cssi/SciSciGPT-SciSciNet huggingface dataset:
Benefits of public reporting: Evidence from IPOs backed by listed private equity firms

Abstract Private equity firms that are listed on stock exchanges commit to extensive public disclosures. By contrast, unlisted private equity firms communicate privately with partner investors. We examine the reporting quality of portfolio companies that are backed by listed and unlisted private equity firms worldwide. We find that portfolio companies that are backed by listed private equity firms report lower abnormal accruals, recognize losses faster, and experience higher post-IPO stock returns. These findings are stronger for smaller and European portfolio companies and those that receive direct private equity investments. Overall, our findings suggest that the public reporting model of listed private equity firms leads to greater capital market benefits than the private reporting model of unlisted private equity firms.
Native Nations and Museums: Developing an Institutional Framework for Cultural Sovereignty

This article examines the changing relationships between museums and indigenous peoples over the past two centuries, with a specific focus upon the relationship of American museums to Native peoples within the United States. In the 19th century, the role of the American Museum was to acquire objects that could offer knowledge about natural history or world cultures to facilitate certain public values. With respect to Native peoples, the 19th century practices of American museum often institutionalized a hierarchical relationship consistent with the exploitative tenets of European colonialism and Imperialism. In comparison, modern museums must engage the multiple experiences of the diverse groups that are present within the nation-state, as well as disparate populations across the globe. Groups often disagree about the meaning of the past, as well as the articulation of their contemporary identity. In this respect, modern museums often participate in reshaping public values through the combined processes of repatriation and reconciliation. Through the process of repatriation, museums honor the human rights of Native peoples by transferring possession of ancestral human remains and cultural objects that were wrongfully appropriated in the past. Through the process of reconciliation, museums foster new relationships between Native peoples and the nation-state that more accurately reflect their distinctive historical experience and contemporary identity as separate sovereigns. This article argues that museums have an important role to play in the contemporary effort of Native Nations to assert their cultural sovereignty and reclaim their own histories. Specifically, the article examines the role of the National Museum of the American Indian and the role of tribal museums in fostering tribal cultural sovereignty.
Bayesian methods for change-point detection in long-range dependent processes

We describe a Bayesian method for detecting structural changes in a long- range dependent process. In particular, we focus on changes in the long-range dependence parameter, d, and changes in the process level, l. Markov chain Monte Carlo (MCMC) methods are used to estimate the posterior probability and size of a change at time t, along with other model parameters. A time-dependent Kalman filter approach is used to evaluate the likelihood of the fractionally integrated ARMA model characterizing the long-range dependence. The method allows for multiple change points and can be extended to the long-memory stochastic volatility case. We apply the method to three examples, to investigate a change in persistence of the yearly Nile River minima, to investigate structural changes in the series of durations between intraday trades of IBM stock on the New York Stock Exchange, and to detect structural breaks in daily stock returns for the Coca Cola Company during the 1990s.
The Evolution of Legal Education: Internationalization, Transnationalization, Globalization

This article examines the evolution of legal education as it has moved through international, transnational, and now global paradigms. It explores these paradigms by reference to practice, pedagogy, and research. Internationalization saw the world as an archipelago of jurisdictions, with a small number of lawyers involved in mediating disputes between jurisdictions or determining which jurisdiction applied; transnationalization saw the world as a patchwork, with greater need for familiarity across jurisdictions and hence a growth in exchanges and collaborations; globalization is now seeing the world as a web in more ways than one, with lawyers needing to be comfortable in multiple jurisdictions.
Why Do Households Concentrate Their Wealth in Housing

An apparent paradox in household wealth accumulation in the United States is the relatively small holding of financial assets and the large holding of housing wealth. To explain the high concentration of household wealth in housing, this paper estimates the marginal propensity to consume from housing and from financial assets. A higher marginal propensity to consume from housing rather than from financial assets would lead households to concentrate their wealth in real estate. For aggregate U.S. quarterly data from 1952:1 to 2002:2, the marginal propensity to consume from housing is higher than that from financial wealth. These conditions provide a rationale for the concentration of household assets in housing.
An Analysis of Day-of-the-Week Effects in the Egyptian Stock Market

This study investigates daily stock market anomalies in the Egyptian stock market using its major stock index, the Capital Market Authority Index (CMA), to shed some light on the degree of market efficiency in an emerging capital market with a four-day trading week. The results indicate that Monday returns in the Egyptian stock market are positive and significant on average, but are not significantly different from returns of the rest of the week. Thus, no evidence was uncovered to support any daily seasonal patterns in the Egyptian stock market, indicating that stock market returns are consistent with the weak form of market efficiency. These results should be interpreted with caution since the Egyptian stock market has only a limited number of stocks that are actively traded. JEL: G150, G140, O530
Lessons From Thomas More's Dilemma of Conscience: Reconciling the Clash Between a Lawyer's Beliefs and Professional Expectations

