cssi/SciSciGPT-SciSciNet huggingface dataset:
Does inventor ownership encourage university research-derived entrepreneurship? A six university comparison

Abstract This paper examines whether university ownership of inventions made by its personnel best serves the widely held social goals of encouraging technology commercialization and entrepreneurship. Using a hand-collected census of technology-based university spin-offs from six universities, one of which is the University of Waterloo and the only inventor ownership university in North America, we compare the number and type of spin-offs produced by these universities. We find suggestive evidence that inventor ownership universities can be more efficient in generating spin-offs on both per faculty and per R&D dollar expended perspective. We find that the field of computer sciences and electrical engineering generates a greater number of spin-offs than do our other two categories – the biomedical sciences, and the field of engineering and the physical sciences. In general, our results demonstrate that inventor ownership can be extremely productive of spin-offs. From these results, we suggest that governments seeking to encourage university invention commercialization and entrepreneurship should experiment with an inventor ownership system.
Natural Law, Slavery, and the Right to Privacy Tort

In 1905 the Supreme Court of Georgia became the first state high court to recognize a freestanding “right to privacy” tort in the common law. The landmark case was Pavesich v. New England Life Insurance Co. Must it be a cause for deep jurisprudential concern that the common law right to privacy in wide currency today originated in Pavesich’s explicit judicial interpretation of the requirements of natural law? Must it be an additional worry that the court which originated the common law privacy right asserted that a free white man whose photograph is published without his consent in a city newspaper is like a slave in bondage? I argue that the jurisprudence of Pavesich need not be troubling. Pavesich’s natural law argument was supplemented by several positive law arguments. The positive law arguments were a strong enough basis for finding a right to privacy in the common law, as indeed Samuel Warren and Louis Brandeis had previously argued. The observation that the Pavesich court’s natural law argument ran alongside positivistic arguments suggests that the arresting, high-toned natural law and slavery appeals in Pavesich are inessential rhetorical throwaways. But I maintain that the natural law argument and slavery analogy features of Judge Andrew Jackson Cobb’s opinion extolling the “liberty of privacy” are (1) of critical importance to a full contextual understanding of the decision and (2) illuminate the contemporary case for recognizing invasions of privacy as civil injuries to freedom and self-determination. One can poke holes in the logic of Thomas Aquinas and John Locke as scholars have done for centuries. But one can as easily choose to celebrate the spirit of the natural law tradition. The natural law tradition represents efforts rhetorically, rationally, and intuitively to derive principles of justice and goodness from basic facts about human characteristics, needs, and desires, where otherwise binding sovereign law may fall short.
Public finance in models of economic growth.

financing of government consumption purchases with an income tax, and monopoly pricing of new types of capital goods. Tax incentives for investment are not called for if the private rate of return on investment equals the social return. This situation applies in growth models if the accumulation of a broad concept of capital does not entail diminishing returns, or if technological progress appears as an expanding variety of consumer products. In growth models that incorporate public services, the optimal tax policy hinges on the characteristics of the services. If the public services are publicly-provided private goods, which are rival and excludable, or publicly-provided public goods, which are non-rival and nonexcludable, then lump-sum taxation is superior to income taxation. Many types of public goods are subject to congestion, and are therefore rival but to some extent non-excludable. In these cases, income taxation works approximately as a user fee and can therefore be superior to lump-sum taxation. In particular, the incentives for investment and growth are too high if taxes are lump sum. We argue that the congestion model applies to a wide array of public expenditures, including transportation facilities, public utilities, courts, and possibly national defence and police. The recent literature on endogenous economic growth has provided some insights into why countries grow at different rates over long periods of time. In some of these models, the government's choices of tax rates and expenditure levels influence the long-term growth rates. The present paper discusses these types of fiscal effects within a variety of models that can generate long-term growth endogenously. The models that we consider assume a closed economy and share a common perspective with respect to household choices on consuming and saving. We begin with the standard model of the representative, infinite-lived household, which seeks to maximize overall utility, as given by
International Evidence on Cash Holdings and Expected Managerial Agency Problems

This paper uses detailed firm-level managerial agency cost data for a sample of over 5000 firms from 31 countries to examine whether the net costs of corporate cash holdings can outweigh the net benefits. In contrast to extant U.S. and international results, we find strong evidence that when external country-level governance is weak, outside shareholders apply a valuation discount to high cash balances carried by firms whose managers are also expected to be entrenched, but do not discount high cash levels in general. Further, in a weak external governance setting we find that dividend payments are valuable for firms whose managers are expected to be entrenched, indicating that dividends are an informative indicator of good governance when investors are least protected. Only when external governance is strong do we find that high cash holdings by entrenched managers are not associated with lower firm values, consistent with the prevailing U.S. and international evidence.
The Taxation of Fuel Economy

