bluuebunny/crossref_metadata_2025 huggingface dataset:
Airplanes the Pentagon Didn't Want, but Congress Did
Authors: Higgs Robert
Published: November 2023

With regard to spending for national defense, we are accustomed to regarding some people as “hawks” and others as “doves.” These birds disagree sharply in their answers to the question, “How much defense spending is enough?” In the 1980s, a new bird, the “cheap hawk,” began to be sighted with growing frequency. This one wants a strong defense, mayor may not want more spending for the military, but definitely wants more bang for the buck. He worries about weapons that don’t work as they are supposed to and about spending for purposes that deliver less military punch than other programs that are sacrificed in the budget process. The advent of the cheap hawk pushed the defense budget debate beyond the old question of how much is enough and brought to the forefront the more important question of how we should spend whatever amount is available. Obviously, the nation’s security is not promoted simply by spending money under the heading of defense.
Sex Differences in Disease
Authors: Migeon Barbara R
Published: November 2023

Ever since 1662, when John Graunt—the father of demography—noticed fewer women than men among deaths reported in London, it has been recognized that females outlive males by a significant number of years. Insurance companies use this biological fact as a basis for determining their rates. The sex difference in mortality is seen throughout the world, irrespective of economic or political factors. The reasons for the greater longevity of women are complex, because many factors are involved [2]. Much has been attributed to the differences in lifestyle, especially with regard to occupational risks—perhaps less valid now than when women spent all their time at home. Risky behavior, such as smoking—that was more characteristic of men at that time—might have contributed to the greater incidence of premature deaths from cancer or heart disease in males. Yet, careful scrutiny picks up another significant component of sex differences in mortality: the biological differences between the sexes. Certainly, gonadal and hormonal differences—testosterone in men and estrogen in women—are responsible for some sex differences in disease. Breast cancer and the delayed onset of schizophrenia in females, and prostate cancer and the higher incidence of heart disease in males can be attributed to a combination of environmental and hormonal factors. Yet, even when environmental and hormonal differences between the sexes are not prominent, it is clear that mortality and morbidity are greater in males.
Theme 1 The Initial Steps—Creating the Active and Inactive X
Authors: Migeon Barbara R
Published: November 2023

This chapter and the next deal with the features of X inactivation that are shared among mammals, the ones that reflect the basic themes responsible for the single active X in diploid cells. What all mammals have in common is that (1) the XX female—like the XY male—has only a single working X chromosome in each of her somatic cells, (2) the active X is chosen, and (3) individuals of either sex with more than one X chromosome are cellular mosaics. Up to now, I have referred to the mammalian version of X dosage compensation as X inactivation, which is what it is most often called. However, the term is probably misleading because it implies that silencing an X chromosome is the primary thrust of our method of dosage compensation. Clearly, inactivation of X chromosomes is the means to eliminate the extra set of X transcripts in females, but it is not the defining step in the process; in fact, silencing X chromosomes is more of a default pathway. The primary event in mammalian X dosage compensation is choosing the future active X chromosome.
Coda: Taking the Concepts into the Present
Authors: Tannen Deborah
Published: November 2023

Readers may wonder how the ideas and methods presented in this book have evolved and been expanded in my work during the two decades since the book’s original publication. I will answer that question briefly in what follows. The major theoretical frameworks that characterize the analysis presented in Conversational Style have remained fundamental to my approach to language in interaction. In particular, three theoretical frameworks that drive the analysis presented here have become what I regard as cornerstones of that approach: (1) the ambiguity and polysemy of conversational strategies; (2) the interplay of power and solidarity; and (3) the linguistic framing of meaning in interaction. I will briefly explain these constructs and illustrate how they have developed in my work.
The New York advice market
Authors: Braithwaite John
Published: November 2023

New York is the home of the most sophisticated tax practitioner community in the world; US tax planning is years in advance of any other market and New York and to some extent Washington are where the most sophisticated practitioners in the US market are to be found. This discussion of aggressive tax planning in the US is based on 26 interviews I conducted from my base at New York University, though eight of these were conducted with people in other parts of the US; in person with five of them in Washington, and by telephone with three others. Nine of the respondents were elite tax attorneys (some with experience working in accounting firms), seven were from the IRS, five were academic tax specialists (mostly with substantial practical experience with accounting or law firms) and five were from accounting firms or investment banks or with experience in both. Some of the elite tax practitioners interviewed in New York had held government positions up to the most senior in tax policy in the US Treasury, so the data reflects “both sides of the fence”. The bias of these interviews was toward tax attorneys, with only nine of the informants having had any experience working for the Big Five accounting firms. Most of the aggressive tax planning action is in these (now four) firms and, as discussed below, tax attorneys in New York have very different views on tax shelters than accountants, so this is a serious bias.
Reforming the law
Authors: Braithwaite John
Published: November 2023

