cssi/SciSciGPT-SciSciNet huggingface dataset:
Easterbrook on Copyright

Naming conventions for law books have always had a certain chunky reductionism to them. Wigmore on Evidence. Corbin on Contracts. Prosser on Torts. You undoubtedly see the pattern. That brings us to Easterbrook on Copyright. Go to any reputable law library and scan the shelves for the great copyright treatises. You will find Nimmer on Copyright (and not just one generation but two, as son David has stepped into father Melville's shoes). If you like your treatises a little smaller, you will undoubtedly turn to Goldstein on Copyright. And if you are a digital sort, you will head to Westlaw and search Patry on Copyright. But look as you will, you will not find Easterbrook on Copyright. Of course, Easterbrook is not a copyright scholar so it hardly seems fair to point out that he did not write a treatise on the subject. The heart of his academic work was antitrust, securities, and corporate law, not intellectual property. Generations of students, law professors, and practicing lawyers have read those works with care, and they remain influential today. But students are not reading Easterbrook on Copyright. It just does not exist. But you have to dig deeper. Once you turn to the copyright casebooks, you see how widely you have missed the mark. You can read his dozen or so copyright opinions in one afternoon and still have time to spare. Put that way, Easterbrook on Copyright might seem like a smallish body of work and might be taken to suggest that he has left no noticeable wake in the law of copyright. The casebooks tell a very different story, as Frank's batting average in copyright is staggeringly high. He has three opinions that turn up repeatedly in copyright casebooks: Nash v CBS, Ine,1 Lee vA.R. T. Co,2 and ProCD, Ine v Zeidenberg!
Trade Execution Costs on NASDAQ and the NYSE: A Post-Reform Comparison

Trade execution costs remain larger on NASDAQ compared to the NYSE in the wake of new SEC-mandated order-handling rules and reductions in tick sizes, but the differential across markets is smaller than in earlier years. Cross-sectional regression analysis indicates that the differences in average trade execution costs are not explained by variation in observable economic factors. Quotations on both markets continue to cluster disproportionately on round fractions, and more so on NASDAQ than the NYSE, but quotation rounding appears not to be responsible for the greater NASDAQ execution costs. Preferencing agreements are highlighted as a likely reason that NASDAQ trade execution costs remain larger.
Municipal Groundwater Management: Optimal Allocation and Control of a Renewable Natural Resource

We study a municipal groundwater management problem to determine optimal allocation and control policies in the presence of water transfer opportunities. We establish and characterize threshold polices governing export or import decisions of a given municipality. In the spirit of the Triple Bottom Line (3BL), we ascertain that exporting (importing) water through a water market defined by an exogenous export/import price is detrimental (beneficial) to both society and the environment within the municipality. In contrast, fixed quantity trading between two municipalities defined by an endogenously negotiated export/import price can have positive as well as negative impacts from a global 3BL perspective. In particular, typical trading scenarios that occur between municipalities can be detrimental to the environment. We also study the implications of privatization, and find that a privatized municipality would be more (less) likely to export (import) water as compared to its non-privatized counterpart, resulting in negative implications for society within the municipality. However, if exports are banned, privatization can benefit the environment by mitigating the damage caused by the extraction differential, a phenomenon analogous to the green paradox. Moreover, careful and restricted privatization of municipalities can lead to positive global 3BL impacts from fixed quantity trading
The States as Laboratories of Statutory Interpretation: Methodological Consensus and the New Modified Textualism

