cssi/SciSciGPT-SciSciNet huggingface dataset:
THE SKEPTIC’S GUIDE TO INFORMATION SHARING AT SENTENCING

The “information sharing model,” a leading method of structuring judicial discretion at the sentencing stage of criminal cases, has attracted broad support from scholars and judges. Under this approach, sentencing judges should have access to a robust body of information, including written opinions and statistics, about previous sentences in similar cases. According to proponents, judges armed with that information can conform their sentences to those of their colleagues or identify principled reasons for distinguishing them, reducing inter-judge disparity and promoting rationality in sentencing law. This Article takes a skeptical view of the information sharing model, arguing that it suffers from three fundamental weaknesses as an alternative to other structured sentencing reforms. First, there are information collection challenges. To succeed, the model requires sentencing information that is written, comprehensive, and representative. Due to acute time constraints, however, courts cannot routinely generate that kind of information. Second, there are information dissemination challenges. Sharing sentencing information raises concerns about the privacy of offenders and victims. Also, the volume and complexity of sentencing decisions create practical difficulties in making relevant information accessible to sentencing judges. Third, the model’s voluntariness is an important drawback. The information sharing model rests on the heroic assumption that judges will respond to information about previous sentences by dutifully following the decisions of their colleagues. That is unrealistic. Judges just as easily can disregard the information, ignore it, or even move in the opposite direction. Despite those grounds for skepticism, information sharing can play a valuable role as a supplement to other sentencing reforms. In particular, information sharing would benefit from a system of sentencing guidelines, whether mandatory or advisory, and from open access to the information on the part of defense counsel and prosecutors.
Customizing Clusters: On the Role of Western Multinational Corporations in the Formation of Science and Engineering Clusters in Emerging Economies

Western multinational corporations (MNCs) increasingly locate advanced functions, including product development and engineering, in emerging economies to gain access to lower-cost science and engineering (S&E) talent and specialized service providers. Over time, new S&E clusters have developed in emerging economies that are strongly oriented toward global MNC demands. This study investigates the role of foreign MNCs in the formation of these S&E clusters. It is proposed that pioneer MNCs promote the initial development of S&E clusters by customizing local institutions and business practices in accordance with their sourcing needs and based on their experience in other local business contexts, including their home country. As a result, these clusters may develop specialized resources and service capabilities that particularly attract follower MNCs of the same national origin that have similar sourcing needs. This study may inform both cluster formation research and policy making in emerging economies.
Mindfulness, Emotions, and Mental Models: Theory That Leads to More Effective Dispute Resolution

At the core of nearly all great negotiators, mediators, lawyers, and leaders is a person who has learned to connect with other people, that is, to build relationships of trust, cooperation, and collaboration. This Article argues that when people learn a sense of "self" and "other" through both theoretical and practical knowledge and understanding of mindfulness and human emotion, connections with others are more likely to be made, and important relationships are more likely to be built.My goal, then, is to begin thinking about how one might bring mindfulness and emotions from the “mind level” to what human relations expert Mary Parker Follett eloquently called the “motor level.” Toward that end, the Article (1) provides some background on emotional intelligence, including the different branches of emotional intelligence; (2) explores the role of emotions in behaviors, including a discussion of ways to teach emotional control and emotional range, maturity, and sensitivity; (3) investigates the concept of "emotional contagion," delving into how emotions are spread and how this phenomenon can be used to increase cooperation; and (4) reviews suggestions from various experts on how to develop a curriculum to teach students emotional intelligence. The Article concludes with examples and exercises for application, including a discussion of a specific mental model called the "Ladder of Inference."
Rethinking Federal Circuit Jurisdiction

Nearly thirty years ago, Congress created the Federal Circuit to increase uniformity in patent law and to curb forum shopping in patent cases. Yet patent cases comprise less than 40% of the court’s docket. A majority of the court’s cases involve narrow aspects of the work of the federal government: veterans benefits, personnel disputes, and government contracts, for example. Over the past three decades, scholars in all fields covered by the Federal Circuit have independently criticized the court. Patent scholars complain about excessive formalism. Government contracts lawyers lament the court’s deference to the state. And veterans law experts doubt the wisdom of one specialized court, the Federal Circuit, reviewing another specialized court, the Court of Appeals for Veterans Claims. In this article, I synthesize these varied critiques to theorize an improved jurisdictional structure for the Federal Circuit, one that better serves Congress’s ultimate goal in creating the court: promoting innovation.
Income hedging and portfolio decisions

