cssi/SciSciGPT-SciSciNet huggingface dataset:
THE PLACE OF LAW IN IVAN ILLICH’S VISION OF SOCIAL TRANSFORMATION

This Article discusses Ivan Illich’s direction for social reform that led to his book, "Tools for Conviviality," where Illich targeted development, technology, and the exploitation of nature. Illich identified three key cultural institutions that needed to be reclaimed in order to bring about an inversion of industrial society: science, language, and law. This Article focuses on the rule of law and its central institutional invention — formal adjudication. The Author suggests that Illich’s idealism can still be found in the law reform litigation effort and identifies the diminished stature of the ideal of disinterested adjudication as a significant threat to Illich’s hopes for the transformative potential of the rule of law. The Author agrees with Illich’s belief that no issue of legal doctrine and, therefore, of social and political structure, could ever be permanently settled and wonders how Illich would view the Court’s resolution of the Affordable Care Act litigation.
Understanding Changes in International Business Cycle Dynamics

The volatility of economic activity in most G7 economies has moderated over the past 40 years. Also, despite large increases in trade and openness, G7 business cycles have not become more synchronized. After documenting these facts, we interpret G7 output data using a structural VAR that separately identifies common international shocks, the domestic effects of spillovers from foreign idiosyncratic shocks, and the effects of domestic idiosyncratic shocks. This analysis suggests that, with the exception of Japan, a significant portion of the widespread reduction in volatility is associated with a reduction in the magnitude of the common international shocks. Had the common international shocks in the 1980s and 1990s been as large as they were in the 1960s and 1970s, G7 business cycles would have been substantially more volatile and more (JEL: C3, E5)
Do Expiring Budgets Lead to Wasteful Year-End Spending? Evidence from Federal Procurement

Many organizations fund their spending out of a fixed budget that expires at year’s end. Faced with uncertainty over future spending demands, these organizations have an incentive to build a buffer stock of funds over the front end of the budget cycle. When demand does not materialize, they then rush to spend these funds on lower quality projects at the end of the year. We test these predictions using data on procurement spending by the U.S. federal government. Using data on all federal contracts from 2004 through 2009, we document that spending spikes in all major federal agencies during the 52nd week of the year as the agencies rush to exhaust expiring budget authority. Spending in the last week of the year is 4.9 times higher than the rest-of-the-year weekly average. We examine the relative quality of year-end spending using a newly available dataset that tracks the quality of $130 billion in information technology (I.T.) projects made by federal agencies. Consistent with the model, average project quality falls at the end of the year. Quality scores in the last week of the year are 2.2 to 5.6 times more likely to be below the central value. To explore the impact of allowing agencies to roll unused spending over into subsequent fiscal years, we study the I.T. contracts of an agency with special authority to roll over unused funding. We show that there is only a small end-of-year I.T. spending spike in this agency and that the one major I.T. contract this agency issued in the 52nd week of the year has a quality rating that is well above average.
Financial Market Regulation and Opportunities for Accounting Research

SYNOPSIS: A concurrent session at the 2011 American Accounting Association Annual Meeting featured the panel discussion “Financial Market Regulation and Opportunities for Accounting Research.” Structuring their comments around their unique interests and expertise, the panelists covered diverse topics on the regulation of financial markets and financial institutions, including current activities of the primary financial market regulators responsible for accounting and auditing oversight, the Dodd-Frank Wall Street Reform and Consumer Protection Act, and the financial regulation of financial institutions from an economist's perspective. This paper summarizes the panelists' prepared remarks, which were followed by questions and comments from the audience.
Volatility and mutual fund manager skill

Abstract In a standard four-factor framework, mutual fund return volatility is a reliable, persistent, and powerful predictor of future abnormal returns. However, the abnormal returns are eliminated by the addition of a “vol” anomaly factor contrasting returns on portfolios of low and high volatility stocks. Consistent with Novy-Marx (2014) and Fama and French (2014) , the Fama and French (2015) profitability and investment factors are equally effective at eliminating the abnormal returns. Failure to account for the vol anomaly, either directly or indirectly, can lead to substantial mismeasurement of fund manager skill.
Professional Responsibility and Liability Issues Related to Limited Liability Law Partnerships

