cssi/SciSciGPT-SciSciNet huggingface dataset:
Transnational entrepreneurs, worldchanging entrepreneurs, and ambassadors: a typology of the new breed of expatriates

As barriers to globalization have steadily diminished, the number of entrepreneurial and noncommercial expatriates have grown from a trickle to a torrent. Much of what we know about expatriatism may not apply to this new breed of expatriates. A four-quadrant typology of expatriates draws attention to important differences in expatriate types. I make use of the notions of comparative fit and normative fit from self-categorization theory to validate the typology. Examining the experiences of 160 expatriates demonstrates that the proposed typology represents real differences and is invoked by expatriates in the field. Scholars may apply this typology to explain inconsistent findings in extant studies and as a guide for the development of new research questions.
The role of personality in new product development team performance

Abstract Although the role of personality in team performance is not well understood, research suggests that personality plays a critical role in the effective performance of teams. Personality variables should be especially important for new product development (NPD) teams which typically include highly coordinated activities among multidisciplinary members. The five-factor model provides a consistent structure for understanding how personality relates to different kinds of behavior and is used as a framework for reviewing literature related to team performance. The same model is then used to form a set of research propositions that can serve to guide future research on the role of personality in NPD teams. Because the literature suggests that the role of personality is dependent upon the type of task involved, we differentiate our research propositions for two specific types of new product development: incremental innovation and radical innovation. We offer research propositions for the average level of each of the five-factor model variables and performance in the two types of teams. Finally, we suggest a set of research propositions for the effect of heterogeneity of personality on performance in radical and incremental innovation teams.
The Athenian Trierarchy: Mechanism Design for the Private Provision of Public Goods

The liturgical system in Classical Athens (479-322 BCE) privately provided public goods, including naval defense. I use it to evaluate mechanism design policies and to address uncertainties in the historical record by adding predictive economic theory to research by ancient historians. I evaluate the system's success at meeting the conflicting goals of efficiency, feasibility, and budget balance by analyzing the Athenian citizens' incentives within a game of asymmetric information. In the game, multiple equilibria occur; citizens may or may not volunteer for duty or avoid it. I relate the game theoretic findings to historical events. In a private market, public goods tend to be undersupplied because they are nonrivalrous and nonexcludable. Government provision is the general solution to this inefficient level of public goods today, but economic theory suggests other possibilities, most notably mechanism design, which uses incentives to induce agents to purchase the optimal amount of the public good. The problem with such mechanisms, however, is that it is impossible to achieve this optimal level of production and at the same time meet budget balance requirements and induce agents to comply. As a result, mechanisms of this sort have rarely been implemented by governing bodies. One remarkable exception is the Athenian liturgical system in the Classical period (479-322). (All dates are BCE.) This liturgical system provided a solution for the provision of public goods where direct government taxation and procurement were not feasible. The trierarchy, or the command, outfitting, and maintenance of a war ship for one year, was at the core of this liturgical system, and I evaluate its success in advancing the private provision of a public good-namely naval military services. Using mechanism design theory and the surviving evidence regarding public goods provision in Athens, I investigate the institution
Double Reasoning in the Codified Mixed Systems – Code and Case Law as Simultaneous Methods

The thesis of this Article is that the mixed jurisdiction judges often use a system of double reasoning to decide cases under the Civil Codes. In select areas where the Code texts contain principles (rather than rules) and hence are particularly wide, the judges of the codified systems are prone to use two methods at once.This Article describes the judicial use of both syllogistic and inductive reasoning and proposes a new functional classification of civilian jurisprudence. A small case study is used to provide data, concepts and illustrations. The data set encompasses about thirty decisions in the field of medical liability in Quebec, Puerto Rico, and Louisiana. The field of tort law, presided over by the tort General Clause, thus serves as an area par excellence to observe this phenomenon.
Unintended Consequences: The Impact of the Court’s Recent Cases on Structural Ineffective Assistance of Counsel Claims

The Supreme Court’s recent Sixth Amendment cases have garnered much attention for their potential impact on ineffective assistance of counsel claims asserted in the context of a criminal case. This short article explores the unintended consequences of these decisions on structural ineffective assistance of counsel claims made in the civil context alleging that systemic deficiencies are likely to lead to right to counsel violations. The article concludes that the Court’s departure from a trial-centered conception of the right to counsel, its willingness to articulate specific pre-trial duties of counsel and its more pragmatic approach towards enforcing the Sixth Amendment will help those seeking indigent defense reform to establish the likelihood of future injury, a necessary element of successful structural challenges.
Managed competition, integrated delivery systems and antitrust.

