cssi/SciSciGPT-SciSciNet huggingface dataset:
Augmented natural language for generative sequence labeling

We propose a generative framework for joint sequence labeling and sentence-level classification. Our model performs multiple sequence labeling tasks at once using a single, shared natural language output space. Unlike prior discriminative methods, our model naturally incorporates label semantics and shares knowledge across tasks. Our framework general purpose, performing well on few-shot learning, low resource, and high resource tasks. We demonstrate these advantages on popular named entity recognition, slot labeling, and intent classification benchmarks. We set a new state-of-the-art for few-shot slot labeling, improving substantially upon the previous 5-shot (75.0% to 90.9%) and 1-shot (70.4% to 81.0%) state-of-the-art results. Furthermore, our model generates large improvements (46.27% to 63.83%) in low resource slot labeling over a BERT baseline by incorporating label semantics. We also maintain competitive results on high resource tasks, performing within two points of the state-of-the-art on all tasks and setting a new state-of-the-art on the SNIPS dataset.
A formula for certain Shalika germs of ramified unitary groups

In this article, for nilpotent orbits of ramified quasi-split unitary groups with two Jordan blocks, we give closed formulas for their Shalika germs at certain equi-valued elements with half-integral depth previously studied by Hales. Associated with these elements are hyperelliptic curves defined over the residue field, and the numbers we obtain can be expressed in terms of Frobenius eigenvalues on the first -adic cohomology of the curves, generalizing previous result of Hales on stable subregular Shalika germs. These Shalika germ formulas imply new results on stability and endoscopic transfer of nilpotent orbital integrals of ramified unitary groups. We also describe how the same numbers appear in the local character expansions of specific supercuspidal representations and consequently dimensions of degenerate Whittaker models.
Ability of Markovian master equations to model quantum computers and other systems under broadband control

Using exact simulations the authors show that while master equations do fail for broadband control in general, there is a large class of such control for which they remain accurate, and this covers a range of protocols applicable to quantum computing.
The changing landscape of percutaneous technology leading to surgical complications

With new technology comes new complications. We discuss the interesting case presented by Bjelic and colleagues regarding a misplaced TAVR (transcatheter aortic valve replacement) valve into the inflow cannula of a left ventricular assist device, leading to hemodynamic collapse. The author describes the pitfalls of the new technology and interesting surgical maneuvers to address these complications.
Does ABO and RhD matching matter for platelet transfusion

Platelets express ABO antigens and are collected in plasma, which contains ABO antibodies as would be consistent with the donor ABO group. Platelet ABO antigens that are incompatible with recipient ABO antibodies may have accelerated clearance from circulation and result in lower count increments. ABO antibodies that are passively transferred from donor plasma may result in hemolysis of recipient red blood cells. Although platelets do not express Rh antigens, they contain small numbers of intact red blood cells or fragments, which can lead to alloimmunization in the recipient. Alloimmunization to the RhD antigen may occur when platelets obtained from RhD-positive donors are transfused to RhD-negative recipients. All of these compatibility considerations must be balanced against the available supply, which may be limited due to the 5- to 7-day shelf life of platelets. This articles describes considerations for platelet ABO and RhD selection for platelet transfusions, including the impact of major ABO incompatibility on count increments, the risks of hemolysis associated with minor ABO incompatibility, and the risk of RhD alloimmunization when RhD-negative patients receive platelets obtained from RhD-positive donors.
Algorithms for orbit closure separation for invariants and semi-invariants of matrices

We consider two group actions on m-tuples of n ×n matrices with entries in the field K . The first is simultaneous conjugation by GLn and the second is the left-right action of SLn × SLn . Let K be the algebraic closure of the field K . Recently, a polynomial time algorithm was found to decide whether 0 lies in the Zariski closure of the SLn (K )×SLn (K )-orbit of a given m-tuple by Garg, Gurvits, Oliveira and Wigderson for the base field K. An algorithm that also works for finite fields of large enough cardinality was given by Ivanyos, Qiao and Subrahmanyam. A more general problem is the orbit closure separation problem that asks whether the orbit closures of two given m-tuples intersect. For the conjugation action of GLn (K ) a polynomial time algorithm for orbit closure separation was given by Forbes and Shpilka in characteristic 0. Here, we give a polynomial time algorithm for the orbit closure separation problem for both the conjugation action of GLn (K ) and the left-right action of SLn (K ) × SLn (K ) in arbitrary characteristic. We also improve the known bounds for the degree of separating invariants in these cases.
The microscopic origins of stretched exponential relaxation in two model glass-forming liquids as probed by simulations in the isoconfigurational ensemble

