cssi/SciSciGPT-SciSciNet huggingface dataset:
The Preservation Obligation: Regulating and Sanctioning Pre-Litigation Spoliation in Federal Court

The issue of discovery misconduct, specifically as it pertains to the prelitigation duty to preserve and sanctions for spoliation, has garnered much attention in the wake of decisions by two prominent jurists whose voices carry great weight in this area. In Pension Committee of University of Montreal Pension Plan v. Banc of America Securities LLC,1 Judge Shira A. Scheindlin—of the Zubulake v. UBS Warburg LLC2 e-discovery cases— penned a scholarly and thorough opinion setting forth her views regarding the triggering of the duty to preserve potentially relevant information pending litigation and the standards for determining the appropriate sanctions for various breaches of that duty.3 Not long afterwards, Judge Lee H. Rosenthal, Chair of the Judicial Conference Committee on the Rules of Practice and Procedure (the Standing Committee) and former Chair of the Civil Rules Advisory Committee, issued an opinion in Rimkus Consulting Group, Inc. v. Cammarata,4 describing her understanding of many of the same issues touched on in Pension Committee.5 Both of these opinions have come at a time when the legal community is looking for better and more consistent guidance regarding the preservation obligations attendant to prospective litigation in the federal courts. Unfortunately, although other courts may draw some guidance from these two opinions, the fact is that variation among district courts and among the circuits will persist as long as policing pre-litigation preservation obligations remains largely the product of common law regulation via the inherent power of the courts.6
Oh God - Can I Say That in Public

This article is a foreword to the "Symposium on Religion in the Public Square." Professor Kmiec first asks how one knows the proper scope of public reliance upon God. He identifies a conflict between corporate or sovereign philosophy and individual freedom. To deny our nation's religious foundation is start us down the road of censorship; but over reliance can cause divisiveness and discord. According to Professor Kmiec, this conflict is further complicated by American confusions over the meaning of religious clauses in the Constitution. He then emphasizes the difference between the separation of church and state and freedom of religion. The concept of separation of state, while credited to Thomas Jefferson, was actually the byproduct of Protestant fears of Catholic immigrants involved in politics. It was then brought to life by Justice Hugo Black in Everson v. Board of Education of the Township of Ewing. According to Professor Kmiec, the extent of the separation of church and state is no better revealed than the Ninth Circuit's "insustainable proposition" that the Pledge of Allegiance cannot contain the words "under God." The dissent in that case correctly recognized that the words of the pledge are not prayer and, thus, not unconstitutional. The majority opinion, on the other hand, creates bias against religion and turns the First Amendment on its head. However, legislative history reveals that the addition of "under God" to the pledge was done in an effort to prevent the expansion of government and denial of civil liberties. "Anchoring basic rights upon a metaphysical source is very much part of that structural separation [between church and state], for without God, the law is invited to become God." Professor Kmiec then introduces and discusses the various contributors to the symposium.
SEC Regulation Fair Disclosure, information, and the cost of capital

Abstract Regulation Fair Disclosure (“Reg FD”), adopted by the U.S. Securities and Exchange Commission in October 2000 was intended to stop the practice of “selective disclosure”, in which companies give material information only to a few analysts and institutional investors prior to disclosing it publicly. Our analysis shows that the adoption of Reg FD caused a significant shift in analyst attention, resulting in a welfare loss for small firms, which now face a higher cost of capital. The loss of the “selective disclosure” channel for information flows could not be compensated for via other information transmission channels. This effect was more pronounced for firms communicating complex information and, consistent with the investor recognition hypothesis, for those losing analyst coverage. Moreover, we find no significant relationship of the different responses with litigation risks and agency costs. Our cross-sectional results suggest that Reg FD had unintended consequences and that “information” in financial markets may be more complicated than current finance theory admits.
Sources of Bureaucratic Delay: A Case Study of FERC Dam Relicensing

This paper investigates the sources for regulatory delay in bureaucratic decision making, testing regulatory capture, congressional dominance, and bureaucratic discretion theories of agency behavior. The empirical context concerns relicenses issued by the Federal Energy Regulatory Commission (FERC) for hydroelectric dams, which have taken anywhere from just ten months to over sixteen years to be issued. The reasons for this heterogeneity in regulatory processing times can be expected to be varied and numerous and indeed we find evidence that outside interest groups, the legislature, and bureaucratic discretion are all significant in affecting regulatory processing times. Our most intriguing results concern the effects of environmental interest groups, which, despite their apparent benefit/cost motivation to hasten the relicensing process (independent of relicensing outcomes), overall end up slowing it down. Copyright 2006, Oxford University Press.
Social Science–guided Feature Engineering: A Novel Approach to Signed Link Analysis

