cssi/SciSciGPT-SciSciNet huggingface dataset:
More than Money: Venture Capitalists on Boards

We explore patterns of board structure and function in the venture capital industry, identifying factors that influence whether venture capitalists receive a board seat and whether they take action to help portfolio companies in which they invest. In a comprehensive sample of US-based and non-US-based companies, we find that a venture capital firm’s prior relationship with the founder, lead investor status, track record, network size, and geographical proximity to the portfolio company are positively correlated with its likelihood of taking a board seat in an investment round. When venture capital investors serve on the board, portfolio companies tend to recruit managers and board members from these investors’ network and are more likely to exit via relationship-based acquisitions. These patterns are particularly strong for successful and well-connected venture capitalists on the board.
The technical aspects of international maritime boundary delimitation, depiction, and recovery

The technical aspects of delimiting, depicting, and recovering international maritime boundaries are addressed. Potential sources of error in the delimitation, depiction, and recovery of boundaries are exposed, and recommendations are made for avoiding errors in the future. Recent technological advances in the field of international maritime boundary making are discussed. The technical information provided in international maritime boundary treaties signed between 1940 and 1991 is analyzed.
Strauss's Rights Pedagogy.

This essay examines Leo Strauss's pedagogical method in his teaching on rights. The goal in this essay is not to present Strauss's argument for or against any particular conception of rights. In fact, it is to dissuade readers of Strauss from seeking such conclusions within Strauss's texts, and to argue that readers' attention turn toward the method of inquiry exemplified by Strauss's presentation. Strauss's choice of the topic in 1949 was based upon the contradictory status of the conception of rights within the existing modern ‘regime of truth’. Strauss focused attention on the inherent contradictions between the political and scientific as well as the cultural and natural lines of inquiry. The case is made that Strauss intended to advance a particular method of inquiry suited to cultural‐political topics through a critique of the modern made possible by a return to the ancients.
How much should we trust the World Values Survey trust question

Abstract We use a unique data set of trust game replications to validate the commonly used “trust” question from the World Values Survey. We find that trust as measured by the World Values Survey is positively correlated with experimentally measured trust.
Can Mixed Emotions Peacefully Coexist

This research sheds insight on the psychological impact of mixed emotions on attitudes. In three experiments, we show that persuasion appeals that highlight conflicting emotions (e.g., both happiness and sadness) lead to less favorable attitudes for individuals with a lower propensity to accept duality (e.g., Anglo Americans, younger adults) relative to those with a higher propensity (e.g., Asian Americans, older adults). The effect appears to be due to increased levels of felt discomfort that arise for those with a lower, but not higher, propensity to accept duality when exposed to mixed emotional appeals. Theoretical implications regarding boundary conditions of emotional dissonance and distinctions between emotional and cognitive dissonance are discussed.
Is There a Rational Justification for Punishing an Accomplished Crime More Severely than an Attempted Crime? A Comment on Prof. Dr. Björn Burkhardt's Paper

At the outset of his paper, Professor Burkhardt enumerates the problems facing the researcher who examines the question whether accomplished crimes should be distinguished from attempted crimes for the purpose of punishment. In the wake of Burkhardt's excellent and comprehensive article, the problems of arriving at an unambiguous, satisfactory answer and raising new arguments are greatly increased. The following is devoted to the claim that it is possible to present a justification, more forcefully than Burkhardt did, for distinguishing between the punishment of accomplished crimes and the punishment of attempts. However, I would first like to make a number of observations concerning the nature and the characteristics of the question.
A note on “Jobs, Jobs, Jobs: A “New” Perspective on Protectionism” of Costinot (2009) ☆

Abstract In this paper, I re-investigate Costinot (2009) in a more general parameter space. The key insight of this paper is that the reason a small open economy uses trade protections is not because of the existence of search frictions in the labor markets, but the real motivation is from labor market inefficiency. I show that the restricted parameter space considered in Costinot (2009) generates an equilibrium with inefficiently high unemployment compared to the constrained-efficient level of unemployment, and thus trade protections can improve welfare. In the more general parameter space considered in this paper, despite the existence of search frictions in a labor market, free trade can be optimal if the labor market is efficient. In addition, unemployment can be inefficiently low and import subsidies are preferable. The result holds true for standard matching functions.
The GATT's Trade Policy Review of japan, 1994

The overall impression that emerges from the GATT review is that Japan has been struggling sonce 1991 in response to the collapse of its domestic asset markets, the onset of economic slowdown and recession, and a very sizable nominal and real appreciation of the yen.
The Use of Legal Scholarship by the Federal Courts of Appeals: An Empirical Study