The origin of stretched exponential relaxation in supercooled glass-forming liquids is one of the central questions regarding the anomalous dynamics of these fluids. The dominant explanation for this phenomenon has long been the proposition that spatial averaging over a heterogeneous distribution of locally exponential relaxation processes leads to stretching. Here, we perform simulations of model polymeric and small-molecule glass-formers in the isoconfigurational ensemble to show that stretching instead emerges from a combination of spatial averaging and locally nonexponential relaxation. The results indicate that localities in the fluid exhibiting faster-than-average relaxation tend to exhibit locally stretched relaxation, whereas slower-than-average relaxing domains exhibit more compressed relaxation. We show that local stretching is predicted by loose local caging, as measured by the Debye-Waller factor, and vice versa. This phenomenology in the local relaxation of in-equilibrium glasses parallels the dynamics of out of equilibrium under-dense and over-dense glasses, which likewise exhibit an asymmetry in their degree of stretching vs compression. On the basis of these results, we hypothesize that local stretching and compression in equilibrium glass-forming liquids results from evolution of particle mobilities over a single local relaxation time, with slower particles tending toward acceleration and vice versa. In addition to providing new insight into the origins of stretched relaxation, these results have implications for the interpretation of stretching exponents as measured via metrologies such as dielectric spectroscopy: measured stretching exponents cannot universally be interpreted as a direct measure of the breadth of an underlying distribution of relaxation times.
The fifth moment of modular $L$-functions

We prove a sharp bound on the fifth moment of modular L-functions of fixed small weight, and large prime level.
Ferroelastic Hysteresis in Thin Films of Methylammonium Lead Iodide

Mechanical strain can modify the structural and electronic properties of methylammonium lead iodide MAPbI3. The consequences of ferroelastic hysteresis, which involves the retention of structural m...
Dynamic linepack depletion models for natural gas pipeline networks

Abstract Given the critical role played by natural gas in providing electricity, heat, and other essential services, better models are needed to understand the dynamics of natural gas networks during extreme events. This paper aims at establishing appropriate and fast simulation models to capture the slow dynamics of linepack depletion for ideal isothermal natural gas pipeline networks. Instead of solving partial differential equations (PDE) on a large scale, three alternative implicit ordinary differential equation (ODE) simulation techniques are derived and discussed. The first one is commonly used in the literature with a slack node assumption. We show that the system of equations associated with this model is degenerate when flux injections are controlled (i.e. specified) at all nodes. To recover regularity under such a condition, two novel implicit ODE models are proposed with different techniques on boundary conditions. They are easy to derive and efficient to simulate by standard ODE solvers. More importantly, they present useful frameworks for analyzing how networks respond to system-wide mass flux imbalances. These techniques offer different alternatives for simulating system dynamics based on how sources and loads are chosen to be modeled, and they are all proven to be regular (non-degenerate) in tree-structured networks. These proposed techniques are all tested on the 20-node Belgium network. The simulation results show that the conventional model with the slack node assumption cannot effectively capture linepack depletion under long term system-wide mass flux imbalance, while the proposed models can characterize the network behavior until the linepack is completely depleted.
Modeling physician variability to prioritize relevant medical record information.

Objective Patient information can be retrieved more efficiently in electronic medical record (EMR) systems by using machine learning models that predict which information a physician will seek in a clinical context. However, information-seeking behavior varies across EMR users. To explicitly account for this variability, we derived hierarchical models and compared their performance to nonhierarchical models in identifying relevant patient information in intensive care unit (ICU) cases. Materials and methods Critical care physicians reviewed ICU patient cases and selected data items relevant for presenting at morning rounds. Using patient EMR data as predictors, we derived hierarchical logistic regression (HLR) and standard logistic regression (LR) models to predict their relevance. Results In 73 pairs of HLR and LR models, the HLR models achieved an area under the receiver operating characteristic curve of 0.81, 95% confidence interval (CI) [0.80-0.82], which was statistically significantly higher than that of LR models (0.75, 95% CI [0.74-0.76]). Further, the HLR models achieved statistically significantly lower expected calibration error (0.07, 95% CI [0.06-0.08]) than LR models (0.16, 95% CI [0.14-0.17]). Discussion The physician reviewers demonstrated variability in selecting relevant data. Our results show that HLR models perform significantly better than LR models with respect to both discrimination and calibration. This is likely due to explicitly modeling physician-related variability. Conclusion Hierarchical models can yield better performance when there is physician-related variability as in the case of identifying relevant information in the EMR.
The extrinsic primitive torsion problem