We examine whether the decision to participate in the stock market and other related portfolio decisions are influenced by income hedging motives. Economic theory predicts that the market participation propensity should increase as the correlation between income growth and stock market returns decreases. Surprisingly, empirical studies find limited support for the income hedging motive. Using a rich, unique Dutch data set and the National Longitudinal Survey of the Youth (NLSY) from the United States, we show that when the income-return correlation is low, individuals exhibit a greater propensity to participate in the market and allocate a larger proportion of their wealth to risky assets. Even when the income risk is high, individuals exhibit a higher propensity to participate in the market when the hedging potential is high. These findings suggest that income hedging is an important determinant of stock market participation and asset allocation decisions.
Investor Sentiment and Analysts' Earnings Forecast Errors

We correlate analysts' forecast errors with temporal variation in investor sentiment. We find that when sentiment is high, analysts' forecasts of one-year-ahead earnings and long-term earnings growth are relatively more optimistic for “uncertain” or “difficult-to-value” firms. Adding these forecast errors to a regression of stock returns on sentiment absorbs a sizable fraction of the explanatory power of sentiment for the cross section of future returns. This finding provides direct support for the notion that investor sentiment affects the earnings expectations of hard-to-value firms. Additional tests suggest that this bias in expectations is unlikely to be strategic in nature. Our results provide new insight into the mechanism through which investor sentiment affects returns. This paper was accepted by Brad Barber, Teck Ho, and Terrance Odean, special issue editors.
HOW EVA™ CAN HELP TURN MID‐SIZED FIRMS INTO LARGE COMPANIES

Return ratios such as ROI are useful for evaluating prospective investments in individual projects, but they are not effective as after-the-fact measures of capital efficiency - they do not provide a benchmark, and they are not scaled according to the level of capital invested. The key to enabling single-product or single-market firms to make the transition to the next stage of corporate development is to decentralize authority not only for profits but also for capital spending decisions. EVA, unlike conventional accounting measures, provides the basis of a performance measurement system that will allow senior management to feel comfortable in entrusting capital allocation decisions to their operating heads. It can also help restore dynamism to large, bureaucratic companies that have lost their entrepreneurial spirit.
The Indecent Internet: Resisting Unwarranted Internet Exceptionalism in Combating Revenge Porn

This Note explores the rise of revenge porn, as well as the civil and criminal strategies that scholars and legislators have offered to address it. It argues that these suggested approaches needlessly complicate the law, and concludes that the existing tort of intentional infliction of emotional distress is already well-suited for revenge porn cases.
Faulkner's Voting Rights Act: The Sound and Fury of Section Five

In its most recent examination of the Voting Rights Act, the Supreme Court told a story about the South. Although the Court ultimately did not rule on the continued constitutionality of § 5, the VRA provision that singles out certain jurisdictions with a history of racially discriminatory voting practices for additional regulation, its opinion expressed significant doubt that the measure was still justified. In this tale of progress and redemption, the Court concluded that “things have changed in the South.”One body of commentary that was not considered in this story was the region’s literature. Yet many of these works, in particular the novels of William Faulkner, address some of the same thematic and sociological concerns that animate § 5. Specifically, Faulkner’s novels explore the power of memory in the South and the ongoing influence of the past on present actions and attitudes. In his depiction of the burden of memory, Faulkner suggests a distinct role for § 5 that policymakers and commentators should consider in the debate over its continued necessity. Rather than punishing the sons for the sins of the fathers, the provision can be seen as targeting the independent concern of a past-haunted society and the uncertain results which the unchecked power of memory can produce in the present. This Article explores how Faulkner’s novels can contribute to a better understanding of the role § 5 serves in the modern South and thus inform the debate over whether the law remains constitutional. In doing so, it also considers the role literature can play in legal analysis beyond the uses typically identified by the law and literature movement.
On the Invalidation of Terms in Contracts of Adhesion

This Note argues that judges should invalidate terms in contracts of adhesion that place the risk of loss on the costlier cost-avoider or that grant an option to one of the parties to impose non-reciprocal costs on the other. It goes on to justify this rule, arguing that it minimizes both the primary and secondary costs of contracts of adhesion.
Private investment and economic growth in developing countries

Abstract Despite the growing support for market-oriented strategies, and for a greater role of private investment, empirical growth models for developing countries typically make no distinction between the private and public components of investment. This paper sheds some light on this important issue by formulating a simple growth model that separates the effects of public sector and private sector investment. This model is estimated for a cross-section sample of 24 developing countries, and the results support the notion that private investment has a larger direct effect on growth than does public investment.
Aggravated Circumstances, Reasonable Efforts, and ASFA