Many real-world relations can be represented by signed networks with positive links (e.g., friendships and trust) and negative links (e.g., foes and distrust). Link prediction helps advance tasks in social network analysis such as recommendation systems. Most existing work on link analysis focuses on unsigned social networks. The existence of negative links piques research interests in investigating whether properties and principles of signed networks differ from those of unsigned networks and mandates dedicated efforts on link analysis for signed social networks. Recent findings suggest that properties of signed networks substantially differ from those of unsigned networks and negative links can be of significant help in signed link analysis in complementary ways. In this article, we center our discussion on a challenging problem of signed link analysis. Signed link analysis faces the problem of data sparsity, i.e., only a small percentage of signed links are given. This problem can even get worse when negative links are much sparser than positive ones as users are inclined more toward positive disposition rather than negative. We investigate how we can take advantage of other sources of information for signed link analysis. This research is mainly guided by three social science theories, Emotional Information, Diffusion of Innovations, and Individual Personality. Guided by these, we extract three categories of related features and leverage them for signed link analysis. Experiments show the significance of the features gleaned from social theories for signed link prediction and addressing the data sparsity challenge.
Powerful Tests for Structural Changes in Volatility

Abstract Detecting structural changes in volatility is important for understanding volatility dynamics and stylized facts observed for financial returns such as volatility persistence. We propose modified CUSUM and LM tests that are built on a robust estimator of the long-run variance of squared series. We establish conditions under which the new tests have standard null distributions and diverge faster than standard tests under the alternative. The theory allows smooth and abrupt structural changes that can be small. The smoothing parameter is automatically selected such that the proposed test has good finite-sample size and meanwhile achieves decent power gain.
The Impact of Option Introduction on Real Estate Investment Trusts

Executive Summary. This paper examines the impact of option introduction on the returns, volatility, and volume of shares traded of real estate investment trusts (REITs) that underlie the options. ...
The management of political risk

We explore a long-standing prediction in the international business literature that managers’ subjective perceptions of political risk – not just the level of risk – are important for how firms manage political risk. The importance attributed to political risk by corporate executives has increased over the last 15 years and our results show that political risk is now considered more important than commodity (input) risk. Our analysis suggests that nearly 50% of firms avoid (not simply reduce) foreign direct investment because of political risk. Using a unique survey-based psychometric evaluation of manager risk aversion, we show that firms with risk averse executives are more likely to avoid investment in politically risky countries – a key implication of behavioral models. This relation is economically stronger when agency problems are more likely to be severe: for example, when executives are less aligned with shareholder value maximization, and when executives are younger (and therefore might put their personal career concerns in front of shareholders’ interests). While numerous studies have shown that political risk affects foreign direct investment using objective measures of such risk (electoral uncertainty, conflicts, etc.), our study documents that executives’ subjective perceptions of political risk are also important for political risk management.
James Madison's celebrated report of 1800: The transformation of the tenth amendment

It has become commonplace to describe the Rehnquist Court as having staged a "Federalism Revolution." Although the current status of the Revolution is in dispute, historical treatment of the Supreme Court's jurisprudence under Chief Justice Rehnquist no doubt will emphasize a resurgence of federalism and limited construction of federal power. Cases like Gregory v. Ashcroft, New York v. United States, United States v. Lopez, Printz v. United States, Alden v. Maine, and United States v. Morrison all share a common rule of interpretation: Narrow construction of federal power to interfere with matters believed best left under state control. The textual hook for this rule of strict construction has been the Tenth Amendment. The Court's reliance on the Tenth Amendment has been the source of unrelenting scholarly criticism, particularly because the amendment itself literally does nothing more than announce a mere "truism": Those powers not delegated are reserved. It says nothing about whether delegated powers are to be broadly or strictly construed. As I have written in two previous articles, Founders such as James Madison believed that the Ninth Amendment, not the Tenth, established a rule of strict construction. In this article, I address how it came to pass that the Tenth Amendment, and not the Ninth, became accepted as an independent rule of strict construction. Ironically, it was Madison himself who drafted the document that would establish the Tenth Amendment as the primary guarantor of constitutional federalism. Madison's 1800 "Report on the Virginia Resolutions" denounced the Alien and Sedition Acts as exceeding Congress's enumerated powers and thus intruded upon the retained rights of the states in violation of the Tenth Amendment. His Report became a canonical document in the 19th century states' rights movement and transformed the Tenth Amendment into a symbolic declaration of limited federal power.
Bundling and Competition on the Internet

