cssi/SciSciGPT-SciSciNet huggingface dataset:
Indian Water Rights, Practical Reasoning, and Negotiated Settlements

Indian reserved water rights have a strong legal foundation buttressed by powerful moral principles. As explained more fully below, the Supreme Court has implied reserved tribal water rights when construing treaties and other similar legal instruments. The precise scope and extent of these rights in any treaty are unknown until quantified by a court ruling or an agreement ratified by Congress. When litigation is the quantification tool, tribal claims are generally caught up in massive general-stream adjudications. These adjudications are massive because to obtain jurisdiction over the Indian water rights (and over the United States as trustee to the tribes), states must adjudicate all claims to a given river system; they may not engage in piecemeal litigation of only the Indian and federal claims. The result can be that there are thousands of state water rights holders who must be joined as parties to exceedingly complex litigation that takes too long and costs too much. Moreover, even when such adjudications are litigated to a conclusion and tribes win a decreed water right, such a "paper right" may do little to advance tribal needs without the financial ability or the infrastructure to put the water to use. At the same time, the general failure of the United States to assert and protect tribal rights until the 1970s, along with its zealous advancement of competing non-Indian uses, created expectations among non-Indians that their state-law water rights were secure. In fact, many non-Indian rights are far from secure. This Article first reviews the few Indian water rights cases that the U.S. Supreme Court has decided. The Article then traces a threshold issue common to Indian water rights litigation in the federal and state courts: how to determine
What Is International Financial Contagion

Despite the growing popularity of blaming ‘contagion’ for international financial crises, contagion remains an elusive concern. Without a clear understanding of financial contagion and the mechanisms through which it works, we can neither assess the problem nor design appropriate policy measures to control it. This paper organizes and evaluates recent research on international financial contagion. The main finding is that the different mechanisms by which a crisis can spread greatly differ from each other both in their causes and implications. Policy measures that do not take these differences into account may do more harm than good.
Policy Watch: Challenges for Terrorism Risk Insurance in the United States

This paper examines the role that insurance has played in dealing with terrorism before and after September 11, 2001, by focusing on the distinctive challenges associated with terrorism as a catastrophic risk. The Terrorism Risk Insurance Act of 2002 (TRIA) was passed by the U.S. Congress in November 2002, establishing a national terrorism insurance program that provides up to $100 billion commercial coverage with a specific but temporary risk-sharing arrangement between the federal government and insurers. TRIA's three-year term ends December 31, 2005, so Congress soon has to determine whether it should be renewed, whether an alternative terrorism insurance program should be substituted for it, or whether insurance coverage is left solely in the hands of the private sector. As input into this process, the paper examines several alternatives and scenarios, and discusses their potential to create a sustainable terrorism insurance program in the Unites States.
Disproportionate costs of uncertainty: Small bank hedging and Dodd‐Frank

Uncertainty in banking regulation may impose widespread economic costs by increasing financial constraints on credit availability. Four years of Dodd Frank uncertainty over undecided risk weightings increased regulatory uncertainty for smaller banks, restricting "vanilla" interest rate hedging activities. This paper uses newly reported mortgage banking data as an identification strategy and finds that when costs of uncertainty are removed, small banks hedge 97-120% more interest rate risk while mortgage securitization income increases by 65.2% compared to large banks. These findings support the need for tailored regulations that considers the higher costs of regulatory uncertainty for smaller banks.
Ask or infer? Strategic implications of alternative learning approaches in customization

Abstract Learning about a customer's preferences is a critical first step in the customization process. Broadly, firms adopt two alternative learning approaches: (1) ask, i.e., solicit preference information directly from the customer (S-Learning), or (2) infer, i.e., deduce preference information based on past observations of the customer as well as those of other customers (O-Learning). Most existing research on customization strategy focuses on a firm's marketing mix decisions, implicitly assuming away how the firm learns about customers. We contribute to this literature by examining how a firm's use of a specific learning approach impacts competition, particularly its rival's choice of learning approach. We find that O-Learning provides a credible signal for relaxing price competition, while S-Learning does not. Further, S-Learning by a firm creates a disincentive for rivals to also invest in S-Learning. We survey business customers and find significant evidence supporting our theory. We conclude with several managerial implications of our theory including how a firm can optimally select its learning strategy in order to impact its competitive environment.
On aggregation bias in fixed-event forecast efficiency tests

Abstract This note shows that problems due to aggregation in fixed-event forecast efficiency tests are not as severe as they are in unbiasedness tests. We also show that first lags of consensus revisions should be avoided in the tests.
The Enterprise of Liability

