cssi/SciSciGPT-SciSciNet huggingface dataset:
Success, Status, and the Goals of a Law School

Law schools wish to be successful. However, they generally fail to clarify goals in core areas and develop measures for gauging success in those areas. This failure leads to reliance on externally devised measures that do not appropriately reflect institutional success. The problems are exacerbated when the extrinsic measure is substantially a measure of status, rather than success.It will always be difficult for law schools to set appropriate goals. However, schools can still understand the difference between success and status, and recognize that some putative measures of success are substantially measures of status instead.
Geographic Localization of International Technology Diffusion

Income convergence across countries turns on whether technological knowledge spillovers are global or local. I estimate the amount of spillovers from R&D expenditures on a geographic basis, using a new data set which encompasses most of the world's innovative activity between 1970 and 1995. I find that technology is to a substantial degree local, not global, as the benefits from spillovers are declining with distance. The distance at which the amount of spillovers is halved is about 1,200 kilometers. I also find that over time, technological knowledge has become considerably more global. Moreover, language skills are important for spillover diffusion. (JEL F0, O1, O3)
International interdependence of an emerging market: the case of Iran

In this study the interdependence between Iran, its major trading partners and the United States is investigated using vector autoregression, generalized impulse response function and generalized variance decomposition techniques, introduced by Pesaran and Shin (1998). These techniques have an advantage over the commonly used impulse response and variance decomposition procedures in that they are insensitive to the ordering of the countries considered and hence, they produce more reliable results. The countries included in the sample, besides Iran are, France, Germany, Spain, Japan, South Korea, Brazil, Italy and the United States. The direction, strength, durability and stability of the effect of shocks in one market on the return patterns of the other markets are examined. The findings are 4-fold. First, the effect of past own market shocks on current behaviour is significant, beyond the first month, in most cases. Second, the own effect is stronger for the emerging markets such as Iran and Brazil, than...
Enforcement of Civil Rights Law in Private Workplaces: The Effects of Compliance Reviews and Lawsuits Over Time

Has federal antidiscrimination law been effective in moving women and minorities into management? Early studies show that government affirmative action reviews improved the numbers, and rank, of blacks, but evidence of what has happened since 1980 is sparse. There is little evidence that civil rights lawsuits improved the employment status of women or African Americans. We examine establishment-level effects of compliance reviews and lawsuits on the percentage of women and blacks in management. We find that compliance reviews, which alter organizational routines, had stronger and more lasting effects than lawsuits, which create disincentives to discriminate. We also find that deregulation was more consequential for compliance reviews than for lawsuits: Compliance reviews initiated in the 1980s were less effective than Alexandra Kalev received her Ph.D. from Princeton in 2005 and is a postdoctorate fellow at the RWJ Program in Health Policy Research at UC Berkeley. Her dissertation examines how the restructuring of work in the United States affects women’s and minorities’ careers. She currently studies gender and racial disparities in health and safety at work. In a collaborative project with Frank Dobbin she studies how corporate responses to antidiscrimination laws shape workforce diversity. Frank Dobbin received his Ph.D. from Stanford, and taught at Princeton for fifteen years before moving to Harvard in 2003. An organizational and economic sociologist, he has studied corporate response to equal opportunity and affirmative action law in papers charting the creation of civil rights grievance procedures, equal opportunity departments, diversity programs, maternity leave, and sexual harassment programs. With Alexandra Kalev, he is now studying the effects of these and other corporate human relations practices on workforce diversity.
Intuitive Lawmaking: The Example of Child Support

Setting the amount of a child support award involves tradeoffs in t he allocation of finite resources among at least three private parties: the two parents, and their child or children. Federal law today requires states to have child support guidelines or f ormulas that determine child support amounts on a uniform statewide basis. These state guidelines differ in how they make these unavoidable tradeoffs. In choosing the correct balance of these competing claims, policymakers would do well to understand the public's intuitions about the appropriate t radeoffs. We r eport an empirical study of lay intuitions ab out these tradeoffs, and compare those intuitions to the principles underlying typical state guidelines. As in other contexts in which people are asked to place a dollar value on a legal claim, we find that c itizen assessments of child support f or particular cases conform to the pattern t hat Ariely and his coauthors have called “coherent arbitrariness”: Th e res pondent's choice o f dollar m agnitude may be arb itrary, but relative v alues respond co herently to case variations, within and acr oss ci tizens. These patterns suggest that our respondents have a consistent and systematic preference with respect to the structure of c hild support formulas that differs in important ways from either of the two systems adopted by nearly all states.
Third Time's the Charm: The Coming Impact of the Restatement (Third) Restitution and Unjust Enrichment in Bankruptcy