In this section, it will be argued that while rules can make law certain and effective in simple and stable regulatory domains, a different approach is needed to make the law more certain and effective for more complex, dynamic domains. The discussion in Chapter 7 proposed that a principle-based tax law might be more effective than a rule-based law in preventing international arbitrage to avoid tax. This chapter makes the case for this sort of tax law - one of binding principles and rules derivative from and subject to those principles arguing that international arbitrage and gaming rules would be less productive under this principle-driven approach and that a law based on principles that people understand and accept is less likely to be eroded by moral termites. There is debate on the difference between rules and principles, or standards as the Americans prefer. I simply define rules and principles in the way chosen by Joseph Raz: “Rules prescribe relatively specific acts; principles prescribe highly unspecific actions” (Raz, 1972: 823). Safe driving in light of road conditions is a principle; a proscription of speed over 80 km per hour is a rule. Those who do not like this way of making the distinction might prefer to consider the argument as one about how to integrate general and specific rules.
Evolution, Culture, Cooperation, and the Chaldeans
Authors: Henrich Natalie , Henrich Joseph
Published: November 2023

This book is an inquiry into one of the great puzzles in the human sciences: the evolution of cooperation and altruism in the human species. Unlike many works on this question, we seek to simultaneously draw together formal theoretical work on the evolution of cooperation, rich ethnographic descriptions of human social life, and a wide range of experimental results from both the laboratory and the Weld. On the theoretical front, we provide an introduction to the puzzle of human cooperation and a unified theoretical framework that integrates culture, psychology, and evolution in a manner that makes these concepts accessible to nonspecialists. From this general framework a set of theoretical foci emerge to provide a backbone for the book and place this work in a context that will evoke a sense of familiarity for those who have studied human societies. These foci are (1) kinship, (2) reciprocity and reputation, (3) social norms, and (4) ethnicity. Though we have attempted to present this theoretical material at an introductory level, we believe that more advanced students and scholars will find our synthesis of culture, coevolution, and cooperation worthwhile and provocative.
Social Norms and Prosociality
Authors: Henrich Natalie , Henrich Joseph
Published: November 2023

In chapter 2, we discussed how people acquire their ideas, beliefs, preferences, motivations, values, and practices—including those related to social behavior, altruism, and punishment—from observation and interaction with other mem- bers of their social group, often using adaptive cultural-learning mechanisms such as prestige-biased and conformist transmission.1 Building on this, chapter 3 explained (1) how cultural learning can lead to stable norms, (2) how different norms generate cultural group selection, and (3) how cultural group selection can influence genetic evolution, yielding a culture-gene coevolutionary process. Taking the first, cultural learning and social interaction give rise to social norms. If people use cultural learning (and they do), groups of individuals can culturally evolve to either highly cooperative states or noncooperative states. However, while combinations of culturally learned motivations related to altruism and punishment can lead to stable cooperation, in contexts where kinship, reciprocity, and reputation fail (even in one-shot n-person situations), costly punishment can still stabilize any behavior, including costly behaviors not associated with cooperation.
Reparations Definitions
Authors: Brophy Alfred L
Published: November 2023

In 1989, U.S. Representative John Conyers of Michigan introduced a bill, H.R. 40, to study slavery and understand its effects, both benefits it has conferred on American society and harms it has caused subsequent generations. Since then, discussion of reparations has grown explosively. Debate about reparations is now heard on college campuses, on the editorial pages of newspapers, even in political campaigns.
Legislative Reparations
Authors: Brophy Alfred L
Published: November 2023

As we have seen in chapter 5, lawsuits might be used to gain some limited reparations for relatively small groups of people, if lawyers can overcome the difficulty of finding a group of perpetrators to sue, if they can locate appropriate plaintiffs and demonstrate the connections between the plaintiffs and defendants, and if they can overcome statutes of limitations defenses. The people who perpetrated the crimes of slavery are gone, and their estates are distributed. A few corporations survive, and a small amount of the money made from slavery might be traceable to currently existing bank accounts.
Sentimental Journey: The Illusion of Validity
Authors: Shefrin Hersh
Published: November 2023

Many investors believe that there is a negative relationship between the predictions made by newsletter writers and the subsequent moves in the market. Is the relationship they perceive truly valid, or is it nothing more than an illusion? Are these investors prone to the "illusion of validity?" What is the supposed logic that leads some investors to bet against sentiment, or at least against the prevailing views of advisory newsletter writers? To gain some insight into this question, consider the behavior of the market during the first quarter of 1998.
"Get-Evenitis": Riding Losers Too Long
Authors: Shefrin Hersh
Published: November 2023

