cssi/SciSciGPT-SciSciNet huggingface dataset:
THE ABSOLUTE CALIBRATION OF THE EUV IMAGING SPECTROMETER ON HINODE

We investigate the absolute calibration of the EUV Imaging Spectrometer (EIS) on Hinode by comparing EIS full-disk mosaics with irradiance observations from the EUV Variability Experiment on the Solar Dynamics Observatory. We also use extended observations of the quiet corona above the limb combined with a simple differential emission measure model to establish new effective area curves that incorporate information from the most recent atomic physics calculations. We find that changes to the EIS instrument sensitivity are a complex function of both time and wavelength. We find that the sensitivity is decaying exponentially with time and that the decay constants vary with wavelength. The EIS short wavelength channel shows significantly longer decay times than the long wavelength channel.
Effective mass path integral simulations of quasiparticles in condensed phases

The quantum many-body problem in condensed phases is often simplified using a quasiparticle description, such as effective mass theory for electron motion in a periodic solid. These approaches are often the basis for understanding many fundamental condensed phase processes, including the molecular mechanisms underlying solar energy harvesting and photocatalysis. Despite the importance of these effective particles, there is still a need for computational methods that can explore their behavior on chemically relevant length and time scales. This is especially true when the interactions between the particles and their environment are important. We introduce an approach for studying quasiparticles in condensed phases by combining effective mass theory with the path integral treatment of quantum particles. This framework incorporates the generally anisotropic electronic band structure of materials into path integral simulation schemes to enable modeling of quasiparticles in quantum confinement, for example. We demonstrate the utility of effective mass path integral simulations by modeling an exciton in solid potassium chloride and electron trapping by a sulfur vacancy in monolayer molybdenum disulfide.
Local Approximations to the Gravitational Collapse of Cold Matter

We investigate three different local approximations for nonlinear gravitational instability in the framework of cosmological Lagrangian fluid dynamics of cold dust. By local we mean that the evolution is described by a set of ordinary differential equations in time for each mass element, with no coupling to other mass elements aside from those implied by the initial conditions. We first show that the Zel'dovich approximation (ZA) can be cast in this form. Next, we consider extensions involving the evolution of the Newtonian tidal tensor. We show that two approximations can be found that are exact for plane-parallel and spherical perturbations. The first one ("nonmagnetic" approximation, or NMA) neglects the Newtonian counterpart of the magnetic part of the Weyl tensor in the fluid frame and was investigated previously by Bertschinger & Jain. A new approximation ("local tidal", or LTA) involves neglecting still more terms in the tidal evolution equation. It is motivated by the analytic demonstration that it is exact for any perturbations whose gravitational and velocity equipotentials have the same constant shape with time. Thus, the LTA is exact for spherical, cylindrical, and plane-parallel perturbations. It corresponds physically to neglecting the curl of the magnetic part of the Weyl tensor in the comoving threading as well as an advection term in the tidal evolution equation. All three approximations can be applied up to the point of orbit crossing. We tested them in the case of the collapse of a homogeneous triaxial ellipsoid, for which an exact solution exists for an ellipsoid embedded in empty space and an excellent approximation is known in the cosmological context. We find that the LTA is significantly more accurate in general than the ZA and the NMA. Like the ZA, but unlike the NMA, the LTA generically leads to pancake collapse. For a randomly chosen mass element in an Einstein–de Sitter universe, assuming a Gaussian random field of initial density fluctuations, the LTA predicts that at least 78% of initially underdense regions collapse owing to nonlinear effects of shear and tides.
MATCH: An MPI Fault Tolerance Benchmark Suite

MPI has been ubiquitously deployed in flagship HPC systems aiming to accelerate distributed scientific applications running on tens of hundreds of processes and compute nodes. Maintaining the correctness and integrity of MPI application execution is critical, especially for safety-critical scientific applications. Therefore, a collection of effective MPI fault tolerance techniques have been proposed to enable MPI application execution to efficiently resume from system failures. However, there is no structured way to study and compare different MPI fault tolerance designs, so to guide the selection and development of efficient MPI fault tolerance techniques for distinct scenarios. To solve this problem, we design, develop, and evaluate a benchmark suite called MATCH to characterize, research, and comprehensively compare different combinations and configurations of MPI fault tolerance designs. Our investigation derives useful findings: (1) Reinit recovery in general performs better than ULFM recovery; (2) Reinit recovery is independent of the scaling size and the input problem size, whereas ULFM recovery is not; (3) Using Reinit recovery with FTI checkpointing is a highly efficient fault tolerance design. MATCH code is available at https://github.com/kakulo/MPI-FT-Bench.
An open-source gaussian beamlet decomposition tool for modeling astronomical telescopes

