cssi/SciSciGPT-SciSciNet huggingface dataset:
Short Arbitrage, Return Asymmetry, and the Accrual Anomaly

We find a positive association between short-selling and accruals during 1988-2003. Short arbitrage occurs primarily among firms in the top accrual decile, and firms with sufficiently high supply of loanable shares (proxied by institutional holdings). Consistent with limits to short arbitrage, there is an asymmetry between the up- and down- sides of the accrual anomaly. Asymmetry is only present on NASDAQ, and is significantly stronger among firms with low institutional holdings, low liquidity (turnover and size), and high residual volatility. Thus, there is short arbitrage of the accrual anomaly, but short sale constraints limit its effectiveness.
Alexander Hamilton's market-based debt reduction plan

Abstract In 1790, Alexander Hamilton, the first Secretary of the Treasury of the United States, initiated a program to refund the U.S. debt. Debt that had sold at 75% discount two years earlier would be refunded at par into new funded debt of the new federal government. All foreign indebtedness would be repaid. I present evidence that Hamilton's actual refunding policy did not differ in nature from that envisioned under the recent Brady plan. I will show that the bond package for which the old debt exchange had a market value well below par. Thus, a large part of the face value of the debt was effectively written off. I will then briefly compare the Hamilton restructuring package to the recent Mexican restructuring package to find points of similarity to the Brady plan.
National poverty reduction strategies and HIV/AIDS governance in Malawi: a preliminary study of shared health governance.

Abstract The public health and development communities understand clearly the need to integrate anti-poverty efforts with HIV/AIDS programs. This article reports findings about the impact of the Poverty Reduction Strategy Paper (PRSP) process on Malawi’s National HIV/AIDS Strategic Framework (NSF). In this article we ask, how does the PRSP process support NSF accountability, participation, access to information, funding, resource planning and allocation, monitoring, and evaluation? In 2007, we developed and conducted a survey of Malawian government ministries, United Nations agencies, members of the Country Coordination Mechanism, the Malawi National AIDS Commission (NAC), and NAC grantees ( N = 125, 90% response rate), seeking survey respondents’ retrospective perceptions of NSF resource levels, participation, inclusion, and governance before, during, and after Malawi’s PRSP process (2000–2004). We also assessed principle health sector and economic indicators and budget allocations for HIV/AIDS. These indicators are part of a new conceptual framework called shared health governance (SHG), which seeks congruence among the values and goals of different groups and actors to reflect a common purpose. Under this framework, global health policy should encompass: (i) consensus among global, national, and sub-national actors on goals and measurable outcomes; (ii) mutual collective accountability; and (iii) enhancement of individual and group health agency. Indicators to assess these elements included: (i) goal alignment; (ii) adequate resource levels; (iii) agreement on key outcomes and indicators for evaluating those outcomes; (iv) meaningful inclusion and participation of groups and institutions; (v) special efforts to ensure participation of vulnerable groups; and (vi) effectiveness and efficiency measures. Results suggest that the PRSP process supported accountability for NSF resources. However, the process may have marginalized key stakeholders, potentially undercutting the implementation of HIV/AIDS Action Plans.
'Agreeing to Disagree': Filling Gaps in Deliberately Incomplete Contracts

This Article develops a new standard for gap filling in incomplete contracts. It focuses on an important class of situations in which parties leave their agreement deliberately incomplete, with the intent to further negotiate and resolve the remaining issues. In these situations, neither the traditional no-enforcement result nor the usual gap filling approaches accord with the parties’ partial consent. Instead, the Article develops the concept of pro-defendant gap-fillers, under which each party is granted an option to enforce the transaction supplemented with terms most favorable (within reason) to the other party. A deliberately incomplete contract with pro-defendant gap fillers transforms into two complete contracts, each favorable to a different party, with each party entitled to enforce only the contract favorable to her opponent. Under this approach, partial consent gives rise to a correspondingly intermediate burden of liability. The Article demonstrates that this regime promotes the interests of negotiating parties who enter agreements-to-agree. It also identifies various doctrinal practices that already incorporate the pro-defendant gap filling logic. ________________________________________________________ * Professor of Law and Economics, University of Michigan Law School, Ann Arbor, MI 48109 (omri@umich.edu). I benefited from helpful comments and suggestions by Nili Cohen, Ted Parson, Ariel Porat, Omri Yadlin and workshop participant at Tel-Aviv University and Yale Law School. Manny Shachmurove provided valuable research assistance. Financial assistance from the John M. Olin Center for Law and Economics at the University of Michigan Law School is gratefully acknowledged. 2 Law & Economics Working Papers Archive: 2003-2009, Art. 2 [2004] http://repository.law.umich.edu/law_econ_archive/art2 AGREEING TO DISAGREE 1
Entrepreneurship at Community Colleges: Linking Orientation to Practice