The invitation to deliver the St. Thomas More Memorial lecture at St. Dunstan's Church, Canterbury, England, served as the stimulus for this scholarly piece. Thomas More's fateful conflict between his moralistic beliefs and duty to Henry VIII - a conflict to which I refer as his "dilemma of conscience" - has emblematic relevance for most contemporary lawyers. This article commences with a jurisprudential analysis of More's conflict to demonstrate the virtual inevitability of the conflicts between personally-held beliefs and professional expectations. The author then employs cognitive dissonance theory to explain the discomfort caused by holding contradictory beliefs, and the cognition that naturally follows as the holder attempts to reduce dissonance and resolve the conflict. The article ultimately concludes that legal professionals must think more probatively about the impact that conflicting beliefs have on the decision-making as they attempt to resolve dilemmas of conscience.
Choice Architecture, Framing, and Cascaded Privacy Choices

For consumers, managing privacy online requires navigating a complex process of interrelated choices. This process may be conceived of as “cascaded,” in that a combination of upstream choices (e.g....
Risk and return characteristics of property indices in emerging markets

Abstract Little is known about the performance and possible diversification benefits from real estate investments in emerging capital markets. During the period examined, property indices experienced relatively high total risk and low returns, but only a few of these indices underperformed on a risk-adjusted basis. Real estate investments offered diversification opportunities to equity market investors in emerging markets as well as to real estate and equity market investors in developed markets. Policy-makers should recognize that there is a tradeoff between potential benefits from keeping capital in their domestic markets versus reductions in diversification benefits available to domestic investors.
Solving Share Equations in Logit Models Using the LambertW Function

Though individual demand and supply equations can readily be expressed in logit models, closed-form solutions for equilibrium shares and prices are intractable due to the presence of products of polynomial and exponential terms. This hinders the employment of logit models in theoretical studies, and also makes it difficult to develop reduced-form expressions for share and price as a function of exogenous variables for use in empirical studies. In this paper we propose that a mathematical function called the LambertW be employed in solving logit models for equilibrium shares and prices. We derive closed form solutions for price and share in both the monopoly case as well as in the presence of competition. In the competitive case, the prices of the focal firm and the competitor are dependent on each other; hence the equilibrium prices are endogenous and need to be determined simultaneously. To solve this issue, we provide a simple technique that researchers can employ to derive the optimal prices for both the focal firm and the competitor simultaneously.
Revising the minimum wage for the 1990s

This article examines the federal-wage floor concept of the Fair Labor Standards Act of 1938 (FLSA) in light of the current legislative debate to increase the minimum wage. The arguments of proponents and opponents of the initial minimum wage law and its periodic increases have remained fairly constant over the past fifty years. The opponents' concerns about potential loss of jobs, negative impact upon businesses, and the economy and the questionable efficiency of the wage floor in reaching the neediest workers to eliminate poverty remain the most prevalent reasons cited. The harmful impact of a minimum wage increase on the competitiveness of U.S. business in the international sphere has emerged as the foremost issue of opponents in this decade.
Public Utility Regulation in a Developing Country

The Public Utilities2 Act,3 of Barbados is the Act4 referred to in the above quotation. The Act5 establishes a Board6 comprised of five members who are appointed by the Minister.7 The Minister appoints one of the members as Chairman, who holds the office as long as he remains a member of the Board. The Act provides that if the Chairman is unable to act, or if there is a vacancy in the office, then any other member may act as Chairman.8 Members of the Board hold office for the period specified in the instrument of appointment, which can be up to five years.9
K-Band Spectroscopy of Ultraluminous Infrared Galaxies: The 2 Jy Sample

