bluuebunny/crossref_metadata_2025 huggingface dataset:
Annuities in Early Modern Europe
Authors: Poterba James M
Published: November 2023

The private annuity market in the United States today is small. While there are substantially larger markets in other nations, notably the United Kingdom, most economics research on the annuity market focuses on explaining why so few households choose to purchase life annuities. New investigations of annuity pricing are rare, and they focus on the appropriate actuarial models for life expectancy of the annuitant population.
German Debt in the Twentieth Century
Authors: Guinnane Timothy W
Published: November 2023

Germany, more than any other country, experienced the turbulence of the twentieth century. That turbulence is reflected in its economic and financial history. The German economy twice experienced the ruin of total war, then the painful process of re construction and reestablishing trade and financial ties with old economic partners. Germany also underwent an event rare even among countries with that much experience of war: divided into two countries by the victorious Allies in 1949, Germany reunited in 1990. The “united Germany” of today is not as large as the German Empire that entered World War I in 1914, but it is once again the largest country entirely in Europe, and easily the largest and most important of the European economies.
King Leopold’s Bonds
Authors: Harms Robert
Published: November 2023

In the summer heat of 1908, the furnace in the Palace of Brussels ran day and night for an entire week. King Leopold II was burning the archives of the Congo Independent State, a country that had been his private possession for twenty-three years and now was about to be taken away from him by the Belgian government. “They will have my Congo,” he declared, “but they will not know what I did there.”
Why Marriage?
Authors: Fineman Martha Albertson
Published: November 2023

Mary Lyndon Shanley seeks to fill a perceived gap between American conservatives, who decry the state of marriage in the United States, and their critics, for whom she seems to have much sympathy. She identifies as the primary problem a so-called lack of “alternatives” to the marriage-promotion movement and proposes a comprehensive plan that combines a love for equality with a respect for the institution of marriage. Unfortunately, Shanley’s plan is as shortsighted as our government’s family policies, evolved over a half century of “reform.” An analysis that perpetuates the primacy of marriage excludes nonmarital relationships. At the same time, wishfully extolling the virtues of equality in marriage does nothing to implement it or to address the difficulties that many American families face.
Verbal Ellipsis with One Licensor
Authors: Mcshane Marjorie J
Published: November 2023

Verbs are, in a sense, the backbone of any clause, since they determine what other elements can and must co-occur with them: generally a subject, often a direct or in direct object, and optionally various types of adjuncts. In addition, verbs impose restrictions on the semantic nature of their co-occurring elements. For example, the English verb polish requires a human agent or machine capable of polishing, a theme with a polishable surface, and, optionally, an instrument of polishing-perhaps a rag and some car, shoe, silver, furniture, or leather polish.
Ellipsis of Minor Parts of Speech
Authors: Mcshane Marjorie J
Published: November 2023

Conjunctions not only bind sentence components in a grammatical sense; they also indicate the semantic relationship between them. English, on the whole, prefers to express conjunctions overtly, so (la) is more common than (lb): As discussed in chapter 1, section 3.6, conjunction use is a language parameter whose value for a given language can range from practically always requiring overt conjunctions to practically never using conjunctions at all. But even within a given language, not all conjunctions are created equal with respect to their overt/ covert status.
More Elliptical Phenomena
Authors: Mcshane Marjorie J
Published: November 2023

Resolving syntactic ellipsis-that is, the nonexpression of syntactically obligatory categories, which has been the focus of most of the book thus far-generally begins by seeking a coreference relation between the elided category and some linguistic referent. But establishing a coreference relation does not ensure resolving reference, that is, connecting the elided category to some person, thing, or event in the real or imagined world. After all, the antecedent could itself be a pronoun or some other semantically underspecified category that requires reference resolution. Moreover, the referent need not be syntactically overt; it could be understood from the real world context.
Opercular syndrome
Authors: Rubino Dr. Frank A
Published: November 2023

In this era of high technology, localization in clinical neurology is as important as ever before. First, accurate localization leads to assessment by the least number of appropriate tests. Second, localization leads to the diagnosis of a symptomatic lesion, whereas even proper testing may show other asymptomatic, nonclinically important abnormalities. Third, localization is a very important teaching tool in the education of students of neurology as they gain experience and expertise in the art of obtaining a neurologic history, performing a neurologic examination, and interpreting signs and symptoms.
Neuromyelitis optica (Devic’s disease)
Authors: Rodriguez Dr. Moses
Published: November 2023

When this patient arrived at Mayo Clinic, she was blind, paraplegic, and in severe respiratory distress. The paraplegia had been present for more than 3 months. Her mother and husband had brought her to Mayo Clinic in hope of a cure. The clinical situation seemed ominous. On MRI, the high cervical-medullary lesion appeared to be demyelinating. The presence of the Fisher one-and-a-half syndrome provided support for this opinion, and the associated optic nerve involvement raised the suspicion specifically of Devic’s disease (neuromyelitis optica).
REM sleep behavior disorder (RBD) associated with dementia with Lewy bodies
Authors: Silber Dr. Michael H
Published: November 2023