The current study uses a sample of community colleges to explore the specific organizational practices that mediate the link between entrepreneurial orientation and performance. The study focuses on a set of practices known as strategic enrollment management and finds that a college's entrepreneurial orientation predicts its enrollment management orientation and the effectiveness of specific enrollment management practices for recruitment and retention. However, none of the constructs were associated with higher admission, graduation, or retention rates. The implications of these findings for theory, practice, and future research are then discussed.
Managerial confidence and initial public offerings

Information asymmetry may act as a catalyst for an association between managerial confidence and initial public offering (IPO) outcomes. This could occur if overconfident managers overinvest in producing information prior to going public, time offerings during periods when disagreement between managers and investors is low, or attempt to signal their beliefs to less informed market participants. Our evidence suggests that highly overconfident managers attempt to use underpricing to signal their beliefs to the market in an unsuccessful effort to receive greater value for their shares in follow-on offerings. This further suggests managerial overconfidence can be harmful to the firm.
Compensation and Recruiting: Private Universities versus Private Corporations

Abstract This paper attempts to shed light on the continuing debate regarding executive compensation by comparing the income of S&P 500 CEOs with that of the presidents of elite private universities. The results reveal that university presidents are paid only a fraction of what CEOs are paid less than 5% in 2000. Nonetheless, universities are able to attract leaders with qualifications and accomplishments equivalent to that of the most distinguished CEOs. Furthermore, university presidents appear to be willing to work as hard and as much in the interests of their constituents as corporate CEOs despite the lack of any meaningful incentive clauses in their contracts. These results suggest that the standard principal-agent model used in evaluating compensation needs to be extended significantly before it can be applied to situations in which a few select people are recruited for highly paid jobs that offer the chance to lead major institutions.
A Microstructure Analysis of Ex-Dividend Stock Price Behavior Before and After the 1984 and 1986 Tax Reform Acts

This article extends ex-dividend research by explicitly modeling trading at bid and ask quotations. This refinement distinguishes between buying and selling for long-term investors and short-term dividend capture traders. It also explicitly incorporates the bid-ask spread and eliminates some potential measurement errors that may bias returns. Marginal conditions are tested during 1983 and 1988, periods that span the 1984 and 1986 Tax Reform Acts. Results for long-term investors are consistent with the elimination of favorable capital gains tax rates. At observed prices, tax-neutral short-term traders cannot profit. Corporate dividend capture traders face profit opportunities during 1983 that disappear by 1988. Copyright 1996 by University of Chicago Press.
Amenities and the labor earnings function

Desirable locations are, other things equal, expected to be characterized by a mix of higher rents or lower wages. That is, if one area is more attractive than others, inmigration would occur, driving up the demand for land (hence raising rents) and increasing the supply of labor (hence lowering wages). The in-movement will continue until utility is the same across locations in equilibrium. Failing to hold constant amenities in the traditional earnings functions employed by labor economists will result, then, in omitted-variable bias if worker characteristics (years of schooling, union membership, and so on) are correlated with amenities. By way of illustration, our empirical analysis suggests that as much as 50 percent of the apparent return to unionization may be due to the impact of undesirable amenities, resulting in compensating higher wages, in areas of union strength — unionization is being credited with wage gains that properly should be attributed to climate and other (dis)amenities. Similar, though smaller, effects on other coefficients of the earnings function variables are presented.
Optimization or Bricolage? Overcoming Resource Constraints in Global Social Entrepreneurship

Resources play a vital role in the development of an entrepreneurial venture. For ventures operating in the public interest, the process of effective resource mobilization can be especially critical to the social mission. However, there has been limited empirical examination of the approaches used by social ventures to mobilize critical resources. We study two processes of resource mobilization—optimization and bricolage, and examine the antecedent conditions that influence a venture's selection of these processes. Our theory predicts that environmental munificence and organizational prominence have U-shaped associations with the use of bricolage and positive associations with the use of optimization. We test our hypotheses on a sample of 202 technology social ventures from 42 countries and discuss implications for the social entrepreneurship and broader entrepreneurship literatures. Copyright © 2013 Strategic Management Society.
On credit frictions as labor–income taxation

Abstract This paper suggests that a model in which firms face credit constraints on hiring labor can explain both the behavior of the labor wedge and the “jobless recoveries” phenomenon of the last three recessions. Using the corporate credit spread as a measure of firms’ credit conditions, I show that the “jobless recoveries” of the U.S. economy from the last three recessions were associated with slow declines in the spread following those recessions. The credit conditions of firms, thus, were important in shaping the labor market recoveries of the last two decades.
Environmental Regulations, Air and Water Pollution, and Infant Mortality in India

