cssi/SciSciGPT-SciSciNet huggingface dataset:
The Constitutional Right Not to Cooperate - Local Sovereignty and the Federal Immigration Power

This article examines an important but up to now, still unexplored area in the federalism debate: May the federal government require local governments to cooperate with the enforcement of immigration law or other federal scheme? Or may local governments constitutionally refuse to provide that cooperation? I use immigration law enforcement as a case study to argue that the current legal framework, which allows the federal government to mandate local cooperation, ignores the significant federalism harms that federal cooperation laws impose. And these federalism harms are not simply limited to the immigration field. In other areas where federal and local governments disagree (e.g., medical marijuana, stem cell research, and physician-assisted suicide), there is similar potential for conflict and resulting federalism harms. Rather than apply the current bright line Printz/New York rule that ignores these federalism harms, I suggest using an intermediate balancing test, where both federal and local sovereign interests are considered. The cooperation debate in the immigration context has immediate, practical significance. Currently, some 49 cities and states have laws that limit the authority of their police and other employees to cooperate with federal immigration law enforcement. These local non-cooperation laws prohibit local government employees from reporting to the federal government undocumented persons they encounter in the course of providing police protection, health care, education, and other essential local government services. At the same time, the federal government has passed laws requiring the very same cooperation that local governments have prohibited: under federal law, local governments must allow their employees who want to cooperate with federal immigration enforcement on a voluntary basis to do so. This federal push to get local governments involved in immigration law enforcement has intensified after the attacks of 9/11. Under the current legal framework, the federal government wins. Its exercise of its preemption power faces no Tenth Amendment challenge because, unlike Printz and New York, federal cooperation laws do not commandeer local governments into passing legislation or enforcing federal schemes. Yet, the broad strokes of this preemption/commandeering analysis ignore the significant federalism harms that federal cooperation laws cause. In the case of immigration law enforcement, those federalism harms include (1) undermining democratic rule by interfering with local governments' ability to exercise their police powers in the ways they deem most effective to protect their communities, (2) upsetting the tyranny-prevention function of federalism by greatly augmenting federal power and disturbing the local-federal balance of power, and (3) thwarting local governments' right to experiment and find the appropriate law enforcement balance for their communities.
Transforming Rhetoric Into Reality: A Federal Remedy for Negligent Brokerage Advice

Nearly everyone wishing to invest in the securities markets must use the services of brokerage firms out of necessity. Even investors who select their own investments require brokerage services to execute their transactions. Other investors place greater reliance on their brokers and look to them to provide investment advice. Many brokerage houses, particularly large full-service firms, distinguish their services from discount brokers by encouraging customers to rely on their advice. Such companies advertise heavily to promote both their investment acumen and their attention to customers’ needs. Because incompetent or careless brokers can cause tremendous harm to their customers’ financial well-being, often with grave implications for their retirement security, customers who are encouraged to rely on information provided by their brokers are entitled to expect that brokers will perform these services competently and carefully.
Water” in the U.S. Ethanol Tax Credit and Mandate: Implications for Rectangular Deadweight Costs and the Corn-Oil Price Relationship*

Abstract The relationship between ethanol, corn and oil prices are analyzed under two alternative situations, depending on whether or not consumers purchase ethanol on the basis of its contribution to mileage. In all cases, market prices of ethanol can be above or below the consumer price paid for ethanol. With a tax credit, we determine several key parameters affecting the price relationships between corn, ethanol and gasoline, including the relative value of the fuel tax and tax credit, and the value of corn returned to the market in the form of by-products. The outcome is further complicated if the mandates are binding or if price contingent corn production subsidies like deficiency payments are available. Empirical analysis of historical U.S. price relationships assesses the validity of the alternative models and the extent to which each policy impacted the market. The implicit subsidy of the tax credit and mandates is often higher than the observed corn price itself. We discuss several reasons for this including how corn production subsidies cause the corn price to fall below that which would occur if there was no ethanol policy. Therefore, without corn production subsidies in the past, no ethanol production would have occurred, even with a tax credit or a mandate. Furthermore, corn producers do not benefit at all from ethanol policies when the deficiency payment program is operational and very little from the tax credit when the mandate is binding. We extend de Gorter and Just’s concept of “water” in the tax credit to include the premium due to a binding mandate. The resulting rectangular deadweight costs are estimated for the past 25 years and are found to dwarf standard triangular deadweight cost measures of traditional farm subsidies. Those who emphasize the benefits of ethanol policy in reducing tax costs of farm programs ignore new deadweight costs created by ethanol policy including an increase in the deadweight costs of the farm subsidy program. Furthermore, farm subsidies increase both the tax costs of the tax credit and the deadweight costs due to ethanol policy. Our theoretical framework provides a foundation for future research on biofuel policies while the empirical analysis gives a perspective on the relative importance of several key parameters determining the effects of past U.S. ethanol policy.
Individual Investor Trading and Return Patterns around Earnings Announcements

