cssi/SciSciGPT-SciSciNet huggingface dataset:
Psychological Syndromes and Criminal Responsibility

In criminal cases, evidence about psychological syndromes is typically introduced by the defense in support of insanity, self-defense, or imperfect self-defense claims and by the prosecution to show that a criminal act occurred. The admissibility of defense-proffered testimony about phenomena such as battered woman syndrome, combat stress syndrome, or XYY syndrome depends in the first instance on how insanity, self-defense, and other defensive doctrines are defined (the materiality issue). Additionally, this type of testimony, as well as prosecution-proffered evidence about phenomena such as rape trauma syndrome and abused child syndrome, must bear indicia of reliability (the probative value issue), add to the fact finder's knowledge (the helpfulness issue), and avoid distracting or confusing the fact finder (the prejudice issue). The ultimate admissibility decision involves consideration of the scope of the criminal law, the scientific methodology associated with the syndrome, the counter-intuitiveness o...
Education Outcomes of Children of Asian Intermarriages: Does Gender of the Immigrant Parent Matter?

Studies about the effects of native and immigrant intermarriage on the human capital of children generally ignore disparate impacts by gender, ethnicity, or other attributes. Using 2000 U.S. Census data, we compare the high school dropout rates of 16–17-year-old children of Asian intermarriages and intra-marriages. We study differences between Asian-father and Asian-mother only families, controlling for observable child, parental and residential characteristics, as well as unobservable selection into intermarriage. Despite the higher average education and income levels of intermarried families, the children of Asian-father-native-mother households have higher dropout rates compared to both Asian intra-married and Asian-mother-native-father households. Children of less-educated fathers do worse, relative to children of less-educated mothers, suggesting the importance of intergenerational paternal transmission of education. Racial self-identity is also important: Children identify as “non-Asian” more often when the mother is native, and their families may under-emphasize education bringing them closer to native levels.
Intra‐Group, Interstate Strategic Income Management for Tax, Financial Reporting, and Regulatory Purposes

In this study we examine whether banks owned by interstate multibank holding companies coordinate their security gains and losses to manage their tax, earnings, and capital management objectives. Specifically, we examine whether the realization of security gains and losses is related to the objectives of the individual bank, the consolidated group, or both. We find subsidiary banks manage their gain realizations not only to reduce their own state taxes, but also strategically to reduce their consolidated groups' tax expense. Specifically, members of consolidated banking groups shift gain recognition to lower‐taxed group members and away from higher‐taxed group members. In addition, we find evidence suggesting that banks realize security gains and losses to manage both their own and their groups' financial statement earnings.
Computing the Viscosity of the QGP on the Lattice

I review the recent progress made in calculating shear and bulk viscosity on the lattice, and discuss ways to improve the calculation.
Investor Trading and the Post-Earnings-Announcement Drift

ABSTRACT: We examine whether the two distinct post-earnings-announcement drifts associated with seasonal random-walk-based and analyst-based earnings surprises are attributable to the trading activities of distinct sets of investors. We predict and find that small (large) traders continue to trade in the direction of seasonal random-walk-based (analyst-based) earnings surprises after earnings announcements. We also find that when small (large) traders react more thoroughly to seasonal random-walk- (analyst-) based earnings surprises at the earnings announcements, the respective drift attenuates. Further evidence suggests that delayed small trades associated with random-walk-based surprises are consistent with small traders’ failure to understand time-series properties of earnings, whereas delayed large trades associated with analyst-based surprises are more consistent with a longer price discovery process. We also find that the analyst-based drift has declined in recent years.
Structural Environmental Constitutionalism

Environmental constitutionalism is of increasing importance as both national and subnational governments seek to facilitate environmental protection through constitutional provisions. Most environmental constitutionalism scholarship focuses on textual constitutional provisions protecting fundamental substantive or procedural citizen rights to a quality environment — what might be termed “fundamental environmental constitutionalism.” Yet another type of environmental constitutionalism is of equal or perhaps even more importance — that is, “structural environmental constitutionalism.” This form of environmental constitutionalism regards the allocation of environmental regulatory authority among levels of government, a particularly salient issue in federal systems of government. This article describes the key attributes of structural environmental constitutionalism, how it manifests, and its implications for constitutional forms of environmental protection across the globe.
When Do Banks Listen to Their Analysts? Evidence from Mergers and Acquisitions

