cssi/SciSciGPT-SciSciNet huggingface dataset:
Drinking From the Same Cup: Federal Reserved Water Rights and National Parks in the Eastern United States

United States National Parks are widely considered priceless national treasures deserving vigilant protection and preservation. A powerful, but underused, tool to protect national parks is the federal reserved water right. It ensures that when the federal government designates land for a particular use (e.g., a national park), it also implicitly reserves enough water to satisfy the primary purposes for which that park was created. To date, the federal government has only claimed federal reserved water rights for national parks in arid western states like Utah or Montana that follow a prior appropriation water regime (i.e., first-in-time, first-in-right). However, climate change and population growth along with increased agricultural, industrial, and municipal water usage have resulted in droughts that are severely affecting national parks in eastern states, such as South Carolina and Alabama. Unlike western states that typically follow a prior appropriation water regime, eastern states generally adhere to a riparian water regime, which presumes that sufficient water is available for all uses allowing all landowners abutting a water resource the “reasonable use” of that water. In times of water scarcity, therefore, riparian regimes are ill-suited to protecting water quantity in national parks.This article argues that because riparian regimes lack the robust regulatory mechanisms to efficiently protect water resources for national parks in the eastern United States, the National Park Service should claim federal reserved water rights for at-risk national parks in the East and negotiate federal-state agreements to preserve sufficient water for them.
Redefining Possessory Liens in Bankruptcy: Property, Contract, and What It All Means

Possessory liens are one of the long-established property rights acknowledged by the law. Under certain conditions, a creditor will be * Post-Doctoral Fellow, Lady Davis & The Harry and Michael Sacher Institute for Legislative Research and Comparative Law, The Hebrew University of Jerusalem; Ph.D. Candidate, Bar-Ilan University, Israel. Dissertation advisors: Prof. Assaf Hamdani & Prof. David Hahn. I would like to thank Haim Sandberg, Dov Solomon, the participants of the 2012 Israeli Law & Economics Association Conference (IDC, December 2012), and the Law Faculty's Doctoral Students and Junior Researchers' Workshop at the Hebrew University of Jerusalem for their helpful
The Case for Teaching Japanese Law at American Law Schools

Teaching Japanese law in American law schools may not currently rank as the single most important curriculum need to be filled, but as the relationship between the United States and Japan becomes increasingly complex and "legal" in nature, real knowledge of (not just exposure to) Japanese systems, including the legal system, will be an absolute necessity for any attorney engaged in a sophisticated practice in the United States. Furthermore, for any law student, comparing the role of law in any given society can be enlightening. In this age of creeping student consumerism, it is even more fundamental that law professors continue to push students to think the unthinkable and learn the apparently unlearnable. It is through such a process that a student's mind grows, which in turn develops the student's ability to think creatively and develop new methods of problem-solving. Toward these ends, studying Japanese law is unquantifiably beneficial.
Early to Rise? The Effect of Daily Start Times on Academic Performance.

Abstract Local school districts often stagger daily start times for their schools in order to reduce busing costs. This paper uses data on all middle school students in Wake County, NC from 1999 to 2006 to identify the causal effect of daily start times on academic performance. Using variation in start times within schools over time, the effect is a two percentile point gain in math test scores – roughly fourteen percent of the black–white test score gap. I find similar results for reading scores and using variation in start times across schools. The effect is stronger for students in the lower end of the distribution of test scores. I find evidence supporting increased sleep as a mechanism through which start times affect test scores. Later start times compare favorably on cost grounds to other education interventions which result in similar test score gains.
Persuasion and Resistance: The Use of Psychology by Anglo-American Corporate Governance Advocates in France

The Author argues that in the 1990s Anglo-American corporate governance became the dominant model for large, public firms in the international business world, and that corporate governance professionals relentlessly promoted and exported Anglo-American corporate governance throughout the developed and developing world. Contending that it is an appropriate time-if only because the U.S. recession and international hostilities have tempered the "irrational exuberance" of capital market proponents-to examine critically the advocacy of Anglo-American corporate governance, the Author proposes that an important part of the critical assessment is to explain the momentum of the dominant model: to understand why Anglo-American corporate governance appeared so persuasive and inevitable, and why other models were less compelling and pushed to the margins of the debate. The Author argues that corporate governance advocates used psychological factors to create this momentum. The Author bases his argument upon a study of how corporate governance advocates used psychological factors in public texts, French and non-French, influential in recent French corporate governance debates to make a psychologically persuasive case for the Anglo-American model. After presenting the results of the study, the Author explains that the study shows -that there is a need for policymakers to develop a better, more rational way of debating about corporate finance and * Professor and Associate Director, Center for the Study of International Business Law, Brooklyn Law School. Research on this Article was funded by a summer stipend from Brooklyn Law School, for which I thank Dean Joan Wexler. I am also grateful to Professor Larry Mitchell and fellow participants of the International Institute for Corporate Governance and Accountability at the George Washington University Law School and to the faculty of the University of Connecticut Law School for comments on an earlier version of the Article. © All rights reserved.
Valuing assets in retirement saving accounts