In the pursuit of directly imaging exoplanets, the high-contrast imaging community has developed a multitude of tools to simulate the performance of coronagraphs on segmented-aperture telescopes. As the scale of the telescope increases and science cases move toward shorter wavelengths, the required physical optics propagation to optimize high-contrast imaging instruments becomes computationally prohibitive. Gaussian Beamlet Decom- position (GBD) is an alternative method of physical optics propagation that decomposes an arbitrary wavefront into paraxial rays. These rays can be propagated expeditiously using ABCD matrices, and converted into their corresponding Gaussian beamlets to accurately model physical optics phenomena without the need of diffraction integrals. The GBD technique has seen recent development and implementation in commercial software (e.g. FRED, CODE V, ASAP)1-3 but appears to lack an open-source platform. We present a new GBD tool developed in Python to model physical optics phenomena, with the goal of alleviating the computational burden for modeling complex apertures, many-element systems, and introducing the capacity to model misalignment errors. This study demonstrates the synergy of the geometrical and physical regimes of optics utilized by the GBD technique, and is motivated by the need for advancing open-source physical optics propagators for segmented- aperture telescope coronagraph design and analysis. This work illustrates GBD with Poisson's spot calculations and show significant runtime advantage of GBD over Fresnel propagators for many-element systems.
Small, sparse, but substantial: techniques for segmenting small agricultural fields using sparse ground data

The recent thrust on digital agriculture (DA) has renewed significant research interest in the automated delineation of agricultural fields. Most prior work addressing this problem has focused on d...
Displacement-agnostic coherent imaging through scatter with an interpretable deep neural network

Coherent imaging through scatter is a challenging task. Both model-based and data-driven approaches have been explored to solve the inverse scattering problem. In our previous work, we have shown that a deep learning approach can make high-quality and highly generalizable predictions through unseen diffusers. Here, we propose a new deep neural network model that is agnostic to a broader class of perturbations including scatterer change, displacements, and system defocus up to 10× depth of field. In addition, we develop a new analysis framework for interpreting the mechanism of our deep learning model and visualizing its generalizability based on an unsupervised dimension reduction technique. We show that our model can unmix the scattering-specific information and extract the object-specific information and achieve generalization under different scattering conditions. Our work paves the way to a robust and interpretable deep learning approach to imaging through scattering media.
Changes over Time in the Revenue-Expense Relation: Accounting or Economics?

ABSTRACT: Dichev and Tang (2008) document a dramatic decrease over the last 40 years in the contemporaneous correlation between revenue and expense, along with an associated increase in earnings volatility and a decline in earnings persistence, suggesting a decline in earnings quality. We document that these changes are primarily attributable to an increase in the incidence of large special items. We then examine the extent to which this increase in special items is due to either more frequent real economic events related to special item recognition or to the adoption of new accounting standards. Our evidence suggests that changes in the frequency of economic events associated with special items have played a more important and sustained role relative to the role played by adoption of individual accounting standards. Finally, we find that the changing incidence of these economic events is at least in part related to the well-documented increase in competition in the U.S. economy over the last four decades.
Capital Gains Tax Rules, Tax-loss Trading, and Turn-of-the-year Returns

Changes in the capital gains tax rules facing individual investors do not affect the incentives for "window dressing" by institutional investors, but they can affect the incentives for year-end tax-induced trading by individual investors. Empirical evidence for the 1963 to 1996 period suggests that when the tax law encouraged taxable investors who accrued losses early in the year to realize their losses before year-end, the correlation between early year losses and turn-of-the-year returns was weaker than when the law did not provide such an early realization incentive. These findings suggest that tax-loss trading contributes to turn-of-the-year return patterns. A VARIETY OF EXPLANATIONS have been offered for the unusual behavior of stock returns at the turn of the calendar year. Some focus on the annual cash flow patterns to institutional investors, others focus on the incentives that yearend reporting requirements place on these investors, and others suggest that the income tax system facing individual investors may induce tax-motivated year-end security sales that are substantial enough to affect returns. This paper presents new evidence that tax-loss selling by taxable individual investors explains at least part of the return anomaly. Taxable individual investors can use realized capital losses to reduce taxes on realized gains or to offset a limited amount of nongain income. Because taxes are computed on income within a calendar year, realizing a capital loss before year-end can accelerate the tax benefits of the loss by as much as twelve months. Taxable individual investors therefore have an incentive to sell shares with accrued losses at year-end. If this selling pressure abates after the turn of the year, it could result in a decline in prices at year-end, followed by rising prices and abnormally high returns after the turn of the
Windstream and contract opportunism

