cssi/SciSciGPT-SciSciNet huggingface dataset:
Punitive Damages Revisited: Taking the Rationale for Non-Recognition of Foreign Judgments Too Far

Punitive damages have been a controversial aspect of U.S. law; often criticized both at home and abroad. Neither U.S. law on punitive damages nor the foreign climate regarding their reception has remained static. This article notes the continuing legislative attack on punitive damages in the United States at both the state and federal level, and focuses on recent developments in case law and treaty negotiations concerning the reception of punitive damages abroad. The article begins with a brief review of the background against which current punitive damages law in the United States continues to operate, followed by consideration of the continuing evolution of U.S. Supreme Court jurisprudence on punitive damages. The Beals case in the Supreme Court of Canada and new uniform Canadian legislation on the enforcement of foreign judgments demonstrate two very different approaches to U.S. punitive damages by foreign courts. The issue is also the focus of Article 11 of the new Hague Convention on Choice of Court Agreements, which offers a much more moderate approach than the Canadian uniform act, which, if widely adopted, would constitute a major step back in terms of predictability in business and judicial relationships. *Professor and Director, Center for International Legal Education, University of Pittsburgh School of Law. 1Ronald A. Brand, Punitive Damages and the Recognition and Enforcement of Judgments, 43 NETHERLANDS INT'L L. REV. 143 (1996) [hereinafter "Punitive Damages"]. Portions of the initial discussion of the current article rely heavily on this early work of the author. 2For a discussion of those negotiations and the failure to reach a comprehensive convention, see Ronald A. Brand, The 1999 Hague Preliminary Draft Convention Text on Jurisdiction and Judgments: A View From the United States, XL RIVISTA DI DIRITTO INTERNATIONALE PRIVATO E PROCESSUAL 31 (2004); Ronald A. Brand, Current Problems, Common Ground, and First Principles: Restructuring the Preliminary Draft Convention Text, in A GLOBAL LAW OF JURISDICTION AND JUDGMENTS: LESSONS FROM THE HAGUE CONVENTION 75 (John J. Barcelo III and Kevin M. Clermont, eds., 2002). 3See, Ronald A. Brand, A Global Convention on Choice of Court Agreements, 10 ILSA JOURNAL OF INTERNATIONAL & COMPARATIVE LAW 345 (2004). Information on the negotiations can be found on the “work in progress” section of the Hague Conference website at http://hcch.evision.nl. Punitive Damages Revisited: Taking the Rationale for Non-Recognition of Foreign Judgments Too Far Ronald A. Brand*
Profitable predictability in the cross section of stock returns

Abstract Haugen and Baker (1996) report that a long-short stock selection strategy based on more than 50 measures of accounting information and past return behavior would have generated excess returns of approximately 3% per month. We find that the Haugen and Baker strategies do not provide attractive returns after transaction costs if an investor already has access to strategy portfolios based on book-to-market and momentum. We also provide an extensive analysis of transaction costs over a long sample and we report results of independent interest to researchers in market microstructure.
Three new polymorphs of zinc sulfide

Three new polymorphs of zinc sulfide are described. All are related structurally to wurtzite but difier in that they represent stacking sequences of hexagonal closest-packing of higher periodicity than that of the basic wurtzite structure. The latter structure may be designated 2H in the nomenclature of Ramsdell (1947). The new polymorphs correspond to 4H, 6H and 15R, and are isotypic with the corresponding polymorphs of silicon carbide. A tabulation of the crystallographic properties follows.
A few bad apples: An analysis of CEO performance pay and firm productivity☆

Abstract We investigate the relationship between CEO performance pay incentives and firm productivity. In general, we find an inverse U-shaped relationship between productivity and the sensitivity of CEO wealth to share value ( delta ) and a positive relationship between productivity and the sensitivity of CEO option wealth to stock return volatility ( vega ). Thus, a high delta associated with CEO risk-aversion lowers productivity, but a high vega from stock options offsets this effect. In looking at delta and vega jointly, we also find that options do not always achieve their intended purpose. These results are stronger among firms that are weakly governed or when high transaction costs prevent the writing of an optimal compensation contract.
Option grant backdating investigations and capital market discipline

Abstract Using a large sample of option granting firms, some of which were investigated for option grant backdating, we develop a predictive model for such investigations and examine how the capital market responded as the backdating scandal unfolded. Firms that were investigated experienced significant stock price declines from the beginning of the Wall Street Journal's Perfect Payday series through the end of 2006. Firms predicted to have backdating problems, but not the subject of publicly revealed investigations, experienced stock price performance during the same period that was remarkably similar to that of firms with publicly revealed investigations. In contrast, firms not predicted to have backdating problems experienced normal stock price performance. Our results suggest that capital markets disciplined companies with suspicious option grant histories, often prior to, and irrespective of, any public revelation of an investigation into the matter.
Community Participation in Public Schools : The Impact of Information Campaigns in Three Indian States

