The Department of Finance and Economics is very pleased that student research completed under the direction of several department faculty members was recognized at an awards luncheon held in the Blue Room on April 23, 2025.
Volunteer faculty, alumni, and friends-of-the-university judges attended oral and poster presentation sessions during the twentieth annual IUP Scholars Forum event held earlier in April. Based on their rubric scoring and comments, results were determined for the various award categories. Student award recipients and their FIEC faculty mentors were invited to attend the luncheon.
Yaya Sissoko, Jim Jozefowicz, Brandon Vick, Alexander Tseng, Emily Schumacher, Catherine Martsolf, Kasey Boring, Angel Alcantara, Malaika Wilmore, Micaela Jebitsch, Allison Johnson, Prashanth Bharadwaj
Eberly College of Business Outstanding Poster Presentation
- Malaika Wilmore (BS, International Business) and Allison Johnson (BS, Finance), “A Diverse Portfolio Focused on the Distinction between Day Trading and Long-term Investing” (faculty mentor: Yaya Sissoko)
Wilmore and Johnson investigated the distinction between day trading and long-term investing with a focus on the role diversification plays in both. By analyzing two hypothetical portfolio scenarios (one diversified, one undiversified) utilizing a day trading strategy that consisted of buying at the day’s low price and selling at the day’s high price for five stocks over a five-day period using historical prices, it was concluded that depending on the experience and information availability of the trader, diversification in day trading is not necessary compared to long-term investing. The recommendation is that diversification is critical in a long-term, passive strategy, but is not in an active day trading strategy.
“I think what was most important about our research was being able to connect with people who are interested in investing in the market but aren’t quite sure how to start or what kind of strategies would be effective for them as beginners,” explained Johnson.
Eberly College of Business Outstanding Podium (Oral) Presentation
- Emily Schumacher (BA, Economics/Honors) and Micaela Jebitsch (BS, Mathematics and Economics/Honors dual degrees), “NHL Attendance, Will You Be There?” (faculty mentor: James Jozefowicz)
Schumacher and Jebitsch, who also jointly received the 2025 Research Award at the Pennsylvania Sports Business Conference, analyzed the determinants of attendance for National Hockey League games with a panel data set of 30 teams over a span of 12 seasons, 2007–08 through 2018–19. A One-way Fixed Effects model is used to analyze economic and team-specific variables in relation to game attendance.
Adding background context for their research, Jebitsch said, “Emily and I chose to explore the economics surrounding NHL attendance as we thought it was the perfect combination of our love for sports and passion for data analytics!” As encouragement to future students to participate in the Scholars Forum, Schumacher added, “It may seem intimidating, but it is a great opportunity to be able to share your research with others and be surrounded by supportive faculty and students.”
Eberly College of Business Dean’s Award (Undergraduate Student)
- Emily Schumacher (BA, Economics/Honors), “Recidivism and Correctional Cost Incurrence Among Indiana County’s Individuals Under Supervision” (faculty mentor: Brandon Vick)
Schumacher, one of three students selected for the 2025 IUP Justice Research Fellowship program, is investigating the 12-month recidivism rate of 285 adults who are under the supervision of Indiana County’s Probation Office. Further research will be done to evaluate the relationship between rearrest rates cross-tabulated against gender, race, age, and offense type, tested for significance using a chi-squared test and logistic regression analysis. Additionally, cost analysis will be used to determine the economic correctional costs incurred by the Indiana County Jail should an individual be convicted and serve a period of confinement.
Commenting on the coursework for which the research was initiated and developed, Schumacher said, “Applying for the Justice Research Fellowship was one of the best decisions I made and would not have been possible without the partnership of IUP professors and the Pennsylvania Commission on Crime and Delinquency. JRF gave me the ability to utilize and develop my statistical analysis skills and apply it to real-world situations by providing insight into the development and introduction of new intervention programs or practices.”