Aggravated Circumstances, Reasonable Efforts, and ASFA This article seeks to identify circumstances that justify a state’s refusal to provide reasonable efforts to reunite parents with their abused or neglected children. While the article focuses on the “aggravated circumstances” exception to the federal reasonable efforts requirement, it offers an analytical approach useful to any decision-maker charged with protecting the health and safety of an abused or neglected child. Since 1980, federal legislation has explicitly required states receiving federal foster care dollars to make reasonable efforts to reunite parents with children removed because of abuse or neglect. In 1997, Congress responded to widespread concerns that these efforts were responsible for children being returned to unsafe homes or being left in foster care limbo. Congress’s response, the Adoption and Safe Families Act of 1997 (ASFA), identifies three exceptions to the reasonable efforts requirement, one of which is aggravated circumstances. This article uses the aggravated circumstance exception to identify situations where reunification efforts should be denied. ASFA’s exceptions, including aggravated circumstances, recognize the harm that results from making efforts to reunite in situations not appropriate for reunification. The reasonable efforts provision recognizes the harm that results from disrupting the parentchild relationship. To best protect a child against both of these harms, a court should first consider all relevant circumstances, including the effects of the parental conduct, any derivative harm to the child, and any remedial efforts by the parents. Before denying reasonable efforts to reunite, the court should also determine that the past or current harm or parental conduct is sufficient to trigger an ASFA exception; determine that reunification efforts are likely to inflict a very serious harm – either a return to a dangerous home or a stay in foster care that is too long; and identify a nexus between the triggering harm and the predicted harm.
Market reactions to the disclosure of internal control weaknesses and to the characteristics of those weaknesses under section 302 of the Sarbanes Oxley Act of 2002

We examine the stock price reaction to management’s disclosure of internal control weaknesses under §302 of the Sarbanes Oxley Act and to the characteristics of these weaknesses, controlling for other material announcements in the event window. We find that some characteristics of the weaknesses—their severity, management’s conclusion regarding the effectiveness of the controls, their auditability, and the vagueness of the disclosures—are informative. We also find that the information content of internal control weakness disclosures depends on the severity of the internal control weakness. Moreover, in a sub-sample uncontaminated by other announcements in the event window, we find negative price reactions to the disclosure of internal control weaknesses and material weaknesses.
Search Among Queues Under Quality Differentiation

Customers looking for service providers often face search frictions and have to trade off quality and availability. To understand customers’ search behavior when they are confronted with a large co...
Consequences of debt relief initiatives in the 1990s

In this paper I investigate the effects of recent debt relief initiatives on resource flows to low-income developing countries. For countries that are part of the Heavily Indebted Poor Countries (HIPC) initiative, I find that good macroeconomic management does not influence the level of resource and foreign aid receipts. Furthermore, my estimates suggest HIPC countries receive higher net transfers than non-HIPC countries in the 1990s with the differences declining after 1996. Confirming findings in the earlier literature, my results suggest that aid flows have not changed significantly in response to debt relief.
Analyst Earnings Forecast Revisions and the Pricing of Accruals

We investigate the relation between two market anomalies to provide insights into analysts’ role as information intermediaries. Prior research finds that accruals and analyst earnings forecast revisions predict future returns. We find that the accrual and forecast revision strategies generate hedge returns of 15.5% and 5.5% when implemented independently. Strikingly, a combined strategy that uses forecast revisions to refine the accrual strategy generates a hedge return of 28.5%. Firms with consistent accrual and forecast revision signals have less persistent accruals and earnings. We also find that accruals can be used to refine the forecast revision strategy—high accruals are associated with overoptimism in analyst forecasts. Our findings indicate that although forecast revisions reflect information about accrual and earnings persistence beyond that reflected in the level of current year accruals, investors do not fully incorporate this information into their valuation assessments.
Infall times for Milky Way satellites from their present-day kinematics

We analyze subhalos in the Via Lactea II (VL2) cosmological simulation to look for correlations among their infall times and z = 0 dynamical properties. We find that the presentday orbital energy is tightly correlated with the time at whi ch subhalos last crossed into the virial radius. This energy-infall correlation provides a m eans to infer infall times for Milky Way satellite galaxies. Assuming that the Milky Way’s assem bly can be modeled by VL2, we show that the infall times of some satellites are well constr ained given only their Galactocentric positions and line-of-sight velocities. The constrai nts sharpen for satellites with proper motion measurements. We find that Carina, Ursa Minor, and Scu lptor were all accreted early, more than 8 Gyr ago. Five other dwarfs, including Sextans and Segue 1, are also probable early accreters, though with larger uncertainties. On the o ther extreme, Leo T is just falling into the Milky Way for the first time while Leo I fell in � 2 Gyr ago and is now climbing out of the Milky Way’s potential after its first perigalacticon. The energies of several other dwarfs, including Fornax and Hercules, point to intermediate infall times, 2 8 Gyr ago. We compare our infall time estimates to published star formation histo ries and find hints of a dichotomy between ultrafaint and classical dwarfs. The classical dwarfs appear to have quenched star formation after infall but the ultrafaint dwarfs tend to be q uenched long before infall, at least for the cases in which our uncertainties allow us to discern differences. Our analysis suggests that the Large Magellanic Cloud crossed inside the Milky Way virial radius recently, within the last � 4 billion years.
Process Failure and Transparency Reform in Local Redistricting