This study evaluates the impact of a community-based information campaign on school performance from a cluster randomized control trial. The campaign consisted of eight to nine public meetings in each of 340 treatment villages across three Indian states to disseminate information to the community about its state mandated roles and responsibilities in school management. The findings from the first follow-up 2-4 months after the campaign show that providing information through a structured campaign to communities had a positive impact in all three states. In two states there was a significant and positive impact on reading (14-27 percent) in one of the three grades tested; in the third state there was a significant impact on writing in one grade (15 percent) and on mathematics in the other grade tested (27 percent). The intervention is associated with improvement in teacher effort in two states. Some improvements occurred in the delivery of certain benefits entitled to students (stipend, uniform, and mid day meal) and in process variables such as community participation in each of the three states. Follow-up research needs to examine whether there is a systematic increase in learning when the impact is measured over a longer time period and whether a campaign sustained over a longer time is able to generate greater impact on school outcomes.
When Churches Reorganize

This Article combines an analysis of documents submitted in connection with Chapter 11 cases filed by religious organizations with the results of in-depth interviews with these organizations’ leaders and their bankruptcy attorneys to assess whether reorganization has the potential to offer an effective solution to these debtors’ financial distress. In doing, it makes three contributions. First, it identifies a subset of organizations that seemed more likely to turn to bankruptcy: small congregationalist and non-denominational churches, often with predominately African-American membership. The Article pinpoints salient questions about these churches’ access to credit and use of bankruptcy for future study. Second, it highlights practical considerations for the attorneys, judges, and parties who will be involved in future cases filed by faith-based institutions. Third, it tracks the post-bankruptcy outcomes of a portion of the religious organizations and finds that 64% remained operating either in their original building or in a new location months after the closing of their bankruptcy cases, outcomes which are important to ongoing debates about business bankruptcy policy.
Ultra Vires Land Use Regulations: A Special Case in Substantive Due Process

The U.S. Supreme Court’s land use jurisprudence establishes that arbitrary land use regulations violate the doctrine of substantive due process. Ultra vires land use regulations—those regulations that exceed the delegated authority of the regulating agency under state law— represent a particular type of arbitrary land use regulation. Lower federal courts that have examined such regulations are split on the question whether they violate substantive due process. This article contrasts two federal court of appeals cases in which property owners alleged that a local government agency deprived them of property without due process of law by enforcing an ultra vires land use regulation against them. The article concludes that, consistent with Supreme Court precedent, ultra vires land use regulations must violate the substantive due process rights of the individuals whom they affect.
Widespread corruption in sports gambling: fact or fiction?

We examine whether point-shaving is widespread in National Collegiate Athletic Association basketball by comparing bet and game outcomes with those in professional sports. Results suggest that unusual patterns previously suspected to be indicators of point-shaving are ubiquitous throughout sports and unlikely to be caused by corruption. We suggest that line shading by sports books may explain the anomalies in game and bet outcome distributions.
The Separation of Funds and Managers: A Theory of Investment Fund Structure and Regulation

This Article offers a broad theory of what distinguishes investment funds from ordinary companies, with ramifications for how these funds are understood and regulated. The central claim is that investment funds (i.e., mutual funds, hedge funds, private equity funds, and their cousins) are distinguished not by the assets they hold, but by their unique organizational structures, which separate investment assets and management assets into different entities with different owners. In this structure, the investments belong to “funds,” while the management assets belong to “management companies.” This structure benefits investors in the funds in a rather paradoxical way: it restricts their rights to control their managers and to share in their managers’ profits and liabilities. The fund investors accept these restrictions because certain features common to most investment funds make these restrictions efficient. Those features include powerful investor exit rights that substitute for control rights and economies of scope and scale that encourage managers to operate multiple funds at the same time. This understanding illuminates a number of key areas of contracting and regulation and refutes the claims of skeptics who say that fund investors would be better off if they employed their managers directly. author. Associate Professor of Law, Yale Law School. This paper benefited from workshops at the American Law and Economics Association Annual Meeting, Columbia Law School, UCLA Law School, the University of Illinois College of Law, the University of Virginia School of Law, and Yale Law School. It also benefited from comments by Douglas Baird, William Birdthistle, Anthony Casey, Quinn Curtis, Jonathan Greenstein, Henry Hansmann, Richard Hynes, Bruce Johnsen, Paul Mahoney, Peter Molk, Larry Ribstein, Roberta Romano, and Andrew Verstein. Stephen Sovinsky provided excellent research assistance. the separation of funds and managers 1229 article contents
Towards an Internet Bill of Rights