People appear to be predisposed to "get-evenitis." Are they? Get-evenitis refers to the difficulty people experience in making peace with their losses. I first discussed get-evenitis in chapter 3, when I introduced the concept of loss aversion. Meir Statman and I (Shefrin and Statman 1985) coined the term disposition effect, as shorthand for the predisposition toward get-evenitis. In this chapter, I describe the extent to which the disposition effect permeates the investment landscape.
Fixed Income Securities: The Full Measure of Behavioral Phenomena
Authors: Shefrin Hersh
Published: November 2023

"Wheen it comes to interest rates, investors are especially slow learners. In 1938, Frederick Macaulay published a book that described how interest rate movements were both puzzling and notoriously difficult to predict. Little has changed since 1938, at least in this respect. But some have been slow to learn what Macaulay pointed out more than fifty years ago.
Optimism in Analysts' Earnings Predictions and Stock Recommendations
Authors: Shefrin Hersh
Published: November 2023

Investors are slow to learn that security analysts do not always mean what they say. Corporate executives, security analysts, and investors play two games, a recommendation game and an earnings prediction game. In both games, analysts follow a company, solicit information from its executives, predict its earnings, and/or issue buy or sell recommendations on its stock.
Options: How They're Used, How They're Priced, and How They Reflect Sentiment
Authors: Shefrin Hersh
Published: November 2023

And now for something completely different: In developing the behavioral implications for options, I will not dwell on "hockey stick" charts, binomial trees, or the derivation of the Black-Scholes formula. At most I will remind readers about a few basics, and concentrate on behavioral issues concerning how options are used, priced, and reflect sentiment.
The Standard Model and Developments Since 1791
Authors: Tushnet Mark V
Published: November 2023

Today’s world is very different from the one Americans lived in when they adopted the Second Amendment. It’s not realistic these days to think of an armed citizenry defending us against an oppressive government. That doesn’t mean, though, that we have to replace every possible individual-rights interpretation with something else. A Second Amendment that protected our right to keep and bear arms so that we can defend ourselves against criminals, for example, wouldn’t be ruled out by modern developments. And, as we’ll see, there’s a way of connecting that kind of Second Amendment right to the amendment’s reference to the militia. To see how, we have to identify changes in our society that make obsolete the idea of protecting the right to keep and bear arms as part of the citizen-militia.
How Does National Security Shape Constitutional Rights?
Authors: Posner Richard A
Published: November 2023

The challenge to constitutional decision making in the era of modern terrorism is to restrike the balance between the interest in liberty from government restraint or interference and the interest in public safety, in recognition of the grave threat that terrorism poses to the nation’s security. The scope of a right must be calibrated by reference to the interests that support and oppose it. But how to do this? Ideally, in the case of a right (for example, the right to be free from unreasonable searches and seizures) that could be asserted against government measures for protecting national security, one would like to locate the point at which a slight expansion in the scope of the right would subtract more from public safety than it would add to personal liberty and a slight contraction would subtract more from personal liberty than it would add to public safety. That is the point of balance, and determines the optimal scope of the right. The point shifts continuously as threats to liberty and safety wax and wane.
Creating Freedom During and After the War
Authors: Horton James Oliver , Horton Lois E
Published: November 2023

In the Sea Islands, having a regiment composed of local fugitives from slavery imparted one great advantage: they were able to provide intelligence about the countryside. The U.S. army was running low on lumber, and the white troops who had been sent out to find supplies had returned empty-handed. In January 1863, the First South Carolina had a chance to prove their worth on a foraging expedition. They went to the area from which their sergeant had escaped, up the St. Mary’s River on the border between Florida and Georgia. More than four hundred sixty men boarded three gunboats and made their way to St. Simon’s Island off the coast of Georgia. There, naval officers warned them about Confederate soldiers who were entrenched on the banks of the St. Mary’s River. While waiting for their third boat to arrive at the island, the men busied themselves by salvaging massive iron bars from abandoned Confederate forts. Some of the men had built these forts as conscripted slave labor, and Thomas Wentworth Higginson noted that they dismantled the bunkers and magazines with great enthusiasm. A raiding party suffered its first casualties in a confrontation with Confederate cavalry a short way up the river, but the men acquitted themselves well.
Toward Melancholy: The Retirement Years
Authors: White G Edward
Published: November 2023

Among themany remarkable things about holmes’s ninetieth birthday radio address was the physical and mental condition of the man who wrote and spoke it. Today most public figures, including Supreme Court justices, have help in writing their speeches, opinions, or other public pronouncements. Not only did Holmes write all his opinions in his fifty years as a judge, hut he wrote all his speeches, addresses, essays, scholarly articles, and The Common Law. He wrote all his voluminous letters, of course, and when he was asked to make a brief speech on the radio, he wrote that. The longhand draft of that speech reveals that he intended it to take up no more than one page; he made only a few corrections to the original sentences he wrote. At ninety his ability to create memorable prose had not diminished.
Voyages of the Self
Authors: Novak Barbara
Published: November 2023