The Internet has signi.cantly reduced the marginal cost of producing and distributing digital information goods. It also coincides with the emergence of new competitive strategies such as large-scale bundling. In this paper, we show that bundling can create "economies of aggregation" for information goods if their marginal costs are very low, even in the absence of network externalities or economies of scale or scope.We extend the Bakos-Brynjolfsson bundling model (1999) to settings with several different types of competition, including both upstream and downstream, as well as competition between a bundler and single good and competition between two bundlers. Our key results are based on the "predictive value of bundling," the fact that it is easier for a seller to predict how a consumer will value a collection of goods than it is to value any good individually. Using a model with fully rational and informed consumers, we use the Law of Large Numbers to show that this will be true as long as the goods are not perfectly correlated and do not affect each other's valuations significantly. As a result, a seller typically can extract more value from each information good when it is part of a bundle than when it is sold separately. Moreover, at the optimal price, more consumers will find the bundle worth buying than would have bought the same goods sold separately. Because of the predictive value of bundling, large aggregators will often be more pro.table than small aggregators, including sellers of single goods.We find that these economies of aggregation have several important competitive implications:1. When competing for upstream content, larger bundlers are able to outbid smaller ones, all else being equal. This is because the predictive value of bundling enables bundlers to extract more value from any given good.2. When competing for downstream consumers, the act of bundling information goods makes an incumbent seem "tougher" to single-product competitors selling similar goods. The resulting equilibrium is less profitable for potential entrants and can discourage entry in the bundler's markets, even when the entrants have a superior cost structure or quality.3. Conversely, by simply adding an information good to an existing bundle, a bundler may be able to profitably enter a new market and dislodge an incumbent who does not bundle, capturing most of the market share from the incumbent firm and even driving the incumbent out of business.4. Because a bundler can potentially capture a large share of profits in new markets, single-product firms may have lower incentives to innovate and create such markets. At the same time, bundlers may have higher incentives to innovate.For most physical goods, which have nontrivial marginal costs, the potential impact of large-scale aggregation is limited. However, we find that these effects can be decisive for the success or failure of information goods. Our results have particular empirical relevance to the markets for software and Internet content and suggest that aggregation strategies may take on particular relevance in these markets.
Lawrence Friedman's Comparative Law

For over four decades, Lawrence Friedman has been one of the key figures in American law and society studies, as well as the country’s leading legal historian. His unique vantage point has brought him into contact with a wide range of subfields in legal studies, including comparative law. Though he has never published in the leading journals of the discipline, Friedman’s series of book chapters and articles commenting on the field of comparative law have articulated a consistent and important methodological challenge. This essay elaborates Friedman’s comparative jurisprudence and argues that comparative law since the 1960s would have been much more fruitful had it followed Friedman’s advice to engage with the law and society tradition. The essay also critiques Friedman’s use of legal culture as the central focus of analysis. Friedman emphasizes similarities across societies, and hence rejects claims of incommensurability at a theoretical level. But in employing the empirically problematic concept of legal culture as his central explanatory variable, Friedman recreates incommensurability at a practical level.
Cyber international relations as an integrated system

The purpose of this paper is to conceptualize the hitherto separate domains of Cyberspace and International Relations into an integrated socio-technical system that we jointly call the cyber International Relations (Cyber-IR) system and to identify and analyze its emergent properties utilizing the methods common to science and engineering systems adapted here for the social sciences. Our work is an exploration in both theory and methodology. This paper (a) identifies the actors and functions in the core systems, Cyberspace, and IR, (b) disambiguates system boundary, (c) creates a design structure matrix (DSM), a matrix of the interdependencies among functions of actors, (d) analyzes DSM qualitatively to show multiple interdependent and heterogeneous Cyber-IR properties, and (e) analyzes quantitatively the differential importance of core functions as well as the impact of actor attributes on influence in Cyber-IR. This work forms a baseline for further understanding of the nature of the heterogeneous influences of the various actors and the various outcomes that could result from it.
Not so above average after all: When people believe they are worse than average and its implications for theories of bias in social comparison

Abstract Recent research calls into question the generally accepted conclusion that people believe themselves to be better than average. This paper reviews the new theories that have been proposed to explain the fact that better-than-average effects are isolated to common behaviors and abilities, and that people believe themselves to be below average with respect to rare behaviors and uncommon abilities. These new theories are then used to revisit prior findings of better-than-average effects. When viewed in light of recent work, the evidence suggests that prior findings overstated the degree to which people engage in self-enhancement by believing that they are better than others when in fact they are not. Prior studies have often confounded desirability with commonness and have used subjective measures of comparative judgment that capitalize on people’s tendency to conflate relative with absolute self-evaluation.
Beyond Unreliable: How Snitches Contribute to Wrongful Convictions