This Article offers the first close study of statutory interpretation in several state courts of last resort. While academics have spent the past decade speculating about the “death of textualism,” the utility of legislated rules of interpretation, and the capacity of judges to agree on a single set of interpretive rules, state courts, as it turns out, have been engaging in real-world experiments in precisely these areas. Several state courts have articulated governing interpretive regimes for all statutory questions. Methodological stare decisis—the practice of giving precedential effect to judicial statements about methodology—is generally absent from federal statutory interpretation, but appears to be a common feature of some states’ statutory case law. Every state legislature in the nation has enacted certain rules of interpretation, which some state courts are, in an unexpected twist, flouting. And, far from textualism being “dead,” what emerges from these state cases is a surprisingly strong consensus methodology—what this Article terms “modified textualism”—a theory that shares textualism’s core components but has broader potential appeal. These state developments offer a powerful counter-paradigm to that of the U.S. Supreme Court, where persistent interpretive divides and a refusal to treat methodological statements as precedential have made interpretive consensus seem impossible. They also highlight that, for all the energy that the statutory interpretation wars have consumed, the legal status of methodology itself—whether it is “law” or something “less”—remains entirely unresolved. author. Associate Professor of Law, Columbia Law School. Many thanks to Chief Justice Shirley Abrahamson, Ittai Bar-Siman-Tov, Richard Briffault, Jim Brudney, Erin Delaney, Chief Justice Paul De Muniz, Phil Frickey, Kent Greenawalt, Scott Hemphill, Helen Hershkoff, Bert Huang, Olati Johnson, Ben Kerschberg, Judge Jack L. Landau, Lance Liebman, Justice Hans Linde, Justice Virginia Linder, John Manning, Jerry Mashaw, Trevor Morrison, Anne Joseph O’Connell, Justice Richard Palmer, Nate Persily, Robert Post, Nick Rosenkranz, Rich Schragger, Jed Shugerman, Reva Siegel, Kate Stith, Peter Strauss, Alan Tarr, Adrian Vermeule, Jim Whitman, Bob Williams, John Witt, participants at presentations at Cardozo, Columbia, Fordham, and Yale law schools, all the judges and lawyers who spoke to me “off the record,” the editors of the Yale Law Journal, and especially to Samuel Bray, Ariela Dubler, Katie Hall, Gillian Metzger, and, most of all, Meir Feder. Nick Bacarisse, Zeke Hill, and Jane Wu provided muchappreciated research assistance. No thanks can capture my gratitude to the two extraordinary teachers to whom this article is dedicated, Bill Eskridge and Henry Monaghan. GLUCK_PRESS_V2WEB.DOC 5/28/2010 6:09:42 PM laboratories of statutory interpretation 1751 article contents
The Drivers of Greenwashing

More and more firms are engaging in greenwashing, misleading consumers about their environmental performance or the environmental benefits of a product or service. The skyrocketing incidence of greenwashing can have profound negative effects on consumer and investor confidence in green products. Mitigating greenwashing is particularly challenging in a context of limited and uncertain regulation. This article examines the external (both institutional and market), organizational and individual drivers of greenwashing and offers recommendations for managers, policymakers, and NGOs to decrease its prevalence.
Do investment banks listen to their own analysts

Abstract To what extent conflicts of interest affect the investment value of sell-side analyst research is an ongoing debate. We approach this issue from a new direction by investigating how asset-management divisions of investment banks use stock recommendations issued by their own analysts. Based on holdings changes around initiations, upgrades, and downgrades from 1993 to 2003, we find that these bank-affiliated investors follow recommendations from sell-side analysts in general, increasing (decreasing) their relative holdings following positive (negative) recommendations. More importantly, these investors respond more strongly to recommendations issued by their own analysts than to those issued by analysts affiliated with other banks, especially for recommendations on small and low-analyst-coverage firms. Thus, we find that investment banks “eat their own cooking,” showing that these presumably sophisticated institutional investors view sell-side recommendations as having investment value, particularly when the recommendations come from their own analysts.
Even More Than You Wanted to Know About the Failures of Disclosure

Nobody reads fine print — even when it matters. The most common regulatory approach to attenuate the (perceived) problem of non-readership has long been mandatory disclosure. Despite it’s theoretical appeal, disclosure has not been found to be fully effective in practice. In More Than You Wanted to Know: The Failure of Mandated Disclosure, Omri Ben-Shahar and Carl Schneider offer the first systematic critique of disclosure regulation in all of its forms, including the latest innovations. This essay reviews the book by focusing on two points. First, it offers fresh evidence on the failure of mandated disclosure by looking at changes in disclosure over time in a common consumer contract, software End User License Agreements (EULAs). The evidence suggests that many of the problems identified by Ben-Shahar and Schneider have only worsened over time. In particular, during the past decade, the average EULA became more accessible and became longer and less buyer-friendly. It also remained highly complex. Second, it pushes back on the claim that consumers crave advice and not data and argues that relying on intermediaries to inform consumers about suffers from many of the problems the authors identify with disclosure regulation.
Property Rights Institutions and Firm Performance: A Cross-Country Analysis

Summary This paper empirically examines the link between firms’ performance and institutional quality using data for firms in 52 countries. We control for potential endogeneity by instruments alternatively based on legal origin and “related-firm” institutions, and by a “bribery” variable. We also use two indicators of institutional quality: firms’ expectations that their contractual and property rights will be protected by the legal system, and a property rights index from The Heritage Foundation. We incorporate firm-specific characteristics including industry type and international linkages. We find significantly positive relationships between firms’ performance and perceived property rights protection independent of other observable firm characteristics.
The National Land Use Policy Act

