cssi/SciSciGPT-SciSciNet huggingface dataset:
Longitudinal study of digital marketing strategies targeting Millennials

Purpose – The purpose of this study is to determine which digital marketing strategies are preferred by Millennials and are effective in influencing their behavior. There is potential growth and value in using digital marketing aimed at Millennials, but the marketing strategies must be perceived positively by this online generation.Design/methodology/approach – Data were collected over a three‐year period (2009 to 2011) by surveying Millennials at a prominent southwest US university.Findings – Results indicate that Millennials have a definite preference for certain forms of online advertising. There are digital marketing strategies that are considerably more effective in grabbing the attention of Millennials, motivating repeat visits to a web site, and encouraging Millennials to write online reviews.Practical implications – By taking into consideration the preferences of Millennials, the effectiveness of online communications and digital marketing aimed at this market segment can be increased. Recommendat...
Out of the Dark: Hedge Fund Reporting Biases and Commercial Databases

We examine the potential for selection bias in voluntarily reported hedge fund performance data. We construct a set of hedge fund returns that have never been reported to a commercial hedge fund database. These returns allow a direct comparison of performance between funds that choose to report to commercial databases and funds that do not. We find that funds that report their performance to commercial databases significantly outperform nonreporting funds. Our results suggest that the voluntarily reported performance in commercial databases suffers from a selection bias that may exaggerate the average skill of the universe of hedge fund managers. The Author 2012. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oup.com. , Oxford University Press.
Separate and Not Equal: Integrating Civil Procedure and ADR in Legal Academia

Traditionally, academics specializing in ADR and civil procedure have not tended to deal with each other's issues. The typical civil procedure course focuses on litigation, and at best throws in a few classes on mediation and negotiation. Similarly, the typical ADR course devotes little or no attention to litigation, law, courts, or administrative institutions. Thus, the two disciplines are taught quite separately. Further, this separation is not equal. While students are required to learn about litigation, and are also offered many additional litigation electives, the ADR curriculum is almost always purely elective, and the classes are much smaller. Yet, the relationship between civil procedure and ADR in practice is far different than it is in the academy. In the real world there is a blending between litigation and other dispute resolution approaches. Whether one practices in federal court, state court, or before administrative agencies, "litigators" are now ADR practitioners. Equally, ADR practitioners are typically also litigators, unless they practice exclusively as neutrals. As academics, in our teaching and our writing, we need to greatly improve the extent to which we recognize the interrelationship between ADR and litigation. The Article offers specific suggestions as to how we can improve our litigation and ADR courses. The Article also urges that by recognizing the interrelationship between ADR and litigation we can better analyze the multiple appropriate purposes of our system of justice.
Age-Related Differences in Responses to Emotional Advertisements

This research investigated motivational influences associated with age on responses to emotional advertisements. Experiment 1 showed increased liking and recall of emotional ads among older consumers and that time horizon perspective moderates these age-related differences. Experiment 2 revealed influences of age and time horizon perspective on responses to different types of emotional ads. Ads focusing on avoiding negative emotions were liked and recalled more among older consumers and among young consumers made to have a limited time horizon perspective. This research illustrates the importance of considering age-related differences in information processing due to motivational as well as to cognitive changes.
Human capital and fertility in Chinese clans before modern growth

This paper studies the effect of changes in the return to human capital on the fertility–education relationship. The setting is in Anhui Province, China in the thirteenth to twentieth centuries. Over this period, key changes occurred in the civil service examination system, providing a means to test whether incentives for acquiring education influenced fertility decisions. I form an intergenerationally linked dataset from over 43,000 individuals from all social strata to examine the evidence for a child quantity–quality tradeoff. First, as the civil service examination system became more predictable and less discretionary starting in the seventeenth century, raising the return to human capital, I find evidence that households with a lower number of children had a higher chance that one of their sons would participate in the state examinations. This finding is robust to accounting for differences in resources, health, parental human capital, and demographic characteristics. Importantly, the finding is not limited to a small subset of rich households but present in the sample as a whole. Second, the negative relationship between fertility and education disappeared as the lower chance to become an official during the nineteenth century implied a decline in the return to human capital. Taken together, my findings support the hypothesis that fertility choices respond to changes in the return to human capital.
Green management: the reality of being green in business