There is increasing evidence that our criminal system often convicts the innocent. Criminal informants, or "snitches," play a prominent role in this wrongful conviction phenomenon. The criminal system, however, is heavily dependent on snitches, particularly in connection with the investigation and prosecution of drug offenses, and police and prosecutors are often not well-positioned to know when their informants are lying. This Comment, which was prepared in connection with the ACLU of Northern California's conference on wrongful convictions, describes the institutional relationships between snitches, police, and prosecutors that makes snitch falsehoods so pervasive and difficult to discern with the traditional tools of the adversarial process. It offers a litigation suggestion for providing a judicial check on the use of unreliable informant witnesses, namely, a Daubert-style pre-trial reliability hearing. The Appendix provides a sample motion requesting and justifying such a hearing.
The Property Jurisprudence of Justice Kennedy

Scholars have largely neglected Justice Kennedy’s property jurisprudence, a surprising omission given his pivotal role on the Supreme Court. This essay explores three aspects of his jurisprudence which distinguish him from other current Justices: (1) his tendency to approach property disputes from the perspective of liberty; (2) his effort to address the tension between natural law theory and legal positivism in defining “property”; and (3) his attempt to resist the expansion of regulatory takings jurisprudence by channeling some disputes toward resolution under the Due Process Clause.
Precautionary Saving and Endogenous Labor Supply with and without Intertemporal Expected Utility

We analyze precautionary saving behavior in a framework with labor and nonlabor income risks, an endogenous supply of labor, and a representation of preferences that disentangles attitudes towards risk, attitudes towards intertemporal substitution, and ordinal preferences for consumption and leisure. This preference structure allows us to disentangle and to describe in an intuitive way the different forces that determine precautionary saving “in the small” and “in the large”.
Did the PCAOB's Restrictions on Auditors' Tax Services Improve Audit Quality?

ABSTRACT: In 2005–2006, the PCAOB imposed restrictions on auditors' tax services in order to strengthen auditor independence and improve audit quality. The restrictions resulted in a significant drop in auditor-provided tax services (APTS). To test the impact on audit quality, I partition the sample into a treatment group (companies whose APTS purchases dropped significantly when the restrictions were introduced) and a control group (companies whose APTS purchases were relatively unaffected) and I measure audit quality using the incidence of accounting misstatements, tax-related misstatements, and auditors' going-concern opinions. Using a difference-in-differences design, I find no change in audit quality for the treatment group relative to the control group after the restrictions are imposed.
IDENTIFYING SUBAREAS THAT COMPRISE A GREATER METROPOLITAN AREA: THE CRITERION OF COUNTY RELATIVE EFFICIENCY*

Data Envelopment Analysis (DEA) is used to rank the relative efficiency of thirty-two counties comprising the Greater Minneapolis-St. Paul Metropolitan Region and finds that the greatest external economies originate in the urban core and decline toward the periphery. By employing 1993 IMPLAN input-output database and county estimates of final payments (inputs) and final demands (outputs), DEA classifies efficient and inefficient counties that produce maximum output using minimum input, and a sensitivity analysis ranks counties according to robustness of the efficiency classifications. Efficiency differences between three groups identify the metropolitan core, transitional region, and peripheral region. Dominant industries in the three regions are identified and contrasted using location quotients. This study adopts the various analytical techniques into an urban regional systems approach for policy analysis and implementation.
Innovation and Employment: Evidence from Italian Microdata

The microeconomic empirical literature devoted to the link between innovation and employment tends to suggest that technological change has a positive effect on jobs, at least at the firm-level. The main purpose of this paper is to see whether this result still holds in a situation where intermediate technologies are implemented mainly through non R&D expenditures, as in Italian manufacturing. Applying GMM-SYS to an employment equation augmented for technology and using a unique longitudinal dataset of 575 Italian manufacturing firms over the period 1992–1997, this paper finds a significant – although small – positive relationship between innovation and employment.
Can the majority lose the election

One may believe that plurality voting guarantees that the preferences of a majority of the population are implemented. It is shown that by selecting platforms consisting of stances on binary issues the implemented stances may be misaligned with the population. In a model where parties are free to enter, a party preferred by only a minority can win. In these equilibria a third party pulls votes from the one representing the majority of the population. The result is shown to hold regardless of the number of issues, whether individuals vote sincerely or strategically, and allowing for coalitions.
Constitutional Dialogue in a Republic of Statutes