This article surveys the professional responsibility and liability issues related to attorneys practicing in limited liability law firms. Part I of this article provides background information regarding the development of the limited liability partnership (LLP) and its popularity among legal professionals. Part II tackles the 1996 ethics opinion on LLPs rendered by the American Bar Association Standing Committee on Ethics and Professional Responsibility. This article criticizes the ABA opinion by examining the conclusions and reasoning articulated in the opinion, indentifying disciplinary rules that the opinion did not address, and considering the possible effects of the opinion. Part III focuses on some professional liability issues raised by attorneys practicing in LLPs. Part IV concludes by calling for reexamination of the ABA opinion on LLPs as well as the manner in which ethics opinions are rendered. The conclusion challenges the newly created ABA Special Committee on Evaluation of the Rules of Professional Conduct, called “Ethics 2000,” to revisit professionalism and quality issues as they relate to attorneys practicing in limited liability law firms.
Performance measurement with the arbitrage pricing theory: A new framework for analysis

Abstract This paper develops a theory and econometric method of portfolio performance measurement using a competitive equilibrium version of the Arbitrage Pricing Theory. We show that the Jensen coefficient and the appraisal ratio of Treynor and Black are theoretically compatible with the Arbitrage Pricing Theory. We construct estimators for the two performance measures using a new principal components technique, and describe their asymptotic distributions. The estimators are computationally feasible using a large number of securities. We also suggest a new approach to testing for the correct number of factors.
Spatial patterns of technology transfer and measurement of its friction in the geo-economic space

This paper analyses the spatial mobility of technology transfer on the geo-economic space to study the patterns. The primary findings are that technological contacts decline with distance, through damped pulsations from research institutes to adopters, and that 'institutional richness' in the regions influences the technology transfer process. These insights lead to the conclusion that policy makers need to be cognisant of the institutional context of regional environments and level of spatial fiction, when choosing where to locate research institutes, in order to increase the competitiveness of firms and therefore regional economic growth.
Group polarization on corporate boards: Theory and evidence on board decisions about acquisition premiums

This study investigates how a fundamental group decision-making bias referred to as group polarization can influence boards' acquisition premium decisions. The theory suggests that when prior premium experience would lead directors on average to support a relatively high premium prior to board discussions, they will support a focal premium that is even higher after discussions; but when directors' prior premium experience would lead them on average to support a relatively low premium prior to board discussions, they will support a focal premium that is even lower after discussions. Results provided strong support for the theory. Moreover, group polarization was reduced by demographic homogeneity among directors and by minority expertise but increased by board influence. This study introduces a fundamental group decision-making bias into governance research and explains how group processes can influence network diffusions. Copyright © 2012 John Wiley & Sons, Ltd.
Against Orthodoxy: Miranda Is Not Prophylactic and the Constitution Is Not Perfect

INTRODUCTION In the four decades since the decision in Miranda v. Arizona,1 two points of consensus have emerged about that decision. In the discussion that follows, I mean to take on both. The first area of agreement is that Miranda’s rationale for requiring its now-famous warnings is wrong, or at least dramatically overstated. In Miranda, the Court, applying to police interrogation the Fifth Amendment’s admonition that “[n]o person shall . . . be compelled in any criminal case to be a witness against himself,”2 concluded that “without proper safeguards the process of in-custody interrogation of persons suspected or accused of crime contains inherently compelling pressures which work to undermine the individual’s will to resist and to compel him to speak where he would not otherwise do so freely.”3 That view of the inherently coercive nature of custodial interrogation, however, did not survive. In Michigan v. Tucker,4 the Court first labeled Miranda warnings as “prophylactic standards.”5 By this the Court meant that “Miranda warnings . . . are ‘not themselves rights protected by the Constitution but [are] instead measures to insure that the right against compulsory self-incrimination [is] protected.’”6 Ac-
The source and nature of general purpose technologies for supporting next K-waves: Global leadership and the case study of the U.S. Navy's Mobile User Objective System