"Green management and going green are not as clear cut and easy as hyped by the general media. While going ecologically green is indeed beneficial and appropriate, the process and procedure of becoming green is anything but easy. Firstly, turning green is largely not a legal requirement, but a voluntary process. Thus, even though LEED (which is by far the more publicly known green certification standard) governs the certification of the green management effort, it is not a compulsory condition for practitioners to go green. Secondly, even with the encouragement of incentives to comply, practitioners are skeptical in becoming green due to: (a) a lack of true understanding of the benefit of ecologically friendly procedures (the practice of profits versus the theory of benefits); (b) lack of short term gain in life cycle costing (practitioners want instant incentives); and (c) mostly, because it is not a legal requirement for the vast majority of municipalities." La gestion ambiental sostenible y el tornarse ecologico no es tan claro ni factible como lo pregona la prensa. Mientras que volverse ecologicamente “verde” es sin duda beneficioso y apropiado, el proceso y el procedimiento de hacerlo es todo menos facil. En primer lugar, transformarse ecologicamente eficiente no es un requerimiento legal, sino un proceso voluntario. Entonces, mientras la certificacion LEED (Leadership in Energy and Environmental Design, que es con mucho la certificacion ecologica estandar mas conocida) lidera los esfuerzos para la certificacion de gestion ecologica, esta no es una condicion obligatoria para los involucrados. En segundo lugar, aun con el estimulo de incentivos para cumplir con los requerimientos, los gestores dudan en integrarse ecologicamente debido a lo siguiente: (a) falta entender correctamente los beneficios de los procedimientos ecologicos (la practica de las ganancias versus la teoria de los beneficios); (b) ausencia de beneficios a corto plazo dentro del costo del ciclo de vida (los actores desean incentivos inmediatos); y (c) mayormente, no es un requisito legal en la gran mayoria de las municipalidades.
Towards the optimisation of direct laser acceleration

Experimental measurements using the OMEGA EP laser facility demonstrated direct laser acceleration (DLA) of electron beams to (505 $\pm$ 75) MeV with (140 $\pm$ 30)~nC of charge from a low-density plasma target using a 400 J, picosecond duration pulse. Similar trends of electron energy with target density are also observed in self-consistent two-dimensional particle-in-cell simulations. The intensity of the laser pulse is sufficiently large that the electrons are rapidly expelled from along the laser pulse propagation axis to form a channel. The dominant acceleration mechanism is confirmed to be DLA and the effect of quasi-static channel fields on energetic electron dynamics is examined. A strong channel magnetic field, self-generated by the accelerated electrons, is found to play a comparable role to the transverse electric channel field in defining the boundary of electron motion.
How Do Promise Neighborhoods' Strategies Align with Research Evidence on Poverty and Education?.

Promise Neighborhoods attempt to replicate the Harlem Children’s Zone’s “cradle to college pipeline” model of coordinated and continuous child and family services for a single neighborhood. We anal...
Skills gap: The timing of technical change

Abstract This article generalizes the business cycle model in Jovanovic (2006) along two important and meaningful dimensions: (i) more general utility function; (ii) more realistic distribution properties of the productivity shocks. Unlike the original model, I assume the power utility function of the representative agent, and a non-zero expected value of the distribution of the shocks. I include the non-zero expected value of the productivity shocks to account for the skill-biased nature of the technical change in the post-war period. The model implies an endogenous time-varying technical change as an optimal investment policy, consistent with the data.
Alternative Tests of Rational Expectations Models: The Case of the Term Structure

A linearized version of the rational expectations models of the term structure is put forth in terms of a complete vector of equally spaced observations along the yield curve. A data series on intermediate maturity yields which meets the specifications of the model is presented. The model is tested against a specific and easily interpreted alternative. Earlier studies of rational expectations models, which used "volatility tests" or "likelihood ratio tests," are discussed.
Modelling & Controlling Monetary and Economic Identities with Constrained State Space Models

Summary The paper presents a method for modelling and controlling time series with identity structures. The approach is presented in the context of monetary targeting where the monetary identity (e.g. reserve money equals net foreign assets plus domestic credit) is modelled using a constrained state space model and next-period changes in domestic credit (policy variable) are estimated to reach the target level of reserve money. The constrained modelling ensures that aggregation and identity relations among items are dynamically satisfied during estimation, leading to more accurate forecasting and targeting. Applications to Germany, UK and USA show that the constrained state space model provides significant improvements in targeting and forecasting performance over the AR(1) benchmark and the unconstrained model. Reduction in the mean square error of targeting over AR(1) is in the range of 76‐95% for the three countries while the gain in targeting efficiency over unconstrained modelling is between 21% and 55%. Beyond monetary targeting, the method has wide application to the dynamic modelling and control of economic and financial time series with identity and aggregation constraints (e.g. balance of payment, national income, purchasing power parity, company balance sheet).
The Devil's Advocate and Legal Oratory in the Processus Sathanae