We examine the conflicts of interest and the flow of information between divisions of financial institutions. Using data on analyst recommendations and stockholdings of investment banks advising acquirers in mergers, we find evidence that information from investment banking flows to other divisions of the bank. Specifically, following a merger announcement, changes in a bank's stockholdings of the acquirer are positively associated with changes in recommendations by its analyst. This relationship, however, does not exist before the merger announcement. Additional tests show that the relationship between stockholdings and recommendations following a merger announcement is strongest when conflicts of interest for analysts are likely the smallest. The Author 2011. 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.
The Existence of Informationally Efficient Markets When Individuals Are Rational

Author(s): Muendler, Marc-Andreas | Abstract: A rational-expectations equilibrium with positive demand for financial information does exist under fully revealing asset price-contrary to a wide-held conjecture. Generalizing the common additive signal-return model with CARA utility to the family of distributions with moment generating functions, this paper shows that individual investors en- dowed with an average portfolio demand information in equilibrium if they can adjust portfolio size. More information diminishes the ex- pected excess return of a risky asset so that investors who only have a choice of portfolio composition or whose asset endowments strongly differ from the average portfolio are worse off. Under fully revealing price, information market equilibria both with and without informa- tion acquisition are Pareto efficient.
The impact of the Federal Reserve Bank's open market operations ☆

Abstract The Federal Reserve Bank has the ability to change the money supply and to shape the expectations of market participants through their open market operations. These operations may amount to 20% of the day's volume and are concentrated during the half hour known as “Fed Time”. Using previously unavailable data on open market operations from 1982 to 1988, our paper provides the first comprehensive examination of the impact of the Federal Reserve Bank's trading on both fixed income instruments and foreign currencies. Our results detail a dramatic increase in volatility during Fed Time, consistent with market expectations of Fed intervention during this time interval. We find that there is little systematic difference in market impact between reserve-draining and reserve-adding operations. Additionally, Fed Time volatility is, on average, higher on days when open market operations are absent. These results suggest that the markets are potentially confused about the purpose of the open market operations during our sample period. The evidence is also consistent with the Fed operations conveying information which smooths market participants’ expectations.
The Indefinite Quarantine: A Public Health Review of Chronic Inconsistencies in Sexually Violent Predator Statutes

Fifteen years after the Supreme Court’s decision in Kansas v. Hendricks upheld their constitutionality, sexually violent predator (SVP) statutes exist in 20 states and the federal code. Committing sex offenders indefinitely in an effort to protect the public, SVP statutes have survived academic criticism and mushrooming expense, targeting society’s most unpopular subjects and unpalatable crimes. In upholding the statutes against constitutional attack in Hendricks, the Court relied upon the state’s demonstrable power to preventively detain individuals during public health emergencies – analogous to the civil detention model of quarantine – to establish the state’s unquestioned right to involuntarily commit sex offenders in the name of public safety. This paper does not revisit the constitutional arguments rejected by multiple opinions since Hendricks. Instead, this paper applies a different source of law and policy: the well-established public health framework justifying quarantine in communicable disease cases. This framework is applied to SVP statutes’ inconsistent entrance criteria whose distinctions have long evaded meaningful review. After demonstrating how the two civil detention schemes are relevantly similar, this novel analysis focuses on the application of a four-part public health test to SVP statutes and concludes that SVP statutes are not sufficiently necessary, proportional, verifiable, or fair. Finally, solutions are offered to bring SVP statutes into compliance with public health norms in an attempt to remedy their chronic inconsistencies.
Performance shocks and misreporting

We propose a parsimonious stochastic model of reported earnings that links misreporting to performance shocks. Our main analytical prediction is that misreporting leads to a negative second-order autocorrelation in the residuals from a regression of current earnings on lagged earnings. We also propose a stylized dynamic model of earnings manipulation and demonstrate that both earnings smoothing and target-beating considerations result in the same predictions of negative second-order autocorrelations. Empirically, we find that the distribution of this measure is asymmetric around zero with 27% of the firms having significantly negative estimates. Using this measure, we specify a methodology to estimate the intensity of misreporting and to create estimates of unmanipulated earnings. Our estimates of unmanipulated earnings are more correlated with contemporaneous returns and have higher volatility than reported earnings. With respect to economic magnitude, we find that, in absolute terms, median misreporting is 0.7% of total assets. Moreover, firms in our sample subject to SEC AAERs have significantly higher estimates of manipulation intensity.
New low-frequency spread measures

Abstract I develop new spread proxies that pick up on three attributes of the low-frequency (daily) data: (1) price clustering, (2) serial price covariance accounting for midpoint prices on no-trade days, and (3) the quoted spread that is available on no-trade days. I develop and empirically test two different approaches: an integrated model and combined models. I test both new and existing low-frequency spread measures relative to two high-frequency benchmarks (percent effective spread and percent quoted spread) on three performance dimensions: (1) higher individual firm correlation with the benchmarks, (2) higher portfolio correlation with the benchmarks, and (3) lower distance relative to the benchmarks. I find that on all three performance dimensions the new integrated model and the new combined model do significantly better than existing low-frequency spread proxies.
Neutrality and Judicial Review