Using the most comprehensive developing country dataset ever compiled on air and water pollution and environmental regulations, the paper assesses India’s environmental regulations with a difference-in-differences design. The air pollution regulations are associated with substantial improvements in air quality. The most successful air regulation resulted in a modest but statistically insignificant decline in infant mortality. In contrast, the water regulations had no measurable benefits. The available evidence leads us to cautiously conclude that higher demand for air quality prompted the effective enforcement of air pollution regulations, indicating that strong public support allows environmental regulations to succeed in weak institutional settings. (JEL I12, J13, O13, Q53, Q58)
On Appropriation: Cariou v. Prince and Measuring Contextual Transformation in Fair Use

The Second Circuit's decision in Cariou v. Prince continues the practice of equating physical alteration with transformation for the purposes of a statutory fair use inquiry. This continued practice indicates a lack of understanding for the conceptual underpinnings of (post)modern art. Therefore, this Note proposes examining audience reception as a signifier for transformation. In certain instances, especially those implicating First Amendment rights and authorial interests of cultural progression, the market can reflect this reception and provide a gauge to help a court determine the true transformative nature of a work thus freeing judges from making problematic aesthetic judgments.
Does Corporate Diversification Destroy Value

We analyze several hundred firms that expand via acquisition and0or increase their number of business segments. The combined market reaction to acquisition announcements is positive but acquiring firm excess values decline after the diversifying event. Much of the excess value reduction occurs because our sample firms acquire already discounted business units, and not because diversifying destroys value. This implies that the standard assumption that conglomerate divisions can be benchmarked to typical stand-alone f irms should be carefully reconsidered. We also show that excess value does not decline when firms increase their number of business segments because of pure reporting changes. DOES CORPORATE DIVERSIF ICATION destroy value? Several recent papers attempt to answer this question by comparing the market value of firms that operate multiple lines of business to the value of a portfolio of stand-alone firms operating in the same industries as the conglomerate’s divisions. Lang and Stulz ~1994! use this approach and find that multisegment firms have low values of Tobin’s q compared to stand-alone firms. Similarly, Berger and Ofek ~1995! find that U.S. conglomerates are priced at a mean discount of about 15 percent. Lins and Servaes ~1999! find similar discounts in Japan and the United Kingdom. Indeed, based on the Berger and Ofek methodology, diversified firms with valuation discounts had aggregate value losses of $800 billion in 1995. The magnitude of the value loss suggests that operating the divisions of conglomerates as stand-alone firms would create significant value. In this paper, we provide new evidence on whether the act of corporate diversification destroys value, or whether the divisions that make up conglomerates would trade at a discount, even if they operated as standalone firms.
Transforming lives: the impact of compulsory schooling on hope and happiness

This is the first article examining the causal impact of mandatory extended primary schooling on happiness (sense of well-being) of young adults. We rely on a law change that raised compulsory schooling from 5 to 8 years in Turkey to address the endogeneity of education to happiness. Our study shows that, for females, earning at least a middle school diploma increases the likelihood of being happy and the probability of being satisfied with various life domains. Descriptive tests suggest that being hopeful about one’s own future well-being partly explains the relationship between women’s schooling and happiness. For males, although relatively imprecisely estimated, we find evidence that earning at least a middle school degree results in a decline in subjective well-being. Supplemental analysis develops evidence consistent with the view that an imbalance between aspirations and attainments, flowing from extended primary schooling, may be the reason behind this counterintuitive finding among men.
Rejection of the C7- Diffuse Interstellar Band Hypothesis

Using the new high-resolution (~8 km s-1) echelle spectrograph on the 3.5 m telescope at the Apache Point Observatory, we have begun a high-sensitivity survey of the diffuse interstellar bands (DIBs) in a large sample of reddened stars. Now that we are 2 years into this long-term survey, our sample includes over 20 reddened stars that show at least one of the DIBs that had been suggested to be caused by C, based on the gas-phase measurement of the C spectrum by J. P. Maier's group. The high-quality astronomical data from this larger sample of stars, along with the spectroscopic constants from the new laboratory work recently reported by Maier's group, have enabled us to examine more carefully the agreement between C and the DIBs. We find that none of the C bands match the DIBs in wavelength or expected profile. One of the DIBs (λ5748) attributed to C is actually a stellar line. The two strongest DIBs attributed to C (λ6270 and λ4964) are not correlated in strength, so they cannot share the same carrier. On the whole, we find no evidence supporting the hypothesis that C is a carrier of the DIBs.
Controllability and accessibility results for N-link horizontal planar manipulators with one unactuated joint