Kopchick College of Natural Science and Mathematics Dean’s Award (Undergraduate Student) and the IUP Libraries’ Research Undergraduate Award (sponsored by IUP Libraries)
- Catherine Martsolf (BS, Biology/Pre-Med/Honors and BA, Economics/Honors dual degrees), “The Efficacy of Bupropion and Naltrexone in Treating Methamphetamine Addiction” (faculty mentor: Daniel Widzowski)
Martsolf examined the combined efficacy of Bupropion and Naltrexone in reducing methamphetamine-seeking behavior using a preclinical mouse model. Through a Conditioned Place Preference paradigm, her study evaluated how these pharmacological agents influence extinction and relapse phases in mice conditioned to associate an environment with methamphetamine exposure.
Martsolf said, “This research is important because there are currently no FDA-approved medications for Methamphetamine Use Disorder, and overdose deaths continue to rise. As someone who wants to become a physician, it’s meaningful to contribute to work that could help fill that treatment gap. What I found most interesting was how animal models can mimic human addiction behaviors and how bupropion and naltrexone may reduce drug-seeking behavior. What I’ve learned is that this combination does show promise in lowering relapse risk, suggesting potential for future treatment pending more clinical studies. My advice for future students is to stay curious, be open to learning through trial and error, and always ask questions. You learn the most when you challenge yourself.”
Excellence in Data Analysis Undergraduate Award (sponsored by the Applied Research Lab)
- Alexander Tseng (BS, Mathematics and BA, Economics/Honors dual degrees) and Kasey Boring (BS, Mathematics and Economics/Honors dual degrees), “Should We Be Worried about Inflation? An Analysis of U.S. Inflation Time Series Data” (faculty mentor: Frederick Adkins)
Tseng and Boring analyzed the determinants of US inflation rates through an econometric analysis of monthly time-series data from March 1987 to January 2025. They evaluated three primary inflation measures—the core Personal Consumption Expenditures price index, the Median Consumer Price Index, and the Multivariate Core Trend inflation—as dependent variables, while assessing the relevance and predictive power of the Phillips curve in the current economic climate. Various explanatory variables are categorized as either expected inflation, cyclical unemployment, or adverse supply shocks and incorporated into the econometric models.
Tseng explained, “The main reason this project was possible is because of the economics courses I have taken. The idea to analyze inflation using the Phillips curve came from ECON 421 Macroeconomic Analysis, considering the effects of imports and globalization came from ECON 345 International Trade, and the skills required to do the analysis came from both ECON 356 Introduction to Econometrics and ECON 456 Advanced Econometrics. Being able to put all of these ideas into a single project is a big accomplishment for me, and I hope to do more data analysis in the future.”
Boring added, “This research project was an amazing opportunity to look at content from past economics courses in new and creative ways, as well as attack a challenging topic. Thanks to the dedication and support from both Dr. Potts and Dr. J, we were able to learn advanced methods of data analysis and combine our passion for mathematics and economics to create something that we are proud of.”
Women in STEM Graduate Podium (Oral) Presentation Award (sponsored by Kopchick College of Natural Science and Mathematics)
- Angel Alcantara (BA ’23, Economics, and MS, Applied Mathematics), “We All Want to Retire: Diverging Paths Leading to Retirement” (faculty mentor: Yu-Ju Kuo)
Alcantara, who recently served as a guest lecturer in ECON 456 Advanced Econometrics, examined the incomes and expenses of an average individual in Pennsylvania in order to see how they fare in terms of saving for retirement. The study analyses three employment paths: a production worker, a PASSHE instructor, and an operations research analyst. Three savings models for each occupation are explored. With a goal of $1.5M for a comfortable retirement in Pennsylvania by age 67, findings show that the operations research analyst easily surpasses the goal, the instructor can nearly reach it, and the production worker is very far from the goal without assistance. After adjusting their budget and employing cost-cutting measures, the production worker can reach the retirement goal.
“I decided on this topic because, like half of Americans around my age, I haven’t started saving for retirement. This project has forced me to examine my own finances and savings in a way I hadn’t before, which is very important as I gear up to graduate and begin my career,” said Alcantara. She also noted, “This research has also been surprisingly unique. Based on my survey of the literature, very few people have this granular approach to retirement saving research.”