Kelley School of Business


Kelley School of Business
Clinical Associate Professor of Business EconomicsKSB Faculty Liaison for Undergraduate Student Engagement

Areas of Expertise

Corporate Social Responsibility, Sustainable Business Strategy, and Non-Market Risks from Activists & Public Policy

Academic Degrees

  • BS, Florida Southern College, 1999
  • MA, West Virginia University, 2002
  • PhD, West Virginia University, 2003

Awards, Honors & Certificates

  • Alpha Kappa Psi “Teaching Excellence Award”, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018
  • IU Trustees Teaching Award, Kelley School of Business, 2008, 2011, 2013, 2018
  • Kelley School of Business, Panschar Teaching Excellence Award, 2007, 2018
  • Kelley School of Business, Outstanding Service Award, 2017
  • Kelley School of Business, Innovative Teaching Award, 2015
  • Kelley Direct, Outstanding Faculty Teaching Award, 2009
  • Memorable Faculty Award Kelley Undergraduate Seniors, 2008, 2009
  • General Motors, TEP Outstanding Distance Learning Faculty Award, 2007, 2008

Selected Publications

  • Nesbit, Todd M. and Steven F. Kreft (2009), “Federal Grants, Earmarked Revenues, and Budget Crowd-Out: State Highway Funding,” Public Budgeting & Finance, Vol. 29, No. 2, Summer, pp. 94-110.

Abstract This paper examines the potential for budget crowd-out in state highway financing. Highway projects are funded primarily through state earmarked tax revenues and federal highway grants. Theoretically, these two sources of revenues could crowd-out state general funds, freeing up these funds for other uses. Previous studies of highway funding show little evidence of significant crowd-out, providing support for the "flypaper effect." The empirical model of this paper better controls for the endogeneity of federal highway grants and state earmarked highway revenues than previous studies and results suggest little to no crowd-out. Also, our study concludes that state budgeting decisions in the post-Intermodal Surface and Transportation Efficiency Act era still support the "flypaper effect." 

  • Kreft, Steven and John Maxwell “NGO Warning to Retailers: Stock Up on CSR” Perspectives on Retailing, Kelley School of Business, Center for Education and Research in Retailing (Fall 2008).

Abstract please see: 

  • Kreft, Steven F. and Nancy M. Epling “Do Border Crossings Contribute to Underage Motor-Vehicle Fatalities? An Analysis of the Michigan Border Crossings.”  Canadian Journal of Economics, v40, n3, (2007): 765-781

Abstract Currently, Michigan residents can avoid the national drinking age of 21 by crossing into Ontario where the drinking age is 19. This paper explores the impact that border crossings, connecting areas with different minimum legal drinking ages (MLDA), have on motor-vehicle fatalities. We analyze border crossings connecting Michigan to Ontario, as well as to its surrounding states in the period in which Michigan’s MLDA was raised to 21. Using a “differences-in-differences-in-differences” approach we find that the MLDA change did not contribute to increased underage fatalities in border crossing counties.

  • Mafi-Kreft, Elham and Steven F. Kreft (2006), “Importing Credible Monetary Policy: A Way for Transition Economies to Fight Inflation?” Economics Letters, v 92, No.1, July.

Abstract In the 1990s, transition economies were rearranging their monetary regimes. This paper compares the chosen regimes based on the level of discretionary power and the ability to control inflation. Results show that non-discretionary regimes produce lower and more stable inflation.

  • Kreft, Steven F. and Russell S. Sobel (2005), “Public Policy, Entrepreneurship, and Economic Freedom,” The Cato Journal, Vol. 25, No. 3, pp. 595-616.

Abstract With the recognition that entrepreneurial activity is a key factor in economic growth, many local governments have begun to enact policies targeted at promoting entrepreneurship. One frequently cited strategy for promoting entrepreneurial activity is to attract large amounts of venture capital, in the hopes of inducing more entrepreneurial activity. In this paper we test the direction of causality between venture capital and entrepreneurial activity and find that it is the presence of entrepreneurial activity that draws venture funding to an area, and not vice versa. Thus, enacting policies consistent with economic freedom, which provide a good environment for attracting or developing individual entrepreneurs, are the appropriate economic development policies.

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