cssi/SciSciGPT-SciSciNet huggingface dataset:
Rethinking emerging markets

The Mexican financial crisis of late 1994 and early 1995 resulted in a linked collapse of stock market values in almost all developing countries, regardless of economic policies or performance. The contagion effect was clear, and much commented on, if not fully explainable by either theory or past experience. Other Latin American equity markets, being close to ground zero, universally declined by 15% to 30% in less than a month. So did markets in Asia, where price indexes in Hong Kong, Singapore, Taipei, Seoul and Bangkok dropped 10% to 15% in a matter of days. Markets in Poland, Hungary and the Czech Republic were off by similar amounts.
Party, Policy, or Duty: Why Does the Supreme Court Invalidate Federal Statutes?

The Supreme Court’s invalidation of democratically enacted statutes has been variously described as a tool of partisan entrenchment, a reflection of policy disagreement, and an expression of legal principle. Because the justices are nominated and confirmed by partisan officials, they might use their authority to promote the interests of their own partisan coalition, perhaps by striking down objectionable statutes leftover from the previous partisan order, recently adopted by a new governing coalition, or enacted by the justices’ partisan opponents during a period of divided government. Alternatively, the justices might use their power of judicial review simply to promote their own policy preferences. Even if these preferences are usually consistent with those of the governing coalition, they will sometimes diverge, in which case the justices will follow the former rather than the latter. With each justice voting to strike down those statutes he or she would have opposed if he or she were a legislator, the Court will exercise judicial review whenever the median policy preference on the Court (at the time of the constitutional challenge) is different from the pivotal policy preference in Congress (at the time of enactment). Then again, it may be that the justices sometimes act for reasons that are specific to their job description. The justices might, that is, invalidate a congressional statute because it violates some institutionally rooted conception of the duties of Article III judges, and they might do so even when they themselves support the policy they are invalidating. Each of these explanations, it turns out, makes sense of some of the Court’s recent exercises of judicial re
Patent Statistics as an Innovation Indicator? Evidence from The Hard Disk Drive Industry

We assess the usefulness of patent statistics as an indicator of innovation, using a direct measure of innovation in the hard disk industry (1976–1998). Three findings emerge: (i) patents “predict” innovations better than a random guess, and a simple refinement makes them more useful; (ii) conditional on actually innovating, conglomerates and larger firms patent more than specialised startups and smaller firms; and (iii) patent reforms seem to make the patent—innovation relationship nonstationary. These results suggest that researchers should use caution when comparing patents of different types of firms and across years.
The Not So Fine Print of Environmental Law

The field of environmental law first emerged in the late 1960s and early 1970s as a discipline of broad malleable phrases. These phrases have been supplanted in subsequent years by the increasingly detailed minutiae of environmental statutes and regulations. This Article argues that modern microenvironmental law is dominated by fine print exhibiting three attributes: (1) it is hidden and difficult to detect; (2) it has been crafted by actors who seek to use it to their advantage; and (3) it leads to unexpected outcomes. As a result, modern environmental law is seldom what it appears to be. Using illustrations drawn from the Clean Air Act and from the Resource Conservation and Recovery Act, the Article demonstrates that the initial appearances of environmental control schemes can be misleading, because the schemes are vastly different once their fine print has been explored. The Article closes with an urgent call for the scholarly illumination of microenvironmental law, warning that a failure to plumb the fine print will result in a regime in which we deceive ourselves about the real meaning and effects of environmental law.
The Constitution and Revenge Porn

Most of the recently enacted revenge-porn laws are unconstitutional as content-based regulations of speech unless (as is unlikely) they can either (i) pass strict scrutiny or (ii) fit within one of the recognized categorical exceptions to First Amendment protection. By paying close attention to the constitutional precedents, however, a legislature should be able to write a law that addresses the primary harms of revenge porn without resorting to the content discrimination which subjects the law to strict scrutiny. One approach, suggested here, is to frame the law so that it establishes an otherwise valid crime whose burden on speech can be regarded as only “incidental” (within the meaning of O’Brien and other precedents). By avoiding the content-discrimination trap, such a law should be able to thus survive constitutional scrutiny for the same reasons that, for example, the Title VII harassment prohibitions are constitutional. There are, however, no guarantees. Any such a law would still represent, in the final analysis, an attempt by government to suppress speech it does not favor, and the basic meaning of the First Amendment is to prohibit exactly that sort of thing.
The New American Privacy