This article, an expanded version of the Monsanto Lecture given at Valparaiso University School of Law in early 2004, coins a phrase to complement enterprise liability. Traditional enterprise liability theory conceived of accident victims as passive, the mere recipients of what business does to them. Their advocates were also viewed as passive. In a new century, however, the enterprise of liability - the plaintiffs' bar - has emerged as a robust, aggressive source of what both injured individuals and the American public demand. Commentary attacking the plaintiffs' bar as entrepreneurial (a term almost always used pejoratively) notwithstanding, the enterprise of liability deserves credit for the two social goods associated with entrepreneurial endeavor - wealth and choice - and should be lauded by anyone who lauds free enterprise.
Other People's Contracts

Contract law does not adequately account for the harms that we can inflict on third parties by joint agreement. Some terms are prohibited, and some third party interests are protected by independent causes of action. But a wide variety of legal interests may be burdened by other people’s contracts. This Article proposes that ambiguous contracts be construed to avoid harming third parties.In some contexts, courts already protect third party losers in this way. The formal rule that ambiguous terms are to be construed “reasonably” accommodates this practice but does not invite it. Prevailing contract theory is affirmatively hostile to it. This Article locates the role of contract law in mitigating concentrated negative externalities within a broader institutional division of labor. Identifying the function of contract law helps justify an explicit interpretive principle that disfavors terms injurious to third parties. The Article applies the proposed principle to merger agreements in light of their effects on shareholders, creditors, employees and consumers.
Using MS Excel to solve and simulate the Life-Cycle/Permanent-Income Model of Consumption and Saving

Abstract The objective of this manuscript is to provide a simple guide to instructors and students on how to solve and simulate a discrete-time specification of the Life-Cycle/Permanent-Income Model of Consumption and Saving (LCPI Model) using only algebra and basic calculus. The solution and simulation procedure makes use of the simple computing environment in MS Excel . Understanding this process will enable students to operate and experiment with one of the preeminent models that is used in modern economic analysis. The dynamic LCPI Model in this manuscript includes a social security program to demonstrate some relevant applications of the solution technique and methods.
Regulating the Business of Insurance: Federalism in an Age of Difficult Risk

Although the United States has not established a much-needed and increasingly discussed national catastrophe policy, most significant points in current risk management strategies involve significant federal coordination and control. The authors suggest that a regulatory model that defers to the states with respect to the regulation of the insurance aspects of difficult risks is no longer viable, and an enhanced federal role in insurance regulation specifically -- and in risk management more generally -- is both necessary and appropriate with respect to difficult risks.
Cherokee Freedmen and the Color of Belonging

This Article addresses the Cherokee Nation and its historic conflict with the descendants of its former black slaves, designated Cherokee Freedmen. This Article specifically addresses how historic discussions of black, red, and white skin colors, designating the African-ancestored, aboriginal (Native American), and European ancestored people of the United States, have helped to shape the contours of color-based national belonging among the Cherokee. The Cherokee past practice of black slavery and the past and continuing use of skin color-coded belonging not only undermines the coherence of Cherokee sovereignty, identity, and belonging but also problematizes the notion of an explicitly aboriginal way of life by bridging red and white cultural difference over a point of legal and ethical contention: black inequality.
Accounting Conservatism and Creditor Recovery Rate

ABSTRACT: We examine the relation between accounting conservatism and creditor recovery rates for firms in default. We also test the link between conservatism and the length of bankruptcy resolutions. We find that creditors of firms with more conservative accounting before default have significantly higher recovery rates, and that this positive relation is more pronounced for default firms that violated covenants before the default. We also find that conservative firms have higher asset productivity, shorter bankruptcy resolution, and a significantly higher probability of emerging from bankruptcy. These results suggest that accounting conservatism preserves firm value, leading to higher creditor recovery upon borrower default. JEL Classifications: M4; G32; G33; G34.
Cultures of Claiming: Local Variation in Malpractice Claim Frequency

Several studies have examined rates of malpractice claims at state levels, but there is little systematic work looking at variations of claiming rates within a state. This study reports on small-area variations in malpractice claim rates within New York State over a 14-year period. Counties with high rates generally had high rates over the entire period, while counties with low rates maintained low rates. Rates across counties varied considerably, with an almost five-times difference between the rates for the lowest county and the highest county. In a multivariate analysis using claim data from five years, we found median family income was one of the strongest factors positively associated with the claim rate. A measure of the risk of hospital admissions for an adverse outcome also had a strong association with the county's malpractice claim rate, but the risk factor was negatively associated with high claim rates, perhaps suggesting an association with quality of care and malpractice claims.
Does a helping hand put others at risk?: affirmative action, police departments, and crime