Executive SummaryPolicy makers have instituted a variety of fuel economy tax policies—polices that tax or subsidize new vehicle purchases on the basis of fuel economy performance—in the hopes of improving fleet fuel economy and reducing gasoline consumption. This article reviews existing policies and concludes that while they do work to improve vehicle fuel economy, the same goals could be achieved at a lower cost to society if policy makers instead directly taxed fuel. Fuel economy taxation, as it is currently practiced, invites several forms of gaming that could be eliminated by policy changes. Thus, even if policy makers prefer fuel economy taxation over fuel taxes for reasons other than efficiency, there are still potential efficiency gains from reform.
America’s neglected debt to the Dutch, an institutional perspective

America’s early constitutional development owes a good deal to the experience and policies of the Dutch republic. Many of the parallels are direct: In the late 16th century, the Dutch fought a successful war to secede from a major empire. They wrote a declaration of independence and adopted a federal model of Republican governance almost exactly two hundred years before the Americans. Somewhat later, the Dutch republic and its political institutions subsequently inspired and protected enlightenment scholars. Its leading political family and army played a crucial role in curtailing English absolutism in England and in England’s American colonies, and its federal template provided a model for early American institutions.
Formalizing Gratuitous And Contractual Transfers: A Situational Theory

By tradition, gifts, wills, and contracts are formalized according to protocols established within each legal category. This Article examines the policies that underlie these “formalizing rules” and concludes that the utility of those rules depends fundamentally on the background conditions under which a gift, will, or contract occurs. Those background conditions, rather than the category into which the transfer falls, dictate the optimal formalizing rule for a transfer. In light of this observation, this Article proposes an integrated approach to formalizing rules that varies the required formalities for a transfer on the basis of situational criteria rather than the prevailing categorical ones.  Professor of Law, University of San Diego. M.A. (1979), J.D. (1982), Ph.D. (1987) Yale University. My thanks to William Baude, David Horton, Grayson McCouch, and auditors at faculty colloquia at the University of California, Davis School of Law, Florida State University College of Law, and Loyola Law School, Los Angeles, and at a meeting of the Legal Education Committee of ACTEC, for helpful comments. Washington University Open Scholarship 798 WASHINGTON UNIVERSITY LAW REVIEW [VOL. 91:797
Intergroup Contact in the Wild: Characterizing Language Differences between Intergroup and Single-group Members in NBA-related Discussion Forums

Intergroup contact has long been considered as an effective strategy to reduce prejudice between groups. However, recent studies suggest that exposure to opposing groups in online platforms can exacerbate polarization. To further understand the behavior of individuals who actively engage in intergroup contact in practice, we provide a large-scale observational study of intragroup behavioral differences between members with and without intergroup contact. We leverage the existing structure of NBA-related discussion forums on Reddit to study the context of professional sports. We identify fans of each NBA team as members of a group and trace whether they have intergroup contact. Our results show that members with intergroup contact use more negative and abusive language in their affiliated group than those without such contact, after controlling for activity levels. We further quantify different levels of intergroup contact and show that there may exist nonlinear mechanisms regarding how intergroup contact relates to intragroup behavior. Our findings provide complementary evidence to experimental studies in a novel context and also shed light on possible reasons for the different outcomes in prior studies.
SOCIAL INTERACTIONS IN LARGE NETWORKS: A GAME THEORETIC APPROACH

This article studies estimation of social interactions in a large network game, where all observations come from one single equilibrium of a network game with asymmetric information. Simple assumptions about the structure are made to establish the existence and uniqueness of the equilibrium. I show that the equilibrium strategies satisfy a network decaying dependence condition requiring that dependence between two players' decisions decay with their network distance, which serves as the basis for my statistical inference. Moreover, I establish identification and propose a computationally feasible and efficient estimation method, which is illustrated by an empirical application of college attendance.
Hunting and Morality as Elements of Traditional Ecological Knowledge

Contemporary subsistence hunting practices of North American Indians have been questioned because of hunters' use of modern technologies and integration of wage-based and subsistence livelihoods. Tribal traditional ecological knowledge (TEK) has been questioned on similar grounds and used as justification for ignoring tribal perspec- tives on critical natural resource conservation and develop- ment issues. This paper examines hunting on the Lac du Flambeau Indian Reservation in North Central Wisconsin, USA. The study used semi-structured interviews with hunt- ers from the reservation to document their contemporary hunting practices and the traditional moral code that informs their hunting-related behaviors and judgments. Subsistence hunting is framed in the context of TEK and attention focused on the interplay between TEK's practical and moral dimensions. Results indicate the importance of traditional moral codes in guiding a community's contemporary hunt- ing practices and the inseparability and interdependence of epistemological, practical, and ethical dimensions of TEK.
Demand Effects in Survey Experiments: An Empirical Assessment