Conventional wisdom paints U.S. and European approaches to privacy at irreconcilable odds. But that portrayal overlooks a more nuanced reality of privacy in American law. The free speech imperative of U.S. constitutional law since the civil rights movement shows signs of tarnish. And in areas of law that have escaped constitutionalization, such as fair-use copyright and the freedom of information, developing personality norms resemble European-style balancing. Recent academic and political initiatives on privacy in the United States emphasize subject control and contextual analysis, reflecting popular thinking that is not so different after all from that which animates Europe’s 1995 directive and 2012 proposed regulation. For all the handwringing in the United States over encroachment by anti-libertarian EU regulation, a new American privacy is already on the rise.
Global Collective Bargaining on Flag of Convenience Shipping

The most significant case of transnational union bargaining co-ordination in existence is in the maritime shipping industry. A global union association, the International Transport Workers’ Federation (ITF), and a global employers’ federation, the International Maritime Employers’ Committee (IMEC), now negotiate over pay scales for seafarers on Flag of Convenience (FOC) ships. These negotiations set the pattern for pay and working conditions for a signifi-cant portion of the global seafaring work-force. The ITF brought about global wage bargaining by building and enforcing a global inter-union consensus between developed and developing countries around a uniform wage rate.
Evaluating Investments For Services: A Value Chain Analysis Framework

This paper presents a framework based on value chain analysis to evaluate investments for services. The rationale for this approach is that to properly evaluate the benefits of any services investments, the value and cost interactions resulting from different business processes or activities need to be considered. To achieve reliable cost estimations, the framework employs a costing system, which integrates activity-based costing with the economic value added performance measure. The proposed framework is illustrated using a hypothetical case of an information technology investment in a car repair shop.
Cost-Effectiveness of Interventions to Prevent HIV and STDs Among Women: A Randomized Controlled Trial

Injection drug use is a leading transmission route of HIV and STDs, and disease prevention among drug users is an important public health concern. This study assesses cost-effectiveness of behavioral interventions for reducing HIV and STDs infections among injection drug-using women. Cost-effectiveness analysis was conducted from societal and provider perspectives for randomized trial data and Bernoullian model estimates of infections averted for three increasingly intensive interventions: (1) NIDA’s standard intervention (SI); (2) SI plus a well woman exam (WWE); and (3) SI, WWE, plus four educational sessions (4ES). Trial results indicate that 4ES was cost-effective relative to WWE, which was dominated by SI, for most diseases. Model estimates, however, suggest that WWE was cost-effective relative to SI and dominated 4ES for all diseases. Trial and model results agree that WWE is cost-effective relative to SI per hepatitis C infection averted ($109 308 for in trial, $6 016 in model) and per gonorrhea infection averted ($9 461 in trial, $14 044 in model). In sensitivity analysis, trial results are sensitive to 5 % change in WWE effectiveness relative to SI for hepatitis C and HIV. In the model, WWE remained cost-effective or cost-saving relative to SI for HIV prevention across a range of assumptions. WWE is cost-effective relative to SI for preventing hepatitis C and gonorrhea. WWE may have similar effects as the costlier 4ES.
Will Merging Access Controls and Rights Controls Undermine the Structure of Anticircumvention Law

Copyright owners are increasingly using technological measures, often referred to as "digital rights management" systems, to protect their works in digital formats. In 1998, Congress granted copyright owners legal remedies against the circumvention of such measures and against the suppliers of circumvention technologies. This Article considers how the complex structure of these legal protections might affect copyright owners' choices of which technological measures to deploy. Because Congress provided stronger protection to measures controlling access to copyrighted works than it provided to measures controlling copyright owners' rights in those works, copyright owners might prefer access controls to rights controls. In practice, however, copyright owners may be able to employ technological protection systems that incorporate both an access control and a rights control. So far, courts have treated such "merged" control measures as entitled to the legal protections afforded both access-control and rights-control measures. The Article next considers the impact on consumers of copyright owners' use of merged control measures. Congress expressly provided less protection for rights controls in order to allow consumers to make noninfringing uses of copyrighted works in protected digital format. By protecting merged control measures as both access controls and rights controls, courts may undermine this congressional scheme for balancing protections for copyright owners and the public's interest in noninfringing use. Finally, the Article explores possible responses to the potential threat posed by the deployment of merged control measures, including amending the legal protections for technological control measures to allow the circumven© 2003 R. Anthony Reese t Assistant Professor, School of Law, The University of Texas at Austin. B.A., Yale University; J.D., Stanford Law School. I thank Graeme Dinwoodie, Paul Goldstein, and Christopher Leslie for comments on earlier drafts. I thank Beth Youngdale of the Tarlton Law Library for research assistance. BERKELEY TECHNOLOGY LAW JOURNAL tion of a merged control measure where the post-circumvention use of the protected work is noninfringing.
The price of skill: Performance evaluation by households