Let Pk be the subgroup generated by k th powers of primitive elements in Fr, the free group of rank r. We show that F2∕Pk is finite if and only if k is 1, 2 or 3. We also fully characterize F2∕Pk for k=2,3,4. In particular, we give a faithful 9–dimensional representation of F2∕P4 with infinite image.
Effect of 1D diffusion channel size and ionic content on Li+ ion and Na+ ion diffusion in tunnel manganese oxides

Abstract The conduction of both electrons and cations is important for battery electrode materials to deliver high capacities at higher current rates. Here, we investigate the ion diffusion and electronic conductivities of three tunnel manganese oxide phases with different size structural tunnels and templating cations for use as Li-ion and Na-ion battery (LIB and SIB) electrodes. The galvanostatic intermittent titration technique is used to measure the apparent diffusion coefficients of Li+ ions and Na+ ions in each material, and a four-point probe technique is used to measure the electronic conductivity of each phase. It is found that in LIBs, the material with the largest tunnels and greatest volume available for Li+ ion intercalation demonstrated the highest DLi+ value, correlating with the highest performance at the highest current rate used in this work. In SIBs, however, it is not the material with the largest tunnels that demonstrates the highest rate performance. Rather, it is the material templated by Na+ ions, the same ions as the electrochemically cycled charge carriers. These results highlight the importance of the relationship between the structural tunnel size, nature of templating ions and charge-carrying ion size and provide insights into the design of electrode material for improved energy storage systems.
Really Embedding Domain-Specific Languages into C++

The following topics are dealt with: program compilers; optimising compilers; parallel processing; software engineering; learning (artificial intelligence); multiprocessing systems; shared memory systems; optimisation; computational complexity; specification languages.
On the welfare benefits of an international currency

Abstract Is it beneficial for a country's currency to be used internationally? And, if so, can we quantify the benefit? Since the emergence of the euro, there has been great interest in the consequences of a transfer of the dollar's premier international role to the euro. This paper presents a novel model-based approach towards assessing the welfare benefits associated with the international use of a country's currency. Apart from the familiar benefits associated with seigniorage, residents of the issuing country experience an increase in the purchasing power of their currency both at home and abroad. In the calibration exercise carried out in this paper, we find the benefits of an international currency to be quantitatively significant. The welfare gain for the Euro area in having the euro internationally used ranges from 1.9% to 2.3% of consumption depending on relative inflation rates. The rest of the world is not indifferent as to which currency circulates as the dominant international currency. Conditional on their currency not being used internationally, their preference is for the dominant international currency to be the one with the lowest inflation rate.
In Defense of the Post-Partisan President: Toward the Boundary between 'Partisan' Advantage and 'Political' Choice

This Article examines what it means, if anything, to be “postpartisan.” To that end it develops metrics of Executive Branch partisanship, which it uses to move toward a distinction between typical “political” action and decision making as compared to those actions taken or decision-making processes entered into for “partisan,” party-based advantage. It argues that while a clean distinction is problematically formalistic, an analysis of Executive Branch behavior allows points of comparison for the claim that certain administrations are more or less partisan than others. Relying on this framework, the Article discusses the administrations of George W. Bush and Barack Obama, arguing that the former was the most party-focused in at least a half-century. It then examines what the Obama Administration’s claims of being “post-partisan” actually mean and discusses the relevance for public policy, concluding that postpartisanship is a more limited and pragmatic goal than true bipartisanship but that given the current American political landscape—characterized by parties that are more internally coherent and polarized from each other than at any time in generations—Obama’s vision of postpartisanship, regardless of whether he has realized it, is a valuable addition to the dynamics of American politics and serves a legitimizing function for a number of administrative and constitutional law doctrines. * Law Clerk to The Honorable Michael Daly Hawkins, United States Court of Appeals for the Ninth Circuit. A.B., Dartmouth College; J.D., The University of Michigan Law School. From 1999–2006 the author worked on U.S. House, Senate, and presidential campaigns as well as on Capitol Hill. Thanks to Professor Bruce Green for insightful critiques of an earlier draft, and to the staff of the BYU Journal of Public Law for excellent and thoughtful editing. Additional thanks to Cheryl Bratt, Dave Cooper, Margaux Hall, Patrick Luff, Brad Moore, Brittany Parling, Sandhya Ramadas, and Tiffany Wang. The first draft of this Article was entirely written, submitted, and edited prior to my employment with the Ninth Circuit, and the Article solely reflects my personal views. 260 BYU JOURNAL OF PUBLIC LAW [Volume 24
Hedge Fund Activism: A Review