Abstract A fundamental problem in the field of the technological studies is to explain the source and nature of general purpose technologies (GPTs) that can support the patterns of long waves and socio-economic progress of nations. The study here confronts this problem by applying the theoretical framework of global leadership-driven innovations, which endeavors to clarify and to generalize whenever possible, the source and nature of a new GPT in a not-too-distant future. This study suggests that one of contributing factors that may support the next GPT is due to strategic investments for the U.S. Navy's Mobile User Objective System (MUOS). This scientific and technological investment for U.S. military has the purpose to reinforce U.S. global leadership and, at the same time, can induce clusters of new technology in society. The MUOS is a constellation of ground-breaking satellites for next-generation narrowband tactical satellite communications system, which makes prior products obsolete (e.g., UHF Follow-On satellites). This technological system and related technological search for U.S. military are developing new information and communications technologies (ICTs) that are bringing the future of worldwide mobile satellite communications into reality. Overall, then, this study shows, by applying a new theory, some invariant factors of the source of GPTs and a possible new technological system for supporting long-run dynamics of current Kondratieff wave and future human development in society.
Economic Science Wars

“Thomas Kuhn told us years ago that natural scientists treated their own history the way the Ministry ofTruth treated its news archive: infinitely pliable, unconstrained by evidence, always attuned...
The market for borrowing corporate bonds

This paper describes the market for borrowing corporate bonds using a comprehensive data set from a major lender. The cost of borrowing corporate bonds is comparable to the cost of borrowing stock, between 10 and 20 basis points, and both have fallen over time. Factors that influence borrowing costs are loan size, percentage of inventory lent, rating, and borrower identity. There is no evidence that bond short sellers have private information. Bonds with Credit Default Swaps (CDS) contracts are more actively lent than those without. Finally, the 2007 Credit Crunch does not affect average borrowing costs or loan volume, but does increase borrowing cost variance.
The Promise and Perils of Private Voluntary Regulation: Labor Standards and Work Organization in Two Mexican Garment Factories

ABSTRACT What role can corporate codes of conduct play in monitoring compliance with international labor standards and improving working conditions in global supply chains? How does this system of private voluntary regulation relate to other strategies and regulatory approaches aimed at promoting just working conditions in global supply chains? This paper explores the potential and limitations of private voluntary regulation through a detailed matched pair case study of two factories supplying Nike, the world's largest athletic footwear and apparel company. These two factories have many similarities – both are in Mexico, both are in the apparel industry, both produce more or less the same products for Nike (and other brands) and both are subject to the same code of conduct. On the surface, both factories appear to have similar employment (i.e. recruitment, training, remuneration) practices and they receive comparable scores when audited by Nike's compliance staff. However, underlying (and somewhat obscure...
The Accrual Anomaly: International Evidence

We consider stock markets in 20 countries to investigate whether the accrual anomaly (Sloan 1996), characterized by U.S. stock prices overweighting the role of accrual persistence, is a local manifestation of a global phenomenon.We explore whether the occurrence of the anomaly is related to country differences in accounting and institutional structures, and examine alternative explanations for its occurrence. We find stock prices overweight accruals in general, with accruals overweighting occurring in countries with a common law relative to a code law tradition. Using firmlevel data on a country‐by‐country basis, we document the occurrence of the anomaly in four countries, Australia, Canada, the U.K., and the U.S., and also in a sample of American Depository Receipts (ADRs) of firms domiciled in countries where we do not detect the anomaly. Using country‐level data, we confirm the anomaly is more likely to occur in countries having a common law tradition, and also in countries allowing extensive use of ac...
Venture Capital and Corporate Governance in the Newly Public Firm

I examine the effects of venture capital backing on the corporate governance of the en- trepreneurial firm at the time of transition from private to public ownership. Using a selection model framework that instruments for venture backing with variations in the supply of venture capital, I conduct three sets of tests comparing corporate governance in venture- and non-venture-backed ini- tial public offering (IPO) firms. Venture-backed firms have lower levels of earnings management, more positive reactions to the adoption of shareholder rights agreements, and more independent board structures than similar non-venture-backed firms, consistent with better governance. These effects are not common to all pre-IPO large shareholders.
The Importance of Audit Profession Development in Emerging Market Countries

ABSTRACT This study investigates the country-level development of the audit profession in emerging market countries and whether this development is associated with audit quality and auditor choice. I find that audit quality is higher for client companies located in countries with a more developed audit profession, after controlling for rule of law and investor protection. Specifically, Big 4 client companies' total and abnormal accruals are both lower, and earnings are more conservative in countries with stronger Audit Profession Development (APD). However, these results hold only for companies audited by a Big 4 auditor. Results also indicate that stronger APD is associated with a greater likelihood that a client company hires a Big 4 auditor. My findings contribute to the literature that explores differences in audit quality and determinants of auditor choice, the literature that explores cross-country differences in audit professions, and research on the characteristics and effectiveness of audit insti...
Evidence on the Use and Efficacy of Internal Whistleblowing Systems