A crucial question in the European debate on the Internet is which rules are best suited to ensure that the Internet be oriented to the common good and not be restricted to a market-oriented, profit-making perspective. The author’s reasoning touches on a comparative basis complex issues, from the regulatory approach to the order of intervention between binding rules and self-regulations. The issue of the appropriate safeguards for the Internet is also addressed. Should those safeguards be found separately at the national constitutional level, or should a general and a-territorial Internet Bill of Rights be a primary goal? And in such a case who could be the constituent power? The author finds that equality and the maximum expansion of individual freedoms are the overarching values, to be pursued in order that technological innovation achieves fully its potential of being a chance of social, political, economic growth for all.
Stock Index Arbitrage in the Turkish Market

For the first time in the Turkish stock market, the width of the zero arbitrage band for BIST 30 stock index arbitrage was measured and decomposed into distinct contributions arising from commissions, fees, bid/offer spreads, and stock loan costs. Intraday data was used to compute returns for forward and reverse BIST 30 arbitrage once per minute daily for 2014 and 2015 futures contracts. The absence of profitable trades and the unusual persistence of BIST 30 futures priced below the costless theoretical fair value were explained by their position within the zero arbitrage band. Measurement of arbitrage cost elements confirmed the need for regulatory policies to encourage development of domestic stock loan capabilities. The status of BIST 30 index arbitrage was compared with that occurring a decade ago, thereby contributing to the growing literature on the evolution of futures pricing efficiency in global markets after introduction of index futures.
Intergenerational Leadership: Coordinating Common Goods and Economic Stability

Globalization leveraged pressure on contemporary society. Global systemic risks of climate change and overindebtedness in the aftermath of the 2008/09 World Financial Crisis currently raise attention for intergenerational fairness. Pressing social dilemmas beyond the control of singular nation states call for corporate social activities to back governmental regulation in crisis mitigation. The following paper promotes the idea of intergenerational equity in the corporate world as an alternative means to coordinating the common goods and imbuing economic stability beyond a purely governmental approach. The outlined intergenerational equity constraints herald a call for intergenerational equity – the fairness to provide an at least as favorable standard of living as enjoyed today. As an implicit contract and transfer inbetween living and future generations, intergenerational equity avoids discriminating against future generations and ensures future infrastructure, equal opportunities over time and constant access to social welfare for the youth. Intergenerational equity grants a favorable climate between generations and alleviates frictions arising from the negative impacts of intergenerational inequity. Outlining some of the causes of the current intergenerational imbalances regarding climate stability and overindebtedness prepares for recommendations on how to implement intergenerational transfers. The impact of intergenerational transfers on societal well-being is discussed. Future research avenues comprise of investigating situational factors influencing intergenerational leadership in the international arena in order to advance the idea of the private sector aiding on intergenerational imbalances and tackling the most pressing contemporary challenges of mankind.
Anomalous stock returns around internet firms’ earnings announcements☆

Abstract This paper presents evidence of anomalies in internet firms’ stock returns surrounding their quarterly earnings announcements. There is a general runup in prices in the days prior to the earnings announcements, followed by a price reversal lasting for several days. The magnitude of the market-adjusted returns associated with these price movements exceeds 11 percent over a 10-day period. We find little evidence to suggest that these returns can be explained either by the earnings news disclosed or by risk changes. Additional analyses suggest that these return patterns are driven, at least in part, by price pressure.
The Constitutional Puzzle of Habeas Corpus

The U.S. Constitution has always protected habeas corpus. Yet when we consider the Suspension Clause together with three other constitutional principles, we find a constitutional puzzle. Pursuant to the Madisonian Compromise, inferior federal courts are constitutionally optional. Under Marbury v. Madison, Congress cannot expand the Supreme Court's original jurisdiction beyond the bounds of Article III. Pursuant to Tarbler Case, state courts cannot issue writs of habeas corpus to determine the legality of federal custody. There would seem to be a violation of the Suspension Clause, however; if neither the inferior federal courts, the Supreme Court, nor the state courts could issue writs of habeas corpus. This Article suggests that the apparent conflict. among these constitutional principles can be resolved by the power of individual Justices of the Supreme Court to issue writs of habeas corpus.
Women's Place: Urban Planning, Housing Design, and Work-Family Balance