Bankruptcy courts have frequently been characterized as courts of equity. Often this characterization has accompanied unusually relaxed interpretation or application of a provision of the Bankruptcy Code. However, this understanding does not exhaust the meaning of equity in bankruptcy.Historically, equity covered a large range of topics – trusts and estates, injunction, contracts, specific performance, unjust enrichment, restitution, and disgorgement. In addition, equity was not limited to particular remedies. Equity’s remedies certainly included money damages but recognized many more. The law of equity was substantive as well as remedial; it recognized primary rights as well as secondary rights of rectification. Among equity's primary rights were equitable interests in property. And section 541(a) of Bankruptcy Code includes such equitable interests in its definition of property of the estate.If equity once boasted a substantial substantive content, what was it? The answer is found in the title of the Restatement Third, Restitution and Unjust Enrichment (R3RUE). Unjust (or unjustifiable) enrichment provides the conceptual core of this body of law. As the converse of tort law, which identifies unjustified harms to another, unjust enrichment recognizes unjustified benefits to another, at least to the extent they come at the claimant’s expense. Notwithstanding the merger of law and equity, in the mid-1990’s the American Law Institute appointed Andrew Kull as the reporter for the R3RUE. With final approval in 2010, we can expect to see the R3RUE affect the legal landscape in the near future. It is that impending impact in bankruptcy that constitutes the burden of this article.Part I briefly summarizes the substantive law of equity as expressed in the R3RUE. It addresses the substantive core of law of equity. Distinct categories of operative facts such as benefits conferred by mistake or without request, pursuant to a voidable contract, or as a result of wrongful interference with the rights of a claimant ground unjust enrichment.Part II surveys the remedial aspects of the R3RUE comprising the four so-called proprietary remedies–constructive trust, equitable lien, subrogation, and the paired set of rescission and restitution. These proprietary remedies are the equitable interests in property that are part of the property of the estate.Finally, Parts III–VI focus on these four remedies in greater depth and examine how courts operating under the Bankruptcy Code have (mis)applied them. I conclude with specific observations about how the R3RUE can and indeed should affect the development of equitable interests by firmly recognizing their place as property of the estate.
Status Signaling and the Law, with Particular Application to Sexual Harassment

Laws aimed at sexual harassment, nudity, and pornography are usually understood to be concerned primarily although not exclusively with "offensive" behavior rather than with more palpable or measurable harms. The precise nature of the offensiveness, however, is unclear. We shall argue that it is connected to status through the concept of signaling. Differences in the optimal sexual strategies of men and women translate into differences in actual or perceived status that in turn incite behaviors that create a demand for public or private regulation. Although our particular interest is status signaling, we discuss the phenomenon of status more broadly and explore a number of applications. In particular, we offer a fresh perspective on a social policy of growing importance--the provision of legal remedies against employers for sexual harassment in the workplace.
'"You Have Been in Afghanistan": A Discourse on the Van Alstyne Method

It is a signal honor to be invited to pay tribute to a professional mentor as significant in one’s career as Professor William Van Alstyne has been in mine. Yet one must be careful to neither overnor underestimate the honor paid; I and the other authors in this Symposium are called into action largely in the kind of role played in professional basketball by the New York Nationals, whose sole function it is to underscore the greatness of the Harlem Globetrotters by playing the game as well as they can and then losing. There is nonetheless still honor of a sort involved in being used as the metric by which the greatness of the Globetrotters is measured: if the Globetrotters might be considered to have the skill of N x (the New York Nationals), it is nonetheless also necessarily true that N is some positive real number, thus locating the Nationals on the same X-axis as the Globetrotters. Bill Van Alstyne is the Meadowlark Lemon of American constitutional law, and for any of us to be on the same axis with him is quite enough of an honor for one career, even though we cannot spin the ball as nimbly as he can. In my own case, the honor is particularly appreciated because Bill Van Alstyne’s influence on my career began even before my legal education, and indeed strongly influenced my decision to study law and my choice of Duke as the place where I would study it. When I think back on my years as his student, I am reminded of the finest
Policing and Equal Protection