A central question confronting proponents of managed competition during the health reform debate in 1994 was whether competitive networks or integrated delivery systems would emerge. Under reformers’ vision, controlling costs depended on the emergence of a sufficient number of efficient and viable integrated delivery systems. Conversely, if one or a few integrated networks dominate the market for physician or hospital services, rivalry on the main issues of health care cost control would likely dissipate. This article argues that vigilant and sensible antitrust enforcement was also a prerequisite for the success of the managed competition model. Despite the considerable emphasis on economic analysis in antitrust commentary and litigation, neither commentators nor judges have carefully explored the implications of market failure for antitrust doctrine in health care cases. Market imperfections add significantly to the competitive risks posed by restraints of trade and other conduct policed by antitrust law. Moreover, these conditions diminish the likelihood that self-correcting market forces will ameliorate whatever dangers antitrust law misses. Economic evidence suggesting that a large part of the country can support only the bare minimum of efficiently-sized integrated systems adds to the challenge facing market based reform.
HOST GALAXIES OF z = 4 QUASARS*, **, ** *

We have undertaken a project to investigate the host galaxies and environments of a sample of quasars at z approx 4. In this paper, we describe deep near-infrared imaging of 34 targets using the Magellan I and Gemini North telescopes. We discuss in detail special challenges of distortion and nonlinearity that must be addressed when performing point-spread function (PSF) subtraction with data from these telescopes and their IR cameras, especially in very good seeing. We derive black hole masses from emission-line spectroscopy, and we calculate accretion rates from our K{sub s} -band photometry, which directly samples the rest frame B for these objects. We introduce a new isophotal diameter technique for estimating host galaxy luminosities. We report the detection of four host galaxies on our deepest, sharpest images, and present upper limits for the others. We find that if host galaxies passively evolve such that they brighten by 2 mag or more in the rest-frame B band between the present and z = 4, then high-z hosts are less massive at a given black hole mass than are their low-z counterparts. We argue that the most massive hosts plateau at approx<10 L*. We estimate the importance of selection effects onmore » this survey and the subsequent limitations of our conclusions. These results are in broad agreement with recent semianalytical models for the formation of luminous quasars and their host spheroids by mergers of gas-rich galaxies, with significant dissipation, and self-regulation of black hole growth and star formation by the burst of merger-induced quasar activity.« less
Legislative Bargaining and Coalition Formation

Abstract The finite horizon version of D. P. Baron and J. Ferejohn's [1989, Amer. Polit. Sci. Rev.83, 1181–1206] legislative bargaining model is investigated. With three or more periods, a continuum of divisions is supportable as subgame perfect equilib- ria. There exist equilibria where coalitions larger than a minimal winning coalition receive strictly positive shares. With sufficiently patient players and a sufficiently long horizon, any interior distribution is supportable as an equilibrium. In contrast, a generic uniqueness result applies when introducing heterogenous time preferences. The unique backwards induction equilibrium in the perturbed game is nonstationary, and neither the original (symmetric) nor the perturbed game provides guidance for equilibrium selection in the infinite game. Journal of Economic Literature Classification Numbers: C73, C78, D72, D78, H49.
The impact of mass layoffs on the educational investments of working college students

Abstract Analyzing how working students weather personal economic shocks is increasingly important as the fraction of college students working substantial hours has increased dramatically over the past few decades. Using administrative data on Ohio college students linked to matched firm-worker data on earnings, we examine how layoff affects the educational outcomes of working college students. Theoretically, layoff decreases the opportunity cost of college enrollment, but it could also make financing one’s education more difficult, so the net effect is ambiguous. We find that layoff leads to a considerable reduction in the probability of employment while in school, but it has little impact on enrollment decisions at the extensive margin. On the intensive margin, we find that layoff leads to an increase in enrolled credits, consistent with the fact that the opportunity cost of college has decreased.
Market Size, Division of Labor, and Firm Productivity

Abstract We generalize Krugman's (1979) ‘new trade’ model by allowing for an explicit production chain in which a range of tasks is performed sequentially by a number of specialized teams. We demonstrate that an increase in market size induces a deeper division of labor among these teams which leads to an increase in firm productivity. The paper can be thought of as a formalization of Smith's (1776) famous theorem that the division of labor is limited by the extent of the market. It also sheds light on how market size differences can limit the scope for international technology transfers.
Program Evaluation and Research Designs