Chief Justice John Roberts recently explained that he does not pay much attention to law review articles, reportedly stating that they are not particularly helpful for practitioners and judges. Chief Justice Roberts’s criticism echoes that made by other judges, some of whom, like Judge Harry Edwards, have been much more strident in the contention that legal scholarship is largely unhelpful to practitioners and judges. Perhaps inspired by criticisms like those leveled by Chief Justice Roberts and Judge Edwards, legal scholars have sought to investigate the relevance of legal scholarship to courts and practitioners using a variety of means. One avenue of investigation has been empirical, where several studies using different and sometimes ambiguous methodologies have observed a decrease in citation to legal scholarship and interpreted that observation to mean that legal scholarship has lost relevance to courts and practitioners. The study reported here examines the hypothesis that legal scholarship has lost relevance to courts. Using empirical techniques and an original data set that is substantially more comprehensive than those used in previous studies, it examines citation to legal scholarship by the federal circuit courts of appeals over the last fifty-nine years. It finds a rather surprising result. Contrary to the claims of Chief Justice Roberts and Judge Edwards, and contrary to the results of prior studies, this study finds that over the last fiftynine years there has been a marked increase in the frequency of citation to legal scholarship in the reported opinions of the circuit courts of appeals. Using empirical and theoretical methods, this study also considers explanations for courts’ increased use of legal scholarship.
Liberating Skin Bleachers: From Mental Pathology to Complex Personhood

The dominant explanation for skin bleaching is self hate. This article uses the construct of complex personhood to liberate the skin bleachers from mental pathology. The bleaching syndrome in the literature has not being empirically verified in the Black community and does not deal with the physical bleaching of the skin. The argument that colorism drives skin bleaching and promotes Whiteness ignores the range of non-white identities constructed by the skin bleachers and their rejection of whiteness. The research in Africa reveals the negative dermatological, medical and neurological effects of skin bleaching influenced by the colorized neo-colonial institutions. The self hate thesis persists in the academy and ignores the psychic strength and agency of Blacks to resist oppression. Skin bleaching is explained by colorism and miseducation. Complex personhood says the skin bleachers have functional and multidimensional goal directed selves with strengths, weaknesses, ambiguities, contradictions and resilience. This personhood liberates the skin bleachers from mental pathology by (1) rejecting rigid identity binaries, (2) accepting their vulnerabilities which are separated from the trauma of slavery, (3) highlighting their black identity, (4) revealing their psychic strength and autonomy in their defense of their body modification and (5) articulating their daily optimal psychological functioning.
The effect of state income tax apportionment and tax incentives on new capital expenditures

This study examines how variations in states' corporate income tax regimes affect new capital investment by business. Using U.S. state‐aggregated data from 1983 to 1996, we find in pooled and fixed‐effects regressions that new capital expenditures by corporations in the manufacturing sector are decreasing in the income tax burden on property (measured as the product of the statutory tax rate and the property factor weight), and increasing at a decreasing rate in investment‐related tax incentives. The effect of the income tax burden on property is more pronounced for states mandating unitary taxation or the throwback rule. Triangulating our empirical findings with prior analytical and simulation studies suggests the following hierarchy for the relative importance of major attributes of state corporate income tax regimes: the unitary or throwback requirement is most influential on incremental capital investment, followed by apportionment weights and tax rates, and, finally, investment‐related incentives.
Piercing the Veil

II. TRANSITION 1415 A. Law’s “Past” 1415 B. Law’s “Other” 1417 C. Constructing and Obstructing 1420 D. Cases in Point 1425 1. CEDAW (Global) 1425
The Effects of Expanding Employee Decision Making on Contributions to Firm Value in an Informal Reward Environment

I use an experiment to examine whether expanding employee decision making - by either allowing employees to jointly determine firm activities with employers or assigning employees the sole authority to determine these activities - affects contributions to firm value. I investigate this issue in an informal reward setting where employers cannot commit to how employees will be rewarded. Experimental results demonstrate that employees jointly determining firm activities with employers evaluated the decision-making environment to be fairer than employees with either no role or sole authority to choose firm activities which led them to derive more enjoyment from their work environment which ultimately led them to contribute a greater amount to firm value. Despite the higher contributions, employees with a joint role neither expected nor received a greater informal reward from employers. My findings contribute to literature suggesting that the incorporation of non-pecuniary factors such as employees' preferences for a fair decision-making environment into organizational architecture designs can increase the efficiency of employment relationships.
Law Is Everywhere