Since Herbert Wechsler's famous article, the topic of neutrality has played central stage in many debates about judicial review specifically and constitutional law generally. On closer inspection, however, it turns out that the heading of "neutrality" encompasses not one but four different debates. One is about principled adjudication, another is about decision according to rules, a third is about substantive neutrality, and the fourth is about the desirability (or not) of designing the institutions of judicial review without regard to likely substantive outcomes and without regard to the likely staffing of those institutions. This paper distinguishes these four conceptions of neutrality and analyzes each of them.
Specific and General Knowledge, and Organizational Structure

Specific knowledge is knowledge that is costly to transfer among agents and general knowledge is knowledge that is inexpensive to transmit. Because specific knowledge is costly to transfer, getting it used in decision-making requires decentralizing many decision rights in both the economy and in firms. Such delegation in turn creates two problems: the rights assignment problem (determining who should exercise a decision right), and the control or agency problem (ensuring that self-interested decision agents exercise their rights in a way that contributes to the organizational objective).
The Morava K–theory of BO(q) and MO(q)

We give an easy proof that the Morava K-theories for BO(q) and MO(q) are in even degrees. Although this is a known result, it had followed from a difficult proof that BP � (BO(q)) was Landweber flat. Landweber flatness follows from the even Morava K-theory. We go further and compute an explicit description of K(n)�(BO(q)) and K(n)�(MO(q)) and reconcile it with the purely algebraic construct from Landweber flatness.
Collaborative Product Development: The Effect of Project Complexity on the Use of Information Technology Tools and New Product Development Practices

Collaboration is an essential element of new product development (NPD). This research examines the associations between four types of information technology (IT) tools and NPD collaboration. The relationships between NPD practices and NPD collaboration are also examined. Drawing on organizational information processing theory, we propose that the relationships between IT tools and NPD collaboration will be moderated differently by three project complexity dimensions, namely, product size, project novelty, and task interdependence, due to the differing nature of information processing necessitated by each project complexity dimension. Likewise, the moderation effects of the project complexity dimensions on the relationship between NPD practices and NPD collaboration will also be different. We test our hypotheses using data from a sample of NPD projects in three manufacturing industries. We find that IT tools are associated with collaboration to a greater extent when product size is relatively large. In contrast, IT tools exhibit a smaller association with collaboration when project novelty or task interdependence is relatively high. NPD practices are found to be more significantly associated with NPD collaboration under the contingency of high project novelty or high task interdependence. The findings provide insights about circumstances where several popular IT tools are more likely to facilitate collaboration, thus informing an NPD team's IT adoption and use decisions.
Disagreement and Learning: Dynamic Patterns of Trade

The empirical evidence on investor disagreement and trading volume is difficult to reconcile in standard rational expectations models. We develop a dynamic model in which investors disagree about the interpretation of public information. We obtain a closed-form linear equilibrium that allows us to study which restrictions on the disagreement process yield empirically observed volume and return dynamics. We show that when investors have infrequent but major disagreements, there is positive autocorrelation in volume and positive correlation between volume and volatility. We also derive novel empirical predictions that relate the degree and frequency of disagreement to volume and volatility dynamics.
The Regulation of Race in Science

The overwhelming majority of biological scientists agree that there is no such thing as race among modern humans. Yet, scientists regularly deploy race in their studies, and federal laws and regulations currently mandate the use of racial categories in biomedical research. Legal commentators have tried to make sense of this paradox primarily by looking to equal protection strict scrutiny analysis. However, the colorblind approach that attends this doctrine—which many regard as synonymous with invalidation—does not offer a particularly useful way to think about the use of race in research. It offers no way to address how current uses of race in science serve to reinforce biological notions of race long thought discarded. This Article, therefore, takes a different approach by shifting the debate from how strict scrutiny analysis can bear on race-based research, to asking a much deeper question: What normative aims motivate this jurisprudence and can they be instructive in mapping appropriate and equality-enhancing regulations for the use of race in biomedical research? Despite the Supreme Court’s apparent discomfort with government invocations of race, this Article locates in its equal protection race cases elements of an overlooked line of analysis that this Article terms “racial pragmatism,” according to which certain government race-conscious decisionmaking will not trigger strict scrutiny review. By parsing through the Court’s recent race cases, this Article identifies the goals and concerns that accompany racial pragmatist reasoning and brings them to bear in the biomedical research context to offer a framework for how regulators can mandate the use of race in research without dangerously “geneticizing” race.
Attempt by Omission