This paper provides evidence of informed trading by individual investors around earnings announcements using a unique data set of NYSE stocks. We show that intense aggregate individual investor buying (selling) predicts large positive (negative) abnormal returns on and after earnings announcement dates. We decompose abnormal returns following the event into information and liquidity provision components, and show that about half of the returns can be attributed to private information. We also find that individuals trade in both return-contrarian and news-contrarian manners after earnings announcements. The latter behavior has the potential to slow the adjustment of prices to earnings news.
Case comment: the need for careful analysis of the statistical summary in the response to the complaint in the SEC v. Goldman Sachs case

In its response to charges by the Securities and Exchange Commission that the investment bank misled investors about the role a hedge fund manager had in selecting a securities portfolio involving subprime mortgages, the firm submitted statistics to support its argument that the losses incurred by the portfolio were due to the broad decline in the market for such securities that occurred in 2007–2008. This comment points out a logical flaw in the comparison of performance measures of the initial portfolio of 86 securities with that of the final or reference portfolio of 90. During the selection process in which the hedge fund manager and the bank participated along with the portfolio selection agent, 20 of the original 86 securities were dropped and 24 others added. The statistical summary compares the average values of several performance characteristics of the two portfolios; however, the fact that 66 securities or approximately 75% were common to both renders that comparison virtually meaningless. A more appropriate statistical assessment of that stage of the selection process focuses on the relative performance of the 24 new securities included in the final portfolio of 90 to that of the 20 that were dropped from the Initial-86. A careful examination of the reported statistics shows that the difference in the average percent write-down of these two sets of securities is at least 18%. Furthermore, under an additional assumption that will require further checking from more detailed data, the average time to write-down of the 24 new securities was statistically significantly less than that of the 20 that were dropped. Similar results were obtained when the final portfolio of 90 was compared with the universe of 293 similar securities described in the bank’s response. Both the average percent writedown and the average time to write-down of the 293 securities were less than that of the Reference-90.
Rocky Worlds Limited to ∼1.8 Earth Radii by Atmospheric Escape during a Star’s Extreme UV Saturation

Recent observations and analysis of low mass (<10 M⊕), exoplanets have found that rocky planets only have radii up to 1.5-2 R⊕. Two general hypotheses exist for the cause of the dichotomy between rocky and gas-enveloped planets (or possible water worlds): either low mass planets do not necessarily form thick atmospheres of a few wt. %, or the thick atmospheres on these planets easily escape driven by x-ray and extreme ultraviolet (XUV) emissions from young parent stars. Here we show that a cutoff between rocky and gas-enveloped planets due to hydrodynamic escape is most likely to occur at a mean radius of 1.76 +/- 0.38 (2σ) R⊕ around Sunlike stars. We examine the limit in rocky planet radii predicted by hydrodynamic escape across a wide range of possible model inputs using 10,000 parameter combinations drawn randomly from plausible parameter ranges. We find a cutoff between rocky and gas-enveloped planets that agrees with the observed cutoff. The large cross-section available for XUV absorption in the extremely distended primitive atmospheres of low mass planets results in complete loss of atmospheres during the ~100 Myr phase of stellar XUV saturation. In contrast, more massive planets have less distended atmospheres and less escape, and so retain thick atmospheres through XUV saturation and then indefinitely as the XUV and escape fluxes drop over time. The agreement between our model and exoplanet data leads us to conclude that hydrodynamic escape plausibly explains the observed upper limit on rocky planet size and few planets (a "valley") in the 1.5-2 R⊕ range.
Breaking up is hard to do? An analysis of termination fee provisions and merger outcomes

Abstract We examine the provision of termination fee clauses in merger agreements between 1989 and 1998. Target-payable fees are observed more frequently when bidding is costly and the potential for information expropriation by third parties is significant. Fee provisions appear to benefit target shareholders through higher deal completion rates and greater negotiated takeover premiums. We conclude that target-payable fees serve as an efficient contracting device, rather than a means by which to deter competitive bidding. Bidder fee provisions appear to be used to secure target wealth gains in deals with higher costs associated with negotiation and bid failure.
Governing Water: The Semicommons of Fluid Property Rights

