cssi/SciSciGPT-SciSciNet huggingface dataset:
Systems Integration, Simulation, and Control for Autonomous Trucking

This paper discusses a platform both in simulation and experimentation for testing autonomous heavy trucking. In simulation, we present a novel use of the video game American Truck Simulator (ATS) as the simulation platform, only costing a fraction of commercial simulator software. In experimentation, we present a modified ProStar 122+ using the PACMod system from AutonomouStuff, a popular by-wire kit. Discussion and review of the by-wire kit and sensors is provided. A proof-of-concept of the platform is shown by performing lane keeping at 65 mph using the Stanley lateral controller and MobilEye detection system. Further, we introduce a rapidly developed longitudinal control algorithm using a pedal actuation map, and 3D lookup tables created from braking and acceleration data. Introductory results are presented to aid the research community for single vehicle autonomous trucking.
The Risk and Return Characteristics of the Buy-Write Strategy on the Russell 2000 Index

This article is motivated by significant recent interest in the use of buy-write strategies for investment purposes. In light of this, the CBOE has introduced a number of buy-write indices based on a variety of equity indices such as the S&P 500, the Dow Jones Industrial Average, the Nasdaq 100 and, most recently in May 2006, the Russell 2000. This article constructs and evaluates returns on a buy-write strategy on the Russell 2000 index. The results demonstrate that the strategy has consistently outperformed the Russell 2000 index on a risk adjusted basis, when implemented with one month to expiration calls and when performance is evaluated using standard performance measures. The outperformance is robust to measures which specifically consider the non-normal distribution of the strategy9s returns. However, the consistent performance advantage disappears when two month to expiration calls are utilized. On average, written calls end up in-the-money and transaction costs of writing the call at the bid further increases the losses.
Trust and trustworthiness in networked exchange

Abstract This paper focuses on the interaction between network structure, the role of information, and the level of trust and trustworthiness in 3-node networks. We extend the investment game with one Sender and one Receiver to networked versions — one characterized by one Sender and two Receivers ([ 1s-2r ]) and one characterized by two Senders and one Receiver ([ 2s-1r ]) — under two information conditions, full and partial. We develop a comparative model of trust for the networked exchange environments and generate two hypotheses: (1) what counts as a signal of trust depends on investment behavior along the other link in the network and (2) this type of trust can be leveraged under full information, increasing the rate of cooperation on the side of the exchange with multiple traders. The results generally support our hypotheses: trust is comparative and under full information, the [ 1s-2r ] network shows higher trustworthiness and the [ 2s-1r ] network displays higher trust.
Metal Additive Manufacturing: Cost Competitive Beyond Low Volumes

Additive manufacturing is increasingly of interest for commercial and military applications due to its potential to create novel geometries with increased performance. For additive manufacturing to find commercial application, it will have to be cost competitive against traditional processes such as forging. Forecasting the production costs of future products prior to large-scale investment is challenging due to the limits of traditional cost accounting’s ability to handle the systemic process implications of new technologies and cognitive biases in humans’ additive and systemic estimates. Leveraging a method uniquely suited to these challenges, we quantify the production and use economics of an additively-manufactured versus a traditionally forged GE engine bracket for commercial aviation with equivalent performance. Our results show that, despite the simplicity of the engine bracket, when taking into account part redesign for AM and the associated lifetime fuel savings of the additively-designed bracket, the additively manufactured part and design is cheaper than the forged one for a wide range of scenarios, including at higher volumes of 2,000 to 12,000 brackets per year. Opportunities to further reduce costs include cheaper material prices without compromising quality, being able to produce vertical builds with equivalent performance to horizontal builds, and increasing process control so as to enable reduced testing. Given the conservative nature of our assumptions as well as our choice of part, these results suggest there may be broader economic viability for additively manufactured parts, especially when systemic factors and use costs are incorporated.
Did the European Union's Market Dominance Policy Have a Gap? Evidence from Enforcement in the United States

The European Union (EU) and the United States (US) enforce the world’s two best known merger policies. The EU addresses transactions that are likely to impede effective competition, historically, with some type of dominance analysis, while the US focuses on mergers that are likely to substantially lessen competition, using either a unilateral effects or coordinated interaction (collusion) analysis. Although EU regulators identified a gap in their policy relative to the US regime, it is unclear if the gap is material. This paper uses simulation analysis and a review of a sample of US merger analyses to show the EU gap is relatively small and limited to collusion analysis. Policy differences, due to regime-specific enforcement standards, remain possible, because the gap only alleged a difference in safe harbor policies.
The Challenge of Flexible Intelligence for Models of Human Behavior

