Kriti Mathur

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2017 Harold R. Mortenson Endowed Scholarship Recipient

Biography: Kriti Mathur is a junior at UCLA with a major in Business Economics and a minor in Accounting. She was born in Delhi, India, and raised in Singapore from the age of 10. She then moved to the United States to attend UCLA in 2015. Kriti loves being a part of UCLA’s diverse and inviting community, and taking advantage of  the various opportunities it offers. She has internship experience working in a startup in Singapore. She holds that experience in high regard as she truly feels like she has learnt about mobile application development from it. Kriti has been interested in event planning and accounting since high school. To get more experience in these fields she worked on campus in the ASUCLA Events office, and the Student Government Accounting office. With a deep passion for volunteering, she continues to be an active member of UNICEF at UCLA and Volunteer for Income Tax Association (VITA). In her free time, Kriti enjoys exploring the beautiful city of Los Angeles, travelling, and watching movies with her friends.

Future plans: Kriti’s experiences with VITA and the UCLA Travel Study Program she was part of in France have inspired an interest in pursuing public accounting, specifically as a tax professional. She will be interning at Deloitte as a tax intern in the summer of 2018. Upon graduation, she hopes to continue working as a tax professional for a few years before going to graduate school for a Master’s degree. Even though she plans to go into public accounting, she wants to always be connected with her community and continue to give back in any way she can.

What does the scholarship mean to me?: It is a great honor to receive the Harold R. Mortenson Endowed Scholarship award as a recognition for my academic achievements. I am deeply grateful for the generosity and support of Mr. Harold R. Mortenson. The scholarship will greatly contribute towards reducing my financial burden as an international student, and allow me to pursue my personal and professional goals without any worry.

 

Natalia Dias Ferrao Levy

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2017 Donald Edward Bragg & Diane Sims Bragg Scholarship Recipient

Biography: Natalia was born and raised in Rio, Brazil and was the only sibling of four to decide to study abroad. When leaving Brazil, she was certain of only a couple things: that she made the right decision and that she wanted to study Business Economics. Her favorite courses at UCLA are astronomy, finance, and – mostly because of the professors – accounting.  At UCLA, Natalia became involved with the Brazilian Student Association, an international business association that helps Brazilian students abroad connect and advance their careers.  Her experience in college helped her realize that what moved and fascinated her were the human connections: inspiring professors and friends from completely different backgrounds. Now at her final year at UCLA, Natalia aspires to work in finance, do a whole bunch of traveling and always prioritize exchanges with great individuals.

Future Plans: Natalia plans to work as a financial analyst in New York or Los Angeles. She wishes to get a CFA and specialize in international capital markets, such as Latin American and Asia-Pacific. Natalia wishes to add value by understanding complexities outside the US and open doors to new scopes of investments. Because of her entrepreneurial side, she also hopes to have her own business venture in something she is passionate about (maybe a Brazilian acai shop in Los Angeles). In the long term, Natalia hopes to work for a philanthropic cause in Brazil, helping low-income Brazilians pursue education and high-skilled careers.

What does this scholarship mean to you?: For me, this scholarship means a few things. It means there are people in the world that believe in encouraging others. It means that hard work pays off. It means that I can remove a part of the financial weight on my family. I am immensely grateful for being the recipient of the 2018 Donald Edward Bragg & Diane Sims Bragg Scholarship. I am humbled that someone looked at my achievements and saw something worthwhile. Receiving the award email was definitely a moment in time I felt the world was smiling back at me. Scholarships represent something that always bring the best in people: others believing in you. I hope one day I can do the same for someone else.

Yu Na Lee

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2017 Venu and Ana Kotamraju Endowed Scholarship Award Recipient

Biography: Yu Na Lee is a senior Economics Major and Digital Humanities Minor at UCLA. Since coming to UCLA, she has worked as an Instructional Consultant at UCLA Library, along with volunteering at VITA for income tax returns of low-income populations in Los Angeles. With having diverse work and internship experiences, she learned accounting, marketing, finance, and data analysis skills. During her free time, she educates herself coding language and statistical tools.