War places great stress on society. It calls for major readjustments in government and in ordinary life. Often people are called on to make enormous sacrifices. In order to respond to these needs, codified law is often changed. The Executive promulgates new regulations and Congress enacts statutes to meet the exigencies of the war. The governing assumption of American society is that these war measures will be undertaken within the terms of the Constitution - that the allocation of powers among the branches set forth in the Constitution will be respected and basic liberties will be honored. Ours is a Constitution for times of war as well as times of peace.The last five years have confounded this assumption and rendered the example of Justice Aharon Barak especially compelling. He has honored the special security needs of Israel while being adamant in protecting Israel’s democratic character. The contrast with the American experience is stark, even when a principle as sacrosanct as the prohibition against torture is at stake. The war against terrorism seems to have absolved the current Administration from any sense of limits.
Savings Goals and Saving Behavior from a Perspective of Maslow's Hierarchy of Needs

The purpose of this study was to examine associations between saving goals and saving behavior from a perspective of Maslow’s Hierarchy. Using 1998-2007 Surveys of Consumer Finance datasets, we analyzed responses given to an open ended saving reason question, and categorized responses into six saving goals. The retirement/security goal was the most frequently mentioned, and the self-actualization goal was the least frequently mentioned. We tested two models to ascertain whether the order of response differed in the likelihood of saving, measured as whether households spent less than income. Model 1 tested the effects of whether particular goals were given as the first response to the open-ended question, and Model 2 tested the effects of whether particular goals were given as any response. In both analyses, self actualization and retirement/security had the strongest associations with saving behavior.
Dynamic costs and moral hazard: A duality-based approach

Abstract The marginal cost of effort often increases as effort is exerted. In a dynamic moral hazard setting, dynamically increasing costs create information asymmetry. This paper characterizes the optimal contract and helps explain the popular yet thus far puzzling use of non-linear incentives, for example, in sales-force compensation. The result is obtained by complementing the standard dynamic program with a novel dynamic dual formulation. The dual program is monotonic and sub-modular, providing stronger results, including a proof for the sufficiency of one-shot deviations.
Linking industry concentration to proprietary costs and disclosure: Challenges and opportunities

Despite a substantial literature linking industry concentration, proprietary costs and disclosure, existing evidence is mixed. We discuss three challenges to the literature: lack of strong theoretical predictions, difficulty in measuring relevant aspects of industry concentration and difficulty in identifying disclosures that are likely to carry significant proprietary costs. We link each of the issues to the findings in Ali et al. (2014) and identify potential opportunities for future research.
Endangered Statute - The Current Assault on the Endangered Species Act

The courts should uphold the ESA's habitat provisions as valid exercises of the commerce power. To fail to do so would not only hamstring a vitally-needed statute whose importance is recognized by the scientific community; it would also undermine Congressional authority to regulate activities clearly and substantially affecting interstate commerce, threatening the Clean Water Act, gun control statutes and a host of others. Lopez and Morrison set sensible boundaries for Congress. The courts should not override them.
The Census of Construction Industries Database

The Census of Construction Industries (CCI) is conducted every five years as part of the quinquennial Economic Census. The CCI covers all establishments with payroll that are engaged primarily in c...
Don't Blame Me, Blame the Financial Crisis: A Survey of Dismissal Rulings in 10b-5 Suits for Subprime Securities Losses

This Note surveys thirty-four district court decisions on motions to dismiss in actions brought under SEC Rule 10b-5 for losses suffered during the recent financial crisis. This Note focuses on issues of scienter and loss causation, the elements of a 10b-5 claim most likely to be affected by a market-wide downturn. In the opinions surveyed, successfully pleading scienter proved the biggest hurdle for plaintiffs in surviving a motion to dismiss, and this Note proceeds to analyze the factors that influenced whether a district court found scienter to be adequately pleaded. This Note also examines efforts by both plaintiffs and defendants to use the financial crisis of 2007–08 to support their arguments for or against dismissal, again with particular focus on scienter and loss causation.
Constraints on X-ray emissions from the reionization era

