cssi/SciSciGPT-SciSciNet huggingface dataset:
Does Anticipated Information Impose a Cost on Risk‐Averse Investors? A Test of the Hirshleifer Effect

This paper theoretically and empirically investigates how the risk of future adverse price changes created by the anticipated arrival of information influences risk‐averse investors’ trading decisions in institutionally imperfect capital markets. Specifically, I examine how the selling activity of individual investors immediately following an earnings announcement is influenced by the tradeoff between risk‐sharing benefits of immediate trade and explicit transaction costs imposed on such trades. Consistent with my theoretically derived predictions, I find that investors’ current trading decisions are less sensitive to the incremental transaction costs created by short‐term capital gains taxes on trading profits, as both the duration and intensity of the risk of future adverse price changes increase. This evidence is consistent with an incremental cost to investors that results from the revelation of precise information, which is commonly referred to as the Hirshleifer Effect.
Understanding the Transaction Costs of Transition: it's the Culture, Stupid

The process of transition in Central and Eastern Europe from socialism to capitalism is a cultural issue rather than a mere technical one. To support this proposition, economic analysis must explain why and how informal rules affect the results of transition.
Asset Liquidity and Capital Structure

This paper tests alternative theories about the effect of asset liquidity on capital structure. Using data from a broad sample of U.S. public companies, I find that leverage is positively related to asset liquidity. Further analysis reveals that the relation between asset liquidity and secured debt is positive, whereas the relation between asset liquidity and unsecured debt is curvilinear. The results are consistent with the view that the costs of financial distress and inefficient liquidation are economically important and that they affect capital structure decisions. In addition, the results are consistent with the hypothesis that the costs of managerial discretion increase with asset liquidity.
Power as a Factor in Lawyers' Ethical Deliberation

A. The Justice-Centered View 7 1. The Legalists and the Moralists 10 2. Justice-Centered Ethics and Critical Theory 13 B. Client-Centered Approaches 16 1. Criminal Defense 16 2. The Clinical Scholarship Movement 17 3. Rebellious or Community Lawyering 19 4. Corporate Representation 24
Intangible capital and economic growth

Despite increasing research efforts, there remains much confusion regarding the nature of and contribution of the most intangible forms of capital. This paper develops a comprehensive and unifying conception of intangible capital in order to understand its contribution to economic growth. Intangible capital is defined to include standard human capital, non-cognitive human capital, social capital, and other intangible manifestations of human capacity. The arguments and evidence presented indicate that intangible capital is extremely important for explaining economic growth. The lesson for economists is that intangible human capacities should be at the forefront in efforts to understand and foster economic growth.
Demographic and Attitudinal Correlates of Employee Satisfaction with an ESOP

A firm’s adoption of an employee stock ownership plan (ESOP) has been hypothesized to increase employee productivity. Resulting employee productivity is hypothesized to improve firm profitability and thus ultimately improve stock performance. Most studies to date have tested potential relationships between the mere presence of an ESOP and changes in employee productivity and firm profitability. Few studies have attempted to identify the variables that are associated with employee satisfaction with an ESOP. In order to maximize the productivity gains associated with the adoption of an ESOP, researchers must first identify the relationships and variables most likely to positively affect employee attitudes and subsequently their satisfaction toward an ESOP. The purpose of this paper is to identify the demographic and attitudinal correlates of employee satisfaction with an ESOP. This exploration will provide a more substantive foundation for future research efforts in the area. Correlation and regression results indicated that employees’ perceived influence on decision-making, perceived pay equity and perceived influence on stock performance, when examined separately, were each significant correlates of ESOP satisfaction. When combined with the modelled employee demographics in a step-wise regression model, only employees’ perceived influence on stock performance, perceived influence on decision-making and age explained a statistically significant amount of variance in ESOP satisfaction.
Connections to Economic Prosperity: Money Aspirations from Adolescence to Emerging Adulthood.

17 Introduction Despite the prevalence of research regarding youth and finances, little is known about the development of financial values during the adolescent and emerging adult years. The current research examined the feelings and aspirations of youth themselves, continuing work on questions about the developmental and possibly malleable nature of money, and relational aspirations and their possible connections to economic poverty or prosperity. Two previous papers sought to bolster scholarship in this area by developing a preliminary picture of the financial aspirations held by adolescents. Using a qualitative measure, we asked middle school (Beutler, Beutler, & McCoy, 2008a) and high school students (Beutler, Beutler, & McCoy, 2008b) to describe life in the future when they were “living well.” Their responses fell into two general categories: some students were interested in outward indicators of success while others were motivated by internal goals.
Robo-Advising: Learning Investors’ Risk Preferences via Portfolio Choices*

