cssi/SciSciGPT-SciSciNet huggingface dataset:
Speak Up or Shut Up? The Moderating Role of Credibility on Auditor Remedial Defense Tactics

SUMMARY: In cases of alleged audit failure, auditors can make general statements regarding the quality of their work, or other statements intended to decrease juror assessments of auditor negligence. In this study, we examine how the perceived credibility of these remedial defense tactics moderates their effect on juror assessments of auditor negligence in cases of undetected fraud. We predict and find experimental evidence that remedial tactics result in lower negligence assessments when such tactics are perceived to be credible, but “backfire” (i.e., result in higher negligence assessments) when perceived as not credible. We also predict and find that credibility is compromised either when client importance is high, or when a remedial tactic is implemented by an audit firm's local (as opposed to national) office. As such, we find that remedial tactics result in lower negligence assessments when client importance is low and the tactics are implemented by a firm's national office, but result in higher neg...
Organizational Learning as Credit Assignment: A Model and Two Experiments

We outline a theoretical model of organizational learning curves to account for the empirical regularities observed in the literature. The learning mechanism in our model is the gradual recognition of important stepping stones to achieving the goal. As organizations gain experience, they discover the appropriate actions to take at each stage and reduce the number of the steps it takes to reach the final outcome. Using both simulation and human subject experiments, we show that this model accounts for existing empirical regularities related to the learning curves, variations in learning rates, and organizational adaptation to new environments.
Nonlinear Relationship Between Permanent and Transitory Components of Monetary Aggregates and the Economy

This paper uses several methods to study the interrelationship among Divisia monetary aggregates, prices, and income, allowing for nonstationary, nonlinearities, asymmetries, and time-varying relationships among the series. We propose a multivariate regime switching unobserved components model to obtain transitory and permanent components for each series, allowing for potential recurrent and structural changes in their dynamics. Each component follows distinct two-state Markov processes representing low or high phases. Since the lead-lag relationship between the phases can vary over time, rather than pre-imposing a structure to their linkages, the proposed flexible framework enables us to study their specific lead-lag relationship over each one of their cycles and over each U.S. recession in the last 40 years. The decomposition of the series into permanent and transitory components reveals striking results. First, we find a strong nonlinear association between the components of money and prices—all low ph...
Large shareholders and disclosure strategies: Evidence from IPO lockup expirations

We examine the effect of large shareholders? ex ante selling incentives on firms? voluntary disclosure choices in the setting of IPO lockup expirations. We find evidence that managers delay disclosures of bad news, not for their own benefit, but to enable influential pre-IPO shareholders to sell their shares at more favorable prices. Delays are more pronounced when aggregate selling incentives are greater, when uncertainty is high, and when venture capitalists, influential investors with strong selling incentives, own more shares. Simultaneously, managers? disclosure decisions reflect litigation concerns; no significant delays occur when litigation risk is high or when managers trade themselves.
Maternal health and the baby boom

Fertility in the United States rose from a low of 2.27 children for women born in 1908 to a peak of 3.21 children for women born in 1932. It dropped to a new low of 1.74 children for women born in 1949, before stabilizing for subsequent cohorts. We propose a novel explanation for this boom–bust pattern, linking it to the huge improvements in maternal health that started in the mid-1930s. Our hypothesis is that the improvements in maternal health contributed to the mid-twentieth century baby boom and generated a rise in women's human capital, ultimately leading to a decline in desired fertility for subsequent cohorts. To examine this link empirically, we exploit the large cross-state variation in the magnitude of the decline in pregnancy-related mortality and the differential exposure by cohort. We find that the decline in maternal mortality is associated with a rise in fertility for women born between 1921 and 1940, with a rise in college and high school graduation rates for women born in 1933–1950 relative to previous cohorts, and with a decline in fertility for women born in 1941–1950 relative to those born in 1921–1940. The analysis provides new insights on the determinants of fertility in the United States and other countries that experienced similar improvements in maternal health. Keywords. Maternal mortality, fertility choice, baby boom, human capital. JEL classification. J11, J13, J24, N3, N12, N92.
Justice Sonia Sotomayor and the Relationship between Leagues and Players: Insights and Implications