Survey experiments are ubiquitous in social science. A frequent critique is that positive results in these studies stem from experimenter demand effects (EDEs)—bias that occurs when participants infer the purpose of an experiment and respond so as to help confirm a researcher’s hypothesis. We argue that online survey experiments have several features that make them robust to EDEs, and test for their presence in studies that involve over 12,000 participants and replicate five experimental designs touching on all empirical political science subfields. We randomly assign participants information about experimenter intent and show that providing this information does not alter the treatment effects in these experiments. Even financial incentives to respond in line with researcher expectations fail to consistently induce demand effects. Research participants exhibit a limited ability to adjust their behavior to align with researcher expectations, a finding with important implications for the design and interpretation of survey experiments.
Does Officer Race Matter

Do racial profiling tactics differ by officer race? The literature has relied on a test based on hit rates in vehicle searches to answer this question. This paper instead argues for a test based on patrol officers’ stop rates since it is less manipulable by officers, requires fewer assumptions, and includes all officer–citizen interactions. I compare these two methods of testing for discrimination using detailed data from Oakland, California. The hit rate test concludes that officer race does not matter on average or within neighborhoods. In contrast, the stop rate test concludes that officer race does matter within neighborhoods, and further suggests that the same officers discriminate in favor of their own race in some neighborhoods, yet against their own race in other neighborhoods. The contradictory nature of this discrimination suggests that it is more likely driven by information than animus.
Substantive Due Process by Another Name: Koontz, Exactions, and the Regulatory Takings Doctrine

Koontz v. St. Johns Water Management District (2013) completes the move that the Court’s 2005 decision in Lingle v. Chevron U.S.A. Inc.13 began, rendering the exactions decisions in Nollan, Dolan, and now Koontz, as conceptually and practically outside of the federal constitutional takings realm entirely, and existing in the astral realm, known as unconstitutional conditions. There, the exactions tests for nexus and proportionality can float free from the textual and remedial constraints that the Fifth Amendment, at least nominally, imposes on the regulatory takings doctrine. From that distant point, Nollan and Dolan should have little effect on the core regulatory takings tests—but they will, now, after Koontz, cause some considerable challenges for state and lower federal courts, especially when they must fashion a remedy besides the just compensation that the Fifth Amendment requires for a taking. We cannot know the effects that Koontz will have on land use regulation, although we can expect that they will vary across jurisdictions and, like Nollan and Dolan, will, in some instances lead to more regulation and in others, lead to less.
Best foot forward or best for last in a sequential auction

Should a seller with private information sell the best or worst goods first? Considering the sequential auction of two stochastically equivalent goods, we find that the seller has an incentive to impress buyers by selling the better good first because the seller's sequencing strategy endogenously generates correlation in the values of the goods across periods. When this impression effect is strong enough, selling the better good first is the unique pure-strategy equilibrium. By credibly revealing to all buyers the seller's ranking of the goods, an equilibrium strategy of sequencing the goods reduces buyer information rents and increases expected revenues in accordance with the linkage principle.
Toward a Sustainable Email Marketing Infrastructure

Abstract Email marketing is a legitimate, lucrative, and widely used business tool that is in danger of being overrun by unwanted commercial email (also known as spam). Conventional approaches to maintaining the robustness of legitimate email attack pieces of the problem. In contrast, this article asserts that the email marketing infrastructure is a complex system requiring holistic analysis. In order to understand the underlying dynamics of the spam industry and to examine alternative mitigation strategies, the article develops a system dynamics model. The modeling process reveals that the system conforms to the limits-to-growth generic structure. Simulations suggest that filtering may have the unintended consequence of increasing the global amount of spam. The unexpected increase comes about because better filters can actually assist spammers by abating an information deficit.
Chutes or Ladders? A Longitudinal Analysis of Immigrant Earnings

I use longitudinal earnings data from Social Security records to study the effect of selective emigration on the measured progress of immigrants to the United States. The immigrant-native earnings gap closes by 10–15 percent during immigrants’ first 20 years in the United States, or about half as fast as typical estimates from repeated cross sections of the decennial census. The divergent results indicate that emigration by low-wage immigrants has systematically led past researchers to overestimate the wage progress of immigrants who remain in the United States. Selective back-and-forth migration also leads typical estimates to overstate the measured decline in earnings among successive immigrant arrival cohorts between 1960 and 1980.
Fighting the forces of gravity – Seapower and maritime trade between the 18th and 20th centuries