Few recent cases in finance have attracted as much interest — and vitriol — as last year’s decision in U.S. Bank National Association v. Windstream Services, LLC v. Aurelius Capital Master, Ltd. (S.D.N.Y. 2019). This brief summary explores some of the larger debates in corporate finance and contracts raised by the case. The Windstream opinion made waves not because it was (arguably) incorrectly decided, but because it hastened creditors’ recognition that no amount of contractual armor can fully protect them from opportunistic behavior in today’s markets. Although the specific objectionable behavior in Windstream is already being addressed by new contract provisions, the reality is that sophisticated hedge funds, other creditors, and borrowers will always find ways to exploit contract language to their advantage. And that task may ironically be made easier by today’s style of contract drafting. The more detailed and complex contracts become, the more easily they can be exploited ex post, when the state of the world and the parties’ incentives have changed.
The Determinants and Performance Effects of Managers' Performance Evaluation Biases

ABSTRACT This study examines the determinants and performance effects of centrality bias and leniency bias. The results show that managers respond to their own incentives and preferences when subjectively evaluating performance. Specifically, information-gathering costs and strong employee-manager relationships positively affect centrality bias and leniency bias. The findings also indicate that performance evaluation biases affect not only current performance ratings, but also future employee incentives. Inconsistent with predictions based on the agency perspective, the results show that managers' performance evaluation biases are not necessarily detrimental to compensation contracting. Although centrality bias negatively affects performance improvement, the evidence does not reveal a significant negative relation between leniency bias and performance. Rather, leniency bias is positively associated with future performance, which is consistent with the behavioral argument that bias can improve perceived fa...
Silence is Golden: Railroad Noise Pollution and Property Values

This paper uses a unique dataset containing property values and manually collected noise measurements in Memphis, Tennessee to estimate the impact of train noise pollution on commercial and residential property values. Results show that a residential property exposed to 65 decibels or greater of railroad noise results in a 14 to 18 percent decrease in property value. Once a 65 decibel measure is included, there is no additional impact on price of distance to the closest railroad crossing. For commercial property, neither crossing proximity nor noise level significantly affect property value. The results provide evidence of a negative externality that is created by railroad noise for households and the need for more exact measures of noise levels. The findings are also consistent with previous literature suggesting firms have different ideas than individuals about desirable locational attributes.
Bubbles and capital flow volatility: Causes and risk management

Emerging market economies are fertile ground for the development of real estate and other financial bubbles. Despite these economies’ significant growth potential, their corporate and government sectors do not generate the financial instruments to provide residents with adequate stores of value. Capital often flows out of these economies seeking these stores of value in the developed world. Bubbles are beneficial because they provide domestic stores of value and thereby reduce capital outflows while increasing investment. But they come at a cost, as they expose the country to bubble-crashes and capital flow reversals. We show that domestic financial underdevelopment not only facilitates the emergence of bubbles, but also leads agents to undervalue the aggregate risk embodied in financial bubbles. In this context, even rational bubbles can be welfare reducing. We study a set of aggregate risk management policies to alleviate the bubble-risk. We show that prudential banking regulation, sterilization of capital inflows and structural policies aimed at developing public debt markets and property rights, all have a high payoff in this environment.
Emancipatory Discourse and Liberation

This article takes up an important question that has puzzled learning theorists in the critical tradition, namely, are the dialogic practices of emancipatory discourse sufficient to change oppressive conditions in the power structure of the modern organization? In other words, can critical dialogic processes change the social order to close the gap between a privileged class of managers and workers, or do we require class struggle and structural reform? By elaborating on such methods as dialogue, public reflection and action science, this article attempts to make the case that marginalized groups in society might find their voice in projects that are intentionally contextualized and publicly reflective. These methods have found applications in some illustrated critical pedagogies, although not without strain induced from conventional institutions. The article concludes with an enumeration of some conditions under which emancipatory discourse and liberationist struggle may coincide.
Shared Services Transformation: Conceptualization and Valuation from the Perspective of Real Options

In today's volatile global economy, where many organizations face severe pressure to downsize, the “shared services” model, in which a firm merges common functions performed by multiple units into a single service delivery organization, provides an innovative approach to make business more efficient and effective. To successfully implement shared services, firms need to strategically decide whether and how to pursue various service transformation alternatives such as simplification, standardization, consolidation, insourcing, or outsourcing. In this study, we develop the notion of real options into a unique theoretical lens for conceptualizing service organizations and their transformation in an uncertain business environment. Specifically, we view service organization as a set of strategic options that give the firm preferential access to future transformation opportunities. We create a taxonomy of these options, and introduce a decision methodology for valuing alternative shared services transformation approaches. We illustrate this methodology by applying it in a real business case to justify a global firm's decision regarding the transformation of its finance organization.
Fighting Freestyle: The First Amendment, Fairness, and Corporate Reputation