We present near-infrared spectroscopy for a complete sample of 33 ultraluminous infrared galaxies at a resolution of R ≈ 1000. Most of the wavelength range from 1.80–2.20 μm in the rest frame is covered, including the Paα and Brγ hydrogen recombination lines, and the molecular hydrogen vibration-rotation 1–0 S(1) and S(3) lines. Other species, such as He I, [Fe II], and [Si VI] appear in the spectra as well, in addition to a number of weaker molecular hydrogen lines. Nuclear extractions for each of the individual galaxies are presented here, along with spectra of secondary nuclei, where available. The Paα emission is seen to be highly concentrated on the nuclei, typically with very little emission extending beyond a radius of 1 kpc. This survey was carried out primarily to search for signatures of active nuclei via velocity-broadened hydrogen recombination or the presence of the [Si VI] coronal line. These signatures are rare in the present sample, occurring in only two of the 33 galaxies. The extinction to the hydrogen recombination lines is investigated via the Paα/Brγ line ratio. It is found that visual extinctions to the nuclei in excess of 10 mag are relatively common among ULIRGs and that visual extinctions greater than 25 mag are necessary to conceal a QSO emitting half the total bolometric luminosity. The ionized hydrogen regions in many ULIRGs are sufficiently obscured that dust-enshrouded active galactic nuclei would remain hidden at 2 μm at the current level of sensitivity. The vibration-rotation lines of molecular hydrogen appear to be predominantly thermal in origin, with effective temperatures generally around 2200 K. The relative nuclear velocities between double nucleus ULIRGs are investigated, through which it is inferred that the maximum deprojected velocity difference is ~200 km s-1. This figure is lower than the velocities predicted by physical models of strong interactions/mergers of large, gas-rich galaxies.
A Hierarchical Framework for Organizing a Software Development Process

Every year, companies that produce commercial tax preparation software struggle with thousands of state and federal changes to tax laws and forms. Three competitors dominate the market with its short selling season, and release delays slash profits. Tax authorities issue updates August--December, and all changes must be processed and incorporated before year end. Systematic resource allocation and process management are crucial yet problematic due to the volume and complexity of changes, brief production time frame, and feedback loops for bug resolution. A leading tax software provider asked us to propose systematic approaches for managing process flow and staffing development stages with the goal of releasing the new version on time at minimum cost. To that end, we developed deterministic models that partitioned tax forms into development groups and determined staffing levels for each group. Partitioning forms into groups simplified workflow management and staffing decisions. To provide a range of resource configurations, we used two modeling approaches. Numerical experiments showed that our models capture the salient features of the process and that our heuristics perform well. Implementing our models reduced company overtime hours by 31% and total workforce cost by 13%.
Digital gender divide or technologically empowered women in developing countries? A typical case of lies, damned lies, and statistics

Synopsis The discussion about women's access to and use of digital Information and Communication Technology (ICT) in developing countries has been inconclusive so far. Some claim that women are rather technophobic and that men are much better users of digital tools, while others argue that women enthusiastically embrace digital communication. This article puts this question to an empirical test. We analyze data sets from 12 Latin American and 13 African countries from 2005 to 2008. This is believed to be the most extensive empirical study in this field so far. The results are surprisingly consistent and revealing: the reason why fewer women access and use ICT is a direct result of their unfavorable conditions with respect to employment, education and income. When controlling for these variables, women turn out to be more active users of digital tools than men. This turns the alleged digital gender divide into an opportunity: given women's affinity for ICT, and given that digital technologies are tools that can improve living conditions, ICT represents a concrete and tangible opportunity to tackle longstanding challenges of gender inequalities in developing countries, including access to employment, income, education and health services.
TECHNOLOGICAL FAIR USE

This Article proposes a framework tailoring the fair use doctrine specifically for technology cases. At the inception of the twenty-first century, information technologies have become increasingly central to the U.S. economy. Not surprisingly, complex copyright cases involving speech technologies, such as DVRs, MP3 devices, Google Book Search, and YouTube, have also increased. Yet existing copyright law, developed long before digital technologies, is ill prepared to handle the complexities that these technology cases pose. The key question often turns not on prima facie infringement, but on the defense of fair use, which courts have too often relegated to extremely fact-specific decisions. The downside to this ad hoc adjudication of fair use is that it leads to an uncertainty over what is permissible that may impede innovation in speech technologies. This Article addresses this ongoing problem by proposing that courts recognize a specific type of fair use—technological fair use—and tailor the four fair use factors accordingly. Technological fair use is supported not only by a synthesis of existing case law and economic theory, but also, more importantly, by the constitutional underpinnings of the First Amendment and the Copyright and Patent Clause.
The Multiple Roles of the Finance Organization: Determinants, Effectiveness, and the Moderating Influence of Information System Integration

ABSTRACT: This study focuses on three broad Finance organization roles: reporting, compliance, and internal control/risk management (RCCR); performance management; and strategic partner. Using data from a global survey of 832 firms, we examine the determinants of the various roles' importance and their relation with Finance effectiveness. While the effects of organizational change, market growth, international operations, firm size, decentralization, and industry on Finance responsibilities vary depending upon the role, we find little evidence of tradeoffs between the various roles. Instead, we find evidence of complementarities between roles, whereby greater emphasis on one role is associated with greater Finance effectiveness in the other roles. Additionally, we find that information system integration (ISI) not only has a positive direct impact on effectiveness in all three roles, but also interacts with the importance placed on RCCR and performance management roles to improve the Finance organization'...
Law Firm Competency Models and Student Professional Success: Building on a Foundation of Professional Formation/Professionalism