This Article was written as a contribution to a Symposium on Barry Friedman’s book, The Will of the People. I begin by describing some of the conceptual difficulties and measurement problems associated with the idea of "the will of the people." I suggest that Friedman’s story could be reconstructed to stand for the proposition that the Court needs the support of powerful friends or allies to make bold or controversial decisions. I explain that if the will of the people cannot accurately be measured, and the Court needs the support of powerful friends or allies, then the role of elected officials and other public institutions necessarily takes on increased importance.I proceed to describe recent scholarship by Bill Eskridge, John Ferejohn, and others, which recognizes that legislation and administrative law perform important constitutional functions in the modern regulatory state, and that the Constitution and the institutions and norms established by statutes and regulations have a reciprocal relationship. I claim that by integrating Friedman’s theory of constitutional dialogue with the lessons of "administrative constitutionalism," we can develop a better understanding of the entire process of constitutional change. I articulate the framework for understanding the process of American constitutional change that emerges from this exercise, and I identify the key questions that are raised by this framework and discuss a few of its most important implications.
Bounds on Portfolio Quality

The signal-noise ratio of a portfolio of p assets, its expected return divided by its risk, is couched as an estimation problem on the sphere S p 1 . When the portfolio is built using noisy data, the expected value of the signal-noise ratio is bounded from above via a Cram er-Rao bound, for the case of Gaussian returns. The bound holds for ‘biased’ estimators, thus there appears to be no bias-variance tradeo for the problem of maximizing the signal-noise ratio. An approximate distribution of the signal-noise ratio for the Markowitz portfolio is given, and shown to be fairly accurate via Monte Carlo simulations, for Gaussian returns as well as more exotic returns distributions. These ndings imply that if the maximal population signal-noise ratio grows slower than the universe size to the 1 power, there may be no diversication benet, rather expected signal-noise ratio can decrease with additional assets. As a practical matter, this may explain why the Markowitz portfolio is typically applied to small asset universes. Finally, the theorem is expanded to cover more general models of returns and trading schemes, including the conditional expectation case where mean returns are linear in some observable features, subspace constraints (i.e., dimensionality reduction), and hedging constraints.
Innovation Driven Economic Growth in Multiple Regions and Taxation A Dynamic Analysis

We provide the first theoretical analysis of the effects of alternate forms of taxation on economic growth in a dynamic model with multiple regions. The regions are heterogeneous, but, in each regi...
The economics of spatial-dynamic processes: Applications to renewable resources

Abstract Spatial-dynamic processes in renewable resource economics pose difficult conceptual, analytical, empirical, and institutional challenges that are distinct from either spatial or dynamic problems. We describe the challenges and conceptual approaches using both continuous and discrete depictions of space and summarize key findings. Using a metapopulation model of the fishery and simulated economic and ecological data, we show that it is possible in certain circumstances to recover both biological and economic parameters of a linked spatial-dynamic system from only economic data. We illustrate the application empirically with data from the Gulf of Mexico reef-fish fishery. We conclude with a discussion of key policy and institutional design issues involved in managing spatial-dynamic systems.
Outsiders Looking in: Advancing the Immigrant Worker Movement Through Strategic Mainstreaming

How can subordinated groups best advance their agenda? The recent success of undocumented immigrant youth activists (“DREAMers”) can be instructive, from the creation and extension of the program for deferred action for childhood arrivals (DACA) that provides for temporary immigration relief to the passage of numerous state laws providing for in-state tuition regardless of immigration status. At the same time, those within the movement have questioned the adherence to a DREAMer identity of the successful and culturally integrated student, who endorses mainstream exclusionary immigration norms while undermining the affirmation of a broader immigrant identity of all ages and backgrounds. As a result, some DREAMers have rejected the heavily compromised “comprehensive” immigration reform approach that provides a direct road to U.S. citizenship for some undocumented youth because it also continues to treat “immigrants as criminals.”
State Court Budgeting and Judicial Independence Clues from Oklahoma and Virginia

Perceived assaults on the independence of the judiciary have called new attention to how courts obtain their funding. Little scholarly activity has examined the question of how courts negotiate the politics of budgeting in state arenas. Expanding our knowledge in this area is necessary if we are to understand fully how budgeting affects the ability of the judiciary to effectively play its vital role as an independent branch in American government. Through the use of elite interviews with state court administrators, executive budget officers, and legislative budget analysts in Oklahoma and Virginia, this article examines whether the independence of state courts is under assault by budgetary politics. The evidence questions whether state executive and legislative powers of the purse pose serious threats to the independence of courts.
Social Policy and Regime Legitimacy: The Effects of Education Reform in China