Abstract Previous work on controllability of underactuated serial horizontal planar manipulators mostly focused only on a specific number of links, whereas this paper considers a general N -link case. The main contribution of this paper is accessibility and small-time local controllability (STLC) results for N -link serial, horizontal, planar manipulators with one unactuated joint. An N -link ( N ≥ 3 ) manipulator with the first joint actuated is STLC for a subset of equilibrium points based on Sussmann’s general theorem for STLC. In contrast, if the first joint is not actuated, it is not accessible or STLC.
Exchange rates, inflation, and the sterilization problem: Germany, 1975–1981

When the goals of internal and external macroeconomic equilibrium are in conflict, sterilized intervention in the foreign exchange market may provide an independent policy instrument through which the central bank can resolve its dilemma in the short run. This paper is concerned with the West German Bundesbank's use of sterilization during the recent years of exchange- rate flexibility. The paper asks whether the Bundesbank pursued sterilization during the years 1995-1981, and whether sterilized foreign exchange intervention exerts a significant influence on the exchange rate in the German case. Estimation of a stylized Bundesbank reaction function suggests an affirmative answer to the first of these questions. To assess the efficacy of sterilized intervention, a structural portfolio balance model of German asset markets and prices is estimated. Dynamic perfect-foresight simulations of the empirical model are used to ascertain whether imperfect substitutability between foreign and domestic bonds is sufficient to allow the Bundesbank to attain independent internal and external goals over the short run of about a month. The model's verdict is that the Bundesbank has little if any power to influence the exchange rate over that time span without altering current or expected future money-market conditions.(This abstract was borrowed from another version of this item.)
Renegotiating the Social Contract

This review of "The Supportive State: Families, Government and America’s Political Ideals" highlights Maxine Eichner’s important theoretical contributions to both liberal political theory and feminist theory, applauding her success in reforming liberalism to account for dependency, vulnerability, and families. The review then considers some implications of Eichner’s proposals and their likely reception among feminists. It concludes that The Supportive State is a sound and inspiring response to recent calls that feminist theory move from being strictly a school of criticism to developing a theory of governance.
Policy and Organizational Change in the Federal Aviation Administration: The Ontogenesis of a High‐Reliability Organization

Although the high-reliability organization (HRO) literature identifies several attributes that differentiate HROs from other types of organizations, these studies do not explain how an HRO comes into being, nor do they provide a means to gauge or measure the extent to which an organization exhibits the specified features. This article reports the results of a 97-year longitudinal case study tracking the emergence and continuation of HRO characteristics in the Federal Aviation Administration’s air traffic control operations to answer the following questions: how do HRO functions emerge in public organizations, and do policy changes lead administrative changes, or is there little relation between policy and organizational change? The analysis shows that (1) HRO characteristics emerged incrementally over an extremely long period of time, and (2) policy changes preceded organizational changes early in the process of HRO development, but the relationship of policy change to organizational change decreased in later stages.
Human Rights Texts: Converting Human Rights Primary Source Documents into Data

We introduce and make publicly available a large corpus of digitized primary source human rights documents which are published annually by monitoring agencies that include Amnesty International, Human Rights Watch, the Lawyers Committee for Human Rights, and the United States Department of State. In addition to the digitized text, we also make available and describe document-term matrices, which are datasets that systematically organize the word counts from each unique document by each unique term within the corpus of human rights documents. To contextualize the importance of this corpus, we describe the development of coding procedures in the human rights community and several existing categorical indicators that have been created by human coding of the human rights documents contained in the corpus. We then discuss how the new human rights corpus and the existing human rights datasets can be used with a variety of statistical analyses and machine learning algorithms to help scholars understand how human rights practices and reporting have evolved over time. We close with a discussion of our plans for dataset maintenance, updating, and availability.
Mixed Signals on Summary Judgment

This essay examines three cases from the Supreme Court’s October Term 2013 addressing the standards for summary judgment. In one case, the Court affirmed summary judgment against a civil-rights plaintiff, in a continued erroneous over-reliance on the certainty of video evidence. In two other cases, the Court rejected the grant of summary judgment against civil-rights plaintiffs, arguably for the first time in quite a while. This essay unpacks the substance and procedure underlying all three decisions and considers the effect of the three cases and what signals they send to lower courts and litigants about the proper approach to summary judgment, particularly in civil-rights cases involving video evidence.
Structural adjustment comes to Europe: Lessons for the Eurozone from the conditionality debates

This article argues that the Economic Adjustment Programmes (EAPs) that came with loans to peripheral Eurozone members Greece, Ireland, Portugal, and now Cyprus, are very similar to the loans with ...
Testing Lay Intuitions of Justice: How and Why?