This paper compares the value of one dollar of an asset held in a tax-deferred account with one dollar of a similar asset held in a taxable account from the standpoint of providing future retiremen...
Health Care Institutions Under the National Labor Relations Act

This article reviews the right of employees to organize at workplaces including private non-profit hospitals. Cognizant of the special vulnerabilities of healthcare institutions to strikes, Congress amended the National Labor Relations Act, detailing obligations for contract negotiations notices, impasse resolution and case handling procedures, as well as strike notice requirements. This article considers the impact of the surge in organizing activity as these hospitals, and advises that the success of these amendments will be judged by the frequency and seriousness of strikes and their impact on patient care. The author advises that if unions and administrative personnel pursue responsible collective bargaining, the proper framework will exist for meaningful and peaceful labor relations in the health care industry.
Apartment Rents and Locations in Portland, Oregon: 1992-2002

This research examines changes in the apartment-rent gradient of Portland, Oregon from 1992 to 2002. The findings indicate that increased population growth has caused real increases in apartment re...
Courthouse, Statehouse, or Both? Redefining Institutional Roles in School Finance Reform

This Review discusses two new books that build upon the existing literature discussing remedies in school finance litigation. Both books - Courts and Kids (Rebell) and Schoolhouses, Courthouses, Statehouses (Hanushek and Lindseth) - make significant contributions to this literature. Hanushek and Lindseth are pessimistic about the role of courts in school finance reform, but are optimistic that school finance systems that hold school districts accountable for outcomes will provide a strong impetus for future legislative reform efforts across the nation. Rebell is less optimistic about legislatures and sees a broader role for courts, but he is confident that legislative solutions will only be effective if they are guided by a court’s use of both strong remedial principles and oversight. To harmonize the books' proposals, I propose a framework that leverages the strengths of both judicial and legislative oversight of school finance remedies.
FCC Authority to Regulate the Internet: Creating It and Limiting It

This short paper discusses the FCC's authority, under its so-called ancillary jurisdiction (under Title I of the Communications Act), to address competition problems that may arise in Internet markets. It is argued that the FCC likely does not have jurisdiction to address most Internet regulatory issues, because whatever expansive readings such ancillary jurisdiction has received in the past are no longer tenable. The paper proposes, instead, a new, limited statutory interconnection rule, which the FCC could enforce in limited ways in Internet markets. The paper also argues that, even if the FCC does have authority to develop its own common law of Internet regulation, a limited grant of statutory authority is a superior regulatory construct. The paper also argues that FCC administration of this proposed statute is superior to remitting all Internet interconnection problems to the common law processes of antitrust. Professor Philip Weiser's contribution to the same journal issue (also available on SSRN) takes a different, more expansive view of the FCC's ancillary jurisdiction.
The Takings Clause, Version 2005: The Legal Process of Constitutional Property Rights

The three takings decisions that the Supreme Court issued at the end of its October 2004 Term marked a stunning reversal of the Court's efforts during the past three decades to use the Takings Clause to define a set of constitutional property rights. The regulatory takings doctrine, which once loomed as a significant threat to the modern regulatory state, now appears after Lingle v. Chevron to be a relatively tame, if complicated, check on exceptional instances of regulatory abuse. At the same time, the Public Use Clause, formerly an inconsequential limitation on the state's eminent domain authority, now appears ripe for revision and tightening after a stirring four-justice dissent in Kelo v. City of New London and an enormous public protest decrying the majority decision. Notwithstanding this reversal, the 2005 decisions offer a coherent approach to Takings Clause enforcement - albeit one that is likely to frustrate commentators, theorists, and property rights advocates. More clearly than ever before, the Court in its 2005 decisions abandoned the difficult, if not impossible, task of providing a clear normative justification for the Takings Clause. Instead, its decisions reveal a marked preference for preserving and furthering its vision of an institutional system of governance - a jurisprudence that is focused on the question of who should decide rather than on the substantive issue of what should be decided, and that is committed to the passive virtue of deference. In short, the Rehnquist Court explicitly chose to adopt a legal process approach to takings. Because it privileges structure and process over explicit considerations of substantive legal and normative issues, this approach is unsatisfactory to property and constitutional theorists; because it defers to government decisions, it is maddening to property rights advocates; and because it is technocratic and abstract, it is unsatisfactory to the public. Given the prominence of the legal process approach to constitutional review of state regulatory action in the post-New Deal era, however, judicial passivity remains attractive, if unromantic, to judicial actors. Ultimately, recognizing the Court's shift away from defining constitutional property rights via the Takings Clause offers important descriptive and prescriptive insights into the future of takings law in the Roberts Court, especially if a majority of justices decide to tighten review of eminent domain actions or otherwise heighten judicial review under the Takings Clause.
Derman and Taleb's ‘The illusions of dynamic replication’: a comment