Both law students and law schools have an opportunity created by the convergence of (1) significant employment market changes for law graduates, (2) sharp declines in law school applications, (3) increased applicant attention to each school’s employment outcomes, (4) law firm development of competency models to assess associate development, and (5) the high probability of accreditation changes emphasizing each student’s competency to represent clients and participate ethically in the profession. A law student who understands legal employer competency models can differentiate him or herself from other graduates by using the three years of law school to develop (and to create supporting evidence to demonstrate) specific competencies beyond just knowledge of doctrinal law, legal analysis, and some written and oral communication skills. Indiana law professor Bill Henderson notes that “there is a glut in the market for entry level law graduates. Further, virtually all lack the skills needed to differentiate themselves . . . .” In Part I below, this essay analyzes all available empirical research on the values, virtues, capacities and skills in law firm competency models that define the competencies of the most effective and successful lawyers. Part II examines empirical evidence on the competencies that clients evaluate. Part III evaluates the competencies that make the most difference in fast-track associate and partnership promotions. These data and analyses lead to several bold propositions developed in Part IV: 1. Law students and legal educators should identify and understand the values, virtues, capacities and skills (the competencies) of highly effective and successful lawyers in different types of practice (one major example is law firm competency models analyzed below in Part I); 2. Each student should use all three years of experiences both inside and outside of law school (including the required and elective curriculum, extracurricular activities, and paid or pro bono work experiences) to develop and be able to demonstrate evidence of the competencies that legal employers and clients want in the student’s area of employment interest; 3. Law schools should develop a competency-based curriculum that helps each student develop and be able to demonstrate the competencies that legal employers and clients want; and 4. Both law students and law schools should understand that the values, virtues, capacities and skills of professional formation (professionalism) are the foundation for excellence at all of the competencies of an effective and successful lawyer.
Archipelago's move towards exchange status: An analysis of Archipelago trading in NYSE and NASDAQ stocks

Abstract Archipelago began reporting trades and quotes to the Pacific Stock Exchange in 2002 for NYSE-listed securities and in 2003 for NASDAQ-listed securities. These events mark the time that Archipelago began migrating stocks from its ECN platform to the exchange platform, thereby becoming a stand-alone exchange. We examine the impact of becoming a stand-alone exchange on execution quality and market share of Archipelago to gain insight into its ability to compete for order flow in NYSE and NASDAQ stocks. We find that the change has a positive effect on Archipelago's execution quality for NYSE stocks, while it has a negative effect for NASDAQ stocks. A possible explanation is that Archipelago lost the large pool of liquidity that SuperMontage provided when it became a stand-alone exchange, and that loss may offset any gain associated with having exchange status. Overall, exchange status helped Archipelago slowly make headway in the NYSE-listed securities arena.
Toward a Duty-Based Theory of Executive Power

This article develops a duty-based theory of executive power. This theory maintains that the Constitution seeks to instill a duty in all executive branch officers to faithfully execute the law. Conversely, the Constitution’s Framers and Ratifiers did not intend to empower the President to distinctively shape the law to suit his policy preferences or those of his party. Rather, they envisioned a model of “disinterested leadership” serving rule-of-law values. Because of the Ratifiers’ and Framers’ interest in preventing abuse of executive power, the Constitution obligates executive branch officials to disobey illegal presidential directives and creates a major congressional role in preventing illegal executive action, primarily by assigning the Senate a major role in appointments and removal. The duty-based theory fits original intent better than the unitary executive theory popular these days among originalists. Both the constitutional text and the pre-enactment history show a preoccupation with establishing duties, preventing real abuse, and securing stable administration, rather than an effort to establish presidential control over executive branch discretion. The duty-based theory also serves rule-of-law values better than the unitary executive theory. This article closes with a discussion of the theory’s implications for key separation of powers issues involving the execution of law.
Why privatize? : the case of Argentina's public provincial banks