Abstract Skilled investors make money off uninformed investors. By acting as intermediaries, they provide a hedge to the uninformed investors themselves. I present a model in which households have imperfect information about expected returns. Non-traded income shocks lead them to rebalance, sometimes at the wrong time. Active funds hedge this risk by trading on superior information. In equilibrium, they pay off when non-traded income disappoints, earning a premium that makes them appear to underperform index funds after fees. Empirical results using aggregate fund flows support the model. A corresponding asset pricing test can account for the apparent underperformance of active funds.
Cost Inefficiency, Size of Firms, and Takeovers

This study, using the Cox proportional hazards model, finds that the risk of takeover rises with cost inefficiency. It also finds that a firm faces a significantly higher risk of takeover if its cost performance lags behind its industry benchmark. Moreover, these findings appear to be remarkably stable over the nearly two decades spanned by the sample. The effect of the variables used to measure the risk-size relationship, however, indicates temporal changes. Lastly, the study presents evidence from fixed-effects models of ex post cost efficiency improvements that support the hypothesis that takeover targets are selected based on the potential for improvement.
The Administrative Law of Global Private-Public Regulation: the Case of Forestry

An important ensemble of transnational, transgovernmental regulatory institutions has emerged in the forestry sector over the past decade. These 'forest certification' programmes set global standards for proper forest management and apply them through institutionalized licensing and inspection programmes. Similar programmes are appearing in other sectors. Developed largely by environmental NGOs and industry associations rather than governments, forest certification programmes are nominally voluntary, but are becoming increasingly mandatory in practice. They are also gradually linking with government regulatory and management programmes in various ways, while remaining in tension both with each other and with government programmes. The overall regulatory system is thus highly dynamic, as the programmes compete with each other for business and also with government regulatory programmes for public acceptance. This paper describes and assesses the administrative law - i.e., the requirements for rule-making and rule application - of the emerging global forest regulatory system. It finds that while the certification programmes are becoming increasingly transparent and participatory, often comparing favourably with government programmes, some of them still need considerable improvement and all of them face serious challenges. It concludes with a discussion of the problem of accountability,
Greener and cleaner? The signaling accuracy of U.S. voluntary environmental programs

Voluntary environmental programs (VEPs) have become a popular alternative to traditional regulation. However, little is known about whether these programs are sending accurate signals about the environmental practices of their participants. As a means for understanding signaling accuracy, this research investigates VEP design characteristics. The findings suggest that there are four distinct types of programs with varying degrees of rigor. Because information for differentiating among program types is limited, less rigorous VEPs can signal that their administrative, environmental performance and conformance requirements are comparable to programs with more robust designs. Further, the lack of monitoring and sanctions in less rigorous programs create opportunities for participants to free-ride and receive benefits without satisfying VEP requirements. Unless some means of distinguishing among program types is implemented, these issues can threaten the long term viability of VEPs as a tool for environmental protection, and the credibility of market mechanisms more broadly.
Synthesis of New Neutron Rich Heavy Nuclei:. AN Experimentalist's View

I attempt to experimentally evaluate the prospects of synthesizing new neutron-rich superheavy nuclei. I consider three possible synthetic paths to neutron-rich superheavy nuclei: (a) the use of neutron-rich radioactive beams. (b) theuse of damped collisions and (c) the use of multi-nucleon transfer reactions. Iconsider the prospects of synthesizing new n-rich isotopes of Rf-Bh using lightn-rich radioactive beams and targeted beams from ReA3, FRIB and SPIRAL2.For the damped collision path, I present the results of a study of a surrogatereaction,
Judicial Compensation and the Definition of Judicial Power in the Early Republic

Article III's provision for the compensation of federal judges has been much celebrated for the no-diminution provision that forecloses judicial pay cuts. But other features of Article Ill's compen...
Can Shale Gas Help Accelerate the Transition to Sustainability

Few energy issues in recent decades have proven as contentious as shale gas. The rapid recent development of shale gas in the United States has reduced gas prices, helped the U.S. economy recover f...
Japan's Experience with Deposit Insurance and Failing Banks: Implications for Financial Regulatory Design?

This paper examines three decades of Japanese experience with deposit insurance and failing banks, and analyzes the implications of that experience for bank safety-net reform in other countries. To date, the literature and policy debate on deposit insurance have been heavily colored by U.S. banking history and focus almost exclusively on explicit deposit protection schemes. Analysis of Japan’s safety-net experience suggests that (1) deposit insurance, for all its flaws, is superior to the real-world alternative—implicit government protection of depositors and discretionary regulatory intervention in bank distress; (2) a well-designed explicit deposit insurance system that includes a credible bank-closure policy is the starting point for the design of effective private alternatives to a government-run safety net; and (3) the trend toward greater institutionalization of the Japanese safety net—culminating in recent legislation to address the financial crisis—reflects increased political competition and greater emphasis on legal as opposed to reputational systems of economic ordering in that country.
Does Crowdfunding Benefit Entrepreneurs and Venture Capital Investors