This Essay examines U.S. Supreme Court Justice Sonia Sotomayor’s important role in shaping U.S. sports law. As a judge on the U.S. District Court for the Southern District of New York and later on the U.S. Court of Appeals for the Second Circuit, Sotomayor authored opinions that resolved two major sports law disputes: whether Major League Baseball (“MLB”) owners could unilaterally impose new labor conditions on MLB players during the 1994 baseball strike and whether Ohio State University sophomore Maurice Clarett was obligated to wait three years from the completion of high school to become eligible for the National Football League draft. Although some critics of Justice Sotomayor charge that she sacrifices traditional legal analysis in order to advance progressive ideals, her views on the relationship between leagues and players appear far more conventional, if not rigid. This conclusion furnishes insight on how she might assess two emerging sports law disputes: whether the National Basketball Association’s eligibility restriction violates section 1 of the Sherman Antitrust Act and whether the National Football League ("NFL") comprises a single entity. The latter dispute is the subject of American Needle v. NFL, oral arguments for which will be heard by Justice Sotomayor and other Supreme Court justices in January 2010.
Sources of Convergence in the Late Nineteenth Century

Abstract This paper investigates convergence for a group of seven countries during the period 1870–1914. A standard empirical growth model which includes physical and human capital accumulation proves unsatisfactory in this setting. An alternative neoclassical open-economy factor accumulation model is proposed, which admits capital and labor migration, and may be extended to include a moving frontier. The model explains the observed convergence pattern in the sample and suggests that factor accumulation patterns were the prime sources of labor productivity convergence from 1870 to 1914.
Applying the Lessons of GPS Monitoring of Batterers to Sex Offenders

GPS monitoring of batterers appears to be an ingenious solution to one of the major flaws of the current domestic violence protective order system. What makes GPS monitoring so attractive in the case of batterers and other criminals should make it equally attractive in the case of sex offenders. Although GPS monitoring has been questioned as potentially unconstitutional as applied to sex offenders, when individually tailored, it may prove to be an effective solution to the problem of monitoring sex offenders. In the future, states and municipalities would do their citizens a service by reflecting on the lessons of GPS monitoring of batterers when considering alternatives to residency restrictions and other measures aimed at monitoring sex offenders.
Rebellious State Crimmigration Enforcement and the Foreign Affairs Power

The propriety of a new breed of state laws interfering in immigration enforcement is pending before the Supreme Court and the lower courts. These laws typically incorporate federal standards related to the criminalization of immigration (―crimmigration‖), but diverge aggressively from federal enforcement policy. Enacting states argue that the legislation is merely a species of ―cooperative federalism‖ that does not trespass upon the federal power over foreign affairs, foreign commerce, and nationality rules since the laws mirror federal standards. This Article challenges the formalist mirror theory assumptions behind the new laws and argues that inconsistent state crimmigration enforcement policy and resulting foreign affairs complications render the new spate of immigration policing laws infirm. The Article argues for the need to give due weight to statements of interest by the executive on the foreign affairs implications of rebellious state crimmigration enforcement. The Article argues that the caste-carving approach of the ―attrition through enforcement‖ multi-front attack strategy behind the laws contravenes national immigration enforcement policy and strains foreign relations. The analysis provides a basis for distinguishing the Supreme Court‘s recent decision in Chamber of Commerce v. Whiting, which upheld a state employer licensing regulation, from the current spate of legislation pending in the courts. The distinction that makes a difference is conflict with a national enforcement policy calibrated to avoid turning suspected foreign nationals into untouchable caste-like ―subjects of suspicion and abuse,‖ thereby marring community and international relations. The analysis in the crimmigration context also enriches our understanding of what cooperative—and uncooperative—federalism  Assistant Professor of Law, University of Washington School of Law. I am very grateful to G. Jack Chin and Marc Miller for illuminating discussions. In this endeavor, as in so many others, I am indebted to Judge John T. Noonan, Jr. for his mentorship and inspiration. Many thanks also to Carolyn Aiken, Mollie Lam, David Mohl, and William Osberghaus for superb editing and to Lori Fossum, Mary Whisner, and the stellar librarians at the University of Washington School of Law. Washington University Open Scholarship 1270 WASHINGTON UNIVERSITY LAW REVIEW [VOL. 89:1269 enforcement means and the dangers of the phenomenon in areas of special national concern fraught with localized animosity.
Impact Crater Morphology and the Structure of Europa's Ice Shell