This Article applies an information-cost theory of property to water law. Because of its fluidity, exclusion is difficult in the case of water and gives way to rule of proper use, i.e., governance regimes. Looking at water through this lens reveals that prior appropriation employs more governance and riparianism rests more on a foundation of exclusion than is commonly thought. The development of increasing amounts of exclusion and governance are both compatible with a broadly Demsetzian account that is sensitive to the nature of the resource. Moreover, hybrids between prior appropriation and riparianism are not anomalous. Exclusion strategies based on boundaries and quantification allow for rights to be formal and modular, but this approach is particularly challenging in the case of water and other fugitive resources. The challenges of exclusion that water and other fugitive resources present often lead to a semicommons in which elements of private and common property both coexist and interact.
Ranking Accounting Ph.D. Programs and Faculties Using Social Science Research Network Downloads

We rank accounting Ph.D. programs and accounting faculties based on downloads individuals' working papers posted to the Social Science Research Network (SSRN) receive. We retain 185 individuals included in Accounting Faculty Directory 2002–2003 (Hasselback, 2002) whose work has been most heavily downloaded as of August 21, 2002. We rank Ph.D. programs (faculties) both adjusting and not adjusting for program (faculty) size. We provide rankings both without regards to when individuals graduated and for individuals graduating during three consecutive sub-periods: pre-1982, 1982–1991 and 1992–2001. We first provide rankings without regards to teaching or research area. After dichotomizing individuals into those whose teaching/research area is financial versus non-financial we provide additional rankings focusing on non-financial research areas.
What difference does a country make? Earnings by Soviets in the Soviet Union and in the United States

Abstract This paper utilizes the Soviet Interview Project (SIP) and the 1990 U.S. census to identify and to track a sample of Soviet emigres. After examining basic descriptive statistics on income mobility, we specify and estimate earnings functions to examine the impact of a variety of explanatory factors on household earnings in the Soviet Union and in the United States. We find that while the household income of emigres from the Soviet Union increased, the degree of inequality increased significantly as did the share of this population experiencing poverty as defined by U.S. poverty norms.
Designing the Personal Data Stream: Enabling Participatory Privacy in Mobile Personal Sensing

For decades, the Codes of Fair Information Practice have served as a model for data privacy, protecting personal information collected by governments and corporations. But professional data management standards such as the Codes of Fair Information Practice do not take into account a world of distributed data collection, nor the realities of data mining and easy, almost uncontrolled, dissemination. Emerging models of information gathering create an environment where recording devices, deployed by individuals rather than organizations, disrupt expected flows of information in both public and private spaces. We suggest expanding the Codes of Fair Information Practice to protect privacy in this new data reality. An adapted understanding of the Codes of Fair Information Practice can promote individuals’ engagement with their own data, and apply not only to governments and corporations, but software developers creating the data collection programs of the 21st century. To support user participation in regulating sharing and disclosure, we discuss three foundational design principles: primacy of participants, data legibility, and engagement of participants throughout the data life cycle. We also discuss social changes that will need to accompany these design principles, including engagement of groups and appeal to the public sphere, increasing transparency of services through voluntary or regulated labeling, and securing a legal privilege for raw location data.
The Informational Role of Prices

We consider a dominant firm with a competitive fringe in order to address the informational role of prices. The fringe is necessary for the existence of a unique fully revealing equilibrium, in which the price reveals the quality of the good to uninformed buyers. A higher price triggers more sales on the part of the competitive fringe, reducing both residual demand and profits. We find that a larger share of uninformed buyers increases the price, reduces the quantity sold by the dominant firm, but increases the quantity sold by the competitive fringe. This, in turn, reduces consumer surplus and welfare. This article is protected by copyright. All rights reserved.
From Public Square to Market Square: Theoretical Foundations of First and Fourteenth Amendment Protection of Corporate Religious Speech

Should corporate religious expression receive protection under the Fourteenth Amendment's Due Process Clause and under the First Amendment's Speech Clause?Case law or legal literature has never examined this issue, despite government's increasing burdens on corporate religious speech. Constitutional free speech doctrines therefore present an innovative and potent tool for civil rights attorneys and corporate counsel. Moreover, increasing corporate social responsibility through religion depends upon the right to free religious expression. This Note examines the theoretical foundations of corporate religious speech rights through the lens of traditional corporate and associational theory. It rejects two corporate law theories denying corporate religious speech rights (artificial entity and contractarian) as outmoded conceptions no longer applicable to modern corporations. This Note finds that the natural entity theory is the only theory supporting corporate religious speech rights. This Note also discusses how the First and Fourteenth Amendments may protect corporate religious speech. It illustrates how corporate theories have affected Supreme Court corporate speech cases, draws analogies from precedents protecting corporate political speech, and shows how a variety of free speech theories justify corporate religious speech protection. As a result, statutes like Title VII or New Jersey's Worker Freedom from Employer Intimidation Act must avoid infringing upon corporate religious speech rights. These conclusions receive support from our nation's historical commitment to religious pluralism.
How Deep Are the Roots of Economic Development