Modern readers have been baffled by the combination of legal, dramatic, and theological elements in the 14 th century Processus Sathanae , a mock trial drama in which the devil9s advocate and the Virgin Mary employ various Roman law concepts in a courtroom debate regarding the devil9s claim that he was wrongfully dispossessed of humanity. This article examines the Processus Sathanae along with an early source of the drama in a Marcionite creation dialogue and argues that by foregrounding equitable and emotional appeals the drama taught late medieval law students important lessons regarding legal oratory during a crucial period in the development of European jurisprudence.
Dissecting the regulatory roles of ORM proteins in the sphingolipid pathway of plants

Sphingolipids are a vital component of plant cellular endomembranes and carry out multiple functional and regulatory roles. Different sphingolipid species confer rigidity to the membrane structure, facilitate trafficking of secretory proteins, and initiate programmed cell death. Although the regulation of the sphingolipid pathway is yet to be uncovered, increasing evidence has pointed to orosomucoid proteins (ORMs) playing a major regulatory role and potentially interacting with a number of components in the pathway, including both enzymes and sphingolipids. However, experimental exploration of new regulatory interactions is time consuming and often infeasible. In this work, a computational approach was taken to address this challenge. A metabolic network of the sphingolipid pathway in plants was reconstructed. The steady-state rates of reactions in the network were then determined through measurements of growth and cellular composition of the different sphingolipids in Arabidopsis seedlings. The Ensemble modeling framework was modified to accurately account for activation mechanisms and subsequently used to generate sets of kinetic parameters that converge to the measured steady-state fluxes in a thermodynamically consistent manner. In addition, the framework was appended with an additional module to automate screening the parameters and to output models consistent with previously reported network responses to different perturbations. By analyzing the network's response in the presence of different combinations of regulatory mechanisms, the model captured the experimentally observed repressive effect of ORMs on serine palmitoyltransferase (SPT). Furthermore, predictions point to a second regulatory role of ORM proteins, namely as an activator of class II (or LOH1 and LOH3) ceramide synthases. This activating role was found to be modulated by the concentration of free ceramides, where an accumulation of these sphingolipid species dampened the activating effect of ORMs on ceramide synthase. The predictions pave the way for future guided experiments and have implications in engineering crops with higher biotic stress tolerance.
Bayesian Inference for Hospital Quality in a Selection Model

This paper develops new econometric methods to infer hospital quality in a model with discrete dependent variables and nonrandom selection. Mortality rates in patient discharge records are widely used to infer hospital quality. However, hospital admission is not random and some hospitals may attract patients with greater unobserved severity of illness than others. In this situation the assumption of random admission leads to spurious inference about hospital quality. This study controls for hospital selection using a model in which distance between the patient's residence and alternative hospitals are key exogenous variables. Bayesian inference in this model is feasible using a Markov chain Monte Carlo posterior simulator, and attaches posterior probabilities to quality comparisons between individual hospitals and groups of hospitals. The study uses data on 74,848 Medicare patients admitted to 114 hospitals in Los Angeles County from 1989 through 1992 with a diagnosis of pneumonia. It finds the smallest and largest hospitals to be of the highest quality. There is strong evidence of dependence between the unobserved severity of illness and the assignment of patients to hospitals, whereby patients with a high unobserved severity of illness are disproportionately admitted to high quality hospitals. Consequently a conventional probit model leads to inferences about quality that are markedly different from those in this study's selection model.
Ethical Climates and Managerial Success in Russian Organizations

This study investigated employee perceptions of ethical climates in a sample of Russian organizations and the relationship between ethical climate and behaviors believed to characterize successful managers. A survey of managerial employees in Russia (n = 136) indicates that "rules" was the most reported and "independence" was the least reported ethical climate type. Those who perceived a strong link between success and ethical behavior report high levels of a "caring" climate and low levels of an "instrumental" climate. Implications for practitioners and researchers are discussed.
Financing friends: How lobbyists create a web of relationships among members of Congress

In this article we seek to explain the nexus of legislators and the lobbyists who vie for their attention. Prior research finds that campaign contributions do not buy votes, but they can buy access to lawmakers. Rather than conceptualize donations as a single-shot exchange of money for time, we see campaign donations as both an investment in an ongoing relationship and an expression of common underlying characteristics between lobbyists and legislators. We use the personal campaign donations of individual lobbyists in the 109th Congress to test our account. We find that for legislators up for reelection, the more connected two legislators are by common lobbyist donors, the more likely they are to vote the same way, controlling for the influence of party, geography and constituency.
Predicting Challengers in State Supreme Court Elections: Context and the Politics of Institutional Design

In this article, we answer two important questions about the role of challengers in elections to the states’ highest courts: (1) under what conditions do incumbents draw challengers, and (2) do these same conditions influence whether the challengers entering these races have sufficient experience to pose a threat to the officeholders (i.e., are they quality challengers). While the factors related to each electoral contest and the forces characterizing the overall political climate of the state should affect the type of challenge, if any, we also expect institutions to matter. Specifically, factors governing the attractiveness of supreme court seats, as well as the formal means by which judicial elections are organized, all should serve to enhance or inhibit competition. In an analysis of all 146 partisan and nonpartisan elections to state supreme courts from 1988 through 1995, we find that competition from both inexperienced and experienced challengers is predictable from some basic information about the ...
Energy Stocks as a Separate Portfolio Allocation

