OU - Dissertations

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Open Access
3 Essays in Local Public Finance through Housing and Education
(2020-12-18) Norwood, Brent; Burge, Gregory; Rogers, Cynthia; Kuruc, Kevin; Ransom, Tyler; Carlson, Deven
In the first chapter, we investigate the relationship between student test scores and discipline outcomes in Texas public schools and whether or not schools participated in the Universal Free Breakfast Program (UFB). Eating a routine breakfast leads to increased physical and mental performance, as well as test scores. Surprisingly, there has been little focus on how eating a routine breakfast affects disruptive behaviors. We compile a panel data set from two administrative sources in Texas, spanning school years 2011/2012-2016/2107. Using fixed effects models, a staggered difference in differences model, and a fuzzy regression discontinuity design, we find that schools that offer UFB experience higher test scores and have reduced conflict outcomes such as fights, substance abuse, and truancy. These results suggest that the benefit schools receive from taking part in UFB are significant, help their students achieve better outcomes in schooling, behavior, general well-being, and increase funding from lower truancy rates. In the second chapter, we investigate how the technique of hydraulic fracturing or "fracking", has made it possible to produce vast new quantities of oil and natural gas. States like Colorado, Texas, and Oklahoma have seen a dramatic increase in the number of wells for both oil and natural gas. In this study, the main source of exogenous variation to be explored is the location of oil and natural gas well sites over time, relative to home locations. We estimate the effect of hydraulically fractured natural gas and oil well sites on both urban and rural residential home prices between 2000 to 2018. The data stems from the U.S. Department of Homeland Security that lists locations of all oil and natural gas wells, and from Zillow's ZTRAX data base which contains home transaction and administrative data. ArcGis is used to create varying buffer zones sizes around well sites, exploring how average home prices changed before and after a well opens. First, a zip code level fixed effects model is used. Second, household level fixed effects models and repeat sales models are implemented. Lastly, a spatial differences in differences (SDID) approach is used. Our results show that homes within .5 mile of a well have a 2.9% increase in selling price and homes that are .5-1 mile from a well site see a 1.2% increase compared to homes that are more than 2 miles away. In the third chapter, we are interested in flat rate tuition and how it has effected student registration behaviors and academic performance. The cost to attend college has risen drastically over the past decade. This sharp increase has caused universities to reevaluate tuition pricing schemes how they charge tuition in efforts to keep enrollments and revenue's high. There is growing interest in flat rate tuition (FRT) where tuition is based on 15 credit hours per term for students enrolled in 12-19 hours. Thus, the marginal cost for over 15 credit hours is effectively zero. This new tuition pricing system has two big impacts on the student body. First, it can alter the academic performance of students. Second it can alter their registered and attempted semester course loads. Using a linear probability model and fixed effects regression models, find that under FRT, students register for more classes, attempt more credit hours, and have higher semester, yearly, and graduation GPA's compared to students that paid per credit hour. Using a rich data set from the University of Oklahoma, we compare cohorts of students facing different tuition schemes: no FRT (or per credit hour tuition), 1, 2, or 3 years of FRT, and all years of FRT, from the Fall of 2008 to Spring of 2018.
Open Access
An Analysis of State and Local Public Expenditure and Output-Maximizing Spending Optimums
(2008) Miller, Kenneth Adams; Kondonassis, Alex
Much academic literature exists surrounding the relationship between government size and economic output at the federal level, yet only a few studies investigate such a relationship at the sub-federal level. This work concentrates on the relationship between the public sector and economic performance using data from state and local governments within the US states over the 1976-2005 period. Thus, the purpose of this quantitative study is to investigate the effects of public expenditure on the economic output of the states. This investigation seeks a unique government spending optimal for each of the 50 US states by applying methodology developed for the federal level by Richard Vedder and Lowell Gallaway. Therefore, a secondary purpose of this study is to test the applicability of their model for the state and local level. The findings do not confirm the existence of state-specific spending optimums in a consistent manner, suggesting the model is not transferable to the sub-federal level. Using a modified time setting and aggregate state and local spending data, regression results provide confirmation of an Armey Curve and a spending optimal that is several percentage points higher than the Vedder and Gallaway conclusion. This finding strengthens the argument that the relationship between the public sector and economic growth depends on elements that change with time. Since theoretically there should exist an optimal level of spending for each state and expenditure category, further study is warranted.