For urban policing, it is the best of times and the worst of times. The innovative and proactive policing techniques that have come into widespread use over the past decade -- sometimes referred to as the "New Policing" -- are credited by many with producing significant reductions in urban crime. The vocal and numerous critics of these tactics, however, claim that the cure has been worse than the disease, by imposing enormous and unwarranted burdens on high crime minority communities where use of these new tactics is concentrated. In this paper, I offer a defense for New Policing as faithful to the commands of the Equal Protection Clause. The Equal Protection Clause, properly understood, requires that the government offer equal protection from lawbreakers to all in a jurisdiction, even if, for a variety of reasons, courts are reluctant to enforce this principle. Conventional and reactive policing, however, is unlikely to offer equal protection because of the dynamics of disadvantaged inner-city communities. Only through the commitment of disproportionate resources and the use of aggressive tactics can the government hope to offer high crime inner-city communities protection from lawbreaking that is effectively equal to that enjoyed by other communities. Thus, even practices that seem to focus enforcement on disproportinately minority communities are frequently not properly branded as based on some form of racial discrimination or profiling, but instead are an effort to comport with constitutional aspirations.
Imperfect competition and the Keynesian cross

Abstract This paper presents a simple general equilibrium model in which the only non-Walrasian feature is imperfect competition in the goods market. The model is shown to exhibit various Keynesian characteristics. In particular, as competition in the goods market becomes less perfect, the fiscal policy multipliers approach the values implied by the textbook Keynesian cross.
Do municipal amalgamations work? Evidence from municipalities in Israel

Abstract Municipal amalgamation reforms are a policy being put to use in most developed countries. The basic rationale for most of these reforms is taking advantage of economies of scale in the municipal provision of public services. However, contrary to conventional wisdom of public officials, the related empirical literature, which relies mostly on descriptive evidence, finds almost no benefits arising from an amalgamation. The purpose of this paper is to present empirical evidence for the fiscal outcomes of municipal amalgamations based on the Difference-in-Differences methodology. The paper is using an extensive panel data of municipalities in Israel for the years 1999–2007 in order to analyze the Israeli amalgamation reform of 2003. The results indicate that the amalgamations resulted in a decrease of about 9% in municipal expenditures, and are robust to the possibility of selection bias. I find no evidence of a decrease in the level of services provided to the residents of the amalgamated municipalities. The results suggest that municipal amalgamations do bring economies of scale into practice.
INNOVATIONS IN PARTITIONING A SHARE OF STOCK

This paper presents a synthesis of innovations in the slicing and dicing of cash flows of a share of a firm's common stock. It begins by discussing PRIMEs and SCOREs, then Unbundled Stock Units (USUs), and finally three proposed hybrid equity options called DIVS, OWLS, and RISKS. Decomposing a share of stock into components that can be traded separately allows investors to choose between the different investment attributes constituting the underlying share. An investor who desires only cash dividend income may buy only DIVS, and another who values capital appreciation but not current income can purchase only the residual claim. Derivatives seem to go through a developmental process that is analogous to the biological phenomenon of natural selection and adaptation. The engines that drive this evolutionary process are changing domestic and international market conditions, international tax and regulatory arbitrage, and, of course, the financial innovators who learn from their own mistakes, and from the experience of others. These innovators continually develop new products that represent improvements over the old, if only by their ability to adhere more closely to the guidelines laid down by the regulators. The histories of PRIMEs and SCOREs, of USUs, and, most recently, of DIVS, OWLS and RISKS together provide a nice illustration of this developmental process.
Agency Problems at Dual‐Class Companies

Using a sample of U.S. dual-class companies, we examine how divergence between insider voting and cash flow rights affects managerial extraction of private benefits of control. We find that as this divergence widens, corporate cash holdings are worth less to outside shareholders, CEOs receive higher compensation, managers make shareholder value-destroying acquisitions more often, and capital expenditures contribute less to shareholder value. These findings support the agency hypothesis that managers with greater excess control rights over cash flow rights are more prone to pursue private benefits at shareholders’ expense, and help explain why firm value is decreasing in insider excess control rights. THE SEPARATION OF OWNERSHIP and control has long been recognized as the source of the agency problem between managers and shareholders at public corporations (Berle and Means (1932), Jensen and Meckling (1976)), and its shareholder-value ramification has been the subject of an extensive literature. 1 While most of this research focuses on firms in which voting or control rights and cash flow rights are largely aligned, recently some researchers have started to examine companies with alternative ownership schemes such as cross-holding, pyramidal, and dual-class structures. These alternative ownership arrangements, which are common in much of the world, often result in a significant divergence between insider voting rights and cash flow rights. This divergence aggravates the agency conflicts between managers and shareholders, since insiders controlling disproportionally more voting rights than cash flow rights bear a smaller proportion of the financial consequences of their decisions while
The Role of the Client: The President's Role in Government Lawyering