There are three distinct groups who might want to engage in speech about commercial entities or to constrain those commercial entities from making particular claims of their own. Competitors may sue each other for false advertising, consumers may sue businesses, and government regulators may impose requirements on what businesses must and may not say. In this context, this Article will evaluate a facially persuasive but ultimately misguided claim about corporate speech: that because consumers regularly get to say nasty things about corporations under the lax standards governing defamation of public figures, corporations must be free to make factual claims subject only to defamation-type restrictions on intentionally false statements. The premise that this would further equality ignores the overall structure of advertising law, in which consumers cannot be equated to advertisers, competitors are already on equal footing with one another, and the government as regulator is not supposed to be on equal footing with anyone.
Templar: a knowledge-based language for software specifications using temporal logic

A software specification language Templar is defined in this article. The development of the language was guided by the following objectives: requirements specifications written in Templar should have a clear syntax and formal semantics, should be easy for a systems analyst to develop and for an end-user to understand, and it should be easy to map them into a broad range of design specifications. Templar is based on temporal logic and on the Activity-Event-Condition-Activity model of a rule which is an extension of the Event-Condition-Activity model in active databases. The language supports a rich set of modeling primitives, including rules, procedures, temporal logic operators, events, activities, hierarchical decomposition of activities, parallelism, and decisions combined together into a cohesive system.
Forty Years of Wondering in the Wilderness and No Closer to the Promised Land: Bilski's Superficial Textualism and the Missed Opportunity to Return Patent Law to Its Technology Mooring

This article critically analyzes Bilski v. Kappos, the Supreme Court’s first decision on patentable subject matter since the early 1980s. It shows how the majority’s effort to shoehorn patentable subject matter into a superficial textualist mold obfuscates patentable subject matter boundaries and undermines the patent system on multiple levels. The article contends that the patentable subject matter pathology cannot be cured without confronting the roots of the disease: the lack of a forthright principled framework for delineating the boundaries of patentable subject matter. The solution lies in recognizing that patentable subject matter cannot evolve to meet the new challenges of the information age without integrating 18th, 19th, and 20th century sources of patentable subject law into a flexible and evolving body of common law that is sensitive to history, statutory evolution, constitutional constraints, and understanding of modern science and technology. This will be particularly important as courts confront the patentability of DNA compounds, diagnostic tests, and unforeseeable information age innovations.
The Anti‐dumping Petition of the Advanced Display Manufacturers of America: Origins and Consequences

A successful anti-dumping petition was filed with the International Trade Commission by advanced display manufacturers in the United States against Japanese firms in 1990. Although opposed by U.S. computer manufacturers, the petitioners proved that Japanese firms were engaged in predatory pricing behavior. The article explores the origins and consequences of this dispute.
Expected Returns on Real Investments: Evidence from the Film Industry

Asset pricers generally study the pricing of secondary market securities. Using a proprietary, project-level dataset on the film industry, I am able to study a cross-section of expected returns on real investments instead. One area in which we might expect differences is in the pricing of idiosyncratic risk. I find that expected returns are both increasing and concave in the idiosyncratic dollar variance of a film’s payoff. Plotting expected returns against dollar volatility yields an approximately linear relationship, in which a $1 MM increase in volatility raises expected return by at least 43 basis points, up to as much as 116 basis points depending on the specification. I discuss several theories from corporate finance that can rationalize the pricing of idiosyncratic risk, and I build a matching model between studios and films in which costly external finance can explain both facts.
The Two Faces of American Freedom: A Reply

This Essay was part of a panel discussion on my book, The Two Faces of American Freedom. Commentaries by Richard Bensel, William Forbath, and Nancy Rosenblum were published along with my response, which focused on the book's historical interpretations of the Civil War and the New Deal as well as ideas of agency and state authority in my theory of American constitutional development.
The Sound and Fury of Carried Interest Reform