Will increasing the number of minority and women police officers make law enforcement more effective by drawing on abilities that have gone untapped and creating better contact with communities and victims? Or will standards have to be lowered too far before large numbers of minorities and women can be hired? Using cross-sectional time-series data for U.S. cities for 1987, 1990, and 1993, I find that hiring more black and minority police officers increases crime rates, but this apparently arises because lower hiring standards involved in recruiting more minority officers reduces the quality of both new minority and new nonminority officers. The most adverse effects of these hiring policies have occurred in the areas most heavily populated by blacks. There is no consistent evidence that crime rates rise when more women are hired, and this raises questions about whether norming tests or altering their content to create equal pass rates is preferable. The article examines how the changing composition of police departments affects such measures as the murder of and assaults against police officers.
Abstract Principles and Concrete Cases in Intuitive Lawmaking

Citizens awaiting jury service were asked a series of items, in Likert format, to determine their endorsement of various statements about principles to use in setting child support amounts. These twenty items were derived from extant child support systems, from past literature and from Ellman and Ellman’s (2008) Theory of Child Support. The twenty items were found to coalesce into four factors (principles). There were pervasive gender differences in respondent’s endorsement of the principles. More importantly, three of these four principles were systematically reflected, in very rational (if complex) ways, in the respondents’ resolution of the individual child support cases they were asked to decide. Differences among respondents in their endorsement of these three principles accounted for differences in their patterns of child support judgments. It is suggested that the pattern of coherent arbitrariness (Ariely et al., Q J Econ 118(1):73–105, 2003) in those support judgments, noted in an earlier study (Ellman, Braver, & MacCoun, 2009) is thus partially explained, in that the seeming arbitrariness of respondents’ initial support judgments reflect in part their differing views about the basic principles that should decide the cases.
Are dividends disappearing? Dividend concentration and the consolidation of earnings☆

Abstract Aggregate real dividends paid by industrial firms increased over the past two decades even though, as Fama and French (J. Financial Econ. 60, 3) (2001a) document, the number of dividend payers decreased by over 50%. The reason is that (i) the reduction in payers occurs almost entirely among firms that paid very small dividends, and (ii) increased real dividends from the top payers swamp the modest dividend reduction from the loss of many small payers. These trends reflect high and increasing concentration in the supply of dividends which, in turn, reflects high and increasing earnings concentration. For example, the 25 firms that paid the largest dividends in 2000 account for a majority of the aggregate dividends and earnings of industrial firms. Industrial firms exhibit a two-tier structure in which a small number of firms with very high earnings collectively generates the majority of earnings and dominates the dividend supply, while the vast majority of firms has at best a modest collective impact on aggregate earnings and dividends.
Toward a Meaning-Full Establishment Clause Neutrality

Some form of government neutrality toward religion, in contrast to a more pro-religion stance or a turn toward nonjusticiability, is the only interpretation of the Establishment Clause that can potentially lead to a national consensus concerning the proper role of religion in American public life. But to achieve that goal, neutrality theory must acknowledge and engage the need for the expressions of deep meaning on public occasions and in the public square generally. Current neutrality doctrine promotes a silent and empty public square. This article proposes an interpretation of neutrality that would allow a symbol-rich, meaning-full public square without violating the Establishment Clause. While such morally substantive symbolic government speech is more easily justified as neutral when religious imagery is avoided, even the utilization by government of traditional religious language and symbols may be understood as neutral toward religion as long as the overall content of the public square is not religious. This more vibrant form of government neutrality invites more, rather than less, expression into public life. The article utilizes the context of legislative and high school graduation prayer to illustrate the difference between current neutrality doctrine and meaning-full neutrality.
Greening Constitutions with Environmental Rights: Testing the Isomorphism Thesis

Why do some countries have constitutional environmental rights while others do not? In this paper, I conduct statistical analyses to respond to this inquiry. Through studying the impact of intraregional constitutional design, I aim to understand why states adopt environmental rights. I argue that regional isomorphism—i.e., the tendency among states within a region to converge on certain policies—may explain the trend toward constitutionalization of environmental rights. In this paper I (1) define and provide historical background on environmental rights, (2) describe theories which support regional isomorphism as a means of explaining the adoption of constitutional environmental rights, and (3) conduct statistical tests to determine the validity of the regional isomorphism thesis. I find that the enactment of constitutional environmental rights within a region does not increase the likelihood that another state within the same region will include environmental rights within its constitution.
A panel of interarea price indices for all areas in the United States 1982–2012