The diagnosis of RBD was made, and the patient was treated with clonazepam. With a dose of 0.5 mg before sleep, violent behavior largely ceased. Two years after diagnosis, the patient complained of mild memory problems, and examination showed impaired tests of concentration and learning. He had reduced rapid alternating movements of his tongue and fingers, a positive glabellar tap, bilateral palmomental reflexes, and mild upper limb rigidity. Three years later, a more rapid deterioration of cognitive functions commenced. Neuropsychometric testing confirmed a dementia of subcortical type that progressively worsened over the next 2 years. Dementia with Lewy bodies was diagnosed.
Anterior communicating artery aneurysm paraparesis syndrome
Authors: Wijdicks Dr. Eelco F M
Published: November 2023

Cerebral vasospasm and rebleeding are major causes of additional morbidity in patients who survive aneurysmal subarachnoid hemorrhage. There has been a recent emphasis on early surgical or endovascular intervention in the treatment of ruptured cerebral aneurysms. Albeit unproven, there is a perception that this aggressive approach will reduce early rebleeding. If true, cerebral vasospasm will become one of the major remaining causes of deterioration. Early diagnosis of cerebral vasospasm is important and, in certain patients, may lead to effective treatment and prevent permanent infarction.
Hereditary neuropathy with a liability to pressure palsy (HNPP or tomaculous neuropathy)
Authors: Daube Dr. Jasper R
Published: November 2023

The nerve biopsy specimen showed tomaculous neuropathy (Figure), an autosomal dominant, demyelinating neuropathy with liability to pressure palsy (HNPP) that is easily overlooked if the history of recurrent mononeuropathies and a family history of neuropathy are not elicited. FISH analysis confirmed the diagnosis.
Cerebral autosomal dominant arteriopathy with subcortical infarcts and leukoencephalopathy (CADASIL)
Authors: Flemming Dr. Kelly D
Published: November 2023

The patient initially received treatment with corticosteroids for presumed acute disseminated encephalomyelitis (ADEM). After treatment was initiated, skin biopsy results became available. Electron microscopy showed thickening of the basal lamina from deposits of granular osmophilic material (GOM), consistent with CADASIL. CADASIL is an inherited condition characterized by migraine, recurrent subcortical strokes, and dementia. The disease leads progressively to a subcortical dementia characterized by frontal lobe signs and memory loss. In addition, pseudobulbar palsy, gait disturbance, pyramidal signs, and urinary incontinence may be present. MRI studies generally show increased T2-signal changes in the deep white matter (especially the periventricular area) and basal ganglia. It has been suggested that another useful diagnostic marker is involvement of the anterior temporal pole seen on MRI. Pathologically, there is evidence of widespread myelin pallor of the white matter and multiple small infarcts in the white matter and basal ganglia, which are generally symmetric. The vessels of the white matter and meninges are thickened, and the media of the vessels is characterized by a smudgy granular material and the loss of smooth muscle cell nuclei. GOM is visible with electron microscopy and is of uncertain significance.
Dural arteriovenous fistula (DAVF) of the left medulla
Authors: Crum Dr. Brian A
Published: November 2023

The diagnosis was suggested in part by finding, on the cervical MRI study, dilated vessels within the upper cervical spinal canal extending from the level of the brainstem to C5 (Figure 2). Selective cerebral angiography identified, at the level of the left pontomedullary junction, a small high-flow DAVF supplied by the left vertebral artery, with left meningeal and left anterior inferior and posterior inferior cerebellar artery trunk feeder vessels and a small contribution through collateral vessels from the left external carotid artery.
Retinocochleocerebral vasculopathy (Susac’s syndrome)
Authors: Petty Dr. George W
Published: November 2023

Retinocochleocerebral vasculopathy (Susac’s syndrome) is an acute or subacute syndrome of encephalopathy, visual loss, and hearing loss caused by multiple arteriolar occlusions in the brain, retina, and cochlea. Young adult women are afflicted more often than men, although patients as old as 51 years have been reported. The incidence is unknown. Although this syndrome is considered rare, it is likely encountered more often than it is recognized. Only a small proportion of the patients have the complete clinical triad at the onset of symptoms, making the initial diagnosis difficult. Patients with “partial” forms of the syndrome have been described (e.g., brain and retinal involvement without hearing loss). In many cases of Susac’s syndrome, the initial diagnosis is multiple sclerosis, cardioembolic stroke, Ménière’s disease, systemic lupus erythematosus, migraine, or schizophrenia.
Chronic immune sensory polyradiculopathy
Authors: Sinnreich Drs. Michael , Dyck P James B
Published: November 2023