In the past decade a substantial literature has emerged analyzing the role of work-family conflict in hampering women’s economic, social, and civil equality. Many of the issues we routinely discuss as work-family balance problems have distinct spatial dimensions. “Place” is by no means the main factor in work-family balance difficulties, but amongst work-family policy makers it is perhaps the least appreciated. This Article examines the role of urban planning and housing design in frustrating the effective balance of work and family responsibilities. Nothing in the literature on work-family balance reform addresses this aspect of the problem. That literature focuses instead on employer mandates and family law reforms. This Article fills the gap by evaluating the effect of place on work-family balance and the role law plays in creating our challenging geography. The Article argues that effective work-family balance requires attention to the spatial dimensions of the work-family conflict.
When You Work with a Superman, Will You Also Fly? An Empirical Study of the Impact of Coworkers on Performance

We examine a large operational data set in a casual restaurant setting to study how coworkers’ sales ability level affects other workers’ sales performance. We find that waiters react nonlinearly t...
The Efficacy of a Virtual Reality-Based Mindfulness Intervention

Mindfulness can be defined as increased awareness of and sustained attentiveness to the present moment. Recently, there has been a growing interest in the applications of mindfulness for empirical research in wellbeing and the use of virtual reality (VR) environments and 3D interfaces as a conduit for mindfulness training. Accordingly, the current experiment investigated whether a brief VR-based mindfulness intervention could induce a greater level of state mindfulness, when compared to an audio-based intervention and control group. Results indicated two mindfulness interventions, VRbased and audio-based, induced a greater state of mindfulness, compared to the control group. Participants in the VR-based mindfulness intervention group reported a greater state of mindfulness than those in the guided audio group, indicating the immersive mindfulness intervention was more robust. Collectively, these results provide empirical support for the efficaciousness of a brief VR-based mindfulness intervention in inducing a robust state of mindfulness in laboratory settings.
Benefits and costs of Sarbanes-Oxley Section 404(b) exemption: Evidence from small firms’ internal control disclosures

Abstract We quantify measurable benefits and costs of exempting firms from auditor oversight of internal control effectiveness disclosures. We measure the benefit of exemption as an aggregate $388 million in audit fee savings from 2007–2014. The costs stem from internal control misreporting: an aggregate $719 million of lower operating performance due to non-remediation and a $935 million delay in aggregate market value decline due to the failure to disclose ineffective internal controls. The audit fee savings benefit shareholders of all exempt firms, whereas the costs are borne by shareholders of only a fraction of exempt firms (the internal control misreporters).
The Silent Role of Corporate Theory in the Supreme Court's Campaign Finance Cases

This project builds on two previous pieces I have written: (1) “Citizens United and the Nexus-ofContracts Presumption,” and (2) “The Dodd-Frank Corporation: More Than a Nexus of Contracts.” In “Citizens United and the Nexus-of-Contracts Presumption” I argue that corporate theory—particularly the debate between contractarians and non-contractarians— played a dispositive role in Citizens United (despite express disavowal thereof by the dissent) and that the majority adopted a nexus-of-contracts view of the corporation, albeit without expressly saying so. In “The Dodd-Frank Corporation: More Than a Nexus of Contracts” I argue that the debate about the nature of the corporation continues to be an important one, and that the passage of Dodd-Frank represents a new data point in that debate by “officially” announcing the arrival of the too-big-to-fail corporation. I go on to argue that the arrival of the too-big-to-fail corporation represents a significant new challenge to contractarians, who frequently align their theory with normative proclamations about the benefits of unregulated markets. This conclusion implicates Citizens United because it suggests that to the extent the majority in that case relied on a nexus-of-contracts view of the corporation, that justification is now subject to greater criticism. In this project I plan to examine the key Supreme Court decisions leading up to Citizens United to see if a similar silent corporate theory debate is present in those cases. If so, I plan to argue that in future cases involving the rights of corporations the justices should make their views regarding the proper theory of the corporation express, thereby allowing for a more meaningful discussion of the merits of those decisions.  Associate Professor, University of Akron School of Law. B.A., Brown University; J.D., University of Kansas. [This paper was presented at the Midwest Corporate Law Scholars Conference on June 15, 2011. My thanks to all the participants for their helpful comments.] [I would also like to thank the University of Akron School of Law for providing me with a summer research grant to help me complete this project.]
The impact of supply-side electronic integration on customer service performance