We performed numerical simulations of impact crater formation on Europa to infer the thickness and structure of its ice shell. The simulations were performed using iSALE to test both the conductive ice shell over ocean and the conductive lid over warm convective ice scenarios for a variety of conditions. The modeled crater depth-diameter is strongly dependent on thermal gradient and temperature of the warm convective ice. Our results indicate that both a fully conductive (thin) shell and a conductive-convective (thick) shell can reproduce the observed crater depth-diameter and morphologies. For the conductive ice shell over ocean, the best fit is an approximately 8 km thick conductive ice shell. Depending on the temperature (255 - 265 K) and therefore strength of warm convective ice, the thickness of the conductive ice lid is estimated at 5 - 7 km. If central features within the crater, such as pits and domes, form during crater collapse, our simulations are in better agreement with the fully conductive shell (thin shell). If central features form well after the impact, however, our simulations suggest a conductive-convective shell (thick shell) is more likely. Although our study does not provide firm conclusion regarding the thickness of Europa's ice shell, our work indicates that Valhalla-class multiring basins on Europa may provide robust constraints on the thickness of Europa's ice shell.
Presidential and Congressional Vote-Share Equations

Three vote-share equations are estimated and analyzed in this paper, one for presidential elections, one for on-term House elections, and one for mid-term House elections. The sample period is 1916-2006. Considering the three equations together allows one to test whether the same economic variables affect each and to examine various serial correlation and coattail possibilities. The resulting three equation model can then be analyzed dynamically, which is done in Section 4. The main conclusions are briefly: 1) There is strong evidence that the economy affects all three vote shares and in remarkably similar ways. 2) There is no evidence of any presidential coattail effects on the on-term House elections. The presidential vote share and the on-term House vote share are highly positively correlated, but this is because they are affected by some of the same variables. 3) There is positive serial correlation in the House vote in that the previous mid-term House vote share positively affects the on-term House vote share and the previous on-term House vote share positively affects the mid-term House vote share. 4) The presidential vote share has a negative effect on the next mid-term House vote share. The most likely explanation for this is a balance argument, where voters are reluctant to let one party become too dominant. Ruled out as possible explanations for this fourth result is any reversal of a coattail effect, since there is no evidence of an effect in the first place, and a regression to the mean, since the positive serial correlation in the House vote implies no such regression. Also, it is not simply voting against the party in the White House, because the presidential variable is a vote share variable not a 0,1 incumbency variable.
Online Pricing with Offline Data: Phase Transition and Inverse Square Law

This paper investigates the impact of pre-existing offline data on online learning, in the context of dynamic pricing. We study a single-product dynamic pricing problem over a selling horizon of $T$ periods. The demand in each period is determined by the price of the product according to a linear demand model with unknown parameters. We assume that before the start of the selling horizon, the seller already has some pre-existing offline data. The offline data set contains $n$ samples, each of which is an input-output pair consisting of a historical price and an associated demand observation. The seller wants to utilize both the pre-existing offline data and the sequential online data to minimize the regret of the online learning process. We characterize the joint effect of the size, location and dispersion of the offline data on the optimal regret of the online learning process. Specifically, the size, location and dispersion of the offline data are measured by the number of historical samples $n$, the absolute difference between the average historical price and the optimal price $\delta$, and the standard deviation of the historical prices $\sigma$, respectively. We show that the optimal regret is $\widetilde \Theta\left(\sqrt{T}\wedge \frac{T}{(n\wedge T)\delta^2+n\sigma^2}\right)$, and design a learning algorithm based on the "optimism in the face of uncertainty" principle, whose regret is optimal up to a logarithmic factor. Our results reveal surprising transformations of the optimal regret rate with respect to the size of the offline data, which we refer to as phase transitions. In addition, our results demonstrate that the location and dispersion of the offline data also have an intrinsic effect on the optimal regret, and we quantify this effect via the inverse-square law.
Interjurisdictional Determinants of Property Assessment Regressivity

The previous literature on vertical equity in property assessment has focused on parcel-level data within a single area and has produced mixed conclusions on whether the process is progressive or regressive. This paper advances the discussion to identifying what differences between jurisdictions might account for the mix of findings. Using data from Virginia cities and counties between 2001 and 2007, evidence is presented that indicates having tax maps available online, appointed assessors, and senior citizens all influence the level of regressivity observed between jurisdictions. Overall, the results support the hypothesis that interjurisdictional differences are determinants of vertical inequity.
Now or Never: Effects of Limited Purchase Opportunities on Patterns of Regret over Time