This article examines energy stocks in the context of a diversified investment portfolio. Several factors—the importance of the energy sector, energy stocks’ potential to hedge energy risks, growing interest in real assets, as well as anecdotes of sophisticated investors focusing on energy investments—motivate this look at energy stocks. The author demonstrates that a separate allocation to energy stocks enhances portfolio efficiency and potentially hedges against inflation and inflation surprises.
Is there price discovery in equity options

Abstract We use tick-by-tick quote data for 39 liquid US stocks and options on them, and we focus on events when the two markets disagree about the stock price in the sense that the option-implied stock price obtained from the put-call parity relation is inconsistent with the actual stock price. Option market quotes adjust to eliminate the disagreement, while the stock market quotes behave normally, as if there were no disagreement. The disagreement events are typically precipitated by stock price movements and display signed option volume in the direction that tends to eliminate the disagreements. These results show that option price quotes do not contain economically significant information about future stock prices beyond what is already reflected in current stock prices, i.e., no economically significant price discovery occurs in the option market. We also find no option market price discovery using a much larger sample of disagreement events based on a weaker definition of a disagreement, which verifies that the findings for the primary sample are not due to unusual or unrepresentative market behavior during the put-call parity violations.
The Limits of Constructivism: Can Rawls Condemn Female Genital Mutilation?

Constructivist political theory, championed most prominently by John Rawls, builds up a conception of justice from the minimal requirements of political life. It has two powerful attractions. It promises a kind of civic unity in the face of irresolvable differences about the good life. It also offers a foundation for human rights that is secure in the face of those same differences. The very parsimony that is its strength, however, deprives it of the resources to condemn some atrocities. Because it focuses on the political aspect of persons, it has difficulty cognizing violence done to those aspects of the person that are not political, preeminently the body. Constructivism thus can be only a part of an acceptable theory of justice.
Terrorism and the New Criminal Process

Can we afford the luxury of pretending that the threats today are simply law enforcement problems, . . . rather than threats of a fundamentally different nature, requiring fundamentally different approaches?1 The paradigm for combating terrorism now involves the application of all elements of our national power and influence. Not only do we employ military power, we use diplomatic, financial, intelligence, and law enforcement activities to protect the Homeland and extend our defenses, disrupt terrorist operations, and deprive our enemies of what they need to operate and survive. We have broken old orthodoxies that once confined our counterterrorism efforts primarily to the criminal justice domain.2 A war to create and maintain social order can have no end. It must involve the continuous, uninterrupted exercise of power and violence. In other words, one cannot win such a war, or, rather, it has to be won again every day. War has thus become virtually indistinguishable from police activity.3 INTRODUCTION 766 I. STRUCTURING A STATE OF EMERGENCY 770 A. The Executive Branch 770 B. Congress 778 C. The Supreme Court 782 1. Hamdi, Padilla, and Detained Citizens 783 2. Rasul and the Detention of Aliens 786 3. Hamdan and Military Commissions 788 II. CRIMINAL PROCESSES, OLD AND NEW 791 A. Comparing Traditional and New Criminal Processes 791 B. Choosing a Process 796 III. THE CONSTITUTION AND THE NEW CRIMINAL PROCESS 797 A. Rights in the Modern State 797 1. Discretionary Power 799 2. Discretionary Rights 800 3. Reasonable Rights-Bearers 805 4. Extraterritoriality 807 B. The Scope of Specific Criminal Procedure Rights 810 1. Search and Seizure 810 2. Interrogation 813 C. Rights, Remedies, and the New Criminal Process 818 D. The Scope of Executive and Legislative Authority to Shape the New Criminal Process 822 IV. THE NEW CRIMINAL PROCESS, EMERGENCY POWER, AND THE STATE OF EXCEPTION 829 CONCLUSION 834 INTRODUCTION This Article argues that the "war on terror" has accelerated the development of a new criminal process and that this new process has increasingly displaced traditional methods of investigating, prosecuting, and punishing people who have engaged in conduct that is subject to criminal penalties - whether or not that conduct is considered "terrorism."4 1 also contend that this new process is largely consistent with constitutional norms that are changing under the same pressures that drive the development of the new criminal process. Those pressures, in turn, derive not just from specific events but also from the perception of emergency and rapid change that characterizes modern society and political life. In terms of definition, the new criminal process remains a moving target for at least three reasons: first, it is still a work in progress; second, it extends beyond the boundaries of what we normally think of as criminal process or the criminal justice system; and third - perhaps paradoxically - it overlaps so much with what we have already come to accept as normal or traditional criminal processes. …
Risk and the Corporate Structure of Banks