Derman and Taleb's ‘The illusions of dynamic replication’ (2005) makes two distinct points. (i) Real-world market conditions invalidate the Black–Scholes formula (that is, options priced with the B...
Risk-shifting, equity risk, and the distress puzzle

Abstract Higher default probabilities are associated with lower future stock returns. The anomaly cannot be explained by strategic shareholder actions, traditional risk factors, characteristics, or mispricing, but, instead, is consistent with a risk-shifting hypothesis. Consistent with the risk-shifting hypothesis, we find that distressed firms tend to overinvest, destroy value, and exhaust their cash flows. Effects are concentrated in firms with wide credit spreads, firms with no convertible debt, and in cases where CEOs receive above-average equity-based compensation. As default risk rises, credit spreads rise, equity betas fall, and equity returns fall.
Deploying Jupyter Notebooks at scale on XSEDE resources for Science Gateways and workshops

Jupyter Notebooks have become a mainstream tool for interactive computing in every field of science. Jupyter Notebooks are suitable as companion applications for Science Gateways, providing more flexibility and post-processing capability to the users. Moreover they are often used in training events and workshops to provide immediate access to a pre-configured interactive computing environment. The Jupyter team released the JupyterHub web application to provide a platform where multiple users can login and access a Jupyter Notebook environment. When the number of users and memory requirements are low, it is easy to setup JupyterHub on a single server. However, setup becomes more complicated when we need to serve Jupyter Notebooks at scale to tens or hundreds of users. In this paper we will present three strategies for deploying JupyterHub at scale on XSEDE resources. All options share the deployment of JupyterHub on a Virtual Machine on XSEDE Jetstream. In the first scenario, JupyterHub connects to a supercomputer and launches a single node job on behalf of each user and proxies back the Notebook from the computing node back to the user's browser. In the second scenario, implemented in the context of a XSEDE consultation for the IRIS consortium for Seismology, we deploy Docker in Swarm mode to coordinate many XSEDE Jetstream virtual machines to provide Notebooks with persistent storage and quota. In the last scenario we install the Kubernetes containers orchestration framework on Jetstream to provide a fault-tolerant JupyterHub deployment with a distributed filesystem and capability to scale to thousands of users. In the conclusion section we provide a link to step-by-step tutorials complete with all the necessary commands and configuration files to replicate these deployments.
Performance Anxieties: Shifting Public Administration from the Relevant to the Real

The article demonstrates that public administration is presently con stituted by an underlying discourse or social bond organizing knowl edge, affect, and social relations in a specific way. This organization reinforces relations of domination and the sentiment of dissatisfac tion, and ultimately frustrates the transformation of self-government and evacuates human subjectivity and desire. The demand for "rele vance" is part of this discourse. This article then presents a frame work for developing a new realism for public administration that hinges on a fundamental reformulation of the social bond or dis course. Drawing from the psychoanalytic theory of Jacques Lacan, this realism abandons the search for establishing public administra tion on a positive normative or scientific foundation and, instead, rearticulates the field from an ontology of the void or lack, what La can "the Real." The article concludes with a sketch of how adminis tration can shift from a concern with relevance to a different orientation towards the Real across its academic, pedagogical, and self-governmental relationships. A "struggle for the Real" is central to the future of governing.
Managerial perceptions of global pioneering advantage: Theoretical framework and empirical evidence in the U.S. and Korea