Part I of this Article summarizes the arguments as to why lay intuitions of justice are important for criminal law rule-makers. Part II sketches the challenges at reliably determining those intuitions and describes methodology worked out to meet those challenges. Part III looks briefly at one simple study to illustrate the methodology, which has been used on a wide variety of issues, as described in Part IV.
Mutual fund herding in response to hedge fund herding and the impacts on stock prices

Abstract We examine whether mutual funds and hedge funds herd after each other and the associated impacts on stock prices. We find strong evidence that mutual funds herd into or out of stocks following the herd of hedge funds: mutual funds’ herding measure is positively related to last quarter’s hedge fund herding. In contrast, hedge funds do not follow mutual funds. Mutual funds’ following of hedge funds leads to a sharp price reversal in the next quarter, whereas hedge fund herding itself does not destabilize prices. Further, a mutual fund’s following intensity increases with its past performance. The top 30% of mutual funds most active in following hedge funds do so persistently and drastically increase their herding subsequent to intense herding by hedge funds. They are also the group driving the above price reversals. Overall, our evidence is consistent with the reputational incentives of mutual fund herding and the associated price destabilization effects.
Bundling Information Goods: Pricing, Profits, and Efficiency

We study the strategy of bundling a large number of information goods, such as those increasingly available on the Internet, and selling them for a fixed price. We analyze the optimal bundling strategies for a multiproduct monopolist, and we find that bundling very large numbers of unrelated information goods can be surprisingly profitable. The reason is that the law of large numbers makes it much easier to predict consumers' valuations for a bundle of goods than their valuations for the individual goods when sold separately. As a result, this "predictive value of bundling" makes it possible to achieve greater sales, greater economic efficiency, and greater profits per good from a bundle of information goods than can be attained when the same goods are sold separately. Our main results do not extend to most physical goods, as the marginal costs of production for goods not used by the buyer typically negate any benefits from the predictive value of large-scale bundling. While determining optimal bundling strategies for more than two goods is a notoriously difficult problem, we use statistical techniques to provide strong asymptotic results and bounds on profits for bundles of any arbitrary size. We show how our model can be used to analyze the bundling of complements and substitutes, bundling in the presence of budget constraints, and bundling of goods with various types of correlations and how each of these conditions can lead to limits on optimal bundle size. In particular we find that when different market segments of consumers differ systematically in their valuations for goods, simple bundling will no longer be optimal. However, by offering a menu of different bundles aimed at each market segment, bundling makes traditional price discrimination strategies more powerful by reducing the role of unpredictable idiosyncratic components of valuations. The predictions of our analysis appear to be consistent with empirical observations of the markets for Internet and online content, cable television programming, and copyrighted music.
Macroeconomic conditions and capital structure adjustment speed

Abstract Using two dynamic partial adjustment capital structure models to estimate the impact of several macroeconomic factors on the speed of capital structure adjustment toward target leverage, we find evidence that firms adjust their leverage toward target faster in good macroeconomic states relative to bad states. This evidence holds whether or not firms are subject to financial constraints. Our results are robust to an alternative method of calculating states and to omitting zero-debt boundary firms and are not driven by firm size, deviation from target, or leverage definitions.
Fiscal Paradise: Foreign Tax Havens and American Business

The offshore tax haven affiliates of American corporations account for more than a quarter of US foreign investment, an nearly a third of the foreign profits of US firms. This paper analyzes the origins of this tax haven activity and its implications for the US and foreign governments. Based on the behavior of US fins in 1982, it appears that American companies report extraordinarily high profit rates on both their real and their financial investments in tax havens. We calculate from this behavior that the tax rate that maximizes tax revenue for a typical haven is around 6%. The revenue implications for the US are more complicated, since tax havens may ultimately enhance the ability of the US government to tax the foreign earnings of American companies.
Democracies Pay Higher Wages

Controlling for labor productivity, income levels, and other possible determinants, there is a robust and statistically significant association between the extent of democracy and the level of manufacturing wages in a country. The association exists both across countries and over time within countries. The coefficient estimates suggest that nonnegligible wage improvements result from the enhancement of democratic institutions: average wages in a country like Mexico would be expected to increase by 10 to 40 percent if Mexico were to attain a level of democracy comparable to that prevailing in the United States. Political competition and participation seem to be the driving force behind the result.
A review and prospects for Nb3Sn superconductor development