Argentina has been a leader among developing countries in restructuring its banking sector. The authors analyze the performance of those banks before and after privatization and estimate fiscal savings associated with privatizing Argentina's banks rather than keeping them public and later recapitalizing them. The authors describe the process of privatization, including the creation of residual entities for the assets and liabilities of public provincial banks that private buyers found unattractive and the creation of a special fund (the Fondo Fiduciario) to convert the short-term liabilities of the residual entities into longer-term obligations. They argue that the Fondo, created through cooperation between the Argentine federal government and the World Bank, was key in making privatization of the banks politically feasible. Argentina privatized roughly half of its public provincial banks. The Argentine experience suggests that bank privatization may succeed only when accompanied by a sound, incentive-compatible system of prudential regulation. The regulatory environment affects a bank s solvency. Improved regulation and supervision alone does not deliver the same benefits as improved regulation and supervision with privatization. The provincial banks that remained in the public sector did not demonstrate the same performance gains as privatized provincial banks. The decision to maintain a public provincial bank is a costly one. Policymakers should expect privatization to pass through some or all of the following steps: 1) With respect to pre-privatization audits, expect losses hidden in these banks to be larger than those indicated in prior audits. 2) If residual entities are created, expect them to hold a large share of the old public provincial bank, if the quality of its loan portfolio was low. 3) Do not expect the price paid for the privatized entity (the so-called good bank) to be great, at least compared with assets and liabilities in the residual entity. 4) If the residual entity is large, the province will be confronted with substantial short-term liabilities. But with assistance and an aggressive asset recovery strategy, governments should be able to navigate their way through short-term difficulty. 5) The costs of privatization are less than the costs of future recapitalization, even if the near-term management of the residual entity does not go well.
Crises and Growth: A Latin American Perspective

espanolEn este articulo uso datos historicos para analizar la relacion entre crisis y crecimiento en America Latina. Calculo en cuanto se ha reducido el PIB per capita en la region como consecuencia de las recurrentes crisis externas. Analizo, tambien, los principales determinantes de las crisis de balanzas de pagos. La principal conclusion es que es poco probable que America Latina experimente, en promedio, una mejora importante en su crecimiento en el largo plazo. Es posible que algunos paises experimenten un cierto progreso en su convergencia con los paises avanzados. Esto, sin embargo no sera la norma; la mayoria de los paises latinoamericanos se atrasaran en relacion a los paises asiaticos y otros paises en desarrollo emergentes. Mi analisis tambien sugiere que en el futuro el tipo de crisis catastroficas, tan comunes en la region, afectaran a un menor numero de paises. El futuro de America Latina sera «Sin crisis y con un crecimiento muy modesto». EnglishIn this paper I use historical data to analyze the relationship between crises and growth in Latin America. I calculate by how much the region?s GDP per capita has been reduced as a consequence of the recurrence of external crises. I also analyze the determinants of major balance of payments crises. The main conclusion is that it is unlikely that Latin America will, on average, experience a major improvement in long run growth in the future. It is possible that some countries will make progress in catching up with the advanced nations. This, however, will not be the norm; most Latin American countries are likely to fall further behind in relation to the Asian countries and other emerging nations. Not everything, however, is grim. My analysis also suggests that fewer Latin America countries will be subject to the type of catastrophic crises that affected the region in the past. Latin America?s future will be one of «No crises and very modest growth».
Strategic Interaction Among Overlapping Local Jurisdictions

This article explores the strategic interactions between overlapping counties and school districts within the context of property tax policy. Overlapping local governments share either part or all of their property tax bases and therefore may take into account each other’s tax policies when deciding their annual property tax rate. A dynamic model is developed to analyze how property tax rate determination is influenced by the fiscal policies of both overlapping and neighboring local jurisdictions. The results suggest a short-term mimicking effect that is largely canceled out the following period. These findings help to develop a more complete understanding of how the broader set of environmental and institutional attributes of local governments influence their fiscal policies.
Credit quantity and credit quality: Bank competition and capital accumulation

In this paper we show that bank competition has an intrinsically ambiguous impact on capital accumulation. We further show that it is also responsible for the emergence of development traps in economies that otherwise would be characterized by unique equilibria. These results explain the conflicting evidence emerging from the recent empirical studies of the effects of bank competition on economic growth. We obtain them developing a dynamic, general equilibrium model of capital accumulation where banks operate in a Cournot oligopoly. More banks lead to a higher quantity of credit available to entrepreneurs, but also to diminished incentives to offer relationship services that improve the likelihood of success of investment projects. We also show that conditioning on one key parameter resolves the theoretical ambiguity: in economies where intrinsic market uncertainty is high (low), less (more) competition leads to higher capital accumulation.
Are Bank Holding Companies a Source of Strength to Their Banking Subsidiaries