This paper describes the production of a panel of price indices for housing services, other produced goods and services, and all produced goods and services for each metropolitan area in the United States and the non-metropolitan part of each state for each year from 1982 through 2012. Our general approach is to first produce interarea price indices for a single year 2000 and then use BLS time-series price indices to create the panel. Our geographic housing price index for 2000 is based on a large data set with detailed information about the characteristics of rented dwelling units and their neighborhoods throughout the United States that enables us to overcome many shortcomings of existing interarea housing price indices. For most areas, our price index for all goods other than housing is calculated from the price indices for categories of nonhousing goods produced each quarter by the Council for Community and Economic Research, formerly the American Chambers of Commerce Researchers Association. In order to produce a nonhousing price index for areas of the United States not covered by their index, we estimate a theoretically-based regression model explaining differences in the composite price index for nonhousing goods for areas where it is available and use it to predict a price index for these goods for the uncovered areas. The overall consumer price index for all areas is based on the preceding estimates of the price of housing and other goods. Electronic versions of the price indices are available online. The paper and its online appendices report many sensitivity analyses, and the paper compares the new housing price index with the most widely used indices of differences in the rents of identical units across areas.
Is unlevered firm volatility asymmetric

Asymmetric volatility refers to the stylized fact that stock volatility is negatively correlated to stock returns. Traditionally, this phenomenon has been explained by the financial leverage effect. This explanation has recently been challenged in favor of a risk premium based explanation. We develop a new, unlevering approach to document how well financial leverage, rather than size, beta, book-tomarket, or operating leverage, explains volatility asymmetry on a firm-by-firm basis. Our results reveal that, at the firm level, financial leverage explains much of the volatility asymmetry. This result is robust to different unlevering methodologies, samples, and measurement intervals. However, we find that financial leverage does not explain index-level volatility asymmetry, which is consistent with theoretical results in Aydemir, Gallmeyer and Hollifield (2006).
Minimum distance estimation of the errors-in-variables model using linear cumulant equations

Abstract We consider a multiple mismeasured regressor errors-in-variables model. We develop closed-form minimum distance estimators from any number of estimating equations, which are linear in the third and higher cumulants of the observable variables. Using the cumulant estimators alters qualitative inference relative to ordinary least squares in two applications related to investment and leverage regressions. The estimators perform well in Monte Carlos calibrated to resemble the data from our applications. Although the cumulant estimators are asymptotically equivalent to the moment estimators from Erickson and Whited (2002), the finite-sample performance of the cumulant estimators exceeds that of the moment estimators.
A Market-based Risk Classification of Financial Institutions

In this article we derive, estimate, and analyze a multifactor model of the monthly holding period returns on the stocks of exchange-traded financial institutions. In addition to bond and equity returns, the factors include default, liquidity, and term structure risk premiums plus variables that measure changes in deposit demand. To ensure that our sample has a large number of firms, we use data from January 1981 through December 1988. The equity return explains a large share of time-series variation in financial institutions' returns. The additional factors implied by theory have little incremental explanatory power. The two-factor model regression coefficients have considerable cross-sectional variation. This permits us to group intermediaries into portfolios with similar risk exposures. These portfolios bear no relation to the SIC codes that group intermediaries by their charters and lines of business.
The Revolving Door and the Entrenchment of the Permanent War Economy

This paper analyzes the “revolving door” phenomena in the military sector in the US. The revolving door refers to the back-and-forth movement of personnel between the government and private sector. We examine the structure of the revolving door and explain how its very nature leads to the perpetuation of the permanent war economy. This analysis yields several important implications. First, the dynamics of the revolving door shape the military-industrial complex in a way that serves the narrow interests of select elites rather than the broad interests of citizens. Second, because the perverse incentives are a product of the institutional structure of the US military sector, the negative consequences are also structural and cannot be solved by increased oversight.
Why Can’t a Family Business Be More Like a Nonfamily Business? Modes of Professionalization in Family Firms

The authors survey arguments that family firms should behave more like nonfamily firms and “professionalize.” Despite the apparent advantages of this transition, many family firms fail to do so or ...
An Empirical Analysis of International Accounting Standards, Equity Markets, and Economic Growth in Developing Countries

The International Accounting Standards Committee receives widespread support for its efforts to ‘harmonize’ international accounting. International Accounting Standards (IASs) are, however, controversial, particularly in the context of developing countries. The authors report the results of an exploratory study empirically examining the relationships between the adoption of IASs, equity market development, and economic growth in developing countries with equity markets. They analyzed 27 developing countries by means of a cross-national sociological research design and partial least squares. The results indicate no major association between developing countries' equity market development and economic growth due to adoption of IASs. Questions for future research are proposed.
The Price Behavior of REITs Surrounding Extreme Market-Related Events