The empirical literature on economic growth and development has moved from the study of proximate determinants to the analysis of ever deeper, more fundamental factors, rooted in long-term history. A growing body of new empirical work focuses on the measurement and estimation of the effects of historical variables on contemporary income by explicitly taking into account the ancestral composition of current populations. The evidence suggests that economic development is affected by traits that have been transmitted across generations over the very long run. This article surveys this new literature and provides a framework to discuss different channels through which intergenerationally transmitted characteristics may impact economic development, biologically (via genetic or epigenetic transmission) and culturally (via behavioral or symbolic transmission). An important issue is whether historically transmitted traits have affected development through their direct impact on productivity, or have operated indirectly as barriers to the diffusion of productivityenhancing innovations across populations. (JEL J11, O33, O47, Z13)
The relevance of the value relevance literature for financial accounting standard setting: another view $

This paper explains that value relevance research assesses how well accounting amounts reflect information used by equity investors, and provides insights into questions of interest to standard setters. A primary focus of financial statements is equity investment. Other uses of financial statement information, such as contracting, do not diminish the importance of value relevance research. Value relevance questions can be addressed using extant valuation models. Value relevance studies address econometric issues that otherwise could limit inferences, and can accommodate and be used to study the implications of accounting conservatism. r 2001 Elsevier Science B.V. All rights reserved. JEL classification: M41; M44; G12
Immigration, asylum, and citizenship: A more holistic approach

Despite obvious overlaps between immigration law, refugee law, and citizenship, legal scholars have tended to disaggregate them, studying them in isolation. This Article brings refugee law in closer conversation with both immigration law and citizenship by presenting the previously unknown history of Pershing’s Chinese refugees: 522 Chinese refugees in northern Mexico who in 1917 gained entry into the United States despite the immigration restrictions of the Chinese Exclusion Act, and in 1921 were granted the right to remain in the country as permanent legal residents. Using this historical case study, the Article first shows that refugee law would not exist were it not for the presence of exclusions in immigration law in the first place—in particular, race-based exclusions. The Article then demonstrates that immigration law and refugee law work dynamically together to construct what can be thought of as “second-class citizenship” for noncitizens, whereby the refugee admitted into the United States comes to occupy a liminal legal and social space. That is, the refugee “belongs” in the United States through refugee law, but at the same time should not “belong”
Component Technologies, Inc.: Adding FlexConnex Capacity

Component Technologies, Inc. (CTI) manufactures components used in electronic devices. CTI is considering adding manufacturing capacity for FlexConnex to meet increased future demand. CTI's manufacturing planning staff identifies three options to meet this demand. The staff performs preliminary financial analyses to evaluate whether to conduct detailed planning for and evaluation of each of the three options. During their analysis, they consider which discount rate is more appropriate: the 20 percent rate, which the corporate finance manual states is the hurdle rate for capital investments, or 10 percent, which the staff believes is closer to the corporate cost of capital. They experiment with both discount rates, and two time horizons. This case requires you to calculate net present values (NPVs) and to analyze the effect of different discount rates and time horizons. It also asks you to consider the effect of other financial and nonfinancial issues on your analysis.
Maternal Employment and Adolescent Risky Behavior

Abstract This paper examines the impact of maternal employment during a child’s first 3 years and during adolescence on his or her decisions to engage in a range of risky behaviors: smoking cigarettes, drinking alcohol, using marijuana and other drugs, engaging in sex and committing crimes. Using data from the NLSY79 and its young adult supplement, we do not find strong evidence that mother’s employment—whether early in the child’s life or during adolescence—affects the likelihood of participation in risky behaviors. We note as a caveat, however, that insufficient statistical precision makes it difficult, at times, to distinguish some potentially important effects from effects that are essentially equal to zero.
Mutiny by the Bounties? The Attempt to Reform Wall Street by the New Whistleblower Provisions of the Dodd-Frank Act

The 2010 Dodd-Frank Act authorizes the Securities and Exchange Commission (SEC) to pay bounties to whistleblowers. This provision answers a call made by a number of legal scholars. The whistleblower protections of the 2002 Sarbanes-Oxley Act (SOX) had proven ineffective in stimulating insiders to report corporate and financial fraud. Unfortunately, time may reveal that Dodd-Frank, like SOX before it, was a missed opportunity. The new bounty program is limited to cases in which the SEC obtains $1 million in enforcement sanctions, an overly restrictive condition in an era when the SEC shows a continued preference for non-monetary penalties like cease-and-desist orders and obey-the-law junctions and an increasing preference for “therapeutic” sanctions. More fundamentally, however, the new whistleblower law fails to create true qui tam structures akin to those in the Federal False Claims Act. Whistleblowers under the new law lack the essential ability to direct litigation independent of federal authorities. This Article proposes an Informer’s Act model as a corrective measure to help Dodd-Frank fulfill its potential.
Estimation of a Generalized Fishery Model: A Two-Stage Approach