The federal system in the United States is very similar to the federal system in Argentina. In both countries the states (provinces in Argentina) make the laws that affect property, and states have jurisdiction over natural resources and land use. In both countries, national and state governments have concurrent jurisdiction over "interstate" economic and environmental matters. This makes establishing the balance between these two levels of government difficult in both countries, politically and legally. It also means that the experiences of one nation are at least somewhat relevant to the other.
Lock in and switch: Asymmetric information and new product diffusion

Many new web-based services are introduced as free services. Depending on the seller’s business model, some remain free in the long run, while others switch to pay mode at some point in time. I characterize the relation between buyers and a new service seller when the former are uncertain about the latter’s business model and need to incur a one-time sunk cost before enjoying the new service. I derive a natural signaling equilibrium where the seller plays a “lock-in-and-switch” strategy, while buyers play a “wait-and-see” strategy. Specifically, a high-cost seller starts by pricing at zero and waits for a sufficient number of consumers to adopt the new service, at which point the seller switches to pay mode. In this gradual separation equilibrium, the signal is given not by the price level (which always starts at zero) but rather by the duration of the introductory offer. Finally, I show the equilibrium entails diffusion even though consumers are identical and equally aware of the new service’s existence.
The Federal Employers' Liability Act: Sense and Nonsense about Causation

The Federal Employers’ Liability Act was adopted at the eve of workers’ compensation reform and with the same progressive purpose of facilitating compensation for railroad workers. Unlike workers’ compensation, however, the FELA is reform with a tort wrap-around. A fault requirement was retained, while the infamous trilogy of defenses that so often prevented recovery were abolished or modified.In 1956, the Supreme Court, in Rogers v. Missouri Pacific Railroad Co., addressed the causal requirement adopted by the statute. In words that have reverberated in hundreds of FELA cases since, the Court declared that a defendant was liable if its negligence “played any part, even the slightest, in producing the injury.” To say that subsequent cases reveal confusion about this language is a considerable understatement.This article attempts to provide some coherence in how causation should be understood in the FELA given its statutory language, its progressive purpose, and the Rogers’s interpretation. It begins with an explanation of modern causation doctrine. That doctrine separates two elements that have for too long been combined under the umbrella term “proximate cause,” or in early Restatement vernacular, “legal cause.” Separate consideration of them, in light of the functions they serve, provides a coherent, straightforward, and comprehensive framework, one adopted in the recently published Third Restatement of Torts. The article proceeds to examine the Rogers opinion, catalog its errors, and canvass the confusion that it has generated for over half a decade.The Supreme Court currently has pending a case, CSX Transportation., Inc. v. McBride, that addresses a significant aspect of Rogers and FELA: whether FELA retains any proximate cause (scope of liability, in Restatement parlance) requirement for a defendant’s negligence and, if so, what it is. The Court has an important opportunity to sweep away decades of confusion in it decision. The article concludes with several thoughts about how the Court might reconcile the statutory language, Rogers, and progressive intent of Congress in enacting the FELA.
Planting Seeds of Order: How the State Can Create, Shape, and Use Customary Law

This paper argues that government can strategically trigger the emergence of customary law in order to achieve specific policy ends. While much has been written on customary law, the idea that the State can stimulate its emergence is a radical notion with clear policy implications. Harnessed correctly, such an approach could be a powerful legislative weapon to create, sustain, and even redirect social order. Building upon basic insights from game theory, the paper posits a way to do this: policymakers can deliberately recreate the social conditions that foster the emergence of customary order. The paper, however, draws a sharp divide between the technical and the normative. After laying out how this may technically be achieved, the paper considers the normative legitimacy of this kind of socio-legal engineering, concluding that, while it may be theoretically possible to trigger the emergence of customary law, the normative implications of doing so are quite another matter, and as such it is difficult to see how such policies could ever be casually pursued. BYU Journal of Public Law [Vol. 28 374 Table of
Do journals accept too many papers

Abstract This paper provides a theoretical model for analyzing the behavior of peer-reviewed journals. It finds that, apart from natural human errors, inefficiencies arise purely for reasons of inter-journal strategic behavior. Specifically, as a result of competition, journals tend to set their quality cut-offs excessively low.
What Do Investors Want

Investments, like restaurants, offer both utilitarian and expressive benefits. Diners want more than the utilitarian benefits of low cost and high nutrition when they choose restaurants; they want the utilitarian benefits of tastiness, ambiance, and conformance to culture. And they also want the expressive benefits of status, patriotism, and social responsibility. Similarly, investors want more than the utilitarian benefits of low risk and high expected returns when they choose investments; they want additional utilitarian benefits, and they want expressive benefits as well. Food service trade periodicals discuss both the utilitarian benefits of restaurants and their expressive ones, but finance journals confine themselves to the utilitarian benefits of low risk and high expected returns. Might not the expressive benefits of investments be discussed in future finance journals?
U.S.-Mexico Integration and Regional Economies: Evidence from Border- City Pairs