Open Access
An analysis of the economic and ideological factors involved in the development of rights to water in the West :
(The University of Oklahoma., 1984) Penn, David A.
The last portion of the study offers an empirical test of the hypotheses generated by the model. Ordinary least squares equations are estimated, using the number of water rights cases as an indicator of defining and enforcing activity. The independent variables are an index of streamflow as an indicator of the supply of water diversions, and the value of crops per acre as an indicator of the demand for water. The independent variables account for a large proportion of the variation in water rights litigation.
Open Access
An analysis of the work and family structure incentives generated by Oklahoma's tax and transfer system.
(2001) Hepner, Mickey Alden.; Reed, W. Robert,
This study also calculates the family structure incentives present in welfare policy. Contrary to previous work, the author assumes that a couple has three potential family structures: marriage, cohabitation reported to transfer agencies, and unreported cohabitation---cohabitation concealed from transfer agencies. The study finds that there are large payoffs to concealing cohabitation. In some instances, the couple could nearly double their resources with unreported cohabitation compared to marriage.*
Open Access
Analysts' earnings forecast revisions and errors in antidumping (AD) petition investigations.
(2003) Basyah, Mohammad.; Hartigan, James C.,
Previous assessments of the value of antidumping (AD) petitions have utilized event studies. These estimate the significance of abnormal returns to security holders of the pertinent firms at important decision dates in the AD investigation. However, security holders have varying degrees of information about the prospects for their firm. The present study estimates the significance of earnings forecast revisions and the accuracy of those forecasts around these dates by brokerage firm analysts. Analysts maintain a professional relationship with the firms that they follow. As such, they are assumed to be better informed than the average security holders. Their earnings forecast revisions, accuracy, and bias should provide a superior estimate of the value of the petitions to the pertinent firms. We provide evidence that analysts expect declining performance from pertinent firms in first year earning when the ITC-Preliminary decision turns out to be negative; but possible improvement in second year earning upon learning the Department of Commerce final decision. We provide no evidence that the filing of an AD petition or the announcement of the verdicts of the investigation affects analysts' expectation about firm five year (long-term) earnings growth. Therefore, our finding shows that the AD petition investigations affect analyst's expectations about firm performance on a short-term basis. We also find that analysts may anticipate their second year earnings forecast three months and one month before the filing date. When we examine analysts' forecast errors in the year following the filing of AD petitions, we find no evidence that the filing of an AD petition affects analysts' forecast accuracy or bias.
Open Access
Analyzing the effects of demand uncertainty on inventory in six United States retail sectors using multivariate GARCH-M models and life and property-casualty insurance industry comparisons four years after the enactment of GLBA.
(2006) Mustafa, Matrodji.; Smallwood, Aaron D.,; Sutter, Daniel S.,
Chapter 2. Following GLBA of 1999, previous studies recommended that banks enter the life insurance industry rather than property casualty insurance based on their prediction that the combined firm would have a less volatile return. Their recommendations are based on industry return and volatility data before the enactment of GLBA in which the life insurance firms had less volatile returns than property-casualty insurance. The theoretical background links a higher revenue or demand for financial institution's products with a safer or lower-risk financial institution. This study uses different data and finds that the return and volatility in each and between these two industry segments do not differ significantly upon the enactment of GLBA. This study uses regression models to analyze the premiums earned by the company and the loss ratio to see whether life insurance is more attractive for entrants than the property-casualty industry. The regression results show that during the four-year period after the enactment of GLBA, premiums earned by a life insurance company are higher than premiums earned by property-casualty insurance. The loss ratio equations show that during the four-year period, the loss ratio experienced by life insurance is higher than that experienced by property-casualty insurance.
Open Access
Applied papers in public policy.