Problem definition: We study how a new development in entrepreneurship—crowdfunding—interacts with more traditional financing sources such as venture capital investors (VCs) and bank financing. Aca...
Liberalization of import restrictions on capital goods and the balance of payments

This paper examines the impact of capital import liberalization on the balance of payments when protection takes the form of a quota and when it takes the form of a tariff. Since tariff liberalization affects tax revenues, the analysis of tariff liberalization allows for a fiscal imbalance and a mechanism by which the fiscal imbalance is covered, namely an inflation tax. The analysis shows that the economy experiences a series of balance of payments deficits following trade liberalization, but an open capital account reduces the magnitude of these deficits.
Chevron's Consensus

For nearly a quarter-century, federal courts have deferred to administrative agencies' statutory interpretations under the renowned Chevron doctrine. Despite Chevron's widespread appeal, its theoretical foundations remain contested. Judges and academics have debated whether Chevron rests on a theory of congressional delegation, administrative expertise, deliberative rationality, the executive branch's political responsiveness and accountability, or concerns for national regulatory uniformity. This Article challenges the terms of this longstanding debate by demonstrating that Chevron does not rest exclusively upon any of these competing rationales. Instead, Chevron forges a pragmatic consensus between several leading theories, none of which can properly be considered redundant. By embracing pluralism and practical wisdom in statutory interpretation, Chevron furnishes an enduring response to the fragmentation of contemporary legal and political theory. In United States v. Mead Corporation, the Supreme Court appeared to abandon Chevron's consensus by endorsing congressional delegation as the touchstone for Chevron deference. By all accounts, Mead has sown confusion and discord in the circuit courts. What Mead's critics have failed to appreciate, however, is that the Supreme Court actually employs the congressional delegation theory instrumentally to sustain Chevron's consensus: Where agency decision-making processes satisfy all of the leading rationales for deference, the Court applies Chevron. Conversely, where any of the leading rationales for deference remains unsatisfied, the Court evaluates agency statutory interpretations under the residual Skidmore test. The time has come to dismantle Mead's delegation fiction and expressly reconstruct Chevron's pluralist consensus as the definitive test for Chevron deference. By candidly reaffirming Chevron's consensus, the Supreme Court would clarify the scope of Chevron's domain and enhance judicial transparency and accountability in statutory interpretation.
Understanding Corporate Governance Through Learning Models of Managerial Competence

A manager’s shareholders, board of directors, and potential future employers are continually assessing his ability. A rich literature has documented that this insight has profound implications for corporate governance because assessment generates incentives (good and bad), introduces assorted risks, and affects the various battles that rage among the relevant actors for corporate control. Consequently, assessment (or learning) is a key perspective from which to study, evaluate, and possibly even regulate corporate governance. Moreover, because learning is a behavior notoriously subject to systematic biases, this perspective is a natural avenue through which to introduce behavioral and psychological insights into the study of corporate governance. JEL classification: G34, M12, D83, D81
Prosecutorial Use of Expert Testimony in Domestic Violence Cases: From Recantation to Refusal to Testify

This article discusses the use of expert testimony in prosecuting those charged with domestic abuse. Part I provides a background on the need and nature of expert testimony in domestic violence cases and the requirements for the admission of such expert testimony. It traces the development of the role of expert testimony in domestic violence cases from its initial exclusive use as a defense tool to support self-defense claims to its present use by prosecutors to explain a complainant's recantation or other puzzling behavior. Part II discusses the appellate cases that have addressed the admissibility and scope of expert testimony offered by the prosecution in domestic abuse cases. It then analyzes the proper uses of the expert testimony, including when the State may introduce the testimony and what guidelines courts should follow to ensure that its probative value outweighs any prejudicial effect on the defendant. Part III applies the existing case law to the uncharted issue of whether the courts should allow expert testimony to explain a complainant's outright refusal to testify.
Internal capital markets and the partial adjustment of leverage

Abstract Prior literature provides support both for the existence of target capital structures and internal capital markets (ICM). The issue of whether firms use internal capital markets to reduce deviations from target capital structures, however, has yet to be examined. We provide the first empirical evidence of a link between deviations from target leverage and ICM activity. Based on data that allow us to trace intra-group capital market transactions for property–casualty insurers, our findings provide the first joint evidence that affiliated insurance companies have target leverage ratios and that ICM activity is used to manage deviations from target leverage.
Harvesting Altruism in Open-Source Software Development