How have large naval powers affected international commerce in history? Using a panel gravity model, we investigate the interactions of wars, alliances, naval power and trade from the 18th to mid-20th centuries. Striking an alliance with a naval power helps a country’s interstate commerce. Fighting a naval power on the other hand limits a country’s interstate commerce. Further, we split this effect on trade between an extensive effect (effect on a country’s trade when fighting a naval power) and an intensive effect (effect of that power gaining more naval strength). We conclude that the intensive effect is a powerful one – large navies have historically been destroyers of trade when mobilized to combat.
The Supreme Court and Percolation in the Lower Courts: An Optimal Stopping Model

We examine how the Supreme Court learns from lower court decisions to evaluate new legal issues. We present a theory of optimal stopping in which the Court learns from successive rulings on new issues by lower courts but incurs a cost when lower courts come into conflict with one another. The Court faces a strategic trade-off between allowing conflict to continue while it learns about a new legal issue and intervening to end a costly conflict between the lower courts. We evaluate how factors such as the quality of lower courts, the distribution of judicial preferences, and the timing of the emergence of conflict affect how the Court weighs this trade-off. We provide empirical evidence that supports one of the theory’s novel predictions: the Court should be more likely to end a conflict immediately when it emerges after several lower courts have already weighed in on a new legal issue.
Broadband Openness Rules Are Fully Justified by Economic Research (

This paper is an outgrowth of the filings in the FCC's broadband openness proceeding that focused on the issue of networks neutrality. Newly available data confirm that competition in the broadband access marketplace is limited. Wireless broadband access services are unlikely to act as effective economic substitutes for wireline broadband access services and instead are likely to act as a complement. Nor will competition in the Internet backbone marketplace constrain "last mile" broadband access providers. The last mile's concentrated market structure, combined with high switching costs, provides these providers with the ability to engage in practices that will reduce social welfare in the absence of open broadband rules. Allowing broadband providers to charge third party content providers will not necessarily result in lower prices being charged to residential Internet subscribers. The effect of open broadband rules on broadband provider revenues is likely to be small and can be either positive or negative. Price discrimination by broadband providers against third party applications and content providers will reduce societal welfare for numerous reasons. This reduction in societal welfare is especially acute when price discrimination is taken to the extreme of exclusive dealing imposed on content providers. Antitrust and consumer protection laws are insufficient to protect societal welfare in the absence of open broadband rules.
Relevance of U.S.-GAAP for Japanese companies

Abstract We use differences in U.S.-GAAP and Japanese-GAAP accounting measures to evaluate the value-relevance of U.S.-GAAP reports. We show data provided in U.S.-GAAP financial statements of Japanese firms is value-relevant beyond that contained in domestic-GAAP statements. Our results complement extant research and support the proposition that U.S. reporting methods provide value-relevant data. Understanding the value-relevance of data from Japanese firms is important in its own right because of the major role these firms play in intenational markets. We also provide evidence on significant transnational firms that voluntarily provide U.S.-GAAP statements.
Buying/Selling Price Preference Reversals: Preference for Environmental Changes in Buying versus Selling Modes

Abstract Many studies have shown that the most people are willing to pay to obtain an object often is significantly less than the least they will accept to relinquish the object (i.e., selling prices tend to be higher than buying prices). Most tests of the buying/selling price discrepancy have elicited values either for everyday market items (e.g., mugs, candy bars) or for environmental changes (e.g., a decrease in air quality, a landfill clean-up). The literature indicates a possible interaction between buying/selling prices and commodity type; buying/selling price differences seem greater for environmental improvements than for market items. In other words, people show more relative preference for environmental improvements in selling modes than they do in buying modes. A significant difference in preference due to elicitation mode is commonly termed a "preference reversal." The four experiments presented here establish this new preference reversal and examine the reasons for it. The results from these studies provide information about the nature of preference reversals, the valuation process as a whole, and the unique problem of valuing complex and risky items such as environmental changes.
The Law and Economics of Consumer Debt Collection and Its Regulation