Several disorders present with sensory ataxia. Included in the pathogenesis are vitamin deficiencies, inherited degenerative conditions, infectious diseases, toxic substances, and inflammatory immune disorders. Sensory ataxia can be caused by varied involvement of the dorsal columns, dorsal root entry zone, dorsal root ganglia, and distal sensory axons. In our patient, peripheral sensory segments proximal to the dorsal root ganglia were affected, rendering the diagnosis of a peripheral nervous system disorder difficult because nerve conduction and electromyographic studies are normal. Thickened nerve roots seen on MRI and slowing of proprioceptive pathways from the lower extremities were helpful in localizing the lesion. A biopsy specimen from a fascicle of a lumbar nerve root showed edema, a marked decrease in the large-fiber population (with a shift to smaller diameter fibers), endoneurial inflammatory cells, and onion bulb formation (Figure 2). Despite the long duration of the patient’s illness, the response to intravenous immunoglobulin treatment was rapid and substantial. After 16 weeks of first biweekly and then weekly intravenous immunoglobulin therapy, the patient had marked and quantifiable improvement. She could walk unaided and drive her car again, which was impossible before treatment because of proprioceptive impairment of the lower extremities. The acroparesthesias resolved.
Cardioskeletal myopathy associated with lysosome-associated membrane protein-2 (LAMP-2) deficiency
Authors: Selcen Dr. Duygu
Published: November 2023

The differential diagnosis in this case is hypertrophic cardioskeletal myopathy associated with mental retardation. Cardiomyopathies can be classified as hypertrophic, dilated, restrictive, and arrhythmogenic. In several disorders, they can be of more than one type, and in a given patient, they may change from one type to another. Cardiomyopathy can precede the onset of an associated skeletal muscle myopathy in some diseases, including Becker muscular dystrophy, Emery-Dreifuss muscular dystrophy, myotonic dystrophy, myofibrillar myopathy, acid maltase deficiency, and Danon disease. The associated mental retardation narrows the diagnosis to myotonic dystrophy and Danon disease.
Squamous carcinoma involving the perineural sheath of the facial nerve
Authors: Auger Dr. Raymond G
Published: November 2023

The patient presented with a progressive disorder of the facial nerve caused by neoplastic infiltration of its perineural sheath (Figure). Nests of high-grade squamous carcinoma cells were found within the buccal nerve in this case. This case demonstrates the need to consider extracranial involvement of the facial nerve in patients presenting with facial weakness. The site of the lesion causing facial paresis in a patient can be deduced clinically by assessing the presence or absence of lacrimation (greater superficial petrosal nerve), hyperacusis (nerve to the stapedius muscle), and taste (chorda tympani). In this patient, taste was normal, suggesting that the lesion was distal to the junction of the chorda tympani and the main trunk of the facial nerve. The patient volunteered the information that he was able to wiggle his ears bilaterally. This was of localizing significance because the branch to the posterior auricular muscle is the first branch of the facial nerve after it exits the stylomastoid foramen. Therefore, the observation that this muscle was normal despite the severe weakness of the other muscles supplied by the facial nerve provided irrefutable evidence that the lesion was in the extracranial portion of the facial nerve.
Hereditary generalized dystonia and tremor secondary to DYT1 gene mutation
Authors: Adler Drs. Charles H , Muenter Manfred D
Published: November 2023

Patients with childhoodor adolescent-onset dystonia or tremor (or both) often have a hereditary disorder. Our patient’s family history of Parkinson’s disease in the father (not evaluated by us) and dystonia in two of four siblings suggested a possible autosomal dominant disorder. DYT-1 dystonia is the most common cause of hereditary, autosomal dominantly inherited dystonia (Table). It is usually characterized by a generalized dystonia that often begins in the lower limbs and progresses over a few years. In some patients only a focal dystonia, usually of the arm, develops. Facial or cervical dystonia at disease onset is extremely rare, and relatively few patients ever have facial dystonia.
Adult acid maltase deficiency
Authors: Bosch Dr. E Peter
Published: November 2023

Type II glycogenosis (glycogen storage disease[GSD-II]) is an autosomal recessive lysosomal storage disorder caused by partial or complete deficiency of acid-glucosidase activity (GAA), or acid maltase. This enzyme defect results in the accumulation of lysosomal glycogen in many tissues, with cardiac and skeletal muscle affected most severely (Figure). The estimated prevalence of GSD-II is low (1 in 40,000 to 100,000 newborns). Three forms of the disease have been recognized. The infantile form (or Pompe’s disease) results from complete or near complete deficiency of GAA and presents within the first 3 months of life with hypotonia, progressive weakness, macroglossia, hypertrophic cardiomyopathy, and hepatomegaly. Its course is invariably fatal, and the child dies of cardiorespiratory failure before age 2 years. The juvenile form presents in the first decade with proximal weakness and mild or no cardiac involvement and leads to respiratory failure in the second or third decade of life. The adult-onset form begins in the third to seventh decade (range, 1865 years). Most patients present with pelvic girdle weakness affecting predominantly the gluteal muscles and thigh adductors, followed by proximal arm weakness. Trunk extensors and abdominal muscles are frequently affected.
Paraneoplastic optic neuritis, polyradiculopathy, and ataxia for which collapsin response mediator protein-5 (CRMP-5) autoantibody serves as a serologic marker
Authors: Cross Dr. Shelley A
Published: November 2023