Abstract This chapter provides a selective review of some contemporary approaches to program evaluation. One motivation for our review is the recent emergence and increasing use of a particular kind of “program” in applied microeconomic research, the so-called Regression Discontinuity (RD) Design of Thistlethwaite and Campbell (1960) . We organize our discussion of these various research designs by how they secure internal validity: in this view, the RD design can been seen as a close “cousin” of the randomized experiment. An important distinction which emerges from our discussion of “heterogeneous treatment effects” is between ex post (descriptive) and ex ante (predictive) evaluations; these two types of evaluations have distinct, but complementary goals. A second important distinction we make is between statistical statements that are descriptions of our knowledge of the program assignment process and statistical statements that are structural assumptions about individual behavior. Using these distinctions, we examine some commonly employed evaluation strategies, and assess them with a common set of criteria for “internal validity”, the foremost goal of an ex post evaluation. In some cases, we also provide some concrete illustrations of how internally valid causal estimates can be supplemented with specific structural assumptions to address “external validity”: the estimate from an internally valid “experimental” estimate can be viewed as a “leading term” in an extrapolation for a parameter of interest in an ex ante evaluation.
Rationalizing risk assessment in human subject research.

Our system of protecting human subjects in medical research faces an unprecedented crisis. In addition to a few highly publicized scandals in which previously healthy individuals died during the course of clinical trials, a series of government investigations has documented significant deficiencies in the system's capacity to ensure compliance with federal regulations governing human subject protection. There is widespread consensus that any effective reform program must do something to improve the existing system of institutional review boards (IRBs), the committees within research institutions that decide which protocols can go forward and under what conditions. However, most of the current discussion about IRB reform has focused on questions about the basic structure of the IRB system, ignoring important process-oriented questions about how IRBs actually decide which protocols to accept, reject, or revise. To fill this gap, Professor Coleman takes a critical look at the process IRBs use to review research protocols, focusing specifically on risk assessment, one of the most important, and least understood, elements of protocol review. He argues that IRBs' current approach to risk assessment closely mirrors the deliberative process used by common-law juries, and that in both juries and IRBs this process suffers from considerable flaws. After examining the limitations of a jury approach to risk assessment determinations, Professor Coleman explains why our willingness to tolerate these limitations in the context of jury deliberations does not mean they also should be accepted in IRB review. He argues that, in place of the ill-fitting model of the common-law jury, IRBs should incorporate decision-making mechanisms used by judges and administrative agencies, including reasoning by analogy, written opinions, appellate review and precedent, and notice-and-comment rulemaking. He shows how adopting these strategies could improve the quality of IRB risk assessments, and examines the practical considerations such changes are likely to raise.
Internal auditors use of interpersonal likability, arguments, and accounting information in a corporate governance setting

Internal auditors play an important role in influencing managers� judgments. Yet, the practitioner literature indicates that, because internal audit lacks the client services incentives of external audit, internal auditors often adopt a �policeman approach� that can lead to negative interpersonal relationships with managers. We investigate three variables fundamental to internal auditors� ability to influence managers: (1) internal auditors� interpersonal likability, (2) the information used to support their positions, and (3) whether they present that information in a thematically organized argument. We find that managers agree more with an internal auditor who is both likable and uses a thematically organized argument. We find further that this joint effect occurs regardless of whether the internal auditor�s information is relatively supportive or unsupportive of his position. Overall, our theory and findings suggest that an internal auditor can achieve agreement from managers on important corporate governance issues with this fairly straightforward presentation tactic, even when the underlying information is relatively unsupportive and managers otherwise tend not to agree with the internal auditor�s position. Our study contributes to accounting, psychology, and writing and discourse theories with new evidence of the effects of an argument structure (holding the underlying information constant) on users� judgments, and how those effects depend on the likability of the source of information. Our findings have important implications for internal auditors, managers, external auditors, and others interested in corporate governance.
Welfare, the Earned Income Tax Credit, and the Labor Supply of Single Mothers

During 1984 -1996, welfare and tax policy were changed to encourage work by single mothers. The Earned Income Tax Credit was expanded, welfare benets were cut, welfare time limits were added, and welfare cases were terminated. Medicaid for the working poor was expanded, as were training programs and child care. During this same time period there were unprecedented increases in the employment and hours of single mothers. We show that a large share of the increase in work by single mothers can be attributed to the EITC and other tax changes, with smaller shares for welfare benet cuts, welfare waivers, training programs and child care programs.
A note on fairness, power, property and behind the veil

Abstract An axiomatization for power and for equity differ only in the addition of a behind the veil axiom.
The Definition of Strategic Liabilities, and their Impact on Firm Performance*