Abstract U.S. federal law calls for an end to overfishing, but measuring overfishing requires knowledge of bioeconomic parameters. Using microlevel economic data from the commercial fishery, this paper proposes a two-stage approach to estimate these parameters for a generalized fishery model. In the first stage, a fishery production function is consistently estimated by a within-period estimator treating the latent stock as a fixed effect. The estimated stock is then substituted into an equation of fish stock dynamics to estimate all other biological parameters. The bootstrap approach is used to correct the standard errors in the two-stage model. This method is applied to the reef-fish fishery in the northeastern Gulf of Mexico. The traditional method, which uses catch-per-unit-effort as a stock proxy, significantly overstates the optimal harvest level.
Toward a More Equitable Balance: Homeowner and Purchaser Tensions in Non-Judicial Foreclosure States

We are now facing the fifth year of the fallout from the subprime mortgage meltdown. The economic crisis gripping the United States began when large numbers of homeowners defaulted on poorly underwritten subprime mortgage loans. Through securitization, the process of utilizing mortgage loans to back investment instruments, Wall Street funded subprime originations in excess of $480 billion in each of the peak years — 2005 and 2006, thereby fueling the potential hazards should the underlying loans tank.There is growing evidence that the parties to securitization deals handle and transfer the legally important documents that secure the resulting investments — the loan notes and mortgages — in a careless and, at times, fraudulent manner. Consequently, the foreclosing parties frequently do not possess the right to foreclose and the resulting sales may be unlawful. Defective sales harm homeowners when they lose their homes to the wrong party. Moreover, they could use the extra time afforded by a delayed or jettisoned foreclosure to find another solution, such as a loan modification or short sale. Wrongful foreclosures affect another important group, the purchasers. If title to the property is flawed as a result, those parties potentially buy nothing and can transfer nothing. Clear title to real property in the United States may be in jeopardy. The problem is most acute in non-judicial foreclosure states because doctrines of finality do not apply and state law may permit post-sale challenges.In another article, Property Title Trouble in Non-Judicial Foreclosure States: The Ibanez Time Bomb?, 4 Wm. & Mary Bus. L. Rev. (2013) (forthcoming), available at http://ssrn.com/abstract=1968504, I analyzed recent decisions from the Massachusetts Supreme Judicial Court in which the court voided sales where the foreclosing party did not possess a valid assignment of the mortgage. I summarized the foreclosure law of Massachusetts and compared it to the law in four other non-judicial foreclosure states to assess whether these opinions might be persuasive to courts in those states. I then drew conclusions as to the probability of post-sale title defects and challenges to title that purchasers could face.In this article, I continue that discussion by exploring the rights and interests of homeowners and purchasers. I suggest specific legislative solutions that more evenly balance the interests of homeowners, purchasers, and the property recordation system.
The Two Faces of the Foreign Intelligence Surveillance Court

When former National Security Agency contractor Edward Snowden leaked a massive trove of information about secret intelligence-collection programs implemented under the Foreign Intelligence Surveillance Act in the summer of 2013, U.S. surveillance activities were thrust to the forefront of public debate. This debate included the question of whether and how to reform the Foreign Intelligence Surveillance Court (FISA Court), the statutorily created secret court that reviews government applications to conduct surveillance in the United States. This discussion, however, has largely missed a critical feature of the way the FISA Court works. As this Article will show, since 9/11, the FISA Court has been playing not only its traditional role of “gatekeeper,” but also the additional — and entirely different — role of “rulemaker.” This is the first scholarly examination of this dichotomy and its implications for reform. Further, the Article is particularly timely in providing an assessment of the recently enacted USA Freedom Act of 2015, Congress’ attempt to reform the Court. I argue that, viewed through the lens of the Court’s dual roles, the scholarly and public conversation has fallen short in two important respects. First, it has failed to give the Court sufficient credit for its laudable performance as gatekeeper, and second, it has ignored the implications that the gatekeeper/rulemaker dichotomy has for reform. As a result, I conclude that the USA Freedom Act is not only woefully inadequate to remedy the problems that it targets but also fails entirely to address additional problems with the FISA Court. In light of these conclusions, the USA Freedom Act represents a missed opportunity. In not fully appreciating or accounting for the unique challenges that the Court’s rulemaking function poses, the Act does not go nearly far enough in bolstering the Court’s rulemaking competence. Moreover, the Act neglects (as has the public debate) a critical area for reform: ensuring sufficient flow of information from the executive branch to the FISA Court. I therefore explore the nature of this challenge and offer some additional reform ideas for consideration.
Media and gridlock