Paraneoplastic antibody screening showed CRMP-5 autoantibody at a titer of 1/3,840. The glutamic acid decarboxylase (GAD)65 antibody was also positive. The carcinoma-associated retinopathy antibody was negative. Lumbar puncture was not performed. Mediastinoscopy with biopsy revealed small cell lung cancer. This case represents a paraneoplastic subacute encephalomyeloradiculoneuropathy with optic neuritis accompanied by vitreous inflammatory cells (and sometimes by retinitis and intrathecal inflammatory cells) associated with small cell carcinoma. CRMP-5 is its serologic marker. Although CRMP-5-IgG is a marker of autoimmunity initiated by either small cell carcinoma or thymoma, we have not encountered a patient with optic neuritis, retinitis, and thymoma. Cases similar to the one presented here have been reported since 1986, but only recently has the syndrome been fully described, the antibody clearly identified, and the ophthalmologic and neurologic features described in detail.
Molecular Control of Looping
Authors: Kirby Margaret Loewy
Published: November 2023

Even though the right–left axis of the body is established during early gastrulation, cardiac looping is the first visible sign of right–left ASYMMETRY during embryonic development. In vertebrates the heart always loops to the right. Looping directionality correlates with asymmetric expression of several molecular markers, but how these molecules are translated into biomechanical forces that drive looping remains obscure. The looping process itself is important to bring the initially sequentially ordered regions of the heart tube with serial circulation into the correct conformation for chamber specification and septation to create two parallel circulations. During the looping process, the initially midline heart tube undergoes a coordinated progression of bending, rotation, and torsion (Fig. 7.1). The initial steps result in a C-shaped loop whose convexity is directed toward the right side of the body (DeHaan, 1965; Garcia-Pelaez and Arteage, 1993; Icardo, 1996; Stalsberg, 1970). The heart tube goes through two major alterations in shape to achieve the C-shaped loop: ventral bending and rightward rotation (Manner, 2000). However, because the dorsal mesocardium is still intact during C-looping (Fig. 7.1A), little movement is possible except by shape changes at the ventral midline or outer curvature which becomes the right border during C-looping. Thus, the ventral bending is actually ballooning of the newly formed ventral wall rather than bending of the whole tube. In the second part of this movement, the heart tube rotates around its craniocaudal axis, bringing the ventral midline (outer curvature) to the right and the initially left surface of the myocardial tube to form the ventral surface of the C-shaped loop (Manner, 2000). An inner curvature is formed from the dorsal midline on the left side (Fig. 7.1). This is referred to as dextral or D-looping.
Toward an Accounting for Sustainability
Authors: Lawrence Stewart
Published: November 2023

Accounting is a ubiquitous social practice—it touches each of us, every day, in our personal and professional lives. No matter what occupation we take up, there will be no escaping financial responsibility and accountability. Even outside of paid employment, individuals need to be financially responsible and accountable: in families, in social clubs, and in any kind of group activity where resources are acquired and consumed. For centuries, the practice of accounting was limited to providing information relating to the stewardship of financial resources.
Profits of U.S. Defense Contractors
Authors: Higgs Robert , Trevino Ruben
Published: November 2023

Do big defense contractors earn greater returns than other companies? The question has long been controversial, and despite numerous studies, the issue has remained unsettled (Cansler, 1989, pp. 253-4; Rogerson, 1989, pp. 1290-1). Most of the studies have been made by interested parties—the armed services or the Department of Defense. Some of the studies fail to meet professional standards; others are patently tendentious. But even the studies published in professional journals disagree widely.2 The disagreement is hardly surprising, because the various studies are not comparable. They have considered different groups of firms and different periods, and they have employed different measures of profitability.
Institutional Strengths and Limits
Authors: Heinzerling Lisa , Tushnet Mark V
Published: November 2023

In chapter 2, we considered the advantages and disadvantages of private markets in addressing the problem of risk. In chapter 4, through the work of Lon Fuller, we began to consider the strengths and limits of courts as decision- making institutions. We continue and expand on those discussions here. Most signfically we add administrative agencies to the mix of institutions that can be called on to deal with risk. We also examine sociological and historical treatments of the transformation of social problems into legal problems.
Information Provision
Authors: Heinzerling Lisa , Tushnet Mark V
Published: November 2023

We’ve already seen how disclosure (or nondisclosure) of information about risks to human health and life affects the regulation of risk. The economic theory of compensating wage differentials for risky jobs, which we explored in chapter 2, depends on workers knowing what the risks of their jobs are. If workers—or others exposed to risks—are unaware of the risks they face, it is much harder to argue that contractual arrangements should dictate whether the risk should be reduced. In such situations, the government might be justified in requiring disclosure of risks so that contracting parties can decide what actions, if any, to take, based on the information. Information also played a central role in our discussion of institutional limits in chapter 5. There, we saw that gaps in information might lead to a failure to name, blame, or claim—in other words, to identify and to act on one’s legal rights.
Introduction
Authors: Hasbrouck Joel
Published: November 2023