Using a proprietary data set from a provider of internal whistleblowing (WB) systems, we analyze nearly two million internal WB reports submitted to over 1,000 publicly traded U.S. firms. We provide descriptive statistics, over time and across report types, on the amount and summary details of information provided, how extensively management reviews reports, the amount of time until reviews were completed, and the outcome of these reviews. Further, we examine the characteristics of firms with more actively used systems (i.e., a higher volume of reports, more information provided in reports, and reports that are more frequently reviewed by management). Finally, we show that internal WB report volume is associated with fewer and lower amounts of government fines and material lawsuits.
Citation Advantage of Open Access Legal Scholarship

In this study focusing on the impact of open access on legal scholarship, the authors examine open access articles from three journals at the University of Georgia School of Law and confirm that legal scholarship freely available via open access improves an article’s research impact. Open access legal scholarship—which today appears to account for almost half of the output of law faculties—can expect to receive fifty-eight percent more citations than non–open access writings of similar age from the same venue.
Monetary policy when potential output is uncertain: Understanding the growth gamble of the 1990s

Abstract T he Fed kept interest rates low and essentially unchanged during the late 1990s despite a booming economy and record-low unemployment. These interest rates were accommodative by historical standards. Nonetheless, inflation remained low. How did the Fed succeed in sustaining rapid economic growth without fueling inflation and inflationary expectations? In retrospect, it is evident that the productive capacity of the economy increased. Yet as events unfolded, there was uncertainty about the expansion of the capacity of the economy and therefore about the sustainability of the Fed's policy. This paper provides an explanation for the success of the Fed in accommodating growth with stable inflation in the late 1990s. It shows that if the central bank is committed to reverse policy errors it makes because of unwarranted optimism, inflation can remain in check even if the central bank keeps interest rates low because of this optimism. In particular, a price level target—which is a simple way to model a commitment to offset errors—can serve to anchor inflation even if the public does not share the central bank's optimism about shifts in potential output. The paper shows that price level targeting is superior to inflation targeting in a wide range of situations. The paper also provides econometric evidence that, in contrast to earlier periods, the Fed has recently put substantial weight on the price level in setting interest rates. Moreover, it shows that CPI announcement surprises lead to reversion in the price level. Finally, it provides textual evidence that Alan Greenspan puts relatively more weight on the price level than inflation.
To Comply or Not to Comply: Understanding the Discretion in Reporting Public Float and SEC Regulations

This paper documents how firms exercise discretion in defining affiliates and reporting public float in response to Securities and Exchange Commission regulations. I find that firms with higher expected compliance costs under section 404 of the Sarbanes-Oxley Act of 2002 tend to classify more shares as affiliated and report lower public float. In contrast, firms issuing seasoned equity are less likely to underreport public float, possibly due to favorable regulatory treatment for large issuers. These incentives are weakened when future regulatory changes render float less important. [ABSTRACT FROM AUTHOR]
Is Free Trade "Free"? Is It Even "Trade"? Oppression and Consent in Hemispheric Trade Agreements

In order for free trade as a policy to deliver fully on its social promise, it must be both “free” and “trade.” In fact, it must be free, in the sense of voluntary, to be trade at all. In other words, for normative and practical reasons, free trade requires that global economic relations be structured through agreements which reflect the consent of those subject to them. The neoliberal trading system today only imperfectly lives up to this obligation. In this essay, I will examine the role of consent in trade agreements, drawing on examples from CAFTA as representative of important trends in multilateral and hemispheric integration systems. I will argue that an investigation into the nature of trade as a human experience reveals that many aspects of current trade law and policy mix what is ostensibly free trade with something else: exploitation, coercion or predation. This has normative implications for the justification of the neoliberal trading system, and practical implications for the analysis and structure of trade agreements and the stability and security of our foreign relations. “...where there is voluntary agreement, there...is justice.” Plato, Symposium (Jowett) “The United States seems destined by Providence to plague Latin America with misery in the name of liberty.” Simon Bolivar
Audits of Complex Estimates as Verification of Management Numbers: How Institutional Pressures Shape Practice