We examine REIT behavior around extreme market-wide price occurrences. In general, we find that REITs that have higher levels of liquidity and that are larger in size tend to impound information more quickly and reverse more speedily after an extreme event. Also, we find that Equity REITs have stronger liquidity effects and Mortgage REITs have stronger size effects. Exante beta is also useful in explaining price behavior. For example, pre-betas are significantly positively related to turnover ratios; while pre-event betas are negatively associated with quoted bid-ask spreads. This implies a high-beta, high-liquidity relation for REIT stocks. Additionally, we find that large REIT stocks have high pre-event betas. Overall, the stronger explanatory variables are liquidity and size in determining price movements around extreme market events for REIT stocks.
Interest-rate uncertainty, derivatives usage, and loan growth in bank holding companies

Abstract We explore one channel through which interest-rate derivatives usage affects loan growth positively in bank holding companies (BHCs). If interest-rate derivatives usage allows a BHC to substitute more freely among sources of funds, then its reliance on less interest-rate-sensitive sources such as core deposits should be lower. We test the hypothesis that if BHCs use interest-rate derivatives to reduce the adverse effects of interest-rate uncertainty on lending, then their loan growth should be less sensitive to core deposit growth. We find that loan growth is less sensitive to core deposit growth for interest-rate derivatives users than for non-users and that this sensitivity is lower when the extent of derivatives usage is higher. One important implication is that the funding flexibility enjoyed by BHCs using interest-rate derivatives should allow these BHCs to provide a smoother and higher level of intermediation, leading to more stable loan growth and greater economic stability.
Strategic Herding Behavior in Peer-to-Peer Loan Auctions

Abstract Online Peer-to-Peer (P2P) loan auctions enable individual consumers to borrow and lend money directly to one another. We study herding behavior, defined as a greater likelihood of bidding in auctions with more existing bids, in P2P loan auctions on Prosper.com. The results of an empirical study provide evidence of strategic herding behavior by lenders such that they have a greater likelihood of bidding on an auction with more bids (a 1% increase in the number of bids increases the likelihood of an additional bid by 15%), but only to the point at which it has received full funding. After this point, herding diminishes (a 1% increase in bids increases the likelihood of an additional bid by only 5%). We also find a positive association between herding in the loan auction and its subsequent performance, that is, whether borrowers pay the money back on time. Unlike eBay auctions where herding impacts bidders adversely, our findings reveal that strategic herding behavior in P2P loan auctions benefits bidders, individually and collectively.
Protecting Competition in the American Economy: Merger Control, Tech Titans, Labor Markets

Accumulating evidence points to the need for more vigorous antitrust enforcement in the United States in three areas. First, stricter merger control is warranted in an economy where large, highly efficient and profitable "superstar" firms account for an increasing share of economic activity. Evidence from merger retrospectives further supports the conclusion that stricter merger control is needed. Second, greater vigilance is needed to prevent dominant firms, including the tech titans, from engaging in exclusionary conduct. The systematic shrinking of the scope of the Sherman Act by the Supreme Court over the past 40 years may make this difficult. Third, greater antitrust scrutiny should be given to the monopsony power of employers in labor markets.
Transparency in search of a theory

Transparency’s importance as an administrative norm seems self-evident. Prevailing ideals of political theory stipulate that the more visible government is, the more democratic, accountable, and legitimate it appears. The disclosure of state information consistently disappoints, however: there is never enough of it, while it often seems not to produce a truer democracy, a more accountable state, better policies, and a more contented populace. This gap between theory and practice suggests that the theoretical assumptions that provide the basis for transparency are wrong. This article argues that transparency is best understood as a theory of communication that excessively simplifies and thus is blind to the complexities of the contemporary state, government information, and the public. Taking them fully into account, the article argues, should lead us to question the state’s ability to control information, which in turn should make us question not only the improbability of the state making itself visible, ...
The Questionable Basis of the Common European Sales Law: The Role of an Optional Instrument in Jurisdictional Competition

The Common European Sales Law is designed as an optional instrument that European parties engaged in cross-border transactions could choose for their transactions in preference to national law. The goal is to increase cross-border transactions and perhaps to enhance European identity. But the CESL is unlikely to achieve these goals. It raises transaction costs while producing few if any benefits; it is unlikely to spur beneficial jurisdictional competition; its consumer protection provisions will make it unattractive for businesses; and its impact on European identity is likely to be small.
Conspiracy: The Criminal Agreement, in Theory and in Practice

Professor Marcus combines empirical research and theoretical analysis in this comprehensive study of the conspiracy doctrine. The article shows that the theoretical reasons for the conspiracy doctrine are inapplicable to most actual conspiracy prosecutions and that the practical reasons for conspiracy charges are often unacceptable prosecutorial shortcuts. Although ultimately concluding that the conspiracy doctrine is needed in some limited instances, Professor Marcus indicates that prosecutors should bring conspiracy charges only when justified by proper reasons and that courts should consider such charges more carefully.
Electromagnetic wave scattering by many conducting small particles