Market microstructure is the study of the trading mechanisms used for financial securities. There is no “microstructure manifesto,” and historical antecedents to the fleld can probably be found going back to the beginning of written language, but at some point, the fleld acquired a distinct identity. As good a starting point as any is the coinage of the term market microstructure in the paper of the same title by Garman (1976): We depart from the usual approaches of the theory of exchange by (1) making the assumption of asynchronous, temporally discrete market activities on the part of market agents and (2) adopt-ing a viewpoint which treats the temporal microstructure, i.e., moment-to-moment aggregate exchange behavior, as an important descriptive aspect of such markets.
Trading Mechanisms
Authors: Hasbrouck Joel
Published: November 2023

This chapter surveys typical trading arrangements and establishes an institutional context for the statistical and economic models to follow. This book focuses on continuous security markets. Whatever their original mechanisms, many and the most visible of these markets presently feature an electronic limit order book. The limit order market, then, is the starting point for the survey. This is probably the most important mechanism, but there are usually at least several alternative paths to accomplishing a trade for any given security. Most security markets are actually hybrids, involving dealers, clearings, one- and two-sided auctions, and bilateral bargaining, all of which are also discussed. The survey emphasizes general features and is not specific to particular securities or a particular country.
Sequential Trade Models
Authors: Hasbrouck Joel
Published: November 2023

In the Roll framework, everyone possesses the same information. New public information can cause the quotes to change, but trades have no impact. Because trades are not informative, there’s no particular need for them to be reported and disseminated in a timely fashion. Trading is not a strategic problem because agents always face the same spread. The costs reflected in dealers’ spreads reflect only expenditures for computers, communications, salaries, business fees, and so on, the sort of expenses that a wholesaler of any good or service might incur.
A Generalized Roll Model
Authors: Hasbrouck Joel
Published: November 2023

Following the economic analysis, we now turn to empirical examina-tion of asymmetric information by developing a generalization of the Roll model. One sensible first step is to allow the efficient price to be par-tially driven by the trade direction indicator variable. A number of models along these lines have been proposed. The developments in this chapter are compatible with and can be viewed as special cases of most of these models. The phrase “generalized Roll model” is not in common use. It is used here to emphasize the roots of the present developments in the Roll model.
Multivariate Linear Microstructure Models
Authors: Hasbrouck Joel
Published: November 2023

Although the trade price is usually the single most important variable in a microstructure analysis, other variables can help explain its dynamics. These include orders, trades, prices of the same security in other markets, prices of related securities, and so on. Inclusion of these variables can enhance the forecasting power of a model. Under certain assumptions, the multivariate models support an attribution of this forecasting power, essentially identifying price changes with particular sources of informa-tion.
Multiple Securities and Multiple Prices
Authors: Hasbrouck Joel
Published: November 2023

Markets for different securities often interact. The standard theory of portfolio optimization is built on the assumption that securities share common-factor value determinants. The value of a derivative securities is generally linked to its underlying asset by arbitrage possibilities. The trading process may reflect these long-term interactions and may exhibit other dependencies as well. Trades may be correlated for non-informational reasons. A trader buying into an index, for example, will place orders in many or all stocks of the index. A trade in stock A, for example, that conveys information about a factor that is also a value determinant of stock B may move the price of B. Arbitrage, too, usually requires trading.
Depth
Authors: Hasbrouck Joel
Published: November 2023

In addition to best bid and offers, most modern financial markets present their customers with full price/quantity schedules, essentially supply and demand curves for instantaneous trade. This chapter explores the determinants of these schedules and what might be learned from their analysis. The stylized empirical fact is that the supply and demand schedules appear to be too steep. As an illustration, recall that in the basic sequen-tial trade model, the price at which an order is executed is equal to the expectation of the security value (conditional on the trade). Because trade prices are equal to expectations, trade price changes mirror the revisions in expectations. In a sequence of three buy orders, for example, the price at which the last order is executed is the expected security value con-ditional on all three orders.
Trading Costs: Retrospective and Comparative
Authors: Hasbrouck Joel
Published: November 2023

This chapter and the next address trading costs and their relation to strat-egy and institutional features. Economic logic suggests a definite ordering for these topics. Most economic data are the outcomes of strategies that are, at least from agents’ exante perspectives, optimal. Thus arises the ideal paradigm of first defining agents’ objectives, then enumerating the feasible strategies, mapping these strategies to costs, determining optimal (cost minimizing) strategies, and finally performing econometric analy-sis of observed outcomes taking into account their dependence on all prior stages of the process. The exposition will follow this sequence but is heavily shaped by the limitations of the data. The present chapter describes the microstructure literature that aims primarily at comparisons of alternative trading venues.
Prospective Trading Costs and Execution Strategies
Authors: Hasbrouck Joel
Published: November 2023

In this chapter we discuss minimization of expected implementation cost in two stylized dynamic trading problems. Both analyses are set in discrete time, and in each instance a trader must achieve a purchase by a deadline. The first problem concerns long-term order splitting and timing. A large quantity is to be purchased over a horizon that spans multiple days. Strategic choice involves quantities to be sent to the market at each time, but order choice is not modeled. The second problem involves purchase of a single unit over a shorter horizon, typically several hours.
Frame Dependence: The Second Theme
Authors: Shefrin Hersh
Published: November 2023