Prior research has demonstrated that actions are regretted more than inactions in the short term. We show that, in limited purchase opportunities—situations where the purchase decision cannot be reversed—not purchasing (inaction) is seen as a loss and is associated with greater short-term regret than purchasing, reversing the omission bias. With respect to long-term regret, we use coping and availability mechanisms to suggest that, contrary to prior findings, inaction (nonpurchase) regrets decrease over time. We also argue that action (purchase) regrets should increase over time, but only when long-term utility is low. We support our predictions with a field study and two laboratory experiments.
Randomized greedy algorithm for independent sets in regular uniform hypergraphs with large girth

In this paper, we consider a randomized greedy algorithm for independent sets in $r$-uniform $d$-regular hypergraphs $G$ on $n$ vertices with girth $g$. By analyzing the expected size of the independent sets generated by this algorithm, we show that $\alpha(G)\geq (f(d,r)-\epsilon(g,d,r))n$, where $\epsilon(g,d,r)$ converges to $0$ as $g\rightarrow\infty$ for fixed $d$ and $r$, and $f(d,r)$ is determined by a differential equation. This extends earlier results of Gamarnik and Goldberg for graphs. We also prove that when applying this algorithm to uniform linear hypergraphs with bounded degree, the size of the independent sets generated by this algorithm concentrate around the mean asymptotically almost surely.
War and Relatedness

Abstract We find that more closely related populations are more prone to engage in international conflict with each other. We provide an economic interpretation based on two connected mechanisms. First, more closely related groups share more similar preferences over rival goods and are thus more likely to fight over them. Second, rulers have stronger incentives to conquer populations more similar to their own, to minimize postconflict heterogeneity in preferences over government types and policies. We find support for these mechanisms using evidence on international conflicts over natural endowments and on territorial changes, including decolonization.
The Myth (and Realities) of Forum Shopping in Transnational Insolvency

The perceived scourge of forum shopping has been hotly debated of late in international bankruptcy circles in both scholarly articles and judicial opinions. Proponents of the "territorialist" school have especially seized upon forum shopping as a specific problem with the ascending paradigm of "universalism" and have used it to breathe new life into their critiques. This Article fights back, arguing not only that the forum-shopping temptations of universalism are overstated - a myth - but that the latent possibilities for shopping under territorialism have hitherto skated by unnoticed in academic analysis (but not, it would appear, by savvy market participants). This Article further explores what it contends is the "real" forum shopping in today's international bankruptcy environment: inter-system arbitrage between territorialist and universalist courts in an interregnum, hybrid world. It ultimately remains agnostic on the normative question lurking beneath the surface and taken for granted (that "forum shopping," however we define it, is unwelcome), which has been well probed elsewhere. Rather, it contends that if policymakers are indeed worried about forum shopping, they should not fall for the bugbear that universalism's ascent will markedly increase its incidence.
Ending the Higher Education Sucker Sale: Toward an Expanded Theory of Tort Liability for Recruitment Deception

Admissions officers live a dual, often conflicted, existence. In one sense, they are counselors responsible for advising prospective students. In another sense, they are salespeople with obligations to meet enrollment goals. The pressures fostered by these roles sometimes prompt unscrupulous individuals to use misrepresentations and other forms of deception to induce students to enroll. Unfortunately, students who are induced to enroll based on recruitment deception are afforded few options for redress. The purpose of this Article is to conceptualize a tort-based solution to this utter inequity. The Article proposes a broadening of negligent misrepresentation to encompass a new tort—negligent educational recruitment. This tort would employ approaches to determining duty and causation that account for the distinctive nature of the educational process, and, thus, overcome the concerns that often doom negligent misrepresentation lawsuits in the higher education context
Marriage and the Ethics of Office

This article develops a definition of the term "office," (as in 'judicial office' or the office of physician or guardian) as follows: "an office is a ministry to the good of others in some special respect, exercised under the guidance of a system of rules and principles which impose obligations." The article reviews the components of this definition with special attention to the meaning and good of obligation. The article discusses certain further features of office which often accompany the institution, such as self-sacrificial dedication to ministry. It explores the ethical basis for the recognition and exercise of office, identifying those practices as founded not only on the obvious instrumental goods such as efficiency but also on non-instrumental goods such as those of knowledge and steadiness of character. Further, the article identifies marriage as involving office, proposing that the roles of husband and wife, although they are decreasingly understood in our society in a way which emphasizes their ministerial or obligational sides, are eligible to be regarded as offices.
Economics and Politics: Perspectives on the Goals and Future of Antitrust