Elites often use social policies to garner political support and ensure regime survival, but social policies are not a silver bullet. Using two waves of Chinese national surveys, I find that a recent policy of abolishing school fees has significantly increased citizens’ demand for greater government responsibility in financing compulsory education. I argue that policy awareness, rather than policy benefits, drives citizens’ demand. Finally, I show that policy awareness has enhanced citizens’ trust in China's central government, but not in local governments. This asymmetry in regime support has two sources—the decentralization of education provision and biased media reporting—which induce citizens to credit the central government for good policy outcomes. Given that citizens’ responses are primarily influenced by policy awareness that is promoted by the state media, this study casts doubt on the use of social policies to sustain long-term political support.
Changing Tastes and Effective Consistency

In a single commodity setting with changing tastes, an individual's consumption plan can be obtained using naive or sophisticated choice. We provide two sufficient conditions for when the solutions are unique and agree and the common plan is representable by a non-changing tastes utility. Because the solution is not revised over time, the plan and associated preferences are referred to as being effectively consistent. Afriat-style revealed preference tests are derived. The assumption of effective consistency can mitigate the problems of vulnerability to Dutch Books, non-existence of a competitive equilibrium and the aggregation of heterogeneous agents with changing tastes. [ABSTRACT FROM AUTHOR]
Principles of high‐dimensional data visualization in astronomy

Astronomical researchers often think of analysis and visualization as separate tasks. In the case of high-dimensional data sets, though, interactive exploratory data visualization can give far more insight than an approach where data processing and statistical analysis are followed, rather than accompanied, by visualization. This paper attempts to charts a course toward “linked view” systems, where multiple views of high-dimensional data sets update live as a researcher selects, highlights, or otherwise manipulates, one of several open views. For example, imagine a researcher looking at a 3D volume visualization of simulated or observed data, and simultaneously viewing statistical displays of the data set's properties (such as an x -y plot of temperature vs. velocity, or a histogram of vorticities). Then, imagine that when the researcher selects an interesting group of points in any one of these displays, that the same points become a highlighted subset in all other open displays. Selections can be graphical or algorithmic, and they can be combined, and saved. For tabular (ASCII) data, this kind of analysis has long been possible, even though it has been under-used in astronomy. The bigger issue for astronomy and other “high-dimensional” fields, though, is that no extant system allows for full integration of images and data cubes within a linked-view environment. The paper concludes its history and analysis of the present situation with suggestions that look toward cooperatively-developed open-source modular software as a way to create an evolving, flexible, high-dimensional, linked-view visualization environment useful in astro-physical research (© 2012 WILEY-VCH Verlag GmbH & Co. KGaA, Weinheim)
Implementability, Walrasian equilibria, and efficient matchings

Abstract In general screening problems, implementable allocation rules correspond exactly to Walrasian equilibria of an economy in which types are consumers with quasilinear utility and unit demand. Due to the welfare theorems, an allocation rule is implementable if and only if it induces an efficient matching between types and goods.
Not my problem: Growth spillovers from uncoordinated land use policy

Abstract Land use policy is administered at the local level in the U.S. However, many of the benefits and costs have broader spatial impacts. Thus, a lack of coordination across local jurisdictions may lead to unintended spillovers. Using historical data from the Baltimore, Maryland metro, we examine the impact that an extensive zoning policy change in Baltimore County had on new housing supply in surrounding counties. Defining treatment and control locations in surrounding counties based on their adjacency to Baltimore County, we find that the change in zoning policy led to an increase in housing supply of 42%–97% in adjacent counties. In both spatial and temporal falsification tests, we fail to find evidence of a spillover effect suggesting that the increased development was likely the result of spillovers from uncoordinated policy.
Overreaction diamonds: precursors and aftershocks for significant price changes

Overreactions and other behavioral effects in stock prices can best be examined by adjusting for the changes in fundamentals. We perform this by subtracting the relative price changes in the net asset value (NAV) from that of market price (MP) daily for 134 406 data points of closed-end funds trading in US markets. We examine the days before and after a significant rise or fall in price deviation and MP return and find evidence of overreaction in the days after the change. Prior to a spike in deviation we find a gradual two- or three-day decline (and analogously in the other direction). Overall, there is a characteristic diamond pattern, revealing a symmetry in deviations before and after the significant change. Much of the statistical significance and the patterns disappear when the subtraction of NAV return is eliminated, suggesting that the frequent changes in fundamentals mask behavioral effects. A second study subdivides the data depending on whether the NAV or market price is responsible for the spi...
Default Risk of Advanced Economies: An Empirical Analysis of Credit Default Swaps during the Financial Crisis