We introduce a reinforcement learning framework for retail robo-advising. The robo-advisor does not know the investor's risk preference, but learns it over time by observing her portfolio choices in different market environments. We develop an exploration-exploitation algorithm which trades off costly solicitations of portfolio choices by the investor with autonomous trading decisions based on stale estimates of investor's risk aversion. We show that the algorithm's value function converges to the optimal value function of an omniscient robo-advisor over a number of periods that is polynomial in the state and action space. By correcting for the investor's mistakes, the robo-advisor may outperform a stand-alone investor, regardless of the investor's opportunity cost for making portfolio decisions.
Default Risk, Shareholder Advantage, and Stock Returns ⁄

This paper examines the relationship between default probability and stock returns. Using the Expected Default Frequency (EDF) of Moody's KMV, we document that higher default probabilities are not associated with higher expected stock returns. Within a model of bargaining between equity holders and debt holders in default, we show that the relationship between default probability and equity return is (i) upward sloping for firms where shareholders can extract little benefit from renegotiation (low “shareholder advantage”) and (ii) humped and downward sloping for firms with high shareholder advantage. This dichotomy implies that distressed firms with stronger shareholder advantage should exhibit lower expected returns in the cross section. Our empirical evidence, based on several proxies for shareholder advantage, is consistent with the model's predictions.
Francis Wharton's Orthodoxy: God, Historical Jurisprudence, and Classical Legal Thought

Francis Wharton was one of the Gilded Age's most productive legal scholars. Over a lifetime filled with accomplishment, he wrote comprehensive, well-received treatises on medical jurisprudence, criminal law and procedure, criminal and civil evidence, homicide, agency, negligence, contracts, domicile, conflict of law, and international law. He also wrote books on legal history and legal philosophy. Although Wharton's treatises are still in use, Wharton himself has fallen into obscurity. This neglect is unfortunate because Wharton was fairly representative of an important, but little recognized, strand of nineteenth-century classical legal thought. Based upon studies of Christopher Columbus Langdell, classical legal thought is believed to have posited a radical separation between law and morals. The thesis of this Article is that Wharton's jurisprudence was an intriguing mixture of classicism, evangelical Protestantism, and non-Darwinian evolutionary theory. The thesis of this article is also that in blending law and morals, Wharton was more typical of classical scholars than the more widely studied Langdell.
Normative Principles for Evaluating Free and Proprietary Software

For the past twenty years, the modern landscape of information technology has accommodated competing spheres of software production. These spheres can be grouped roughly around two poles warring for dominance in the field. On one side is proprietary software, which typically provides cash-and-carry functionality for the end-user. Its source code "recipe" is nearly always hidden from view as a technical matter, and as a legal matter it cannot be used by independent programmers to develop new software without the rarely given permission of its unitary rights holder. On the other side is "free" software, the recipes for which are open to public view and use. Some free software is further "copylefted," that is, copyrighted for the purpose of incorporating license restrictions designed to ensure that anyone who uses and releases the copylefted code as a component of new software must also release that new software under copyleft's otherwisepermissive terms.
The moderating role of institutional networking in the customer orientation–trust/commitment–performance causal chain in China

This study uncovers the ignored role of institutional environment for marketing strategy and customer relationship management. Hypothesis tests in a sample of Chinese firms find support that channel networking strengthens the customer orientation–customer trust/commitment–firm performance (CTP) causal chain. In addition, the results show that government networking moderates this chain in a non-linear fashion. The CTP linkages are most salient when the firm develops a moderate level, rather than a high or low level of networking ties with government agencies.
Is it all a matter of grouping? Examining the regional effect in global strategy research

Over the past decades terms such as regionalism, regionalization, ‘regional multinationals’, and ‘liability of regional foreignness’ have populated International Business and Global Strategy research. Notwithstanding their popularity, the definition of the term ‘region’ is ambiguous, which results in a lack of systematic use in research as well as in the insights generated from this construct. How can one define ‘region’? Can the same regional category be used for research projects with completely different goals? Will drawing on different definitions of regional categories lead to different results and conclusions? We tackle these issues by first reviewing how social science research has defined region as well as how the construct has been used in global strategy research. Then we discuss, as an exemplification of the multiple definitions of region, how different regional categorizations paint different pictures of the degree to which US multinational firms have become more global or regional in the last two decades. We conclude with some insights on the next steps that global strategy should take when using the construct of region.
Did Securitization Affect the Cost of Corporate Debt