Abstract Redistricting reform during this cycle has pushed for greater transparency, more public participation, the removal of redistricting from the hands of legislatures, and the design of more legitimate institutions and decision procedures. Reform efforts are generally focused on statewide and congressional redistricting, but mostly ignore thousands of local redistrictings across the country. Local redistricting often takes place under the radar, varies between jurisdictions, is subject to different institutional arrangements and political dynamics, and is more vulnerable to process failure. This article advances a policy proposal to reform local redistricting that weds aspects of several contemporary governance approaches—including so-called “New Institutionalism” and “Third-Generation Transparency” methods. It argues that states should establish centralized statewide redistricting clearinghouses for local redistricting (RDCs). The proposal envisions adapting new technologies to address process failu...
Stochastic wealth dynamics and risk management among a poor population

We use herd history data collected among pastoralists in southern Ethiopia to study stochastic wealth dynamics among a poor population. Although covariate rainfall shocks plainly matter, household-specific factors, including own herd size, account for most observed variability in wealth dynamics. We find no support for the tragedy of the commons hypothesis. Past studies may have conflated costly self-insurance with stocking rate externalities. Biophysical shocks move households between multiple dynamic wealth equilibria ‐ the lowest suggesting a poverty trap ‐ according to nonconvex path dynamics. These findings have broad implications for development and relief strategies among a poor population vulnerable to climatic shocks. A vast economic literature on risk management rests, explicitly or implicitly, on the classic Friedmanite permanent income hypothesis. Studies of portfolio management, consumption smoothing, social insurance, and the like all depend on the canonical assumption that stochastic income realisations are drawn from a stationary income distribution, leading to consumption smoothing off a stable asset base. The possibility of asset accumulation connects this literature to the immense literature on the theory and empirics of economic growth.
Comment on Neil H. Buchanan’s Social Security and Government Deficits: When Should We Worry

Professor Neil Buchanan is not alone in questioning whether a Social Security funding crisis actually exists. Despite widely accepted predictions by the Social Security Administration, there is a small but growing cadre of respected scholars who are rightly skeptical of actuarial figures geared to motivate policymakers toward a certain political agenda.1 However, even if Professor Buchanan and others are correct that there is no funding crisis, does that preclude prudent policymakers from applying sound money management principles to invest the Social Security Trust Fund in higher-performing assets? Professor Buchanan prefers to maintain the status quo as regards structural changes to Social Security financing, though he suggests that a more progressive FICA tax would fulfill distributive justice objectives. These objectives are legitimate, but policymakers should couple any such strategy with a rethinking of how we invest the Social Security Trust Fund. The 1983 amendments, which created the current Trust Fund, transformed Social Security’s financing from a purely nonfunded system to a partially funded system.2 If Professor Buchanan is right about the funding needs of Social Security, then an opportunity exists through prudent investment to move to a fully funded system without painful tax hikes or benefit cuts. Full-funding proposals merely suggest that policymakers move the Trust Fund’s assets—about $1.9 trillion as of the writing of this Comment3—out of low-performing government bonds4 into a diversi-
Of Frightened Horses and Autonomous Vehicles: Tort Law and its Assimilation of Innovations

This symposium contribution considers five recurring themes in the application of tort law to new technologies. First, the initial batch of cases presented to courts may be atypical of later lawsuits that implicate the innovation, yet relate rules with surprising persistence. Second, these cases may be identified, and resolved, by reference to analogies that rely on similarities in form, and which do not wear well over time. Third, it may be difficult to isolate the unreasonable risks generated by an innovation from the benefits it is perceived to offer. Fourth, potential claims by early adopters of the technology may be more difficult to identify and recover upon than those that arise later, once the technology develops a mainstream audience. Fifth, and finally, uncertainty among potential plaintiffs (and their counsel) regarding the existence of a cause of action and the likelihood of recovery may beget a dearth of claims that involve an innovation for a significant period of time after its initial appearance. In introducing and explaining these themes, this article considers the initial application of tort law to technologies such as automobiles, airplanes, radio and television, and Tasers.
The Perilous Dialogue