This article reviews shareholder activism by hedge funds. We first describe the nature and characteristics of hedge fund activism, including the objectives, tactics, and choices of target companies. We then analyze possible value creation brought about by activist hedge funds, both for shareholders in the target companies and for investors in the hedge funds. The evidence generally supports the view that hedge fund activism creates value for shareholders by effectively influencing the governance, capital structure decisions, and operating performance of target firms.
Optimal and Hierarchical Controls in Dynamic Stochastic Manufacturing Systems: A Survey

Most manufacturing systems are large and complex and operate in an uncertain environment. One approach to managing such systems is that of hierarchical decomposition. This paper reviews the research devoted to proving that a hierarchy based on the frequencies of occurrence of different types of events in the systems results in decisions that are asymptotically optimal as the rates of some events become large compared to those of others. The paper also reviews the research on stochastic optimal control problems associated with manufacturing systems, their dynamic programming equations, existence of solutions of these equations, and verification theorems of optimality for the systems. Manufacturing systems that are addressed include single-machine systems, dynamic flowshops, and dynamic jobshops producing multiple products. These systems may also incorporate random production capacity and demands, and decisions such as production rates, capacity expansion, and promotional campaigns. Related computational results and areas of applications are also presented. A more detailed survey is available at .
Prone to Fail: The Pre-crisis Financial System

The financial crisis that began in 2007 was triggered by over-leveraged homeowners and a severe downturn in US housing markets. However, a reasonably well-supervised financial system would have been much more resilient to this and other types of severe shocks. Instead, the core of the financial system became a key channel of propagation and magnification of losses suffered in the housing market. Critical financial intermediaries failed, or were bailed out, or dramatically reduced their provision of liquidity and credit to the economy. In short, the core financial system ceased to perform its intended functions for the real economy at a reasonable level of effectiveness. As a result, the impact of the housing-market shock on the rest of the economy was much larger than necessary. In this essay, I will review the key sources of fragility in the core financial system. I discuss the weakly supervised balance sheets of the largest banks and investment banks; the run-prone designs and weak regulation of the markets for securities financing and over-the-counter derivatives; the undue reliance of regulators on market discipline; and the interplay of too-big-to-fail and the failure of market discipline. Finally, I point to some significant positive strides that have been made since the crisis: improvements in the capitalization of the largest financial institutions, a reduction of unsafe practices and infrastructure in the markets for securities financing and derivatives, and a significantly reduced presumption that the largest financial firms will be bailed out by taxpayer money in the future. But I will also mention some remaining challenges to financial stability that could be addressed with better regulation and market infrastructure.
Consumption and redistributive politics: The effect of credit and China

This article attempts to bring consumption into the study of redistributive politics. Analyzing data from 20 OECD countries over the period 1995–2007, I investigate whether factors that allowed low...
How Comprehensive Is Comprehensive Income? the Value Relevance of Foreign Currency Translation Adjustments

Prior empirical research has been unable to forge an unambiguous link between foreign currency translation adjustments, which are an element of “other items of comprehensive income,” and firm valuation. This study adds to the existing literature by empirically testing the value relevance of foreign currency translation adjustments in an earnings and book value model. Interaction terms, which serve as proxies for the theoretical sources of exchange rate exposure, are included in the estimating equation. The main finding of this study is that foreign currency translation adjustments are significantly value relevant when their parameter estimates are allowed to vary in the cross-section.
Vattel's Doctrine on Territory Transfers in International Law and the Cession of Louisiana to the United States of America

Cajuns and other Louisianians alike celebrated this year the 200th anniversary of the so-called purchase. The purpose of the paper is to examine the principles of territory transfers in international law at the time of the Louisiana purchase in early 19th century, in an attempt so see whether the cession by Napoleonic France to the United States of America was valid. The legal doctrine used is that of Emer de Vattel in his masterpiece Droit des Gens, where he suggested a series of rules to decide of the validity of territory transfers, which are linked to his position on state sovereignty and patrimonial kingdoms. The argument central to the paper is that, even if the people affected by the cession, the Louisianians, were not consulted by the French or American authorities and thus did not explicitly consent to the transfer, it was not in violation of Vattel's legal scheme. This is because of an exception to the general rule on popular consent in cases of extreme necessity or danger to public safety, which was met in regard to the Louisiana purchase given the perceived threat of an imminent British invasion of the French colony.
The Controversy Over Systemic Risk Regulation