Barbara Novak is one of America’s premier art historians, the author of the seminal books American Painting of the Nineteenth Century and Nature and Culture, the latter of which was named one of the Ten Best Books of the Year by The New York Times and was nominated for a National Book Critics Circle Award. Now, with Voyages of the Self, this esteemed critic completes the trilogy begun with the two earlier works, offering once again an exhilarating exploration of American art and culture. In this book, Novak explores several inspired pairings of key writers and painters, drawing insightful parallels between such masters as John Singleton Copley and Jonathan Edwards, Winslow Homer and William James, Frederic Edwin Church and Walt Whitman, and Jackson Pollock and Charles Olson. Through these and other groupings, Novak tracks the varied meanings of the self in America, in which the most salient characteristics of each artist or writer is shown to draw from--and in turn influence--the larger map of American life. Two major threads weaving through the book are the American preoccupation with the “object” and our continuing return to pragmatism. Novak notes for instance how Copley’s art mirrors the puritan denial of self found in Jonathan Edwards and how as colonial scientists they share an interest in sensation and observation. She sees Winslow Homer and William James as practitioners of a pragmatic self grounded in an immediate experience that looks for concrete results. Through such fruitful comparisons--whether between Copley and Edwards, or Lane and Emerson, or Ryder and Dickinson--Novak sheds unmatched light on our nation’s artistic heritage. Wonderfully illustrated with dozens of black-and-white pictures and sixteen full-color plates, here is a stunning work that yields a wealth of insight into American art and culture--and concludes Novak’s landmark trilogy.
Equal Power
Authors: Bouton Terry
Published: November 2023

During the 1780s, ordinary Pennsylvanians launched an attack on the gospel of moneyed men and the hard times it created. These people demanded that state leaders save democracy by ending the policies that concentrated wealth among moneyed men. They called for new policies to make wealth more equal. And they demanded a return of a vigorous democracy. Those calls—which came in the form of petitions, newspaper editorials, and speeches by profarmer politicians—revealed that most ordinary Pennsylvanians had not only kept their faith in the vision of ‘76 but, in fact, had deepened and extended their ideas about equalizing wealth and power. They also showed that the people’s ideas of democracy had expanded well beyond the right to vote to embrace a belief that ordinary folk had the right to make public policy on taxation, credit and debt, monetary issues, land policy, and a host of other matters. Needless to say, these popular ideals posed a direct threat to the Morris plan and to the moneyed men who Depended on it.
Rings of Protection
Authors: Bouton Terry
Published: November 2023

During the 1780s, Pennsylvania politics tended to live on streets and country lanes. Thousands of Pennsylvanians who did not vote engaged in waves of protests that swept the countryside. The protests were as varied as they were ubiquitous, spanning a range of strategies from civil disobedience to armed resistance. Some were aimed at stopping foreclosures for unpaid private debts; most were directed at halting tax collection. The protests involved a great many people. They crossed lines of class and occupation, drawing together farmers, artisans, lawyers, gentlemen farmers, and county officials. Resistance also crossed lines of ethnicity, religion, and geography, involving Scots-Irish Presbyterians in central and western Pennsylvania, German Lutherans in the eastern counties, and even Quakers of English descent in the counties surrounding Philadelphia. These groups did not usually coordinate their protests; there was no central organization; they were not linked by committees of correspondence. Nevertheless, these people protested at exactly the same moment in precisely the same ways with at least some awareness of their common effort. At stake in all of this was the meaning of democracy and the Revolution.
Our Undemocratic Legislative Process
Authors: Levinson Sanford
Published: November 2023

One of the relatively few pieces of legislation passed by Congress in 2005 was a $24 billion highway spending bill, which included $453 million in funds for two Alaska bridges. One of them, to cost $223 million, was quickly labelled the “Bridge to Nowhere” inasmuch as it would, according to the Washington Post, simply “replace a 7-minute ferry ride in a sparsely populated area of Alaska.” The remaining funds would have gone to what the Post terms “the magnificently named ”Don Young’s Way’””hint: Mr.Young, Alaska’s sole House member, conveniently happens to chair the transportation committee””[and will serve as] a down payment on a billion-dollar bridge across an inlet in Anchorage to a nearly deserted port.” One might doubt that Mr. Young, for all his clout, could have done this all by himself. Surely it helps that Alaska’s senior senator, Ted Stevens, the longest-serving Republican in the Senate, is himself the chair of the Senate Commerce, Science, and Transportation Committee, which controls matters of vital interest to Alaskans. He is also a member of the Senate Appropriations Committee, whose decisions vitally affect every senator.
Life Tenure for Supreme Court Justices
Authors: Levinson Sanford
Published: November 2023