This paper investigates whether the securitization of corporate bank loan facilities had an impact on the price of corporate debt. Our results suggest that loan facilities that are subsequently securitized are associated with a 17 basis point lower spread than that of facilities that are not subsequently securitized. We consider facility characteristics that are associated with the likelihood of securitization and estimate the extent to which these characteristics are related to spreads. We document that Term Loan B facilities, facilities of B-rated firms, and facilities originated by banks that originate CLOs are securitized more frequently than other facilities. Spreads on facilities estimated to be more likely to be subsequently securitized have lower spreads than otherwise similar facilities. The results are consistent with the view that securitization caused a reduction in the cost of capital.
The National Environmental Policy Act: A Review of Its Experience and Problems

The National Environmental Policy Act (“NEPA”), the Magna Carta of environmental law, requires all federal agencies to evaluate the environmental impacts of their actions, a duty that extends to state, local, and private entities when a federal link is present. Though followed by legislation that enacted massive duties to protect air, water, and other natural resources, NEPA remains a critical environmental law. This article looks at major elements in NEPA’s implementation and the major contributions NEPA has made to environmental analysis. It reviews strengths and weaknesses and suggests where improvement can occur as NEPA moves forward as a protector of environmental values. The article’s focus is on encouraging agencies to take a wider view of the environmental impacts they consider in a decision making process that is less confining than the process now in place. Part I begins the analysis by reviewing NEPA’s record as an environmental statute, noting achievements the statute has attained and criticisms it has attracted. Part II reviews the NEPA decision making process, assessing whether it has been effective as a means of carrying out NEPA’s environmental mandate. Part III considers how NEPA applies to agency projects as compared with agency plans and programs, and how NEPA’s effectiveness differs in these two settings. Part IV considers the “heart” of the environmental impact statement, the duty to consider alternatives to a proposed action, and how the courts have interpreted this requirement. Part V examines agency duties to extend their environmental analysis beyond the proposal under review by considering its indirect impacts. Part VI concludes by asking, in view of this discussion, whether NEPA has met the environmental challenge the statute was intended to meet.
Mental Disorder and Criminal Law

Mental disorder among criminal defendants affects every stage of the criminal justice process, from investigational issues to competence to be executed. As in all other areas of mental health law, at least some people with mental disorders, are treated specially. The underlying thesis of this Article is that people with mental disorder should, as far as is practicable and consistent with justice, be treated just like everyone else. In some areas, the law is relatively sensible and just. In others, too often the opposite is true and the laws sweep too broadly. I believe, however, that special rules to deal with at least some people with mental disorder are justified because they substantially lack rational capacity. Treating people with mental disorder specially is a two-edged sword. Failing to do so when it is appropriate is unjust, but the opposite is demeaning, stigmatizing, and paternalistic. The central normative question is when special treatment is justified.This Article will focus mainly on United States Supreme Court cases to review the current state of the law, with special attention to the contexts in which preventive detention is an issue. It makes no pretense to covering every issue, to providing a complete analysis of these cases, or to comprehensive coverage of all the arguments concerning the issues raised. The Court’s cases are simply a vehicle for organizing the overview. The goal is to explore what I consider the most just approach in each area. In some cases, my preferences are foreclosed by constitutional constraints; in others, the preferred approach could be achieved by statute or by state supreme court decisions.
How the Fourth Amendment and the Separation of Powers Rise (and Fall) Together

This Essay explores the purposive and functionalist parallelisms between the Fourth Amendment and the separation of powers. Not only do those two elements of the Constitution share a common ambition, they are also entangled in practical operation. The vindication of Fourth Amendment interests, however defined, depends on institutional differentiation between branches of government. That institutional predicate, however, has eroded over time. In its absence, new questions arise about how Fourth Amendment values are best implemented and whether the their realization is better attained by private rather than state action.
Small countries in monetary unions A two-tier model

In a previous analysis of the West African Monetary Union, Macedo(1985a), size is taken to be a major structural characteristic of a country in the sense that large countries are not affected by disturbances originating in small countries but small countries are affected by large countries' domestic disturbances. In this paper, we generalize some of the results and present the structure of the model in moredetail. Using a four-country, two-tier macroeconomic model, it is shown that the pseudo-exchange rate union of the two small countries with the large partner has no effect on their real exchange rates but affects their price levels, whereas a full monetary union requires in principle a transfer from the large partner in the union. The allocation of this transfer between the two small countries by their common central bank will have real effects when the allocation rule differs from the steady-state monetary distribution.
The educational impact of broadband subsidies for schools under E-rate

In 1998, the U.S. began spending about $2 billion annually to help fund computer access in elementary and secondary schools. In 2013, the Federal Communications Commission, citing the experience of...
Regulating Emerging Technologies