Abstract I develop a model of the relation between the media environment and political obstructionism. I show that when voters are less informed by media, obstructionism becomes a more effective political signal for the minority party. The model thus implies that media change can cause gridlock via signaling; by contrast, the previous literature on causes of gridlock focuses on polarization and other factors. The model also makes several auxiliary predictions consistent with recent trends in U.S. politics.
Long Run Stock Returns after Corporate Events Revisited

Kolari, Pynnonen, and Tuncez rely on simulation outcomes to criticize the normalization of firm characteristics employed by Bessembinder and Zhang (2013) to assess returns after major corporate events. However, their simulation outcomes simply verify that a non‐linear normalization is inappropriate if the true relation is linear. The relation between log returns and firm characteristics is unknown, but is unlikely to be linear, as the distribution of firm characteristics is strongly skewed. Here, we report on bootstrap simulations that show our methods provide unbiased estimates with appropriate statistical size and high power to detect abnormal returns when implemented in actual data. Kolari, Pynnonen, and Tuncez also provide empirical estimates that comprise useful sensitivity tests. Their results verify that firm characteristics are useful in assessing whether returns to event firms are abnormal, largely confirm our conclusions with regard to SEOs, M&As, and dividend increases, but show that conclusions regarding IPOs depend on implementation choices.
Corruption, Political Connections, and Municipal Finance

We show that state corruption and political connections have strong effects on municipal bond sales and underwriting. Higher state corruption is associated with greater credit risk and higher bond yields. Corrupt states can eliminate the corruption yield penalty by purchasing credit enhancements. Underwriting fees were significantly higher during an era when underwriters made political contributions to win underwriting business. This pay-to-play underwriting fee premium exists only for negotiated bid bonds where underwriting business can be allocated on the basis of political favoritism. Overall, our results show a strong impact of corruption and political connections on financial market outcomes. The Author 2009. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oxfordjournals.org, Oxford University Press.
The Learning Disability Mess

Introduction 81 I. Learning Disabilities 85 II. The IDEA Implementation by the States 97 III. College Admissions Testing 101 Conclusion 105
Cultural myths in stories about human resource development: analysing the cross‐cultural transfer of American models to Germany and the Côte d'Ivoire

This exploratory study examined the cross-cultural transferability of occupational assumptions, in the form of work myths, to a foreign setting. The research followed the premise that occupations are culturally framed by certain myths which are shaped by national socio-cultural referents. The reaction of the German and Ivorian business communities to the myths that shape American human resource models of employee and organisational development formed a descriptive basis for practice and theoretical implications. The data were derived from the myths contained in informant stories about the need for human resource development (HRD) interventions. Societal differences in individualistic and collective orientations as well as historical variance in business development and approaches to management were reviewed in an attempt to explain disagreements in cultural assumptions. Highlighted was the need for all occupations to be cognisant of the ethnocentrism of their work myths.
Structure, Politics, and Action: An Integrated Model of Nationalist Protest and Rebellion

This article presents an integrated model of contentious nationalist activity, with structure, politics, and action assuming equal roles in an interdependent causal system. The model is tested using simultaneous equation systems on 130 ethno-nationalist groups from 1990 to 1998. The results confirm the vital, indirect role of grievances and group identity on protest and the powerful direct and indirect effects of political opportunity structure variables on protest and rebellion. Repression is shown to have a particularly escalatory impact on the conflict process.
Over-investment of free cash flow

This paper examines the extent of firm level over-investment of free cash flow. Using an accounting-based framework to measure over- investment and free cash flow, I find evidence that, consistent with agency cost explanations, over-investment is concentrated in firms with the highest levels of free cash flow. Further tests examine whether firms' governance structures are associated with over-investment of free cash flow. The evidence suggests that certain governance structures, such as the presence of activist shareholders, appear to mitigate over-investment.
What does It Mean to be a Mechanism? Stephen Morse, Non-reductivism, and Mental Causation