We identify different sources of risk as important determinants of banks' corporate structures when expanding into new markets. Subsidiary-based corporate structures benefit from greater protection against economic risk because of affiliate-level limited liability, but are more exposed to the risk of capital expropriation than are branches. Thus, branch-based structures are preferred to subsidiary-based structures when expropriation risk is high relative to economic risk, and vice versa. Greater cross country risk correlation and more accurate pricing of risk by investors reduce the differences between the two structures. Furthermore, a bank's corporate structure affects its risk taking and affiliate size. In recent years, bank mergers and cross-border entry have intensified in advanced economies, and international banks have established a substantial presence in several middle-income and developing countries. Entry in these markets has taken a variety of forms, ranging from the acquisition of domestic
Empirically Measuring the Impact of Photo ID Over Time and Its Impact on Women

This article is part of a series of studies related to the impact of Indiana’s photo identification law during the two presidential election cycles at which it has been implemented — 2008 and 2012. This article tracks the number of provisional ballots cast and not counted because of a lack of voter identification at Indiana’s 2012 general election. Importantly, this article also addresses an argument against photo identification laws that has became more prominent in recent years — the idea that photo identification laws disparately disfranchise female voters. This article addresses that argument by tracking the gender of those persons who cast provisional ballots due to a lack of valid photo identification — something that does not seem to have been previously done anywhere in the literature. While the research presented here allows for several conclusions, the most important of those conclusions are as follows. First, Indiana’s photo identification law has a relatively small (in relation to the total number of ballots cast) overall actual disfranchising impact on the electorate. Second, Indiana’s photo identification law’s actual disfranchising impact seems to be headed in a downward direction when one compares data from the 2012 general election to the 2008 general election. Third, Indiana’s photo identification law appears to have a disparate impact on women.
An uncertainty management perspective on long-run impacts of adversity: The influence of childhood socioeconomic status on risk, time, and social preferences

Abstract While there has been a recent increase in focus on the role of early life socioeconomic status (SES) on preferences and decision-making, there is still debate surrounding the proper theoretical framework for understanding such effects. Some have argued that early life SES can fundamentally shift time preferences per se, such that those from low SES backgrounds favor current rewards over future rewards. Others have argued that, while early life SES has lasting effects on behavior, such effects are only observable in the presence of salient cues to mortality. Here, we propose an alternative framework that centers on environmental uncertainty. In this uncertainty management framework, early life deprivation promotes the development of strategies that minimize the downside costs of uncertainty across domains. We argue that this focus on managing uncertainty results in greater risk-aversion, present-orientation, and prosociality. Furthermore, these effects need not be dependent on salient cues to mortality. Across four large samples of participants (total N = 4714), we find that childhood deprivation uniquely predicts greater risk-aversion (both incentivized and hypothetical) and greater prosociality in economic games. Childhood deprivation also predicts greater present-orientation, but not above-and beyond current SES. We further find that mortality cues are not necessary to elicit these differences. Our results support an uncertainty management perspective on the effects of childhood SES on risk, time, and social preferences.
How costly is the Sarbanes Oxley Act? Evidence on the effects of the Act on corporate profitability

Abstract The Sarbanes-Oxley Act (SOX) was intended to protect investors by improving the accuracy and reliability of corporate disclosures. However, critics have argued that the costs of SOX far outweigh its intended benefits. Prior studies based on stock-price reactions to SOX-related events document mixed evidence on the expected impact of SOX. In contrast, we provide evidence on the net realized costs of SOX by examining its impact on operating profitability. We find that average cash flows decline by 1.3% of total assets after SOX. These costs are more significant for smaller firms, for more complex firms, and for firms with lower-growth opportunities. Annually, these costs range from $6 million for smaller firms to $39 million for larger firms. Further, we document that net SOX-related costs are not limited to one-time expenses associated with internal-control design and implementation. In aggregate, for the 1428 firms in our sample, these costs amount to about $19 billion per year. Profitability is lower for up to four years post-SOX. To our knowledge, ours are the first estimates of the realized net costs imposed by SOX.
Valuing man's and woman's best friend: the moral and legal status of companion animals

This article first provides an overview of the philosophicla basis of the allocation (or non-allocation) of moral status to nonhuman animals considering historical and modern views of animals. Second, it analyzes the legal status of animals under the current system and discusses the idea of extending legal personhood to such animals. Next it considers the common law and statutory basis for the current valuation of companion animals. Finally, this article supports and promotes the idea that there is a rational basis for changing the way that companion animals should be valued by the legal system and recommends the adoption of statutory provisions to promote consistency and certainty in these cases. Includes comment on a case of road rage that resulted in "Leo" a Bicheon Frise, who yanked from his owner was killed when thrown into oncoming traffic by Andrew Burnett in a fit of road rage.
Optimal Life Insurance, Consumption and Portfolio under Uncertainty: Martingale Methods