I document evidence that a bank affiliated with a multi-bank holding company (MBHC) is significantly safer than either a stand-alone bank or a bank affiliated with a one-bank holding company. Not only does MBHC affiliation reduce the probability of future financial distress, but distressed affiliated banks are also more likely to receive capital injections, recover more quickly, and are less likely to fail over the next year. Moreover, the measured benefits of affiliation are much larger than those that existed before recent reforms of bank holding company regulation, suggesting that much of the observed benefit can be attributed to regulation and not the market.
OPTIMAL CARTEL PRICING IN THE PRESENCE OF AN ANTITRUST AUTHORITY

The dynamic behavior of a price-fixing cartel is explored when it is concerned about creating suspicions that a cartel has formed. Consistent with preceding static theories, the cartel's steady-state price is decreasing in the damage multiple and the probability of detection. However, contrary to those theories, it is independent of the level of fixed fines. It is also shown that the cartel prices higher when a more competitive benchmark price is used in calculating damages.
Is Self-Regulation the Answer? Assessing the Proposal for FINRA Oversight of Investment Advisers

In January 2011, as required by Congress, the SEC’s Division of Investment Management issued the Section 914 Report. Given that I will discuss the SEC’s findings, for now it is sufficient to list the SEC’s report to Congress which aims to bolster the strength of regulatory examinations and enforcement proceedings in the investment advisory industry. The three proposals are: (1) Imposing user fees on SEC-registered investment advisers to fund their examinations by the Office of Compliance Inspections and Examinations (“OCIE”)(2) Authorizing one or more SROs [self-regulatory organizations] to examine, subject to SEC oversight, all SEC-registered investment advisers (3) Authorizing FINRA to examine dual registrants for compliance with the Advisers Act This Article assesses the third of these legislative options by looking at the merits of the arguments for and against it, reviewing applicable legal precedent, and considering the appeal of the first two options.
Earnings management: a perspective

Compares three definitions of earnings management used by accounting researchers and three methods of estimating it: aggregate accruals, specific accruals and discontinuities in earnings distribution. Discusses evidence relating to the reasons for income‐increasing earnings management, income‐decreasing earnings management and specific contexts, e.g. financial institutions with regulatory constraints. Concludes that, although the evidence is limited, managers are more likely to manipulate income up rather than down; and identifies some opportunities for further research.
Do Insider Trading Laws Matter? Some Preliminary Comparative Evidence

Despite the long-standing insider trading debate, there is little empirical research on insider trading laws, especially in a comparative context. The article attempts to fill that gap. I find that countries with more prohibitive insider trading laws have more diffuse equity ownership, more accurate stock prices, and more liquid stock markets. These findings are generally robust to controlling for measures of disclosure and enforceability and suggest that formal insider trading laws (especially their deterrent components) matter to stock market development. The article suggests further avenues of empirical research on the specific mechanisms through which insider trading laws might matter and the political economy of their adoption. Copyright 2005, Oxford University Press.
Homology in comparative, molecular, and evolutionary developmental biology: the radiation of a concept.

The present paper analyzes the use and understanding of the homology concept across different biological disciplines. It is argued that in its history, the homology concept underwent a sort of adaptive radiation. Once it migrated from comparative anatomy into new biological fields, the homology concept changed in accordance with the theoretical aims and interests of these disciplines. The paper gives a case study of the theoretical role that homology plays in comparative and evolutionary biology, in molecular biology, and in evolutionary developmental biology. It is shown that the concept or variant of homology preferred by a particular biological field is used to bring about items of biological knowledge that are characteristic for this field. A particular branch of biology uses its homology concept to pursue its specific theoretical goals.
The Stock Market, Profit, and Investment

Should managers, when taking investment decisions, follow the signals given by the stock market even when those do not coincide with their own assessment of fundamentals? Do they? In this paper we review theoretical arguments and examine the empirical evidence. First, we look at the relation between investment, market valuation, and proxies for fundamentals over the last 90 years. Second, we look at the behavior of investment during the episodes associated with the crashes of 1929 and 1987. We find a limited role of market valuation, given fundamentals.
Public School Governance and Democracy: Does Public Participation Matter

Public participation in public school governance is an especially pertinent issue in light of recent trends in several large cities favoring centralized mayoral control of schools. Such governance change highlights the roles of local, state and federal governments as well as public and private actors, in developing and driving educational policy and practice. This article examines the question of public participation in public school governance from the perspective of theories of democratic participation, as they relate to practical realities of public school governance. It considers various models of public school governance, explores historical trends, from local to centralized control and back again, and examines the purposes public participation is meant to serve. The article focuses on New York City and other cities that recently converted to centralized mayoral control of public schools and argues that governance models should be designed to strengthen and improve public education as a public responsibility.
Dealing with Stakeholders: How Reputation, Credibility and Framing Influence the Game