Stephen Morse seems to have adopted a controversial position regarding the mindbody relationship: John Searle’s non-reductivism, which claims that conscious mental states are causal yet not reducible to their underlying brain states. Searle’s position has been roundly criticized, with some arguing the theory taken as a whole is incoherent. In this paper I review these criticisms and add my own, concluding that Searle’s position is indeed contradictory, both internally and with regard to Morse's other views. Thus I argue that Morse ought to abandon Searle’s non-reductive theory. Instead, I claim Morse ought to adopt a non-eliminative reductive account that can more easily support his realism about folk psychological states, and the existence of causally effective mental states in a purely physical world.
Court or Arbitrator - Who Decides Whether Res Judicata Bars Subsequent Arbitration under the Federal Arbitration Act

This article takes federal courts to task for failing to analyze systematically the question of who - court or arbitrator - should determine whether a prior decision bars subsequent arbitration under the Federal Arbitration Act because of res judicata. When federal courts improperly determine that they rather than arbitrators should so decide, they frustrate legislative policies embodied in the Federal Arbitration Act favoring arbitration and impose on the parties a court resolution process that they did not bargain for. Such judicial intervention effectively denies parties the freedom to contract as they see fit and the benefits of arbitration to which they are entitled. To reconcile the divergent federal appellate cases on the question, this article proposes the following rule: Arbitrators should decide the res judicata question unless the prior decision whose preclusive effects are at issue is a judgment of the court being asked to compel arbitration, in which case, that court decides the question. Significantly, as elaborated upon in this article, this rule provides a coherent framework for analyzing the issue under the Federal Arbitration Act that derives from and is justified by the fundamental, contractual nature of arbitration.
Managerial Entrenchment and Shareholder Wealth Revisited: Theory and Evidence from a Recessionary Financial Market

Does managerial entrenchment create or destroy shareholder value? This Article presents both theory and evidence that the answer to this question is not monolithic, but rather depends on factors that vary greatly with the macroeconomic climate, such as firm profitability, takeover frequency, and valuation of takeover premiums. The mainstream view, both of academics and market participants, is that entrenchment reduces accountability to shareholders and amplifies agency costs, thus decreasing shareholder wealth. Two influential studies (Bebchuk, Cohen & Ferrell (2009) and Gompers, Ishii & Metrick (2003)) present empirical evidence consistent with this conclusion, finding statistically significant negative correlations between entrenchment and stock returns during the historic bull market of the 1990s. However, there is no a priori reason to conclude that these effects will persist. Rather, a close examination of first principles suggests that the benefits attributable to the market for corporate control are substantially minimized during recessions. Testing this hypothesis using data from the recent economic crisis, this Article finds that the previously identified, statistically significant correlations between high entrenchment and negative stock returns disappeared entirely during the recent financial crisis, even for the most and least entrenched companies. In fact, the opposite effect was observed: firms with above-average levels of entrenchment outperformed less entrenched firms during the sample period. A portfolio buying firms with above-average entrenchment while simultaneously shorting firms with below-average entrenchment would have generated statistically  Visiting Assistant Professor, Wake Forest University School of Law. The author is grateful to Guhan Subramanian, Robert Clark, Reinier Kraakman, Alan Palmiter, Ahmed Taha, Ron Wright, Wendy Parker, Jeff Lipshaw, and Gordon Smith for numerous helpful suggestions, discussions and critiques. The author would also like to thank Dori for her endless support, critical eye, and alternative point of view, and Riley for smiling. DO NOT DELETE 2/16/2011 12:55 PM BRIGHAM YOUNG UNIVERSITY LAW REVIEW 201
The When and Why of Nominations Determinants of Presidential Appointments

Scholars interested in bargaining over political appointments typically analyze the duration between the candidate’s nomination and eventual disposition, ignoring the prior period between vacancy and nomination. Using a dataset of vacancies reported to the Government Accountability Office, we instead examine the nomination stage. We uncover both commonalities and differences between the dynamics of nomination and those of confirmation. Ideological divergence between the President and the Senate filibuster pivot tends to delay nominations but only under divided government. Presidents not only move more quickly on more important positions, but are also influenced by the ideological leanings of the agencies.
Empirical research on accounting choice

Abstract We review research from the 1990s that examines the determinants and consequences of accounting choice, structuring our analysis around the three types of market imperfections that influence managers’ choices: agency costs, information asymmetries, and externalities affecting non-contracting parties. We conclude that research in the 1990s made limited progress in expanding our understanding of accounting choice because of limitations in research design and a focus on replication rather than extension of current knowledge. We discuss opportunities for future research, recommending the exploration of the economic implications of accounting choice by addressing the three different reasons why accounting matters.
State Constitutionalism: State-Court Deference or Dissonance?