A continuous-time model for life insurance purchase, consumption and investment is proposed. In this paper we obtain the arbitrage value of human capital and characteristics of admissibility using stochastic analysis, show our model is complete, then establish the existence of optimal solutions using convex analysis. Finally, explicit solutions are found for CRRA utilities.
Beyond Weber: Conceptualizing an alternative ideal type of bureaucracy in developing contexts

The study of public administration in developing countries requires that we look beyond the Weberian model as the only ideal type of bureaucracy. When we assume that there exists only one gold standard of public administration, all other organizational forms that do not conform to the Weberian ideal are dismissed as corrupt or failed. Drawing on neo-institutional economics, I introduce an alternative ideal type of bureaucracy found in contemporary China. This model, which I call bureau-franchising, combines the hierarchical structure of bureaucracy with the high-powered incentives of franchising. In this system, public agencies can rightfully claim a share of income earned to finance and reward themselves, like entrepreneurial franchisees. Yet distinct from lawless corruption, this self-financing (or prebendal) behavior is sanctioned and even deliberately incentivized by state rules. Although such a model violates several Weberian tenets of “good” bureaucracy, it harnesses and regulates the high-powered incentives of prebendalism to ameliorate budgetary and capacity constraints that are common in developing countries like China.
Opting In, Opting Out: Autonomy in the Community Property States

This article examines how couples in community property states attempt to opt out of the “sharing” concept that is the hallmark of community property law. The discussion begins with why couples in community property states may want to opt out. Then the discussion explains how couples try to accomplish opting out of the community property system by formal and informal methods, some successful and others not so successful. The methods used before and during marriage and after separation are examined. The main focus is on the California, Louisiana, and Washington community property law.
A Long View of Shareholder Power: From the Antebellum Corporation to the Twenty-First Century

For most of the twentieth century, the conventional wisdom held— probably correctly—that shareholders in America’s large, public corporations were passive and powerless and that managers wielded the real power. Beginning in the 1980s, however, shareholders in the form of institutional investors started to push for a greater say in corporate decision-making. In the twenty-first century, hedge funds have upped the ante, fighting for major changes in corporations whose shares they own. Once-imperial CEOs have now become embattled as they fight, but often lose, against activist shareholders demanding policy changes, new dividends, board representation, and even the sale or break-up of corporations. In short, things have changed. This Article situates the present-day rise of shareholder power by taking a long view of the previous two centuries, moving beyond traditional accounts to reach all the way back to the beginnings of the American business corporation in the early nineteenth century, then following the story of shareholder power up to the present day. Its long view reveals the complicated and shifting nature of shareholder power, documenting how periods of greater shareholder power were interspersed with periods where shareholders had little power, how the focus of shareholder power has moved from controlling shareholders to autonomous managers, and how shareholder power has ebbed and flowed across the last two centuries. This Article not only provides the backstory to present-day developments, but also suggests that what has appeared as a hallmark of American corporate capitalism—the relative powerlessness of shareholders—may only have been typical of a few decades in the middle of the twentieth century. * J.D., Ph.D. Professor of Law, Temple University James E. Beasley School of Law. This Article expands and draws on an earlier work, Shareholder Power in America: A Short History, in RESEARCH HANDBOOK ON SHAREHOLDER POWER (Hill & Thomas, eds.) (forthcoming 2015), and benefitted from comments on that chapter made at conferences at Vanderbilt University School of Law and the National University of Singapore’s Center for Law and Business, as well as more specific comments and suggestions from Marco Becht, Brian Cheffins, Ronald Gilson, and Randall Thomas. Work on this Article was supported by a summer grant from the Temple University Beasley School of Law. 1 Wells: A Long View of Shareholder Power: From the Antebellum Corporation Published by UF Law Scholarship Repository, 2016 1034 FLORIDA LAW REVIEW [Vol. 67 INTRODUCTION 1034 I. SHAREHOLDER POWER IN ANTEBELLUM AMERICA 1039 II. SHAREHOLDER POWER IN THE FIRST GILDED AGE 1052 III. THE TWENTIETH-CENTURY SHAREHOLDER AND THE SEPARATION OF OWNERSHIP AND CONTROL 1065 IV. SHAREHOLDER POWER IN AN ERA OF POWERLESSNESS ........ 1074 A. The 1950s and the Gadflies 1074 B. The 1960s and Social Issues Investing 1083 V. THE END OF THE CENTURY: INSTITUTIONAL INVESTORS AND THE NEW SHAREHOLDER ACTIVISM 1085 A. Institutional Investors and New Shareholder Power 1085 B. A Look Forward 1096 CONCLUSION 1098
Asset prices and efficiency in a Krebs economy