Firms have the choice of developing software as either open source or closed source. The open-source approach to software development has been advocated as a new and better method for developing high quality software than the traditional closed-source approach. In open source, volunteer programmers freely contribute code to develop and improve the software. This paper describes the key nonpecuniary motivations for these programmers. They are less motivated to contribute if they observe commercial marketing of the open-source software they helped create, leading to a reduction in improvements to the software. A primary concern for software firms seeking to develop and market open-source software is, thus, how the motivation of contributors should be managed. We examine optimal pricing strategies for open-source and closed-source software keeping in mind the distinct motivations of programmers in the two cases. We compare profits and software qualities from the two approaches and provide implications for firms in the software industry.
The impact of the euro on risk exposure of the world’s major banking industries

Abstract In this paper, we examine if the introduction of the euro impacted the risk exposures, risk premiums and, hence, the cost of equity of the banking industry of 11 Eurozone countries, five non-Eurozone European countries, and three non-European countries. Using a multi-factor asset-pricing model that allows time variation in the risk exposures, we find a statistically significant and economically large decline in the cost of equity of the banking industry across the three groups of countries following the introduction of the euro. Though we find an increase in the market and currency exposures after the euro, consistent with increased competition among banks, the fall in the cost of equity arises from an economically large decline in the currency premium. As expected, the Eurozone banking industry experienced the largest decrease. Our results are inconsistent with the argument that increased banking competition arising from the legislative changes accompanying the introduction of the euro would result in an increase in the overall risk premium of the banking sector.
External Financing and the Role of Financial Frictions over the Business Cycle: Measurement and Theory

We examine the quantitative importance of financial market shocks in accounting for business cycle fluctuations. We emphasize the role financial markets play in reallocating funds from cash-rich, low productivity firms to cash-poor, high productivity firms. Using evidence on financial flows at the firm level, we find that for publicly traded firms (in Compustat), almost all investment is financed internally. However, using an alternative data source (Amadeus), we find that most investment by privately held firms is financed through borrowing. Motivated by these observations, we build a quantitative model featuring publicly and privately held firms that face collateral constraints and idiosyncratic risk over productivity as well as non-financial linkages. In our calibrated model, we find that a shock to the collateral constraints which generates a one standard deviation decline in the debt-to-asset ratio leads to a 0.5% decline in aggregate output on impact, roughly comparable to the effect of a one standard deviation shock to aggregate productivity in a standard real business cycle model. In this sense, we find that disturbances in financial markets are a promising source of business cycle fluctuations when non-financial linkages across firms are sufficiently strong.
The Personal, the Political, and Race

T ¥ ith the election of Barack Obama, newspapers and pundits announced that America had finally moved beyond race, a claim with which many scholars of American race relations strongly disagreed (Barnes 2009; Cho 2009; Hutchings 2009). One clear sign that America is not in some sort of postracial moment is that even now, when the topic is racial inequality, for many Americans the "personal" is also political. Contrary to the pundits' announcement, guided more by hope than by expectation, one of the enduring cleavages in this society is how the state should address issues of racial inequality. Some favor a more interventionist approach that involves the government stepping in to correct racial inequality; others feel that the government should not intervene (Hutchings 2009). The difference in these approaches is decidedly political. One of the most direct ways of thinking about how the personal becomes political is the relationship demonstrated in Richard Lempert's Law & Society Association Presidential Address. Lempert's address illuminates the relationship between one's background or experiences and the beliefs that one has come to hold. Lempert begins his address with a few incidents from his past because he says these aspects of his life "shaped my commitment to racial equality especially black-white equality" (p. 431, this issue). We might think of an experience that creates a significant impression on us and thus sets the stage for later ideas about race as a personal, or individual, "racial origin" story. Such stories can lead an individual to develop a commitment to racial equality, and that was the case for Lempert. The racial origin story in Lempert's address is a complicated one involving his parents' experience of discrimination as Jews. It also involves several encounters of his own with blacks, including one encounter with black inequality (attending the birthday party of the son of his family's domestic) and another with an African Harvard Law School student. Lempert is not alone in telling a racial origin story.1 Such stories are often used to explain the origins of racial progressiveness.
Labor markets with endogenous job referral networks: Theory and empirical evidence

Abstract This paper develops a model of frictional job search in which job referral networks evolve endogenously in response to local labor market conditions. An intuitive “Network Balance” condition characterizes the equilibrium density of the job referral network. The model helps explain observed counter-cyclical movements in referral-based search, and shows that endogenous referral networks may amplify labor market shocks. It also implies that the use of referrals by others limits the effectiveness of referral-based search. I find support for this prediction using data from the Cornell National Social Survey. The data show workers are less likely to find jobs through referral in markets where referrals are more widely used.
The Pricing of Bonds and Bank Loans in International Markets: An Empirical Analysis of Developing Countries' Foreign Borrowing