Discussions of whether Bush and Clinton administration lawyers have acted ethically have missed a fundamental point about the attorneyclient relationship. It is the client—in this case, the government—who is ultimately responsible for making policy decisions, not the attorney. Too often, the question of what is “legal” has been substituted for what should actually be done, especially in the United States, where “legal” and “desirable” have become so intertwined. Governments should consult with attorneys, but should also be prepared to implement whatever policies they believe are “right,” and if necessary to explain any departures from what is “legal” to the pubic, to whom they are ultimately accountable. The public debate over the ethical and professional conduct of the Bush administration lawyers has been a hallmark of the critique of the Bush presidency in its entirety. John Yoo, Alberto Gonzales, James Bybee, David Addington and others have consistently drawn fire on all fronts; after a while, it seemed their actions stood as a metonymy for the administration in general. By their critics they were held responsible for everything the administration was doing and, worse still, were perceived as aiders and abettors rather than gatekeepers, who should thus be indicted for complicity in the administration’s perpetration of war crimes. The mere fact that the debate over the lawyers’ conduct has corresponded to such a large degree with the debate over the Bush administration’s policies in the war on terrorism is proof of the point I wish to make here: much of the assessment of the lawyers’ handling of their tasks assumes a direct and inevitable relationship between the legal advice provided and the administration’s subsequent actions. This assumption has not been sufficiently examined. In other words, the voluminous discussions of the role of government lawyers have * Assistant Professor of Law, Harvard Law School. I wish to thank Jack Goldsmith, Philip Heymann, and the Hon. William Young of the District Court of Massachusetts for their animated engagement with me on this topic. The opinions expressed in this article are mine alone. I also would like to thank Matthew Ivey for his wonderful editing job.
The Lawyer's Role(s) in Deliberative Democracy

This article explores the possible marriage of recent political theory on deliberative democracy with conflict resolution theory and practice. It reviews the theoretical framework for encouraging more active public participation in both governmental and political decision making (Guttman & Thompson, Bohman, Habermas, Hampshire) and asks how processes can be structured to maximize political participation through several different modes of discourse: reasoned argument/principle; trading of preferences/bargaining and appeals to passion, emotion, and deeply held beliefs. The article suggests a variety of different modes of conflict resolution sorted by the need for constitutive, permanent or ad hoc decision-making, plenary vs. committee or task oriented organizational principles and whether deliberations are to be private and confidential or transparent and public, with predictions about how different outcomes will be produced by different process structures. In addition, the article suggests that lawyers might be particularly well suited (with additional disciplinary training) to performing Tocquevillian facilitative roles between and among deliberators in processes that seek to increase participative democracy and improve the quality of decision making.
Market Reactions to Tangible and Intangible Information

The book-to-market effect is often interpreted as evidence of high expected returns on stocks of “distressed” firms with poor past performance. We dispute this interpretation. We find that while a stock’s future return is unrelated to the firm’s past accounting-based performance, it is strongly negatively related to the “intangible” return, the component of its past return that is orthogonal to the firm’s past performance. Indeed, the book-to-market ratio forecasts returns because it is a good proxy for the intangible return. Also, a composite equity issuance measure, which is related to intangible returns, independently forecasts returns. DURING THE PAST DECADE, financial economists have puzzled over two related observations. The first is that over long horizons, future stock returns are negatively related to past stock returns. The second is that stock returns are positively related to price-scaled variables such as the book-to-market ratio (BM). Perhaps the most prominent interpretations of these effects are offered by DeBondt and Thaler (1985, 1987), Lakonishok, Shleifer, and Vishny (1994, LSV), and Fama and French (1992, 1993, 1995, and 1997). The DeBondt and Thaler and LSV papers argue that the reversal and book-to-market effects are a result of investor overreaction to past firm performance. Specifically, LSV argue that in forecasting future earnings, investors overextrapolate a firm’s past earnings growth, and as a result stock prices of firms with poor past earnings (which tend to have high BM ratios) get pushed down too far. When the actual earnings are realized, prices recover, resulting in high returns for high BM firms. This basic idea is formalized in a paper by Barberis, Shleifer, Vishny (1998, BSV). LSV provide support for this hypothesis by showing that a firm’s future returns are negatively related to its past 5-year sales growth. In contrast, Fama and French argue that, since past performance is likely to be negatively associated with changes in systematic risk, high BM firms are likely to be riskier, and hence require higher expected returns. Specifically,
The Impact of Audit Evidence Documentation on Jurors' Negligence Verdicts and Damage Awards

ABSTRACT: Audit workpapers play a key role in auditor negligence trials, yet little is known about how workpaper documentation affects jurors' decision making. I investigate how auditors' documentation of their consideration of the alternative accounting treatments and their risk-based audit approach influence jurors' negligence verdicts and damage awards. I find that documentation of their consideration of the accounting alternatives increases the likelihood that auditors are found negligent because it increases jurors' perceptions of the foreseeability of the misstatement. However, when combined with documentation that explicitly links the audit risks to the work performed to address each risk, jurors award lower damage awards because they perceive auditors' actions prior to the negligent act as more compliant with the auditing standards. My results highlight the consequences of more complete documentation on jurors' evaluations of auditors and suggest the need for documentation policies that more effec...
Formation of plasma around a small meteoroid: 1. Kinetic theory