This Article examines the roles of economics and politics in U.S. antitrust from several perspectives. It explains why the modern debate over the economic welfare standard that enforcers and courts should pursue is unsatisfying. It connects economics with politics by describing antitrust’s economic goals as the product of a mid-twentieth century political understanding about the nature of economic regulation that continues to be accepted. To protect that understanding, it explains, antitrust rules should now be implemented using a qualified consumer welfare standard. It identifies contemporary political tensions that threaten to create regulatory gridlock or even to undermine that political understanding and uses that framework to sketch several possible futures for competition policy. Notwithstanding these political tensions, the Article concludes, economics plays an indispensable role in shaping and applying modern antitrust.
Form over substance: Possibilities to prove electoral irregularities under Serbian law

The article analyses Serbian legislation and case law applicable to electoral disputes, in particular those relevant to the determination of facts in these disputes, and the potential influence of procedural rules on the efficiency of protection of constitutionally guaranteed electoral rights. Besides Serbian legislation and case law, the analysis leans on the relevant European standards, including the case law of the European Court of Human Rights. The results show that in practice, electoral commissions and courts use a limited circle of means of evidence and that the evidence submitted by complainants is not evaluated in the same way as the one coming from electoral boards. Although the application of general rules on administrative disputes is explicitly envisaged in electoral laws, the Administrative Court usually defers to the decisions and reasoning of electoral commissions, without supplementing the facts within court procedure, and relatively rarely or selectively decides in full jurisdiction. The author suggests amendments to the relevant legislation, aiming at a more explicit inclination towards the relevant procedural norms or, possibly, special regulation of evidencing in electoral legislation. In her view, a more explicit direction towards the application of the rules of general administrative procedure, in particular rules on evidencing, would lead to their more consistent application in practice.
Teaching Teachers About Teaching Students

Teachers are accustomed to teaching students, but experienced teachers must also teach teachers. What is it that one teacher can and should convey to another, especially when classroom observations suggest problems and a real need for improvement? The temptation is to say: “Come watch me and do as I do.” Yet even when the recipe for success is not this brazen, the package of advice may amount to the same thing, especially when it is replete with specific instruction that invariably begins: “Here is the way I would do it.” Yet is “do as I do” ever a sound approach? If not, what is? Are there any constants to a wise approach to teaching teachers about teaching students? What are the ingredients of successful teaching and can they be taught? This essay examines these questions and attempts to identify some of the things that one may do to improve teaching, at least around the edges.
Greed, Envy, and the Criminalization of Insider Trading

In October 2011, a U.S. district court sentenced Raj Rajaratnam to eleven years in federal prison for insider trading. This is the longest sentence for insider trading in U.S. history, but it is significantly less than the nineteen to twenty-four-year term requested by the government. Such harsh prison terms (equal in some cases to those meted out for murder or rape) require sound justification in a liberal society. Yet jurists, politicians, and scholars have failed to offer a clear articulation of either the economic harm or the moral wrong committed by the insider trader. This Article looks to fill this gap by offering a rigorous analysis of insider trading, its criminalization, and its punishment from multiple economic and moral perspectives. This analysis reveals that of the three forms of insider trading currently proscribed under section 10(b) of the Securities Exchange Act of 1934, two are economically harmful and morally impermissible, but, surprisingly, one is not—nonpromissory insider trading, where the insider trades on material nonpublic information while having made no promise or other commitment not to trade. Having reached this conclusion, this Article explores alternative justifications or explanations for criminalizing nonpromissory insider trading. Virtue theory offers an alternative justification for the criminalization of nonpromissory insider trading, particularly the vice of greed. But while insider trading often reflects the vice of greed, a moralistic contempt for this character flaw cannot justify the criminalization of otherwise morally innocent conduct, as this would violate the firmly held, liberal harm principle famously articulated by John Stuart Mill.
Personal Rights and Rule Dependence: Can the Two Co-Exist?

Can constitutional rights be both personal and rule-dependent ? Can it be true of constitutional adjudication (1) that a constitutional litigant must assert “her own” rights, and yet also (2) that the viability of a constitutional challenge depends (or sometimes depends) on whether a particular type of legal rule, for example, a discriminatory or poorly tailored rule, is in force?
Will longer antimicrobial patents improve global public health