A rigorous theory of electromagnetic wave scattering by small perfectly conducting particles is developed. The limiting case when the number of particles tends to infinity is discussed.
After Confidentiality: Rethinking the Professional Responsibilities of the Business Lawyer

Recent business scandals and the regulatory responses to them raise basic questions about the role of the business lawyer. Lawyers were major participants in Enron and in similar controversies over corporate disclosure. Lawyers have also been key players in the corporate tax shelter industry. In both instances, their conduct has prompted federal regulations that repudiate to an unprecedented degree the bar’s traditional understanding of its structure and obligations. The provision of the Sarbanes-Oxley Act of 2002 mandating “up-theladder” reporting by public corporation counsel was the first federal statute in American history to regulate lawyers directly and broadly.1 The second came only two years later—the “Jobs Act” provision imposing requirements on lawyers engaged in shelter-like tax planning.2 Both initiatives significantly abrogated the principle of professional “selfregulation”—the name that both the bar and social science give to the alliance of trade associations and compliant state judiciaries that have traditionally asserted regulatory authority over lawyers. And both statutes unsettle long-rooted conceptions of client loyalty. The most frequent and vocal response of the organized profession to these developments has been emphatic reassertion of long-standing positions. In particular, the bar has been circling the wagons around confidentiality. Virtually every major corporate firm protested the SEC’s “noisy withdrawal” proposal to require public companies to report their lawyers’ withdrawal “for professional reasons” to the SEC (as companies
Personal Liabilities and Bankruptcy Reform: An International Perspective

We document international changes in bankruptcy law pertaining to personal liabilities. Implications are investigated within a theoretical model, focusing on interest rates, employment, and bankruptcy incidence. Small-firm employment rises as bankruptcy law becomes more stringent, but interest rates may increase. A tightening of bankruptcy law may not decrease bankruptcy probabilities, except in the stark case of no debt discharge. Strict rules pertaining to debt repayment are desirable, as opposed to court or pre-court discretion. Pending international agreements with respect to cross-border insolvency may lower interest rates, but do not necessarily imply a decrease in bankruptcy incidence.
The Devil's Advocate: Using Neuroscientific Evidence in International Criminal Trials?

ank Greely writes, “[t]oday we are regularly making new discoveries about the functioning of the human brain, discoveries that have led many lawyers, philosophers, and neuroscientists to speculate about the consequences of our new understanding for the criminal justice system.”1 Greely notes that scholars have focused almost exclusively on questions of responsibility, reaching conclusions “from apocalyptic to ‘business as usual.’”2 Joshua Greene, a philosopher at Harvard University, leans towards the apocalyptic view. Greene asserts that our operative “legal principles exist because they more or less adequately capture an intuitive sense(s) of justice.”3 For him, neuroscience will challenge and “reshape our intuitive sense of justice.”4 While he concedes that the “business as usual” scholars, namely Stephen Morse, are correct that the law currently re-
Diverse Supernova Sources for the r-Process and Abundances in Metal-poor Stars

The dispersion and mean trends of r-process abundances in metal-poor stars are discussed based on a model of diverse supernova sources for the r-process. This model is unique in that its key parameters are inferred from solar system data independent of stellar observations at low metallicities. It is shown that this model provides a good explanation for the observed dispersion and mean trend of Eu abundances over -3 [Fe/H] -1. It is also shown that this model provides a means to discuss r-abundances in general. For example, the Ag abundance in any metal-poor star with observed Eu and Fe abundances can be calculated from the model. This approach is demonstrated with success for two stars and can be further tested by future Ag data. The dispersion and mean trend of Ag abundances in metal-poor stars are also calculated for comparison with future observations.
A Framework for Leading the Transformation to Performance Excellence Part II: CEO Perspectives on Leadership Behaviors, Individual Leader Characteristics, and Organizational Culture

This is the second in a series of two articles that describe the results of a qualitative, multiple case study
The Kahan Report, Ariel Sharon and the Sabra-Shatilla Massacres in Lebanon: Responsibility Under International Law for Massacres of Civilian Populations

In this article, Professor Linda Malone explores the in depth issues surrounding the Kahan Report. In 1982, Isreali armies, located in Lebanon, permitted Phalangists, a Lebanese Christian militia, into refugee camps that housed many Palestians; the Phalangists went on a massacre killing hundreds of Pakistanis, Algerians, Lebanese, Palestinians, Syrians, and Iranians. In 1983, an Isreali commission of investigation into the massacres wrote the Kahan Report, which established that, the State of Isreal and multiple Isreali individuals were “indirectly” accountable for the massacre.
How do firm characteristics affect the corporate income tax revenue