Strategic Liabilities are processes and tangible and intangible holdings that are firm-specific, context-specific and create competitive disadvantage. They are scarce, inconvertible, costly, and appropriated. The concept of Strategic Liabilities contrasts and complements the resource-based view's Strategic Assets. A firm is likely to possess Strategic Liabilities at some time because these liabilities can originate from endowments, from bad luck, from Strategic Assets, from rival actions, and from unfavourable changes in context. They represent the other side of the firm's ledger often implicitly ignored in the strategy literature. Thus, the formal definition and analysis of Strategic Liabilities is warranted.
Adjusting the Value of a Statistical Life for Age and Cohort Effects

Abstract To resolve the theoretical ambiguity in the effect of age on the value of statistical life (VSL), this article uses a novel, age-dependent fatal risk measure to estimate age-specific hedonic wage regressions. VSL exhibits an inverted-U-shaped relationship with age. In the year 2000 cross section, workers' VSL rises from $3.7 million (ages 18–24) to $9.7 million (35–44), and declines to $3.4 million (55–62). Controlling for birth-year cohort effects in a minimum distance estimator yields a peak VSL of $7.8 million at age 46, and flattens the age-VSL relationship. The value of statistical life-year also follows an inverted-U shape with age.
The (Near) Irrelevance of Daubert to Criminal Justice and Some Suggestions for Reform

Daubert v Merrell Dow Pharmaceuticals, Inc should have an extraordinary impact on criminal litigation, because there is rarely a criminal trial that does not rely on some form of expert testimony. In fact, it is almost irrelevant. Despite the frequency of prosecution proffered scientific and expert testimony in criminal cases, Daubert is rarely invoked to challenge it.In civil cases, when expert testimony is challenged in criminal proceedings, the outcome could not be more different. Because most violent crimes are committed by the poor, their court appointed advocates—overworked and underfinanced—are not up to the challenge. In the absence of a system of effective representation, Daubert will not improve scientific evidence in criminal cases. The only way to guard against the misapplication of forensic science is to impose controls and reforms long before the cases come to court.
Who Is at Risk of Losing and Gaining Health Insurance

In this study, we examine annual transitions into and out of health insurance coverage using matched data from the 1996 to 2004 Current Population Survey (CPS). We find evidence of several characteristics that are strongly associated with the likelihood of losing or gaining health insurance including race, education, unemployment, part-time employment status, employment size, and self-employment.
Measure 37's Federal Law Exception: A Critical Protection for Oregon's Federally Approved Land Use Laws

Ballot Measure 37, a property rights initiative passed by Oregon voters in November 2004, rpequires Oregon's state and local governments to compensate landowners for any reduction in the value of real property due to land use regulation or else to waive the offending regulations. This Note addresses the scope of an important exception to Measure 37: the law does not apply "to the extent that the land use regulation is required to comply with federal law." The ambit of this exception is questionable because many federal environmental laws, some with significant land use implications, involve a partnership approach called cooperative federalism where federal agencies set broad goals and states are responsible for on-the-ground implementation. This Note surveys Measure 37's federal law exception in its textual, regulatory, and constitutional contexts and concludes that the most tenable interpretation is a broad one: Measure 37 does not apply to land use regulations in federally approved plans and programs that represent Oregon's efforts to comply with federal law. This interpretation is reinforced by a clarifying definition of "federal law" in Ballot Measure 49, an initiative subject to a November 2007 special elec-
Receptiveness to advice, cognitive ability, and technology adoption

We construct a model of technology adoption with agents differing on two dimensions: their cognitive ability and their receptiveness to advice. While cognitive ability unambiguously speeds adoption, receptiveness to advice may speed adoption for individuals with low cognitive ability, but slow adoption for individuals with high cognitive ability. We conduct economic experiments measuring US farmers' cognitive ability and receptiveness to advice and examine how these characteristics impact their speed of adoption of genetically modified (GM) corn seeds. The empirical analysis shows that early adopters are those who are both quite able cognitively and not receptive to advice.
The Dubious Concept of Jurisdiction

The conventional wisdom about jurisdiction is based on a false premise - that the true concept of jurisidiction is distinct from the true concept of the merits. According to this wisdom, if a judge is smart enough and searches hard enough, he or she can always distinguish issues that are jurisdictional from issues that go only to the merits. By the same token, this wisdom holds that every legal issue is either jurisdictional or non-jurisdictional. This paper argues that the conventional wisdom is wrong - that there can be no hard conceptual difference between jurisdiction and the merits. The line between jurisdictional issues and merits issues is always at some level arbitrary. Furthermore, the conventional wisdom is dangerous because it indoctrinates judges to think that the only issue is whether they can exercise their ability to do justice rather than whether they should exercise that ability.
WSJ Category Kings – The impact of media attention on consumer and mutual fund investment decisions