Summary The problem of antimicrobial resistance has led some infectious disease experts and their professional societies to propose the use of transferable intellectual property rights (wildcard patents) and patent term extensions as methods to encourage antimicrobial research and development. We evaluate recent approvals of new antimicrobial classes and find that the number of new introductions is higher than previously suggested. More importantly, creating new patent rights is shown to be an inefficient and possibly counterproductive response to antimicrobial resistance. Wildcard patents would operate as a more than US$40 billion annual tax on heart disease, hypertension, chronic obstructive pulmonary disease, asthma, and depression to inefficiently cross-subsidise antimicrobial research and development. Patent term extensions would likewise cost more than $5 billion per year, hinder access, and allocate resources inefficiently. Alternative uses for these funds are proposed, with greater potential positive effects on global public health. Additional public funding of antimicrobial research could be a more effective use of these funds. Conservation efforts to encourage the prudent use of antimicrobial drugs should be directly reimbursed. Patent owners should be compensated for both conservation efforts and valuable innovation.
Migrant Organization and Hometown Impacts in Rural Mexico

The interaction between migration, development and rural democratization is not well understood. Exit is usually understood as an alternative to voice, but the Mexican experience with cross-border social and civic action led by hometown associations suggests that exit can also be followed by voice. This article explores migrant impacts on hometown civic life, focusing on voice and bargaining over community development investments of collective remittances that are matched by government social funds. The most significant democratizing impacts include expatriate pressures on local governments for accountability and greater voice for outlying villages in municipal decision-making.
The Effects of Negotiated and Delegated Apologies in Settlement Negotiation

Previous work has explored the influence that apologies have on the settlement of civil legal disputes. This study explored 2 aspects of apologies that commonly arise in the legal setting--the fact that many apologies may be negotiated with or requested from a wrongdoer in the context of settlement discussions and the possibility that an apology may be offered by a wrongdoer's attorney rather than personally by the offender. In general, apologies given following a negligent action were found to improve perceptions of the offender and the situation. Full apologies that were given in response to a request by the injured party or at the suggestion of a mediator were viewed in ways that were similar to the same apology given spontaneously. On the other hand, full apologies that were offered by an attorney on behalf of the wrongdoer, although improving perceptions somewhat, were less effective than apologies offered directly by the wrongdoer. The motives attributed to the apologizer and general attitudes toward the civil litigation system also influenced perceptions of apologies.
Deliberative Democracy in the Trenches

In the last decades, many political theorists have explored the idea of deliberative democracy. The basic claim is that well-functioning democracies combine accountability with a commitment to reflection, information acquisition, multiple perspectives, and reason-giving. Does that claim illuminate actual practices? Much of the time, the executive branch of the United States has combined both democracy and deliberation, not least because it has placed a high premium on reason-giving and the acquisition of necessary information. It has also contained a high degree of internal diversity, encouraging debate and disagreement, not least through the public comment process. These claims are illustrated with concrete, if somewhat stylized, discussions of how the executive branch often operates.
O/S: The relative trading activity in options and stock

Abstract Relatively little is known about the trading volume in derivatives relative to the volume in underlying stocks. We study the time-series properties and the determinants of the options/stock trading volume ratio (O/S) using a comprehensive cross-section and time-series of data on equities and their listed options. O/S is related to many intuitive determinants such as delta and trading costs, and it also varies with institutional holdings, analyst following, and analyst forecast dispersion. O/S is higher around earnings announcements, suggesting increased trading in the options market. Further, post-announcement absolute returns are positively related to pre-announcement O/S, which suggests that at least part of the pre-announcement options trading is informed.
Analyst Quality, Optimistic Bias, and Reactions to Major News

This article investigates whether financial analysts’ characteristics are associated with their asymmetric response of stock recommendations between positive and negative information shocks. The authors hypothesize that incentives exist such that quality attributes that differentiate analysts are positively associated with the timely revelation of negative news about a firm. As a result, the authors expect the asymmetric response to be reduced for superior analysts. Using the stock return/recommendation changes relationship, they find that the asymmetric reaction is less for analysts with characteristics that are indicative of higher quality. Furthermore, the reduction is more pronounced for analysts in the top decile and is only present when analysts have negative private information. This article therefore contributes to the research on differing analyst characteristics and report quality, and provides additional insights on analyst bias.
Are Consumers Forward-Looking?