There is widespread support for a systemic risk regulator, in the United States and in Europe, but little agreement on which existing or new organization(s) should assume the task of regulating against systemic risk, the authority such a regulator should have, or the work such a regulator should undertake. In general, the debate about enhanced systemic risk regulation has been about whether central banks or other regulators should be required to assess systemic risk or such an assessment should be the job of others; whether a systemic risk regulator should also be a prudential regulator; and whether the regulator that assesses systemic risk should also have the authority to mandate changes in the financial markets or by financial institutions when dangers to the markets emerge. Much of this debate has been in the form of turf warfare between central banks and other regulators, and therefore the discussions have been less enlightened than one would have hoped given the magnitude of the problems uncovered during the financial meltdown of 2008. The author believes that any systemic risk regulator should be an independent agency without responsibilities that would conflict with its duties to examine and make recommendations with regard to systemic risks. Accordingly, the author recommends the creation of a new agency, independent of the Executive and Congressional Branches, which could investigate and analyze systemic risks and make recommendations to the President, Congress or individual regulatory agencies, including the Fed, for action. Given the complex structure of the European Union (“EU”), it would seem that a systemic risk regulator for Europe would similarly have to be an advisory body within the framework of the EU. The EU Commission has proposed such a regulator. This paper discusses what systemic risk is and the various proposals that have been made for a systemic risk regulator in the United States. Also discussed are the conflicts of interest between assessing systemic risk and acting as a prudential regulator. The consideration of similar issues in Europe are also addressed.
Blinded by the Light: The Third Circuit Curtails the Independent Ricci Defense in NAACP v. North Hudson Regional Fire & Rescue

Employment discrimination on the basis of race, gender, and ethnicity has long plagued America’s workforce. Congress passed Title VII to address this concern, which outlawed both intentional and pretextual discrimination — referred to as disparate treatment and disparate impact, respectively. But what happens when two different racial groups bring competing disparate treatment and disparate impact claims seeking to compel an employer to take mutually exclusive actions — one threatening to sue if an employer takes a given action and the other threatening to sue if the employer does not take that same action? Should one claim trump the other? The Supreme Court in Ricci v. DeStefano, carved out a limited defense against a disparate treatment claim where there was a “strong basis in evidence” to believe that not taking the intentionally discriminatory action would result in a disparate impact claim. In NAACP v. North Hudson Regional Fire & Rescue the Third Circuit used a novel temporal distinction to restrict the Ricci defense to its facts. This Casebrief argues that the Third Circuit’s decision reinforced the court’s commitment to upholding Title VII’s purpose of eliminating discrimination by narrowly interpreting the available defenses to liability. After all, two wrongs don’t make a right.
Implementing relative performance evaluation: The role of life cycle peers

The effectiveness of relative performance evaluation (RPE) in compensation contracts depends on a firm's ability to identify peers that are subject to similar exogenous shocks with similar abilitie...
Auctions with a buy price: The case of reference-dependent preferences

Abstract In an auction with a buy price, the seller provides bidders with an option to end the auction early by accepting a transaction at a posted price. This paper develops a model of an auction with a buy price in which bidders use the auction's reserve price and buy price to formulate a reference price. The model both explains why a revenue-maximizing seller would want to augment her auction with a buy price and demonstrates that the seller sets a higher reserve price when she can affect the bidders' reference price through the auction's reserve price and buy price than when she can affect the bidders' reference price through the auction's reserve price only. The comparative statics properties of bidding behavior are in sharp contrast to equilibrium behavior in other models where the existence and size of the auction's buy price have no effect on bidding behavior.
The Book-to-Price Effect in Stock Returns: Accounting for Leverage

This paper lays out a decomposition of book-to-price (B/P) that derives from the accounting for book value and that articulates precisely how B/P “absorbs” leverage. The B/P ratio can be decomposed into an enterprise book-to-price (that pertains to operations and potentially reflects operating risk) and a leverage component (that reflects financing risk). The empirical analysis shows that the enterprise book-to-price ratio is positively related to subsequent stock returns but, conditional upon the enterprise book-to-price, the leverage component of B/P is negatively associated with future stock returns. Further, both enterprise book-to-price and leverage explain returns over those associated with Fama and French nominated factors—including the book-to-price factor—albeit negatively so for leverage. The seemingly perverse finding with respect to the leverage component of B/P survives under controls for size, estimated beta, return volatility, momentum, and default risk.
Examining the Use of Investment Policy Statements

Using a sample of Investment Policy Statements from college and university endowments, the authors examine the form and use of these important documents. Direct examination of the IPS reveals subtleties that surveys may obscure. In addition to providing statistical insights into endowment management, the authors extract what they view as best practices from the Investment Policy Statements themselves. This study provides valuable insights for individual and institutional investors and their advisors.
Medical Robots for Infectious Diseases: Lessons and Challenges from the COVID-19 Pandemic