Abstract We exploit a novel natural experiment to establish a causal relation between media attention and consumer investment behavior, independent of the conveyed information. Our findings indicate a 31% local average increase in quarterly capital flows into mutual funds mentioned in a prominent Wall Street Journal “Category Kings” ranking list, compared to those funds which just missed making the list. This flow increase is about seven times larger than extra flows due to the well-documented performance-flow relation. Other funds in the same fund complex receive substantial extra flows as well, especially in smaller complexes. There is no increase in flows when the Wall Street Journal publishes similar lists absent the prominence of the Category Kings labeling. We show mutual fund managers react to the incentive created by the media effect in a strategic way predicted by theory, and present evidence for the existence of propagation mechanisms including increased fund complex advertising subsequent to having a Category King and increased efficacy of subsequent fund media mentions.
Recent trends in trading activity and market quality

Abstract We explore the sharp uptrend in recent trading activity and accompanying changes in market efficiency. Higher turnover has been associated with more frequent smaller trades, which have progressively formed a larger fraction of trading volume over time. Evidence indicates that secular decreases in trading costs have influenced the turnover trend. Turnover has increased the most for stocks with the greatest level of institutional holdings, suggesting professional investing as a key contributor to the turnover trend. Variance ratio tests suggest that more institutional trading has increased information-based trading. Intraday volatility has decreased and prices conform more closely to random walk in recent years. The sensitivity of turnover to past returns has increased and cross-sectional predictability of returns has decreased significantly, revealing a more widespread use of quantitative trading strategies that allow for more efficient securities prices.
The error structure of time series cross-section hedonic models with sporadic event timing and serial correlation

When estimating hedonic models of housing prices, the use of time series cross-section repeat sales data can provide improvements in estimator efficiency and correct for unobserved characteristics. However, in cases where serial correlation is present, the irregular timing of sales should also be considered. In this paper we develop a model that uses information on the timing of events to account for the sporadic occurrence of events. The model presumes that the serial correlation process can be decomposed into a time-independent (event-wise) component and a time-dependent (time-wise) component. Empirical tests cannot reject the presence of sporadic correlation patterns, while simulations show that the failure to account for sporadic correlation leads to significant losses in efficiency, and that the losses from ignoring sporadic correlation when it exists are larger than losses when sporadic correlation is falsely assumed. Copyright © 1999 John Wiley & Sons, Ltd.
The Paradox of Legal Expertise: A Study of Experts and Novices Reading the Law

What strategies do lawyers and judges use to read the law? The study described in this article examined the way in which 10 legal experts (8 lawyers and 2 judges) and 10 novices (law students in the top 50% of their class) read a judicial opinion. Whereas the experts read efficiently (taking less overall time), the beginning law students read less efficiently. Where the experts read the text flexibly, moving back and forth between different parts of the opinion, the novices read inflexibly. The experts connected to the purpose of their reading more consistently than the novices and drew upon their prior knowledge and experience with the law. The results of this study suggest that we can give our students the following advice: (1) Read with a purpose; (2) Use background knowledge to situate the case; (3) Establish the context of the case before beginning to read; (4) Evaluate the case and have an opinion about its outcome; and (5) Read flexibly; skim and skip when appropriate. We can teach students the way in which a legal expert reads the law. The earlier they achieve these skills, the better for the individual students, the more likely their success in law school and the better for the legal profession as a whole.
Constitutional Conflict and Congressional Oversight

This Article offers a novel explanation of divergent congressional and executive behavior and legal doctrine in oversight disputes. It constructs a unified theory of congressional oversight, but it is one that requires a degree of conflict, tension, and disagreement between the political branches to endure. This framework is particularly timely as the Judiciary is poised to make the most significant decision in an interbranch dispute since Watergate. Practical, day-to-day congressional oversight disputes betray a deep canyon between Congress and the President that cuts to the very foundations of our constitutional structure. Hierarchy and entitlement characterize the congressional perspective, with Congress in the role of overseer with fixed substantive rights to obtain desired information. Congress cloaks itself in the language of criminal investigation and litigation. In contrast, equality and competing interests characterize the Executive Branch view, such that congressional oversight requests are the opening salvo in an iterative, negotiation process between co-equal branches. The Executive Branch sees no presumptive congressional right to define the manner, form, quantity, or messenger of the information to be provided. Among the formal and informal remedies to enforce its oversight prerogatives, Congress prefers contempt. However, contempt is problematic when the resisting party is an Executive Branch official following Executive Branch policy. Because the constitutional scheme places a premium on good-faith negotiation between Congress and the Executive Branch, congressional self-help is more appropriate than litigation for interbranch oversight disputes. While abstention and restraint should be the hallmark of Article III courts presented with bickering political branches, there is an important role for the Judiciary. As such, this Article offers principles that should guide courts to facilitate, or approximate, accommodation and compromise.
Globalization, Convergence, and History