This article is a companion to Dimant and Oppenheim [2017] https://doi.org/10.1002/2017JA023963.
Relaxing the Taboo on Telling Our Own Stories: Upholding Professional Distance and Personal Involvement

Scholars studying organizations are typically discouraged from telling, in print, their own stories. The expression “telling our own stories” is used as a proxy for field research projects that, in their written form, explicitly rely on a scholar’s personal involvement in a field. (By personal involvement in a field, I mean a scholar’s engagement in a set of mental activities that connect her to a field.) The assumption is that personal involvement is antithetical to maintaining professional distance. In this paper, I argue that the taboo against telling our own stories stems in part from an epistemological misunderstanding. Learning from the field entails upholding both distance and involvement; the two dimensions should not be conceptualized as opposite ends of a continuum. Moreover, I suggest that the taboo has become too extreme and stifles our collective capacity to generate new insights. To make this argument, I start by discussing the general taboo against telling one’s own stories. Second, I focus on the rationale set forth to justify not only the taboo but also its limitations. Third, I examine what distance entails and how involvement, far from lessening distance, creates opportunities for generating potentially strong theoretical insight. Fourth, I showcase several areas of theoretical development that might benefit from revisiting the taboo. I conclude by reviewing key practical implications of such a shift for our profession and by arguing that organizational scholarship could gain a great deal from relaxing the taboo.
Determinants of Venezuela’s Equilibrium Real Exchange Rate

The Venezuelan Bolivar is pegged to the U.S. dollar and supported by foreign exchange restrictions. To assess the appropriateness of the peg during the current period of high oil export earnings and the likely consequences of a liberalization, this paper attempts to disentangle the effects of oil prices from other factors underlying the equilibrium real exchange rate, and examines the role of foreign exchange controls by extending the application of a vector error correction (VEC) model to parallel market exchange rates. Several findings are worth noting. First, oil prices have indeed played a significant role in determining a time-varying equilibrium real exchange rate path. Second, oil prices are not the only important determinant of the real effective exchange rate: declining productivity is also a key factor. Third, appreciation pressures are rising. Finally, the speed of convergence of a VEC model using parallel rather than official rates is higher, suggesting that the government has been able to maintain sharp deviations between the official and equilibrium rates because of Venezuela's oil dependency and the concentration of oil income in government hands.
A Moral Perspective on "Big Business" Fair Share of America's Tax Burden

This article applies the ethical frameworks of utilitarian ethics, egoism and virtue ethics to the questions of whether progressive versus flat tax structures are more fair. This article also examines the economic theory of supply side economics, often cited by proponents of flat and consumption tax structures, as well as the theory of marginal utility, often cited by proponents of progressive tax structures. The article concludes that neither theory offers any reliable scientific information backing up either structure.
When does technology use enable network change in organizations? a comparative study of feature use and shared affordances

The goal of this study is to augment explanations of how newly implemented technologies enable network change within organizations with an understanding of when such change is likely to happen. Drawing on the emerging literature on technology affordances, the paper suggests that informal network change within interdependent organizational groups is unlikely to occur until users converge on a shared appropriation of the new technology's features such that the affordances the technology enables are jointly realized. In making the argument for the importance of shared affordances, this paper suggests that group-level network change has its most profound implications at the organization level when individuals use the same subset of a new information technology's features. To explore this tentative theory, we turn to a comparative, multimethod, longitudinal study of computer-based simulation technology use in automotive engineering. The findings of this explanatory case study show that engineers used the new technology for more than three months, during which time neither group experienced changes to their advice networks. Initially, divergent uses of the technology's features by engineers in both groups precluded them from being able to coordinate their work in ways that allowed them to structure their advice networks differently. Eventually, engineers in only one of the two groups converged on the use of a common set of the technology's features to enact a shared affordance. This convergence was necessary to turn the technology into a resource that could collectively afford group members the ability to compare their simulation outputs with one another and, in so doing, alter the content and structure of the group's advice network. The implications of these findings for the literatures on technology feature use, affordances, social networks, and post-adoption behaviors in organizations are discussed.
On the Statistical Significance of Event Effects on Unsystematic Volatility