In addition to requiring subjective culpability, criminal offenses typically involve two objective features: action and harm. In the paradigmatic case, both features are present, but criminal law also allows for liability where either of them is absent. Rules governing omission liability enable punishment where the offender performs no act, while rules defining inchoate crimes (such as attempt) impose liability where the offender causes no harm. In different ways, these two sets of rules establish the minimum threshold of objective conduct—to use the classic term, the minimum actus reus—required for criminal liability. The absolute floor for a criminal actus reus, then, would be defined by the intersection of these two sets of rules. The prospect of liability for “inchoate omissions”—involving no act and no harm—exists at the frontier of the state’s authority to criminalize conduct and, whether allowed or rejected, effectively determines the outer boundaries of that authority. Accordingly, inchoate-omission liability raises fundamental issues about the nature and proper scope of criminal law. This Article considers those issues, asking whether criminal punishment for harmless inaction is legally possible, empirically observable, or normatively desirable and, perhaps surprisingly, answering all three of these questions in the affirmative. However unlikely or dubious the legal math may seem, it turns out that zero action plus zero harm can, does, and sometimes should add up to a crime.
Estimating earnings trend using unobserved components framework

Abstract Regressions for predicting long-term stock returns often use moving averages of earnings as the earnings trend. We show that the earnings trend can be directly estimated using unobserved components models. The estimated trends improve the fit of predictive regressions.
Communication in dynastic repeated games: ‘Whitewashes’ and ‘coverups’

We ask whether communication can directly substitute for memory in dynastic repeated games in which short lived individuals care about the utility of their offspring who replace them in an infinitely repeated game. Each individual is unable to observe what happens before his entry in the game. Past information is therefore conveyed from one cohort to the next by means of communication.
In Favor of a 'Bail-In': How a Trillion Dollars Might be Better Used to Start a Recovery

Between October 2008 and February 2009, as the Dow Jones Industrial Average steadily sank 40%, the federal government took unprecedented action to keep a short list of very large corporate entities out of bankruptcy. Specifically, the Treasury Department appropriated approximately $1 trillion from sources unknown to buoy the coffers of companies believed to have been victimized by a collective myopia on Wall Street. Spanning two Presidential administrations, the philosophy of this economic rescue belied partisan ties; overall, the extent of monies authorized was simply unfathomable.The Bailouts did not restore the billions lost in the stock market swoon, or loosen the tightening of credit, or end the bank closings, or halt the rising unemployment rate, or assuage the public’s general malaise. Simply put, if we agree that immediate and massive government spending was warranted, that unfathomable amount of money should have been spent elsewhere.Accordingly, this Article examines a hypothetical broader allocation of government largesse. Utilizing a model tied to the market’s value at year-end 2007, it is posited that the billions in rescue dollars might have helped more if dispersed to the varied companies constituting the Dow Jones. The resulting nine-months of price support would have allowed major, direct participants in the stock market (and, indirectly, millions of others) to diversify investments, thus aiding Wall Street and Main Street alike. Overall, the Article hopefully serves as a comment on federal support of a capitalist system, a phenomena that does not seem to have peaked in popularity over three years after the revelations about Wall Street’s latest internecine fad. Whether it is government’s responsibility to prop up financial service providers in any economy is a separate (and valid) question. The Author herein seeks simply to propose a more equitable distribution of the emergency caches, both in design and effect.
Getting a Grip on the Corset: Gender, Sexuality, and Patent Law

Over twenty years ago, Susan Brownmiller stressed the need to "get a grip on the corset" when considering femininity. In patent law, the "corset case," Egbert v. Lippmann (1881), is a canonical case explicating the public use doctrine. Using a historical exploration of the Egbert case, this paper seeks to "gets a grip" on the corset as part of the burgeoning project to consider the intersections of gender and intellectual property from a feminist perspective. The corset achieved the pinnacle of its use by American women during the decades between the Civil War and the turn of the twentieth century. It was both the near-constant companion of the vast majority of women in the United States and a technological wonder. Like the more celebrated technologies of the era, such as the telephone, the telegraph, and the light bulb, the corset was the product of many inventors, making and patenting improvements, and fighting about their rights in court. As American women donned their corsets, they were enacting a daily intimate relationship with a heavily patent-protected technology. The corset during these decades was deeply embedded both within the social construction of gender and sexuality, as a marker of femininity and respectability, and within the United States patent system, as a commercial good in which many claimed intellectual property rights. Getting a grip on the corset, then, offers a way to simultaneously consider gender, sexuality, and patent law. After a consideration of what it means to make a feminist analysis of patent law in Part I, in Part II I detail the history of the corset as an invention, using patent records, published opinions, and archival court records. Part III situates this little-known history against the existing historical understanding of the corset as an aspect of female fashion that reinforced gender roles and policed the boundary between public and private, and also uncovers the role of the corset in the courtroom as a witness to women’s sexual activities. Part IV contains an archivally-based excavation of the much-cited and foundational Supreme Court decision, Egbert v. Lippmann, 104 U.S. 333 (1881), in which a patent to an improvement in corsetry was at stake. In Part V, I use the accumulated understandings of the corset as technology, garment and object of legal scrutiny to get a grip on the corset in patent law, making a feminist analysis of the public use doctrine as defined in Egbert.
Authority and contemporary international arbitration