There were three epochs of growth experience after the mid-nineteenth century for what is now called the OECD “club”: the late nineteenth century, the middle years between 1914 and 1950, and the late twentieth century. The first and last epochs were ones of overall fast growth, globalization, and convergence. The middle years were ones of overall slow growth, deglobalization, and divergence. Thus history offers an unambiguous positive correlation between globalization and convergence. When the pre-World War I years are examined in detail, the correlation turns out to be causal: globalization played the critical role in contributing to convergence.
Reducing Information Gaps to Reduce the Tax Gap: When Is Information Reporting Warranted?

A core problem for enforcement of tax laws is asymmetric information. The taxpayer knows the facts regarding the relevant transactions it engages in during the year-or at least has ready access to that information. The government is forced to play catch-up, obtaining that information either from the taxpayer or from third parties. Information reporting is routinely used to address this information gap. The government obtains information about the taxpayer's tax situation from a third party and-equally important-the taxpayer knows that the government has received that information. This fosters taxpayer honesty. Information reporting is not a panacea, however. It imposes costs on the private parties who are required to report. Moreover, it will not be equally effective in all situations. Generally speaking, the effectiveness and efficiency of information reporting varies with who the reporters are, what they are reporting about, and how much information they are required to include. Accordingly, the Essay proposes six distinct factors as a framework for evaluating information reporting requirements. The Essay also applies these factors to three current information reporting proposals and three recently enacted reporting requirements that are scheduled to become effective in 2011.The proposed framework suggests that some of the laws and proposals will likely be much more effective than others in improving tax compliance. For example, the recent amendment requiring reporting by brokers of basis in investments will likely prove very valuable, as would the proposed elimination of the reporting exemption for payments for services provided by certain small corporations. Other information reporting laws and proposals have less promise. For example, the new requirement for information reporting by online auction sites such as eBay regarding the gross receipts of their high-volume sellers will likely make only a minimal impact on the tax gap. Information reports in that context cannot include basis information that is known, if at all, only by the sellers. Least worthwhile are proposals that require decentralized information reporting, particularly in non-arm's length contexts, such as requiring reporting by recipients of gifts in excess of the annual gift-tax free limit.
A Framework for Leading the Transformation to Performance Excellence Part I: CEO Perspectives on Forces, Facilitators, and Strategic Leadership Systems

This is the first in a series of two articles that describe the results of a qualitative, multiple case study that used grounded theory methods based on in-depth interviews with 14 CEOs who led suc...
Corporate Entrepreneurship and Real Options in Transitional Policy Environments: Theory Development

We develop a theoretical framework for describing, modelling, and predicting entrepreneurial strategies by corporations in transitional public policy environments. Drawing on research in entrepreneurship, real options, and strategic management under uncertainty, we demonstrate how corporations affected by government policy can use entrepreneurial strategies to exploit discontinuities generated by uncertain and unstable public policy environments. We argue that specific strategies will be effective depending on the degree and slope/inflection profile of policy change. Four strategies are identified: preemptive, optioned, synchronized, and adaptive. We develop propositions and provide illustrations to show how each of these strategies has helped firms respond to transitional policy environments. We conclude by offering a discussion of the utility and limitations of the framework and its potential application to other managerial circumstances in which uncertainty is pervasive, and by describing opportunities for further research, including empirical testing of our model.
Empirical models of short-term debt and crises: Do they test the creditor run hypothesis?

