Research Question (25 points): Describe the research question, variable of interest, and dependent variable.

Motivation (25 points): Discuss your motivation to examine this effect (e.g., Why is this effect important to a firm or the capital markets? What triggered your interest to explore this effect?)

Hypothesis Development (20 points): Why do you believe the effect of the variable of interest on the dependent variable is positive or negative? If possible, please use prior literature or anecdotal evidence (e.g., a WSJ article) to support your argument. Specify the Multivariate Ordinary Least Squares

Regression Model (25 points): Dependent variable = variable of interest + control variables Describe how the dependent variable and variable of interest will be measured, and what control variables you will include in your regression model.

Data Used (20 points): Describe what sample and what time period (e.g., public firms in U.S. from 2000-2020) will be included in your study. Expected

Results (10 points): Describe the expected results for this proposal (e.g., find a positive coefficient on the variable of interest, indicating a positive association between the variable of interest and the dependent variable), which will support your hypothesis.