We examine the constraints on soft X-ray photon emissions from the reionization era. It is generally assumed that the Universe was reionized by ultraviolet photons radiated from massive stars. However, it has been argued that X-ray photons associated with the death of these stars would have contributed ∼10 per cent to the total number of ionizations via several channels. The parameter space for a significant component of cosmological reionization to be sourced by X-rays is limited by a few observations. We revisit the unresolved soft X-ray background constraint on high-redshift X-ray production and show that soft X-ray background measurements significantly limit the contribution to reionization from several potential sources: X-rays from X-ray binaries, from Compton scattering off supernovae-accelerated electrons, and from the annihilation of dark matter particles. We discuss the additional limits on high-redshift X-ray photon production from (1) z ∼ 3 measurements of metal absorption lines in quasar spectra, (2) the consensus that helium reionization was ending at z ≈ 3 and (3) measurements of the intergalactic medium's thermal history. We show that observations of z ∼ 3 metal lines allow little room for extra coeval soft X-ray emission from a non-standard X-ray sources. In addition, we show that the late reionization of helium makes it quite difficult to also ionize the hydrogen at z > 6 with a single source population (such as quasars) and that it likely requires the spectrum of ionizing emissions to soften with increasing redshift. However, we find that it is difficult to constrain an X-ray contribution to reionization from the intergalactic temperature history. We show that the intergalactic gas would have been heated to a narrower range of temperatures than is typically assumed at reionization, 2–3 × 104 K, with this temperature depending weakly on the ionizing sources’ spectra.
Priority setting in biomedical research.

Public and private-sector choices about allocation of funding to research and public health raise social-justice issues. Virtual Mentor is a monthly bioethics journal published by the American Medical Association.
Bootstrapping the conditional moment test for parametric duration models

The performance of auxiliary regression-based specification tests for parametric duration models estimated with censored data is evaluated. The test using asymptotic critical values has poor size. Bootstrapping corrects the size problem but results in a biased power curve.
Corporate social responsibility and stock price crash risk

This study investigates whether corporate social responsibility (CSR) mitigates or contributes to stock price crash risk. Crash risk, defined as the conditional skewness of return distribution, captures asymmetry in risk and is important for investment decisions and risk management. If socially responsible firms commit to a high standard of transparency and engage in less bad news hoarding, they would have lower crash risk. However, if managers engage in CSR to cover up bad news and divert shareholder scrutiny, CSR would be associated with higher crash risk. Our findings support the mitigating effect of CSR on crash risk. We find that firms’ CSR performance is negatively associated with future crash risk after controlling for other predictors of crash risk. The result holds after we account for potential endogeneity. Moreover, the mitigating effect of CSR on crash risk is more pronounced when firms have less effective corporate governance or a lower level of institutional ownership. The results are consistent with the notion that firms that actively engage in CSR also refrain from bad news hoarding behavior, thus reducing crash risk. This role of CSR is particularly important when governance mechanisms, such as monitoring by boards or institutional investors, are weak.
Standards of Conduct for Directors of Nonprofit Corporations

This Article analyzes the standards of care and loyalty that should apply to directors of nonprofit corporations. It suggests that the movement toward corporate law principles neither reflects the differences in the types of nonprofit corporationsd nor provides a coherent rationale for the conduct regulated. The "trust law"-"corporate law" distinction has often centered upon the label to be applied rather than on an analysis of the principles involved. Too often the selection of the label has determined the result. At other times, the label has been used as a convenient rationalization of a socially desirable conclusion. This Article will attempt to develop a framework for applying a particular standard – corporate, trust, or other. The author contends that corporate law standards of directors' conduct are too low in certain situations. Instead, he maintains that there should be shifting standards, the application of which depends upon the type of nonprofit corporation and the nature of a director's conduct and interest in a particular transaction. This Article concludes that if high standards of conduct are clearly articulated, they will be adhered to by most directors and thereby lessen the problem of fiduciaries abusing their power or ignoring their responsibilities. High standards widely communicated to the nonprofit sector will provide the. most cost-efficient monitoring of directors' behavior.
How to Improve Empirical Desert

According to empirical desert advocates, lay moral intuitions are consistent with retributive approaches to punishment, and policymakers can increase compliance with criminal justice policies by punishing in accord with those intuitions. I offer three challenges to empirical desert intended ultimately to strengthen its theoretical underpinnings: First, advocates have cherry-picked certain moral intuitions, while ignoring others. Second, they have yet to demonstrate the weight to assign the compliance induced by empirical desert relative to the weight of other consequentialist considerations. Third, empirical desert arguably exploits laypeople by using their “mistaken” beliefs about punishment to encourage their compliance with consequentialist goals. Such exploitation may trouble defenders of the “publicity condition,” which requires that a system of morality be based on principles that can be announced publicly without thereby undermining those same principles. I do not describe precisely how empirical desert advocates should respond to these concerns, but they will make substantial headway by more carefully distinguishing the use of widely-shared moral intuitions to make predictions about people’s behavior from the use of those intuitions to justify particular policies. (This article was written for the Brooklyn Law School Symposium, “Is Morality Universal and Should the Law Care?”.)
Disentangling the direct and indirect effects of the initiative process