A positive correlation between short-term debt and crises has been interpreted as evidence in favor of self-fulfilling creditor runs, which have been blamed for financial crises in developing countries. We show that this correlation can also be explained by a standard model of optimal borrowing without creditor runs. In such a model, imposing capital controls on short-term external debt is not Pareto-improving.
The Invisible Pillar of Gideon

In the four decades since Gideon v. Wainwright, the Supreme Court has decided dozens of cases that have defined the scope of indigent defendants' right to appointed counsel. Despite this rich history, the Court has never addressed the crucial question of what it actually means to be indigent. In other words, while it is now axiomatic that the poor are entitled to a free lawyer, there is virtually no authority specifying how poor a defendant must in fact be to qualify for appointed counsel. In addition to hypothesizing why the Supreme Court has never defined indigency and reviewing the inadequate definitions adopted by many states, this article argues for a constitutional minimum definition of indigency to protect the integrity of Gideon. The article considers the different methods and institutions for adopting such a constitutional floor and advocates an indigency definition that is based upon the standards used in federal poverty entitlement programs.
Failure of a "Basic Assumption": The Emerging Standard for Excuse Under MAE Provisions

The onset of the current economic crisis has led many strategic and financial acquirers to reconsider the desirability of transactions to which they had previously agreed. Because many of these agreements contain substantial termination fees, buyers have increasingly sought to be excused from their contractual obligations by invoking Material Adverse Effect ("MAE") provisions. Reliance on MAE clauses as a basis for termination has historically been risky due to a lack of clarity in the case law regarding the standard for excuse under such provisions. A recent decision by the Delaware Chancery Court, Hexion v. Huntsman, the third in a series of prominent cases addressing the interpretation of MAE provisions, confirms that the standard is extremely high under Delaware law. However, because each of these cases found that no MAE had occurred, it remains unclear what circumstances, if any, will be sufficient to trigger judicial recognition of an MAE in Delaware. This Note suggests that the Delaware Chancery Court has applied a standard that analytically resembles the "basic assumption" test used to determine the existence of an excusing contingency under the doctrines of impracticability and frustration of purpose. This Note contends that such a standard is both unsurprising and desirable because the logical questions raised in disputes over MAE provisions closely parallel those addressed by default rules for excuse of performance. Given the broad language with which MAE clauses are typically drafted, this Note argues that courts should recognize that they are being asked to fill a gap in the merger agreement; as such, courts should apply the "basic assumption " test and follow the Delaware Chancery Court in setting a high standard for excuse under MAE provisions.
Accelerated Depreciation Revisited—A Reply to Professor Blum

Professor Blum's comment addresses the proper or neutral tax treatment to be accorded three of the items discussed in my recent article on accelerated depreciation(Kahn, Accelerated Depreciation: A Proper Allowance for Measuring Net Income?) - namely, annuities, prepaid expenses, and exhaustible assets. Blum disputes my analysis in all three cases. While Blum's article is eminently readable, I do not believe that it refutes my earlier work to any extent. In this reply to Professor Blum, I will deal separately with each of the three items he examines.
Tracking errors of exchange traded funds

This article constitutes a comprehensive study of 20 foreign country exchange traded funds (ETFs) and the underlying index returns from 1997 to 2006. The purpose of the study is to explain the existence of tracking errors between foreign ETFs and the underlying home index on a daily and monthly return basis and what contributes to these differences across time and across countries. This study concludes all, but one market segmentation/integration index rankings proved to be insignificant. Variables such as foreign index positive returns relative to the US index and whether the foreign exchange trades simultaneously with the US markets were significant explanatory variables in the correlation coefficients between ETFs and their underlying home index.
Accrual reversals, earnings and stock returns

We show that accruals consist of at least two distinct underlying processes, one with positive serial correlation and the other with negative serial correlation. We also find that the accrual reversals characterizing the negatively serially correlated process are predominantly good accruals that correctly anticipate fluctuations in working capital. Accrual estimation error is the least persistent component of earnings, while accruals relating to firm growth are less persistent than cash flows. Finally, the mispricing of accruals appears to be driven by a combination of accrual estimation error and firm growth.
The moral foundations of health insurance.

The US and numerous developing countries do not provide universal health insurance coverage to their populations. Academic approaches to health insurance1 have typically adopted a neo-classical economic perspective, assuming that individuals make rational decisions to maximize their preferred outcomes, and businesses (including insurance companies) make rational decisions to maximize profits. In this approach, individuals who are risk-averse will purchase health insurance to reduce variation in the costs of health care between healthy and sick periods.2 In empirical studies, however, individuals do not always make rational choices. They also find it difficult to assess their health risks and to know how much insurance they need.3 By contrast, medical ethics has focused on the issue of equal access to health care, but provided little in the way of philosophical justification for risk management through health insurance per se. Nor has it shown how the practice whereby many at-risk individuals pay premiums to cover one individual’s expensive health outcome (‘risk-pooling’), is ethically desirable, except insofar as it ensures equal access to health care and equal income to purchase it for all contributors. This article offers an alternative moral framework for analysing health insurance: that universal health insurance is essential for human flourishing. The central ethical aims of universal health insurance coverage are to keep people healthy, and to enhance their security by protecting them from both ill health and its economic consequences, issues not adequately considered to date. Universal health insurance coverage requires redistribution through taxation, and so individuals in societies providing this entitlement must voluntarily embrace sharing these costs. This redistribution is another ethical aim of universal health insurance unaddressed by other frameworks. This article is part of an alternative approach to health and social justice,4 offered here and elsewhere,5,6 that builds on and integrates Aristotle’s political theory and Amartya Sen’s capability approach.
Inferring market power under the threat of entry: the case of the Brazilian cement industry