We develop a method for determining the significance of the effect of a certain event (stock split, corporate restructuring, change in regulation, etc.) on unsystematic volatility of asset returns. Simulations show that the suggested tests reject the true null hypothesis of no effect on volatility at appropriate levels, whereas the rejection rates of a false null hypothesis increase with the magnitude of the effect. An application of the method to corporate spin-offs reveals statistically significant and long-lasting estimated increases in unsystematic volatility of parent companies' returns.
Equity issues when in distress

We investigate the role of financial distress in the seasoned equity market. We find that distressed firms comprise about 40% of SEOs and these distressed issuers have worse abnormal announcement returns than non‐distressed issuers. Stock return volatility is an important determinant for announcement returns for non‐distressed SEO issuers but not for distressed SEO issuers. Signals of firm quality are associated with better announcement returns, larger issues, increased investment, improved operating performance, and lower likelihood of delisting for distressed SEO firms as compared to non‐distressed firms. Our findings suggest equity finance is valuable for financially distressed firms with strong growth prospects.
THE HARDER THE TASK, THE HIGHER THE SCORE: FINDINGS OF A DIFFICULTY BIAS

Studies have found that going first or last in a sequential order contest leads to a biased outcome, commonly called order bias (or primacy and recency). Studies have also found that judges have a tendency to reward contestants they recognize with additional points, called reference bias. Controlling for known biases, we test for a new type of bias we refer to as “difficulty bias,” which reveals that athletes attempting more difficult routines receive higher execution scores, even when difficulty and execution are judged separately. Despite some identification challenges, we add to the literature by finding strong evidence of a difficulty bias in gymnastics. We also provide generalizations beyond athletics. (JEL L10, L83, D81, J70, Z1)
Optimal integrated production and inventory control of an assemble-to-order system with multiple non-unitary demand classes

We study a pure assemble-to-order system subject to multiple demand classes where customer orders arrive according to a compound Poisson process. The finished product is assembled from m different components that are produced on m distinct production facilities in a make-to-stock fashion. We show that the optimal production policy of each component is a state-dependent base-stock policy and the optimal inventory allocation policy is a multi-level state-dependent rationing policy. Using numerical experimentation, we first study the system behavior as a function of order size variability and order size. We show that the optimal average cost rate is more sensitive to order size variability than to order size. We also compare the optimal policy to the first-come first-serve policy and show that there is great benefit to inventory rationing. We also propose two simple heuristics and show that these can effectively mimic the optimal policy which is generally much more difficult to determine and, especially, to implement.
An ‘Austrian’ perspective on commercial accounting practices in the public sector

Using an ‘Austrian’ economic framework, rather than the traditional neoclassical economic or progressivism framework, this paper explores the extent to which accrual based accounting measurement systems add to or detract from value relevant accounting information, in public sector settings. Austrian economics provides insights to this issue by offering a more nuanced theoretical account of the role of knowledge, institutions and subjectivism in analyzing economic phenomena, than do traditional neoclassical economics or progressivism. The paper concludes that Austrian economics are a potential framework that informs us about the problem of misuse of information in public, noncompetitive situations.
Macroeconomic adjustment with segmented labor markets

This paper analyzes the macroeconomic effects of fiscal and labor market policies in a developing economy with an informal sector and a heterogeneous work force. A permanent reduction in government spending on nontraded goods leads in the long run to a deprecia- tion of the real exchange rate, a fall in the market-clearing wage for unskilled labor, an increase in output of traded goods, and a lower stock of net foreign assets. A permanent reduction in the minimum wage improves competitiveness, and expands the formal sector. The effect of changes in unemployment benefits are also analyzed. q 1999 Elsevier Science
Allocation of COVID-19 Vaccines Under Limited Supply

Problem definition: This paper considers how to allocate COVID-19 vaccines to different age groups when limited vaccines are available over time. Academic/practical relevance: Vaccine is one of the most effective interventions to contain the ongoing COVID-19 pandemic. However, the initial supply of the COVID-19 vaccine will be limited. An urgent problem for the government is to determine who to get the first dose of the future COVID-19 vaccine. Methodology: We use epidemic data from New York City to calibrate an age-structured SAPHIRE model that captures the disease dynamics within and across various age groups. The model and data allow us to derive effective static and dynamic vaccine allocation policies minimizing the number of confirmed cases or the numbers of deaths. Results: The optimal static policies achieve a much smaller number of confirmed cases and deaths compared to other static benchmark policies including the pro rata policy. Dynamic allocation policies, including various versions of the myopic policy, significantly improve on static policies. Managerial implications: For static policies, our numerical study shows that prioritizing the older groups is beneficial to reduce deaths while prioritizing younger groups is beneficial to avert infections. For dynamic policies, the older groups should be vaccinated at early days and then switch to younger groups. Our analysis provides insights on how to allocate vaccines to the various age groups, which is tightly connected to the decision-maker’s objective.
Time Varying Structural Vector Autoregressions and Monetary Policy: A Corrigendum