Abstract In this paper, I examine U.S.–Mexico border-city pairs to see whether integration between the United States and Mexico is contributing to the expansion of economic activity in the border region. To the extent transport costs are the main nontrade policy barriers to trade, we expect regional integration to cause economic activity in border cities to expand. The question I ask is whether the growth of export manufacturing in Mexican border cities increases the demand for goods and services produced in neighboring U.S. border cities. I estimate demand links between Mexican and U.S. border cities using data on the 10 major border-city pairs over the period 1975–1997. The results indicate that the growth of export manufacturing in Mexico can account for a substantial portion of employment growth in U.S. border cities over the sample period.
A cross-cultural study of reference point adaptation: Evidence from China, Korea, and the US

We examined reference point adaptation following gains or losses in security trading using participants from China, Korea, and the US. In both questionnaire studies and trading experiments with real money incentives, reference point adaptation was larger for Asians than for Americans. Subjects in all countries adapted their reference points more after a gain than after an equal-sized loss. When we introduced a forced sale intervention that is designed to close the mental account for a prior outcome, Americans showed greater adaptation toward the new price than their Asian counterparts. We offer possible explanations both for the cross-cultural similarities and the cross-cultural differences.
Current Practices and Challenges in Auditing Fair Value Measurements and Complex Estimates: Implications for Auditing Standards and the Academy

SUMMARY: Auditing fair value measurements and other complex estimates (hereafter, FVMs) has received significant attention from regulators, practitioners, and researchers. Using a survey, we gather...
On Justitia, Race, Gender, and Blindness

If there is one image we associate with justice, it is of Justitia herself, blindfolded, balancing a scale in one hand, brandishing an unsheathed sword in the other. The image is so ubiquitous that we are often beyond noticing it. Late for court, late for class, or simply indifferent, we walk past it, barely glancing up. This Essay - Justitia, Race, Gender, and Blindness - is about seeing Justitia and questioning how the image functions, both aesthetically and morally. Drawing upon law, literature, art history, and cultural studies, this Essay also problematizes Justitia. After all, what does it mean, connotatively and denotatively, for Justitia to be blind in a racialized society where color is so determinative? And conversely, what does it mean to fix a black gaze upon an image of justice that has been figured as white and female? The Essay contends that answering these questions is imperative for those of us who care about making our criminal justice system fairer, both in the way justice is meted out, and in our perception of justice.
Opting out of good governance

Abstract Cross-listing on a US exchange does not force foreign firms to follow the exchange’s corporate governance rules. Hand-collected data show that 80% of cross-listed firms opt out of at least one exchange governance rule and those that opt out have a smaller share of independent directors. Cross-listed firms opt out more when coming from countries with weak corporate governance rules, but if these firms are growing and need external financing, they are more likely to comply. For firms in such countries, opting out also lowers firm valuations, decreases the value of cash holdings, and reduces investment sensitivity to market valuations.
The binomial model and risk neutrality: Some important details

This paper reexamines the relationship between investors' preferences and the binomial option pricing model of Cox, Ross, and Rubinstein (CRR). It is shown that the independence of the binomial option pricing model from investors' preferences is a result of a special choice of binomial parameters made by CRR. For a more general choice of binomial parameters, risk neutrality cannot be obtained in discrete time. This analysis reveals the essential difference between the “risk neutral” valuation approach of Cox and Ross and the equivalent martingale approach of Harrison and Kreps in a discrete time framework.
Punishment and Disgorgement as Contract Remedies

This Paper examines contract remedies, especially damage awards that are punitive or restitutionary, from the standpoint of corrective justice. The function of the damage award in corrective justice is to undo, so far as possible, the defendant's violation of the plaintiff's right. Because the nature of the right determines the nature of the remedy, a discussion of contract damages requires elucidation of the right infringed by a breach of contract. Drawing on Kant's now almost forgotten discussion of contractual rights, the Paper sketches the relationship between the promisee's right to contractual performance and expectation damages, which give the promisee the value of that right. The Kantian account of contractual right not only justifies expectation damages as compensatory in accordance with corrective justice (thus resolving the perplexity about expectation damages formulated by Fuller and Perdue), but also discloses the inaptness of requiring the disgorgement of gains resulting from contract breach. Turning then to punitive damages, the Paper addresses the question of how corrective justice and punishment - and the institutions devoted to them - coexist, and how they are differentiated in a legal order based on rights. It then discusses the difficulties that emerge from the elaborate but ultimately unsatisfying recent attempt by the Supreme Court of Canada to work out a coherent treatment of punitive damages for contract breach.
Audit committee effectiveness: did the blue ribbon committee recommendations make a difference?