Abstract Although information technologies have been expected to directly enhance firm performance in specific value chain activities (e.g., supplier performance or customer service performance), their advanced capabilities offer the promise of organizational integration and spill-over benefits. Enterprise systems provide firms with platforms for electronically integrating their supplier and demand chain activities. Spill-over benefits refer to the impacts that occur when IT investments in one organizational domain benefit performance in a different value chain side of the firm. Supply-side electronic integration (SEI) refers to the use of electronic means to integrate the exchange of information and transactions with suppliers through enterprise systems. In our research, we examine whether SEI generates spill-over effects on customer service performance, over and beyond firms’ direct investments in customer-side digitization. We also examine whether structural attributes of the firm (e.g., vertical integration, diversification, and centralization) moderate the effects of supply-side electronic integration on customer service performance. Our analysis of a secondary dataset of InformationWeek 500 firms shows that SEI helps firms realize cost-savings in their customer service performance, especially if they are less vertically integrated. In addition, SEI investments help diversified and centralized firms achieve cross-selling with their customers. We also find that SEI is more likely to help decentralized and diversified firms achieve customization in their customer service activities. These results suggest that SEI helps firms achieve twin goals in customer service: cost reduction and revenue expansion. Overall, our research reveals how supply-side electronic integration could generate benefits in customer service performance in firms.
What Do Private Equity Firms Say They Do

Abstract We survey 79 private equity (PE) investors with combined assets under management of more than $750 billion about their practices in firm valuation, capital structure, governance, and value creation. Investors rely primarily on internal rates of return and multiples to evaluate investments. Their limited partners focus more on absolute performance as opposed to risk-adjusted returns. Capital structure choice is based equally on optimal trade-off and market timing considerations. PE investors anticipate adding value to portfolio companies, with a greater focus on increasing growth than on reducing costs. We also explore how the actions that PE managers say they take group into specific firm strategies and how those strategies are related to firm founder characteristics.
The validity of latent fingerprint identification: confessions of a fingerprinting moderate

How much do we really know about the validity of latent fingerprinting as an identification technique? How confident can we be that a fingerprint examiner’s typical conclusion that ‘this person, and this person alone to the exclusion of all others, was the source of this latent fingerprint’, gets the answer right? Is fingerprint identification one of the most secure forms of evidence we have, or is its scientific validity remarkably untested? Does it even meet the standards for validity required by Daubert v. Merrell Dow Pharmaceuticals, Inc.1 as a prerequisite for legal admissibility? Imagine that I asked two law students to research the answers to these questions. For the sake of this thought experiment, let us further suppose that I arbitrarily restricted the sources that each student could investigate in order to do their research. Let us say that Student A was limited only to the judicial opinions assessing fingerprinting, most of which are in response to challenges to admissibility. By contrast, suppose Student B was steered away from case law and instructed instead only to investigate academic publications, both law reviews and any other academic journal articles or books they could locate. Let us also suppose that both students were instructed to focus on the period after Daubert was decided in 1993. For most inquiries, we would expect these two students to end up with fairly similar answers to their questions. The focal points of academic investigation might be different from those questions central to the judiciary, but we would typically expect that over time, academic views about the validity of a scientific judgement or technique of proof and judicial understandings of probable reliability would converge. If I were to conduct such an experiment regarding, say, whether Bendectin was a likely teratogen, or whether DNA profiling was a valid method for making identifications, both students would, I am confident, reach the answers ‘no’ and ‘yes’, respectively. In the case of latent fingerprint identification, however, my two hypothetical students would reach starkly different conclusions. Student A would likely believe that fingerprinting comfortably
Destruction of the Contract through Material Changes

This paper introduces the term ‘destruction of the contract’ to describe the various legal theories which can be used when the number of changes to a construction contract is so great the owner is ...
Globalization and the Transition to Egalitarian Development

The single most important fact about the contemporary pattern of global economic integration is that it is being guided by a predominant commitment to neoliberal economic policies. Considering both the global North and South, this paper examines three basic problems resulting from neoliberal globalization: the expansion of the "reserve army of labor" (the "Marx problem"); increased financial instability and corresponding fluctuations in aggregate demand (the "Keynes problem"); and a diminishing capacity for governments to promote stability and norms of social solidarity (the "Polanyi problem"). The paper advances an alternative egalitarian policy approach for the contemporary era, guided by the writings of Keith Griffin.
Transfers, social safety nets and economic growth

The role of social safety nets in the form of redistributional transfers and wage subsidies is analyzed using a simple model of criminal behavior. It is argued that public welfare programs act as a crime--preventing or disruption--preventing devices because they tend to increase the opportunity cost of engaging in crime or disruptive activities. It is shown that, in the presence of a leisure choice, wage subsidies may be better than pure transfers. Using a simple growth model, it is shown that it is not optimal for the government to try to fully eliminate crime. The optimal size of the public welfare program is found and it is argued that public welfare should be financed with income (not lump--sum) taxes, despite the fact that income taxes are distortionary. The intuition for this result is that income taxes act as a user fee on congested public goods and transfers can be thought of as {\it productive} public goods {\it subject to congestion}. Finally, using a cross-section of 75 countries, the partial correlation between transfers and growth is shown to be significantly positive.
Complexity in Structured Finance