This note shows how to apply the procedure of Kim et al . (1998) to the estimation of VAR, DSGE, factor, and unobserved components models with stochastic volatility. In particular, it revisits the estimation algorithm of the time-varying VAR model of Primiceri (2005) . The main difference of the new algorithm is the ordering of the various MCMC steps, with each individual step remaining the same.
Musical Albums as Compilations: A Limitation on Damages or a Trojan Horse Set to Ambush Termination Rights

Under the Copyright Act of 1976, “compilations” receive rather unique treatment. First, courts may limit the amount of damages that an author of a “compilation” can recover for infringement. Should the copyright holder of a “compilation” opt for an award of statutory damages, courts will award only one statutory damages amount for the entire compilation rather than an award for each work that it comprises, even if the works contained therein are independent and separately registered. Additionally, a compilation is one of only a few types of works that can assume “work for hire” status if commissioned as a “work for hire.” The designation as a “work made for hire” is particularly relevant for termination of transfers available under the Copyright Act. Generally speaking, an author has the opportunity to reclaim the copyright in his or her work by terminating a transfer previously made to another. “Works made for hire,” however, are not subject to termination of transfers. Therefore, a creator of a “compilation” constituting a “work made for hire” loses the right to terminate that transfer. In Bryant v. Media Right Productions, a 2010 case concerning statutory damages for the alleged infringement of the copyrights in two musical albums, the Second Circuit held that albums are compilations. The court found that the songs that made up the album were “pre-existing materials” that were selected and arranged in an original way, to result in a compilation. Thus, the plaintiffs in Bryant were only able to recover a single statutory damage award for infringement of their copyright in the album. Although the holding in Bryant addressed statutory damages for “compilations,” it may have other consequences beyond those intended by the court. In Bryant, the Second Circuit followed the language of the Act in deciding that albums are “compilations” for the purposes of determining statutory damage awards, but the court failed to acknowledge that doing so would also mean that albums would now be considered works made for hire. Musicians could begin losing the ability to terminate transfers of their music, in direct conflict with Congress’s purpose behind the termination-of-transfer and work-made-for-hire doctrines. One issue with the Second Circuit’s holding in Bryant is that the legislative history of the Copyright Act gives reason to question labeling an album as a “compilation.” Further, the court failed to acknowledge the termination issue lurking in the shadows, which it should have done given the consequences of its holding.
Eavesdropping on the Vox Populi

This review of Pauline Maier’s Ratification: The People Debate the Constitution, 1787-1788 (2010) and Jack N. Rakove’s Revolutionaries: A New History of the Invention of America (2010) analyzes the books’ treatment of the themes of commerce, constitutionalism, and the role of uncertainty in the American founding. The review also discusses the authors’ distinctive methodological approaches and considers the strengths and weaknesses of a narrative approach to writing the history of the period.
An Amendment to Protect Marriage: Bad in Theory, Likely Worse in Practice

This article discusses the Federal Marriage Protection Amendment (FMPA), which is open to a broad range of constructions. Even had it been better crafted, it still would have been open to multiple interpretations, as is evidenced by the numerous readings of the Eleventh Amendment to the United States Constitution that have been offered by the Court, as well as by some of the very broad constructions given to seemingly clear and narrow language in some of the recent state marriage amendments. The article concludes that the FMPA, both as it has been proposed and as it likely will appear even if modified, should not be passed.
Public Opinion, Organized Labor, and the Limits of New Deal Liberalism, 1936–1945

The seemingly wide opening for liberal domestic policy innovation by the U.S. federal government in the early-to-mid-1930s gave way to a much more limited agenda in the late 1930s and 1940s. The latter years saw the consolidation and gradual extension of several key programs (e.g., Social Security and Keynesian macroeconomic management), but also the frustration of liberal hopes for an expansive “cradle-to-grave” welfare state marked by strong national unions, national health insurance, and full employment policies. Drawing upon rarely used early public opinion polls, we explore the dynamics of public opinion regarding New Deal liberalism during this pivotal era. We argue that a broadly based reaction against labor unions created a difficult backdrop for liberal programmatic advances. We find that this anti-labor reaction was especially virulent in the South but divided even Northern Democrats, thus creating an effective wedge issue for Republicans and their Southern conservative allies. More generally, we find that the mass public favored most of the specific programs created by the New Deal, but was hardly clamoring for major expansions of the national government's role in the late 1930s and 1940s. These findings illuminate the role played by the South in constraining New Deal liberalism while also highlighting the tenuousness of the liberal majority in the North.
Exchange rate and foreign inflation risk premiums in global equity returns