Frame independence lies at the heart of the Modigliani-Miller approach to corporate finance. Merton Miller has a succinct description of frame independence. When asked to explain, in twenty-five words or less, the essence of his contributions with Franco Modigliani, he said: "If you transfer a dollar from your right pocket to your left pocket, you are no wealthier. Franco and I proved that rigorously." It is a matter of form whether a person keeps a dollar of wealth in the right pocket or in the left pocket. The form used to describe a decision problem is called its frame. When I speak of frame independence, I mean that form is irrelevant to behavior. Proponents of traditional finance assume that framing is transparent. This means that practitioners can see through all the different ways cash flows might be described. Yet many frames are not transparent but rather are opaque. When a per son has difficulty seeing through an opaque frame, his decisions typically depend on the particular frame he uses. Consequently, a difference in form is also a difference in substance. Behavior reflects frame dependence.
Trying to Predict the Market
Authors: Shefrin Hersh
Published: November 2023

When it comes to predicting the market, how immune are Wall Street's strategists from heuristic-driven bias? Are they any different from the typical investor? And what illusions, if any, bias investors' predictions about where the market is headed? Consider the predictions that strategists made in January 1997. Let's start with some background.
Portfolios, Pyramids, Emotions, and Biases
Authors: Shefrin Hersh
Published: November 2023

Harry Markowitz, the pioneer of modern portfolio theory, played it both ways. Markowitz developed the theory of mean variance portfolios, one of the pillars of standard finance. But he also developed the basic ideas that underlie frame dependence and loss aversion. And when it came time to choose his own retirement portfolio, Harry Markowitz played it the behavioral way (see chapter 3).
Open-Ended Mutual Funds: Misframing, "Hot Hands," and Obfuscation Games
Authors: Shefrin Hersh
Published: November 2023

Think about a legendary mutual fund manager. Whose name comes to mind? Peter Lynch? There are many lessons to be learned from Lynch's experience managing Fidelity's Magellan Fund. These lessons concern the way misframing and heuristic-driven bias combine to confuse investors about the relative contributions of skill and luck in fund performance. Investors invariably attribute excessive weight to skill, and consequently they tend to overweight the importance of an individual fund's track record. Moreover, open-ended mutual funds companies tend to play to investors' weaknesses by inducing opaque frames.
Excessive Speculation in Foreign Exchange Markets
Authors: Shefrin Hersh
Published: November 2023

Foreign exchange traders engage in excessive speculation. So, why do traders speculate so much? Is it because they trade on strongly held, but erroneous, opinions? The evidence suggests that this is the case, and that psychological issues figure prominently.
The Traditional Interpretation
Authors: Tushnet Mark V
Published: November 2023

Gun- control proponents had a predictable reaction to the conclusion by the Department of Justice that the Second Amendment protected an individual right. Sarah Brady, wife of Ronald Reagan’s press secretary James Brady, became a gun- control activist after her husband suffered severe brain damage in John Hinckley’s attempted assassination of President Reagan. She became chair of the Campaign to Prevent Gun Violence, an offshoot of a long-standing gun-control lobbying group, in 1991. When the Department of Justice memorandum was published, she attacked it as a ‘‘discredited interpretation held by the gun lobby.’’ She continued, John Ashcroft’s ‘‘position is also dangerous, as it would only make defending reasonable gun laws—laws that Americans overwhelmingly support—more difficult.’’ Earlier Garry Wills had written of ‘‘the linguistic tricks of the Standard Model which wrench terms from context and impose fanciful meanings on them.’’
Westward Expansion, Antislavery, and Resistance
Authors: Horton James Oliver , Horton Lois E
Published: November 2023

In Spanish Florida, Anna Madgigine Jai Kingsley became a free woman in 1811. By then, she was eighteen years old and the mother of three children, George, Martha, and Mary. In granting her and the children their freedom, Zephaniah Kingsley made manifest his memoir’s claim, “She has always been respected as my wife and as such I Acknowledge her.”1 He also freed Abraham Hannahan, manager of his Laurel Grove plantation. By this time, Anna was taking a larger role in her husband’s affairs and managed the plantation when Hannahan was away. Anna exercised her new freedom in 1812 by moving across the river and establishing her own farm on a Spanish homestead land grant, living there with her children and twelve slaves of her own.
Our Hearts Were Touched Civil With War Fire: Years
Authors: White G Edward
Published: November 2023

In april 1864, wendell holmes described his experience in the Civil War as “a crusade in the cause of the whole civilized world.”1 He had gone to war for two related reasons. He enlisted because he opposed slavery hut also because dedication to such a noble cause was an obligation of young, educated Boston gentlemen. Both of these reasons were part of his romantic view of participation in the war. He was going off on a great adventure, a crusade.
The Quiet Years
Authors: White G Edward
Published: November 2023