Voter initiatives are important for policy making in many countries. While much research shows that the initiative process affects policy choices, almost no evidence explains how the initiative process affects policy. Initiatives might change policy directly through voters approving laws that override the legislature; or the initiative process may change policy indirectly by providing a threat that induces the legislature to change policy. This article develops an empirical strategy to measure the direct and indirect effects of the initiative based on the idea that direct effects can be inferred from states that actually pass initiatives while indirect effects can be inferred from states where the initiative is available but not used. Evidence from 50 states on nine separate issues suggests that both direct and indirect effects are important, but the direct effect is several times larger than the threat effect.
No chills or burns from temperature surprises: An empirical analysis of the weather derivatives market

This article examines the efficiency of the weather futures market traded on the CME in both HDD and CDD futures contracts in 18 cities across the United States. Efficiency is examined in three ways. First, by comparing the market's implied forecasts for the weather against other forecasts. Second, by looking at whether market's overreact or under-react to temperature surprises. Third, by looking at weather derivative patterns across cities. We find that generally the market seems very efficient despite its lack of liquidity. We also find risk premia that seem to vary across cities and over time. © 2010 Wiley Periodicals, Inc. Jrl Fut Mark 31:1–33, 2011
Securities Laws, Disclosure, and National Capital Markets in the Age of Financial Globalization

As barriers to international investment fall and technology improves, the cost advantages for a firm's securities to trade publicly in the country in which that firm is located and for that country to have a market for publicly traded securities distinct from the capital markets of other countries will progressively disappear. Securities laws remain an important determinant of whether and where securities are issued, how they are valued, who owns them, and where they trade. I show that there is a demand from entrepreneurs for mechanisms that allow them to commit to credible disclosure because disclosure helps reduce agency costs. Under some circumstances, mandatory disclosure through securities laws can help satisfy that demand, but only provided investors or the state can act on the information disclosed and the laws cannot be weakened ex post too much through lobbying by corporate insiders. With financial globalization, national disclosure laws can have wide-ranging effects on a country's welfare, on firms and on investor portfolios, including the extent to which share holdings reveal a home bias. In equilibrium, if firms can choose the securities laws they are subject to when they go public, some firms will choose stronger securities laws than those of the country in which they are located and some firms will do the opposite.
Time Will Tell: Information in the Timing of Scheduled Earnings News

Using novel earnings calendar data, we show that firms’ advanced scheduling of earnings announcement dates foreshadows their earnings news. Firms that schedule later-than-expected announcement dates subsequently announce worse news than those scheduling earlier-than-expected announcement dates. Despite scheduling disclosures being observable weeks ahead of earnings announcements, we show that equity markets fail to reflect the information in these disclosures until the announcement itself. By also showing that option markets respond efficiently to volatility-timing information embedded in the same scheduling disclosures, we provide novel evidence that markets fail to react to information about future earnings despite investors immediately trading on the underlying signal.
Democratic Inclusion, Cognitive Development, and the Age of Electoral Majority

The age of electoral majority has declined over time and across the globe. At the beginning of the twentieth century, the average voting age worldwide was just under twenty-four; today, it is just over seventeen. More than a dozen nations have recently lowered local, state, or national voting ages to sixteen. Others, including Australia and the U.K., are seriously considering doing the same. Yet the United States, which holds itself out as a beacon of democratic participation, is not currently considering the electoral inclusion of some cohort of its younger citizens. For a number of compelling reasons, it should be.Classic democratic theory describes the decision making of the ideal citizen-voter as both well-informed and rational. The decision making of the actual citizen-voter, however, is often neither. For reasons detailed in this article, I argue for a conception of electoral competence (1) informed by behavioral decision theory and studies of voter decision making; and (2) characterized by the reliable attainment of the relevant cognitive processes (cognition/learning, information processing, and decision making) and maturity of judgment.Converging research from several disciplines within the developmental sciences has established a reliable connection between age range and the attainment of certain cognitive competencies. Research in developmental psychology and cognitive and social neuroscience explains that/why adolescents make notoriously bad decisions under certain conditions. It also explains that by mid-adolescence, when making unpressured, considered decisions — like those required to privately cast a ballot in an election that has unfolded over time — their cognitive competencies are mature.States can thus no longer justify the electoral exclusion of mid-adolescents by claiming that they lack the relevant competencies. Absent other legitimate bases for their exclusion, I argue that the democratic presumption of inclusion obliges the states to adjust downward the age of electoral majority.
Think Like a (Mindful) Lawyer: Incorporating Mindfulness, Professional Identity, and Emotional Intelligence into the First Year Law Curriculum