(2005) Sadowski, Nicole Leigh Cornell,; Rogers, Cynthia L.,
Safer hurricanes and the role of mitigation: Analyzing population growth and damage in coastal counties. The rising cost of hurricanes and other natural hazards has long been a concern to policy makers and insurance industry executives. A heretofore over-looked explanation of rising hurricane damages is offered here---improved hurricane forecasts and more extensive evacuations have made hurricanes less lethal and reduced the full cost of living on hurricane prone coasts, paradoxically increasing damages. A time varying measure of hurricane lethality is estimated for land falling hurricanes in the mainland U.S. between 1940 and 1999, showing the decrease in fatalities over time. Results from this estimation are used to confirm that the reduction in fatalities in coastal counties has played a role in increasing both population and hurricane damages in these areas. The significant role that mitigation can play in reducing damages is also analyzed.
Open Access
Asymmetries in procurement auctions.
(2002) De Silva, Dakshina Garfield.; Kosmopoulou, Georgia,; Dunne, Timothy,
This study investigates bidder behavior in road construction procurement auctions held by the Oklahoma Department of Transportation (ODOT) in the period January 1997 to August 2000. The first essay, "An Empirical Analysis of Entrant and Incumbent Bidding in Road Construction Auctions, " deals with differences in bidding behavior between incumbent and entrant firms in procurement auctions. The study finds that entrants bid more aggressively and win auctions with significantly lower bids than do incumbents. As a result, the forgone surplus is greater for entrants than for incumbents. The differences in bidding patterns are consistent with an asymmetric model of auctions, in which the distribution of an entrant's costs exhibits greater dispersion than that of an incumbent. The characteristics of rival bidders also have an effect on bidding behavior. The tougher the average rival, the lower the bid and the lower the winning bid.
Open Access
Collapsing exchange rate regime: A theoretical and empirical investigation with special reference to Korea.
(1999) Sim, Sung-hoon.; Kondonassis, Alexander J.,
In addition to these results, this paper provides some policy implications for avoiding a future currency crisis. The implications are taken from both generation models: (1) the need of maintaining stable economic fundamentals (especially, current account balance and enough accumulation of usable foreign reserves) along with a more flexible exchange rate system; (2) the need of a stable financial system by controlling capital flows and thus by avoiding a moral hazard problem.
Open Access
A comparative content analysis of the additions and amendments to the primary treaties of the European Union: Reflecting the manifestation of an evolving shared vision within the European Union.
(2006) Magowan, Joy Renee.; Kondonassis, Alex,
This research focuses on the development of the European Union and on the primary treaties that have been adopted over time and have helped define the goals and structure of the European Union. A comparative content analysis of additions and amendments to primary European Union treaties provides a metaperspective of the treaty process, revealing a pattern of EU development, shedding light on EU integration and on the extent that incremental changes to the treaties may be the manifestation of an evolving shared vision within the European Union. Also considered is the role of text in reifying belief systems and legitimizing institutions. The analysis confirms that the economic foundations established with the European Coal and Steel Community in 1952, and with the European economic Community in 1958 continue to be at the heart of the European Union even as the European Union has expanded into non-economic areas.
Open Access
Corporate diversification and performance: Evidence from Korea.
(2002) Lee, Soon Cheul.; Dunne, Timothy,
This dissertation examines a sample of firms from the 70 largest Korean conglomerates, or chaebols, in order to determine the motivation behind their diversification strategies and to identify the effects of diversification on economic performance. The first essay, "Government Revenue Maximization, External Capital and Corporate Diversification, " examines the argument that firms that have easy access to external capital, which is directly related to government subsidies in Korea, become over-diversified. The empirical analysis shows that firms with a high debt level are the most likely to pursue diversified expansion. Furthermore, this study shows that these firms have a tendency to decrease their diversification level when the government reduces business subsidies. The analysis conducted here is consistent with the argument that extensive and skewed subsidies lead industrial firms to accumulate considerable resources that are a springboard for excessive diversification.