Nb3Sn superconductors have significant applications in constructing high-field (>10 T) magnets. This article briefly reviews development of Nb3Sn superconductor and proposes prospects for further improvement. It is shown that significant improvement of critical current density (J c) is needed for future accelerator magnets. After a brief review of the development of Nb3Sn superconductors, the factors controlling J c are summarized and correlated with their microstructure and chemistry. The non-matrix J c of Nb3Sn conductors is mainly determined by three factors: the fraction of current-carrying Nb3Sn phase in the non-matrix area, the upper critical field B c2, and the flux line pinning capacity. Then prospects to improve the three factors are discussed respectively. An analytic model was developed to show how the ratios of precursors determine the phase fractions after heat treatment, based on which it is predicted that the limit of current-carrying Nb3Sn fraction in subelements is ~65%. Then, since B c2 is largely determined by the Nb3Sn stoichiometry, a thermodynamic/kinetic theory is presented to show what essentially determines the Sn content of Nb3Sn conductors. This theory explains the influences of Sn sources and Ti addition on stoichiometry and growth rate of Nb3Sn layers. Next, to improve flux pinning, previous efforts in this community to introduce additional pinning centers to Nb3Sn wires are reviewed, and an internal oxidation technique is described. Finally, prospects for further improvement of non-matrix J c of Nb3Sn conductors are discussed, and it is seen that the only opportunity for further significantly improving J c lies in improving flux pinning.
HOW DO REGIMES AFFECT ASSET ALLOCATION

International equity returns are characterized by episodes of high volatility and unusually high correlations coinciding with bear markets. This article provides models of asset returns that match ...
An examination of the agency theory problem of earnings management: is it an Anglo-Saxon cultural phenomenon?

The arrangement in which a manager, that is, an agent, works for the benefit of a property owner has been around since the beginning of human history. An early example is found in the parable of the 'shrewd manager', told by Jesus of Nazareth. This study presents empirical evidence to that will be used to determine whether Agency Theory is primarily applicable in Anglo-Saxon countries. Two competing perspectives are evaluated: 1) national cultural variable individualism/collectivism influences agency problems versus; 2) agency problems are a unique Anglo-Saxon problem. Using a sample of firms from 30 counties over a five year window, controlling for location in Anglo-Saxon countries, the national cultural variable is insignificant. Thus, the analysis indicates that the agency problem of earnings management appears to be a unique Anglo-Saxon problem rather than a function of the individualism/collectivism dimension of national culture.
A Model of Rational Retrials in Queues

Customers often wait in queues before being served. Because waiting is undesirable, customers may come back later (i.e., retry) when the queue is too long. However, retrial attempts can be costly a...
Financial Information Globalization and Foreign Investment Decisions

ABSTRACT: This paper investigates the association between the adoption of international accounting standards and foreign investment decisions. Prior research suggests that information asymmetries ...
Healing and feeling: the clinical ontology of emotion.

In the clinical setting, not enough attention is paid to the role that emotion plays. It is at worst ignored or avoided, isolating those who are suffering, at best treated as something to help another to endure. This is the result, in part, of an impoverished idea that views emotion as mere feelings. However, emotions are not just feelings, they are cognitive. If we look beneath the surface, emotions can provide information about values and beliefs, some of which may be false or unreasonable. When they are motivating decisions that seriously affect the lives of others, there is a moral obligation to ferret them out and correct or deal with them. Attention needs to be paid to the emotions of healthcare providers as well as to the emotions of patients and their loved ones, and more done to train healthcare providers to deal effectively and productively with emotion – their own and others’. A son tearfully requests everything be done for his dying father. He fears limiting treatment means his father will be ignored. A physician orders another course of chemotherapy because she cannot bear for this patient to die. The patient, fearing he will painfully suffocate to death, agrees. Paying attention to emotions and bringing to light the beliefs and values behind them can only enhance the care and consideration of all involved.
Supply chain network operations management of a blood banking system with cost and risk minimization

Blood service operations are a key component of the healthcare system all over the world and yet the modeling and the analysis of such systems from a complete supply chain network optimization perspective have been lacking due to their associated unique challenges. In this paper, we develop a generalized network optimization model for the complex supply chain of human blood, which is a life-saving, perishable product. In particular, we consider a regionalized blood banking system consisting of collection sites, testing and processing facilities, storage facilities, distribution centers, as well as points of demand, which, typically, include hospitals. Our multicriteria system-optimization approach on generalized networks with arc multipliers captures many of the critical issues associated with blood supply chains such as the determination of the optimal allocations, and the induced supply-side risk, as well as the induced cost of discarding the waste, while satisfying the uncertain demands as closely as possible. The framework that we present is also applicable, with appropriate modifications, to the optimization of other supply chains of perishable products.
Asking Jurors to do the Impossible