We study complexity in the market for securitized products, a market at the heart of the financial crisis of 2007–9. The complexity of these products rose substantially in the years preceding the financial crisis. We find that securities in more complex deals default more and have lower realized returns. The worse performance is economically meaningful: a one standard deviation increase in complexity represents an 18% increase in default on AAA securities. However, yields of more complex securities are not higher indicating that investors did not perceive them as riskier. Our results are consistent with complexity obfuscating security quality.
SEISMIC: A Self-Exciting Point Process Model for Predicting Tweet Popularity

Social networking websites allow users to create and share content. Big information cascades of post resharing can form as users of these sites reshare others' posts with their friends and followers. One of the central challenges in understanding such cascading behaviors is in forecasting information outbreaks, where a single post becomes widely popular by being reshared by many users. In this paper, we focus on predicting the final number of reshares of a given post. We build on the theory of self-exciting point processes to develop a statistical model that allows us to make accurate predictions. Our model requires no training or expensive feature engineering. It results in a simple and efficiently computable formula that allows us to answer questions, in real-time, such as: Given a post's resharing history so far, what is our current estimate of its final number of reshares? Is the post resharing cascade past the initial stage of explosive growth? And, which posts will be the most reshared in the future?We validate our model using one month of complete Twitter data and demonstrate a strong improvement in predictive accuracy over existing approaches. Our model gives only 15% relative error in predicting final size of an average information cascade after observing it for just one hour.
The term structure of liquidity provision

Abstract We examine realized spreads and price impact in clock and trade time following each trade in all common stocks from 2010 to 2017. The term structure of realized spreads (price impact) is sharply downward (upward) sloping, implying that (a) market maker profitability is sensitive to speed, and (b) the choice of the horizon of measurement is critical when drawing inferences from spread decompositions. The majority of the price impact of trades in large (small)-capitalization stocks takes place within 15 (60) seconds. Net profits to liquidity provision, or equivalently, net costs to liquidity demanders, decline over the sample period even at the shortest horizons that we consider: at the 100 ms horizon, aggregate profits decline from 1.9 basis points of total dollar volume in 2010 to 1.0 basis points in 2017.
Governmental Conservation Easements: A Means to Advance Efficiency, Freedom from Coercion, Flexibility, and Democracy

Over the past twenty-five years, courts and commentators have recognized and upheld conservation easements as an important vehicle to preserve natural and ecologically sensitive land, focusing primarily on easements held by nonprofit organizations (NPOs). During the same period, courts and commentators have supported property rights of owners against governmental land use regulation. This paper maintains that these two independent developments militate for the increased use of consensual conservation easements by governmental entities to achieve public land preservation goals. Governmental conservation easements can realize the benefits of efficiency, consent and free choice, and conservation, while avoiding the coercion implicit in public land use regulation. Moreover, governmental conservation easements have advantages over private easements in some situations: governmental easements may be more easily modified or even terminated to address future changes in conservation values and community needs; as with public land use regulation, governmental easements must be transparent and are subject to democratic, participatory processes that NPOs do not have to follow; and properly functioning governmental ownership may be best able to discern and represent the public interest when making acquisition, modification, and termination decisions about conservation easements. I suggest that both NPO-held conservation easement activities and legitimate public land use regulation are valuable and should continue, but argue that increased use of governmental conservation easements can bring significant benefits as well.
Biotechnology and the legal constitution of the self: managing identity in science, the market, and society.

This article considers how certain ideas underlying the tort of appropriation may enable use more effectively to deal with the problems presented by a case such Moore v. Regents of the University of California which dealt with property rights of Moore’s spleen cells. First, the author explores how the tort of appropriation of identity opens up new approaches to inform and perhaps supplement principles of property law as a guide to managing genetic information or other materials that seem intimately bound up with a particular human subject. Secondly, the author analyzes how the various opinions produced by the Supreme Court implicitly elaborate a powerful and problematic relation between the spheres of private life, science and the market, such that the science is granted special status and power relative to the other two – or rather, how the Supreme Court effectively exploits the social status of science to expand the reach of the market into the private sphere of control over the body. Finally, the author considers how the Appellate Court’s discussion of appropriation of identity suggests possible new avenues to pursue regarding the legal recognition and management of both individual and group identity.
Frequency Domain Multi-user Detection for Single Carrier Modulation with Cyclic Prefix