Several years prior to the 2002 passage of the Sarbanes-Oxley Act (SOX), SEC Chairman Arthur Levitt, identified problems regarding audit committee effectiveness. In response, in September 1998 the Blue Ribbon Committee (BRC) on Audit Committee Effectiveness was established jointly by the New York Stock Exchange (NYSE) and the National Association of Securities Dealers (NASD). The BRC issued its recommendations regarding the appropriate make-up and function of the audit committee on February 8, 1999. The current study attempts to measure the change in audit committee behaviour (and presumably effectiveness) subsequent to implementing the BRC recommendations.
Divorce among European and Mexican Immigrants in the U.S

This paper analyzes the status of being currently divorced among European and Mexican immigrants in the U.S., among themselves and in comparison to the native born of the same ancestries. The data are for males and females age 18 to 55, who married only once, in the 2010–2014 American Community Surveys. Among immigrants, better job opportunities, measured by educational attainment, English proficiency and a longer duration in the U.S. are associated with a higher probability of being divorced. Those who married prior to migration and who first married at an older age are less likely to be divorced. Those who live in states with a higher divorce rate are more likely to be divorced. Thus, currently being divorced among immigrants is more likely for those who are better positioned in the labor market, less closely connected to their ethnic origins, and among Mexican immigrants who live in an environment in which divorce is more prevalent.
Dignity, Integrity, and the Concept of a Person

The idea of human dignity, found in almost all legal and political cultures, now plays a very significant role in political and legal discourse. The concept occupies a prominent place in many national constitutions and international human rights conventions. Some constitutional and conventional laws in fact claim that the pursuit of dignity is (or should be) the central organizing principle of every government. Yet, it is not always clear what this seemingly central concept means or entails. Its popularity seems inversely related to its clarity. Dignity is often invoked in support of opposing positions on the same issue. Using an approach that the article refers to as dignity pragmatism, the author advances the argument that a detailed and careful examination of the use of dignity in national constitutions and international human rights documents and their elaboration by the relevant tribunals shows that the idea of human dignity is often used in the context of defending the integrity of the person. Here integrity is defined as the condition of wholeness or completeness. The article details what the conditions for integrity are and how human dignity is invoked in its defense. On this account, dignity is an existential value. It is about personhood in its various dimensions—physical, psychological and social. When integrity as wholeness is threatened, existence itself is threatened. Viewed this way, indignity is the effacement of personhood.
Collective Action and Transnational Terrorism

This paper applies modern tools of economic analysis to examine the nature of transnational terrorism and associated collective action concerns that arise in the aftermath of September 11. Throughout the paper, the strategic interaction between rational terrorists and targeted governments are underscored. Networked terrorists draw on their collective strengths to exploit a maximum advantage over targeted governments’ inadequate and uncoordinated responses. A wide range of issues are explored including governments’ deterrence races, undersupplied pre-emption, and suicidal attacks. Myriad substitutions by terrorists limit government anti-terrorism policy effectiveness. A host of policy responses are evaluated in light of economic analysis and past econometric evidence.
Reevaluating the modernization hypothesis

We revisit and critically reevaluate the widely accepted modernization hypothesis which claims that per capita income causes the creation and the consolidation of democracy. Existing studies find support for this hypothesis because they fail to control for the presence of omitted variables. Controlling for these factors either by including country fixed effects in a linear model or by including parameterized random effects in a nonlinear double hazard model removes the correlation between income and the likelihood of transitions to and from democratic regimes. In addition, the estimated fixed effects from the linear model are related to historical factors that affect both the level of income per capita and the likelihood of democracy in a country. This evidence is consistent with the idea that events during critical historical junctures can lead to divergent political–economic development paths, some leading to prosperity and democracy, others to relative poverty and non-democracy.
Is there a role for monetary aggregates in the conduct of monetary policy

Abstract We examine the potential policy role of monetary aggregates by attempting to use them as effectively as possible in the analysis of empirical relationships. We focus on their role as information variables, since any more ambitious use, such as in a policy rule, would presuppose some information content in the aggregates. Our results show that in the United States since 1979, the monetary aggregates fall considerably short of those requirements, and results with German M3 are hardly more favorable. We also investigate whether empirical relationships are not reflective of information relationships because of the use of these variables in countercyclical policy. The results are not consistent with that interpretation.
The Social Life of Regulation in Taipei City Hall: The Role of Legality in the Administrative Bureaucracy