Five months before his retirement, Justice William Brennan wrote in a dissent: "the Framers of the Bill of Rights did not purport to 'create' rights. Rather, they designed the Bill of Rights to prohibit our Government from infringing rights and liberties presumed to be pre-existing."1 Professor Stephen Holmes reminds us in his lecture that such rights and liberties do not impede progress: they embody it.2 The rules preserving rights and liberties can help to focus action by bringing clarity to the present, while still preserving a long term political perspective. Yet, time and again, both these rights and the rules designed to protect them are sacrificed in the name of national security. The master metaphor in each sacrifice is, indeed, "security or freedom," and it is on this metaphor that I would like to focus. It dominates the counterterrorist discourse both in the United States and abroad.3 Transcripts from debates in Ireland's D?il ?ireann, Turkey's B?y?k Millet Medisi, and Australia's Parliament are filled with reference to the need to weigh the value of liberty against the threat posed by terrorism. Perhaps nowhere is this more pronounced than in the United Kingdom, where, for decades, counterterrorist debates have turned on this framing.4 However, owing in part to different
Expected Returns and Dividend Growth Rates Implied by Derivative Markets

The dividend-price ratio is a noisy proxy for expected returns when expected dividend growth is time-varying. This paper uses a new and forward-looking measure of dividend growth extracted from S&P 500 futures and options to correct the dividend-price ratio for changes in expected dividend growth. Over January 1994 through June 2011, dividend growth implied by derivative markets reliably forecasts future dividend growth, and the corrected dividend-price ratio predicts S&P 500 returns substantially better than the standard dividend-price ratio, in-sample and out-of-sample. Time-varying expected dividend growth is important to explain price movements, especially because it is highly correlated with expected returns.
Designing Policies to Open Trade

In this paper we consider recent proposals to auction U.S. import quotas, using the funds so obtained to encourage relocation out of the protected industries. We first discuss the design of quota auctions so as to maximize revenue for the government. We then consider why quota auctions should be used at all, rather than simply using tariffs, or immediately opening trade and compensating people with income transfers. We argue that the information available to the government, or lack thereof, is a critical factor in understanding these policies.
Zero-Revelation RegTech: Detecting Risk through Linguistic Analysis of Corporate Emails and News

Natural language processing is a fast-growing area of data science for the finance industry. The authors demonstrate how an applied linguistics expert system may be used to parse corporate email content and news to assess factors that predict escalating risk or the gradual shifting of other critical characteristics within the firm before they manifest in observable data and financial outcomes. The authors find that email content and news articles meaningfully predict increased risk and potential malaise. The authors also find that other structural characteristics, such as average email length, are strong predictors of risk and subsequent performance. Implementations of three spatial analyses of internal corporate communication, (i.e., email networks, vocabulary trends, and topic analysis) are presented. The authors propose a regulatory technology solution to systematically and effectively detect escalating risk or potential malaise without the need to manually read individual employee emails.
Probabilistic assignment of objects: Characterizing the serial rule☆

We study the problem of assigning a set of objects (i.e., indivisible goods) to a set of agents, when each agent is supposed to receive only one object and has strict preferences over the objects. In the absence of monetary transfers, we focus on the probabilistic rules, which only take the ordinal preferences as input (the ordering over objects by each agent is submitted, but the relative cardinal intensities of their preferences are not). We present a characterization of the serial rule, proposed by Bogomolnaia and Moulin (2001) in this model. The serial rule is the only rule satisfying sd e¢ ciency, sd no-envy, and bounded invariance (where “sd”stands for “stochastic dominance”). A special representation of feasible assignment matrices by means of consumption processes is the key to the simple and intuitive proof of our main result. This technique also allows us to present a simple unifying argument for a number of related earlier and concurrent results. JEL classi…cation: C70, D61, D63
Immigration Posses: U.S. Immigration Law and Local Enforcement Practices

The failure of the United States Congress to pass comprehensive immigration legislation at a time when the issue of immigration has reached a boiling point has created an overwhelming demand by citizens for local reform. States have responded by enacting hundreds of laws that regulate immigration at the state-level. This creates significant tension both between states with conflicting laws, which creates havens in some states and rampant enforcement in others, and between states and the federal government, which is ultimately responsible for regulating immigration law. This article examines the history of immigration legislation since the founding of the United States and looks at where the federal and state governments are today in meeting citizen demand for reform. It explores the relationship between state and federal 1 Kevin Fandl is an Associate Legal Advisor with U.S. Immigration and Customs Enforcement headquarters in Washington, D.C. He is also an adjunct professor of law at American University, Washington College of Law. He holds a JD (American University, Washington College of Law), MA (International Relations, American University School of International Service), BA (Philosophy, Lock Haven University) and is pursuing a PhD (Public Policy, George Mason University). The views expressed in this article of solely those of the author and do not necessarily reflect the views of the federal government.
Risk Aversion and Rights Accretion in Intellectual Property Law