Abstract We use a dynamic model of the firm to study the determinants of the Laffer tax rate (i.e., the corporate income tax rate that maximizes tax proceeds). Under a standard parameterization of the model, we find that the curvature of the production function, the market cost of capital, and the operating costs are among the main determinants of that revenue-maximizing rate. We also find that the Laffer tax rate is around 68% for a representative firm and it varies across U.S. industries in the range 64%–74%. Finally, our results show that the revenue-maximizing rate behaves procyclically over the business cycle.
Re-Envisioning Models for Pro Bono Lawyering: Some Historical Reflections

Pro bono publico: literally, for the public good. ABA Model Rule of Professional Conduct 6.1(a) defines this term as the provision of legal representation without a fee to persons of limited means. In my remarks I want to explore an implicit dichotomy underlying this definition of pro bono work--namely, the way it sets up a rigid binary opposition between public and private, and also between altruism and self-help. I’m going to take a somewhat provocative position and argue that this understanding of pro bono law is based in outmoded, early twentieth century ideas that do not serve us well today. More specifically, I will argue, drawing on two historical case studies as examples, the core model for pro bono lawyering reflected in Model Rule 6.1 embodies a conception of pro bono lawyering out of a sense of noblesse oblige. That model can be traced to elite lawyers affiliated with leading public interest organizations at the turn of the twentieth century. The Model Rules’ adoption of this vision of pro bono lawyering overlooks another model of public interest lawyering from the same period, which involved grassroots efforts by lawyers who were not part of the professional elite. These lawyers took on public interest cases out of a commitment to the same political and social goals as their clients, and did not rigidly distinguish between self and other, public and private, and no fee versus paid services. I question the consequences of our contemporary privileging of the first elitist model for public interest lawyering over the second, and urge us to discard the rigid and anachronistic dichotomies on which our thinking about public interest lawyering rests. The history underlying our current conceptions of pro bono
Voluntary Debt Reduction: Incentives and Welfare

In an economy with a debt overhang, investment depends on expected tax rates, but expected tax rates depend on the debt's face value. Therefore investment depends on the face value of debt. This relationship may lead to a positive or negative association between debt and investment. The paper explores the desirability of debt reduction. First, it characterizes circumstances in which debt reduction is desirable from the collective point of view of the creditors. Second, it formulates the forgiveness decision as a noncooperative game among creditors and explores the scope for debt reduction as an outcome of this game.
Neuroscience and Health Law: An Integrative Approach?

Clinicians and scientists use functional magnetic resonance imaging (fMRI) to map sensory, motor, and cognitive function and to study the neural correlates of a range of physical and mental conditions, behaviors, characteristics, and preferences. Due to its move outside the clinical and research contexts, fMRI raises a number of ethical, legal, and social issues that are being examined within the overlapping fields of neuroethics and neurolaw. The early neuroethics and neurolaw scholarship focused heavily on the implications of fMRI for evidence law, criminal law, criminal procedure, and constitutional law. Little attention has been paid, however, to the implications of advances in neuroscience for more traditional civil and regulatory health law issues. In this Article, I explore the ways in which neuroscience impacts a range of health, disability, and benefit law issues, including the scope of public and private health insurance benefits (Part II), the mental health parity debate (Part III), protected status under federal and state disability law (Part IV), and the distribution of benefits under social security and other benefit programs (Part V). I find that patients, patient advocacy organizations, litigants, lobbyists, legislatures, and scholars are relying on advances in neuroscience to characterize mental health conditions as brain-based conditions worthy of insurance coverage, protected civil status, and disability and other benefits. I conclude that advances in neuroscience give us reason to revisit age-old health, disability, and benefit law questions although I clarify that neuroscience does not yet answer these questions. Because I anticipate that neuroscience will continue to play a role in the development and shaping of health, disability, and benefit law and policy, I recommend that lawyers and scholars who work in these areas be mindful of the ways in which stakeholders will continue to use neuroscience to bear on the formulation and interpretation of such law.
The Dilemma of the Criminal Defendant with a Prior Record—Lessons from the Wrongfully Convicted