Of all the proposals advanced in recent years to reform Subchapter K, the part of the Internal Revenue Code (“IRC” or “Code”) governing partnership tax, perhaps none has generated more acrimony and confusion than the pending carried interest legislation contained in proposed § 710.1 While reformers have framed the issue of taxing the compensatory portion of a service partner’s return as ordinary income in terms of distributive justice, critics have been quick to invoke the rhetoric of class warfare to fend off reform. In the most elementary terms, the carried interest legislation would tax some (but not all) of a service partner’s share of partnership profits as ordinary income. Even at this basic level, however, the contours of the proposed legislation are ambiguous. Indeed, the reform is sometimes misdescribed as taxing “distributions” rather than “distributive shares” as ordinary income, a distinction that is fundamental. Moreover, the precise tax advantage of carried interest arrangements depends crucially on whether one adopts a “joint-tax” perspective or focuses more narrowly on the service partner’s opportunity for deferral and conversion. Apart from the merits of carried interest legislation, there is also considerable dispute over whether such reform is likely to raise significant amounts of revenue.
Democratic Legitimacy and the Scientific Foundation of Modern Law

This Article explores the unacknowledged impact of the scientific provenance of modern law. Justice, I argue, is threatened by social scientific thinking that subordinates justice to legitimacy, efficiency, and fairness. In doing so, I show that the power of the asserted connection between positive law and democracy depends upon a dangerous blurring of the distinction between justice and legitimacy. Finally, I offer an alternative genealogy of positive law that shows modern law to have been transformed into a science. My hope is that by pointing to the threatened loss of justice as an ideal, my work can help to hold open the possibility that law reclaim its foundation in the art of judgment instead of the science of law.
Missionaries to the Wilderness: A History of Land, Identity, and Moral Geography in Appalachia

This article revisits the relationship between missionaries and Appalachian stereotypes, bringing to the discussion new developments in geographical theory and the intellectual history of ideas of wilderness. The article argues that missionary activities during the early twentieth century are best understood through their beliefs about wilderness and particularly about the moral climate of man within it. In this way the missionaries also contributed to the process of intermingling ideas about the land and the people and thereby contributing to the formation of a quasi-ethnic regional identity in the American public consciousness — and also substantially changed Appalachia by applying a set of hierarchical land values that stemmed from ideas about wilderness.
Schauer on Precedent in the U.S. Supreme Court

Recent critics of the Roberts Court chide it for its lack of regard for precedent. Fred Schauer faults these critics for erroneously assuming that a rule of stare decisis formerly played a significant role in the Supreme Court's decision-making. In fact, it has long played only a rare and weak role in the Court's work. Nonetheless, according to Schauer, the critics are to be thanked for invigorating a needed debate about the importance of "stability, consistency, settlement, reliance, notice, and predictability" in the Court's decisions. This article argues that Schauer exaggerates the weakness of stare decisis in the Court's practices; and that his call for a public debate on the merits of the norm of stare decisis can only weaken it.
Habermas on Nationalism and Cosmopolitanism

After drawing a distinction between a cosmopolitan attitude and institutional cosmopolitanism, this paper reconstructs Habermas’s account of the relationship between morality and law in order to argue that this account can be the basis of a cosmopolitan attitude which, although insufficient, on its own, to ground cosmopolitan institutions, can, nonetheless, motivate interest in institutional cosmopolitanism. The paper then examines Habermas’s proposal for institutionalizing a system of cosmopolitan governance. It distinguishes and explores the reach and limitations of three arguments in favor of institutional cosmopolitanism not always adequately differentiated in Habermas’s work: (a) an argument from the weakness of the nation state, (b) an argument from the democratic deficit of nationalism, and (c) an argument from the state’s incapacity to guarantee human rights.
The stock market crash of 2008 caused the Great Recession: Theory and evidence

Abstract This paper argues that the stock market crash of 2008, triggered by a collapse in house prices, caused the Great Recession. The paper has three parts. First, it provides evidence of a high correlation between the value of the stock market and the unemployment rate in U.S. data since 1929. Second, it compares a new model of the economy developed in recent papers and books by Farmer, with a classical model and with a textbook Keynesian approach. Third, it provides evidence that fiscal stimulus will not permanently restore full employment. In Farmer's model, as in the Keynesian model, employment is demand determined. But aggregate demand depends on wealth, not on income.
The Effect of Institutional Ownership on the Timing of Earnings Announcements: Evidence from the Russell Index Inclusion

Using the annual Russell 1000/2000 index reconstitution as an exogenous shock to institutional ownership (IO), I examine the effect of IO on firms’ decisions regarding the time of day to announce e...
Self-Selecting Priority Queues with Burr Distributed Waiting Costs