Medical robots can play an important role in mitigating the spread of infectious diseases and delivering quality care to patients during the COVID-19 pandemic. Methods and procedures involving medical robots in the continuum of care, ranging from disease prevention, screening, diagnosis, treatment, and home care, have been extensively deployed and also present incredible opportunities for future development. This article provides an overview of the current state of the art, highlighting the enabling technologies and unmet needs for prospective technological advances within the next five to 10 years. We also identify key research and knowledge barriers that need to be addressed in developing effective and flexible solutions to ensure preparedness for rapid and scalable deployment to combat infectious diseases.
The Dodd-Frank Wall Street Reform and Consumer Protection Act: A Failed Vision for Increasing Consumer PROTECTION and Heightening Corporate Responsibility in International Financial Transactions

TABLE OF CONTENTS I. Globalization and the Dodd-Frank Act 1431 II. The Dodd-Frank Act and the Regulation of the Internet ....... 1437 III. The Dodd-Frank Act and the Extraterritorial Application of United States Financial Regulation 1443 IV. The Dodd-Frank Act and International Coordination of Financial Regulation 1449 V. The Need for a New Vision for International Financial Regulatory Reform 1455
If Colin Powell had Commanded Enron: The Hidden Foundation of Leadership

The leadership principles and actions of Colin Powell, US Secretary of State, are in direct contrast to those of the executives of the failed energy giant Enron. Oren Harari and Lynn Brewer analyse the differences and draw lessons for how leadership should be developed and exercised. This article is not about Colin Powell, the person, but rather the leadership he espouses. The attributes of leadership that Powell has demonstrated throughout his 40-year career are ones that managers in all industries would be wise to demonstrate, especially in today's market environment, which seems to be spiked daily by yet another disappointing day on the stock exchanges of the world, another government investigation, another investor-backed lawsuit, another bankruptcy announcement, another wave of earnings restatements and another criminal indictment of a high-profile executive.
Unraveling Results from Comparable Demand and Supply: An Experimental Investigation

Markets sometimes unravel, with offers becoming inefficiently early. Often this is attributed to competition arising from an imbalance of demand and supply, typically excess demand for workers. However this presents a puzzle, since unraveling can only occur when firms are willing to make early offers and workers are willing to accept them. We present a model and experiment in which workers’ quality becomes known only in the late part of the market. However, in equilibrium, matching can occur (inefficiently) early only when there is comparable demand and supply: a surplus of applicants, but a shortage of high quality applicants.
Corporate Social Responsibility Exposure and Performance of Mutual Funds

The authors study the performance consequences of exposure to corporate social responsibility (CSR) through stock holdings for mutual funds. Using a large sample of US domestic mutual funds, they find that funds overweighting low-CSR stocks outperform funds underweighting them by 1.7% to 2.6% annually. This outperformance, however, reverses during the 2008-2009 financial crisis. They also find similar performance patterns among stocks. An equal-weighted high-minus-low CSR stock return spread can explain the CSR-based fund performance spread, whereas a value-weighted spread cannot. These results are consistent with the interpretation that low-CSR funds overweight low-CSR small-cap stocks that offer high returns to investors who are averse to low-CSR investments. Investors tend to avoid low-CSR stocks due to either social norms against these stocks or risk of underperformance of these investments when overall trust in corporations suffers a negative shock (such as during a financial crisis).
Enriching a Theory of Wage and Promotion Dynamics Inside Firms

In previous work, we showed that a model that integrates job assignment, human capital acquisition, and learning can explain several empirical findings concerning wage and promotion dynamics inside firms. In this article, we extend that model in two ways. First, we incorporate schooling and derive further testable implications that we then compare with the available empirical evidence. Second, and more important, we show that introducing “task‐specific” human capital allows us to produce cohort effects. We further argue that task‐specific human capital is a realistic concept and may have many important implications. We also discuss limitations of our (extended) approach.
Volume and Price Patterns Around a Stock's 52-Week Highs and Lows: Theory and Evidence

We provide large sample evidence that past price extremes influence investors' trading decisions. Volume is strikingly higher, in both economic and statistical terms, when the stock price crosses either the upper or lower limit of its past trading range. This increase in volume is more pronounced the longer the time since the stock price last achieved the price extreme, the smaller the firm, the higher the individual investor interest in the stock, and the greater the ambiguity regarding valuation. These results are robust across model specifications and controls for past returns and news arrival. Volume spikes when price crosses either the upper or lower limit of the past trading range, then gradually subsides. After either event, returns are reliably positive and, among small investors, trades classified as buyer-initiated are elevated. Overall, results are more consistent with bounded rationality than with other candidate explanations.
More than Class Action Killers: the Impact of Concepcion and American Express on Employment Arbitration