(2009). Regulating Emerging Technologies. Law, Innovation and Technology: Vol. 1, No. 1, pp. 75-92.
The culture and discourse of climate skepticism

The current public debate over climate change centers on two primary themes. The first is the scientific consensus that human behavior is causing a rise in greenhouse gas (GHG) levels, and that these gases are altering the global climate. The second is the policy consensus that the solutions to this problem lie in technological development and behavior change that must be spurred by a government-induced carbon price. To many, these two themes cover the entire climate change debate. They are wrong. While the scientific, technical and policy components of the issue are critical, climate change is also a cultural issue. More importantly, it is a highly contested cultural issue in which competing movements engage in discursive debates – or framing battles – over the interpretation of the problem and the necessity of solutions. This dimension of the issue is overlooked because social scientists who can identify and analyze it have been notably absent from the public debate. Even more surprising, they have largely neglected to attend to the issue even within their own academic realms. Climate change in the social and managerial sciences has been very slow to develop (Goodall, 2008), and more recent attention to the issue by business and social science researchers has ignored debates over the reality of climate change and moved straight to an assessment of strategy options available to individual and organizations to address the issue. In fact, our social science discipline either takes a relatively dismissive attitude toward those who challenge the scientific view that climate change is real – dubbed ‘climate skeptics’ – or subscribes to them sinister motives and neglects their beliefs altogether (see McCright and Dunlap, 2000, 2003, 2010 for exceptions for exceptions). In this article, I argue that this neglect is a problem and highlight how researchers can advance their scholarship and social relevance by studying the ongoing debate over climate change.
The conditional nature of the value of corporate governance.

Abstract Agency theory suggests that governance matters more among firms with greater potential agency costs. Rational investors are unlikely to value safeguards against unlikely events. Yet, few studies of the relation between governance and firm value control for investor perceptions of the likelihood of agency conflicts. Shleifer and Vishny [Shleifer, A., Vishny, R.W., 1997. A survey of corporate governance. Journal of Finance 52, 737–783] identify investment-related agency conflicts as the more severe type of agency conflicts in the US. We measure the perceived likelihood of this type of agency conflict using free cash flow (Jensen, M.C., 1986. Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review 76, 323–329). We find that firm value is an increasing function of improved governance quality among firms with high free cash flow. In contrast, governance benefits are lower or insignificant among firms with low free cash flow. We show that not controlling for this conditional relation between governance and firm value could lead to erroneous conclusions that governance and firm value are unrelated.
Federalism: The Next Generation

This essay is part of a symposium on a series of Supreme Court decisions during the 1990s that reinvigorated, and at times reinvented, federalism-based limits on congressional power, a constitutional doctrine that has lain dormant since a trilogy of post-New Deal decisions repudiating the Court’s Lochner era jurisprudence of reserved state powers. The long term practical impact of the recent decisions remains unclear, even if the basic contours of the new doctrine are fairly discernable. Indeed, the new federalism raises more questions than it answers, and its final frontiers will depend on how the Supreme Court resolves this next generation of federalism questions.I focus on one subset of questions raised by the recent federalism decisions: their implications for the scope of “other” federal powers, particularly the power to enforce the Reconstruction Amendments and the spending power. Until recently, the commerce power has been the dominant focus of cases concerning the scope of federal authority, and the Supreme Court has paid relatively less attention to the scope of other federal powers. But many of the new federalism limits are specific to the commerce power and do not appear to apply to other federal powers. In light of new sovereignty-based limits on the commerce power, including the “no commandeering rule” and decisions denying Congress the authority to abrogate state sovereign immunity under the commerce power, the power to enforce the Reconstruction Amendments and the spending power are especially attractive and potentially expansive alternative bases of authority for federal action. It is therefore to be expected that the courts will increasingly confront questions concerning the scope of these other federal powers. How the courts resolve those questions will go a long way toward determining whether the new federalism effects a significant practical shift in the balance of federal and state authority. Beyond its practical significance, the resolution of these issues is of immense doctrinal interest because the courts are engaged in their first extended analysis of the scope of congressional power to enforce the Reconstruction Amendments since the nineteenth century, and may soon address the spending power in much the same way.
Negative Media Coverage of the Supreme Court: The Interactive Role of Opinion Language, Coalition Size, and Ideological Signals