Reputation is clearly a growing area of research and practitioner interest. Models that assist in our understanding of research and that aid practitioners in managing reputation are to be encouraged. In this paper, a model of reputation formation is proposed and the notion of reputation in issue, stake-holder, and process areas is addressed. Examples of these elements of reputation are offered, to help sharpen our understanding of reputation in action. In addition, the impact of credibility and framing on reputation is closely reviewed. Credibility refers to the organization's past history and how it develops reputational expectations over time. Framing is a process of ordering beliefs around an issue. In this paper, three questions are raised for consideration and suggestions are offered for further research and practitioner action.
Implementing the Public Trust Doctrine: A Lakeside View into the Trustees’ World

Since the 1970s, articles on the public trust doctrine — as articulated in judicial opinions, constitutional provisions, and statutes — are replete in legal literature. Yet, few articles discuss the actual implementation of the doctrine, and none are informed by qualitative research interviews with water managers. This Article explores this missing dimension through an empirical study of the “on the ground” trustees of Wisconsin — its water managers. Wisconsin’s legal framework is an example of a cutting-edge articulation of the public trust doctrine. Because Wisconsin has been on the forefront of developing the legal doctrine, and its water managers face budgetary constraints and conflicts between public rights and private property rights not unique to the state, this empirical study illustrates for those working in other states the tensions and structures that impede or enhance public trust protections. After exposing the systems that prevent water managers from fully carrying out their trustee duties, this Article provides several modest policy proposals for moving forward in a way that empowers water managers to satisfactorily meet their duties as trustees.
HIGGSLESS DECONSTRUCTION WITHOUT BOUNDARY CONDITION

Deconstruction is a powerful means to explore the rich dynamics of gauge theories in four and higher dimensions. We demonstrate that gauge symmetry breaking in a compactified higher dimensional theory can be formulated via deconstructed 4D moose theory with spontaneous symmetry breaking and without boundary condition. The proper higher-D boundary conditions are automatically induced in the continuum limit rather than being imposed. We identify and analyze the moose theories which exhibit delayed unitarity violation (effective unitarity) as a collective effect of many gauge groups, without resorting to any known 5D geometry. Relevant phenomenological constraints are also addressed.
Optimal Bankruptcy Code: A Fresh Start for Some

Abstract What is the optimal consumer bankruptcy law? I answer this question using an incomplete markets life-cycle model with a planner who can choose state-contingent bankruptcy costs. I develop two main theoretical characterizations. First, whenever debt discharge is allowed, it should occur without cost. Second, bankruptcy should always be allowed for highly-indebted households. Quantitatively, the optimal policy can generate a welfare gain as large as 11.6%. However, attractive informal default, asymmetric information, and moral hazard can reduce the welfare gain to as little as 0.7%.
Sovereign Debt Restructuring in Europe

The Eurozone sovereign debt crisis began in the spring of 2010. Seven years on seems like an appropriate point at which to critique how the crisis has been handled and to assess whether policy changes will be required should it flare up again. In particular, there are a number of lessons to be learned from the Greek debt restructuring of 2012.
Voluntary disclosure and ownership structure: an analysis of dual class firms

This study focuses on the association of voluntary compensation disclosure and ownership structure. It provides evidence that the detachment of control and cash flow rights in dual class share firms is associated with lower levels of compensation disclosure. This association is incremental to the level of managerial ownership and family ownership. The study attributes these disclosure results to the concealment of excess compensation in dual class share firms. Consistent with this explanation, the study finds that managers in dual class share firms earn higher compensation relative to their single class counterparts. An analysis within dual class firms also reveals that compensation disclosure is decreasing in managers’ voting control but increasing in their cash flow rights consistent with a private control benefits explanation. To examine these research questions, the study develops a contextual measure of compensation disclosure that attempts to capture firms’ economic bases for award of compensation.
The Quality Adjusted Price Index in the Pure Characteristics Demand Model

This paper computes a quality adjusted price index for the personal computer CPU from 1996 to 2000. The index is based on the pure characteristics demand model. I first compute the quality adjusted price index for the whole market, and show that it is very comparable with the hedonic price index but more sensitive to changes in product quality. Two types of the hedonic index are considered. One is the dummy variable index and the other is the formulation in Pakes (2003). When I group consumers by their willingness to pay for attribute improvement, the index shows consumer groups are differently affected by their product choices.
Human-induced earthquakes, risk salience, and housing values