This Article highlights how two recent U.S. Supreme Court decisions, AT&T Mobility LLC v. Concepcion and American Express Co. v. Italian Colors Restaurant that, although involving class actions, could impact individual employment arbitration proceedings and destabilize the broader legal framework supporting arbitration in the United States. The shrinking scope of judicial review of arbitration agreements should prompt a broader debate about the relationship between the courts and a system of arbitration. If employment arbitration is to have any legitimacy, judicial review of arbitration agreements should be increasing in scope rather than decreasing, to ensure that employees knowingly and voluntarily entered into arbitration agreements.
Strategic change and termination of interfirm partnerships

An evolutionary perspective of the resource-based view is adopted to understand how changes in a partner firm's overall strategy may influence the firm's interfirm partnerships over time. We contend that changes in a partner firm's overall resource deployment strategy and partnering strategy influence the value and uniqueness of partnership resources. These changes alter the competitive advantage associated with partnership resources, affecting the propensity of partnership termination. An event history analysis is employed with 150 joint ventures over the period 1990 to 2001 to examine partnership termination within a longitudinal dataset. With initial partnership conditions controlled for, the results indicate significant influences of various changes in partner firm overall resource deployment strategy and partnering strategy on the propensity of termination. Further, competitor imitative activities are found to increase the propensity of termination as they reduce the uniqueness of partnership resources. This study provides support for an evolutionary perspective of resource value and competitive advantage that incorporates strategic change over time. Copyright © 2010 John Wiley & Sons, Ltd.
Set-Theoretic Comparative Methods Less Distinctive Than Claimed

Proponents of set-theoretic comparative methods (STCM) sharply differentiate their approach from quantitative analysis—unlike many researchers who focus on integrating qualitative and quantitative methods. This article engages these opposing views by demonstrating shared foundations between STCM and quantitative techniques. First, it shows how the quantitative practice of analyzing cases that exhibit variation on both the explanatory conditions and the outcome—for example, all four cells of a 2 × 2 table—guards against misleading conclusions about necessary/sufficient conditions. Hence, conventional statistical ideas about association are relevant for STCM. Second, STCM’s tools for analyzing causal complexity share important features with regression interaction terms. Third, scrutinizing these shared foundations suggests how stronger theoretical and empirical standards for causal inference with deterministic hypotheses can be established. Focusing on shared foundations and recognizing that STCM does not g...
A Liquidity-Based Explanation of Convertible Arbitrage Alphas

The authors examine the extent to which excess returns from convertible arbitrage represent positive returns to managers from exploiting pricing inefficiencies versus compensation for exposure to systematic risk factors. Initial empirical tests show that when liquidity risk is excluded as a factor, a good portion of abnormal returns to convertible bond strategies appears to be driven both by overpricing of the underlying equity and apparent underpricing of convertible bonds. However, when the effects of liquidity are included, abnormal returns to convertible bond arbitrage essentially disappear and only remain localized in convertible debt trading closer to the issuance date.
Question: What Is the Real and Proper Antitrust Welfare Standard? Answer: The True Consumer Welfare Standard

This short article, which was submitted to the Antitrust Modernization Commission, explains why the consumer welfare standard is used by courts and is more appropriate for evaluating antitrust issues.
Lobbying: Buying and Utilizing Access

This paper introduces an alternative to the lobbying literature's standard assumption that "money buys policies". Our model - in which influence-seeking requires both money to "buy access" and managerial time to "utilize access" — offers three significant benefits. First, it counters criticism that the "money-buys-policies" assumption is at odds with reality. Second, its much stronger lobbying incentives weaken the free-rider problem and raise incentives for lobby formation. Third, the model yields testable hypotheses on: the determinants of lobbying incentives; the number of lobbying firms in an industry; and the impact on industry lobbying by the size distribution of firms, contribution limits on firms, world price changes, and the ability to adjust labor employment.
The Dynamics of Worker Reallocation within and across Industries

This paper uses an integrated employer–employee data-set to answer two key questions: (i) What is the equilibrium amount of worker reallocation? (ii) How much does firm-level job reallocation affect worker reallocation? About 26% of workers who had previously exhibited a substantial degree of attachment to their employer change jobs in a given year. About twothirds of this reallocation is roughly evenly split within and across broadly defined industries. Firm-level job and worker reallocation substantially increases the probability of transition for even the most stable group of workers, even after controlling for individual characteristics and firm and industry tenure.
White-Matter Neuroanatomical Predictors of Aphasic Verb Retrieval