Objective We offer a novel consideration of how judicial behavior influences Court coverage, examining when the media use negative language to cover the Supreme Court, and the consequences of this portrayal. Methods Regression analysis to examine over 1,000 news articles from 29 diverse outlets covering rulings from the 2014 term, using text‐based measures of the Court and media's negative coverage. Results We find that the Court sends an important signal of conflict when using negative language in its decisions, leading to increases in negativity in subsequent coverage. We also show that this effect is conditional upon both the degree of consensus and ideological signals the Court sends when it rules. Conclusion The media's treatment of the Supreme Court is in many ways a product of the conflict and ideological positioning that can be observed from the Court's rulings. It suggests that Court signals can attenuate media slant.
Sunshine as disinfectant: The effect of state Freedom of Information Act laws on public corruption☆

Abstract We assess the effect of Freedom of Information Act (FOIA) laws on public corruption in the United States. Specifically, we investigate the impact of switching from a weak to a strong state-level FOIA law on corruption convictions of state and local government officials. The evidence suggests that strengthening FOIA laws has two offsetting effects: reducing corruption and increasing the probability that corrupt acts are detected. The conflation of these two effects led prior work to find little impact of FOIA on corruption. We find that conviction rates approximately double after the switch, which suggests an increase in detection probabilities. However, conviction rates decline from this new elevated level as the time since the switch from weak to strong FOIA increases. This decline is consistent with officials reducing the rate at which they commit corrupt acts by about 20%. These changes are more pronounced in states with more intense media coverage, for those that had more substantial changes in their FOIA laws, for FOIA laws which include strong liabilities for officials who contravene them, for local officials, and for more serious crimes. Conviction rates of federal officials, who are not subject to the policy, show no concomitant change.
The Term Structure of Interest Rates as a Random Field

Forward rate dynamics are modeled as a random field. In contrast to multifactor models, random field models offer a parsimonious description of term structure dynamics, while eliminating the self-inconsistent practice of recalibration. The form of the drift of the instantaneous forward rate process necessary to preclude arbitrage under the risk-neutral measure is obtained. Forward risk-adjusted measures are identified and used to price a bond option when the forward volatility structure depends on the square root of the current spot rate. Several classes of tractable random field models are presented. Article published by Oxford University Press on behalf of the Society for Financial Studies in its journal, The Review of Financial Studies.
Factors Influencing Recruitment of Non-Accounting Business Professionals into Internal Auditing

ABSTRACT: This paper examines factors affecting non-accounting business professionals' willingness to work in internal auditing. In a 2 × 6 experiment with 502 participants from across the country, we find that, in contrast to prior research examining accountants, business professionals have relatively favorable views of internal audit. Although they hold favorable views, participants were still less likely to apply for a position labeled as internal audit than an identical position with an alternate label. Varying the structure of internal audit, including job responsibilities, career path, and sourcing arrangement, did not affect participants' willingness to apply for an internal audit position. We also find that high academically performing participants are less likely to apply to work in internal audit. Finally, based on an additional survey of 46 business students, we find that lower academically performing students would be more interested in internal audit if it paid more, but higher academically p...
Bringing darkness to light: The influence of auditor quality and audit committee expertise on the timeliness of financial statement restatement disclosures

SUMMARY: This study investigates whether auditor quality and audit committee expertise are associated with improved financial reporting timeliness as measured by the duration of a financial statement restatement's “dark period.” The restatement dark period represents the length of time between a company's discovery that it will need to restate financial data and the subsequent disclosure of the restatement's effect on earnings. For a sample of dark restatements disclosed between 2004 and 2009, we find that companies that engage Big 4 auditors have shorter dark periods than companies that do not engage Big 4 auditors. We also find that companies with more financial experts on the audit committee have shorter dark periods, but only when such financial expertise relates specifically to accounting. Finally, companies with audit committee chairs that have accounting financial expertise provide the most timely disclosures, as the dark periods for these firms are reduced by approximately 38 percent. Our results ...
A Collective Good: Disability Diversity as a Value in Public Sector Collective Bargaining Agreements

Historically, people with disabilities have had low wages and high rates of job insecurity and unemployment. Being in unionized workplaces may improve their fates. This paper is an empirical study of collective bargaining agreements (CBAs) from the current contracts database of the American Federation of State, County, and Municipal Employees (AFSCME), examined through the lens of law and society scholarship, disability studies, and U.S. labor law. I am interested in how employment law scholarship in disability rights can contribute to labor law and how labor law can strengthen employment rights.Given that labor unions are espousing disability as a value in diversifying the workforce, their CBAs, as the "rules of the road" in the workplace, should reflect certain themes of disability diversity, including disability as a matter of nondiscrimination on par with other minority issues, disability in the context of equal pay, and affinity groups for workers with disabilities. The CBAs set not only the relationship between the employer and the union, but also between the union and its members. If the CBA, therefore, treats disability as a valued minority group experience, the workplace culture itself might reflect greater inclusion and respect for disability.Preliminary findings suggest that the CBAs do not reflect disability under a civil rights model, but rather a perspective on disability that makes distinctions between different kinds of disabilities and how they are acquired. Overall, the tone of the CBAs medicalizes disability as a workplace experience. A few CBAs, however, stand out as models for fostering disability awareness and respect in the workplace and in unions. These CBAs recognize disability as a minority group experience, replete with a long history of social isolation, economic alienation, and structural disenfranchisement. With the current strength of union organizing being in the U.S. in the public sector, these exemplars can provide windows into how to organize existing workers with disabilities and also include more people with disabilities as part of labor organizing and the strengthening of that movement. The disability rights movement could also be enhanced by developing a stronger relationship with the labor movement. The CBAs provide some first steps to envisioning how this dialogue and the diversification of both movements might happen.
Cross-Border Spillover: U.S. Gun Laws and Violence in Mexico