Intellectual property’s road to hell is paved with good intentions. Because liability is difficult to predict and the consequences of infringement are dire, risk-averse intellectual property users often seek a license when none is needed. Yet because the existence (vel non) of licensing markets plays a key role in determining the breadth of rights, these seemingly sensible licensing decisions eventually feed back into doctrine, as the licensing itself becomes proof that the entitlement covers the use. Over time, then, public privilege recedes and rights expand, moving intellectual property’s ubiquitous gray areas into what used to be virgin territory—where risk aversion again creates licensing markets, which causes further accretion of entitlements, which in turn pushes the gray areas even farther afield, and so on. This “doctrinal feedback” is not a result of changes in the positive law but is instead rooted in longstanding, widely accepted doctrine and prudent behavior on the part of everyone involved. And because feedback is so ingrained in established law and practice, its various cures tend to create more problems than they solve. In the end, however, subtle changes in doctrine’s use of licensing information provide a normatively neutral solution. author. Assistant Professor of Law and Director of the Intellectual Property Institute, University of Richmond. E-mail: jgibson@richmond.edu. I received helpful input from Mike Carroll, Chris Cotropia, John Douglass, Wendy Gordon, Corinna Lain, Mark Lemley, Doug Lichtman, Mark McKenna, Shari Motro, Kristen Osenga, Susan Piascik, Rebecca Tushnet, Rob Tyler, Eugene Volokh, the editors of The Yale Law Journal, and the participants in the 2006 Berkeley/Stanford Intellectual Property Scholars Conference and the February 2006 Richmond Law Faculty Colloquy. For assistance in finding and understanding the behavioral sciences material, I am indebted to Scott Allison, Pola Gupta, Monika Kukar-Kinney, and Michelle Nelson. Finally, my thanks to Jane Savoca, living proof that some transactions carry no risk, only
COLLUSION AND RESEARCH JOINT VENTURES

I examine the question whether cooperation in R&D among firms producing similar products leads to product market collusion. Suppose that firms engage in a stochastic R&D race while maintaining the collusive equilibrium in a repeated-game framework. Innovation under non-cooperative R&D leads to an inter-firm asymmetry, destabilizing collusion in pre-discovery and post-discovery periods. Innovation sharing under cooperative R&D preserves the symmetry and also increases total profit, thereby facilitating collusion. However, welfare may increase with cooperative R&D. I also examine the condition for collusion under licensing and compare the results.
Yours, Mine, and Ours: Do Divorce Laws Affect the Intertemporal Behavior of Married Couples?

Divorce laws establish spouses’ individual property rights over household resources and determine when divorce is allowed. This paper examines how such laws inuence the intertemporal behavior and the welfare of U.S. married couples. I build a model of household choice about consumption, labor supply and divorce under multiple divorce law regimes and I estimate it using exogenous variation in U.S. divorce laws from the 1970s to the 1990s. Couples responded to equal division of property and unilateral divorce by increasing tangible assets up to 19%, which suggests the presence of a strong income eect for the primary earner, and by reducing female employment by over 5 percentage points, because the threat of divorce granted additional bargaining power to married woman. The bargaining weight of women implied by these responses in the model corresponds to a third of the weight of men. This indicates that equal division of assets beneted women when it was
Discretionless Policing: Technology and the Fourth Amendment

What if we could eliminate police discretion from traffic stops by using a computer to accomplish what police officers do without racial prejudice? The technology and a plan to automate law enforcement exist, yet neither has received serious attention. An automated enforcement program would eliminate stops based on nearly all the most frequently used justifications to stop drivers, including speeding, record checks and other vehicle code violations. If the war on drugs continued to exist, it would no longer use the traffic stop. Recent federal regulatory approval of the technical standards for the federal intelligent highway initiative shows that this is a real and practicable solution to the problem of police discretion in traffic stops, one that sidesteps entrenched difficulties in Fourth Amendment law and politics. This Essay further explores a technological solution to reducing discretion in policing.
Collaborative Lawyering: A Process for Interest-Based Negotiation

This article discusses the growing popularity of interest-based negotiation among attorneys and outlines an approach for implementing interest-based negotiating more effectively. The article begins with an overview of interest-based negotiation and its evolution in legal practice. The article addresses the barriers that often stand between lawyers and the practice of interest-based negotiation and how clients, too, may contribute their own limitations to the mix. The article then discusses particular aspects of interest-based approaches and outlines a step-by-step process for implementing interest-based negotiating.
Accounting Information and CEO Compensation: The Role of Cash Flow from Operations in the Presence of Earnings*

We examine the role of cash flow from operations (CFO) in chief executive officer (CEO) cash compensation. We predict that CFO is contract-relevant in the presence of earnings, and more so when (1) the quality of earnings relative to the quality of CFO as a measure of performance is low and (2) the need for CFO as a financing source is high. Our analysis is motivated principally by normative arguments and anecdotes from financial disclosures linking CFO to managerial effort and contracts, notwithstanding the traditional role of earnings in performance measurement. We find that the weight of CFO in the compensation model is positive and significant in the presence of earnings and stock returns. We also find that the relative quality of CFO compared with that of earnings has a positive (negative) impact on the weight of CFO (earnings). We further find that the relative weight of CFO is enhanced substantially when enterprise activities crucially depend on internally generated cash flow. These findings are unaltered when we include CEO age, firm size, and risk in the model and allow the coefficients to vary across industries.
Optimal stopping for non-linear expectations—Part I

