Failler, Subrata Sarker

Journal of Ocean and Coastal Economics

Blue Economy is a concept of economic growth through the sustainable utilization of ocean resources with technological inputs to improve livelihoods and meet the growing demands for jobs without hampering the health of the ocean ecosystem. This paper offers an overview of current maritime key activities, major trends and scenarios, future blue economy development activities with economic and social importance, ecological importance and blue economy policy framework. This paper also focuses on the major constraints and challenges. The current maritime key activities include extraction of living and non-living resources, land based activities, trades and transportation, shipbuilding and ship breaking, tourism ...


Summary: Designing Successful Carbon Markets, Arthur Van Benthem Sep 2019

Summary: Designing Successful Carbon Markets, Arthur Van Benthem

Wharton PPI B-School for Public Policy Seminar Summaries

There are a lot of developments happening right now in carbon markets in different parts of the world—from New Zealand to Canada and many points in between. As policymakers continue to explore cap-and-trade in the United States, there is much to learn about what does and doesn’t work from these carbon markets already in place.