This article reviews the law and economics of consumer debt collection and its regulation a topic that has taken on added urgency in light of the announcement by the Consumer Financial Protection Bureau that it is considering new regulations on the subject. Although stricter regulation of permissible debt collection practices can benefit those consumers who are in default and increase demand for credit by consumers, overly-restrictive regulation will result in higher interest rates and less access to credit for consumers, especially higher-risk consumers. Regulation of particular practices may also have the unintended consequence of providing incentives for creditors to more rapidly escalate their efforts to more aggressive collection practices, including litigation. Finally, the CFPB should take care to avoid imposing disproportionate regulatory burdens on small firms that would reduce competition and promote further consolidation of the industry. Therefore, before enacting any new regulations, the CFPB should be careful to ensure that the marginal benefits to consumers and the economy of new regulations exceeds any costs arising from unintended consequences. JEL codes: D11, D12, D14, D18, G28
The Politics of Self–Restraint: FDI Subsidies and Japanese Mercantilism

Home governments seek to enhance the international competitiveness of private enterprises not only through export credit, but also through preferential loans for foreign direct investment (FDI). Indeed, contrary to the common image of nation-states resenting their loss of jurisdiction over the mobile transnational corporation, some governments have become active financiers of multinational investment to serve their industrial policy goals. The uneven use by industrialized states of preferential credit to further MNC expansion challenges the current characterization of home government policy as both homogenous and ineffective for the task of industrial promotion. The world's most active state in FDI finance, Japan, has enjoyed an inordinate degree of freedom to engage in subsidization of MNC investment since no international regime on FDI credit, similar to the OECD arrangement on government export finance, exists. Moreover, Japanese labor has not challenged the legitimacy of state FDI finance. In the absence of international or societal constraints on soft FDI credit, Japanese self-restraint in FDI subsidization is better explained by the internal budgetary makeup of government financial institutions with a mandate to finance FDI. Treasury bureaucrats concerned with healthy public finances and politicians eager to reward core support groups, have repeatedly competed for control over the budgetary strings on soft FDI finance. This political contest is far from over. This paper, therefore, highlights the political agency behind rules of financial discipline that have so far inhibited Japanese rent-seeking international economic behavior.
Managerial economics and operating beta

We model a firm's unlevered beta in terms of elementary microeconomic variables. The source of uncertainty is a shock to demand. A firm decides on capital before the shock, and on labor, output, and price after the shock. Some insights are: (1) with decreasing returns to scale of production, beta has an inverse relation with price elasticity of demand, given the income elasticity of demand; (2) beta has a direct relation with the firm's returns to scale of production; (3) due to the impact of operating leverage, beta has an inverse relation with industry concentration; and (4) for a given returns to scale, beta has a direct relation with the capital–labor ratio that strengthens as industry concentration decreases. Copyright © 2011 John Wiley & Sons, Ltd.
Authors, Editors, and Uncommon Carriers: Identifying the Speaker within the New Media

First Amendment analysis has historically depended on whether a party is a speaker, an editor, or a carrier. With communications technology rapidly evolving, determining which category is appropriate becomes increasingly complex, and ascertaining the First Amendment protections that are applied to various actors in the process of diffusing ideas becomes difficult. This article looks to the historical treatment of the First Amendment rights of speakers, editors, and distributors. This article traces the Supreme Court’s treatment of speech regulations on new technologies, from telegraph and telephone regulations to the seminal Turner Broadcast System, Inc. v. FCC case that created rules for regulating speech in the cable industry. Using this historical basis, the article creates a framework for analyzing First Amendment issues and the new media technologies. Carriers that have the ability to control access to essential pathways of communications can be subject to content-neutral regulation designed to encourage carriage of a diversity of information sources. Governments, however, are not permitted to turn private carriers into authorized censors of the speakers they carry. Finally, liability rules for distributors must be sensitive to the ease with which distributors can be deterred from carrying the controversial speech of others. Carriers should only be liable if they are active participants in illegal speech or if they have been informed that an independent tribunal has determined the speech to be unprotected.
Productive Intolerance: Godly Nationalism in Indonesia

Since democratization, Indonesia has played host to a curious form of ethnic conflict: militant vigilante groups attacking a small, socially marginal religious sect called Ahmadiyah. While most scholars attribute the violence to intolerance by radicals on the periphery of society, this article proposes a different reading based on an intertwined reconfiguration of Indonesian nationalism and religion. I suggest that Indonesia contains a common but overlooked example of “godly nationalism,” an imagined community bound by a shared theism and mobilized through the state in cooperation with religious organizations. This model for nationalism is modern, plural, and predicated on the exclusion of religious heterodoxy. Newly collected archival and ethnographic material reveal how the state's and Muslim civil society's long-standing exclusion of Ahmadiyah and other heterodox groups has helped produce the “we-feeling” that helps constitute contemporary Indonesian nationalism. I conclude by intervening in a recent debate about religious freedom to suggest that conflicts over blasphemy reflect Muslim civil society's effort to delineate an incipient model of nationalism and tolerance while avoiding the templates of liberal secularism or theocracy.
Strikes, Scabs and Tread Separations: Labor Strife and the Production of Defective Bridgestone/Firestone Tires

