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FIEC students and faculty attending the Scholars Forum Awards Brunch. Front row, l to r: Stephanie Jozefowicz, Kelly Szolek, Saniya Metcalf-Harris. Back row, l to r: Yaya Sissoko, Ryan Little, Nathan Kociela, Jackson White, Kaitlyn Donaldson, Aaron Burkhart, Brandon Vick

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 brunch held in the Blue Room on April 22, 2026.

Volunteer faculty, alumni, and friends-of-the-university judges attended oral and poster presentation sessions during the twenty-first annual ÃÜÌÒÊÓƵ Scholars Forum event held earlier in April, and 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 brunch.

Eberly College of Business Outstanding Poster Presentation

• Jackson White (BA, Political Science and Economics/Honors double major) presented “The Effects of Intermediate Punishment on Recidivism” (faculty mentor, Brandon Vick)

White, one of four students selected for the 2026 ÃÜÌÒÊÓƵ Justice Research Fellowship Program, investigates the effectiveness of Intermediate Punishment programs as an alternative to incarceration by analyzing recidivism outcomes among 234 participants from Armstrong, Clarion, and Indiana counties. Using demographic, offense-related, and treatment-related data, the project examines how participant characteristics relate to recidivism, estimates cost savings achieved through diversion from incarceration, and extends prior research by tracking outcomes through the fourth year of observation.

White said, “I am incredibly grateful for the opportunity to serve as a Justice Research Fellow. It allowed me to engage in meaningful research and apply the concepts I am learning in my economics coursework to real-life criminal justice issues that are affecting local communities. I am thankful to the ÃÜÌÒÊÓƵ Administration and Leadership Studies Research and Training Center, as well as the Pennsylvania Commission on Crime and Delinquency, for their support and for providing students like me the opportunity to contribute to impactful research.”

Eberly College of Business Outstanding Podium (Oral) Presentation

• Saniya Metcalf-Harris (BS, Marketing and Economics/Honors double major) and Kaitlyn Donaldson (BS, Finance and Economics/Honors double major) copresented “Keystone Crimes: Understanding the Reasons for Crime in Pennsylvania Counties” (faculty mentor, James Jozefowicz)

Metcalf-Harris and Donaldson examine the relationship between total crime rates (excluding manslaughter and negligence) and various regressors using panel data for 67 Pennsylvania counties between the years 2010 and 2023. To analyze this data, an Ordinary Least Squares regression was utilized. The outcome of the regression shows that the total crime rate is positively influenced by the poverty rate, median household income, the arrest rate, nonwhite population, unemployment rate, and whether the county is urban or not. The total crime rate is negatively influenced by male, young, old, high school dropout rate, percentage of female-headed households, and percentage of workers in manufacturing, agriculture, and construction.

Discussing the context for their participation in the Scholars Forum, Metcalf-Harris said, “My co-author and I entered the Scholars Forum not to win, but to grow, and it was a learning experience we embraced wholeheartedly as future professionals! We trusted the process and, more importantly, trusted our faculty advisor, Dr. James Jozefowicz, who has always believed in us more than we believed in ourselves. To every student out there, stop waiting until you feel ready and just put yourself in rooms that challenge you—taking the Introduction to Econometrics and Advanced Econometrics courses definitely will do that for you. The FIEC faculty will prepare you, support you, and remind you of what you’re capable of.”

Donaldson added, “Presenting at the Scholars Forum was a major learning experience and an opportunity to challenge myself. Stepping outside of my comfort zone allowed me to grow professionally, better my communication skills, and gain confidence in presenting. For future students, I would encourage you to step out of your own comfort zone and pursue opportunities that challenge you to grow beyond expectations.”

Eberly College of Business Undergraduate Dean’s Award

• Ryan Little (BS, Finance and Economics/Honors double major) presented “The Macroeconomic Forces that Affect Equity Returns and Why They Vary Across Equity Sectors” (research conducted with Tyler Blystone ‘25; faculty mentor, James Jozefowicz)

This study examines how macroeconomic variables impact the United States’ returns on equity and why their influence varies across market sectors. With quarterly series covering the first quarter of 2000 to the first quarter of 2025, Ordinary Least Squares regression models are used to test the influence of real gross domestic product, the Producer Price Index, unemployment rate, and oil prices on the S&P 500 ETF (SPY) and the Consumer Discretionary Select Sector ETF (XLY) as an alternative for the consumer-oriented sector. Little reports results that show that RGDP exerts a significant and positive effect on both indices. PPI holds a negative and significant effect on SPY but not on XLY. The unemployment rate has a positive effect on both models. Oil prices are negligible but vary in signs by industry, indicating that they move differently in response to changes in input prices.