Service providers, in the presence of congestion and heterogeneity of customer waiting costs, often introduce a fee-based premier option using which the customers self-segment themselves. Examples of this practice are found in health care, amusement parks, government (consular services), and transportation. Using a single-server queuing system with customer waiting costs modeled as a Burr Distribution, we perform a detailed analysis to (i) determine the conditions (fees, cost structure, etc.) under which this strategy is profitable for the service provider, (ii) quantify the benefits accrued by the premier customers; and (iii) evaluate the resulting impact on the other customers. We show that such self-selecting priority systems can be pareto-improving in the sense that they are beneficial to everyone. These benefits are larger when the variance in the customer waiting costs is high and the system utilization is high. We use income data from the poorest and richest areas (identified by zipcode) in the United States along with the countrywide income distribution to illustrate our results. Numerical results indicate that planning for a 20–40% enrollment in the high-priority option is robust in ensuring that all the stakeholders benefit from the proposed strategy.
The laws of the virtual worlds

What if you could check out of your world, and enter a place where the social environment was different, where real world laws didn't apply, and where the political system could be anything you wanted it to be? What if you could socialize there with family and friends, build your own palace, go skiing, and even hold down a job there? And what if there wasn't one alternate world, there were hundreds, and what if millions of people checked out of Earth and went there every day? Virtual worlds - online worlds where millions of people come to interact, play, and socialize - are a new type of social order. In this Article, we examine the implications of virtual worlds for our understanding of law, and demonstrate how law affects the interests of those within the world. After providing an extensive primer on virtual worlds, including their history and function, we examine two fundamental issues in detail. First, we focus on property, and ask whether it is possible to say that virtual world users have real world property interests in virtual objects. Adopting economic accounts that demonstrate the real world value of these objects and the exchange mechanisms for trading these objects, we show that, descriptively, these types of objects are indistinguishable from real world property interests. Further, the normative justifications for property interests in the real world apply - sometimes more strongly - in the virtual worlds. Second, we discuss whether avatars have enforceable legal and moral rights. Avatars, the user-controlled entities that interact with virtual worlds, are a persistent extension of their human users, and users identify with them so closely that the human-avatar being can be thought of as a cyborg. We examine the issue of cyborg rights within virtual worlds and whether they may have real world significance. The issues of virtual property and avatar rights constitute legal challenges for our online future. Though virtual worlds may be games now, they are rapidly becoming as significant as real-world places where people interact, shop, sell, and work. As society and law begin to develop within virtual worlds, we need to have a better understanding of the interaction of the laws of the virtual worlds with the law of this world.
The surprisingly complex case against theft

article by Lewin and Trumbell,argues that theft is “inevitably” inefficient when the indirect costs of the activity are considered.McChesney traces his analysis to a 1967 paper by Gordon Tullock, in which Tullock discussed theinefficiency of theft, rent-seeking, and monopolies. Richard Posner (1985; 1992) provides a differentline of reasoning that focuses on the direct costs of theft. He claims that, because the market is adeptat transferring goods to their highest valued use, those who bypass the market -- thieves -- on averagevalue the goods they steal less than the owners. Neither analysis of theft, however, is entirely sufficient to explain its inefficiency. As Part Iof this paper explains, the Tullock-McChesney resolution is flawed. Notwithstanding the existenceof indirect costs, theft is efficient if incurring those costs avoids incurring larger transaction costsfrom a voluntary sale and the thief values the good more than the owner does. More generally, anefficiency analysis requires comparing the indirect costs of legalized theft with the transaction costsof market sales. In Part II, we make this comparison. Unsurprisingly, theft is inefficient, though formore complex and less certain reasons than the Tullock-McChesney thesis suggests: because indirect
Smartphone, Dumb Regulations: Mixed Signals in Mobile Privacy

The smartphone has turned a user’s location into valuable information. Users of smart devices can use location-based mobile services to get driving directions, check into social networks, or even see which of their friends are around. But the use of this technology, and the new type of data created by it, raises privacy concerns as to who has access to one’s location-based information. Because the only legislation covering this technology, the Electronic Communications Privacy Act, is more than twenty-five years old, courts encounter problems when trying to use it to resolve these privacy issues, often reaching illogical results. This Note addresses the inadequacy of how access to location-based information is regulated. It begins by examining the current state of mobile technology to determine what kinds of information are available to whom, and how smartphone users engage with these location-based mobile services. These factors are important for creating a workable regulatory system to both ensure the technological capabilities, and protect a user’s information privacy. With these considerations in mind, this Note posits that current proposed legislation is not sufficient to deal with these privacy problems. It argues that to correctly address current privacy issues regulation must adapt to the way users engage with the technology by expanding the what is protected as content information and removing anachronistic technological loopholes that no longer make any sense.
Gnostic Due Process