Abstract Most recent empirical studies on creditworthiness and country risk have dealt with the international bank loan market, and have ignored the bond market in their effort to analyze the process of determination of default risk premia. In this paper data on both bank loans to the LDCs and on bonds issued by LDCs are used to analyze empirically several aspects related to developing countries' foreign borrowing and country risk. The paper analyzes three basic problems. First, some of the more important implications of modern models of LDCs foreign borrowing are tested. In particular the supposed positive effect of the level of indebtedness on the risk premium is investigated. Second, the pricing of bonds and bank loans are explicitly compared, in order to test whether, as sometimes has been argued, these two markets are significantly different. And third, data on yields on LDC bonds in the secondary market are analyzed to investigate the extent to which the market anticipated the debt crisis, and how it reacted to it. The main results obtained can be summarized as follows: First, both the bank loans and bonds data confirm some of the more important implications of foreign borrowing models. Specifically, the positive effect of higher debt ratios on the risk premium is confirmed. Second, it is found that the pricing of bonds and bank loans has somewhat differed. And third, it is found that the market anticipated by only a few weeks — and only partially — the world debt crisis of 1982. Finally, some policy implications that emerge from these findings are discussed.
Price and capacity competition

We study the efficiency of oligopoly equilibria in a model where firms compete over capacities and prices. Our model economy corresponds to a two-stage game. First, firms choose their capacity levels. Second, after the capacity levels are observed, they set prices. Given the capacities and prices, consumers allocate their demands across the firms. We establish the existence of pure strategy oligopoly equilibria and characterize the set of equilibria. We then investigate the efficiency properties of these equilibria, where “efficiency” is defined as the ratio of surplus in equilibrium relative to the first best. We show that efficiency in the worst oligopoly equilibria can be arbitrarily low. However, if the best oligopoly equilibrium is selected (among multiple equilibria), the worst-case efficiency loss is 2( √ N − 1)/(N − 1) with N firms, and this bound is tight. We also suggest a simple way of
Organizational choice in R&D alliances: Knowledge-based and transaction cost perspectives

This study examines how firms choose organizational form for their R&D alliances. Encouraging cooperation in these alliances is often challenging, given the difficulties in knowledge sharing between partners and protecting the property rights over partner knowledge. Interestingly, knowledge-based and transaction cost perspectives generate different hypotheses on alliance organization choice in this setting. When partner knowledge bases are very different, the risk of unintended transfer or leakage is reduced, yet the need for enhanced communication and knowledge sharing mechanisms remains undiminished. With a sample of 232 R&D alliances, I find more thorough support for the transaction cost hypothesis. Firms more likely select an equity joint venture as partner knowledge bases diverge and knowledge transfer becomes more difficult. When such knowledge bases are very different, however, firms are less likely to choose an equity joint venture over more contractual forms of alliance organization. Thus, these results provide empirical evidence on alliance organization choice and also have important implications for the fundamental question of why firms exist. Copyright © 2004 John Wiley & Sons, Ltd.
Competition, Monopoly, and Aftermarkets

Consider a durable goods producer that has the option of monopolizing an aftermarket such as repair for its own product. An important question is whether such monopolization reduces welfare? We show that the answer to this question is frequently no. In particular, we explore three models that illustrate various ways in which aftermarket monopolization can reduce inefficiencies and thus increase social welfare and frequently also consumer welfare. Our article shows that efficiency enhancing aftermarket monopolization may be much more common than previous literature suggests. (JEL K21, L12, L49) The Author 2009. Published by Oxford University Press on behalf of Yale University. All rights reserved. For permissions, please email: journals.permissions@oxfordjournals.org, Oxford University Press.
In Defense of Regulatory Peer Review

Editors’ Summary: Profs. J.B. Ruhl and James Salzman suggest that random peer reviews be conducted of regulatory agencies’reliance on scientific information in order to better inform regulators and the public of the nature of regulatory decisionmaking. Brian Mannix responds that the laws directing regulatory decisions often create distinctions that are too sharp and that the laws should either allow agencies more decisionmaking discretion or that discretion should be retained for Congress once agencies have conducted fact-finding. Rick Melberth and Gary Bass caution against overreliance on peer review, but acknowledge that the system suggested in the main article may help to collect useful data on existing agency practices.
Integration of IL-2 and IL-4 signals coordinates divergent regulatory T cell responses and drives therapeutic efficacy

Cells exist within complex milieus of communicating factors, such as cytokines, that combine to generate context-specific responses, yet nearly all knowledge about the function of each cytokine and the signaling propagated downstream of their recognition is based on the response to individual cytokines. Here, we found that regulatory T cells (Tregs) integrate concurrent signaling initiated by IL-2 and IL-4 to generate a response divergent from the sum of the two pathways in isolation. IL-4 stimulation of STAT6 phosphorylation was blocked by IL-2, while IL-2 and IL-4 synergized to enhance STAT5 phosphorylation, IL-10 production, and the selective proliferation of IL-10-producing Tregs, leading to increased inhibition of conventional T cell activation and the reversal of asthma and multiple sclerosis in mice. These data define a mechanism of combinatorial cytokine signaling and lay the foundation upon which to better understand the origins of cytokine pleiotropy while informing improved the clinical use of cytokines.
Learning from Feedback: Evidence from New Ventures