Abstract We test for the pricing of exchange rate and foreign inflation risk in equities. Our tests are motivated by the empirical implications of the models of Solnik (1974b) [Solnik, B., 1974b. The international pricing of risk: an empirical investigation of the world capital market structure. Journal of Finance 365–377] as revised by Sercu (1980) [Sercu, P., 1980. A generalization of the international asset pricing model. Revue de l'Association Francaise de Finance 1, 91–135], Grauer et al. (1976) [Grauer, F., Litzenberger, R., Stehle, R., 1976. Sharing rules and equilibrium in an international capital market under uncertainty. Journal of Financial Economics 3, 233–256], and Adler and Dumas (1983) [Adler, M., Dumas, B., 1983. International portfolio choice and corporation finance: a synthesis. Journal of Finance 38, 925–984]. Both exchange rate and foreign inflation risk factors can explain part of the within-country cross-sectional variation in returns. Our results have important implications for hedging exchange rate risk. They also demonstrate that home bias, at least in US equity portfolios, cannot be the result of US investors' efforts to hedge their domestic inflation.
Computation and Characterization of Autocorrelations and Partial Autocorrelations in Periodic ARMA Models

This paper studies correlation and partial autocorrelation properties of periodic autoregressive moving-average (PARMA) time series models. An efficient algorithm to compute PARMA autocovariances is first derived. An innovations based algorithm to compute partial autocorrelations for a general periodic series is then developed. Finally, periodic moving averages and autoregressions are characterized as periodically stationary series whose autocovariances and partial autocorrelations, respectively, are zero at all lags that exceed some periodically varying threshold.
Contingent Reliance on the Affect Heuristic as a Function of Regulatory Focus

Results from four studies show that the reliance on affect as a heuristic of judgment and decision making is more pronounced under a promotion focus than under a prevention focus. Two different manifestations of this phenomenon were observed. Studies 1–3 show that different types of affective inputs are weighted more heavily under promotion than under prevention in person-impression formation, product evaluations, and social recommendations. Study 4 additionally shows that valuations performed under promotion are more scope-insensitive—a characteristic of affect-based valuations—than valuations performed under prevention. The greater reliance on affect as a heuristic under promotion seems to arise because promotion-focused individuals tend to find affective inputs more diagnostic, not because promotion increases the reliance on peripheral information per se.
Crowd-Classing Individual Arbitrations in a Post-Class Action Era

Class actions are in decline, while arbitration is ascendant. This raises the question: will plaintiffs’ lawyers skilled in bringing small-value, large-scale litigation – the typical consumer, employment, and antitrust claims that have made up the bulk of class action litigation over the past forty years – hit upon a viable business model which would allow them to arbitrate one-on-one claims efficiently and profitably. The obstacles are tremendous: without some means of recreating the economies of scale and reaping the fees provided by the aggregative device of Rule 23, no rational lawyer would expend the resources to develop and arbitrate individual, small-value claims against well-heeled defendants. But despite these complications, we think there are at least two possible models that might allow for informal aggregation of like claims in at least some subset of cases. One hybrid model would seek a judicial liability judgment upon which serial, individual arbitrations could later rely. This judgment could take a number of different forms – whether a declaratory class action judgment or a decision rendered in a public enforcement action – so long as it has preclusive force that can be leveraged in subsequent arbitration hearings. A second, complementary model envisions “arbitration entrepreneurs” (either lawyers or non-lawyers) purchasing legally-identical, individual claims which our legal capitalists believe to have value in the arbitral forum. Upon procuring as many discrete claims as the market will bear, the arbitration entrepreneur would seek to resolve the hundreds or even thousands of claims she has amassed in a single arbitral session. With one arbitration entrepreneur as the lawful owner of a multitude of claims, this form of aggregation implicates neither the prohibition against class arbitration nor the contractual definition of “a claim” subject to arbitration. The hybrid model and the claims-buying model may work independently or synergistically, depending on the case, the form that the public declaration of liability takes, and the incentives of the lawyers and entrepreneurs involved. For example, in the appropriate case, claims-buying entrepreneurs may determine that a (b)(2) declaratory judgment class action creates more and better opportunities to bundle and capture claims than market forces alone. Similarly, lawyers who obtain a judgment under the hybrid approach may determine that the best way to monetize this victory is to buy up many claims for collective arbitration. Indeed, these models present a host of possibilities, and an equal number of potential challenges; this paper is but a first step in describing and analyzing the benefits and costs of these approaches.