Consider a setting where threatened rather than actual import competition restrains a domestic oligopoly's prices. I show that not modelling the entry threat may underestimate the true degree of market power, as incumbents' blunted price responses to demand shocks resemble perfectly competitive behavior. Evidence from Brazilian cement markets points to an important role for imports in determining domestic cement prices, despite the near absence of imports. On assuming autarky, models with market power are rejected in favor of competition among incumbents. However, allowing a role for imports rejects the autarky assumption and precludes one from rejecting the presence of market power.
Capturing Rents from Natural Resource Abundance: Private Royalties from U.S. Onshore Oil & Gas Production

We study how much private mineral owners capture geologically-driven advantages in well productivity through a higher royalty rate. Using proprietary data from nearly 1.8 million leases, we estimate that the six major shale plays generated $39 billion in private royalties in 2014. There is limited pass-through of resource abundance into royalty rates. A doubling of the ultimate recovery of the average well in a county increases the average royalty rate by 1–2 percentage points (a 6–11 percent increase). Thus, mineral owners benefit from resource abundance primarily through a quantity effect, not through negotiating better lease terms from extraction firms. The low pass-through likely reflects a combination of firms exercising market power in private leasing markets and uncertainty over the value of resource endowments.
Same-Sex Marriage: Strengthening the Legal Shield or Sharpening the Sword? The Impact of Legalizing Marriage on Child Custody/Visitation and Child Support for Same-Sex Couples

The United States is engaged in a national debate over same-sex marriage. While there are undeniably numerous privileges and benefits that marriage bestows - a central argument in the fight for marriage equality - there are certain protections for families that rest outside of legal marriage. Same-sex couples that choose not to marry should be entitled to the same protections as heterosexual couples who choose not to marry. A principal example of these types of family protections is the legal treatment of children born to non-married couples. It has long been established that children should not be treated differently based on the legal status of their parent’s relationship. However, there are substantial differences between same-sex families and heterosexual families that make it a very real possibility that courts will read more into the decision of same-sex couples not to marry than they would for heterosexual couples making the same decision. Most importantly in this context is the difference in determining legal parentage. For heterosexual couples, the parent-child relationship can be easily assessed by a simple DNA test, while for obvious reasons the same is not true for same-sex couples. In the same-sex family context, the parent-child relationship for at least one of the partners will never be automatic. Thus, there is a strong desire for courts to find an easily determinable, bright line proxy for biology. Enter same-sex marriage and presuming (or more importantly not presuming) legal parenthood for children in same-sex families based on marital status. In what can only be explained as pure irony, the fight to increase the legal shield for same-sex families may instead sharpen the legal sword against these families.
REEVALUATING WHERE WE STAND: A COMPREHENSIVE SURVEY OF AMERICA'S FAMILY JUSTICE SYSTEMS

The call for court reform remains critical in the face of the growing complexity of burgeoning family law cases nationwide. Many states have restructured their court systems using the unified family court model, resolving legal, personal, emotional, and social disputes with the aim of improving the well-being of families and children. Other states utilize the traditional approach, resulting in cases being handled in a fragmented, time-consuming and expensive manner. In this article, Professor Barbara A. Babb presents the results of her nationwide survey regarding how each state handles family law matters. The survey is a follow-up to her comprehensive 1998 survey and her 2002 survey update. The results of the recent analysis reveal that a total of thirty-eight states now have either statewide family courts, family courts in selected areas of the state, or pilot or planned family courts, representing seventy-five percent of states. The number of states without a specialized or separate system to handle family law matters has decreased from seventeen states in 1998 to thirteen in 2006. These changes are significant when one considers the complexities involved in court reform. The need for court reform remains an urgent one, as family law cases occupy a significant percentage of court dockets across the country. Families and children deserve a court system where justice is effective and efficient and where their legal, personal, emotional, and social needs are resolved in a therapeutic and holistic manner.