Future Plans: Yu Na Lee is searching for a work that will sponsor her visa in the U.S. upon her graduation, so that she can stay with her family and build professional experience in Finance and Data Analysis. She also plans to study in graduate school further in Statistics or MBA in her future, and meanwhile, hopes to be involved in Business Development department of tech or entertainment field.

What does the scholarship mean to me?: I am very grateful and honored to be a recipient of the Venu and Ana Kotamraju Scholarship award. As an international student from South Korea, paying for all costs for living and education has never been easy due to limited access for aids and employment for foreigners. This award will not only relieve the financial burden on my family but also encourage and support my achievements in academics and career. It also reminds that I am member of the UCLA community and the Economics department, which is such a strong motivation for me to be determined to stay connected to the school even after I graduate. The scholarship drives me to keep working hard and searching for any opportunities available. I hope I would be able to give back to the community in my future as Venu and Ana Kotamraju did. I want to express my gratitude for their generosity again.

Eun Gyu (Andy) Lee

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2017 Jeffrey W. Baus ’59 Scholarship Recipient

Biography: Andy Lee is a fourth year Economics student minoring in Accounting and pursuing the College Honors distinction. He is involved in campus as the Student Ambassador at the UCLA Department of Economics. Andy is passionate about learning and wants to make a positive impact in the community with the knowledge and perspectives he gains at UCLA. He is trilingual in Korean, English, and Chinese and hopes to use his multicultural quality to expand his career opportunities.

Future Plans: Upon graduating in Spring 2018, Andy intends a career in the accounting industry. He has formerly completed an Accounting internship at a mid-tier insurance company and plans on pursuing CPA certification to advance his career. In addition, he plans on traveling to all seven continents and to become fluent in at least 4 languages.

What does the scholarship mean to me?: I am truly honored and humbled to receive the Jeffrey W. Baus ’59 Scholarship. This award recognizes the hard work and dedication I have put forth in my past achievements and encourages me to continue to put in my best effort in all that I do. Mr. Baus’ generosity and support will allow me to focus more on my academics and career planning during my last year at UCLA. As a student who understands the struggles of working while maintaining high academic performance, I hope that one day I will be able to give back to my community just as Mr. Baus has given to his.

Hee Sang Kim

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2017 Lawrence and Joan E. Anderson Scholarship Recipient

Biography: Hee Sang Kim is a third year student from South Korea. He is pursuing a Bachelors of Arts in Business Economics with an Accounting minor. Determined to experience the broader world and the global economy, he came to UCLA to not only pursue his dream in accounting, but also to make a difference in his community. He actively participates in diverse school organizations such as the Student Accounting Society and Global Leadership Association at UCLA. Outside of his academic career, he is a big fan of E-sports such as League of Legends.

Future Plans: Hee Sang will have a tax internship in Andersen Tax this summer and hopes to pursue his career path in public accounting. In the future, he hopes to become a Certified Public Accountant and pursue a Master’s degree in Business Administration. After some time working in the field, Hee Sang plans to start his own accounting firm.

What does this scholarship mean to you?: I am incredibly honored and grateful to receive this scholarship, and I would like to thank Mr. and Mrs. Anderson and their family for their generous support. This award relieves the financial burden on my shoulders and allows me to focus on my academic and professional career. In addition, this award recognizes my academic endeavors and motivates me even more to continue to give back to my community. Once again, I cannot express enough of my appreciation for the Anderson family and the UCLA economics department.

Amelia Harlan

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2017 Patricia and Harry L. Bruce Endowed Scholarship Recipient

Biography: Amelia Harlan is a third-year Business Economics major with a minor in accounting. She grew up on a family farm in Northern California, which shaped the enterprising and hard-working person she is today. At UCLA, Amelia has had the opportunity to take a broad spectrum of challenging courses that match her diverse interests in economics, finance, accounting, and environmental science. Amelia is very passionate about giving back to her community and has gotten involved on campus through the Pediatric AIDS Coalition and Volunteer Income Tax Assistance. In her free time, Amelia enjoys outdoor activities such as hiking, yoga, and also loves attending UCLA sporting events.