Doesaccesstoarmspromoteviolentcrime?And if so, under what conditions? Previous work hasaddressedthefirstquestion,predominantly by analyzing how local gun laws affect homicide rates in jurisdictions within the United States. Yet, this approach faces the shortcoming that regulations may be passed in response to local criminality, instead of causing changes in crime. Moreover, the literature has ignored the idea that gun supply may induce larger effects on violence depending on the political environment, which can shape the organizational structure of criminal syndicates and thus influence the degree to which a region is violence prone. As such, past studies faceflawsintheirdesignandhavebeennarrowinscope for neglecting the role of political conditions. This article addresses both the methodological and substantive gaps within the literature. We do this by exploiting a unique natural experiment that enables us to examine how an exogenous change in access to arms affected violent crime in Mexico over 2002– 2006. We focus specifically on the 2004 expiration of the U.S. Federal Assault Weapons Ban (FAWB), which liftedtheprohibitionondomesticsalesofmilitary-style
Motivational Spillovers from Awards: Crowding Out in a Multitasking Environment

This paper uses data from an attendance award program implemented at one of five industrial laundry plants to show the complex costs of corporate awards previously ignored in the literature. We sho...
Signaling, corporate governance, and the equilibrium dividend policy

Abstract The well-documented information content of dividends is contingent on the firm's corporate governance. Using cross-listing events, we find that firms reach a new equilibrium dividend policy after a shift in the level of shareholder protection and the direction of the dividend adjustment depends on the pre-cross-listing locus of control. Exchange-traded cross-listings can afford to decrease dividend payouts as they substitute dividends with better corporate governance. However, dividend distributions and the likelihood to pay dividends increase when cross-listings are controlled by insiders, supporting the signaling hypothesis. The cross-listing level and ownership structure convey useful information regarding future shifts in dividend payouts.
Confidence and the transmission of macroeconomic uncertainty in U.S. recessions

ABSTRACTThis article studies the role of confidence in the transmission of uncertainty shocks during U.S. recessions. I use smooth-transition vector-autoregression (ST-VAR) to examine the regime-dependent effect of uncertainty shocks, and a counterfactual decomposition to isolate the role of confidence when the economy is in different regimes, recessions and non-recessions. I find that shutting down the confidence channel leads to greatly dampened and less persistent effects of uncertainty shocks, especially during recessions. I also find that the cross-regime difference in the role of confidence can largely explain the cross-regime short-run difference in the effects of uncertainty shocks.
Auctions in bankruptcy: theoretical analysis and practical guidance

In academic circles, there are now a myriad of proposals for reform of Chapter 11 of the U.S. bankruptcy law. Many of these proposals call for the replacement of Chapter 11 with market-oriented alternatives, including in some cases, auction of insolvent, publicly held companies. Auctions in bankruptcy initially drew strong support form leading bankruptcy scholars. Recently though, other scholars have been critical of the case for auctions in bankruptcy. Our main purpose in this paper is to argue that these criticisms are both unwarranted and somewhat off the point.
Making Progress: How Eric Bergsten and the Vis Moot Advance the Enterprise of Universal Peace

This article recognizes Pace Professor Eric Bergsten’s enduring accomplishments by illuminating his signature contribution – the Willem C. Vis International Commercial Law Moot (the Vis or the Moot) – as an instrument of progress toward a more robust and fair global system in which the rule of law guides the pace and path of peaceful change.
A component model for dynamic correlations

We propose a model of dynamic correlations with a short- and long-run component specification, by extending the idea of component models for volatility. We call this class of models DCC-MIDAS. The key ingredients are the Engle (2002) DCC model, the Engle and Lee (1999) component GARCH model replacing the original DCC dynamics with a component specification and the Engle et al. (2006) GARCH-MIDAS specification that allows us to extract a long-run correlation component via mixed data sampling. We provide a comprehensive econometric analysis of the new class of models, and provide extensive empirical evidence that supports the model’s specification.
A Graceful Exit: Redefining Terminal to Expand the Availability of Physician-Facilitated Suicide