Game theoretic predictions about equilibrium behavior depend upon assumptions of inflexibility of belief, of accord between belief and choice, and of choice across situations that share a game-theoretic structure. However, researchers rarely possess any knowledge of the actual beliefs of subjects, and rarely compare how a subject behaves in settings that share game-theoretic structure but that differ in other respects. Our within-subject experiments utilize a belief elicitation mechanism, roughly similar to a prediction market, in a laboratory setting to identify subjects’ beliefs about other subjects’ choices and beliefs. These experiments additionally allow us to compare choices in different settings that have similar game-theoretic structure. We find first, as have others,that subjects’ choices in the Trust and related games are significantly different from the strategies that derive from subgame perfect Nash equilibrium principles. We show that, for individual subjects, there is considerable flexibility of choice and belief across similar tasks and that the relationship between belief and choice is similarly flexible. To improve our ability to predict human behavior, we must take account of the flexible nature of human belief and choice
The Value of Client Access to Analyst Recommendations

Early access to stock recommendations provides brokerage firm clients with incremen tal investment value. After controlling for transaction costs, purchasing (selling) quickly following upgrades (downgrades) results in average two-day returns of 1.02% (1.50%). Short-term profit opportunities persist for two hours following the pre-market release of new recommendations. The results are robust within sub-periods and a calendar-based strategy produces positive abnormal daily returns of over 10 basis points, or roughly 30% annualized. Recommending firms' market makers shift their quotes accordingly, provid ing indirect evidence that clients make use of the informational advantage that arises from analysts' opinion changes.
Market timing by global fund managers

Abstract We analyze the market timing ability of US global equity fund managers in the late 1980s and early 1990s, before hedge funds became prominent in global investing. We examine both portfolio weights and returns to distinguish between world market timing (movements of funds between all equity markets and cash) and national market timing (movements out of one country's equity market into one or more other countries' equities). We find no evidence of world market timing, but do find evidence of national market timing. Earlier papers examining multi-country fund management find very little evidence of market timing ability, but they do not explicitly consider the difference in world and national timing. Our results suggest that it may be important to capture the distinction between the two types of global timing activity. Our methodology and results may also be pertinent to domestic papers that examine simultaneous movements between asset classes and cash.
Déjà Vu All Over Again: The Causes of U.S. Commercial Bank Failures This Time Around

In this study, we analyze why commercial banks failed during the recent financial crisis. We find that traditional proxies for the CAMELS components, as well as measures of commercial real estate investments, do an excellent job in explaining the failures of banks that were closed during 2009, just as they did in the previous banking crisis of 1985 – 1992. Surprisingly, we do not find that residential mortgage-backed securities played a significant role in determining which banks failed and which banks survived.
The Complexity of Disentangling Intrinsic and Extrinsic Compliance Motivations: Theoretical and Empirical Insights from the Behavioral Analysis of Law

One of the central distinctions in the literature with regard to the behavioral function of the law is between “intrinsic” and “extrinsic” motivations. Extrinsic motivation is linked to actions that are driven by external commands or incentives. Conversely, intrinsic motivation is found when the behavior is chosen from within the individual, usually out of a sense of moral or civic duty. This paper will attempt to improve our understanding of the interrelationship between love and money in a legal context, through a discussion of a series of theoretical dilemmas related to the interplay between intrinsic and extrinsic compliance motivations. For the most part, researchers who have worked within the behavioral analysis of legal scholarship have not focused on love, but rather on other intrinsic motivations, such as trust, morality, and pro-social motivations. Love, however, as one of the most basic intrinsic motivations, can benefit from the insights explored in the more general context of such other intrinsic motivations. Similarly, expanding the discussion from money to monetary instruments such as fines, deposits, and rewards, as well as other non-monetary legal instruments such as imposing a duty, could improve both the theoretical basis of the discussion and the empirical data available.
The Value of Access to Rail Transit in a Congested City: Evidence from Housing Prices in Beijing

Using unique data sets of Beijing's congestion patterns and housing prices, I find that consumers are willing to pay significantly more for access to rail transit in more congested areas. Transit accessibility, however, offers little travel advantage outside of dense urban areas. The expansion of the metro network mitigates the costs of road congestion, creating both private and social benefits. Two policy initiatives aimed at reducing congestion are found to have achieved positive value effects. Further analysis reveals heterogeneous demand for accessibility, with wealthier residents and those owning fewer cars paying a higher premium for access to rail transit.
The Role of Profit, Law, and Ethics in Residential Real Estate Investments

(2009). The Role of Profit, Law, and Ethics in Residential Real Estate Investments. Journal of Real Estate Practice and Education: Vol. 12, No. 2, pp. 157-171.
How Much is an Ambassadorship? And the Tale of How Watergate Led to a Strong Foreign Corrupt Practices Act and a Weak Federal Election Campaign Act