Frequency domain (FD) multi-user detection (MUD) has been shown to be an effective means of approaching the theoretical per-user capacity for single carrier modulation (SCM) schemes in massive MIMO scenarios with highly dispersive channels. When a cyclic prefix is added to the SCM waveform, the circulant structures of the resulting convolutional channel matrix allows for relatively simple expressions for the FD detection. In this paper, we develop a computationally efficient minimum mean squared error (MMSE) FD-MUD technique in a time-division duplexing (TDD) massive MIMO setup and show how processing steps can be shared between uplink and downlink.
Subtle Hazards Revisited: The Corruption of a Financial Holding Company by a Corporate Client's Inner Circle

I argue here that the involvement of financial holding companies (FHCs) in the recent corporate scandals shows that the "subtle hazards" of combining commercial and investment banking are not those identified by the United States Supreme Court in Investment Co. Institute v. Camp. Rather, the basic subtle hazards risk is that FHC relationship investment bankers become part of a company client's inner circle of management and participate in improper and often illegal transactions that benefit the inner circle at the expense of a company's investors and its other corporate constituencies. Investment bankers draw commercial bankers and the FHCs within the influence of the destructive circle. I contend that evidence from the corporate scandals shows that FHCs incurred this risk and suffered significant harm from it. I then argue that bank regulators need to address the risk by ensuring that a FHC has in place procedures to keep itself and its employees from falling within the influence of the inner circles of its investment banking clients. The Federal Reserve, I propose, should require (and not just recommend) FHCs to have senior transaction and relationship oversight committees with the power necessary to review and veto inappropriate transactions and relationships between the FHC's investment bank or any other nonbank affiliate and their company clients, and it should regularly evaluate the committee's performance as part of its examination of a FHC. © 2004 James A. Fanto. All Rights Reserved. t Professor of Law, Brooklyn Law School; B.A., University of Notre Dame; J.D., University of Pennsylvania; Ph.D., University of Michigan.
Engaging With The State: The Growing Reliance on Lawyers and Judges to Protect Battered Women

The passage of the federal Violence Against Women Act of 2000 (“VAWA II”) marked an important milestone in the evolution of the domestic violence movement. VAWA II created, among other things, a complex system for state and federal funding in all fifty states to provide civil legal assistance to battered women. Its passage completed a process that began in the early 1980s when domestic violence advocates shifted their focus from grass roots efforts to help battered women and their children leave abusive partners to building alliances with government and advocating for legal remedies to assist battered women. This paper looks at the impact of this dramatic shift on both battered women and domestic violence programs. It draws on empirical data examining women's experiences using these new legal remedies to raise some preliminary questions about the broader issue of how well the strategy of “engaging with the state” serves the interests of battered women.
Decentralization, Transfer Pricing, and Tacit Collusion*

Research in accounting traditionally regards transfer pricing as an intra-firm transaction problem. Within the context of a simple Cournot model, we demonstrate that firms can use transfer prices strategically as a collusive device. While firms are individually better off from a centralized organizational form with each internal division transferring intermediate goods at marginal cost, all firms benefit from a collusive agreement to organize along profit centers, transferring goods above marginal cost. This collusion yields roughly twice the competitive profits and is sustainable even when collusion on quantities is not. This practice may also escape legal scrutiny, even though the same cost shifting between regulated monopolists and their corporate affiliates is regarded as a major concern for regulators and researchers.
Judo Strategy: 10 Techniques for Beating a Stronger Opponent

The idea of judo economics, building on analogies with the sport of judo, has been around for at least 20 years. But taking these ideas further to judo strategy means that a framework of strategic principles can be developed to help companies put stronger opponents on the mat.
Justice Holmes and Conservatism

Conservatives and libertarians have been harsh critics of Justice Oliver Wendell Holmes Jr., but Holmes was not the progressive that these critics make him out to be. Holmes’s jurisprudence lends itself to libertarian jurisprudence, in particular in the areas of federalism and judicial restraint. Holmes disdained the politics of the young socialists who adored him, and Richard Posner goes so far as to cast Holmes as a free market capitalist. A common mistake is to take Holmes’s deference to the mores and traditions of states and localities as evidence of his shared belief in those mores and traditions. Holmes did not have to agree with states and localities to say that federal judges and Supreme Court Justices should not inject their worldview into the life of a local community with an opposing worldview. He was a pragmatic pluralist. The pragmatist in Holmes disliked making decisions that were not rooted in lived experience or based on observable, concrete phenomena relating to commonplace interactions among regular people. Holmes also disliked any tendency to marry morality and law, since law, for him, was a set of rules reflecting the practical consequences arising out of everyday social relations.
Thinking Past Rights: Towards Feminist Theories of Reparations