The legal system often asks jurors to perform impossible or highly difficult tasks. They may need to travel back in time or predict the future. They may be required to ignore the obvious, forget something they heard in court, and refrain from discussing the case with anyone. They may even be asked to forget things they already know or to function as human lie detectors. The system often expects them to be experts but forbids them from doing any research. And juries may sometimes have to function as judges. Jurors do their best under these difficult circumstances, but there are ways in which the system could make this burden easier to bear.
Fear of Facebook: Private Ordering of Social Media Risks Incurred by Healthcare Providers

The last two years have seen important quantitative and qualitative shifts in social media use patterns in the healthcare environment. Reacting to present and future risks there has been a rapid deployment of private ordering: social media policies and other contractual constructs emanating from physicians, professional organizations, employers and educators. These private, often contractual attempts to regulate online interactions or social media conduct are not all benign, themselves creating ethical or legal risk. This article, a follow-up to Physicians And Patients Who ‘Friend’ Or ‘Tweet’: Constructing A Legal Framework For Social Networking In A Highly Regulated Domain, 43 IND. L. REV. 285 (2010), concentrates on social media and these new risk management constructs. Part II provides updated statistics on Internet use by healthcare workers and explores some of the scenarios that have led medical schools and healthcare entities to expressly address social media behavior. Part III inquires into how professional organizations or those who employ or credential physicians have attempted to change the rules of the game by promulgating social media policies and analyses some of the legal constraints on those policies. Part IV deals with the reality of medically relevant information about patients increasingly moving online and asks whether physicians should attempt to access information that might be useful or even life-saving. Finally, Part V describes how the patient-physician dialog has increasingly spilled out of the consulting room and onto social media sites and explores how physicians should react not only to overtures for social media friendship but also to online critical patient comments.
Intangibility in intertemporal choice

Since the advent of the discounted utility (DU) model, economists have thought about intertemporal choice in very specific terms. DU assumes that people make explicit trade-offs between costs and benefits occurring at different points in time. While this explicit trade-off perspective is simple and tractable, and has stimulated productive research, it does not provide a very realistic representation of a wide range of the most important intertemporal trade-offs that people face in daily life. If one considers the most important and commonly discussed examples of intertemporal choices, a striking pattern emerges: in almost all cases, early outcomes tend to be concrete (e.g. purchasing this latte), but later outcomes tend to be much less tangible (e.g. the unknown item that could have been purchased later with the money spent on this latte). We propose that people rely on anticipatory emotions as a proxy for intangible outcomes when trade-offs are implicit. This paper reviews neuroeconomic evidence that has begun to elucidate the role of anticipatory emotions in decisions involving intangible outcomes. Although most progress has been made in the domain of spending and saving, we discuss how the existing neuroeconomic research could be extended to other domains where trade-offs are ill defined.
A Rock and a Hard Place: Choosing Between § 271(a) and (b) for Divided Infringement in Akamai

In the Federal Circuit’s en banc decision in Akamai Technologies, Inc. v. Limelight Networks, Inc., the court created a new avenue for finding patent infringement liability through inducement of infringement under § 271(b). In doing so, the Federal Circuit partially overruled BMC Resources and held that for the purpose of finding inducement liability, there is no “direction or control” relationship requirement among the induced entities. Akamai represents a substantial change in the law governing divided infringement, and closes a loophole following BMC Resources that left patentees without recourse when entities were able to collectively perform all the steps of a method claim through arms-length transactions. Although the Akamai rule is correct in light of patent policy and legislative history, it nevertheless results in inconsistent statutory interpretation. Instead of opening this new avenue to finding liability, a better approach is to simply loosen the relationship standard required under the doctrine of joint infringement.
A New Perspective on the Indian Removal Period

As part of a review of Tim Alan Garrison's book, The Legal Ideology of Removal (2002), Professor Miller addresses some new points about the Indian Removal Era. He also discusses some little known Indian law cases. As Garrison's book points out, these cases provided judicial and legal authority for the southern states and the federal government to advocate for and then enforce removal against the southern American Indian Nations.
Hart's response to exclusive legal positivism