Abstract Oklahoma’s households have recently faced several thousand higher-probability but low-impact earthquakes induced by nearby shale gas development. This type of seismic activity is different from natural-occurring earthquakes, which are generally constituted by one, high-loss event. We investigate the mechanisms through which earthquakes may influence household perceptions of risk by modeling changes to property values in and out of seismically-active zones. We estimate that the induced earthquakes are spatially concentrated, which is partially influenced by governmental limits placed on natural gas production and wastewater injections. Additionally, we explore the underlying measure of earthquake intensity and identify its importance in modeling seismic impacts. Controlling for the stock-flow dynamics of seismicity through time, we estimate that Oklahoma County’s cumulative experience of earthquakes led to a diminution of property values. The impacts are further exacerbated by risk-saliency effects, as reflected in declining values associated with nearby wastewater injections and natural gas production.
Shopbot 2.0: Integrating recommendations and promotions with comparison shopping

Abstract The current generation of shopbots reduce consumer search costs associated with determining the best purchase price and place to buy a product predetermined by the shopper. In order to provide better service to shoppers, the service horizon of these shopbots can be extended in several dimensions. In this paper, we suggest that shopbots can integrate retail promotions and incorporate recommender systems in order to provide greater values to their users. Although the majority of online retailers already provide recommender systems, we show that profit maximizing retailers may not always provide transparent recommendations and argue that shopbots are in the better position to offer such recommendations. We develop integer programming models for shopbots to integrate sales promotions and product recommendations. We validate our model by using product recommendation data from two popular online retailers, Amazon.com and Buy.com, to show that our model provides recommendations that offer better value to the price sensitive shopbot customers.
OPTIMAL FINES AND AUDITING WHEN WEALTH IS COSTLY TO OBSERVE

Abstract This article studies optimal fines when an offender's wealth is private information that can be obtained by the enforcement authority only after a costly audit. I derive the optimal fine for the underlying offense, the optimal fine for misrepresenting one's wealth level, and the optimal audit probability. The optimal fine for misrepresenting wealth equals the fine for the offense divided by the audit probability, and therefore generally exceeds the fine for the offense. The optimal audit probability is positive, increases as the cost of an audit declines, and equals unity if the cost is sufficiently low. If the optimal audit probability is less than unity, there are some individuals who are capable of paying the fine for the offense who misrepresent their wealth levels. Additionally, the optimal fine for the offense results in underdeterrence due to the cost of auditing wealth levels.
Evaluating Trickle Down Charity: A Solution for Determining When Economic Development Aimed at Revitalizing America's Cities and Regions is Really Charitable

As our nation's philanthropic sector becomes more entrepreneurial, ambitious and influenced by the private sector, longstanding legal standards on what constitutes “charity” struggle to stay relevant. More and more often, organizations that seek classification by the Internal Revenue Service as a Section 501(c)(3) charity (and the substantial public subsidy that this status unlocks) are not the soup kitchens and homeless shelters of yesteryear, but highly sophisticated ventures which accomplish their missions in ways that are less obviously charitable. In no case is this more true than in the recent widespread emergence of nonprofit organizations whose primary activity is providing direct aid to for-profit businesses. This Article examines this trend and coins the phrase “trickle down charity” to encapsulate the analytic challenge these organizations (which the article terms REDOs, short for “regional economic development organizations”) pose when they seek classification as a charity. REDOs hope that the privately-owned, profit-seeking ventures they aid will ultimately help those in need in the form of jobs and a flourishing economy. While influential and, in some cases, transformative to cities and regions in economic distress, REDOs turn the traditional charitable services delivery model on its head by advancing private interests first and betting that benefit to a charitable class will follow. By relying on standards designed for more conventional charities, current IRS scrutiny of this new model is outdated, inconsistent and mistimed. The most significant consequence of this imprecision is that the publicly funded subsidy American laws have created to incentivize charitable work may be misused to support organizations that are not really charitable while subtracting from the pool of funds available to those that clearly are. To solve this problem, I propose that the IRS rely on the law of charity’s often overlooked and sometimes maligned “private benefit doctrine.” Specifically, this doctrine should inform new IRS procedures that (1) require all REDOs to make a more compelling demonstration of the nexus between their activities and the accomplishment of charitable purposes and (2) provide a system of ongoing accountability with respect to those claims. Enlivening, rather than ignoring, the private benefit doctrine in this way will not only address the problem of regulating REDOs but should also serve as a useful template for the IRS in examining other emerging forms of 21st century charity and, thus, in maintaining the overall integrity ofthe philanthropic sector.