Unlike Athena who sprung fully formed from Zeus’s head, federal laws are generated over time by historical and political pressures. The Federal Election Campaign Act (FECA 74)1 and the Foreign Corrupt Practices Act (FCPA)2 were products of the byzantine Watergate scandal.3 These federal statutes grew out of a dark chapter in American history when the Nixon Administration peddled policy outcomes to rich individuals and corporations willing to spend staggering sums. FECA 74 attempted to
Stare Decisis as Judicial Doctrine

Table of ContentsI. Introduction 412II. Jurisprudence by Proxy 416A. Logical and Consequential Considerations 4161. Soundness 4162. Workability 421B. Temporal and Doctrinal Considerations 4251. Evolving Understandings 4262. Antiquity 4303. Remnants and Anachronisms 4334. Unclean Hands 4405. Synchronization 443C. Technical Considerations 4441. Nature of Decisional Rule 4442. Voting Margins and Dissents 448III. Reliance-Lite 449IV. Rethinking Reliance 452A. Specific Reliance 453B. Governmental Reliance 454C. Doctrinal Reliance 459D. Societal Reliance 460E. A Word on Additional Stare Decisis Values 464V. Conclusion: Stare Decisis and Reliance 465I. IntroductionThere is a grand irony about stare decisis. The doctrine, which involves a court's choice to stand by a precedent notwithstanding suspicions (or worse) about its wrongness,1 enjoys lofty status as the emblem of a stable judiciary. Indeed, the Supreme Court has lauded stare decisis as possessing "fundamental importance to the rule of law,"2 promoting "the evenhanded, predictable, and consistent development of legal principles,"3 and contributing to "the actual and perceived integrity of the judicial process."4Yet despite its billing, stare decisis has a remarkable tendency to incite disagreements that contradict the very principles it is supposed to foster.5 The Supreme Court's treatment of stare decisis has yielded unusually scathing dissents lamenting that application of the doctrine is driven by outcome preferences and that "[pjower, not reason" is the "currency of [the] Court's decisionmaking."6 Troubling though they may be, these charges are hardly surprising. The Court repeatedly has cautioned that stare decisis is a flexible "principle of policy"7 as opposed to "an inexorable command."8 Moreover, the catalog of factors that inform the stare decisis inquiry is lengthy and uncertain- befitting, one supposes, of a doctrine whose core is a fluctuating "series of prudential and pragmatic considerations."9 The sheer number of these considerations, combined with the fact that the Court often selects a few items from the catalog without explaining how much work is being done by each, makes it difficult even to find a starting point for thinking critically about stare decisis as a judicial doctrine.My primary project in this Article is to isolate the various components of the Supreme Court's stare decisis jurisprudence and to study their individual and collective functions. That analysis yields two overarching conclusions. First, the modern doctrine of stare decisis is essentially indeterminate. …
William Penn and the Origins of Judicial Tenure during Good Behavior

WILLIAM PENN IS, of course, best known for founding Pennsylvania as a safe haven for Quakers and for his commit-ment to religious tolerance in general. Unexplored in the vast amount of secondary literature on this iconic figure is his role in the origins of judicial tenure during good behavior, the institutional safeguard by which a judge can be removed for serious cause only that, together with adequate and secure judicial compensation, helped make the judiciary an independent and coordinate branch of government. In fact, two influen-tial articles on judicial tenure in New Jersey, Donald L. Kemmerer’s “Judges’ Good Behavior Tenure in Colonial New Jersey” and Jerome J. Nadelhaft’s “Politics and the Judicial Tenure Fight in Colonial New Jersey,” do not say a word about Penn, even though he was one of the early proprietors of that colony. J. Paul Selsam likewise overlooks Penn’s con-tributions to judicial independence in his important article about the his-tory of judicial tenure in Pennsylvania, and Joseph H. Smith’s oft-cited 1976 article “An Independent Judiciary: The Colonial Background” is similarly silent about Penn’s role.
Investor Sentiment and Return Comovements: Evidence from Stock Splits and Headquarters Changes

We examine whether the trading activities of retail and institutional investors cause comovements in stock returns. Around stock splits, retail trading correlations (RTCs) decrease with stocks in the presplit price range and increase with stocks in the post-split price range. These shifts in RTCs induce changes in return comovements. In the cross section, return comovements among low-priced stocks are amplified when retail trades are more correlated and when aggregate uncertainty amplifies behavioral biases. We find similar patterns among local stocks and when firms change their corporate headquarters. In contrast to retail trading, institutional trading attenuates return comovements.
Improving monetary policy models