In recent years, I have addressed the principal issue of this chapter”” life tenure for Supreme Court justices””in my introductory courses in constitutional law when visiting the New York University Law School and then at my home institution, the University of Texas Law School. I have made very clear that I doubt the wisdom of life tenure, and I have noted that many admirable societies do without it. I then included in the final examination a question inviting an assessment of life tenure. Many people cynically assume that students simply feedback to professors what they think professors would like to hear. Some, less cynically but perhaps more ominously, believe that professors are Svengalis able to shape the minds of impressionable students. What, then, is to be inferred from the fact that 104 of 108 NYU students and roughly the same proportion of UT students wrote that preservation of American liberties is dependent on life tenure of Supreme Court justices? One inference is that I succeeded in conveying my genuine belief that they should think for themselves and be completely indifferent to my own point of view. That would be very gratifying.
The Constitution as Creator of Second-Class Citizens
Authors: Levinson Sanford
Published: November 2023

Americans take justified pride in the assertion by the Declaration of Independence that “all men [and today we would surely add women] are created equal” and by the linked notion that “there are no second- class citizens in America.” It is often asserted that “every youngster in America can dream of growing up to be president,” though, as we shall presently see, this is patently false. At the very least, we would like to think that the Constitution itself places no barriers on participation in the polity. Alas, that is not the case. Although what I will call the “second-class citizenship clauses” of the Constitution almost certainly do not justify in themselves supporting the forthcoming referendum, they could either tip the balance for those readers who remain uncertain or reassure those who have already decided to vote yes.
The Panic Theory
Authors: Posner Eric A , vermeule Adrian
Published: November 2023

Many accounts of emergency emphasize the Constitution’s role in limiting the impact of fear on government policy. The panic thesis argues that because fear causes decisionmakers to exaggerate threats and neglect civil liberties and similar values, expanding decision makers’ constitutional powers will result in bad policy. Any gains to national security would be minimal, and the losses to civil liberties would be great. It follows that enforcing the Constitution to the same extent as during periods of normalcy would protect civil liberties at little cost, and therefore the civil libertarian view is superior to the deferential view.
Institutional Alternatives to Judicial Deference
Authors: Posner Eric A , vermeule Adrian
Published: November 2023

The civil libertarian approach is defective for the reasons we gave in prior chapters, but elimination of this approach from the field leaves a number of alternatives. The judicial deference approach is one of these alternatives, but there are others as well. In this chapter, we evaluate many of them and defend the judicial deference approach against the challengers.

Table 5.1 provides a way to organize the competition. There are two dimensions of disagreement. Some people believe that the president’s emergency powers should be determined ex ante—prior to the emergency—and some people believe that the president’s emergency powers should be determined ex post, or after the emergency begins. Thus, the first dimension concerns the timing of this determination. The second dimension concerns the identity of the decision maker who exercises the emergency powers or determines who exercises the emergency powers. There are three possibilities: the president exercises the emergency powers alone; the president exercises them with the consent of Congress; or—a special case—the president exercises them subject to the ex post consent of the public or some nonofficial decisionmaker, such as a jury.
The European Takeover Directive: A Commentary
Authors: Wouters Jan , Hooghten, Paul Van , Bruyneel Mattias
Published: November 2023

As is well known, Directive 2004/25/EC of the European Parliament and of the Council of April 21, 2004, on takeover bids (the Takeover Directive or the Directive),1 originally presented as the Thirteenth Directive in the series of European Union (EU) company law harmonization measures, has had a tortuous genesis. Its preparation and negotiations span 15 years, which became a saga in which more or less all finesse of the EC’s law-making procedure was tested. The European Commission (the Commission) proposed a first draft in January 1989.2 Takeover bids were coming thick and fast and the political will for harmonization seemed to exist during the completion of the internal market (1992 project), but the effort soon got bogged down.3 An amended proposal was introduced in 1990,4 but the negotiations stalled.
Employee Participation and Takeovers under EC Law
Authors: Vos Marc De , Heynen Jan
Published: November 2023

At the turn of the twenty-first century, and profiled against a growing debate on globalization, important European Union (EU) legislation materialized that signals a growing common European understanding of employee involvement in corporate structures and transactions. The year 2001 saw the birth of Regulation 2157/2001 and Directive 2001/86 on the European Company,1 with a significant section on employee involvement. The year 2002 witnessed the adoption of the framework Directive 2002/14 on national-level information and consultation of employee representatives.2 The tight rejection in 2001 and the eventual approval in 2004 of the Directive 2004/25/ EC of the European Parliament and of the Council of April 21, 2004, on takeover bids (the Takeover Directive or the Directive)3 can be put into this context of an EU which is gradually shaping a common component of employee involvement in issues of corporate transactions and governance.4 The European Commission (the EC or the Commission) law provisions relating to the information and consultation of employees in the context takeovers are briefly discussed in this chapter. Before turning to sub-stance of these measures, we briefly look over the plain of European legislation on employee information and consultation, and address the more general issue of the relationship between corporate governance and employee participation in the EU.
Turmoil in the Levant: Iran, Israel, and the Politics of the Arab East
Authors: Takeyh Ray
Published: November 2023