Background: Current neurocognitive models of language function have been primarily built from evidence regarding object naming, and their hypothesized white-matter circuit mechanisms tend to be coarse grained. Methods: In this cross-sectional, observational study, we used novel correlational tractography to assess the white-matter circuit mechanism behind verb retrieval, measured through action picture-naming performance in adults with chronic aphasia. Results: The analysis identified tracts implicated in current neurocognitive dual-stream models of language function, including the left inferior fronto-occipital fasciculus, inferior longitudinal fasciculus, and arcuate fasciculus. However, the majority of tracts associated with verb retrieval were not ones included in dual-stream models of language function. Instead, they were projection pathways that connect frontal and parietal cortices to subcortical regions associated with motor functions, including the left corticothalamic pathway, frontopontine tract, parietopontine tract, corticostriatal pathway, and corticospinal tract. Conclusions: These results highlight that corticosubcortical projection pathways implicated in motor functions may be importantly related to language function. This finding is consistent with grounded accounts of cognition and may furthermore inform neurocognitive models. Impact statement This study suggests that in addition to traditional dual-stream language fiber tracts, the integrity of projection pathways that connect frontal and parietal cortices to subcortical motor regions may be critically associated with verb-retrieval impairments in adults with aphasia. This finding challenges neurological models of language function.
Why Don't "Reasonable Women" Complain About Sexual Harassment?

In this article, I examine the manner in which the lower federal courts have applied the affirmative defense to liability for supervisory sexual harassment, which was articulated by the United States Supreme Court in the 1998 cases of Burlington Industries, Inc. v. Ellerth and Faragher v. Boca Raton. In particular, this article focuses on the second prong of that affirmative defense, which requires that employers prove that employees who are targeted for sexual harassment failed to act reasonably in responding to the harassing conduct. The article explores the conclusion of most of the federal courts to examine the issue that the failure to immediately file a formal complaint about harassing conduct constitutes unreasonable conduct on the part of the target of harassment. The article then addresses the ways that women typically respond to sexual harassment, referencing empirical research, and explains why women reasonably fail to immediately file formal complaints concerning harassing conduct. Finally, the article explores the ways in which the reasonable woman standard might be used by courts in judging the reasonableness of women's conduct in response to sexual harassment under the affirmative defense.
Financial Hospitals: Defending the Fed’s Role as a Market Maker of Last Resort

In response to the financial crisis that began in 2007, the Federal Reserve ('Fed') initiated a series of ad hoc deals (for Bear Stearns and AIG) and new lending facilities that benefited a variety of other nonbank financial intermediaries. Through these deals and programs the Fed became a market maker for the structured finance products that had contributed to the crisis. In doing so, the Fed added term, liquidity, and price discovery to credit products stranded on the balance sheets of financial firms that were themselves becoming illiquid as secondary markets for their investments came to a halt. Critics from across the political spectrum criticized these liquidity deals and programs as unwise and, perhaps, beyond the Fed’s legal authorities. Examining and rejecting these claims, this paper defends the Fed’s market-making as a contemporary exercise of its long-standing generative authority to respond to financial crises through its own proprietary trading. Once the funding model for lending had shifted from deposits to tradable credit, the Fed had little choice but to become a market-maker of last resort.
SOX after Ten Years: A Multidisciplinary Review

SYNOPSIS: We review and assess research findings from more than 120 papers in accounting, finance, and law to evaluate the impact of the Sarbanes-Oxley Act. We describe significant developments in how the Act was implemented and find that despite severe criticism, the Act and institutions it created have survived almost intact since enactment. We report survey findings from informed parties that suggest that the Act has produced financial reporting benefits. While the direct costs of the Act were substantial and fell disproportionately on smaller companies, costs have fallen over time and in response to changes in its implementation. Research about indirect costs such as loss of risk taking in the U.S. is inconclusive. The evidence for and social welfare implications of claimed effects such as fewer IPOs or loss of foreign listings are unclear. Financial reporting quality appears to have gone up after SOX but research on causal attribution is weak. On balance, research on the Act's net social welfare rem...
Increasing Dominance with No Efficiency Effect

Abstract I uncover a new force towards increasing dominance (the property whereby, in dynamic games, the leader tends to increase his or her lead in expected terms). The new effect results from the strategic choice of covariance in races. I assume that players must choose not the amount of resources to spend but how to allocate those resources. I show that, in equilibrium, the laggard chooses a less promising path, in effect trading off lower expected value for lower correlation with respect to the leader. This results in increasing dominance and holds true even if no joint-payoff (or efficiency) effect is present. Journal of Economic Literature Classification Numbers: C7, L1.