We develop a theory for solving continuous time optimal stopping problems for non-linear expectations. Our motivation is to consider problems in which the stopper uses risk measures to evaluate future rewards. Our development is presented in two parts. In the first part, we will develop the stochastic analysis tools that will be essential in solving the optimal stopping problems, which will be presented in Bayraktar and Yao (2011) [1].
Comovement of Newly Added Stocks with National Market Indices: Evidence from around the World

We document the prevalence around the world of increased stock price comovement experienced by companies when added to major indices, and shed new light on the causes of this phenomenon. Using newly-constructed and extensive data covering forty developed and emerging markets over the last decade, we document that in most, though not all, countries, when added to a major index, a firm’s return experiences a postinclusion increase in comovement with the rest of the index, reflected in both a higher beta (especially if the pre-inclusion beta is less than one) and greater explanatory power of the market return (higher R 2 ). Stock turnover and analyst coverage also typically increase upon inclusion. Using a variety of empirical tests, we find that the demand-based view of comovement (the category/habitat views of Barberis, Shleifer and Wurgler, 2005) provides a good explanation for many of our findings. Some results, though, suggest that information-related factors are also important.
Defining Cutting Edge Scholarship: Feminism and Criteria of Rationality

All too often, attempts to define or evaluate good scholarship develop criteria of meritocracy that reinforce existing hierarchies. Some of the efforts are quantitative. They involve cataloguing articles as measured by overall citation rates, ranking law reviews by citation counts, or classifying articles on a "greatest hits" list. Or they may count citations to construct a list of articles most-often-cited in fancy publications. Other efforts to describe quality scholarship involve the construction of criteria of merit, often for purposes of pronouncing what sorts of scholarship qualify for tenure, and for disqualifying nontraditional ideas and forms of writing as unworthy. The concern has been too much with the mechanics, numbers, and creditworthiness of scholarship and too little with its foundational qualities.This essay explores some defining characteristic traits or properties of jurisprudential scholarship that has been pathbreaking. The purpose is to elucidate what ways of thinking and writing are cutting edge. The essay draws significantly on modern critical theories, particularly feminist legal theory, and on historically developing criteria of rationality, to sketch the features that characterize promising work in legal theory. This essay proposes that theory-acceptance in law be evaluated instead by the criteria of rationality, which include the scientific method and theory development. The argument is that good scholarship may or may not be popular, but it will be theoretically sound. The essay then looks through the lens of these criteria at feminist legal scholarship, demonstrating how much of feminist legal theory, in comporting with these criteria, has been at the cutting edge of theoretically solid innovation in jurisprudence. Finally, it urges scholars to generate a new discussion regarding the criteria of theory-acceptance toward the end of creating innovative sparks that lead to better theory-building.
Before (and after) Roe V. Wade: New Questions about Backlash

Today, many Americans blame polarizing conflict over abortion on the Supreme Court. If only the Court had stayed its hand or decided Roe v. Wade on narrower grounds, they argue, the nation would have reached a political settlement and avoided backlash. We question this court-centered backlash narrative. Where others have deplored the abortion conflict as resulting from courts "shutting down" politics, we approach the abortion conflict as an expression ofpolitics-a conflict in which the Supreme Court was not the only or even the most important actor. In this essay, we ask what escalation of the abortion conflict in the decade before the Supreme Court decided Roe might teach about the logic of conflict in the decades after Roe. To do so, we draw on sources we collected for our recently published documentary history, Before Roe v. Wade: Voices That Shaped the Abortion Debate Before the Supreme Court's Ruling (2olo). We begin our story at a time when more Republicans than Democrats supported abortion's decriminalization, when Catholics mobilized against abortion reform but evangelical Protestants did not, when feminists were only beginning to claim access to abortion as a right. We show how Republicans campaigning for Richard Nixon in 1972 took new positions on abortion to draw Catholics and social conservatives away from the Democratic Party. Evidence from the post-Roe period suggests that it was party realignment that helped escalate and shape conflict over Roe in the ensuing decades. The backlash narrative suggests that turning to courts to vindicate rights is too often counter-productive, and that adjudication is to be avoided at all costs. We are not ready to accept this grim diagnosis at face value, and we urge further research into the dynamics of conflict in the decades after Roe. The stakes in understanding this history are high. AUTHORS. Linda Greenhouse is Joseph Goldstein Lecturer in Law, Yale Law School. Reva B. Siegel is Nicholas deB. Katzenbach Professor of Law, Yale University. For comments on the draft, we owe thanks to Bruce Ackerman, Jack Balkin, Nancy Cott, Ariela Dubler, Lee Epstein, Risa Goluboff, Dawn Johnsen, Douglas NeJaime, Robert Post, Gerald N. Rosenberg, Kim Lane Scheppele, Christine Stansell, Nancy Staudt, and Geoffrey Stone, as well as to participants in the Yale Law School faculty workshop. We are grateful to Jennifer Bennett, Ali Frick, Sarah Hammond, and Tara Rice for research assistance and wide-ranging conversation. Camilla Tubbs of the Yale Law School Library has contributed in more ways than we can count to our ongoing
US Campaign 2000: Of Pregnant Chads, Butterfly Ballots and Partisan Vitriol