Abstract Managers form mental models of their business environment, and make strategic decisions based on these perceptions of reality. We study managerial perceptions of the competitive advantage gained by a pioneering firm. We expect that managers will make pioneering entry decisions based on their perceptions of pioneering advantages. Due to cross-national cultural and business environment differences, managers from different countries will employ different mental models and thus perceive the relative advantage of pioneering differently. Drawing from the literature on cultural influence on decision-making, we build a theoretical framework of perceived pioneering advantage in different cultural environments. From this framework, and from cultural differences that exist between the United States and South Korea, we derive hypotheses regarding expected cross-cultural perceptual differences. We test these hypotheses using samples of senior product managers from both countries. We find that some, but not all, of the principles of pioneering advantage empirically verified in North America are generalizable to the culturally-different South Korean business environment.
Scholars' Briefs and the Vocation of a Law Professor

This article examines the increasingly common phenomenon of “scholars’ briefs” in which collections of law professors appear as amici curiae in litigation before a court. Arguing that many professors compromise their integrity by joining such briefs too promiscuously, the article proposes standards that professors should insist upon before signing amicus briefs that they do not write. The article’s methodology involves comparisons among various roles that law professors sometimes play and the distinctive moral and ethical standards appropriate to each. Besides a thorough discussion of scholars’ briefs, the article includes broader analysis of law professors’ role-based ethical obligations. At least within the loosely defined domain of public law, requests to sign “scholars’ briefs”—in which collections of professors appear as amici curiae to support a party in litigation before a court—inundate law school faculty members with ever-increasing regularity. During the 2010 Term, in which the Supreme Court decided 82 cases (Harvard Law Review 2011), it received 57
Honesty in Managerial Reporting: Is It Affected by Perceptions of Horizontal Equity?

ABSTRACT: This study examines whether changes in salary and the horizontal equity of salary influence the degree of honesty in managerial reporting. The study makes a unique contribution by examining whether changes in honesty are different when they are in response to changes in an individual’s own salary than when they are in response to changes in the salary of his peers. The results showed that when horizontal equity was increased by increasing participant salary (with peer salary held constant), the change in honesty was significantly different than when horizontal equity was increased by decreasing peer salary (with participant salary held constant). However, when horizontal equity was decreased, the effect on honesty was about the same, whether the decrease was accomplished by decreasing participant salary or increasing peer salary. The study also showed that after controlling for effects associated with experience with the task and participants’ own salary changes, perceived changes in the horizon...
Why do firms rarely adopt IFRS voluntarily? Academics find significant benefits and the costs appear to be low

Kim and Shi (Rev Account Stud, doi: 10.1007/s11142-012-9190-y, this issue) document that voluntary IFRS adoption is associated with significant benefits and argue that the effect is causal—a conclusion that is similar to many published papers on IFRS adoption. Yet voluntary IFRS adopters constitute only a small percentage of the global population of firms, which implies that either practitioners behave irrationally or the benefits are incorrectly estimated by academics. In this discussion I argue that the error is on the part of academics, not practitioners, and that it is mainly due to the lack of exogenous variation in accounting standards. This conclusion is based on inconsistencies between the estimated benefits and costs of IFRS adoption, as well as the accounting standards choices of presumed rational managers. I also propose a contracting explanation for the capital market benefits around IFRS adoption in which managers behave rationally, but IFRS per se is not the cause.
Stent (or Dagger?) in the Heart of Town: Urban Freeways in Syracuse, 1944—1967

This is a case study of decision making on urban freeways in American cities using Syracuse, New York. Although many transportation decisions have affected this central New York city, among the most important are those surrounding the state and interstate highways through Syracuse (New York State Thruway and Interstates 81 and 690). The author traces important steps and events in the city's decisions to allow major highways to traverse the city center, decisions that had important effects on patterns of urban formation, growth, and decline. The case is another illustration of the importance of urban freeways in city history. Information sources are historical archives and secondary data. The case suggests that Syracuse falls into a class of cities whose fates are dependent to a great extent on major forces linked to the transportation sector but whose urban infrastructure decisions and growth patterns are not alike. These patterns are related to a set of interacting phenomena— from timing of transportatio...
Africa's nanofuture: the importance of regionalism

In the quest to be part of the global revolution in science, technology and innovation at the nano-scale (STI-NANO), African countries should cooperate on a regional basis. This paper discusses the problem of funding nanotechnology research in Africa and argues that regionalism as an overarching policy framework can help address the problem. The proposed policy approaches are evaluated based on affordability, resource mobility, awareness, acceptability and sustainability. The paper offers recommendations for Science, Technology and Innovation (STI) to secure a nanofuture for Africa.
A peek into a Pandora's box: Firm-level demand with price competition vs. quantity competition