“As a double-major in finance and economics, my research allowed me to combine both of my fields into one cohesive study,” said Little. “I thoroughly enjoyed the process as it allowed me to develop a much stronger understanding of economic modeling by actually producing research rather than just learning about previous studies conducted by others. It allowed me a hands-on learning experience that was vastly different from previous learning endeavors, and I am thankful for that. I encourage anyone with the opportunity to start a study from scratch, through the phases of eventually presenting it to others, to do so, as the experience is valuable from many perspectives.”

ÃÜÌÒÊÓƵ Libraries Undergraduate Research Award (sponsored by ÃÜÌÒÊÓƵ Libraries)

• Nate Kociela (BA, Economics/Honors) and Jackson White (BA, Political Science and Economics/Honors double major) copresented “The Attendance Curveball: Examining What Drives Fans to MLB Ballparks” (faculty mentor, James Jozefowicz)

Kociela and White analyze the determinants of attendance at Major League Baseball games with a panel dataset of all 30 teams over 10 seasons, from 2010 to 2019. The study employs ordinary least squares regression to assess how on-field performance, team success, and regional economic factors influence attendance. Independent variables used include World Series wins, area population, real household income per capita, number of All-Stars, and games won, among others. A panel data sample is analyzed using ordinary least squares regression. Results suggest that wins, the Fan Cost Index, winning percentage in the prior season, and the unemployment rate positively influence average attendance, while income appears to have a negative impact.

White said, “Nate and I chose this topic because of our mutual love for the game of baseball and the Pittsburgh Pirates. This study allowed us to combine our interests in baseball and economics by using data analysis to explore why our favorite teams continue to draw large crowds or struggle to attract fans.”

Kociela added, “Through the completion of this research, I was able to hone skills in research writing and data analysis that will benefit me in future coursework and professional settings. Presenting at the Scholars Forum is such a valuable opportunity that every ÃÜÌÒÊÓƵ student should take advantage of if given the chance.”

Excellence in Data Analysis Award (sponsored by the ÃÜÌÒÊÓƵ Applied Research Lab)

• Kelly Szolek (BA, Economics/Honors) presented “Justice for All? Evaluating Public Defender Effectiveness in Pennsylvania” (faculty mentor, Angel Alcantara ’23, M’25)

Historically, Pennsylvania has been one of the few states that does not provide state funding or supervision for indigent defense services, leaving the implementation of such services up to the counties and creating concern in the legal system. In 2023, though, Pennsylvania enacted Act 34, which set aside a portion of the state’s budget for indigent defense services and created the Indigent Defense Advisory Committee to oversee the development of standards for these services.

In this study, Szolek assesses the effectiveness of public defenders using chi-squared statistical tests and odds ratios across variables pulled from cross-sectional data cleaned and provided by the Pennsylvania Commission on Crime and Delinquency in 2024. Effectiveness of indigent defense services since the passage of Act 34 is gauged based on a public defender’s ability to produce certain bail and case outcomes compared to private counsel.

Szolek said, “My research topic is important in helping to address disparities indigent criminal defendants face on the basis of legal counsel they are provided for court. I am incredibly appreciative of my FIEC faculty and coursework, especially Introduction to Econometrics and Advanced Econometrics, for giving me the confidence to tackle the large dataset of over 106,000 court cases in 2024 on which my research was centered. With the support of FIEC faculty, I have seen great growth in my abilities to analyze and explain complex statistical methods, which have been crucial to my professional development. The opportunity to present my research at the Scholars Forum was one of my favorite educational experiences to date, and I would encourage all students to go beyond their doubts and take advantage of an event that truly celebrates student achievement.”

Eberly College of Business Graduate Dean’s Award

• Aaron Burkhart ‘25 (now pursuing MBA) presented “Is the Efficiency of AI Worth the Ethical Concerns in the Insurance Industry?” (faculty mentor, Yaya Sissoko)

Burkhart recognizes AI is revolutionizing the insurance industry, with insurers using machine learning algorithms to underwrite risks, identify fraud, and process claims. This paper posits that unrestricted use of AI technology inflicts demonstrable damage to individuals, the stock market, and the social contract inherent in the insurance business. Data is drawn from the Federal Reserve, Bureau of Labor Statistics, NAIC, and the leading research organizations. Car insurance rates are rising faster than wages, and socioeconomic factors such as zip code and credit score are used in underwriting. Market segmentation reduces the size of insurance risk pools, making insurance unaffordable for the most disadvantaged customers.

Burkhart said, “I would have expected AI to be a tool rather than a means to an end. Rather, data reveals a cycle that is rarely thought about by many. AI models based on past data generated in a discriminatory system perpetuate consumer discrimination. By using the zip code or credit scores as a risk indicator, an AI algorithm may not analyze the likelihood of claims but instead measure poverty levels.”