If anyone had been making predictions about holmes’s career as a judge, he or she might have been inclined to predict that Holmes’s twenty years on the Supreme Judicial Court of Massachusetts would he the pivotal chapter in his judicial life. During these years Holmes was in the prime oflife for a man of his time: He was appointed at the age of forty-one and remained on the court past his sixty-first birthday. Although many judges are appointed for life, and thus do not face mandatory retirement, most of them, even today, do not continue on a full-time basis beyond the age of seventy. By 1902, when Holmes joined the Supreme Court of the United States, he had served as chief justice of the Supreme Judicial Court of Massachusetts for three years and was the most senior judge, both in terms of age and in terms of service, on that court.
An Unlikely Reformer
Authors: White G Edward
Published: November 2023

Asholmes entered ms second decade on the surreme court, he began to take judicial positions that made him appear to be a critic of the established economic order. State legislatures had begun to try to regulate the working hours and wages of industrial laborers, hoping to guarantee an eight-hour day or a minimum wage, and those laws were now being challenged on constitutional grounds. The challenges were based on the idea that both employers and employees had a constitutional right to buy and sell their services on the terms they chose-a “liberty of contract,” as it was called. It was thought to be an interference with this liberty for legislatures to impose maximum-hour or minimumwage restrictions on businesses, or to prohibit contracts that made a worker’s employment conditional on his promise not to join a union.
The Vision of ’76
Authors: Bouton Terry
Published: November 2023

During the 1760s and 1770s, the hardships caused by British policies led Pennsylvanians to create a broad-based movement to democratize government and society. Part of this movement focused on transferring powers from Britain to the colonial governments—what some historians have called the struggle to establish “home rule.” Here, bringing democracy meant the familiar anticolonial struggle, echoing with calls for control of taxation, finance, and trade and with demands for freedom from the coercive powers of the king, Parliament, British courts, and unpopular laws upheld by redcoat guns.
The Gospel of Moneyed Men
Authors: Bouton Terry
Published: November 2023

Amid the chaos of war, the Revolution in Pennsylvania reached its decisive turning point. The turning point was not a military loss or victory but rather a radical rethinking by the gentry of what they wanted the Revolution to be. In a stunning reversal, many genteel Pennsylvanians abandoned the vision of ‘76. They did not just give up on the ideal of empowering white men: the gentry, in fact, made a complete about-face. They began condemning the Revolution’s democratic achievements and started calling for important decisions to be removed from popular control. Much of the gentry also replaced its support for wealth equality with a new belief that the only way to make America great was to put most of the money and land in the hands of the wealthy. In short, during the war, much of the gentry came to embrace ideals that had far more in common with the beliefs of their former British masters than they did with the ideals of 1776.
“A Stronger Barrier against Democracy”
Authors: Bouton Terry
Published: November 2023

Threatened by popular political victories and widespread resistance, many elite Pennsylvanians launched an effort to remake the state and national governments so that they were less democratic. Their objective—which was shared by elite men in the other states—was to insulate critical government powers from popular control. In 1787 and 1788, these men, calling themselves Federalists, launched an aggressive— and at times ruthless—effort to create this “barrier against democracy” and get it ratified. In response, many ordinary Pennsylvanians tried to stop these changes. This produced unprecedented attempts by rural Pennsylvanians to organize across the state to oppose the proposed federal Constitution and its limits on democracy. The culmination of this organizing was an effort by people of the middling and lower sorts to create a political party run by and for ordinary people, dedicated to enacting a popular vision of the Revolution.
The Pennsylvania Regulation of 1794
Authors: Bouton Terry
Published: November 2023

On August 1, 1794, a nervous Federalist judge and whiskey merchant from Pittsburgh named John Wilkins, accompanied by several colleagues, rode his horse up a steep bluff that overlooked the Monongahela River. The men were making the climb to see if the rumors were true: they had received “certain intelligence” that thousands of militiamen from across the region were marching to “take the garrisons” at Fort Pitt and then head to “Pittsburgh (or Sodom as they called the town) and destroy it by fire.” Wilkins had been so worried that, at 2:00 a.m. on the night before this climb, he had decided “to hide or bury property, the county books and treasury, the books belonging to my office as justice, my private books, and money left in hand.” Without much sleep, he was now heading up the bluff to “see the length of the line” when “the people” arrived.
The Pennsylvania Regulation of 1799
Authors: Bouton Terry
Published: November 2023

In 1799, ordinary Pennsylvanians engaged in another regulation of their government, this time centered in the German-speaking counties in the eastern part of the state. For the last 200 years, this uprising has been seen as being entirely distinct from the one in 1794: historians tell us that 1799 was caused by conditions unique to the German population in the eastern counties and involved issues separate from those that had inspired westerners. To be sure, there were differences between the two. But those disparities have been exaggerated to the point where they mask the stunning similarities. In both regions, people rose up for fundamentally the same reason: because they believed that their governments were undermining equality through policies that favored land and war debt speculators and because they opposed how the governments were attempting to stifle democratic self-expression.
Laura Otis
Authors: Lab Mullers
Published: November 2023