Open Access
A Currency Union Odyssey: Monetary Policy in the CFA Zone
(2019-08-01) Strong, Christine; Keen, Benjamin; Linn, Scott; Hicks, Daniel; Kim, Jaeho; Weinberger, Ariel
This thesis focuses on one of the most important currency unions in the world known as the CFA zone. The goal of this thesis is to draw a comparison of African countries with their own national currencies to African countries that are part of the CFA zone and examine how this affects their macroeconomic performance in terms of GDP growth, inflation or trade. The thesis has 3 chapters. Each chapter should be viewed by the reader as stand-alone papers. Chapter 1 develops a new de facto measure of central bank independence (CBI) based on two recent measures of the turnover rates of central bank governors introduced by Vuletin and Zhu (2011), complemented with measures of alliance with the government in power, captured by prior executive appointment, tribe proximity, and political party affiliation. Using 1980-2009 data from 12 countries from the CFA zone (a currency union) and 18 non-CFA countries, the new index is used to 1) show how CBI affects countries that are part of a monetary union and 2) examine whether CBI can help achieve price stability in Africa. The results suggest that CBI works differently for countries that are currency union members. Unlike countries with monetary independence, where premature removals of central bank governors lead to higher inflation rates. We see the opposite trend for countries that are part of a currency union, this study suggests that premature removals of central bank governors instead lead to lower rates of inflation. This is due to the fact that one of the gains of currency union memberships is discipline in monetary policy where the central banker’s role is to implement monetary policy that ensures the stability of the zone rather than one’s country. So, in cases where the central banker attempts to privilege one country, other member countries can force him out to protect the economic integrity of the union. Chapter 2 examines the benefits of CFA zone membership by estimating the effects of joining the CFA zone on short run business cycles indicators such as income per capita and inflation as well as long-term economic indicators such as trade relations with France and foreign direct investment (FDI) in Mali. Using the synthetic control method (SCM), we show that Mali’s CFA membership has a positive effect on its income, inflation, and foreign direct investment (FDI) but no discernible effect on trade relations with France. We conclude that joining the CFA zone can generate potential economic gains for countries seeking membership by fostering growth and providing price stability but does not necessarily increase trade relations with France even though the CFA is a former French colonial currency. Using data from 1980 to 2009 for 23 African countries (9 CFA countries and 14 non-CFA countries), Chapter 3 examines the effect of commodity price shocks on the likelihood of a central bank governor removal. Governor removals are decomposed into premature removals and ally replacements. Our conditional fixed effects logit models show that commodity price shocks have no effect on the probability of a central bank governor’s premature removal but lead to a statistically significant increase in the likelihood of an ally replacement and this is true for both non-CFA and CFA countries. This trend holds when commodities price shocks are separated into oil/mineral shocks but not for agricultural commodities shocks.
Open Access
The demand for money in a fragmented economy :
(1978) Karatash, Selim C.,
Open Access
Do sales below cost laws protect small businesses?
(2006) Oller, Jeremy David.; Sutter, Daniel,
This paper examines whether state laws to prevent below cost sales provide protection for small businesses beyond the protection afforded by the federal antitrust laws. The paper first identifies the theoretical implications of state sales below cost laws. I find that there are various circumstances when the state law will provide additional protection to the federal predatory pricing laws. The uniqueness of the empirical section of this paper is based on the functional form of the tests and the distinctive features of the state laws used to discern the laws impact on small businesses. I find that state laws do have a small impact on the viability of small businesses in certain industries. Additionally, the differences among the state laws also have an impact on the percentage of small businesses in a state. However, the effects of these laws are relatively understated and potentially inconsistent with the goals of competition.
Open Access
An econometric analysis of the twin deficits hypothesis.
(2007) Ye, Haichun.; Grier, Kevin,
In the end I also extend similar analysis to five OECD countries and show that, in all five selected OECD countries, there is a fairly tenuous connection between the current account balance and the government budget balance in both the long run and short run.