This paper provides a case study of the effect of labor relations on product quality. We consider whether a long, contentious strike and the hiring of permanent replacement workers by Bridgestone/Firestone in the mid-1990s contributed to the production of an excess number of defective tires. Using several independent data sources we find that labor strife in the Decatur plant closely coincided with lower product quality. Count data regression models based on two data sets of tire failures by plant, year and age show significantly higher failure rates for tires produced in Decatur during the labor dispute than before or after the dispute, or than at other plants. Also, an analysis of internal Firestone engineering tests indicates that P235 tires from Decatur performed less well if they were manufactured during the labor dispute compared with those produced after the dispute, or compared with those from other, non-striking plants. Monthly data suggest that the production of defective tires was particularly high around the time wage concessions were demanded by Firestone in early 1994 and when large numbers of replacement workers and permanent workers worked side by side in late 1995 and early 1996.
Procedural protection of constitutional rights in Brazil

Brazil has developed one of the most complex systems of judicial review in the world. In addition, it has developed a wide variety of constitutional actions for the purpose of protecting the huge number of constitutional rights conferred by its lengthy Constitution. In theory, constitutional rights can be protected in ordinary actions. Because ordinary actions typically take a great many years to resolve in Brazil, the framers of the 1988 Constitution, building on Brazil’s prior constitutions and foreign models, assembled a wide array of constitutional actions to try to assure that the huge number of individual, social and economic rights created by the current Constitution are effectively protected by the Judiciary. This article explores the complexities of these constitutional procedures, how they have worked or not worked in practice, and the problems that they have created for the Brazilian Judiciary.
High profile rape trials and policy advocacy

Activists try to use high profile trials to advance their political agendas, and we want to understand why they occasionally succeed in promoting policy reforms. We begin by reviewing literature on agenda setting and social problem construction, conceptualising high profile trials as “focusing events” that offer activists a chance to advance their definitions and remedies for particular social problems. We next outline the feminist movement against sexual violence as a useful example of activists trying to use trials for their own political purposes. Using events data from the New York Times and the secondary treatment of 13 high profile trials from 1960 to 1997, we examine factors that help or hinder activists’ efforts to use a trial to forward their cause. We see that both the nature of the trial and the political context surrounding it affect the likelihood that a movement gains control of its meaning and secures policy reform.
Intensified Regulatory Scrutiny and Bank Distress in New York City During the Great Depression

Bank distress peaked in New York City, at the center of the United States money market, in July and August 1931, when the banking crisis peaked in Germany and before Britain abandoned the gold standard. This article tests competing theories about the causes of New York's banking crisis. The cause appears to have been intensified regulatory scrutiny, which was a delayed reaction to the failure of the Bank of United States, rather than the exposure of money center banks to events overseas.
Player Restraints and Competition Law throughout the World

This article reviews agreements among clubs participating in league sports in many countries throughout the world that limit competition for the services of players. Under the English common law (which governs in most of the British commonwealth), the competition law provisions of the European Union's governing treaty, the American Sherman Act, and the Canadian Competition Act, the governing standard is quite similar. Player restraints cab only be justified if they are related to a legitimate purpose, which is usually defined as one that demonstrably improves the consumer appeal for the sporting competition. Moreover, and significantly, player restraints must be reasonably necessary to achieve the demonstrated purpose; in short, overbroad restraints are not consistent with competition law. Competition law provides a meaningful, effective, and under-utilized constraint on the monopsony power of sports leagues. Although American players must surmount an additional obstacle of waiving rights under labor law, this obstacle is not present elsewhere. In all relevant jurisdictions, sensible application of competition law principles is superior to a laissez faire approach or direct government regulation, and is less intrusive than a restructuring of league sports to eliminate monopsony power.
Hybrid microwave-optical scanning probe for addressing solid-state spins in nanophotonic cavities

Spin-photon interfaces based on solid-state atomic defects have enabled a variety of key applications in quantum information processing. To maximize the light-matter coupling strength, defects are often placed inside nanoscale devices. Efficiently coupling light and microwave radiation into these structures is an experimental challenge, especially in cryogenic or high vacuum environments with limited sample access. In this work, we demonstrate a fiber-based scanning probe that simultaneously couples light into a planar photonic circuit and delivers high power microwaves for driving electron spin transitions. The optical portion achieves 46% one-way coupling efficiency, while the microwave portion supplies an AC magnetic field with strength up to 9 Gauss at 10 Watts of input microwave power. The entire probe can be scanned across a large number of devices inside a 3He cryostat without free-space optical access. We demonstrate this technique with silicon nanophotonic circuits coupled to single Er3+ ions.
Modern Odysseus Or Classic Fraud - Fourteen Years In Prison For Civil Contempt Without A Jury Trial, Judicial Power Without Limitation, And An Examination Of The Failure Of Due Process