In this article, I add to the existing mindfulness literature by discussing other ways that law teachers might consider incorporating mindfulness and emotional intelligence into one or more of their classes. I also discuss the related idea of helping students develop a professional identity. Next, I focus on providing these tools in a first-year mandatory class and then attempt to provide a rationale, and a roadmap, for doing this. After explaining briefly what mindfulness and emotional intelligence are, I review literature from other disciplines on the benefits of mindfulness practice and emotional intelligence training. Next I discuss how this training might enhance the education of lawyers by improving their likelihood of success in the profession and, in turn, improving the quality of their lives both inside and outside their legal practices. Finally, I describe a few examples of materials that could be used in class, as well as some of the classes in which this material might be incorporated. As an example, I use our first-year mandatory professionalism class at the University of New Mexico School of Law called Practicum, in which we incorporated mindfulness and emotional intelligence in the fall of 2013. In concluding the article, I discuss whether now is the time to make the curricular changes I suggest here or whether it would be best to wait until these principles become more accepted in the profession.
On The universality of argumentative reasoning

According to the argumentative theory of reasoning, humans have evolved reasoning abilities (usually known as ‘system 2’ or ‘analytic’ reasoning) for argumentative purposes. This implies that some reasoning skills should be universals. Such a claim seems to be at odd with findings from cross-cultural research. First, a wealth of research, following the work of Luria, has shown apparent difficulties for illiterate populations to solve simple but abstract syllogisms. It can be shown, however, that once they are willing to accept the pragmatics of the task, these participants can perform at or near ceiling. Second, historical, sociological and anthropological research has been used to claim that some Eastern cultures have not developed argumentation. These claims are the result of oversimplifications and of a selective view of the data. A closer looks reveals instead very elaborate forms of argumentation, in Chinese culture particularly. Third, cross-cultural psychologists have carried out an extensive research program aimed at showing that Easterners do not rely on the principle of non-contradiction and that they use holistic rather than analytic thinking. A review of these experiments shows that no qualitative difference emerges in the way Easterners and Westerners deal with argumentation and that in the proper context both populations can easily have recourse to holistic or analytic thinking. It is possible to conclude from this critical review that the reasoning skills involved in argumentation seem to be universal even though they can be used in different ways in various cultural contexts.
Hidden in Plain Sight: IRS Publications and a New Path to Tax Reform

Internal Revenue Service (IRS) publications are everywhere in tax practice and almost nowhere in tax scholarship. These publications seek to explain substantive tax law to the general public in a simple, comprehensible, and accurate manner. IRS publications are not only the primary source of information about tax law for taxpayers who file their own returns, but such publications are also essential for online tax preparation platforms, like TurboTax, and for third-party tax return preparers, who rely on this information when selling their services to millions of taxpayers each year. From the perspective of these stakeholders, IRS publications are not simply explanations of substantive tax law; they are substantive tax law. Yet IRS publications are scarcely mentioned in legal scholarship or tax policy debates. Considering their influence and ubiquity in tax practice, the broad inattention of scholars and policymakers to IRS publications is enormously surprising. This Article suggests that IRS publications can do more than help non-expert stakeholders navigate their annual tax filing obligations; these publications can also offer significant and unexpected value for experts in their world of legal scholarship and tax policy debates. Studying IRS publications can yield important lessons about one of the greatest challenges facing the federal income tax system—complexity. Virtually all stakeholders agree that tax law is too complicated, but we seldom make meaningful progress toward simplifying the law. This Article proposes that the study of IRS publications can help experts identify and prioritize complexity problems in federal tax law. By using IRS publications to recognize high-risk/high-value problems with complexity, experts can formulate a tax research and reform agenda that will bypass many theoretical and epistemological roadblocks to tax simplification. The key is that IRS publications offer experts a new starting point in the long road toward tax reform, one that has been hidden in plain sight for decades.
Tightening the OODA Loop: Police Militarization, Race, and Algorithmic Surveillance

This Article examines the role military automated surveillance and intelligence systems and techniques have supported a self-reinforcing racial bias when used by civilian police departments to enhance predictive policing programs. I will focus on two facets of this problem. First, my research will take an inside-out perspective, studying the role played by advanced military technologies and methods within civilian police departments, and how they have enabled a new focus on deterrence and crime prevention by creating a system of structural surveillance where decision support relies increasingly upon algorithms and automated data analysis tools, and which automates de facto penalization and containment based on race. Second, I will explore these systems — and their effects — from an outside-in perspective, paying particular attention to racial, societal, economic, and geographic factors that play into the public perception of these policing regimes. I will conclude by proposing potential solutions to this problem, which incorporate tests for racial bias to create an alternative system that follows a true community policing model.
A Re-Examination of Diversification and Firm Productivity