The article argues that contemporary international arbitration is currently beset by a "legitimacy" problem, deriving from the procedures that have been adopted to adjust arbitration to the resolution of international disputes. Specifically, the article argues that contemporary international arbitral awards do not possess authority for the parties receiving them, and that this loss of authority is responsible for the increasing rate at which parties attempt to have awards vacated by courts. An analysis of the authority of legal decisions is undertaken, and it is argued that contemporary international awards possess none of the forms of authority available to them. This is then explained in terms of problems with the way arbitrators are selected in contemporary international arbitration, and the role arbitrators are expected to fulfill. The article then concludes with two suggestions that it is argued can restore authority to arbitral awards: (1) the introduction of a "procedural mediator", whose role would be to design the proceedings of an arbitration to fit the parties and the dispute, and (2) the acceptance in international arbitration that arbitrators should act as advocates for the party that nominated them to the arbitral panel.
Principles of Normative Integration and the Allocation of International Authority: The WTO, the Vienna Convention on the Law of Treaties, and the Rio Declaration

There is a fundamental yet understudied link between the integration of substantive norms in international law and the consolidation of international authority. As well-reflected in WTO case-law (e.g., EC-Swordfish, EC-Biotech, Mexico-Soft Drinks and US-Shrimp) but also in international law more generally, norm integration and authority integration maintain a basic correlation that also has elements of causation. The integration of norms between branches of international law leads to pressures towards the integration of authority. As a result, the general reluctance to adopt and adhere to comprehensive norm-integrating principles in international law may stem from institutional fears relating to the potential impact of such principles upon the structure of the authority of international decision-making bodies. The quest for international legal consistency through normative integration, however commendable it may be in itself, is at least subliminally identified with the prospect of a centralization of international authority, which is a considerably less popular proposition. However, not all principles of normative integration were created equal in this respect. By comparing the integrative effects of Article 31(3)(c) VCLT and Paragraph 4 Rio (mainly in the context of the WTO, but with universal implications), the article shows that softer, less binding models of normative integration may permit decision makers to integrate norms with less pronounced (and less threatening) influences on the allocation of authority. This understanding presents proponents of normative integration with a strategy worth considering, that of the path of least resistance. Normative integration that creates less pressures towards authority integration has better chances of being adopted by tribunals, and hence, has better prospects of attaining its normative goals.
De-Constitutionalizing Democracy

Democracy and constitutionalism seem to be in tension with each other. This line has been repeated a thousand times, usually with the purpose of proving it false. The prevailing orthodoxy is that constitutionalism and democracy are so related that they are two sides of the same coin; any tension between the two is more apparent than real. This dominant view presents constitutionalism as the embodiment of democratic principles, such that a 'constitutional democracy' is considered to be the true realization of the two ideals. However, there is a more neglected strand of thought which challenges this effort to conflate the differences between constitutionalism and democracy. This paper seeks to provide a more searching account of that heterodox approach. It will show that constitutionalism and democracy can only be treated as synonymous or mutually-constitutive if the idea and practice of democracy is divested of its most basic components, namely, democratic openness and popular participation. In contrast to much contemporary work, the paper defends the proposition that it is only a 'weak' form of constitutionalism, one in which democracy is de-constitutionalized in important ways, that can be rendered consistent with the basic thrust of the democratic ideal.
Origins and Age of Deterrence: Comparative Research on Old World and New World Systems

Is deterrence a recent or ancient phenomenon? Long-range analysis from political science, supported by key advances in archaeology and epigraphy, now permit social scientists to measure and compare...
Natural Resources Policy in the Bush (II) Administration: An Outsider's Somewhat Jaundiced Assessment