The extraordinary outcome of the 2000 US Presidential election has generated serious concerns that promise to have long-term consequences for the political process. To understand this remarkable phenomenon, Part I first summarizes the underlying conditions leading up to the election, then Part II examines trends in candidate campaigns, media coverage and public attention during the worthy but dull year-long campaign running from the snows of Iowa to the sunshine state at Thanksgiving. Finally Part III reflects on the possible consequences that may arise from the blockbuster outcome, which proved anything but dull.
"Arising Under" Jurisdiction and the Copyright Laws

Does a claim arise under the copyright laws when a critical allegation is that a party's use of a copyrighted work is unpermitted and infringing because such use was limited by the terms of a contract? The federal courts of appeals have confronted this question in a number of recent cases. Many have concluded that federal jurisdiction exists, reversing district court judgments of dismissal for lack of subject matter jurisdiction. Despite these repeated attempts to resolve the matter, however, this question continues to confound the courts, which lack a clear approach to defining when a claim arises under the copyright laws for purposes of federal jurisdiction. Although numerous courts of appeals and district courts have analyzed the issue, the Supreme Court has never specifically addressed this question. In the past decade the Supreme Court has rendered several decisions addressing when a case arises under federal law, and in Christianson v. Colt Industries Operating Corp. it addressed the specific question of when a case arises under the patent laws. Although the Court has yet to consider copyright jurisdiction directly, its recent decisions in these analogous areas may provide better guidance to the lower courts. These decisions also allow the courts to consider whether copyright claims present any unique problems that call for a different analysis in determining whether a case arises under the copyright laws. Part I of this Article analyzes 28 U.S.C. §§ 1331 and 1338 and some of the Supreme Court decisions that shed light on their meaning. Part II reviews the cases that have specifically focused on copyright jurisdiction. Drawing heavily on Supreme Court decisions in the patent jurisdiction and federal question jurisdiction areas, the lower courts have developed two principal and inconsistent approaches to this question. One group of courts attempts to discern the heart of the case and the plaintiff's purpose in bringing it, while the other looks only to the language of the plaintiff's complaint. As Part III then explains, each of these approaches is seriously flawed. After reviewing alternative methods that scholars have proposed for determining federal question jurisdiction, Part III analyzes the purposes and policies underlying copyright law and the countervailing state interests in contract law. Based on this review, this Article concludes that courts should resolve questions of copyright jurisdiction by testing the relative weight of these federal and state interests. Federal courts should exercise jurisdiction over all cases in which federal copyright law interests outweigh state contract law concerns. Finally, Part III describes how courts should weigh these interests in some typical copyright jurisdiction conflicts to insure that the important federal copyright matters are heard in federal court, while allowing state courts to decide cases in which state interests predominate.
Enron's Legislative Aftermath: Some Reflections on the Deterrence Aspects of the Sarbanes-Oxley Act of 2002

Since Enron's implosion, an astounding string of accounting scandals have stunned the securities markets. Global Crossing, WorldCom, Adelphia, and a host of other companies have seen plummeting share prices and SEC and criminal investigations. Congress' reaction has been equally stunning and surprisingly swift. It passed with near unanimity the Sarbanes-Oxley Act of 2002, and President Bush quickly signed it into law. This paper analyzes the new criminal and civil liability provisions of the Act to evaluate whether the Act is likely to achieve its goal of deterring securities fraud. The article concludes that the new criminal liability provisions actually criminalize very little conduct that was not already criminal under existing statutes and do not substantially increase the likelihood of successful conviction. The enhanced criminal penalties are unlikely to create additional deterrence because the Act's predominant approach is to increase maximum potential sentences. Under the Federal Sentencing Guidelines, such increases have little impact on expected penalties. On the civil side, the article demonstrates that there was no empirical basis for increasing the statute of limitations for private securities fraud causes of action. Finally, the article concludes that the increase in resources and enforcement authority for the SEC may well provide more substantial deterrence than the more publicized criminal provisions of the Act to the extent that these provisions significantly increase the likelihood that securities fraud is detected.