Abstract An analytical method for inverting firm-level demand to obtain inverse demand while preserving the nature of the product is reviewed. Some simple numerical analysis then shows that inverse demand, compared with demand may be less price elastic, similar, or more price elastic as competition increases.
The unexamined death penalty: Capital punishment and reform of the model penal code

The American Law Institute has launched a revision of its Model Penal Code provisions on sentencing and punishment that will be comprehensive in almost all respects. Conspicuously missing from the new sentencing project, however, is any examination of the Model Penal Code's provisions on capital punishment. This Essay argues that a reexamination of capital punishment is both necessary and practical as part of the larger sentencing reform project. Avoiding the death penalty is unprincipled and would leave the Model Code's single weakest section standing while every other sentencing provision would be subject to scrutiny. Failure to consider capital punishment would also ignore forty years of radical change in both the penal policy of developed nations and the new vocabulary of concern that has redefined the death penalty as an issue of human rights and limits of government Power. Ignoring the death penalty would launch a reform effort that ignores the punishment for murder while rethinking everything else. Nothing short of terror at the political cost can explain this retreat from the natural boundaries of sentencing reform. Yet fears of a principled reexamination of section 210.6 are not well founded. The Institute could both take a principled position on the death penalty itself and also recommend minimum standards for capital cases where the penalty remains. To ignore the most visible and troubling aspect of American criminal justice is a much greater threat to the legitimacy of the Model Penal Code revision project than to confront it. Language: en
News sentiment to market impact and its feedback effect

Although market feedback on investor sentiment effect has been conceptually identified in the existing finance literature and investment strategies have been designed to explore this effect, there lacks systematic analysis in a quantified manner on such effect. Digitization of news articles and the advancement of computational intelligence applications have led to a growing influence of news sentiment over financial markets in recent years. News sentiment has often been used as a proxy for gauging investor sentiment and reflecting the aggregate confidence of the society toward future market. Previous studies have primarily focused on elucidating the unidirectional impact of news sentiment on market returns and not vice versa. In this study, we analyze more than 12 millions of news articles and document the presence of a significant feedback effect between news sentiment and market returns across the major indices in the US financial market. More specifically, we find that news sentiment exhibits a lag-5 effect on market returns and conversely market returns elicit consistent lag-1 effects on news sentiment. This aligns well with our intuition that news sentiment drives trading activity and investment decisions. In turn, heightened investment activity further stimulates involuntary responses, which manifest in the form of more news coverage and publications. The evidence presented highlights the strong correlation between news sentiment and market returns and demonstrates the benefits of advancing knowledge in data-driven modeling and its interaction with market movements.
Quality and trade

Abstract We present a model of trade in which similar countries trade more with each other than with very different countries. The reason is that high human capital countries have a comparative advantage at producing high quality goods, but are also rich enough to want to consume high quality. As a result, countries choose trading partners at a similar level of development, who produce similar quality products. The model helps account for the observed trade patterns, and sheds light on international income comparisons. It also helps explain recent concerns of Eastern European countries that they have ‘nothing to sell’ to the West.
Distortion of Justice: How the Inability to Pay Bail Affects Case Outcomes

This article uses a natural experiment to analyze whether incarceration during the pretrial period affects case outcomes. In Philadelphia, defendants randomly receive bail magistrates who differ widely in their propensity to set bail at affordable levels. Using magistrate leniency as an instrument, I find that pretrial detention leads to a 13% increase in the likelihood of being convicted, an effect largely explained by an increase in guilty pleas among defendants who otherwise would have been acquitted or had their charges dropped. I find also that pretrial detention leads to a 42% increase in the length of the incarceration sentence and a 41% increase in the amount of nonbail court fees owed. This latter finding contributes to a growing literature on fines-and-fees in criminal justice, and suggests that the use of money bail contributes to a “poverty-trap”: those who are unable to pay bail wind up accruing more court debt.
The Judicial Function: Justice Between the Parties, or a Broader Public Interest?