This article explores the role of legality in conceptions of state and society among bureaucrats in the Taipei, Taiwan city government. When administrators confront the global arena, the existence of law emblematizes modernity and the ability to participate in the international system. In interactions among administrators, law is laden with impossible ideals and fraught with assumptions of hypocrisy. In dealings with people outside the government, legality often signals the breakdown of other, more valuable social norms. Far from legitimating administrative action, legality itself is legitimated by reference to the same values as other social action: it is held up to an ideal of consensus and cultural coherence and judged by its ability to fulfill obligations and nurture relationships. Law does not hegemonically structure administrators’ conceptions of state and society. Rather, it defines one aspect of governance at the margins of legitimacy, dependent on justification through other ethical norms.
Bank borrowing and corporate risk management

Abstract We examine whether banks better protect themselves against risk-shifting as compared to non-bank lenders by comparing risk management polices across firms that borrow from different lenders using a unique, hand-collected data set of hedging and borrowing practices. Consistent with banks being effective monitors, we find hedging is positively associated with the proportion of bank debt amongst firms with large risk-shifting incentives. We present descriptive evidence showing that banks use covenants as one of the channels to mitigate risk-shifting.
Accounting Conservatism and Real Options

I address the interaction between accounting conservatism and real options in both a staged investment and abandonment model. An accounting policy biased toward classifying a Good (Bad) project as ...
A "Greenprint" for International Cooperation on Climate Change

International negotiations on climate change have been dogged by mutual recriminations between rich and poor countries, constricted by the zero-sum arithmetic of a shrinking global carbon budget, and overtaken by shifts in economic power between industrialized and developing countries. To overcome these"narrative,""adding-up,"and"new world"problems, respectively, this paper proposes a new Greenprint for cooperation. First, the large dynamic emerging economies -- China, India, Brazil, and Indonesia -- must assume the mantle of leadership, offering contributions of their own and prodding the reluctant industrial countries into action. This role reversal would be consistent with the greater stakes for the dynamic emerging economies. Second, the emphasis must be on technology generation. This would allow greater consumption and production possibilities for all countries while respecting the global emissions budget that is dictated by the climate change goal of keeping average temperature rise below 2 degrees centigrade. Third, instead of the old cash-for-cuts approach -- which relies on the industrial countries offering cash (which they do not have) to the dynamic emerging economies for cuts (that they are unwilling to make) -- all major emitters must make contributions. With a view to galvanizing a technology revolution, industrial countries would take early action to raise carbon prices. The dynamic emerging economies would in turn eliminate fossil fuel subsidies, commit to matching carbon price increases in the future, allow limited border taxes against their own exports, and strengthen protection of intellectual property for green technologies. This would directly and indirectly facilitate such a technological revolution.
The Repeal of the Glass-Steagall Act and the Federal Reserve's Extraordinary Intervention during the Global Financial Crisis

Abstract:Before the global financial crisis, the assistance of the lender of last resort was thought to be limited to commercial banks. During the crisis, however, the Federal Reserve created a number of facilities to support brokers and dealers, money market mutual funds, the commercial paper market, the mortgage-backed securities market, the triparty repo market, and so on. In this paper, we argue that the elimination of specialized banking through the eventual repeal of the Glass–Steagall Act (GSA) has played an important role in the leakage of the public subsidy intended for commercial banks to nonbank financial institutions. In a specialized financial system, which the GSA had helped to create, the use of the lender-of-last-resort safety net could be more comfortably limited to commercial banks. However, the elimination of GSA restrictions on bank-permissible activities has contributed to the rise of a financial system where the lines between regulated and protected banks and the so-called shadow ban...
A Two-Sided, Empirical Model of Television Advertising and Viewing Markets

For marketers, television remains the most important advertising medium. This paper proposes a two-sided model of the television industry. We estimate viewer demand for programs on one side and advertiser demand for audiences on the other. The primary objective is to understand how each group's program usage influences the other group. Four main conclusions emerge. First, viewers tend to be averse to advertising. When a highly rated network decreases its advertising time by 10%, our model predicts a median audience gain of about 25% (assuming no competitive reactions). Second, we find the price elasticity of advertising demand is -2.9, substantially more price elastic than 30 years ago. Third, we compare our estimates of advertiser and viewer preferences for program characteristics to networks' observed program choices. Our results suggest that advertiser preferences influence network choices more strongly than viewer preferences. Viewers' two most preferred program genres, Action and News, account for just 16% of network program hours. Advertisers' two most preferred genres, Reality and Comedy, account for 47% of network program hours. Fourth, we perform a counterfactual experiment in which some viewers gain access to a hypothetical advertisement avoidance technology. The results suggest that ad avoidance tends to increase equilibrium advertising quantities and decrease network revenues.
The impact of foreign bank entry in emerging markets: Evidence from India