Open Access
Economic reforms in developing economies
(2021-08-05) Chaure, Trupti; Hamory, Joan; Hicks, Daniel; Ghosh, Pallab; Burge, Gregory; Burge, Stephanie
This dissertation comprises three essays on policy program impact evaluation. The first essay (chapter 1) looks at the Employment Guarantee Act policy and its effect on the child sex ratio. The second essay (Chapter 2) investigates the effectiveness Productive Safety Net Program to buffer the negative impact of various shocks experienced by households on child’s outcomes. The last essay (Chapter 3) investigates in No Detention policy of the Right to Education Act and its effect on test scores for students. Limited economic opportunity for women reduces their household bargaining power and the economic value of daughters, amplifying son preference. Chapter 1, co-authored with Dr. Daniel Hicks, studies India’s National Rural Employment Guarantee Scheme salary and mandated at least one-third of workers be women. In a setting where the gender gap in employment and wages are sizeable, NREGS represented both an income shock and a large relative improvement in the labor market for women. We use the staggered roll-out of NREGS to show that districts which implemented the program earlier experienced an improvement in child sex ratios in favor of girls. Although program implementation was non-random, we find impacts exist only in rural areas, not in the urban counterparts of the same district, where NREGS did not operate. Furthermore, effects are larger in middle and upper income districts and districts with the most skewed initial sex ratios, results which are inconsistent with an alternative selection story. Finally, the effects appear only for rural youth sex ratios, not for adult sex ratios, suggesting endogenous migration is not driving the results. Many developing countries have opted for workfare programs to reduce the vulnerability of the poor and to lessen economic inequality. In chapter 2, I investigate the negative impact of household shocks on children’s outcomes and assesses the effectiveness of Ethiopia’s Productive Safety Nets Program (PSNP) in providing a mechanism to cope with these shocks using a fixed-effect model, and a unique counterfactual group approach. Understanding the extent to which the PSNP offsets the negative impact of shocks on children’s growth and welfare is important in accurately assessing the value of the program. In this paper, I find that while certain shocks reduce child school attendance, the implementation of PSNP appears to offset this effect. I find no robust evidence that it plays a similar role for child height or household labor outcomes. The No detention policy act in 2010 guaranteed promotion to the next grade, and no student can be failed or expelled till grade 8. This paper investigates if education quality affected around the time of this law using test scores from Young Lives survey data. The test scores declined for students belonging to both higher and lower levels in test scores distribution.
Open Access
The EEC and the LDCS :
(1978) Turay, Abdul M.
Open Access
The effects of economic integration on economic development :
(1980) Patterson, Seymour.
The determination of net welfare gains or losses resulting from economic integration depends strongly on changes in tariffs that lead to price changes and changes in patterns of trade. Therefore, much of this study was to examine and assess the effects which the discriminatory removal (or reduction) of tariffs within the Central American Common Market would have on production, consumption, and trade and to determine the prices (tariffs inclusive) which caused a shift in trade from the rest of the world, to a growth in trade among partners.
Open Access
The effects of financial development on the income inequality, economic growth, and financial system in Taiwan.
(2002) Hsiao, Chengte.; Kondonassis, Alexander J.,
In the past several decades, there has been a resurging interest in the study of the interactions between economic growth, income inequality, and financial development. Since the introduction of Kuznets's (1955) hypothesis, a great deal of literature has been devoted to the investigation of the causal relationship of economic growth and income distribution. Another major strand of thought, often associated with the work of Goldsmith (1969), Mckinnon (1973), and Shaw (1973), stresses the connection between economic growth and financial development. However, the link between financial development and income inequality has rarely been explored by the scholastic world both theoretically and empirically. It is not only unusual but surprising to see that so little attention has been paid to the study of this area considering a large portion of family in developed countries (DCs) and newly industrialized countries (NICs) engage in the activities of financial market on a daily basis.
Open Access
An empirical analysis of taxation and state economic growth.
(2003) Wibowo, Kodrat.; Reed, W. Robert,
The problem addressed mostly in my study is the endogeneity of tax variables in the growth model. Further, the efforts to find instruments for tax variable are very crucial. I find that demographic, economic, and political structure variables are important for the determination of the change in state tax rates. Special for political issues, this empirical information supports the common knowledge that Democratic legislatures favor higher tax rates compared to Republicans, both in state and federal levels.