Abstract If macroeconomic models are to be useful in policy-making, where uncertainty is pervasive, the models must be treated as probability models, whether formally or informally. Use of explicit probability models allows us to learn systematically from past mistakes, to integrate model-based uncertainty with uncertain subjective judgment, and to bind data-based forecasting together with theory-based projection of policy effects. Yet in the last few decades policy models at central banks have steadily shed any claims to being believable probability models of the data to which they are fit. Here we describe the current state of policy modeling, suggest some reasons why we have reached this state, and assess some promising directions for future progress.
An analysis of the impact of adopting IFRS 8 on the segment disclosures of European blue chip companies

Abstract Amidst the IASB's post-implementation review of IFRS 8, we examine how the standard's adoption changed the reporting of segments by European blue chips (i.e. companies comprising the top tier index of 14 European stock exchanges). We focus on anticipated benefits articulated in the IASB's Basis for Conclusions and concerns expressed by IFRS 8 opponents. In addition to convergence with U.S. GAAP, IFRS 8 results in the reporting of significantly more operating segments on average. However, most companies report the same number or fewer segments. Refuting claims regarding the loss of geographic data at the entity-wide level, we identify an improvement in the fineness of disclosures and a significant increase in the disclosure of geographic groupings. We do not identify an improvement in consistency of segment disclosures with other sections of the annual report, which is due to the consistency already achieved under IAS 14R. IFRS 8 results in a significant decline in the number of reportable segment information items (notably liabilities) and a significant decline in the reporting of capital expenditures at the entity-wide level. Furthermore, adoption of the standard produces a lack of comparability in segment profitability measures and extensive reporting of non-IFRS measures. However, almost all companies report a measure of segment profitability tied to a number on the consolidated income statement or reconciled to the income statement.
Content and Viewpoint Neutrality: How Fundamental Tenets of First Amendment Law Have Come to be Plagued by Inconsistency and Confusion

This article studies the ways in which the U.S. Supreme Court has defined the terms and the methods it has used to identify instances of content and viewpoint discrimination (and, thus, their converse, content and viewpoint neutrality) by examining Court decisions involving a myriad of speech contexts: private speech and speech in public, limited, and nonpublic forum. The article begins by briefly discussing the historical development of the Court’s speech discrimination principles. It then dissects the Court’s case law to demonstrate the inconsistencies in definition and in approach that plague the Court’s jurisprudence. Finally, the article concludes with a proposed solution, a new method of analysis for courts to follow that will provide a more sound foundation for the protection of free expression.
Market Liquidity, Asset Prices, and Welfare

Abstract This paper represents an equilibrium model for the demand and supply of liquidity and its impact on asset prices and welfare. We show that, when constant market presence is costly, purely idiosyncratic shocks lead to endogenous demand of liquidity and large price deviations from fundamentals. Moreover, market forces fail to lead to efficient supply of liquidity, which calls for potential policy interventions. However, we demonstrate that different policy tools can yield different efficiency consequences. For example, lowering the cost of supplying liquidity on the spot (e.g., through direct injection of liquidity or relaxation of ex post margin constraints) can decrease welfare while forcing more liquidity supply (e.g., through coordination of market participants) can improve welfare.
External monitoring and returns to hedge fund activist campaigns

Firms targeted by hedge fund activists experience significantly higher returns when there are fewer external monitors in place at the target firm. Using analyst coverage and institutional ownership as measures of external monitoring presence, we find that low-monitored activist targets experience abnormal returns 17.52% above that of high-monitored targets in the two-year period following the initial campaign start date. The significant effect of external monitoring remains after controlling for target firm and activist characteristics. We also document improved operating performance and an increased monitoring presence at low-monitored target firms across the same two-year period, consistent with the observed market performance.
Indirect higher order beliefs and cooperation

This study experimentally examines the role of indirect higher order beliefs in sequential psychological games. We consider a three-player sequential game in which the first and third players do not interact sequentially, but only through an intermediary, the second player. We posit that the third player’s decision to cooperate depends on his indirect higher order belief, namely, his belief about what the first player believes the second player would choose. We employ pre-play communication between the first and third players as a way to influence the third player’s indirect higher order belief. The evidence demonstrates that communication can effectively induce cooperation from the third player by shaping his indirect higher order belief.
Financial Innovation and Financial Intermediation: Evidence from Credit Default Swaps

We study the influence of credit default swaps (CDS) trading on the costs of bond intermediation. After CDS initiation, CDS firms pay 12% to 28% (8 to 20 basis points) lower underwriting fees than ...
Auditor Tenure and Perceptions of Audit Quality