The essay offers an interpretation of Justice Douglas's opinion in Griswold v. Connecticut as a Gnostic text. This interpretation yields a surprising meaning to Douglas's famous claim that "[S]pecific guarantees in the Bill of Rights have penumbras, formed by emanations from those guarantees that help give them life and substance. Various guarantees create zones of privacy." Christian Gnosticism, which flourished in the Hellenistic world and which left traces throughout our culture, connects a number of Griswold's themes: emanation, shadow, impeded procreation, hidden meanings and equally hidden precincts of marital bedrooms. Read as a Gnostic writing, Griswold is the story of a failed effort to emanate the text of liberty, to realize publicly its hidden redemptive meaning and promise. In the spirit of Gnosticism, the author aspires to redeem Douglas's fallen emanation, taking as his model William Blake's attempt to bring John Milton to a complete imaginative reintegration with his (Milton's) poetic vision. The essay tests the adequacy of such a rescue attempt on Christian terms, and locates the effort within competing traditions in American constitutionalism.
The structure of expectations of the weekly money supply announcement

Abstract This paper examines the structure of expectations of the weekly money supply announcement in the late 1970s. The data used are from a weekly telephone survey of money market participants. The rationality and structure of expectations are explored with the data organized in three ways: the mean response to each weekly survey, the pooled sample of individual responses, and time series of responses by each individual in the survey. The effect of data aggregation on rationality tests is investigated. The structure of the expectations data are also examined and it is found that both strong regressive influences and adaptive learning characterize the data.
Affirmative Injunctions in Athletic Employment Contracts: Rethinking the Place of the Lumley Rule in American Sports Law

In this short piece, I argue that the Lumley rule, which allows negative but not affirmative injunctions in personal services contracts, should be abolished in the sports law context. The problem of athletes holding out and demanding mid-term renegotiation of contracts has become pervasive. Existing legal remedies are inadequate for deterring such conduct and compensating teams for their players' contractual breaches. I argue that the doctrinal foundation for the Lumley rule has no place in sports law. Courts need not be concerned that players will deliver sub-par performances after the issuance of an injunction; monitoring would be relatively painless; and the Thirteenth Amendment should not bar such relief. I then discuss the problems associated with holding out that demand legal reform.
Share Repurchases and Stock Valuation Models

Share repurchases have grown rapidly in recent years and have exceeded total cash dividends since 1997. Some analysts argue that incorporating repurchases into a discounted cash flow framework leads to higher equity valuations and higher expected return estimates and, further, that traditional dividend discount models (DDMs) are obsolete. The authors disagree and demonstrate that the objection to the DDM is based on a logical error of not accurately accounting for the effect of share repurchases on investors’ future cash flows. The authors compare a traditional DDM and a correctly specified discounted total cash flow model (TCFM) to show that the valuations and rates of return are the same with both a constant-growth-type model and a more general model. Importantly, a TCFM can be used instead of, or in addition to, a DDM, and the selection of model can be based on the quality of the information applicable to a particular situation.
The Condorcet Jury Theorem and the Expressive Function of Law: A Theory of Informative Law

We argue that legislation can generate compliance expressively, independently of deterrence. The Condorcet jury theorem implies that, in certain circumstances, the legislative process aggregates the private information of legislators to reach a decision superior to that of any individual legislator. Citizens may update their beliefs about issues the legislation addresses even though individual legislators are no better informed than individual citizens , and change their behavior in the direction of greater compliance. We first use a model with sincere voting and then consider strategic voting, position-taking preferences, lobbying, and legislative institutions. We use a public smoking ban for illustration, and propose an experimental test.
Moving upward in global value chains: the innovations of mobile phone developers in China

Purpose – The purpose of this paper is to integrate the global value chain (GVC) perspective with firms' innovation in emerging economies (EEs) and explain why EE firms can improve their innovation capabilities more from their domestic markets by focusing on R&D and marketing than from original equipment manufacturer/original design manufacturer (OEM/ODM) modes in the GVC and how they contribute to the national innovation system (NIS).Design/methodology/approach – The literature on GVC is reviewed and then several propositions are developed using the example of the underground mobile phone developers in China by integrating the GVC perspective.Findings – The paper proposes that EE firms, especially firms that have a large underdeveloped domestic market such as China, should focus on R&D and marketing instead of on OEM/ODM in GVC to increase their competitiveness and strengthen their NIS. Also implications are drawn from their success in the underground markets to advance knowledge on NIS.Originality/value...
The Child as Other: Race and Differential Treatment in the Juvenile Justice System