458 Introduction 459 A. Mary and Anna 461 B. Exiting Gracefully 462 I. Legalizing the Use of Physician-Facilitated Suicide 464 A. Enabling Physician-Facilitated Suicide Through Judicial Interpretation 465 B. Legalizing Physician-Facilitated Suicide Through Legislative Action 468 1. Necessary Characteristics of the Patient 468 2. The Mandated Procedures 470 II. Regulating the Use of Physician-Facilitated Suicide 472 A. Legislative Solutions to Common Concerns Over Physician-Facilitated Suicide 472 1. Targeting the Elderly and Disabled 472 2. Encouragement for Suicidal Persons 473 3. Weeding Out Poor Patients and Patients of Color .... 475 4. Overeager Physicians 477 5. The Floodgates 478  Leon & Gloria Plevin Professor of Law, Cleveland-Marshall College of Law; B.A., Grambling State University; M.P.A., Humphrey Institute; J.D., University of Minnesota School of Law; L.L.M., University of Houston Law Center. I would like to thank Dean Craig Boise and the Cleveland-Marshall Fund for providing financial support for this Article. I would also like to thank the members of my scholarship support group: Professors Heidi Robertson, Alan Weinstein, Matthew Green, and Kristina Niedringhaus. I would like to thank my assistant Diane Adams for assisting in the editing process. Finally, I would like to thank the Fondation Brocher for giving me the opportunity to spend two months in Geneva, Switzerland, so that I could finish my research. LEWIS (DO NOT DELETE) 1/9/2013 1:05 PM 458 OREGON LAW REVIEW [Vol. 91, 457 B. Issues Yet to be Resolved by the Legislature 479 1. Death Tourism 479 2. Unused Medication 480 3. Doctor Shopping 482 III. Expanding the Availability of Physician-Facilitated Suicide 484 A. Planning for Terminal 484 B. Getting to Terminal 486 1. Physical Conditions 486 2. Brain Disorders 488 Conclusion 491 Appendix 492
Isn't it a Crime: Feminist Perspectives on Spousal Immunity and Spousal Violence

The epidemic of spousal abuse has garnered considerable attention since John Stuart Mill railed against men "little higher than brutes" who were able to obtain a ready victim "through the laws of marriage." Americans today have "'discovered' family violence in the sense that Columbus 'discovered' America, although the discovery was no news to those who already lived there." Despite this attention, the epidemic grows. Much has been written about the reluctance of police to arrest in domestic violence cases and the reluctance of the state to prosecute such cases. Part of that reluctance may be caused by prevalent societal attitudes that diminish the importance of spousal violence. In a number of jurisdictions, the reluctance to pursue criminal sanctions against married abusers is caused by the difficulty of procuring the battered spouses' testimony. In those jurisdictions, the prosecutor cannot compel a reluctant spouse's testimony because of the spousal privilege not to testify against a defendant spouse. Even in jurisdictions that have some exceptions to the privilege, including spousal violence exceptions, the prosecuting authority may find it legally, as well as practically difficult to procure the spouse's testimony. This simple evidentiary rule-spousal privilege-illustrates why evidence law matters. Rules of evidence are frequently thought of as simply "neutral" rules of procedure related to courtroom control and trial tactics. Rules of evidence can tell us much more, however, about the legal system's attitude toward women. Because the legal system was created by men, it inevitably ignores the lives of women. Courts and commentators may declare loudly that domestic violence is no longer tolerated in this society, and that married women have the right to feel secure in their homes, but such rights, with little way to prove entitlement to the rights, echo emptily. Those jurisdictions that refuse to give the prosecution the right to compel testimony in domestic violence cases the way they can in every other crime send an obvious message: When a man beats his wife it is not a crime that offends the state-it is simply a private matter between the two of them. Even those jurisdictions with a spousal violence exception leave married women unprotected by the legal system because of very narrow and uninformed views of what constitutes spousal violence. This article critiques the spousal immunity doctrine from the perspective of feminist legal thought and includes the voices of battered women discussing the spousal privilege.
Access to specific declarative knowledge by expert systems: The impact of logic programming

Abstract As part of the operation of an Expert System, a deductive component accesses a database of facts to help simulate the behavior of a human expert in a particular problem domain. The nature of this access is examined, and four access strategies are identified. Features of each of these strategies are addressed within the framework of a logic-based deductive component and the relational model of data.
Catholic Social Teaching and Global Migration: Bridging the Paradox of Universal Human Rights and Territorial Self-Determination