Prices observed in the European sovereign credit default swap (CDS) market have se- verely increased since the beginning of the financial crisis. We document that the state of a countrys financial system and, since the beginning of the crisis, also the state of the world financial system have strong explanatory power for the behavior of CDS spreads, and the magnitude of this impact depends on the importance of a countrys financial system pre-crisis. Furthermore, Economic and Monetary Union member countries exhibit higher sensitivities to the health of the financial system. Our results suggest the presence of a private-to-public risk transfer through which market participants incorporate their expectations about financial industry bailouts.
Reforming the tax system to promote environmental objectives: An application to Mauritius

Fiscal instruments are potentially among the most effective, and cost-effective, options for addressing externalities related to poor air quality, urban road congestion, and greenhouse gases. This paper takes a case study, focused on Mauritius (a pioneer in the use of green taxes) to illustrate how existing taxes, especially on fuels and vehicles, could be reformed to better address these externalities. We discuss, in particular, an explicit carbon tax; a variety of options for reforming vehicle taxes to meet environmental, equity, and revenue objectives; and a progressive transition to usage-based vehicle taxes to address congestion.
The Evolution of Management Accounting Research in the United States

The purpose of this paper is to review the evolution of management accounting research in the United States. While the development of management accounting research in the UK generally followed sociological and psychological lines of inquiries, the US work has been much more based on operations research (in the 1960s and early 1970s) followed by an emphasis on economics-based work. I surmise that the different emphases derive from the influence of the Ford Foundation on business schools in the US. I conclude with concerns about the future of management accounting research in the US.
Amended Article 2: What Went Wrong

This symposium issue explores two related questions: 1) Is the current version of Article 2 of the Uniform Commercial Code (U.C.C., or Code) satisfactory for dealing with modem sales-law issues; and 2) What problems are likely to arise as a result of amended Article 2's failure in the legislatures? My answer to the first question is "probably not, but it will have to do." The original article was drafted when manufacturers' warranties were rare and electronic contracting and products that combine goods and software were unknown. Although brilliant in conception, the drafting is often confusing and even sloppy. Judging from the massive volume of litigation that continues to this day, at least one of the article's key innovations--the so-called "battle-of-the-forms" provision--must be rated a failure. Despite these flaws, the courts have managed to deal with the issues and are capable of continuing to do so, albeit at great cost both to litigants and to those planning transactions.As to the second question, the failure of the amendments may go beyond merely missing an opportunity to improve the law. The inability of stakeholders to reach consensus on key issues and the willingness of some to commit resources to fight the amendments in the legislatures suggest a weakening of the consensus that in the past has supported uniformity at the state level in the field of commercial law. The failure of the amendments, coupled with other events described below, provides an occasion to think seriously about the need to keep the Code current and the problems that will arise if we are unable to do so.
Aggregation and Law

If a plaintiff brings two claims, each with a 0.4 probability of being valid, the plaintiff will usually lose, even if the claims are based on independent events, and thus the probability of at least one of the claims being valid is 0.64. If a plaintiff brings two independent claims, and neither of them alleges misconduct sufficient to justify a remedy, the plaintiff will usually lose, even if the claims jointly allege sufficient wrongdoing to justify a remedy. Thus, as a general rule, courts refuse to engage in what we call factual aggregation (the first case) and normative aggregation (the second case), as well as other forms of aggregation that we identify. Yet we show numerous exceptions to this rule in private and public law. Notably, in public law, the hybrid rights doctrine permits courts to aggregate two weak constitutional claims as long as one involves free exercise of religion. In private law, certain tort and contract doctrines also permit aggregation. We criticize the courts’ inconsistent approaches to aggregation, and propose conditions under which courts should (and should not) aggregate. authors. Ariel Porat is Alain Poher Professor of Law at Tel Aviv University, and FischelNeil Distinguished Visiting Professor of Law at the University of Chicago Law School; Eric A. Posner is Kirkland & Ellis Professor of Law at the University of Chicago Law School. For very helpful comments we thank Bobby Ahdieh, Hanoch Dagan, Avihay Dorfman, Shai Dothan, Lee Fennell, Talia Fisher, Sharon Hannes, Daniel Hemel, Aziz Huq, Roy Kreitner, Shai Lavi, Daryl Levinson, Richard McAdams, Martha Nussbaum, Timna Porat, Adam Samaha, Avraham Tabbach, Adrian Vermeule, Laura Weinrib, Eyal Zamir, and participants in workshops at Emory Law School, University of Virginia School of Law, Tel Aviv University School of Economics, and Tel Aviv University Faculty of Law. Thanks to Lior Kotler, Ellie Norton, Omer Yehezkel, and Randall Zack for very able research assistance, and to the members of The Yale Law Journal Editorial Board, and in particular Ned Hirschfeld, for their excellent suggestions and editorial assistance.
Business Process Management Skills and Roles: An Investigation of the Demand and Supply Side of BPM Professionals