Abstract This paper uses the entry of foreign banks into India during the 1990s—analyzing variation in both the timing of the new foreign banks’ entries and in their location—to estimate the effect of foreign bank entry on domestic credit access and firm performance. In contrast to the belief that foreign bank entry should improve credit access for all firms, the estimates indicate that foreign banks financed only a small set of very profitable firms upon entry, and that on average, firms were 8 percentage points less likely to have a loan after a foreign bank entry because of a systematic drop in domestic bank loans. Similar estimates are obtained using the location of pre-existing foreign firms as an instrument for foreign bank locations. Moreover, the observed decline in loans is greater among smaller firms, firms with fewer tangible assets, and firms affiliated with business groups. The drop in credit also appears to adversely affect the performance of smaller firms with greater dependence on external financing. Overall, this evidence is consistent with the exacerbation of information asymmetries upon foreign bank entry.
The Long and Short (of) Quality Ladders

Prices are typically used as proxies for countries' export quality. I relax this strong assumption by exploiting both price and quantity information to estimate the quality of products exported to the United States. Higher quality is assigned to products with higher market shares conditional on price. The estimated qualities reveal substantial heterogeneity in product markets' scope for quality differentiation, or their "quality ladders". I use this variation to explain the heterogeneous impact of low-wage competition on US manufacturing employment and output. Markets characterized by relatively short quality ladders are associated with larger employment and output declines resulting from low-wage competition. Copyright , Wiley-Blackwell.
The Impact of Hurricane Mitigation Features and Inspection Information on House Prices

This paper examines the effect of hurricane mitigation features and their verification on the transaction prices of single-family homes. Some of these features are obvious to buyers and sellers (visible) and others are not easily observed (hidden). Prior research on the relationship between mitigation features and house prices has implicitly assumed the features are known and that buyers and sellers are equally informed. This paper contributes to the literature by examining the potentially different effects of the visible and hidden features, and the verification of each by professional inspection, on prices in an environment of incomplete and asymmetric buyer-seller information. Generally, findings are consistent with expectations – that visible mitigation features are positively correlated with price increases; that the effects of the visible and hidden features on price differ significantly; and that inspection information significantly increases the implicit price of hidden features. Interestingly, the inspection is found to also increase the implicit price of the set of visible features, suggesting the implicit prices of characteristics that are, or should be, visible to buyers and sellers may be affected by verification or disclosure.
Debating Conflicts: Medicine, Commerce, and Contrasting Ethical Orders

Every important social debate is grounded in a seminal development in the history of ideas, and can be understood in proportion as the relevant development is understood. The debate of concern to this Article—that involving the appropriate relationship between physicians and the pharmaceutical industry—is grounded in the development known to historians as the shift in modern Western culture from status to contract. Part II of this Article introduces that shift through reference to the transformation of the family in the last decades of the twentieth century. It then describes the consequences of the shift within the world of health care. It briefly reviews the social history of medicine since the middle of the twentieth century and describes that history in light of the shift from status to contract. Then Part III focuses on one aspect of the broad shift by examining contrasting understandings among physicians of the parameters of medicine. In particular, Part III compares an ethical order that continues to reflect traditional patterns in directing physicians’ conduct with an ethical order firmly committed to the values of the marketplace. Physicians’ contrasting attitudes toward links with industry, and more specifically, toward rules of disclosure as a potential antidote to bias, are illustrative. Finally, in conclusion, the Article suggests that the depth of the ideological divide among physicians,
Public health theory and practice in the constitutional design.

This article provides a theory and definition of public health law based on the book, Public Health Law: Power, Duty, Restraint (University of California Press 2000). No inquiry is more important to public health law than understanding the role of government in the constitutional design. If public health law principally addresses government's assurance of the conditions for the population's health, then what activities must government undertake? The question is complex, requiring an assessment of duty (what government must do), authority (what government is empowered, but not obligated, to do), and limits (what government is prohibited from doing). In addition, this query raises a corollary question: Which government is to act? The Supreme Court sees the Constitution in negative, or defensive, terms. This provides a sterile, uninspiring vision of government obligation. While the Court sees few affirmative obligations, it does acknowledge a broad governmental authority to protect the health, safety, and welfare of the population. The emergence of "new federalism" in Supreme Court jurisprudence alters the division of power between the federal government and the states. By restricting the scope of national authority, the Rehnquist Court is seriously thwarting public health policy and practice. Often, when the government acts to promote the health of the populace, it limits personal or economic freedoms. As a society, we face a trade-off between the common good and individual interests. The article explains why it is imperative to highly value the collective good of public health.
Expressed Preferences and Behavior in Experimental Games

