Corporate Equality and Equity Prices: Doing Well While Doing Good?

Two competing hypotheses, value enhancing and value discounting, state that implementing socially responsible corporate policies can have positive or negative effects on firm value. This paper tests how a specific type of social responsibility–corporate equality–affects firm value. Corporate equality is measured by the corporate equality index (CEI). This index quantifies how companies treat their gay, lesbian, bisexual, and transgender employees, consumers, and investors. Using a sample of CEI-rated, publicly traded firms in the U.S., we find that, between 2002 and 2006, firms with a higher degree of corporate equality have higher stock returns and higher market valuation (Q). We provide suggestive, causal evidence that corporate equality enhances firm value through better performance in product markets and labor markets: Firms with a higher degree of corporate equality also tend to have larger sales, higher profit margins, higher employee productivity, and attract more employees. These results are robust to the inclusion of unobserved firm-heterogeneities. Overall, our results support the value-enhancing effects of corporate social responsibility.Corporate equality; social responsibility; socially responsible investment; stock returns; performance.

Corporate equality and equity prices: Doing well while doing good?

Two competing hypotheses, value enhancing and value discounting, state that implementing socially responsible corporate policies can have positive or negative effects on firm value. This paper tests how a specific type of social responsibility–corporate equality–affects firm value. Corporate equality is measured by the corporate equality index (CEI). This index quantifies how companies treat their gay, lesbian, bisexual, and transgender employees, consumers, and investors. Using a sample of CEI-rated, publicly traded firms in the U.S., we find that, between 2002 and 2006, firms with a higher degree of corporate equality have higher stock returns and higher market valuation (Q). We provide suggestive, causal evidence that corporate equality enhances firm value through better performance in product markets and labor markets: Firms with a higher degree of corporate equality also tend to have larger sales, higher profit margins, higher employee productivity, and attract more employees. These results are robust to the inclusion of unobserved firm-heterogeneities. Overall, our results support the value-enhancing effects of corporate social responsibility.Corporate equality; social responsibility; socially responsible investment; stock returns; performance

Agglomeration Economies and Local Comovement of Stock Returns

Existing studies in finance have documented the comovement of stock returns of companies headquartered in the same location. The interpretation is that local investors have a “local bias” due to an information advantage on local companies. This paper argues that localized agglomeration economies affect the fundamentals of local companies, resulting in the local comovement of stock returns. Using the data for China A-share listed companies from 1997-2007, we confirm the local comovement of stock returns of companies headquartered in the same city; moreover, the stock returns of a company headquartered in a city with stronger agglomeration economies are also correlated more highly with stock returns of other companies headquartered in the same city. The local comovement of earnings among companies headquartered in the same city is also found, and the local comovement of stock returns is correlated with the local comovement of earnings. We conclude that correlated local fundamentals due to localized agglomeration economies can explain the local comovement of stock returns.Stock returns; Local bias; Agglomeration economies

Master of Science

thesisImproving our understanding of cycling behaviors in urban areas is an important step in producing a more sustainable transportation system. Based on a stated preference survey in Salt Lake City, Utah, this paper studies the influence of attitudes on bicycling behavior. A travel preference factor analysis indicates four attitudinal factors concerning bicycling: safety, direct benefits, comfort, and timesaving. The decision to cycle is positively correlated with the timesaving and convenience factors, whereas preferences on travel comfort level negatively affected bicycling frequencies. Besides attitude factors, bicycling level is the highest among groups with higher education, single and living without a family, do not have access to a car, and who have a positive attitude on bicycling. We also apply a route optimization method to further analyze bicyclists' route choice behavior and preferences toward transportation link level characteristics (e.g., bike lane, slope, traffic speed). The results indicated an influential effect of separated bike lanes. These findings indicate that attitudes, bike lanes, and other demographic factors have a strong impact on bicycling behaviors

Final Report

Manufacturing computer chips involves creating incredibly small and intricate patterns on silicon wafers. Ensuring the accuracy of these microscopic features is critical to the performance and reliability of the chips. Optical scatterometry, a technique that uses light scattering to measure these features, is essential for this quality control process. However, traditional scatterometry methods face challenges: iterative fitting methods are slow, while library search methods require enormous amounts of data. This project investigated the use of deep learning to overcome these limitations and significantly accelerate optical scatterometry. Deep learning, a powerful form of artificial intelligence, can learn complex relationships from data. In this project, a specific type of deep learning network called ResNet was trained using simulated optical measurements. These simulations mimic how light scatters off the microscopic features on a chip. By analyzing this scattered light, the ResNet learns to predict crucial parameters describing the features' shape and dimensions, such as their width, height, and the angles of their sidewalls. The research compared various ResNet architectures and strategies for handling the prediction process. One strategy, called UniNet, uses a single network to predict all parameters simultaneously. Another, called MonoNet, uses separate networks for each parameter, predicting them one at a time. A third approach, ExpertNet, uses a combination of networks to predict groups of related parameters. The findings showed that MonoNet offers the best performance overall, successfully decoupling the parameters and achieving high accuracy with smaller datasets. Further more, real-world measurements are always affected by noise and uncertainties. This research explicitly examined the impact of noise on the deep learning models' performance. By adding simulated noise to the training data, the researchers could assess the robustness of the different network architectures. The results provide valuable insights into developing more reliable and accurate measurement techniques, even in the presence of real-world imperfections