The Bush Administration’s investiture in office, when combined with conservative Republican control of both houses of Congress and, increasingly, the federal courts, signaled a move to the right on public lands and natural resource issues. Security concerns in the wake of 9/11 and a decline in the prominence of environmental issues increased the likelihood of change. Even so, conservationists have been taken aback by the breadth and depth of the administration’s attack on some of their cherished goals. They’ve been even more confounded by the administration’s success in avoiding a popular backlash like the Reagan Administration encountered when it started down that same path. All in all, it has been a remarkable three years. The focus of this paper is federal natural resources, which comprise thirty percent of the nation’s dry land and a much higher proportion of valuable things like fossil fuels, timber, water, and wilderness. It does not attempt a comprehensive evaluation of the administration’s policies in this area. Instead, it tries to capture (and illustrate with examples) the principal themes reflected in those policies.
Industry Clusters and Regional Economic Performance: A Study Across U.S. Metropolitan Statistical Areas:

Cluster theory provides a framework for analyzing regional industry dynamics. Definitions and categorizations of clusters vary, however, hindering the development of econometric models for cluster ...
Volatility and cross correlation across major stock markets

Abstract Several papers have documented the fact that correlations across major stock markets are higher when markets are more volatile—this is done by comparing unconditional correlations over sub-periods or by using conditional correlations that are time varying. In this paper we examine the relation between correlation and variance in a conditional time and state varying framework. We use a switching ARCH (SWARCH) technique that does two things. One, it enables us to model variance as state varying. Two, a bivariate SWARCH model allows us to go from conditional variance to state varying covariances and correlations and hence test for differences in correlations across variance regimes. We find that the correlations between the U.S. and other world markets are on average 2 to 3.5 times higher when the U.S. market is in a high variance state as compared to a low variance regime. We also find that, compared to a GARCH framework, the portfolio choices resulting from our SWARCH model lead to higher Sharpe ratios.
The New Wheel in the Federal Machine: From Sovereignty to Jurisdiction in the Early Republic

Legal historians and constitutional scholars have tended to approach the judiciary acts of 1789 and 1801 as though the two statutes were separated not only by a dozen years but also by a fundamental, unbridgeable conceptual gulf. While the Judiciary Act of 1789 is celebrated as “probably the most important and the most satisfactory Act ever passed by Congress,” as Justice Henry B. Brown hailed it in 1911, the Judiciary Act of 1801 is frequently regarded as a forgettable relic of early national political squabbling. The storied heritage of the 1789 act began with its passage into law more than four months before the SupremeCourt convened for its first session,
On "Unease" and "Idealism": Reflections on Pope Benedict XVI's Educating Young People in Justice and Peace and Its Message for Law Teachers

Pope Benedict XVI recently wrote about the challenges facing those who have the responsibility for the education of the next generation. His insights, expressed last year, were addressed not simply to a Catholic audience but to all who look to the future and see the obligation to train young people "in justice and peace" to be a noble vocation and one solution to some of the difficulties that face the modern world. Although it was not directed to, or intended primarily for, law professors, the document has much to say to those whose vocation lies in legal education. This essay discusses this 2012 papal message and explores the implications it may have for those involved in the enterprise of Catholic legal education specifically, and legal education more generally.
Crowning the New King: The Statutory Arbitrator and the Demise of Judicial Review

Judicial review of arbitration awards is highly deferential- but when does it become rubber stamping? Using original data, I find that federal courts vacated only 4.3 percent of 162 disputed awards. Nearly the same result was observed for a sub-sample of 44 employment discrimination awards under Title VII. By comparison, federal appeals courts in 2006 reversed 12.9 percent of 5,917 rulings made by civil court judges on the merits of legal claims. Why are the rulings of Article III judges scrutinized more than the awards of citizen-arbitrators? What does this mean when companies can avoid Article III court rulings by requiring employees to arbitrate their claims? Judicial review of awards based on statutory claims is inadequate, and undermines the constitutional role of federal courts. I explore these empirical findings from a historical perspective. English kings and merchants helped to fashion modern arbitration. Nearly 700 years ago, small merchants traded goods at fairs that operated under a royal franchise. Arbitrators improved the efficiency of these markets by adjudicating transactional disputes. This role was codified by the Statute of the Staple of 1353, where the king delegated his sovereign power to ensure the success of the fair. I point to two prominent junctures - in 1698, and again in 1925 - when lawmakers in England and the U.S. believed that court litigation hampered commerce. They enacted similar statutes to authorize courts to confirm disputed awards, unless these private rulings resulted from corruption or misconduct. This deference grew out of practical considerations. The parties had chosen the arbitrator, agreed to the private process, and bound themselves to an industry norm. Courts deferred so heavily to awards because William III wanted these merchant tribunals to be autonomous. His law, the 1698 Arbitration Act, did not allow courts to vacate awards for fact finding or legal errors. Great deference in its reviewing standards reflected the king's infallibility. My textual research shows that the FAA's reviewing standards descended from William III. I suggest that our law crowns today's statutory arbitrator with the king's mantle of infallibility. But this deference is too extreme for awards that rule on statutory claims. In Gilmer v. Johnson/Interstate Lane Corp., the Supreme Court ignored the commercial history of arbitration when it broadly approved a theory of forum substitution. Gilmer said that arbitrators may decide statutory claims, even if one disputant objects to the forum and wishes, instead, to be heard by a court. The result is that the ruling of the arbitrator is subject to a narrower standard for review than an Article III judge's order. Epitomizing this regal deference, a contemporary court said: The arbiter was chosen to be the Judge. That Judge has spoken. There it ends. In textual and empirical analysis, I show that statutory arbitrations enjoy a presumption of royal infallibility. I conclude with two solutions for aligning the review of rulings by statutory arbitrators and Article III judges.
A European Solution to the Regulation of Cross-Border Markets