In this essay, I will consider how law, religion, and democratic pluralism revolve around a particular issue: global migration. I use the term "global migration" to encompass a number of related issues that are often collapsed under the term "immigration." In nations that have constructed their identities around waves of settlers or migrants -- places like the United States, Canada, Australia, and New Zealand -- immigration involves the formal reception of foreigners into the host country as potential new citizens. This is just one part of the migration of peoples around the globe. Migration also encompasses emigration, asylum, economic migration,and undocumented or irregular immigration. This larger collection of human movements presents new challenges to democratic nations in a global environment in which most have explicitly committed themselves to certain fundamental, democratic values and human rights norms. Furthermore, these same values relate closely to core notions of Christianity. Catholic social teaching is a tradition within Christianity that emphasizes the dignity of the human person and, as such, complements and supports key liberal values essential to democracy and modern human rights discourse.
Shielding of assets and lending contracts

Abstract The primary means of enforcement of legal liabilities is through the seizure of debtors’ assets. However, debtors can shield their assets in various ways and thereby reduce the power of enforcement. This paper studies the circumstances under which a debtor would choose to shield assets and the value of assets that would be shielded. A key idea is that borrower’s wealth mutes shielding incentives. Intuitively, avoiding debts through shielding requires that enough assets will be shielded, for else the debts can be collected from exposed assets. A wealthier debtor would thus need to shield more assets, and at a greater cost, than a debtor with limited wealth. Using this basic understanding, I develop a theory of asset shielding and explore its implications for incomplete lending contracts, explaining the role of equity agreements, equity cushions and collateral, and debt forgiveness, and explore the some of the policy implications.
Online Reviews and Collaborative Service Provision: A Signal‐Jamming Model

We study the provision of collaborative services under online reviews, where the service outcome depends on the effort of both the service provider and the client. The provider decides not only her own effort but also the client's, at least to some extent. The client gives the review based on his net utility upon service completion. We develop a signal‐jamming model in which the provider's inherent capability or type is unobservable, and the market infers the provider type through observable signals such as the service outcome, the client review, or both. We show that compared to the benchmark case when the service outcome is observed as a signal, the client review generally leads to less effort of both the provider and the client. The review hence tends to sacrifice the service effectiveness in favor of the efficiency of the client's effort input. Nevertheless, when clients incorporate private information about the provider type into their reviews, service providers are better motivated to devote effort. Interestingly, we find the provider's effort choices may be either strategic complements or substitutes. With a reasonable level of informativeness, online reviews could lead to favorable performance in service effectiveness, client effort efficiency, and provider type distinguishability. Surprisingly, we demonstrate that when both the review and the outcome are available, the provider may lack sufficient incentive to devote effort, resulting in inferior distinguishability of provider types. It thus illustrates that richer information may not necessarily generate favorable strategic outcomes.
The Regulation of Rent-to-Own Transactions

This article provides an overview of state statutes that regulate rent-to-own transactions, also known as lease-purchase agreements.
INTERTEMPORAL COURNOT AND WALRAS EQUILIBRIA: AN ILLUSTRATION*

In a simple dynamic general equilibrium model, we introduce the concept of an intertemporal Cournot equilibrium. We show that if the number of strategic agents increases without limit, the intertemporal Cournot equilibrium converges to the intertemporal Walras equilibrium only when the tune horizon for the agent is finite. If the time horizon is infinite, each strategic agent is able to exert nonnegligible market power, no matter how large their number is.
Mental accounting and small windfalls: Evidence from an online grocer

We study the effect of small windfalls on consumer spending decisions by comparing the purchases online grocery customers make when redeeming $10-off coupons with the purchases they make without coupons. Controlling for customer fixed effects and other variables, we find that grocery spending increases by $1.59 when a $10-off coupon is redeemed. The extra spending associated with coupon redemption is focused on groceries that a customer does not typically buy. These results are consistent with the theory of mental accounting but are not consistent with the standard permanent income or lifecycle theory of consumption. While the hypotheses we test are motivated by mental accounting, we also discuss some alternative psychological explanations for our findings.
Disentangling the Personal and Partisan Incumbency Advantages: Evidence from Close Elections and Term Limits

Disentangling the Personal and Partisan Incumbency Advantages: Evidence from Close Elections and Term Limits
Does Tax Risk Affect Investor Valuation of Tax Avoidance

We examine how investors value tax avoidance (measured as the level of cash effective tax rates [ETRs]) and tax risk (measured as the volatility of cash ETRs), and how these constructs interact to ...