ions are the preferred form of knowledge of the other. Those who conceive of the other have no interest in obtaining concrete knowledge about the other. The other is a social construction that is necessary to serve the political function of organizing society. Accurate information about the other is not necessary to serve this political function. The "reality"of the other, to the extent it exists, lies within the self and not within any external experiential world. 3. The Other Cannot Define Itself The other, as a social construct, does change, but it changes at the behest of the self. When the self changes, the other changes. The other is an object acted on by the center/self. It is fixed vis-a-vis the self. The other cannot define itself. It is defined by the self. This is what makes the act of self-definition by outsider communities so destabilizing to the existing order. Those who exist in the subordinate position of the hierarchy cannot name and define for themselves without usurping the power of the dominant and ripping the hierarchical structure of self and other apart. 4. The Other Is To Be Feared and Controlled As a manifestation of difference, the other is perceived as a threat. As a threat, the other must be controlled. The establishment of an elaborate structure of control then becomes a necessity. It is necessary because the very concept of otherness symbolically demands it, even if the individual or group marked as other poses no real threat at all. 131. Kimberl6 Williams Crenshaw, Race, Reform, and Retrenchment: Transformation and Legitimation in Antidiscrimination Law. 101 HARV. L. REV. 1331, 1372 (1988). 20021 HeinOnline -51 DePaul L. Rev. 699 2001-2002
Changes in Institutional Ownership and Subsequent Earnings Announcement Abnormal Returns

This study documents an association between changes in institutional ownership during a calendar quarter and abnormal returns at the time of subsequent announcements of quarterly earnings. The result is driven by the portfolio returns of the extreme deciles of changes in institutional ownership, suggesting that institutions trade based on information about future earnings, but that such trading is not widespread. We also find that the difference between earnings announcement returns of the extreme deciles of change in institutional ownership is much greater when change in institutional ownership of a stock is driven by relatively few institutions, measured using the skewness of the distribution of change in institutional ownership of the stock. This result suggests that when fewer differentially informed investors make disproportionately large purchases or sales of stocks, a greater amount of the information on which they base their trades is not impounded in prices until the subsequent earnings announcem...
Measuring How Risk Tradeoffs Adjust With Income

Efforts to reconcile inconsistencies between theory and estimates of the income elasticity of the value of a statistical life (IEVSL) overlook important restrictions implied by a more complete description of the individual choice problem. We develop a more general model of the IEVSL that reconciles some of the observed discrepancies. Our framework describes how exogenous income shocks, such as unexpected medical expenditures, may affect labor supply decisions which in turn influence both the coefficient of relative risk aversion and the IEVSL. The presence of a consumption commitment, such as a home mortgage, also alters this labor supply adjustment. We use data from the Health and Retirement Study to explore the responsiveness of labor force exit decisions to spousal health shocks and the role of a home mortgage as a constraint on this response.
Fixing Fair Use

The fair use doctrine in copyright law balances expressive freedoms by permitting one to use another’s copyrighted expression under certain circumstances. The doctrine’s extreme context-sensitivity renders it of little value to those who require reasonable ex ante certainty about the legality of a proposed use. In this Article, Professor Carroll advances a legislative proposal to create a Fair Use Board in the U.S. Copyright Office that would have power to declare a proposed use of another’s copyrighted work to be a fair use. Like a private letter ruling from the IRS or a “no action” letter from the SEC, a favorable opinion would immunize only the petitioner from copyright liability for the proposed use, leaving the copyright owner free to challenge the same or similar uses by other parties. The copyright owner would receive notice and an opportunity to challenge a petition. Fair Use Rulings would be subject to administrative review in the Copyright Office and to judicial review by the federal courts of appeals. The Article closes with discussion of alternative approaches to fixing fair use.
Stress-induced cortisol facilitates threat-related decision making among police officers.

Previous research suggests that cortisol can affect cognitive functions such as memory, decision making, and attentiveness to threat-related cues. Here, we examine whether increases in cortisol, brought on by an acute social stressor, influence threat-related decision making. Eighty-one police officers completed a standardized laboratory stressor and then immediately completed a computer simulated decisionmaking task designed to examine decisions to accurately shoot or not shoot armed and unarmed Black and White targets. Results indicated that police officers who had larger cortisol increases to the social-stress task subsequently made fewer errors when deciding to shoot armed Black targets relative to armed White targets, suggesting that hypothalamic pituitary adrenal (HPA) activation may exacerbate vigilance for threat cues. We conclude with a discussion of the implications of threat-initiated decision making.
The voter’s blunt tool:

When do voters win? We derive conditions under which a democracy will produce policies that favor the voter over special interests in a setting where politicians can be influenced by contributions from special interests, and are also motivated by electoral incentives. We show that increasing office holding benefits, increasing political competition, decreasing potential rents to special interests, and increasing the salience of policy imply improved policies for the representative voter. We examine panel data on the ratio of taxes paid by individuals relative to corporations in the United States and show that it is negatively correlated with political competition, office holding benefits, and policy salience, as predicted by the model.