We analyze how investors and information intermediaries perceive auditor tenure. Using earnings response coefficients from returns‐earnings regressions as a proxy for investor perceptions of earnings quality, we document a positive association between investor perceptions of earnings quality and tenure. Further, we find that the influence of reported earnings on stock rankings becomes larger with extended tenure, although the association between debt ratings and reported earnings does not vary with tenure. Finally, we find that the influence of past earnings on one‐year‐ahead earnings forecasts becomes greater as tenure increases. In general, our results are consistent with the hypothesis that investors and information intermediaries perceive auditor tenure as improving audit quality. One implication of our study is that imposing mandatory limits on the duration of the auditor‐client relationship might impose unintended costs on capital market participants.
What Businesses Attract Unions? Unionization over the Life Cycle of U.S. Establishments:

What types of businesses attract unions? The study develops a theory of union learning and organizing to provide an answer to this question. A union monitors the productivity of establishments in an industry and uses this information to decide which ones to organize. An establishment becomes unionized if the union wins a certification election, the outcome of which can be influenced by costly actions taken by the two parties. The model offers predictions on the nature of union selection, which are examined empirically. Data on union certification elections, matched with data on establishment characteristics, are used to explore where union activity is concentrated.
The Public Domain, The National Interest and The Fate of the NASA Technical Reports Server

original data repository has been made generally accessible again. This manuscript introduces and reviews modern legal theories governing intellectual property law. It seeks to find policy positions whereby historical, but competitively sensitive information can be restricted from world-wide dissemination but once again be made available to hard-working U.S. nationals who further the progress of science and useful arts through their scholarship in aeronautics and space. Precedent for new law may be found in the Semiconductor Protection Act of 1984.
CEO Compensation and Risk-Taking at Financial Firms: Evidence from U.S. Federal Loan Assistance

Abstract We examine whether risk-taking among the largest financial firms in the U.S. is related to CEO equity incentives before the 2008 financial crisis. Using data on U.S. Federal Reserve emergency loans provided to these firms, we find that the amount of emergency loans and total days the loans are outstanding are increasing in pre-crisis CEO risk-taking incentives – “vega”. Our results are robust to accounting for endogeneity in CEO equity incentives and selection of financial firms into emergency loan programs. We also rule out the possibility that our results are driven by a bank's funding base, bank complexity, CEO overconfidence, or matching of CEOs to select banks. We conclude that equity incentives (vega) embedded in CEO compensation contracts were positively associated with risk-taking in financial firms which resulted in potential solvency problems. We also find some evidence, although somewhat weaker, that higher incentive alignment (“delta”) mitigated such problems in those financial firms.
The Disappearing Colorado River

On October 17, 2010 storage in Lake Mead dropped to its lowest level since the Bureau of Reclamation (Reclamation) began filling the reservoir behind Hoover Dam in the 1930s. Further declines may trigger the first ever declaration of a “shortage” condition in the Lower Basin of the Colorado River, under which deliveries to Arizona and Nevada water users will be reduced. Increased amounts of water will be released from Lake Powell to help maintain storage levels in Lake Mead, reducing the buffer protecting uses in the Upper Basin from being curtailed to meet delivery obligations to the Lower Basin established in the 1922 Colorado River Compact. Earlier in 2010, Reclamation acknowledged for the first time that uses of basin water now exceed supply. Lurking behind these rather dramatic events is growing scientific evidence that the physical supply of water annually available in the Colorado River basin is declining as a consequence of global warming.
The authority of Supreme Court precedent

We construct the complete network of 30,288 majority opinions written by the U.S. Supreme Court and the cases they cite from 1754 to 2002 in the United States Reports. Data from this network demonstrates quantitatively the evolution of the norm of stare decisis in the 19th Century and a significant deviation from this norm by the activist Warren Court. We further describe a method for creating authority scores using the network data to identify the most important court precedents. This method yields rankings that conform closely to evaluations by legal experts, and even predicts which cases they will identify as important in the future. An analysis of these scores over time allows us to test several hypotheses about the rise and fall of precedent. We show that reversed cases tend to be much more important than other decisions, and the cases that overrule them quickly become and remain even more important as the reversed decisions decline. We also show that the Court is careful to ground overruling decisions in past precedent, and the care it exercises is increasing in the importance of the decision that is overruled. Finally, authority scores corroborate qualitative assessments of which issues and cases the Court prioritizes and how these change over time.
Buyback Pricing of Durable Goods in Dual Distribution Channels

Problem definition: In the U.S. automobile industry, manufacturers distribute products through dealers and rental agencies. To mediate direct competition between the two intermediaries, manufacture...
Industrialization and urbanization: Did the steam engine contribute to the growth of cities in the United States?☆

Industrialization and urbanization are seen as interdependent processes of modern economic development. However, the exact nature of their causal relationship is still open to considerable debate. This paper uses firm-level data from the manuscripts of the decennial censuses between 1850 and 1880 to examine whether the adoption of the steam engine as the primary power source by manufacturers during industrialization contributed to urbanization. While the data indicate that steam-powered firms were more likely to locate in urban areas than water-powered firms, the adoption of the steam engine did not contribute substantially to urbanization.
Decomposing World Income Distribution: Does The World Have A Middle Class?