Many scientific structures and systems are named after Johannes Müller, one of the most respected anatomists and physiologists of the 19th century. Müller was a mentor to many scientists of his age, many of whom would go on to make trail-blazing discoveries of their own. Among them were Theodor Schwann, who demonstrated that all animals are made of cells; Hermann Helmholtz, who measured the velocity of nerve impulses; and Rudolf Virchow, who convinced doctors to think of disease at the cellular level. This book tells Müller's story by interweaving it with that of seven of his most famous students. Müller suffered from depression and insomnia at the same time as he was doing his most important scientific work, and may have committed suicide at age 53. Like Müller, his most prominent students faced personal and social challenges as they practiced cutting-edge science. Virchow was fired for his political activism, Jakob Henle was jailed for membership in a dueling society, and Robert Remak was barred from Prussian universities for refusing to renounce his Orthodox Judaism. By recounting these stories, Müller's Lab explores the ways in which personal life can affect scientists' professional choices, and consequently affect the great discoveries they make.
Introduction
Authors: Levinson Sanford
Published: November 2023

In 1987, I went to a marvelous exhibit in Philadelphia commemorating the bicentennial of the drafting there of the U.S. Constitution. The visitor’s journey through the exhibit concluded with two scrolls, each with the same two questions: First, “Will You Sign This Constitution?” And then, “If you had been in Independence Hall on September 17, 1787, would you have endorsed the Constitution?” The second question clarifies the antecedent for “this” in the first: It emphasizes that we are being asked to assess the 1787 Constitution.
The Legacy of Article II
Authors: Levinson Sanford
Published: November 2023

The year 2006 began with the country roiled in debate about the extent of presidential power. The president in question, of course, is George W. Bush, who was named president in 2000 even though he notably came in second to Al Gore in the overall national presidential vote. Returned to office in the 2004 election, he will, barring personal catastrophe or impeachment, enjoy the full powers of the presidency, whatever they may be, until the inauguration of his successor on January 20, 2009. None of these facts is without relevance to debating the powers enjoyed by the president.
The Impermeable Article V
Authors: Levinson Sanford
Published: November 2023

Perhaps you now agree with me that there are significant defects in our constitutional system, with real consequences for the achievement of the kind of country that the Preamble sets forth as our collective aspiration. But you might well say that the drafters of the original Constitution knew that their handiwork was imperfect, as evidenced by their foresight in setting out a framework for amendment in Article V: The Congress, whenever two thirds of both houses shall deem it necessary, shall propose amendments to this Constitution, or, on the application of the legislatures of two thirds of the several states, shall call a convention for proposing amendments, which, in either case, shall be valid to all intents and purposes, as part of this Constitution, when ratified by the legislatures of three fourths of the several states, or by conventions in three fourths thereof, as the one or the other mode of ratification may be proposed by the Congress; . . . [although] no state, without its consent, shall be deprived of its equal suffrage in the Senate.
Personal Jurisdiction
Authors: Mccaffrey Stephen C , Main Thomas O
Published: November 2023

This chapter is concerned with “jurisdiction to adjudicate,” an expression that refers to the authority of a state to subject persons and things to its judicial process. When a person or thing is in another country, one must address the extent to which that makes a difference—that is, to what extent is a national court able to reach beyond its country’s sovereign boundaries to adjudicate the dispute. Limitations on the exercise of authority over persons or things abroad may derive from several sources. They might be self-imposed by courts in the spirit of cooperation among sovereign nations sensitive to over-reaching. Or they could be imposed by a constitutional mandate. Or legislatures could have the authority and will to limit the scope of the judiciary’s jurisdiction to adjudicate. Or limitations may be imposed by public international law. We will see examples of many of these forms of limitations in this chapter.
Forum Non Conveniens
Authors: Mccaffrey Stephen C , Main Thomas O
Published: November 2023

In most common law countries, the doctrine of forum non conveniens is an important part of the court’s determination regarding the exercise of its jurisdiction. A plaintiff in a given case may be able to persuade the court that it would not violate due process for the court to exercise personal jurisdiction over the defendant, yet the defendant can get the case dismissed nevertheless by persuading the court that there is a more appropriate forum for the litigation. Over time, this doctrinal analysis has evolved from a more rigid form applicable only in exceptional cases where the suit is vexatious or oppressive to a much more fluid form that requires a balancing of various interests and factors. Forum non conveniens is not a component of the analysis to determine jurisdiction, but rather part of the court’s decision whether to exercise its jurisdiction to adjudicate.
Gathering Evidence Abroad
Authors: Mccaffrey Stephen C , Main Thomas O
Published: November 2023

American discovery practice is notorious around the world. The standard perception is that U.S. lawyers Ole lawsuits on minimal bases, and then rely on discovery to develop or even find a case. To be sure, the scope of American discovery is broad—and it is thus by design. “No longer can the time-honored cry of ‘fishing expedition’ serve to preclude a party from inquiring into the facts underlying his opponent’s case,” the U.S. Supreme Court announced in 1947.* But since, discovery has been the scapegoat for the high costs of litigation (and of doing business).