Acursory examination of iran’s approach to israel may lead some to dismiss its incendiary rhetoric and its periodic calls for the eradication of the Jewish state as symbolic gestures without practical relevance. After all, the mullahs did secretly mingle with Israeli officials and purchase large quantities of Israeli arms at exorbitant prices. Moreover, despite persistent mutual denunciations, the two powers never went to war against one another. Beneath the cynical arms deals and furtive coopera-tion, however, lies a durable animosity that is predicated on both strategic designs and ideological values.
Political Risk and Capital Markets
Authors: Bremmer Ian , Keat Preston
Published: November 2023

In late 1994, Jaime Serra Puche, a rising star in Mexico’s Institutional Revolutionary Party (PRI) and the country’s newly appointed finance minister, was expected to manage a currency devaluation without stirring up a lot of political or economic trouble. The celebrated negotiator, famous for delivering on the North American Free Trade Agreement (NAFTA) failed on both counts. Mexico experienced a massive, rapid devaluation of its currency (the peso). The currency’s downward spiral helped strip the PRI of its dominant hold on Mexico’s political landscape. Saddled with expectations that he remain faithful to his party’s political agenda, despite the demands of modern capital markets, Serra was probably doomed to fail. But the real story is about the PRI and its approach to maintaining single-party power, a decades-long dominance dependent on the power iof graft and patronage. The PRI, run as a kind of massive-scale Tammany Hall organization, bolstered its power by dispensing economic spoils to the leaders of trade unions, state and agricultural employees, and regional political parties. The operation was, as Peruvian novelist Mario Vargas Llosa aptly called it,”the perfect dictatorship.”
Regulatory Risk
Authors: Bremmer Ian , Keat Preston
Published: November 2023

As any good investor knows, the commonly used adage “buy when there is blood in the streets” applies not only to literal times of bloodletting but also to metaphorical ones. It is best to buy cheap assets in the wake of some crisis. With this in mind, in August 2003 the Dallas-based private equity firm Lone Star Funds believed it had found an unusually promising investment deal in South Korea. The country’s macroeconomic conditions were sound, but twin economic shocks—the 1997 Asian financial crisis and a 2002 credit card crisis— had inflicted heavy damage on local businesses in the financial and industrial sectors. Overwhelmed by bad debt, thousands of Korean firms faced insolvency. Lone Star determined that the Korea Exchange Bank (KEB), the country’s only foreign exchange bank, provided a great opportunity to enter the Korean financial market.
Introduction
Authors: Shane Scott A
Published: November 2023

The title of this book is a pun. Some start-ups raise money from informal investors rather than institutional sources of funds, like venture capitalists and banks. Many observers refer to these informal investors as the three F’s: friends, family, and fools, sometimes using the term “business angel” to refer to the third of these three categories. The phrase “fool’s gold” refers to the money that angels make by investing in start-ups. But it also refers to iron pyrite, the shiny yellow rocks that miners sometimes mistake for real gold. So is angel investing a source of gold for informal investors or worthless, iron-pyrite? The answer to that question is the focus of this book.
What Do Angel Investments Look Like?
Authors: Shane Scott A
Published: November 2023

Most of the books and articles that have been written about angel investing spend a lot of time talking about what angel investments look like. In fact, you might say that this is their core. The basic premise of the authors of these books and articles is that angel investments differ from other kinds of informal investments. Angels, the story goes, invest more money, and put it in different types of businesses, using a different set of ﬁnancial instruments, than other informal investors, taking an approach more akin to venture capitalists ( VCs) than friends and family. As a result, those interested in angel investing, as entrepreneurs, policy makers, or would-be angels, need to think about angel investments differently.
Traditional Criticisms And Alternatives
Authors: Michaud Richard O , Michaud Robert O
Published: November 2023

Many authors have raised objections to mean-variance (MV) efficient as a framework for defining portfolio optimality. Most of the alternatives can be classified in one of five categories: (1) alternative risk measures; (2) utility function optimization; (3) multiperiod objectives; (4) Monte Carlo financial planning; and (5) linear programming. Analysis shows that the alternatives often have their own serious limitations and that MV efficient is far more robust than is commonly appreciated. Although they are symptomatic of an underlying unease with MV efficiency, none of the proposals address the basic limitations of MV optimization. In MV efficiency, the variance, or standard deviation, of return is the measure of security and portfolio risk. The variance measures variability above and below the mean. From an investor’s point of view, the variance of returns above the mean is often not viewed as “risk”. One obvious and intuitively appealing nonvariance measure of risk, discussed as early as Markowitz (1959), is the semivariance or semistandard deviation of return. In this risk measure, only returns below the mean are included in the estimate of variability. The semivariance is an example of a “downside” risk measure. In this case, “downside” risk is relative to the average or mean of return. There are many other ways to measure “downside” risk. A simple example is replacing average return with a specified level of return, such as zero or the risk-free rate.
Input Estimation And Stein Estimators
Authors: Michaud Richard O , Michaud Robert O
Published: November 2023