Are consumers forward-looking? According to the certainty-equivalence version of the life cycle/permanent income hypothesis, consumption is a function of the expected present value of income. Using longitudinal data from the PSID, I invert this function and compare the realized present value of income to consumption. Consumption proves to be a very poor predictor of future income, despite future income being predictable by past income. Under rational expectations, information known to the consumer should not enter the regression of present value on consumption. However, as an empirical matter lagged income does enter. The conclusion is that consumers act "as if" they are not forward-looking. Available data being imperfect much of the paper is devoted to robustness tests, none of which change the basic conclusion.
Judicial Review before Marbury

While scholars have long probed the original understanding of judicial review and the early judicial review case law, this Article presents a study of the judicial review case law in the United States before Marbury v. Madison that is dramatically more complete than prior work and that challenges previous scholarship on the original understanding of judicial review on the two most critical dimensions: how well judicial review was established at the time of the Founding and when it was exercised. Where prior work argues that judicial review was rarely exercised before Marbury (or that it was created in Marbury), this Article shows that it was far more common than previously recognized: there are more than five times as many cases from the Early Republic as the leading historical account found. The Article further shows that all of the cases in which statutes were invalidated fell into three categories: courts invalidated statutes that affected the powers of courts or juries, and they did so even when the legislation could plausibly be squared with constitutional text and prior practice; state courts invalidated state statutes for inconsistency with the federal constitution; and federal courts invalidated state statutes, and, again, they did so even when the statutes could plausibly be defended as constitutional. Scholars have missed this structural pattern, and the dominant view has been that only clearly unconstitutional statutes were invalidated. The Article shows, instead, that the early case law reflects a structural approach to judicial review in which the level of scrutiny was closely linked to the nature of the challenged statute and that courts aggressively protected their power, the power of juries, and the power of the national government.
Altruism's limits: law, capacity, and organ commodification.

This article explores the clandestine private organ negotiation process. It scrutinizes the mechanics of the United States' organ procurement and transplantation systems, which, although driven by volunteerism, consistently demonstrate significant racial disparities. More specifically, it argues that transplantation negotiations transpire in the shadows of law almost as much as in the face of the law. Private organ negotiations occur in the shadows of law as organ sales to individuals are prohibited by federal statute. Corporate transactions in body parts ostensibly occur in the shadows of law as well, engendering a lack of transparency and public awareness about those negotiations. Patients who buy organs, rather than endure the waitlist process that can take years, and their corporate counterparts (whose purchases of body parts from hospitals and organ procurement organizations is seemingly ignored), contribute to the growing body of "underground" organ sales or black market negotiations and transactions. Individual private negotiations, while violating federal law, arguably fulfill its legislative mission - the procurement and transplantation of organs to dying Americans. This article asserts that two processes currently coexist in organ transacting: the private and public. Public organ transactions can be characterized by volunteerism, transparency, adherence to federal guidelines, and the traditional procurement and allocation processes, which involve registration to donate and a waitlist procedure for transplant patients. The private process locates itself in the shadow of the law; the transactions occur independent of regulations or standards, lack transparency and may be more difficult to trace. Private negotiations and transactions cannot be classified as uniform because the players or participants are not a singular homogenous group. Rather, they have differing interests, needs, and motivations.
How Should Public Pension Plans Invest

How public pension plan assets should be invested is an important but unsettled question. Alicia H. Munnell and Mauricio Soto (2007) find that the share of state and local (S&L) plan assets held in equities has grown over time, largely in parallel with private sector practices, from an average of about 40 percent in the late 1980s to about 70 percent in 2007. This exposure led to a loss of an estimated $1 trillion dollars following the decline of the stock market from October 2007 to October 2008 (Munnell, Kelly Haverstick, and Jean-Pierre Aubry 2008). Nevertheless, some observers endorse the standard practice of investing heavily in higher yielding but riskier equities, reasoning that the higher average returns will reduce future required tax receipts and also help to reduce underfunding over time. Others advocate a more conservative approach that reduces the volatility of funding levels and the likelihood of severe shortfalls during economic downturns when government resources are already constrained (e.g., Lawrence N. Bader and Jeremy Gold 2007). The accounting rules for public pensions create a perverse incentive to invest in stocks: since projected liabilities are discounted at the expected return on assets rather than at a rate that reflects the generally lower risk of liabilities, investing the assets in the stock market leads to
Unifying original intent and original public meaning