Future Plans: Amelia will intern this summer in San Francisco at Deloitte in their audit department. She is excited to get a taste for the professional life in such a thriving city. Amelia is preparing and planning to take the CPA exam upon graduation. She desires to always keep learning, whether that is in a graduate school program or gaining knowledge and experience in a career.

What does this scholarship mean to me?: I am extremely grateful and humbled to receive the Patricia and Harry L. Bruce Endowed Scholarship. I am honored for the recognition of my accomplishments and hard work. This scholarship will allow me to have less of a financial burden as I finish my undergraduate degree and pursue my career goals. I am very thankful for Mr. and Mrs. Bruce for their generosity in creating this endowed scholarship and I am motivated to continue to strive for success in the future.

Dalia Badih

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2017 Robert D. and Margaret A. Wark Memorial Scholarship Recipient

Biography: Dalia is a 3rd year student at UCLA majoring in Economics with a  minor in Film, TV, and Digital Media. Born and raised in Kuwait, Dalia is enjoying exploring all that LA has to offer. Since coming to UCLA, Dalia has been involved in multiple film and photography clubs, the UCLA Rowing team, and the Epsilon Alpha Sigma sorority. Previously, Dalia interned for the Central Bank of Lebanon, and competed in a 6 month business plan competition hosted by PwC, both which fostered her passion for economics and business. She recently worked at the Beverly Hills Chamber of Commerce where she learned a lot about government affairs, marketing and branding. When she’s not busy with school or work, Dalia enjoys playing basketball, going to TV show tapings and movie premieres, and trying new foods.

Future Plans:  After finishing her degree this summer, Dalia is eager to find a career that brings together her passion for economics and analysis with her love for creative expression. She hopes to be able to work full-time in the consulting or entertainment industries, and eventually pursue an MBA or law degree.

What does the scholarship mean to me?: I am deeply honored to have been selected as a recipient of the Robert D. and Margaret A. Wark Memorial Scholarship and am extremely grateful for The Wark Family’s generosity and support. This scholarship really means a lot to me because it serves as a special recognition and reaffirmation of all my hard work and academic achievement. In addition, because of this scholarship, I can now focus more of my time to my academic, extracurricular, and professional pursuits. I am truly touched by the Wark Family’s giving values and hope that one day I will be able to pay it forward and help other students achieve their goals.

Emilie Birchler

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2017 Professor Henry Simons Endowed Undergraduate Scholarship Recipient

Biography: Emilie Birchler is a currently a third year Business Economics major with an Accounting minor.  She is currently an undergraduate Teaching Assistant for Professor Gordon Klein, where she assists in both his personal and corporate taxation classes. Since coming to UCLA, Emilie has also been working at Resolution Economics, an economic litigation-consulting firm. This past summer, she spent six weeks in Europe where she enjoyed being immersed in local culture and this trip also sparked an interest in international taxation. In her spare time, she enjoys volunteering with campus ministry and trying new food at hipster restaurants.

Future Plans: In the future, Emilie plans to pursue her CPA and work in public accounting.  She is excited about her internship with Deloitte this summer where she will be working in Business Tax services. Upon graduation, Emilie plans to work in public accounting. She eventually plans to attend law school and hopes to work as a taxation lawyer.

What does this scholarship mean to me?: I am incredibly honored and grateful to have received this award and I am so thankful for all the donors who have supported me in my education. This scholarship has greatly helped me alleviate the financial burden and has allowed me to spend less time at work and more time on my studies and extra-curricular activities. I am inspired by donor’s generosity and will work hard to achieve my goals so that one day I can give back to my community as well.

 

Regulations and Competition in Subsidized Insurance Markets

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2017-10-28-13-40-59

Richard Domurat

The U.S. government has been increasingly relying on markets to deliver public health insurance benefits. In this setting, policymakers not only need to consider the direct provisions to consumers (e.g. the level of the subsidy) but also how the subsidized markets function (e.g. the characteristics of the products offered). The exchanges established by the Affordable Care Act (ACA) are a recent example of this, where private insurers compete for subsidized consumers that don’t get coverage through an employer.