The notion of reparations encompasses debates about the relationship between individual and society, the nature of political community, the meaning of justice, and the impact of rights on social change. In international law, the dominant approach to reparations is based on individual rights. This normative framework is out of step with the understanding of reparations circulating among many women activists. I develop a theoretical approach to justice and reparations that helps to explain the gap between the international normative framework and activist discourses. Based on distributive, communitarian, and critical theories of justice, I argue that reparations can be thought of as rights, symbols, or processes. Understanding reparations as either rights or symbols is rife with problems when approached from an activist and feminist theoretical standpoint. As decisions about reparations programs are and should be determined by the political, social, economic, and cultural context, a blueprint for ‘a feminist reparations program’ is impractical and ill-advised. However, the strongest feminist approach to reparations would depart from an understanding of reparations as a process. La notion de reparations tient compte des relations entre l’individu et la societe, de la nature du politique, de la signification de la justice et de l’incidence des droits dans le changement social. En droit international, l’idee dominante a cet egard est fondee sur les droits individuels. Ce cadre normatif est en decalage avec l’idee que de nombreuses militantes se font des reparations. J’ai elabore une facon theorique de voir la justice et les reparations qui aide a expliquer l’ecart entre le cadre normatif international et le discours militant. Selon cette approche fondee sur des theories distributives, communautaires et critiques de la justice, j’affirme que les reparations peuvent etre vues comme des droits, des symboles ou des processus. D’un point de vue theorique militant ou feministe, le fait de considerer les reparations comme des droits ou des symboles s’accompagne de nombreux problemes. Etant donne que les decisions au sujet des programmes de reparations sont et doivent etre determines en fonction du contexte politique, social, economique et culturel, la conception d’un programme de reparations feministe est peu pratique et mal avisee. Toutefois, la meilleure approche feministe face aux reparations s’ecarterait de la vision selon laquelle celles-ci constituent un processus.
WHATEVER HAPPENED TO THE BUSINESS CYCLE? A BAYESIAN ANALYSIS OF JOBLESS RECOVERIES

During the typical recovery from U.S. postwar period economic downturns, employment recovers to its prerecession level within months of the output trough. However, during the past two recoveries, employment has taken up to three years to achieve its prerecession benchmark. We propose a formal empirical model of business cycles with recovery periods to demonstrate that the past two recoveries have been statistically different from previous experiences. We find that this difference can be attributed to a shift in the speed of transition between business cycle regimes. Moreover, we find this shift results from both durable and nondurable manufacturing sectors losing their cyclical characteristics. We argue that this finding of acyclicality in post-1980 manufacturing sectors is consistent with previous hypotheses (e.g., improved inventory management) regarding the reduction in macroeconomic volatility over the same period. These results suggest a link between the two phenomena, which have heretofore been studied separately.
Using the Aggregate Demand-Aggregate Supply Model to Identify Structural Demand-Side and Supply-Side Shocks: Results Using a Bivariate VAR

This paper uses the short-run restrictions implied by a simple aggregate demand-aggregate supply model as an aid in identifying structural shocks. Combined with the Blanchard—Quah restriction, it allows estimation of the slope of the aggregate supply curve, the variances of structural demand and supply shocks, and the extent to which structural demand and supply shocks are correlated. This paper finds that demand and supply shocks are highly correlated and that demand shocks possibly can account for as much as 82% of the long-run forecast error variance of real U.S. GDP.
Influence and inefficiency in the internal capital market

Abstract I model inefficient resource allocations in M-form organizations due to influence activities by division managers that skew capital budgets in their favor. Corporate headquarters receives two types of signals about investment opportunities: private signals that can be distorted by managers, and public signals that are undistorted but noisy. Headquarters faces a tradeoff between the cost of attaining an accurate private signal and the value of the information the signal provides. In contrast to existing models of “socialism” in internal capital markets, I show that investment sensitivity to Tobin's Q is higher than first-best in firms where division managers hold equity (a result consistent with evidence presented in Scharfstein, 1998). When managers face high private costs from distorting information (equity holdings), headquarters may commit to investment contracts that place “too little” weight on private signals and “too much” weight on public signals (i.e. Q). This result has implications for managers in the design of capital budgeting processes and incentive compensation systems.
Congruence subgroups and Enriques surface automorphisms

We give conceptual proofs of some results on the automorphism group of an Enriques surface X, for which only computational proofs have been available. Namely, there is an obvious upper bound on the image of Aut(X) in the isometry group of X's numerical lattice, and we establish a lower bound for the image that is quite close to this upper bound. These results apply over any algebraically closed field, provided that X lacks nodal curves, or that all its nodal curves are (numerically) congruent to each other mod 2. In this generality these results were originally proven by Looijenga and Cossec-Dolgachev, developing earlier work of Coble.