Judicial authority must include the power to punish for contempt. Otherwise, "if a party can make himself a judge of the validity of orders which have been issued, and by his own act of disobedience set them aside, then are the courts impotent, and what the Constitution now fittingly calls the 'judicial power of the United States' would be a mere mockery." This article will examine a difficult question -- At what point, and under what circumstances, will imprisonment for civil contempt, without a jury trial, violate the Due Process Clause of the Fourteenth Amendment to the United States Constitution simply by being too lengthy? Upon hearing that an individual had been imprisoned for so long, and only by a judge's decision, one could, and likely would, be moved to protest or even express outrage. Sympathy for such a person would likely be inherent in such a response. However, as the facts of his case will demonstrate, Chadwick is very far from a sympathetic figure. Perhaps that best qualifies him, along with his lengthy incarceration, as a suitable lens through which due process protections in this context, or the lack thereof, may be examined. Section II of this article details the factual background that caused Chadwick to be imprisoned. Section III provides a summary of the differences between civil and criminal contempt, followed by a discussion of recent Supreme Court holdings as to the former. In Section IV the article discusses Pennsylvania law, the state of Chadwick's imprisonment, as it is pertinent to civil contempt. Section V details his fourteen years of legal efforts to gain his freedom. In Section VI, the article discusses the legal "Catch-22" in which Chadwick found himself. Section VII discusses the lack of unanimity as well as silence in the Circuit Courts regarding the application of due process and the concept of "lost coercive effect" in the civil contempt arena. In Section VIII the author discusses the need for ensuring that due process is available to those in prison for civil contempt, and suggests enhanced protections to place limits on what at this time is a vehicle for the exercise of judicial power without limitation.
The Creation of Authority in a Sermon by St. Augustine

My way of honoring Joe today will not be to describe or extol his achievements directly but to try to show something of what I have learned from him, particularly in the way I approach a new text and problem, in this case the creation of authority in one of Augustine's sermons.As its title reveals, Joe's early book, The Authoritative and the Authoritarian, drew an original distinction that is important to all thought about law, and about more than law: to all thought about any form of social organization, from the family to the church - for all human organization requires authority.
Mandatory Waiting Periods for Abortions and Female Mental Health

Proponents of laws requiring a waiting period before a woman can receive an abortion argue that these cooling off periods protect against rash decisions on the part of women in the event of unplanned pregnancies. Opponents claim, at best, waiting periods have no effect on decision-making and, at worst, they subject women to additional mental anguish and stress. In this article, I examine these competing claims using adult female suicide rates at the state level as a proxy for mental health. Panel data analyses suggest that the adoption of mandatory waiting periods reduce suicide rates by about 10 percent, and this effect is statistically significant. The result is robust to various attempts to control for unobservable heterogeneity and simultaneity.
Who Is Selling the Ivory Tower? Sources of Growth in University Licensing

Historically, commercial use of university research has been viewed in terms of spillovers. Recently, there has been a dramatic increase in technology transfer through licensing as universities attempt to appropriate the returns from faculty research. This change has prompted concerns regarding the source of this growth-specifically, whether it suggests a change in the nature of university research. We develop an intermediate input model to examine the extent to which the growth in licensing is due to the productivity of observable inputs or driven by a change in the propensity of faculty and administrators to engage in commercializing university research. We model licensing as a three-stage process, each involving multiple inputs. Nonparametric programming techniques are applied to survey data from 64 universities to calculate total factor productivity (TFP) growth in each stage. To examine the sources of TFP growth, the productivity analysis is augmented by survey evidence from businesses who license-in university inventions. Results suggest that increased licensing is due primarily to an increased willingness of faculty and administrators to license and increased business reliance on external R&D rather than a shift in faculty research.
The spatial configuration of the entrepreneurial support network for the semiconductor industry

This study is the first to examine the spatial location of different actors in the entrepreneurial support network for high-technology start-up firms. The actors included in this study are lead venture capitalists, independent members of the board of directors, investment bankers, and law firms. Using data based on 44 semiconductor initial public offerings, the geographical location of these newly public firms and the actors in their support network is mapped, and the spatial relationships between these firms and their network are examined. It was found that the geographical proximity between these actors and the firms they support varied significantly, with a firm's legal counsel being the most proximate, followed by investment bankers, venture capitalists, and independent directors.
Agricultural trade in North America: Trade creation, regionalism and regionalisation