This article studies how early-stage entrepreneurs respond to negative feedback about the quality of their ventures. We use data from new venture competitions, some of which privately inform founders of their relative rank. The empirical strategy compares lower and higher ranked losers across competitions in which they did and did not observe their standing. Receiving negative feedback increases average venture abandonment by 13%. Differences in responsiveness—for example, in venture risk, venture maturity, and signal precision—are consistent with particular theories about entrepreneurship, including the importance of experimentation.
The effect of DNA bases permutation on surface-enhanced Raman scattering spectrum

Surface enhanced Raman scattering (SERS) process results in a tremendous increase of Raman scattering cross section of molecules adsorbed to plasmonic metals and influenced by numerous physico-chemical factors such as geometry and optical properties of the metal surface, orientation of chemisorbed molecules and chemical environment. While SERS holds promise for single molecule sensitivity and optical sensing of DNA sequences, more detailed understanding of the rich physico-chemical interplay between various factors is needed to enhance predictive power of existing and future SERS-based DNA sensing platforms. In this work we report on experimental results indicating that SERS spectra of adsorbed single-stranded DNA (ssDNA) isomers depend on the order on which individual bases appear in the 3-base long ssDNA due to intra-molecular interaction between DNA bases. Furthermore, we experimentally demonstrate that the effect holds under more general conditions when the molecules don't experience chemical enhancement due to resonant charge transfer effect and also under standard Raman scattering without electromagnetic or chemical enhancements. Our numerical simulations qualitatively support the experimental findings and indicate that base permutation results in modification of both Raman and chemically enhanced Raman spectra.
The Multitasking Audit Environment: The Effect of Alternative Modes of Communication on Team Performance

Despite the considerable evidence suggesting multitasking reduces performance, multitasking is unavoidable and pervasive in the audit setting. Members of engagement teams are often required to work on multiple engagements simultaneously and their work on one engagement is frequently interrupted due to the demands of another engagement. In hopes of facilitating multitasking, engagement team communications have extended beyond face-to-face interactions to computer mediated communication (CMC) technologies. However, little is known about the performance of multitasking teams under these alternative modes of communication (face-to-face, discussion board, and chatroom). Our study demonstrates that, when multitasking, the performance of audit teams communicating face-to-face is greater than the performance of teams using computer mediated communication (discussion board and chatroom). While we expected enhanced team performance with discussion boards, additional analyses reveal that participants’ familiarity with, and preference for, chatroom features (which are similar to text messaging) may have offset the benefits prior studies have attributed to discussion boards (which are similar to email).
The Distribution of Load on the Threads of Screws

ボルトのねぢに於ける荷重の分布と,これに影響する變形の種々な型とを調べる爲,エキステンソメーターを用ひてナットの外側の變形を測定した.ねぢの各部に於ける荷重の集中と變形の型との關係を求める爲には,唯1捲きのねぢを持つボルトを用ひた.低荷重に於いては完全なボルトと噛合ふ場合のナットの變形はねぢの底の部分に荷重を集中した場合と非常によく似て居り,中央又は自由端に荷重の集中した場合と著しい對照をなす.高荷重に於いては,荷重の分布がより一様となる.變形の測定から分布の推論を行ふ爲の近似的方法を應用する事によつても同じ結論が得られる.荷重の分布に影響するものは次の如くである.(a)ボルト及びナットに於ける延びと縮み.これらは何れも本來底に荷重を集中さす傾向がある.(b)ねぢの曲げ,ナットの壁の圓周方向の延び(底に於いて)及び收縮(自由端に於て).これらは何れも荷重の集中を防ぐのに可成りな效果がある.
Discovery of Clioquinol and Analogues as Novel Inhibitors of Severe Acute Respiratory Syndrome Coronavirus 2 Infection, ACE2 and ACE2 - Spike Protein Interaction In Vitro