The investment value of optimized portfolios depends on proper input estimation as well as effective portfolio optimization. For many analysts and investors, input estimation methods may seem a largely settled and uncontroversial issue. Managers usually base asset allocation risk-return estimates on sample means, standard deviations, and correlations computed from historic returns, with adjustments for current information. Institutional equity portfolio optimization generally employs commercial risk measurement services for estimating the components of portfolio risk and advanced statistical methods for computing return. Contemporary professional statisticians use a variety of modern statistical techniques that are designed to improve the forecast value of estimates of risk and return from historic data.1 Many of these new procedures are based on results that indicate current investment practice may be suboptimal. These results are particularly important because investment intuition is unreliable. Portfolio optimization requires multivariate statistical estimation; that is, the simultaneous estimation of means, standard deviations, and correlations for many securities. Since financial assets are generally related to each other, there is likely to be information in the group of returns that can improve parameter estimates for each asset.
Benchmark Mean-Variance Optimization
Authors: Michaud Richard O , Michaud Robert O
Published: November 2023

Benchmarks arise naturally in many asset management contexts. For example, an equity manager’s performance is typically evaluated relative to the return and tracking risk of an index such as the S&P 500. Tactical asset allocation performance is generally measured relative to a return index. Investment policy asset allocation may be associated with funding an appropriate return liability. This chapter addresses MV optimization relative to a return index or benchmark. The benchmark redefines risk in terms of the return of an investment-relevant objective. Mathematically, benchmark-relative optimization is MV optimization with a linear equality constraint representing the benchmark. Benchmark-relative optimization without linear inequality constraints, such as sign constraints, is subject to the same estimation error investment limitations as described in Jobson and Korkie (1980, 1981) and discussed in Chapter 4. While MV optimization relative to a benchmark may reduce instability at low risk, the statistical significance of investment information may be diminished.
Avoiding Optimization Errors
Authors: Michaud Richard O , Michaud Robert O
Published: November 2023

Optimizers are useful for assigning airport gates, computing lunar trajectories, and routing telephone calls, as well as optimizing portfolios. Therefore, it should not be surprising that an optimizer requires a great deal of information specific to the investment process if it is going to find investment-relevant portfolios. The operating principle for defining an optimization is that more information is better than less as long as it is reliable and consistent. Several procedures, developed largely from institutional experience, are useful for enhancing the investment value of an optimization. Most apply to equity portfolio optimization.
Japan’s Fleas and Flies
Authors: Lockwood Jeffrey A
Published: November 2023

The scale of 20th-century conflicts led to civilians becoming strategic targets. The morale of a populace, the industrial output of a city, and the agricultural production of a farming district were all vital to protracted, large-scale warfare. The horrific toll on noncombatants from the German Blitzkrieg, Allied bombing, and V-1 rocket attacks in the European theater was not lost on the Japanese, who needed no excuse to attack the Chinese populace, but welcomed the implicit acceptance of such tactics by the international community and the opportunity to further test the moral waters. The Japanese began using poison gas against the Chinese in 1937 as a military tactic that also served as a probe of political sensitivities.1 When compelling evidence of chemical warfare was brought to the League of Nations in 1939, nothing was done.
A Swarm of Accusations
Authors: Lockwood Jeffrey A
Published: November 2023

The communists realized that the global audience was rolling its eyes during the fight scene between the Soviet and American diplomats. But they also knew that the western nations placed a premium on science. So in 1952, while the United Nations was embroiled in fiery political rhetoric, the Chinese were working in the wings to rewrite the script. By putting scientists in the lead role, they would make sure that the next act would take the world by storm. To avoid the appearance of gross impropriety, China turned the production over to the World Peace Council.1 However, the council’s bias was very thinly veiled, given that the Soviet-funded organization was founded by Frédéric Joliot-Curie, a winner of the Nobel Prize in physics—and a devout communist.
An Imaginary Menagerie?
Authors: Lockwood Jeffrey A
Published: November 2023

Despite the efforts of the communists to portray the International Scientific Commission as a team of objective scientists, the Americans weren’t buying it for a minute.1 The commission had been formulated by the World Peace Council, an organization that the West saw as a communist front. Its members had made little effort to disguise their anti-Americanism and the chair of the commission, Joseph Needham, was an avowed Marxist (see Figure 16.1).
Medflies, Fruits, and Nuts
Authors: Lockwood Jeffrey A
Published: November 2023