Using the national income/expenditure distribution data from 111 countries, we decompose total inequality between the individuals in the world, by continents and regions. We use Yitzhaki’s Gini decomposition which allows for an exact breakdown of the Gini. We find that Asia is the most heterogeneous continent; between-country inequality is much more important than inequality in incomes within countries. At the other extreme is Latin America where differences between the countries are small, but inequalities within the countries are large. Western Europe/North America is fairly homogeneous both in terms of countries’ mean incomes and income differences between individuals. If we divide the world population into three groups: the rich (those with incomes greater than Italy's mean income), the poor (those with incomes less than Western countries’ poverty line), and the middle class, we find that there are only 11 percent of people who are “world middle class”; 78 percent are poor, and 11 percent are rich.
Dilution of Liability and Multiple Tortfeasors in the Context of Liability for Unrequested Precautions

One of the more intriguing questions in tort law is the case of joint and several tortfeasors and the dilution-of-liability puzzle. When harm materializes and there are multiple potential tortfeasors, the law tends to limit the number of joint tortfeasors, focusing the final burden on a small number of actors. This limitation is achieved by several legal mechanisms, such as a no duty rule, a narrow interpretation of negligence, a restrictive implementation of the causal link (be it the but for test, the proximate cause test or the rule of intervening cause test), and a doctrine of remoteness of damage. Thus, in the typical accident example, if A, B, and C inflicted risk upon D, often times the tort system will filter out A and B and leave only C to carry the final burden. Ariel Porat’s outline of the Expanded Duty of Restitution in his article, Private Production of Public Goods: Liability for Unrequested Benefits, provides an interesting and provocative solution to the dilution of liability puzzle.
Prize Structure and Information in Tournaments: Experimental Evidence

This paper examines behavior in a tournament in which we vary the tournament prize structure and the information available about participants' skill at the task of solving mazes. The number of solved mazes is lowest when payments are independent of performance; higher when a single, large prize is given; and highest when multiple, differentiated prizes are given. This result is strongest when we inform participants about the number of mazes they and others solved in a pre-tournament round. Some participants reported that they solved more mazes than they actually solved, and this misreporting also peaked with multiple differentiated prizes.
Privacy in the Workplace: Are collective bargaining agreements a place to start formulating more uniform standards?

This paper discusses ambiguities related to laws in employee privacy and posits that this is problematic for both employers and employees. The article discusses how private employers have almost no restrictions when it comes to employee monitoring, especially when there is an announced (albeit vague) policy. The article then suggests that unions have at least some negotiating power in terms of setting standards for when an employee may be disciplined and thus, labor unions have at least a modicum of power in negotiating clear rules regarding employee monitoring. The paper further suggests that clear policies aren't a bad thing, and that if clear policies are adopted in collective bargaining agreements, those policies might find their way into the private sector.
A reduced form framework for modeling volatility of speculative prices based on realized variation measures

Abstract Building on realized variance and bipower variation measures constructed from high-frequency financial prices, we propose a simple reduced form framework for effectively incorporating intraday data into the modeling of daily return volatility. We decompose the total daily return variability into the continuous sample path variance, the variation arising from discontinuous jumps that occur during the trading day, as well as the overnight return variance. Our empirical results, based on long samples of high-frequency equity and bond futures returns, suggest that the dynamic dependencies in the daily continuous sample path variability are well described by an approximate long-memory HAR–GARCH model, while the overnight returns may be modeled by an augmented GARCH type structure. The dynamic dependencies in the non-parametrically identified significant jumps appear to be well described by the combination of an ACH model for the time-varying jump intensities coupled with a relatively simple log-linear structure for the jump sizes. Finally, we discuss how the resulting reduced form model structure for each of the three components may be used in the construction of out-of-sample forecasts for the total return volatility.
Group-velocity-dispersion engineering of tantala integrated photonics

Designing integrated photonics, especially to leverage Kerr-nonlinear optics, requires accurate and precise knowledge of the refractive index across the visible to infrared spectral ranges. Tantala (Ta2O5) is an emerging material platform for integrated photonics and nanophotonics that offers broadband ultralow loss, moderately high nonlinearity, and advantages for scalable and heterogeneous integration. We present refractive index measurements on a thin film of tantala, and we explore the efficacy of this data for group-velocity-dispersion (GVD) engineering with waveguide and ring-resonator devices. In particular, the observed spectral extent of supercontinuum generation in fabricated waveguides and the wavelength dependence of free spectral range (FSR) in optical resonators provide a sensitive test of our integrated photonics design process. Our work opens up new design possibilities with tantala, including with octave-spanning soliton microcombs.
Branding importance in business-to-business markets: Three buyer clusters