Original intent and original public meaning are generally thought to be opposing camps within originalism. Both theories assert that that the meaning of a constitutional provision was fixed at the time it was enacted. But they disagree fundamentally on the nature of interpretation. Original intent asserts that the meaning sought is that intended by the Constitution’s enactors. Original public meaning asserts that the meaning sought is that revealed by the text as reasonably understood by a well-informed reader at the time of the provision’s enactment. In this Essay, we unite these two conflicting principles of originalism under the original methods approach to constitutional interpretation, thereby providing a single coherent foundation for originalism. Under original methods, the Constitution is interpreted using the conventional legal interpretive rules deemed applicable to a document of its type at the time it was enacted. As properly understood, both the original intent and original public meaning approaches mandate that the Constitution be interpreted using the same conventional interpretive rules. Under original public meaning, a reasonable and knowledgeable person at the time would interpret the constitutional text by using the rules that were then thought to apply to it. Under original intent, the enactors would have intended the Constitution to be interpreted based on the conventional interpretive rules applied to it at that time. We further argue that these interpretive rules should be identified using the methods that people at the time would have employed for determining the interpretive rules. Just as constitutional provisions should be interpreted using the interpretive rules employed at the time of the relevant provision’s enactment, so too should the interpretive rules be identified based on the methods employed to identify those interpretive rules. We illustrate our approach by exploring the controversy of the Bank of the United States, showing, for instance, that there was a consensus against use of the substantive intent of the Philadelphia Convention as an interpretive rule.
A stochastic dynamic programming approach to decision making in arranged marriages

Abstract We employ a stochastic dynamic programming approach to study decision making by an individual wishing to have an arranged marriage. First, we show that this individual never opts out of a voluntarily agreed upon marriage. Second, we demonstrate that our marrying individual uses a reservation utility to determine which marriage proposal to accept. Third, we compute the expected length of time during which our marrying individual stays single. Finally, we focus on an arranged marriage market in which there are many identical marrying individuals and profit maximizing matchmaking firms. We show that profit maximization implies that all matchmaking firms offer marriage proposals whose utility equals the reservation utility of our marrying individuals.
Exploring Communities of Facilitators: Orientations toward Restorative Justice

Although current research on restorative justice largely has overlooked facilitators' roles in victim-offender conferences, research on third parties suggests that they are more than neutral process guides. The study examined in this article involved an exploration of restorative justice facilitators' backgrounds, perceived responsibilities, and ideal outcomes to arrive at a theory of facilitated justice rooted in facilitator orientation and conference context. Based on individual interviews with facilitators from two restorative justice organizations, the results of this study suggest the presence of four orientations rooted in participant orientation and outcome orientation. These orientations lead to the development of a theory of facilitated justice.
Network Neutrality and Consumer Demand for “Better Than Best Efforts” Traffic Management

INTRODUCTION The Internet increasingly offers a preferred medium for access to video and other types of high value content that may require Internet Service Providers (“ISPs”) to use special efforts to ensure superior quality of service (“QOS”). ISPs have made substantial investments in infrastructure upgrades to satisfy growing demand for networks capable of delivering bandwidth intensive traffic at higher transmission speeds. Additionally, they work to accommodate consumer expectations of having content access anytime, anywhere, through any medium, via any device, and in any screen presentation format. Early adopters of new video delivery technologies rely on both wireline and wireless alternatives to “legacy” media such as broadcast, cable, and satellite television. Consumers have declining tolerance for “appointment television” that limits access to a specific time, on a particular channel, and in a single presentation format. Already some video content consumers have “cut the cord” and abandoned traditional video media options replacing them with online platforms offering access to live content as well as streaming of stored content. The terms Internet Protocol Television (“IPTV”) and Over-the-Top Television (“OTT”) refer to the ability of content creators and new or existing content distributors to provide consumers with access to video content via broadband links, in lieu of, or in addition to, traditional media. New distribution media have the ability to deliver “mission critical” bits requiring highly reliable conduits for the immediate (“real time”) transmission of video content and their instantaneous display. IPTV and OTT can offer consumers new options for accessing “must see” video content, such as live sporting events. This Article assesses whether and how ISPs can offer QOS enhancements, at premium prices for full motion video, while still complying with the new open Internet rules and regulations established by the Federal Communications Commission (the “FCC” or the “Commission”) in March, 2015. This Article explains that having made the controversial decision to reclassify all forms of Internet access as a telecommunications service, the FCC increases regulatory uncertainty. In particular, the FCC has evidenced skepticism whether ISPs, providing retail firstand last-mile broadband service to residential subscribers, can offer QOS enhancements that serve real consumer wants, without harming competition and the ability of most content to arrive on a timely basis using conventional “best efforts” routing. This Article suggests that the FCC expand its “narrow” waiver criteria to allow retail ISPs to join their upstream counterparts, and provide video delivery enhancements that do not degrade conventional best efforts routing, or prioritize traffic in ways designed to disadvantage competitors.