An extraordinary change took place when the New York Stock Exchange (NYSE) acquired the electronic trading platform operator Archipelago and went public as a $10 billion company. The NYSE’s initial public offering marked the end of the NYSE’s comfortable 213-year history as a non-profit, member-owned enterprise and the beginning of a new period of expansion and growth into new markets. As a public company, the NYSE took on the burden of having to pursue profits and please shareholders in return for access to capital—capital it could use to invest in technology and pursue mergers and acquisitions. In acquiring Archipelago, the NYSE obtained an advanced electronic trading platform that would enable it to offer, for the first time, the option to execute trades on the exchange electronically, diminishing the importance of the NYSE’s traditional trading floor.
Resurrecting Comity: Revisiting the Problem of Non-Uniform Marriage Laws

Isaac and Mag Kennedy, a black man and a white woman, were convicted of fornication—sex between unmarried persons—in North Carolina in 1876. Though they had legally married in South Carolina, the trial judge refused to acknowledge their marriage since they had intentionally evaded their home state’s prohibition on interracial marriage. In the same month, and before the same judge, Pink and Sarah Ross, another interracial couple, were also indicted for fornication, despite having married in South Carolina. On appeal to the North Carolina Supreme Court, however, these two couples met with opposite results. The Kennedys’ convictions were upheld because “when the law of North Carolina declares that all marriages between negroes and white persons shall be void, this is a personal incapacity which follows the parties wherever they go so long as they remain domiciled in North Carolina .” North Carolina’s miscegenation law, the Court explained, “would be very idle if it could be avoided by merely stepping over an imaginary line.”
Hume and Smith on utility, agreeableness, propriety, and moral approval

We ambitiously reexamine Smith’s moral theory in relation to Hume’s. We regard Smith's developments as glorious and important. We also see them as quite fully agreeable to Hume, as enhancement, not...
The incentives of grey directors: Evidence from unexpected executive and board chair turnover

Abstract We study the stock market's reaction to the unexpected death of a top executive or board chair for insight into grey director incentives. Whereas there is little debate as to the motives of inside and strict outside directors, the allegiance of grey directors is less certain. We find that grey directors' dominant incentive depends on whether the firm has a succession plan or not. In firms with a succession plan, grey directors' primary motive is to maintain their business ties to the firm. Absent a succession plan, the stock market expects grey directors to use their influence to hire a higher quality replacement, particularly when these directors hold a large equity stake. Our findings suggest that grey directors place their interests as shareholders first when a replacement decision is likely to weaken their business ties with the firm. Grey directors appear to influence the choice of a higher quality replacement whether that person is an insider or outsider.
Exchange Rate Economics: Where Do We Stand?

Publisher Summary This chapter discusses the exchange rate economics. There are basically three views of the exchange rate. The first takes the exchange rate as the relative price of monies, and the second as the relative price of goods. An increase in the money supply at home leads to an equiproportionate depreciation. As an increase in domestic real income raises the demand for real balances and thus leads to a fall in domestic prices, it induces an offsetting exchange appreciation. Relatively higher domestic interest rates, by contrast, reduce the demand for real balances, raise prices, and therefore bring about exchange depreciation. There are two ways to test the monetary approach. Instantaneous purchasing power parity (PPP) is an essential part of the monetary approach and directly tests whether PPP prevails. The alternative approach to testing the monetary theory relies on evidence from regression equations. The empirical evidence tests the explanatory power of theory using the dollar-mark exchange rate. The explanatory variables are relative nominal money supplies, relative real income levels, and nominal long-term and short-term interest differentials.
Straight Ahead on Red: How Foreign Direct Investment Empowers Subnational Leaders