The Mediterranean fruit fly (Ceratitis capitata) is the world’s most destructive pest of fruits, capable of causing staggering agricultural losses and triggering massive control programs. It is also one of the prettiest pests, with the house fly–size adults sporting wings that look like stained glass in earth tones (see Figure 21.1). The larvae, on the other hand, are voracious little maggots that gorge themselves on everything from avocados, coffee, olives, and tomatoes to bananas, citrus, mangos, and peaches. Although the species is found in Hawaii, it has not become established on the mainland—and the agricultural industry desperately wants to keep it that way.
Insect Cyborgs and Roboflies
Authors: Lockwood Jeffrey A
Published: November 2023

The U.S. military doesn’t use the term “cyborgs,” although this is precisely what their scientists and engineers are developing. Perhaps this sounds a bit too much like the stuff of science fiction. The Defense Advanced Research Projects Agency (DARPA) prefers to call their futuristic, insect-machine hybrids “vivisystems.” 1 The goal is to merge evolution and engineering, to take insects and “turn them into war-fighting technologies.” DARPA’s Controlled Biological
Markets and Morals: Surrogate Motherhood, Military Service
Authors: Sandel Michael J
Published: November 2023

One way of testing utilitarian and libertarian theories is to consider arguments for and against the use of markets in some controversial settings. Are there some goods that should be not be bought and sold? If so, why are markets objectionable means of allocating these goods? Consider military service. What do you think of the Civil War system, which allowed conscripts to hire a substitute to take their place? Or, to take another market controversy, what about surrogacy contracts, in which a couple pays a woman to become pregnant with their child, and to turn it over at birth? Do your views about markets in these cases challenge or support utilitarian and libertarian assumptions? Prior to 1776, the American colonies passed literally hundreds of statutes and ordinances providing for the raising of militias; typically these empowered authorities to recruit and pay men under arms rather than draft them into service. One commentator has observed that, during that period, the colonies “required all able-bodied men between the ages of 16 and 50 to compose the militia.... A fine was generally imposed upon those unable to attend [drill].” These were the colonial soldiers who fought the Indians and the French.
Slippages of the Public and Private in Resource Wars
Authors: Gathii James Thuo
Published: November 2023

International law and international relations theory assume that States monopolize the means and the right to wage war. Thus international law evaluates whether war is legally permissible given the role a State plays in initiating or conducting the war. On this view, violence affecting international security not attributable to a State raises difficult issues of responsibility as Judge Koijmans noted in his separate opinion in the 2005 decision of the International Court of Justice (ICJ), Democratic Republic of Congo v. Uganda. For example, there is no agreement among States, ICJ judges, or scholars of international law on whether a State has an international law right to use force in selfdefense where an armed attack emanates from a non-State actor as opposed to that from a State.
The Product is the Product
Authors: Phillips Douglas E
Published: November 2023

a favourites maxim of EULA defenders is that, for software, “the license is the product.”1 If this statement is correct, then it follows that software products cannot exist without licenses.
The GPL, the Public Domain, and the Web
Authors: Phillips Douglas E
Published: November 2023

weaving the web, the story of his invention of the World Wide Web at CERN, Tim Berners-Lee describes how the Web technology came to be dedicated to the public domain. In the year preceding a March 1993 meeting of the Internet Engineering Task Force (IETF) in Columbus, Ohio, Berners-Lee “had been trying to get CERN to release the intellectual property rights to the Web code under the General Public License (GPL) so that others could use it.”1 The University of Minnesota had introduced an Internet search tool and protocol—then better known than the Web—called Gopher.2 In early 1993, the University announced that it would require a license to use Gopher and would charge an annual fee for commercial users.3 In response, the industry “dropped gopher like a hot potato.”4
Failure as a Dutiful Wife
Authors: Frankel Noralee
Published: November 2023

One day Morton Minsky’s aunt Mae Cohen, whom Minsky described as “one of the most proper and distinguished women in our family,” came to call on him. “Morton,” Aunt Mae began, “I have a problem you may be able to help me with. One of my good friends is a Mrs. Mizzy.” Mrs. Mizzy was concerned because her son was dating one of Minsky’s employees, “a certain Miss Gypsy Rose Lee.” Mrs. Cohen pointedly queried her nephew about Gypsy. She wanted him to tell her everything he knew. Discreet in his answer, Minsky stressed Gypsy’s intelligence and left out her alliance with gangsters. For Mrs. Mizzy, the problem of Gypsy was not solved when her son married a Hollywood actress, rather than carrying on with a burlesque stripper; it ended only when her son and Gypsy divorced. She waited a very short time.