Date of Award


Degree Type

Creative Project

Degree Name

Master of Science (MS)


Economics and Finance

First Advisor

Tyler Brough

Second Advisor

Ben Blau

Third Advisor

Paul Fjeldsted


This paper studies the impact of immigration policy on financial markets. I estimate the cumulative abnormal returns surrounding two events the effective start date of the Immigration Act of 1990 and the implementation of the Temporary Protected Status (TPS) of Nicaragua and Honduras in 1999. Focusing on agriculture, construction, and manufacturing firms, I find that the CARs surrounding the events are indeed positive and significant, suggesting that the market anticipated growth among industries that are likely to hire Central American immigrants.