© 2014 Elsevier Inc. I study the asset pricing implications and the efficiency of a tractable dynamic stochastic general equilibrium model with heterogeneous agents and incomplete markets along the lines of Krebs (2003a). Contrary to previous applications of these types of models, I find that generically the distribution of idiosyncratic shocks affects the risk premia of aggregate shocks and that the equilibrium is constrained inefficient in the sense that a planner can Pareto improve the equilibrium outcome by assigning different portfolio choices to agents. The inefficiency is caused by a 'portfolio externality': the average portfolio of the economy affects the portfolio return of each agent. The constrained efficient outcome can be achieved through linear taxes and subsidies that I characterize in closed-form.
Of Holocausts and Gun Control

We argue the connection between the restrictiveness of a country’s civilian weapons policy and its ability to commit genocide upon its own people. Though it is a long step between being disarmed and being murdered – one does not usually lead to the other – it is nevertheless an arresting reality that not one of the principal genocides of the twentieth century, and there have been dozens, has been inflicted on a population that was armed. The essence of deterrence is not to deal with trouble once it starts, but to keep it from starting in the first place.
Updating allowance allocations in cap-and-trade: Evidence from the NOx Budget Program

Abstract The level and distribution of the costs of tradable allowance schemes are important determinants of whether the regulation is enacted. Theoretical and simulation models have shown that updating allowance allocations based on firm emissions or output can improve the efficiency of the scheme by acting as a production subsidy. Using the U.S. NOx Budget Program as a case study, this analysis tests whether electricity generators in states which chose an updating allocation increase their electricity production relative to plants in states that chose a fixed allocation. Econometric results provide evidence that updating allocations lead to an increase in generation for natural gas combined cycle generators, but not for coal generators. This effect is concentrated in low-demand overnight hours and varies both by the local mixture of coal and NGCC generators and by percentile. These findings imply that an updating allocation confers a modest but meaningful subsidy to production relative to a fixed allocation and that firm responses are heterogeneous based on production technology and market conditions.
Preparedness for Financial Emergencies: Evidence from the Survey of Consumer Finances

The 1998 and 2001 Survey of Consumer Finances were used to compare the emergency fund adequacy of households. A low percentage of households met the 2-month, 3-month, and 6-month income guidelines for the quick, intermediate, and comprehensive measures in both years. More than 50% of households did not meet any of the guidelines. There was no difference in likelihood of meeting the guidelines in 1998 and 2001. Results of the logistic regression indicated that age, education, income, marital status, race, homeownership, retired status, selfemployment, savings horizon, spending behavior, and risk behavior were significant determinants of the likelihood of meeting the guidelines.
Assessing the impact of the Chinese stimulus package at home and abroad: A damp squib?

Abstract The November 2008 Chinese stimulus package seemed to provide almost ideal preconditions for governmental success based upon its size, its concentration on infrastructure, accompanying fiscal expansion at the local level, and supportive expansions in bank lending rates. Our sectoral-level analysis suggests that investor reactions were quite tightly focused, however, with Shanghai market outperformance concentrated primarily in the nation's property, construction, and building materials sectors. Further significant post-stimulus gains accrued to the specifically targeted automobile, steel and textile industries. Meanwhile, Chinese company listings in Hong Kong and New York evinced little sectoral outperformance.
Security analysis and market making

In this paper we analyze the interrelatedness of security analysis and market-making activities. Our results indicate that there exists a bidirectional and positive relation between analyst following and the number of market makers. Using detailed data on analyst and dealer affiliations, we also find that dealers are more likely to make markets in stocks that are tracked by analysts who are affiliated with the same company. Similarly, analysts follow and issue earnings forecasts more proactively for stocks that are handled by affiliated market makers. We interpret these results as evidence that analysts and market makers work as a team to benefit the company. We discuss a possible conflict of interest between investors and brokerage firms that arises from this collaborative endeavor between analysts and dealers.
Landscapes of the Law: Injury, Remedy, and Social Change in Thailand

Sociolegal theorists since Weber have postulated that state law operates by interacting with and responding to nonstate legal orders. This article, examining conceptions of injury and compensation in Thailand, analyzes two ways of mapping law onto the landscape. The first is associated with state law and legal institutions established at the turn of the twentieth century. The state legal system imagines space from the outside in, drawing a boundary line and applying law uniformly throughout the jurisdiction it has enclosed. A second type of mapping, which has been more familiar over the centuries to ordinary Thai people, imagines space from the inside out. Nonstate legal orders are associated with sacred centers and radiate outward, diminishing in intensity and effectiveness with distance. This article, based on extensive interviews with injured persons and other actors and observers in northern Thailand, examines the interconnections between these two ways of imagining the landscape of law. It suggests that recent transformations of Thai society have rendered ineffective the norms and procedures associated with the law of sacred centers. Consequently, state law no longer interacts with or responds to nonstate law and surprisingly plays a diminished role in the lives of ordinary people who suffer injuries.
Error Bounds for Dynamical Spectral Estimation.