On October 10, 2000, 60 Minutes II, the CBS investigative news program, aired a segment about victims of defective Firestone tires with “belt separation” that caused the tires to shred without warning. The segment focused on Kim Van Etten, whose son Danny was killed when a Firestone tire separated. Ms. Van Etten accepted a settlement that required that she and her lawyer keep secret not only the amount of the settlement, but all the documents they had obtained during discovery. Van Etten accepted secrecy because her lawyer told her it would take
Inflation Thresholds and the Finance-Growth Nexus

Abstract The robustness of the cross-sectional relationship between the size of a country’s financial sector and its rate of economic growth is by now well established. In this article, we examine whether the strength of this relationship varies with the inflation rate. Using five-year averages of standard measures of financial development, inflation, and growth for 84 countries from 1960 to 1995, a series of rolling panel regressions show that there is an inflation threshold for the finance–growth relationship that lies between 13 and 25 percent. When inflation exceeds the threshold, finance ceases to increase economic growth. We also find that the level of financial depth varies inversely with inflation in low-inflation environments and that disinflation is associated with a positive effect of financial depth on growth.
Price theory as prophylactic against popular fallacies

The articles collected in Chicago Price Theory illustrate elements of continuity and change in the development of the Chicago School of Economics. The editors stress a continuity in the Chicago tradition that runs from Frank Knight to Gary Becker. Our contribution in this essay is to emphasize the discontinuity in the evolution of the Chicago price theory tradition. We argue that a logical continuity runs not from the Knight/Viner/Simons generation to the Friedman/Stigler/Becker generation, but to a branch of the Chicago tradition best exemplified by the Alchian/Buchanan/Coase generation of Chicago price theory. The continuity we stress is understanding price theory as a study of market adjustment and adaptation under alternative institutional arrangements.
Sudden oil price changes: the effect on US gasoline demand

This paper investigates the effect of gasoline price changes, due to supply shocks and large price rises, on gasoline consumption, as reflected in the price elasticity of demand.
Product Line Design for Consumer Durables: An Integrated Marketing and Engineering Approach

Abstract Product line design for consumer durables often relies on close coordination between marketing and engineering domains. Product lines that evolve as optimal from marketers' perspective may not be optimal from an engineering viewpoint, and vice versa. Although extant research has proposed sophisticated techniques to handle problems that characterize each individual domain, the majority of these developments have not addressed the interdependent issues across marketing and engineering. The author presents a product line optimization method that enables managers to simultaneously consider factors deemed important from both marketing and engineering domains. One major advantage of this method is that it takes into account the strategic reactions from the incumbent manufacturers and the retailer in the design of the product line. The author demonstrates in a simulation study that this method is applicable to problems with a reasonably large scale. Using data collected in a power tool development proje...
Prospects for Constitutionalization of the WTO

This paper seeks to evaluate the prospects for constitutional reform of the WTO by drawing on the broader literature on constitutionalization. In particular, it argues that constitutionalization implies a coherent civil society, linked to the constitutionalized entity via democratic politics. While there may be an emergent global civil society around international trade, there is no framework for democratic politics. Thus, constitutional reform seems problematic.
Rules-based accounting standards and litigation

ABSTRACT: Some claim that rules-based accounting standards shield firms from litigation, while others argue that violations of detailed rules give plaintiffs a “roadmap” to successful litigation. We inform this debate by investigating whether rules-based standards are associated with the incidence and outcome of securities class action litigation. Overall, our results suggest that rules-based standards are associated with a lower incidence of litigation but are not associated with litigation outcomes. These results are of interest in the debate regarding the switch from a more rules-based U.S. GAAP to a more principles-based IFRS. JEL Classifications: K22, K41, M41.
Instability of superfluid flow in the neutron star core

Pinning of superfluid vortices to magnetic flux tubes in the outer core of a neutron star supports a velocity difference of ∼105 cm s−1 between the neutron superfluid and the proton–electron fluid as the star spins down. Under the Magnus force that arises on the vortex array, vortices undergo vortex creep through thermal activation or quantum tunnelling. We examine the hydrodynamic stability of this situation. Vortex creep introduces two low-frequency modes, one of which is unstable above a critical wavenumber for any non-zero flow velocity of the neutron superfluid with respect to the charged fluid. For typical pinning parameters of the outer core, the superfluid flow is unstable over wavelengths λ≲ 10 m and over time-scales of ∼(λ/1 m)1/2 yr down to ∼1 d. The vortex lattice could degenerate into a tangle, and the superfluid flow would become turbulent. We suggest that superfluid turbulence could be responsible for the red timing noise seen in many neutron stars, and find a predicted spectrum that is generally consistent with observations.
Is There Safety in Numbers? The Effects of Forecast Accuracy and Forecast Boldness on Financial Analysts' Credibility with Investors*