Abstract With the growth of e-commerce and global competition, business-to-business (B2B) marketers are showing increased interest in the potential of branding, especially at the corporate level. This paper describes branding in the context of B2B markets, and examines its perceived importance to buyers. A review of relevant literature and the development of a conceptual model enables a cluster analysis of data from a survey of industrial buyers. The exploratory analysis examines to whom branding is important, and in what situations. Three clusters of buyers are found: branding receptive, highly tangible, and low interest. The practical implications for managers are explored.
Model Selection for Broadband Semiparametric Estimation of Long Memory in Time Series

We study the properties of Mallows' CL criterion for selecting a fractional exponential (FEXP) model for a Gaussian long-memory time series. The aim is to minimize the mean squared error of a corresponding regression estimator dFEXP of the memory parameter, d. Under conditions which do not require that the data were actually generated by a FEXP model, it is known that the mean squared error MSE=E[dFEXP−d]2 can converge to zero as fast as (log n)/n, where n is the sample size, assuming that the number of parameters grows slowly with n in a deterministic fashion. Here, we suppose that the number of parameters in the FEXP model is chosen so as to minimize a local version of CL, restricted to frequencies in a neighborhood of zero. We show that, under appropriate conditions, the expected value of the local CL is asymptotically equivalent to MSE. A combination of theoretical and simulation results give guidance as to the choice of the degree of locality in CL.
Electronic Structure for Multielectronic Molecules near a Metal Surface

We analyze a model problem representing a multielectronic molecule sitting on a metal surface. Working with a reduced configuration interaction Hamiltonian, we show that one can extract very accura...
In Search of Authenticity

abstract After showing that authenticity is socially constructed rather than an attribute of that which is called authentic, we examine the authenticity work involved in claiming authenticity and discuss the processes of authentication. We then explore the situations in which the quest for authenticity makes for change and conclude by showing that the salience of authenticity can change.
POVERTY TOURISM AND THE PROBLEM OF CONSENT

Is it morally permissible for financially privileged tourists to visit places for the purpose of experiencing where poor people live, work, and play? Tourism associated with this question is commonly referred to as ‘poverty tourism’. While some poverty tourism is plausibly ethical, other practices will be more controversial. The purpose of this essay is to address mutually beneficial cases of poverty tourism and advance the following positions. First, even mutually beneficial transactions between tourists and residents in poverty tourism always run a risk of being exploitative. Second, there is little opportunity to determine whether a given tour is exploitative since tourists lack good access to the residents' perspectives. Third, if a case of poverty tourism is exploitative, it is so in an indulgent way; tourists are not compelled to exploit the residents. In light of these considerations, we conclude that would-be tourists should participate in poverty tours only if there is a well-established collabor...
Regulation of Franchisor Opportunism and Production of the Institutional Framework: Federal Monopoly or Competition Between the States?

The Sherman Act forbids contracts that restrain interstate commerce, and proof of significant market power is usually necessary to establish the existence of such a restraint. Recently, however, some have argued that courts should employ the Sherman Act to regulate opportunistic behavior by franchisors that do not possess the sort of market power ordinarily necessary to establish antitrust liability. Inspired by the Supreme Court's decision in Eastman Kodak v. Image Technical Services, these advocates find "market power" in the presence of relationship-specific investments and would impose antitrust liability on franchisors that abuse such power to the detriment of their franchisees. Informational asymmetries and bargaining costs, it is said, prevent franchisees from protecting themselves in the bargaining process from unduly onerous contractual terms. This essay argues that reliance upon the Sherman Act to combat franchisor opportunism would constitute an unjustified expansion of federal regulatory authority and upset the traditional division of labor between states and the national government. To be sure, scholars have provided a plausible story of opportunism in the franchising context, where bargaining and information costs can be significant. Still, these advocates have not explained why federal regulation of such behavior is warranted. As Professor Coase has recognized, bargaining and information costs do not exist in a vacuum, but are instead a function of the institutional framework, a framework constructed by background rules of (state) contract law that lower the costs of entering and maintaining relational contracts. Any argument for federal intervention to combat opportunism, then, must explain why the background rules of contract law are not adequate to minimize information and bargaining costs and thus deter opportunistic behavior. More precisely, those who advocate Sherman Act regulation of franchiser opportunism must demonstrate that competition between the states to produce the institutional framework governing the franchisor-franchisee relationship is characterized by a "race to the bottom" that warrants federal intervention. Preliminary analysis suggests that such a race to the bottom is unlikely. No state can become a "haven" for opportunistic franchisors without the cooperation of other states, who must enforce the franchisor's choice of law clauses. Moreover, states that adopt institutional frameworks that raise the cost of transacting and thus facilitate franchisor opportunism will raise the costs of intrastate transactions and make their own citizens vulnerable to opportunism. Federalizing this body of law, then, would unnecessarily deprive businesses and consumers of the benefits of interjurisdictional competition.
Social Assistance in Developing Countries