Dynamical spectral estimation is a well-established numerical approach for estimating eigenvalues and eigenfunctions of the Markov transition operator from trajectory data. Although the approach ha...
Demonstration of quantum volume 64 on a superconducting quantum computing system

We improve the quality of quantum circuits on superconducting quantum computing systems, as measured by the quantum volume, with a combination of dynamical decoupling, compiler optimizations, shorter two-qubit gates, and excited state promoted readout. This result shows that the path to larger quantum volume systems requires the simultaneous increase of coherence, control gate fidelities, measurement fidelities, and smarter software which takes into account hardware details, thereby demonstrating the need to continue to co-design the software and hardware stack for the foreseeable future.
On quasisymmetric plasma equilibria sustained by small force

We construct smooth, non-symmetric plasma equilibria which possess closed, nested flux surfaces and solve the magnetohydrostatic (steady three-dimensional incompressible Euler) equations with a small force. The solutions are also ‘nearly’ quasisymmetric. The primary idea is, given a desired quasisymmetry direction is close to a symmetry of Euclidean space, then these are solutions on flat space up to a small forcing.
Interplay of physically different properties leading to challenges in separating lanthanide cations - an ab initio molecular dynamics and experimental study.

Lanthanide elements have well-documented similarities in their chemical behavior, which make the valuable trivalent lanthanide cations (Ln3+) particularly difficult to separate from each other in water. In this work, we apply ab initio molecular dynamics simulations to compare the free energies (ΔGads) associated with the adsorption of lanthanide cations to silica surfaces at a pH condition where SiO− groups are present. The predicted ΔGads for lutetium (Lu3+) and europium (Eu3+) are similar within statistical uncertainties; this is in qualitative agreement with our batch adsorption measurements on silica. This finding is remarkable because the two cations exhibit hydration free energies (ΔGhyd) that differ by >2 eV, different hydration numbers, and different hydrolysis behavior far from silica surfaces. We observe that the similarity in Lu3+ and Eu3+ ΔGads is the result of a delicate cancellation between the difference in Eu3+ and Lu3+ hydration (ΔGhyd), and their difference in binding energies to silica. We propose that disrupting this cancellation at the two end points, either for adsorbed or completely desorbed lanthanides (e.g., via nanoconfinment or mixed solvents), will lead to effective Ln3+ separation.
Parallel binary code analysis

Binary code analysis is widely used to help assess a program's correctness, performance, and provenance. Binary analysis applications often construct control flow graphs, analyze data flow, and use debugging information to understand how machine code relates to source lines, inlined functions, and data types. To date, binary analysis has been single-threaded, which is too slow for convenient use in performance tuning workflows where it is used to help attribute performance to complex applications with large binaries. This paper describes our design and implementation for accelerating the task of constructing control flow graphs (CFGs) from binaries by using multithreading. Prior research focuses on algorithms for analysis of challenging code constructs encountered while constructing CFGs, including functions sharing code, jump tables, non-returning functions, and tail calls. These algorithms are described from a program analysis perspective and are not suitable for direct parallel implementation. We abstract the task of constructing CFGs as repeated applications of several core CFG operations that include creating functions, basic blocks, and edges. We then derive CFG operation dependency, commutativity, and monotonicity. These operation properties guide our design of a new parallel analysis for constructing CFGs. Using 64 threads, we achieved as much as 25× speedup for constructing CFGs and 8× for a performance analysis tool that leverages our new analysis to recover program structure.
Knowledge Distillation as Semiparametric Inference

A popular approach to model compression is to train an inexpensive student model to mimic the class probabilities of a highly accurate but cumbersome teacher model. Surprisingly, this two-step knowledge distillation process often leads to higher accuracy than training the student directly on labeled data. To explain and enhance this phenomenon, we cast knowledge distillation as a semiparametric inference problem with the optimal student model as the target, the unknown Bayes class probabilities as nuisance, and the teacher probabilities as a plug-in nuisance estimate. By adapting modern semiparametric tools, we derive several new guarantees for the prediction error of standard distillation and develop several enhancements with improved guarantees. We validate our findings empirically on both tabular data and image data and observe consistent improvements from our knowledge distillation enhancements.