The three most important views in contemporary analytic jurisprudence - namely, inclusive legal positivism (Hart, Coleman, Waluchow), exclusive legal positivism (Raz, Shapiro), and non-positivist views arising from Dworkin's work on adjudication - are currently in a complex logical gridlock. I do not just mean by this that the views themselves are inconsistent; that, after all, is to be expected. I mean to draw attention to the further fact that each view is motivated, in part, by insights into important aspects of the law, which, as things presently stand, would appear to defy harmonization with the rest. To wit: (1) the law purports to provide us with a distinctive source of practical guidance, (2) we nevertheless sometimes identify the law's directives by using moral insight, and (3) the law is deeply bound up in conventions, and legal judgments are often true or false by convention. This Article develops a version of inclusive legal positivism that accommodates all of these important features of the law. It begins by canvassing important contributions that the exclusive legal positivists - namely, Joseph Raz and Scott Shapiro - have made to our understanding of the law, and explaining why these contributions would appear to render inclusive legal positivism internally inconsistent. It then argues that these contributions can be absorbed without generating any such inconsistencies if we accept a novel account of legal obligation (and a corresponding account of legal authority) that makes reference to what Stephen Darwall has recently called the "second-person standpoint." There are, moreover, a number of important philosophical reasons to favor this account of obligation over the alternatives in the current literature. This version of inclusive legal positivism can also absorb a number of Dworkin's important insights into the law, which he has taken to warrant a wholesale rejection legal positivism. The Article continues by arguing that, while there were important tensions in Hart's views, Hart himself implicitly understood the importance of reference to something like the second-person standpoint in accounting for obligation throughout his career. Indeed, his texts suggest that he became even clearer by the end. What he lacked - and what we have all lacked until now - was a clear account of what Darwall has recently called the "second-person standpoint" to articulate this view. Hence, the view developed here may not only be an independently viable form of inclusive legal positivism; it may also represent the best available development of Hart's core views and jurisprudential commitments.This paper is based on an earlier idea paper. The ideas have been substantially revised, partly in light of comments from Yale's Center for Law and Philosophy and the Southern California Law and Philosophy Discussion Group.
Extracting Compassion from Confusion: Sentencing Noncitizens After United States v. Booker

A noncitizen facing a federal judge for sentencing confronts a demonstrably different future than an otherwise identical citizen. Deportation, immigration detention, harsher prison conditions, and a longer actual sentence may all await the noncitizen federal inmate. The U.S. Courts of Appeals have disagreed as to whether a sentencing judge can take those consequences into consideration in crafting a sentence under the U.S. Sentencing Guidelines. This Note argues that the circuit split results from circuit courts’ varying appellate scrutiny of sentencing decisions after United States v. Booker. To resolve the split, this Note encourages the Sentencing Commission to adopt an amendment to the Guidelines, thereby promoting uniformity among sentencing courts. In the alternative, this Note argues that it is proper for sentencing courts to consider alienage under 18 U.S.C. § 3553.
THE WELFARE PERFORMANCE OF SEQUENTIAL PRICING MECHANISMS

Consumers are commonly required to subscribe to particular tariff options before uncertainty regarding their future purchases gets resolved. Since the general comparison of welfare performance of different pricing mechanisms is ambiguous, this article empirically evaluates the expected welfare associated with standard nonlinear pricing and optional tariffs by using information directly linked to the type of individual consumers. Results show that tariffs composed of nonlinear options do not necessarily outperform simpler pricing strategies in terms of expected profits. Furthermore, evidence suggests that a menu of optional two-part tariffs dominates any other pricing strategy from an expected welfare perspective.
Information and Inventory in Distribution Channels

We examine the trade-offs between demand information and inventory in a distribution channel. While better demand information has a positive direct effect for the manufacturer in improving the efficiency of holding inventory in a channel, it can also have the strategic effect of increasing retail prices and limiting the extraction of retail profits. Having inventory in the channel can help the manufacturer to manage retail pricing behavior while better extracting retail surplus. Thus, even if the information system is perfectly reliable, the manufacturer might not always want to institute an information-enabled channel over a channel with inventory. We show this first in a channel with a single retailer, where the channel with perfect information is preferred over the channel with inventory only if the marginal cost of production is sufficiently high. We also analyze a channel with an imperfectly reliable information system and find that if the manufacturer were to choose the precision of the demand information system, it might not prefer perfect information, even if such information was costless to acquire. In a channel with competing retailers, the channel with perfect information is preferred when retail competition is sufficiently intense. Thus, the presence of inventory can play a role in managing competition among retailers and in helping the manufacturers to appropriate surplus especially when retailers are sufficiently differentiated.
A Proposed North American Regional Development Fund: The Next Phase of North American Integration under NAFTA

Our three countries have enjoyed a thriving relationship derived from their decision to open doors and break down barriers. [M]arkets continue to open up for a freer flow of goods, services and investment, and our economies are integrating as never before. By expanding trade, investment and employment, the NAFTA is enhancing opportunities for the citizens of all three countries and has made our trilateral relationship more dynamic. —Statement by NAFTA Trade Ministers on NAFTA’s tenth anniversary1