ABSTRACT: The advantages and disadvantages of diversification have been widely debated by academics, as well as business professionals, and the majority of studies suggest that diversification destroys firm value. The effect of overall diversification (without categorizing whether such diversification is related or unrelated to the business) on productivity has been investigated as well, but with similar conflicting results. In this paper, we investigate the effects of the two types of diversification on productivity. We find that related diversification enhances firm productivity, whereas unrelated diversification reduces firm productivity. We also find that the previously recorded link between diversification and firm value is partially mediated by productivity. Our paper offers further empirical evidence toward resolving the conflicting findings of prior research, and provides practitioners with additional points for consideration when engaging in firm diversification.
Predicting the popularity of online content

We present a method for accurately predicting the long time popularity of online content from early measurements of user’s access. Using two content sharing portals, Youtube and Digg, we show that by modeling the accrual of views and votes on content offered by these services we can predict the long-term dynamics of individual submissions from initial data. In the case of Digg, measuring access to given stories during the first two hours allows us to forecast their popularity 30 days ahead with remarkable accuracy, while downloads of Youtube videos need to be followed for 10 days to attain the same performance. The differing time scales of the predictions are shown to be due to differences in how content is consumed on the two portals: Digg stories quickly become outdated, while Youtube videos are still found long after they are initially submitted to the portal. We show that predictions are more accurate for submissions for which attention decays quickly, whereas predictions for evergreen content will be prone to larger errors.
Average funds versus average dollars: Implications for mutual fund research

Abstract The top 5% of actively managed U.S. equity mutual funds in 2012 had greater aggregate TNA than the remaining 95% of funds combined. This skewness in size has implications for mutual fund research: What is true of the average fund is not necessarily true of the average dollar. We explore several key findings in the literature with an eye on this distinction. Our results indicate that if the goal of mutual fund research is to understand the importance of the industry to investors, then researchers should consider the experience of the average dollar, rather than the average fund.
Who Is to Shame - Narratives of Neonaticide

In seventeenth-century England, single women who killed their newborns were believed to have acted to hide their shame. They were prosecuted under the 1624 Concealment Law and punished by death. This harsh response eventually evolved into a more humane and sympathetic one, as shown by the increasing number of acquittals in the late eighteenth century and by the sharp drop of prosecutions in the late nineteenth century. Then, in 1922, England passed the Infanticide Act, amended in 1938, which provided that a mother who killed her child would be prosecuted for manslaughter, not murder. Today, the great majority of women prosecuted under the English Infanticide Act do not serve prison sentences, but instead, receive counseling. This article considers why attitudes and laws about newborn child murder, or neonaticide, have not similarly evolved in America. Typically, when Americans hear news of a "dumpster baby," we view it as part of a growing epidemic, and rush to judge the mother harshly. Our responses are shaped by emotional reactions of shame, disgust, and anxiety about teen sexuality and motherhood. Curiously, these reactions are similar to those of seventeenth-century England, and as this article argues, will not change until society makes an effort to understand the causes of neonaticide and to deal with its complexities. Literary works provide a great opportunity through the use of several narrative strategies to slow society's rush to judge such mothers. This article examines the narratives found in George Eliot's Adam Bede, Jodi Picoult's Plain Truth, and John Pielmeier's Agnes of God. These works offer insight into the complex and contradictory motives of women who kill newborns, and thus provide a model for judgments that are more humane and authentic, judgments that give recognition to a story we typically would rather suppress. * Professor of Law, Texas Wesleyan University School of Law. Thanks to participants at the 2006 Feminism and Legal Theory Project Workshop and the 2007 Rights, Ethics, Law and Literature International Colloquium for suggestions and comments on an earlier draft of this paper. I am also grateful to Texas Wesleyan University School of Law for funding support, to the suggestions of my colleague Jason Gillmer, to the research assistance of Rebecca Eaton, Sarah Gilliland, Kara Squier, Marc La Morte, Kimberly Gilkinson, and Renea Overstreet, and to the reference assistance of Anna Teller and Stephanie Marshall. I am also indebted to Catherine Murphy for her careful reading and editing of this article. 56 WILLIAM AND MARY JOURNAL OF WOMEN AND THE LAW [Vol. 14:055
Organizational Learning and Productivity: State Structure and Foreign Investment in the Rise of the Chinese Corporation