This article examines the conventional wisdom that innocent defendants will testify on their own behalf at trial. Data gathered from the cases of persons subsequently exonerated due to DNA evidence demonstrate that factually innocent defendants with criminal records do not testify on their own behalf at substantially higher rates than criminal defendants generally. Why? Ninety-one percent of factually innocent defendants with prior records declined to testify compared to the 55 percent rate at which defendants with prior criminal records declined to testify in a four-county sample of criminal cases. Why the difference? In the innocence cases, the primary reason counsel give for not taking the stand is that many of these individuals had been previously convicted of a crime, and they did not testify at trial because of the risk that their credibility would be impeached with evidence of the prior record, and that, despite any limiting instruction the court might give, the jury would infer that they were guilty based on their prior misdeeds. If one assumes that the defendants in a four-county sample are guilty, and that both the innocence sample and the four-county sample are reasonably representative, then there is a statistically significant association between defendants with criminal records failing to testify and innocence. Because the current legal regime appears to disproportionately discourage defendants, even factually innocent defendants, from telling their story at trial, the law should be changed. Only prior convictions for perjury should be potentially available for impeachment purposes.
The constitution in two dimensions: A transaction cost analysis of constitutional remedies

INTRODUCTION 1136 I. TRANSACTION COSTS FOR CONSTITUTIONAL RIGHTS 1141 A. Property and Liability Rules 1142 B. The Constitution in the Calabresi and Melamed Framework 1144 1. Transacting Constitutional Entitlements 1144 2. One Dimension? 1145 C. Valuation Difficulties 1146 D. Balancing Constitutional Transaction Costs 1149 1. The Matrix 1149 2. The Algebra 1153 E. Liberty Entitlements 1155 1. Bargaining Transaction Costs Usually Low 1155 2. Jury Service: An Example of High Bargaining Transaction Costs? 1156 3. Judicial Transaction Costs Always High 1158 4. The Limits of Liability Rules for Liberty Entitlements 1158 II. THE THIRD AMENDMENT AND THE TAKINGS CLAUSE 1159 A. Liability and Property Rules in the Takings Clause......... 1161 1. Forms of Protection 1161 2. Transaction Cost Justification 1162 B. Property and Liability Rules in the Third Amendment ... 1164 1. Forms of Protection 1164
Veteran Police Officers and Three-Dollar Steaks: The Subjective/Objective Dimensions of Probable Cause and Reasonable Suspicion

This Article addresses two issues surrounding probable cause and reasonable suspicion that test the line between subjective and objective standards in Fourth Amendment jurisprudence: the extent to which a particular police officer's training and experience ought to be considered in measuring probable cause and reasonable suspicion, and the relevance of the officer's subjective beliefs about the presence of a weapon in assessing the reasonable suspicion required to justify a frisk. Although both questions have split the lower courts and remain unresolved by the Supreme Court, the majority of courts treat them inconsistently, recognizing the importance of an officer's training experience, and even knowledge in making probable cause determinations but ignoring her actual beliefs about the absence of a weapon in evaluating the permissibility of a frisk. This Article maintains that there is a connection between the two concepts and rejects the prevailing view that the former is a permissible objective consideration and the latter an impermnissible subjective inquiry. Rather, the Article equates the two scenarios, concluding that just as a particular police officer's knowledge, training and experience can help inform the probable cause analysis, so too the officer's subjective belief that a suspect is unarmed should be considered in deciding whether she had the reasonable suspicion necessary to frisk. "North Philly, May 4, 2001. Officer Sean Devlin, Narcotics Strike Force, was working the morning shift. Undercover surveillance. The neighborhood? Tough as a three-dollar steak. Devlin knew. Five years on the beat, nine months with the Strike Force. He'd made fifteen, twenty drug busts in the neighborhood. Devlin spotted him: a lone man on the corner. Another approached. Quick exchange of words. Cash handed over; small objects handed back. Each man then quickly on his own way. Devlin knew the guy wasn't buying bus tokens. He radioed a description and Officer Stein picked up the buyer. Sure enough: three bags of crack in the guy's pocket. Head downtown and book him. Just another day at the office." * Professor of Law & Polisher Family Distinguished Faculty Scholar, Pennsylvania State University Dickinson School of Law. Pennsylvania v. Dunlap, 129 S. Ct. 448, 448-49 (2008) (Roberts, C.J., dissenting from denial of certiorari) (concluding that probable cause exists in cases where "experienced police officers observ[e] hand-to-hand exchanges of cash for small, unknown objects in high-crime neighborhoods").
GET HIGH AND GET STUPID: THE EFFECT OF ALCOHOL AND MARIJUANA USE ON TEEN SEXUAL BEHAVIOR

Numerous studies have documented a strong correlation between substance use and teen sexual behavior, and this empirical relationship has given rise to a widespread belief that substance use causes teens to engage in risky sex. This causal link is often used by advocates to justify policies targeted at reducing substance use. Here, we argue that previous research has not produced sufficient evidence to substantiate a causal relationship between substance use and teen sexual behavior. Accordingly, we attempt to estimate causal effects using two complementary research approaches. Our findings suggest that substance use is not causally related to teen sexual behavior, although we cannot definitively rule out that possibility.