This Article focuses on the debate concerning state constitutional expansion of criminal-procedure protections. It examines two such rights: (1) the protection against unreasonable searches and seizures; and (2) the right to the assistance of counsel in defending a criminal case. Each of these rights is embodied in both the federal and most, if not all, state constitutions. Each right is thus doubly applicable to the states, first, through the federal version by virtue of its incorporation into the Fourteenth Amendment’s due process protection and, second, through the state constitution’s version of the cognate right. So focused, the question is, what deference if any does a state court owe the Supreme Court in interpreting state constitutional provisions protecting against unreasonable searches and seizures and affording the criminally accused the right to counsel?This Article explores the question of deference in the context of a particular state, Massachusetts, employing that focus for three reasons. First, the Commonwealth’s Declaration of Rights — which has remained virtually unchanged since its adoption in 1780 — served as a principal model for the federal Bill of Rights, leaving no doubt but that textually and historically the federal and state provisions at issue here are essentially the same. This poses the interpretive question most starkly; in each case, we are considering federal and state versions of what was to their respective framers the same normative protection. Second, unlike most state court judges, the justices of the Massachusetts Supreme Judicial Court are appointed and have lifetime tenure, putting them in the same, politically-insulated position as their federal counterparts. This poses the issue of decisional legitimacy in bold relief, forcing consideration of the counter-majoritarian aspects of judicial review. Finally, the Supreme Judicial Court has been quite active over the past three decades in this area of state constitutionalism, much of this activity in the area of criminal procedure. Its jurisprudence in state constitutionalism is thus well rehearsed and provides a good backdrop for this discussion of such state-court decision making.
Are Ideal Litigators White? Measuring the Myth of Colorblindness

This study examined whether explicit and implicit biases in favor of Whites and against Asian Americans would alter evaluation of a litigator's deposition. We found evidence of both explicit bias as measured by self-reports, and implicit bias as measured by two Implicit Association Tests. In particular, explicit stereotypes that the ideal litigator was White predicted worse evaluation of the Asian American litigator (out group derogation); by contrast, implicit stereotypes predicted preferential evaluation of the White litigator (in group favoritism). In sum, participants were not colorblind, at least implicitly, toward even a “model minority,” and these biases produced racial discrimination. This study provides further evidence of the predictive and ecological validity of the Implicit Association Test in a legal domain.
Prickles and goo: Human rights and spirituality

Although there appears to be a growing interest in exploring the crossroads between spirituality and social change, spirituality remains a relatively obscure topic within mainstream international h...
Implications of insufficient and excess cash for future performance

This paper investigates whether future performance suffers when a firm deviates from an estimated optimal cash level. Results show that one year ahead RNOA and stock returns are decreasing in the level of deviation from an estimated optimal for both firms holding insufficient cash and firms holding excess cash. Investment strategies based on estimated insufficient and excess cash produce positive abnormal returns. Integrating our insufficient/excess cash strategies with an accruals-based strategy indicates that these strategies are complimentary for firms with insufficient cash but not for firms with high excess cash; the accruals anomaly does not hold for firms with high excess cash.
Dividends and Corporate Shareholders

Corporations uniquely have a tax preference for cash dividends. Nevertheless, dividends do not increase following trades of large-percentage blocks of stock from individuals to corporations. Moreover, although one-third of firms have corporate blockholders, 68% of these firms pay no dividends, and ownership is not clustered at levels that increase the tax benefits of dividends. These findings are not driven by the investing firms’ tax rates or by agency problems. Instead, operating companies expand the target firms and pursue joint ventures. Dividends are lower with these investors. Financial investors are not attracted to dividend-paying firms and tend to be passive. (JEL G30, G32, G35)
Productivity Growth, the New Economy, and Catching Up

The paper offers some reflections on the convergence of productivity in the United States and Europe, which essentially stopped in the 1990s. It argues that the barriers preventing further convergence in the early 1990s were removed subsequently. But since then trends in productivity growth have been importantly affected by the advent of the New Economy, which poses further challenges for Europe. Without additional reform of European labor markets, financial markets, and university systems, we may be on the eve of another era of persistent divergence.
Risk and Macroeconomic Activity

This article explores the macroeconomic role that risk plays using the BAA-AAA spread as the measure of risk. First, it shows that meaningful upward movements in this spread are associated with recessions and their severity. Second, it includes the BAA-AAA spread in a structural vector-autoregression (VAR) to identify a shock-to-risk and finds that it causes a statistically significant and economically important decrease in output as well as increased holdings of real-money balances. Third, it uses historical decompositions to show that the shock-to-risk explains an important part of the declines in output during four post-1970 recessions. Notably, the shock-to-risk explains almost none of the decline in output during 2001 prior to the September 11, 2001, terrorist attacks but does clarify why the recovery was relatively weak afterwards, and it explains the bulk of the decline in output during 2008 and 2009.