Abstract Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), the etiological agent for coronavirus disease 2019 (COVID-19), has resulted in an ongoing pandemic. Presently, there are no clinically approved drugs for COVID-19. Hence, there is an urgent need to accelerate the development of effective antivirals. Herein, we discovered Clioquinol (5-chloro-7-iodo-8-quinolinol (CLQ)), a Food and Drug Administration (FDA) approved drug, and two of its analogues (7-bromo-5-chloro-8-hydroxyquinoline (CLBQ14); and 5, 7-Dichloro-8-hydroxyquinoline (CLCQ)) as potent inhibitors of SARS-CoV-2 infection-induced cytopathic effect in vitro. In addition, all three compounds showed potent anti-exopeptidase activity against recombinant human angiotensin-converting enzyme 2 (rhACE2) and inhibited the binding of rhACE2 with SARS-CoV-2 Spike (RBD) protein. CLQ displayed the highest potency in the low micromolar range, with its antiviral activity showing a strong correlation with inhibition of rhACE2 and rhACE2-RBD interaction. Altogether, our findings provide a new mode of action and molecular target for CLQ and validates this pharmacophore as a promising lead series for the clinical development of potential therapeutics for COVID-19.
Against Polanyian orthodoxy: a reply to Hannes Lacher

Hannes Lacher’s article (2019) misrepresents and then denounces both the substance and the spirit of our book, The Power of Market Fundamentalism: Karl Polanyi’s Critique (2014). Lacher claims his interpretation of Polanyi to be the only acceptable one, and vociferously alerts readers to beware the dangerous influence of our work. Because we continue to believe that familiarity with Polanyi’s theoretical framework is valuable for those resisting the depredations of neoliberalism and authoritarianism, we restate our commitment to interpreting Polanyi’s work in the most capacious way possible, treating it not as Scripture but as a body of work multidimensional enough for varying perspectives. In our reply to Lacher, we revisit several themes central to our book, including Polanyi’s complex use of “utopianism”; the “always-instituted economy”; the gold standard’s attack on the “democratic virus” and the rise of fascism; and Polanyi’s socialist commitment to democratizing the economy. We also suggest that by exploring several apparent puzzles in the text of GT it is possible to derive a more fruitful and powerful interpretation of Polanyi’s thinking.
Loss of bone morphogenetic protein-binding endothelial regulator causes insulin resistance.

Accumulating evidence suggests that chronic inflammation of metabolic tissues plays a causal role in obesity-induced insulin resistance. Yet, how specific endothelial factors impact metabolic tissues remains undefined. Bone morphogenetic protein (BMP)–binding endothelial regulator (BMPER) adapts endothelial cells to inflammatory stress in diverse organ microenvironments. Here, we demonstrate that BMPER is a driver of insulin sensitivity. Both global and endothelial cell-specific inducible knockout of BMPER cause hyperinsulinemia, glucose intolerance and insulin resistance without increasing inflammation in metabolic tissues in mice. BMPER can directly activate insulin signaling, which requires its internalization and interaction with Niemann-Pick C1 (NPC1), an integral membrane protein that transports intracellular cholesterol. These results suggest that the endocrine function of the vascular endothelium maintains glucose homeostasis. Of potential translational significance, the delivery of BMPER recombinant protein or its overexpression alleviates insulin resistance and hyperglycemia in high-fat diet-fed mice and Leprdb/db (db/db) diabetic mice. We conclude that BMPER exhibits therapeutic potential for the treatment of diabetes. Type 2 diabetes is associated with chronic inflammation and is characterized by insulin resistance. Here, the authors identify a crucial role for endothelial BMPER function in glucose homeostasis, and BMPER overexpression was shown to alleviate insulin resistance and hyperglycemia in diabetic mice.
Probelab ReImager: An Open-Source Software for Streamlining Image Processing in an Electron Microscopy Laboratory

Providing high-quality electron images and hyperspectral X-ray maps is a focus of many modern electron microscopy laboratories. Nevertheless, further image processing and annotations are often needed to prepare them for publications and reports. For multi-user facilities, accessibility to processing software can be a limitation either through license costs or availability of processing stations. Open-source software running on multiple platforms allows for post-acquisition data processing in-lab or on user-owned devices. We developed Probelab ReImager to supersede our vendor-supplied acquisition software's exportation by being efficient and highly customizable. This article describes its main features and capabilities.
Gaussian Process-Aided Function Comparison Using Noisy Scattered Data

This work proposes a nonparametric method to compare the underlying mean functions given two noisy datasets. The motivation for the work stems from an application of comparing wind turbine power cu...
Optimal tax systems with endogenous behavioral biases

Abstract We develop an optimal tax framework that combines two recent extensions of tax analysis: a tax-systems emphasis on non-rate policy instruments, and a recognition of the role of behavioral biases. Although the implications of taxpayers’ biases for optimal tax rates have received considerable attention, a complete analysis of this aspect of optimal tax theory must account for the fact that such biases are often endogenous to the non-rate aspects of a tax system. We first generalize and extend the analysis of optimal tax systems to incorporate endogenous behavioral biases. We then develop a novel and important application of this issue, showing how misperception of the tax rate affects the optimal breadth of the tax base.