This paper reports the results of an experiment that examines how analyst forecast accuracy (i.e., how close an analyst's forecast is to realized earnings) and forecast boldness (i.e. how far the analyst's forecast is from the consensus forecast) affect the analyst's perceived credibility and investors' willingness to rely on and purchase the analyst's future reports. We hypothesize and find that forecast boldness magnifies the effect of forecast accuracy on these variables. That is, analysts who provide accurate, bold forecasts experience more positive consequences than those who provide accurate, non-bold forecasts, and analysts who provide inaccurate, bold forecasts experience more negative consequences than those who provide inaccurate, non-bold forecasts. We also find that these effects are not symmetric - the negative consequences of being bold and inaccurate exceed positive consequences of being bold and accurate. Our results are not sensitive to the level of the analyst's prior reputation.
Patriotism and Taxation: The Tax Compliance Implications of the Tea Party Movement

This article considers the factors that contribute to developing a self-sustaining taxpaying ethos in a society, with a focus on understanding those factors using a social contract framework. Given the rise of the Tea Party movement, which carries on the historical linkage between patriotism and tax protests in the United States, the role of patriotism as a general tax compliance factor is examined in light of the extant empirical evidence. The existing research suggests that patriotism may be a weaker tax compliance factor in the United States than elsewhere. In light of this possibility, the Tea Party movement has the potential to weaken this factor even more. Further, the Tea Party movement presents other challenges for the legitimacy of the tax system that could ultimately unbalance the taxpaying ethos in the United States. In order to strengthen the impact of patriotism on tax compliance, and lessen any adverse impact of the Tea Party movement on the country’s taxpaying ethos, the government should take steps to disentangle American patriotism from its anti-tax roots. Important first steps in this regard are outlined in the article, including the creation of a voluntary “Patriotic Remittance Tax”. Making such changes will strengthen the bond between taxpayers and the government and help promote a vision of American patriotism that is positively associated with taxation rather than being antithetical to it.
IPO underpricing and international corporate governance

It is well established that a link exists between a country's legal system and the size, liquidity, and value of its capital markets. We study how differences in country-level governance affect the underpricing of initial public offerings (IPOs). Examining 4462 IPOs across 29 countries from 2000 to 2004, we find the surprising result that underpricing is higher in countries with corporate governance that strengthens the position of investors relative to insiders. We conjecture that when countries give outsiders more influence, IPO issuers underprice more to generate excess demand for the offer, which in turn leads to greater ownership dispersion and reduces outsiders’ incentives to monitor the behavior of corporate insiders. In other words, underpricing is a cost that insiders pay to maintain control in countries with legal systems designed to empower outsiders. Consistent with this control motivation for underpricing, we find that underpricing has a negative association with post-IPO outside blockholdings and a positive association with private control benefits. In addition, firms whose insiders are entrenched either by majority ownership or by dual-class structures do not underprice more in countries with better governance. In these firms the ownership structure protects managers from outside influence, eliminating the incentive to increase outside ownership dispersion through underpricing.
Tax neutrality and the social discount rate: A suggested framework

Abstract There are few problems in tax analysis which have generated as much study and discussion among economist as the question of how to formulate ‘neutral’ tax incentives for investment. Yet no consensus has been reached concerning the proper approach to take when adjusting taxes. Comparing the two fundamental notions of neutrality found in the literature, referred to here as Present Value Rules and Internal Rate of Return Rules, we argue that, to the extent that neutrality is a useful concept, only the latter of these approaches makes sense in terms of achievement of production efficiency.
Preserving Monumental Landscapes Under the Antiquities Act

This article examines the Antiquities Act, a 1906 statute that delegates authority to the President to establish national monuments on federal lands for the protection of prehistoric structures and relics. This modest statute, originally a scant one page in length, has set off a century of intermittent controversy that its drafters could not have anticipated. Although Congress probably intended that the statute merely protect archaeological ruins from looting by treasure hunters, presidents quickly began to utilize the statute to preserve large natural landscapes -- ranging from President Theodore Roosevelt's establishment of the 800,000 acre Grand Canyon National Monument in 1908, to President Clinton's reservation of about five million acres of national monuments from 1996-2001. Some outraged politicians and observers have called for the repeal of the Act and the reversal of executive monument designations. This Article contends that the controversy over the Act is illustrative of a larger phenomenon -- the philosophical view that human culture is distinct from nature. The article argues that it is time to abandon the rigid legal wall between nature and culture, and to validate explicitly almost a century of past practice preserving large natural areas of historic and scientific significance -- "monumental landscapes" -- as antiquities.
Protecting the Institutional Investor- Jungle Predator or Shorn Lamb?