This paper tests the hypothesis that increasing stocks of foreign direct investment (FDI) can lead to de facto decentralization in the form of autonomous reform experiments by subnational leaders. Because these reform experiments may attract FDI in subsequent years, there is a possibility of endogeneity. As a result, the methodology is a simultaneous equation model of 61 Vietnamese provinces between 1990 and 2000. Stocks of FDI as a percentage of GDP are regressed on a measure of autonomy derived from a content analysis of Vietnamese state-owned newspapers. Every time a province is cited in the papers for violating central laws on economic policy by engaging in reform experimentation, it is coded as a case of autonomy. The central question of the analysis is: how much FDI is needed for a province to believe it has the bargaining power to challenge central authority for the first time in a given year? Using this approach, I find strong evidence for the influence of FDI on local autonomous economic reform e...
A Cognitive Theory of Corporate Disclosures

I analyze how disclosure policies and managerial cognitive abilities interact to influence stock prices, firm values, and the liquidity of financial markets. High cognitive ability assists in value-creation within private corporations, but also may enhance the success odds of strategies which mislead large numbers of financial market agents who have access to firms' disclosure statements. Thus, the equilibrium degree of misrepresentation in disclosures can increase with managerial cognitive capacity (or intellect). Equilibrium efforts at improving true expected values of firms are limited by expected gains from misrepresentation. I argue that agents may face very high costs of acquiring information in firms run by managers who are effective at misrepresenting their firms in disclosure statements. This indicates that contrary to extant theoretical literature, there may be a positive relation between liquidity and the degree of information asymmetry between management and outside investors.
A comparison of new firm financing by gender: evidence from the Kauffman Firm Survey data

This study uses data from the new Kauffman Firm Survey to explore gender differences in the use of start-up capital and subsequent financial injections by new firms. We find that, consistent with previous studies, women start their businesses with significantly lower levels of financial capital than men. A new finding from this research is that women go on to raise significantly lower amounts of incremental debt and equity in years two and three. These results hold even controlling for a variety of firm and owner characteristics, including the level of initial start-up capital and firm sales. Our findings also reveal that women rely heavily on personal rather than external sources of debt and equity for both start-up capital as well as follow-on investments. Our findings have implications for further research into gender differences in financing sources and strategies and business outcomes.
Genetic Diversity and the Politics of Difference

The Human Genome Diversity Project has encountered worldwide criticism of its activities both by the peoples it proposes to study and scientists. Reasons for this criticism are examined with an emphasis on the wide-spread fears associated with increased commodification of human DNA. It is argued that, in spite of the proposed involvement of communities in research design and the revision of ethical protocols, confrontational biopolitics associated with the procurement of human tissue samples will continue, particularly when indigenous peoples are made into research subjects.
How Frank Easterbrook Kept George Ryan in Prison

This lawyer’s memoir tells the story of my unsuccessful representation of former Illinois Governor George Ryan in the U.S. Court of Appeals for the Seventh Circuit. It describes how, in opinions authored by Judge Frank Easterbrook, the court made six rulings in favor of the government the government had not sought. All of these rulings were questionable or worse, and the court afforded Ryan no opportunity to address most of them until after Judge Easterbrook’s opinions had been published. In addition, the memoir documents eight falsehoods told by Judge Easterbrook in written opinions and statements from the bench. These falsehoods included statements that the trial court gave instructions it did not give, that both the defendant and the government made arguments they did not make, that litigants in the Supreme Court made arguments they did not make, that the defendant and the government waived or forfeited arguments they did not waive or forfeit, that the Supreme Court said things it did not say, and that several of the defendant’s sentences had expired when they had not expired. I note that Judge Easterbrook’s appearance on the panel that heard Ryan’s appeal was not the result of random assignment and show that the government played no part in producing his falsehoods.
Racial Discrimination in the Workplace: Does Market Structure Make a Difference?

For some time, social scientists have debated whether market competition reduces racial discrimination. The failure to recognize that racial discrimination may be practiced not only in hiring but also in many different ways has led to analyses that are less than complete. Workers may be discriminated against at the hiring stage and in wages, raises, promotions, and other more subtle forms of discrimination once on the job. Using the structure of the firms’ product market as the measure of concentration, I find that increased competition has no impact on the number of discrimination reports, racial wage discrimination, or the racial demographics of the workforce. Business competition cannot be relied on to reduce or combat racial discrimination, as some have insisted.