Laser curing of inks for plastic electronic applications

The development of the plastic electronics industry has drawn great interest and inspired technology innovations in a broad area. This has stimulated the rapid development of flexible circuitry manufacturing technologies, including advances in conductive inks, printing technology and most importantly the novel curing technology - laser based curing (or Laser Direct Write). This has the ability to replace the conventional environmentally damaging and time consuming chemical etching method in current Printed Circuit Board (PCB) manufacturing. The work presented in this thesis is an investigation into a frequency doubled Nd:YAG laser curing process of epoxy-based micro-sized particulate silver inks. This 532nm laser curing process filled the gap as no research reported for solidifying conductive microparticle silver ink using this particular laser wavelength at 532nm. This 532nm laser curing process also extended the curing technology with a fast localized heating process. The composition of the epoxy-based conductive silver ink was studied in this investigation. The laser wavelength of 532nm was selected as the silver microparticles can absorb the laser energy more efficiently without the risk of damaging the material compared to infrared wavelength. Liquid-phase epoxy-based particulate silver inks deposited on flexible substrates were irradiated by laser beam at the wavelength of 532nm. This produced a smooth and cured ink with an effectively reduced electrical resistivity. A new laser curing mechanism theory was proposed based on the presented experimental research. 532nm has shown benefits in protecting the flexible substrate used from thermal damage, owing to the high transmittance of the wavelength through the substrate material. Unlike massive solvent evaporation observed in CO2 laser curing at 10.6µm, laser curing at 532nm, transported the solvent component by expelling solvent liquid from the ink system as a result of a radical change in solvent dynamic viscosity at an increased temperature and the molecular excitation followed by the Marangoni effect. Chemical cross-linking reactions to resin system were evidenced by Fourier Transform Infrared Spectroscopy (FTIR), resulting in a fully cured ink with reduced electrical resistivity. Epoxy-based silver ink's physical properties such as density, thermal conductivity were mathematically defined based on a new temperature evolution for use in a 3-D finite element (FE) modelling. A Time-dependent solver was chosen for modelling the thermal field in a 532nm laser curing process of epoxy-based conductive silver ink within COMSOL Multiphysics 4.3b. The modelling results were compared to the experimental thermal images for FE model validation. The impact to laser curing results by changing the absorption of the epoxy-based conductive silver ink was investigated in this FE model

Agglomeration Economies and Local Comovement of Stock Returns

Existing studies in finance have documented the comovement of stock returns of companies headquartered in the same location. The interpretation is that local investors have a “local bias” due to an information advantage on local companies. This paper argues that localized agglomeration economies affect the fundamentals of local companies, resulting in the local comovement of stock returns. Using the data for China A-share listed companies from 1997-2007, we confirm the local comovement of stock returns of companies headquartered in the same city; moreover, the stock returns of a company headquartered in a city with stronger agglomeration economies are also correlated more highly with stock returns of other companies headquartered in the same city. The local comovement of earnings among companies headquartered in the same city is also found, and the local comovement of stock returns is correlated with the local comovement of earnings. We conclude that correlated local fundamentals due to localized agglomeration economies can explain the local comovement of stock returns

Agglomeration Economies and Local Comovement of Stock Returns

Existing studies in finance have documented the comovement of stock returns of companies headquartered in the same location. The interpretation is that local investors have a “local bias” due to an information advantage on local companies. This paper argues that localized agglomeration economies affect the fundamentals of local companies, resulting in the local comovement of stock returns. Using the data for China A-share listed companies from 1997-2007, we confirm the local comovement of stock returns of companies headquartered in the same city; moreover, the stock returns of a company headquartered in a city with stronger agglomeration economies are also correlated more highly with stock returns of other companies headquartered in the same city. The local comovement of earnings among companies headquartered in the same city is also found, and the local comovement of stock returns is correlated with the local comovement of earnings. We conclude that correlated local fundamentals due to localized agglomeration economies can explain the local comovement of stock returns