One of the most striking developments in financial markets during the latter half of this century has been the growing dominance of the institutional investor. The expanding role of large, institutional investors has been accompanied by demands for lessened regulation of these entities, because institutions are said to have the sophistication to protect themselves from fraud and overreaching. Consequently, many institutional traders have been freed of the regulatory shackles imposed in markets where the proverbial widows and orphans invest. The result amounts to a virtual two-track regulatory system: one set of rules governs trading by sophisticated institutions, and another more restrictive set of rules governs trading by unsophisticated “retail” customers.Recent events have called into question the appropriateness of this two-track system. Many institutions trading in highly complex over-the-counter derivative instruments have suffered staggering losses. Some of these institutions now claim that they did not have the ability to appreciate the risks of derivative instruments. They further assert that banks or other firms who sold them did not take into account the institutions' lack of suitability. This Article examines the regulatory and legal issues raised by such claims. It proposes some limited measures to better assure that institutions trading in derivative instruments have the requisite expertise to understand the risks involved. These proposals seek to assure that, once an institution accepts the regulatory benefits of institutional status, the derivative dealers with whom it transacts will be protected from after-the-fact claims that the institution lacked knowledge and sophistication. Part I of the Article traces the growth of the institutional investor and the development of a two-track regulatory system for institutional and retail investors. Part II examines the phenomenon of claims by “unsophisticated” institutions who assert that they were sold unsuitable investments or that they were not otherwise protected from substantial losses. Part III of the Article then proposes some solutions to the dilemma of the unsophisticated institution. Specifically, the Article proposes a risk disclosure document requirement. This requirement would preserve the efficiencies of a two-track regulatory system, while assuring that end users of derivatives are aware of the risks they are facing and that dealers are on notice as to the level of sophistication of the institution with which they are dealing.
A simple proof of the nonconcavifiability of functions with linear not-all-parallel contour sets☆

Abstract Consider a real-valued function that, on a convex subset of a real vector space, is continuous on line segments and has convex contour sets. Inspired by a compelling intuitive argument due to Aumann (1975), we provide a simple proof that no strictly increasing transformation of such a function can be concave unless all contour sets are parallel , i.e., unless for every pair of contour sets, either their affine hulls are disjoint or one of their affine hulls contains the other.
Comparison of Correlation Measures for Nominal Data

In social sciences, a plethora of studies utilize nominal data to establish the relationship between the variables. This, in turn, requires the correct use of correlation technique. The choice of c...
HEALTH INSURANCE COVERAGE AND ENTREPRENEURSHIP

This article estimates the importance of health insurance coverage on the probability of self-employment. Using data from the 1993 Current Population Survey (CPS), the author focuses on the impact of having health insurance through one's spouse on the likelihood of self-employment. The best estimates suggest that a guaranteed alternative source of health insurance would increase the probability of self-employment between 23 and 4.4 percentage points for husbands and 1.2 and 4.6 percentage points for wives. The author's more conservative estimates suggest that universal coverage could increase the percentage of self-employed in the workforce by 2 to 3.5 percentage points.
The Microfoundations of Standard Form Contracts: Price Discrimination vs. Behavioral Bias

Standard form contracts, or contracts of adhesion, appear to provide contradictory evidence for the operation of bargaining in the markets where they are common. Non-negotiated contract terms that seemingly benefit sellers to the detriment of buyers call into question the efficiency implications of the Coase Theorem, which forms the foundation of positive law and economics. Proponents of the behavioral school of law and economics have suggested that behavioral biases, observed in experimental contexts, provide the most plausible explanation for standard form contracts. However, price discrimination might provide a more parsimonious explanation for abusive terms in contracts. If there is heterogeneity in the value consumers place on time, individuals will have differing propensities to bargain over individual terms, allowing sellers to extract greater surplus from high time value people through standard form contracts, while allowing low time value people to change individual contract terms. One of the major virtues of this explanation (and of standard economic theory in general) is that it generates testable hypotheses about cross-sectional variation. Specifically, the likelihood of a seller offering a standard form contract should increase: 1) as consumer heterogeneity increases; and 2) as arbitrage becomes increasingly costly.
In a World Without Borders: The Impact of Taxes on Internet Commerce

The rapid rise in sales over the Internet and the fact that most Internet buyers pay no sales tax has ignited a considerable debate over taxes and the Internet. This paper uses new data on the purchase decisions of approximately 25,000 online users to examine the effect of local sales taxes on Internet commerce. The results suggest that, controlling for observable characteristics, people living in high sales taxes locations are significantly more likely to buy online. The results are quite robust and cannot be explained by unobserved technological sophistication, shopping costs, or other alternative explanations. The magnitudes in the paper suggest that applying existing sales taxes to Internet commerce might reduce the number of online buyers by up to 24 percent.