Participants in experimental games typically can only choose actions, without making comments about other participants’ future actions. In sequential two-person games, we allow first movers to express a preference between responder choices. We find that responder behavior differs substantially according to whether first movers express a hope for favorable or unfavorable treatment. Responders largely ignore first movers’ expressed preferences for favorable responses, however, when the first movers misbehave. As in earlier experiments without preference expression, subjects assign a high positive weight to another person’s payoffs when ahead and misbehavior elicits a strong negative response. Logit regressions estimate the weight placed on another (non-misbehaving) person’s payoffs to be positive, even when one is behind. There is suggestive evidence that positive reciprocity is enhanced when a preference for favorable treatment is expressed.
Interpretive Schizophrenia: How Congressional Standing Can Solve the Enforce-but-not-Defend Problem

On February 23, 2011, Attorney General Holder informed House Speaker Boehner by letter that President Obama had determined that section 3 is unconstitutional as applied to “same-sex couples who are legally married under state law.”2 Heightened scrutiny should apply, wrote Holder, and accordingly the Department of Justice (DOJ) would not defend section 3 in circuit courts where the question of the appropriate level of scrutiny was still open.3 The DOJ would defend the statute, however, were a circuit to determine that only the rational basis test need apply.4 Holder also wrote:
Antidumping and Retaliation Threats

Abstract We propose and test two ways in which retaliation threats may dampen the antidumping (AD) activity we observe. First, the threat of retaliatory AD actions may make a domestic industry less likely to name a foreign import source in an AD petition. Second, the prospect of a GATT/WTO trade dispute may make government agencies less likely to rule positive in their AD decision. Using a nested logit framework, we find evidence that both retaliation threats substantially affect US AD activity from 1980 through 1998.
The Doha Round's Public Health Legacy: Strategies for the Production and Diffusion of Patented Medicines under the Amended TRIPS Provisions

The entry into force of the World Trade Organization (WTO) TRIPS Agreement in 1995 transformed the international intellectual property system. The harmonization of basic intellectual property standards has operated to protect investment in innovation, limiting risks from unjustified 'free riding'. Yet these same harmonized IP standards sharply curtailed the traditional capacity of suppliers of public goods, such as health care and nutrition, to address priority needs of less affluent members of society, particularly in (but not limited to) developing countries. In the Doha Declaration, the Waiver Decision of 30 August 2003 and the Article 31bis Protocol of Amendment, stakeholders concerned with re-opening policy space for the supply of newer pharmaceutical products pushed back against restrictive elements of the TRIPS Agreement.Governments around the world are in the process of deciding whether to ratify and accept the Article 31bis Amendment. Based on their Study for the International Trade Committee of the European Parliament, the authors argue that acceptance of the Amendment will provide a 'net benefit' for countries seeking to improve access to medicines. At the insistence of WTO delegations acting on behalf of the originator pharmaceutical industry lobby, Article 31bis regrettably is saddled with unnecessary administrative hurdles. Nonetheless, through skillful lawyering, political determination and coordinated planning, the system can be made to work. Among other options, expeditious back-to-back compulsory licensing linked with pooled procurement strategies may effectively achieve economies of scale in production and distribution of medicines.The authors doubt that the international political environment would support renegotiation of an 'improved' solution. They express concern that failure to bring the Amendment into force will open the door to a campaign to undermine the Waiver Decision. Recent events in Brazil and Thailand illustrate both the opportunities and risks associated with implementing TRIPS exception mechanisms, and help to inform views on the negotiating environment. Specific proposals for regional cooperation in implementing the Amendment are laid out, and the authors emphasize the importance of pursuing concrete transfer of technology measures in support of developing country pharmaceutical manufacturing. Over-reliance on private market mechanisms for the supply of public health goods leaves the international community with an unresolved collective action problem on a large scale. Oxford University Press 2007, all rights reserved, Oxford University Press.
Audit Team Brainstorming, Fraud Risk Identification, and Fraud Risk Assessment: Implications of SAS No. 99

SAS No. 99 requires brainstorming sessions on each audit to help auditors detect fraud. This study investigates audit team brainstorming sessions and the resulting fraud judgments. The psychology l...