The rapid spread of large-scale and innovative social transfers in the developing world has made a key contribution to the significant reduction in global poverty over the last decade. Explaining how flagship anti-poverty programmes emerged, this book provides the first comprehensive account of the global growth of social assistance transfers in developing countries. Armando Barrientos begins by focusing on the ethical and conceptual foundations of social assistance, and he discusses the justifications for assisting those in poverty. He provides a primer on poverty analysis, and introduces readers to the theory of optimal transfers. He then shifts the focus to practice, and introduces a classification of social assistance programmes to help readers understand the diversity in approaches and design in developing countries. The book concludes with an analysis of the financing and politics of the emerging institutions and of their potential to address global poverty.
LIBERAL ASSOCIATIONISM AND THE RIGHTS OF STATES

It is often argued that if one holds a liberal political philosophy about individual rights against the state and the community, then one cannot consistently say that a state that violates those principles is owed the right of noninterference. How could the rights of the collective trump the rights of individuals in a liberal view? I believe that this debate calls for more reflection, on the relation between liberalism and individualism. I will sketch a conception of liberalism (“liberal associationism”) in which there is nothing awkward about saying that associations, as such, have some moral (not just, say, legal) rights to noninterference. If liberal associationism is compelling in general terms then, if states (or some of them) can be shown to be associations in the relevant respects, then liberalism itself will supply the moral basis for a right of that kind, held by a state or people as such, to nonintervention.
The Impact of Mandatory IFRS Adoption on Foreign Mutual Fund Ownership: The Role of Comparability

Proponents of IFRS argue that mandating a uniform set of accounting standards improves financial statement comparability that in turn attracts greater cross-border investment. We test this assertion by examining changes in foreign mutual fund investment in firms following mandatory IFRS adoption in the European Union in 2005. We measure improved comparability as a credible increase in uniformity, defined as a large increase in the number of industry peers using the same accounting standards in countries with credible implementation. Consistent with this assertion, we find that foreign mutual fund ownership increases when mandatory IFRS adoption leads to improved comparability.
Uniformity In State Inheritance Laws: How UPC Article II Has Fared In Nine Enactments

The Uniform Probate Code was drafted to facilitate modernization, simplification, and uniformity of state inheritance laws. Since its approval by the National Conference of Commissioners on Uniform State Laws and by the American Bar Association in August 1969, the Code has been enacted in various forms by 11 states. In this Article, the Authors analyze significant deviations from the recommended version of article II in the first nine enactments of the UPC. The Authors argue that all but exceptionally meritorious changes in enacted versions of the UPC should give way to the goal of state uniformity in inheritance laws, and find the majority of the changes to be unjustifiable. In evaluating the merits of the changes, the authors consider UPC policies behind individual sections of the Code as well as state reasons for deviations.
Duration Measures for Corporate Project Valuation

Sensitivity analysis is a very common exercise performed with the forecasting of project cash flows. In this article, a duration-type measure is generated that provides a single number for the assessment of project cash flows relative to changes in the discount rate (or adjusted for changes in a particular cash flow model parameter). The calculation is no more difficult than the duration measures that already exist for bonds. Yet, the calculation provides valuable insight that many times is lost when performing sensitivity analysis. Further, at a minimum, the measure provides a gauge for the consequences of misspecifiying the discount rate for a project.
New CEO Openness to Change and Strategic Persistence: the Moderating Role of Industry Characteristics

Drawing on the upper echelons, managerial discretion and strategic contingency perspectives we examine the relationships between newly chosen CEOs' openness to change and firm strategic persistence in the post-succession phase. This study is different from prior studies on the consequences of CEO succession in that it focuses on specific characteristics of the new CEO (that reflect his/her knowledge-base and cognitive orientations) and the industry context rather than purely on the event of succession. Based on a sample of 132 successions in 118 firms in the US manufacturing sector, and after controlling for industry concentration, board power, firm size and pre-succession performance, we find a negative relationship between CEOs' openness to change and post-succession strategic persistence. Interestingly, our findings indicate that this relationship is moderated by industry characteristics in that the negative association between CEO openness to change and strategic persistence is significant in high-discretion but not in low-discretion industries. Contributions of the paper to the CEO succession and strategic change literatures along with the managerial implications of our findings are discussed in the concluding section of the paper.