Business Process Management BPM as a discipline covers a wide spectrum of tasks, from the definition of strategic process objectives to the technical implementation of process execution infrastructure. This paper compares and contrasts the process roles demanded by industry with the backgrounds of BPM professionals. We perform a content analysis of advertised job positions in order to compare the skill sets demanded by industry with those found in an extensive study of BPM practitioner profiles. Our findings suggest several discrete roles: Chief Process Officer, Process Owner, Process Architect, Process Consultant, and Process Analyst. We find that while consultants and analysts are the most sought-after positions, they also represent the largest pool of available BPM professionals on the market. Roles that indicate a higher level of maturity such as Process Architects are solicited much less frequently, but are used by job seekers as advertising labels. We find Chief Process Officers to be a desirable role from an organizational maturity perspective, but also the rarest and highest qualified role on the supply side. Our findings provide initial insight for BPM education programs and potential BPM career trajectories.
Race to the Stars: A Federalism Argument for Leaving the Right of Publicity in the Hands of the States

THIS Note will argue that, given the variation in the right of publicity from state to state, and the relative newness of this property right, Congress should refrain from passing a law to federalize it.1 Although there are sound arguments for adopting this right, there are also reasons to hesitate. Given that only half of the states have adopted it, federalization seems premature. This Note will only obliquely address the main objection usually leveled at a robust right of publicity, namely that it stifles creativity and implicates First Amendment concerns. The focus instead will be on the right of individual states to choose not to create this property right within their borders, and the workability of a state-based system where rights of publicity are not uniform.
FACTOR ACCUMULATION AND TRADE: DYNAMIC COMPARATIVE ADVANTAGE WITH ENDOGENOUS PHYSICAL AND HUMAN CAPITAL ∗

This article develops a two-country endogenous growth model with accumulation of both physical and human capital. We establish the existence of two-country balanced growth equilibria with physical and human capital in which a static and dynamic version of the Heckscher‐Ohlin (HO) hypothesis hold true. We also show the existence of unbalanced growth equilibria in which the static and dynamic HO hypotheses can be violated. The multiplicity of paths with international trade emerge as a result of the intertemporal no-arbitrage condition when factor prices are equalized across countries.
Energizing the reseller's sales force: The power of brand identification

Abstract A manufacturer's success in the marketplace is contingent in part on its ability to energize its downstream channel members in support of its brands. Gaining the focused effort of the reseller's sales personnel is particularly important, and this has become increasingly challenging as resellers broaden their brand portfolios in the wake of industry consolidation. This study reveals a motivating influence that can potentially be harnessed by both manufacturer and channel member: identification. Using a multilevel analysis, the authors explore the sometimes conflicting impact of salesperson brand identification, salesperson organizational identification, and manufacturer–channel member control system alignment on brand and channel member sales performance. The authors also examine favorable extra-role consequences of salesperson brand identification. The results show that while organizational identification strengthens salesperson adherence to controls, brand identification can increase salesperson...
Quantifying the “Softer Side” of Management Education: An Example Using Teamwork Competencies:

During the past 5 years, we have reexamined what we teach in management education, placing a much stronger emphasis on interpersonal skills than in the past. We must now reexamine how we teach these skills and demonstrate their value quantitatively. This article presents one method of quantifying the “softer side” of management education. It provides instruction and resources for educators and organizational professionals to administer, analyze, score, and provide quality feedback on virtually any competency area. The method is developmental in that it identifies individual, group, and organizational strengths and developmental opportunities. It is also an effective method of demonstrating the value of “soft skills” to students.
Robust control of the multi-armed bandit problem

We study a robust model of the multi-armed bandit (MAB) problem in which the transition probabilities are ambiguous and belong to subsets of the probability simplex. We first show that for each arm there exists a robust counterpart of the Gittins index that is the solution to a robust optimal stopping-time problem and can be computed effectively with an equivalent restart problem. We then characterize the optimal policy of the robust MAB as a project-by-project retirement policy but we show that arms become dependent so the policy based on the robust Gittins index is not optimal. For a project selection problem, we show that the robust Gittins index policy is near optimal but its implementation requires more computational effort than solving a non-robust MAB problem. Hence, we propose a Lagrangian index policy that requires the same computational effort as evaluating the indices of a non-robust MAB and is within 1 % of the optimum in the robust project selection problem.