Over the two and a half decades of economic reform in China, two types of Chinese firms have consistently outperformed their peers. In the 1980s, it was the firms at the lower levels of the industrial hierarchy, the township and village enterprises that were closely monitored by local governments. In the 1990s and beyond, the top performers have been those Chinese firms that have formal relationships with foreign investors. While many studies on the economic reforms in China have focused on the hardening of budget constraints and the transfer of technology from foreign to Chinese firms, I focus here on the stability created by relationships with local government offices and with powerful foreign investors. Where advocates of shock therapy have argued that a rapid transition to market institutions was the best path to building a market economy, I argue that the successful practices of the market are learned gradually over time, and the Chinese firms that are stabilized by attention from local government offices and relationships with foreign investors are well-positioned to successfully navigate China's emerging markets. A quantitative analysis of 81 firms in industrial Shanghai and three case studies help illuminate the mechanisms behind these relationships.
Confounding Ockham's Razor: Minilateralism and International Economic Regulation

In Minilateralism: How Trade Alliances, Soft Law, and Financial Engineering Are Redefining Economic Statecraft, Professor Chris Brummer embraces the complexity of the global economic system and its regulation by exploring the emerging role and dominance of varying strands of economic collaboration and regulation that he collectively refers to as “minilateralism.” In describing the turn toward minilateralism, Brummer notes a number of key features of this new minilateral system, including a shift away from global cooperation to strategic alliances composed of the smallest group necessary to achieve a particular goal, a turn from formal treaties to informal non-binding accords and other soft law, and the willingness of governments to resort to financial engineering to achieve their goals. While doing so, Brummer’s book explores how and why this shift from multilateralism to minilateralism has occurred, and he discusses the issues associated with managing and shaping the healthy growth and development of this system. He advocates that policymakers and regulators use what he terms “smart minilateralism” to define policy objectives, choose the proper minilateral tools, and legitimize their actions by seeking the support of relevant stakeholders. This Review engages Brummer’s theories, complicates them, and in a variety of instances challenges them. It explores whether the world is merely experiencing the fine tuning of multilateralism, rather than a shift to minilateralism; whether minilateralism is simply better documented today than it has been in the past, rather than the emerging norm; and whether minilateralism is really a new phenomenon. It also challenges Brummer to offer his readers more on how multilateral and minilateral systems interact, how minilateral legitimacy might be achieved, and what role nongovernmental entities do and should play in international economic regulation. In addition, this Review suggests that in various contexts minilateralism is doomed to fail and explores the implications of that failure. Thus, in a style of academic criticism, this Review criticizes the excellent and * Associate Dean for Faculty Research & Development and Professor of Law, The University of Toledo College of Law; J.D., University of Pennsylvania Law School; B.A., The Ohio State University. I would like to thank Christine Gall, Esq. for her encouragement while drafting this Review. The views set forth in this Review are completely my own and do not necessarily reflect the views of any employer or client either past or present. 320 BROOK. J. CORP. FIN. & COM. L. [Vol. 10 demands an unattainable level of perfection, especially because it would require Brummer to turn his readable and fully formed text into a multivolume treatise.
Leverage Expectations and Bond Credit Spreads

In an efficient market, spreads will reflect both the issuer’s current risk and investors’ expectations about how that risk might change over time. Collin-Dufresne and Goldstein (2001) show analytically that a firm’s expected future leverage importantly influences the spread on its bonds. We use capital structure theory to construct proxies for investors’ expectations about future leverage changes and find that these significantly affect bond yields, above and beyond the effect of contemporaneous leverage. Expectations under the trade-off, pecking order, and credit-rating theories of capital structure all receive empirical support, suggesting that investors view them as complementary when pricing corporate bonds.
Ligamentous Injuries of the Knee

Among the most potentially debilitating injuries to the athlete's knee are those injuries involving the ligaments. The unhappy sequelae of instability and premature osteoarthritis may be avoided by prompt, accurate recognition of the injury, appropriate delivery of treatment, and subsequent maintenance of rehabilitation.
Shape from Tracing: Towards Reconstructing 3D Object Geometry and SVBRDF Material from Images via Differentiable Path Tracing

Reconstructing object geometry and material from multiple views typically requires optimization. Differentiable path tracing is an appealing framework as it can reproduce complex appearance effects. However, it is difficult to use due to high computational cost. In this paper, we explore how to use differentiable ray tracing to refine an initial coarse mesh and per-mesh-facet material representation. In simulation, we find that it is possible to reconstruct fine geometric and material detail from low resolution input views, allowing high-quality reconstructions in a few hours despite the expense of path tracing. The reconstructions successfully disambiguate shading, shadow, and global illumination effects such as diffuse interreflection from material properties. We demonstrate the impact of different geometry initializations, including space carving, multi-view stereo, and 3D neural networks. Finally, with input captured using smartphone video and a consumer 360° camera for lighting estimation, we also show how to refine initial reconstructions of real-world objects in unconstrained environments.