In his PhD dissertation, Richard Domurat studies what determines the outcomes we see in the ACA exchanges. In the ACA markets, there tends to be few insurers, many consumers with low levels of coverage (e.g. “Bronze” plans), and roughly half of the eligible population remaining uninsured instead of buying a plan. These patterns are generally contrary to the objectives of policymakers, which leads one to ask what is driving them. A common explanation that is consistent with these observations is that generous plans and the market as a whole are adversely selected—driven by enrollees with the highest risk. This explanation cites regulations in the law such as how premiums cannot vary by health or gender, which can increase premiums for low risk consumers. The study explores this explanation and explanations driven by other features in the market, namely characteristics of the consumers.

Domurat builds an empirical model of consumer choice (demand) and insurer profits (supply) to examine how regulations and market primitives drive market outcomes in equilibrium. To estimate the parameters of the model, he uses data on enrollment decisions and plan characteristics from California’s exchange. By combining these data with the economic model, he quantifies what plan characteristics are valuable to consumers, how profitable plans are, and simulates different regulatory environments.

The study indicates that consumer preferences, as opposed to the cited regulations, drive many of the aforementioned outcomes. Specifically, consumers are highly sensitive to premiums—for example, plan enrollment on average declines by about 4% for just a $1 increase in the premium. This high price elasticity has two implications. First, the common choice of low coverage plans is not driven by adverse selection but rather the preference for low premium plans. Second, it implies plan profitability is low, and prices become competitive after a small number of entrants. Therefore, it is unsurprising that so few plans compete in many ACA markets where fixed costs are high.

The broader implication of this work is that markets such as the ACA exchanges can deliver health care at premiums close to costs and provide low-price plans that people value.  This is especially true in California where regulators have taken additional steps to enhance competition.

James Min

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James Min

James Min

James Min, a UCLA alumnus, is the founder of Telos Advisors – a boutique investment bank with offices in Santa Monica and San Francisco. During his undergraduate years at UCLA, James obtained his Bachelor of Arts degrees in both Business Economics and Political Science with the intention of someday going to law school, but instead went on to pursue careers in finance and technology.

As a current guest lecturer for an internet strategy upper division course (Economics 106T), James always finds it odd that he teaches in the very classrooms where he was once a student. As an undergraduate, he was strongly involved with the Undergraduate Business Society and wrote for the Asian American newsletter. Academics aside, he loved the social aspect of UCLA as it enabled him to forge lifelong friendships and memories. Years later, he still has many interesting stories to tell, like sneaking into Pauley Pavilion with his friends late at night to play basketball. He believes that what you get out of college is essentially what you put into it.

After working at different tech startups and investment banks for several years, he started Telos Advisors in 2013. Telos Advisors provides M&A advisory and capital raising services to companies in the Internet, Digital Media and Software industries. The initiative for Telos came from his explicit interest in technology and its ability to revolutionize the world. It was also an opportunity to implement his own work philosophies and to do things differently. This meant picking the right clients that are a good cultural and business fit, limiting administrative obligations and enhancing productivity, a unique advantage for a small firm. It also meant creating a fertile work environment that allows employees to advance the goals of both the company and themselves. As a CEO, he not only finds himself making changes to enhance the retention of employees, but is also emotionally invested in their development. He is especially proud when the junior analysts move onto other careers and beat out candidates that come from much larger, global investment banks. It proves that they learned valuable lessons during their time at Telos.

While James has been successful in his business venture, forming his own investment bank came with its own set of challenges. The biggest challenge is that James is ultimately accountable for all the decisions the firm makes, from selecting which clients to take on, to hiring and firing. Another challenge is trying to anticipate and understand the impact of changing markets on boutique banks like his.  But despite the risks and challenges, James has thoroughly enjoyed his entrepreneurial journey.

For students at UCLA aspiring to be investment bankers one day, James has some advice. First and foremost, he insists that students must know their finance and be skilled in communicating this understanding. He also encourages students to do more internships as it shows interest and allows them to develop skills that will be required in a full-time position. He believes that being successful once you get the job is as important as getting the job itself. To James, there are two qualities that distinguish an investment banking analyst from the others: 1) a genuine interest and curiosity in the job and companies you work with; and 2) taking pride in one’s work and work product.

By Aditi Ganesh and Radhika Ahuja