Trade creation in agricultural products is defined as a statistically significant positive break in the trend function of the growth in exports and imports between member countries. The present study attempts to determine the time of any break in the trend of real exports and imports between the Canada‐USA Free Trade Agreement (CUSTA) and the North American Free Trade Agreement (NAFTA) member countries for the years 1980:I through 1999:II, and document the scale of the phenomenon. The present study finds trade creation only occurs in USA agricultural exports to Canada because of CUSTA. The results confirm the theory that the regionalism of NAFTA did not lead to regionalisation or an increasing share of intraregional international trade.
Threat, Opportunity, and Network Interaction in Organizations

This article examines how uncertain situations of threat or opportunity influence people’s choices to interact with their colleagues in an organization. The threat/opportunity lens encompasses two conceptually distinct dimensions, gain/loss and control/limited control, which are hypothesized to produce different patterns of network interaction. Two experimental studies—one involving 158 leaders in a health-care organization and the other involving 129 employees in a range of smaller establishments—provided support for the proposed conceptualization. The studies found that (1) people chose to interact with more network contacts in situations of loss than in situations of gain, (2) those with an internal locus of control chose to interact with more network contacts in situations of limited control than in situations of control, whereas those with an external locus of control exhibited the opposite response, and (3) the tendency to interact with more network contacts in loss rather than gain was greater for ...
A moving boundary approach to American option pricing

Abstract This paper describes a method to solve the free-boundary problem that arises in the pricing of American options. Most numerical methods for American option pricing exploit the representation of the option price as the expected pay-off under the risk-neutral measure and calculate the price for a given time to expiration and stock price. They do not solve the related free-boundary problem explicitly. The advantage of solving the free-boundary problem is that it provides the entire price function as well as the optimal exercise boundary explicitly. Our approach, which we term the Moving Boundary Approach, is based on using a boundary guess and the value associated with the guess to construct an improved boundary. It is also shown that on iteration, the sequence of boundaries converge monotonically to the optimal exercise boundary. Examples illustrating the convergence behavior as well as discussions providing insight into the method are also presented. Finally, we compare runtimes and speeds with other methods that solve the free-boundary problem and compute the optimal boundaries explicitly, like the front-fixing method, penalty method, method based on the integral representations and the method by Brennan and Schwartz [1977. The valuation of American put options. Journal of Finance 32 (2), 449–462].
The Sale of Multiple Assets with Private Information

By generalizing the Leland and Pyle (1977) model to the case of multiple correlated assets, this paper studies the signaling and hedging behavior of an intermediary who sells multiple assets in financial markets. Based on information asymmetry, this paper demonstrates the intrinsic interdependence of risk management and asset selling for intermediaries, and obtains several testable empirical implications. For instance, an intermediary with a more diversified underlying portfolio will face greater liquidity (a smaller price impact) when selling assets to the market. Several applications are discussed, including bank loan sales and selling mechanisms. The Author 2009. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oxfordjournals.org., Oxford University Press.
Disclosing Multiple Product Attributes

How do multiple attributes of a product jointly determine a seller’s disclosure incentives? I model a monopolist whose product is characterized by vertical quality and a horizontal attribute. Contrary to the unraveling theory, the monopolist in equilibrium does not always choose disclosure. When the product’s quality is common knowledge, a monopolist with higher quality is less likely to disclose the horizontal attribute. Notably, the monopolist may choose nondisclosure when his product has the highest quality. The results shed lightongovernments’mandatorydisclosurepoliciesandcompanies’marketing strategies.
A flight to Q? Firm investment and financing in Korea before and after the 1997 financial crisis☆

Abstract We examine investment behavior among exchange-listed Korean manufacturing firms before and after the 1997 financial crisis using firm-level panel data. Starting with the standard Q-theory of investment, we augment it by allowing for a sales accelerator and the possibility of cash constraints, categorizing firms based on their age, size and affiliation to an industrial conglomerate (i.e., chaebol). We find that Tobin’s Q is a robust determinant of investment in a pooled sample for 1992–2001, but that it became more important for small firms and less important for chaebol-affiliated firms after the crisis. Investment by chaebol firms also became more sensitive to the availability of internal cash balances after the crisis. We interpret this as reflecting a shift in the Korean economy to a stronger market orientation after the crisis and to a business climate in which the quality of potential projects became more important relative to capital market imperfections in determining the destination of investment funds.