Auditors and regulators have invested heavily in improving audits of estimates in recent years, but problems in this area persist. We examine the causes of these problems and why they persist. To do so, we interview 24 very experienced auditors about how they audit complex accounting estimates such as fair values and impairments and what problems they experience in the process. We find that auditors overwhelmingly choose to audit the details of management's estimate rather than use other allowable approaches. The steps auditors describe and the language they use to describe those steps indicate that they follow a process of verifying individual elements of management's assertions on a piecemeal basis, resulting in overreliance on management's process, rather than engaging in a critical analysis of the overall estimate. The problems that auditors identify are consistent with this view, and include failures to notice inconsistencies among the estimate and other internal data or external conditions and overreliance on specialists to identify, evaluate, and challenge critical assumptions. We interpret these processes and problems using institutional theory and identify two root causes: standards' and firm policies' emphasis on verifying management's model, and audit firms' division of knowledge between auditors and specialists. Institutional theory proposes these conventions arise from firms extending use of procedures that are legitimate in one area (i.e., auditing accounts without significant uncertainty) to a new area (i.e., auditing complex estimates), even though they are likely less effective in the new area. These conventions are reinforced by regulators' method of inspection and by firms' reluctance to change methods without a prompt to change to a clearly better method. We argue that these institutionalized conventions thwart auditors' good-faith attempts to engage in skeptical analysis of estimates. Thus, audit quality problems are likely to persist.
The Truth About the “Crisis” in Higher Education Finance

If Harvard, Yale, and Stanford have to make cutbacks due to their endowments' stock market losses, it stands to reason that those losses have caused them deep, and the rest of higher education even...
The 10 Reasons Most Machine Learning Funds Fail

The rate of failure in quantitative finance is high, particularly in financial machine learning applications. The few managers who succeed amass a large amount of assets and deliver consistently exceptional performance to their investors. However, that is a rare outcome, for reasons that the author explains in this article. In the author9s experience, 10 critical mistakes underlie those failures.
Broadening Focus: Spillovers, Complementarities, and Specialization in the Hospital Industry

The long-standing argument that focused operations outperform others stands in contrast to claims about the benefits of broader operational scope. The performance benefits of focus are typically attributed to reduced complexity, lower uncertainty, and the development of specialized expertise; the benefits of greater breadth are linked to the economies of scope achieved by sharing common resources, such as advertising or production capacity, across activities. Within the literature on corporate strategy, this tension between focus and breadth is reconciled by the concept of related diversification (i.e., a firm with multiple operating units, each specializing in distinct but related activities). We consider whether there are similar benefits to related diversification within an operating unit and examine the mechanism that generates these benefits. Using the empirical context of cardiovascular care within hospitals, we first examine the relationship between a hospital's level of specialization in cardiovascular care and the quality of its clinical performance on cardiovascular patients. We find that, on average, focus has a positive effect on quality performance. We then distinguish between positive spillovers and complementarities to examine (1) the extent to which a hospital's specialization in areas related to cardiovascular care directly impacts performance on cardiovascular patients (positive spillovers) and (2) whether the marginal benefit of a hospital's focus in cardiovascular care depends on the degree to which the hospital “cospecializes” in related areas (complementarities). In our setting, we find evidence of such complementarities in specialization. This paper was accepted by Christian Terwiesch, operations management.
BEPCII AND BESIII

The Beijing Electron Collider has been upgraded (BEPCII) to a two-ring collider with a design luminosity of 1 × 1033cm-2s-1 at a center-of-mass energy of 3.78 GeV. It will operate between 2 and 4.6 GeV in the center of mass. With this luminosity, the BESIII detector will be able to collect, for example, 10 billion J/ψ events in one year of running. This will be a unique facility in the world opening many physics opportunities. BEPCII and BESIII are both currently being commissioned, first events have been obtained, and data taking will take place in fall 2008.
Demand for environmental quality: a spatial hedonic analysis

We first estimate the relationship between house prices and environmental disamenities using spatial statistics, confirming that nearby point-source pollutants depress house price. We then calculate implicit prices of environmental quality and related characteristics from the house price hedonics to estimate a demand curve for environmental quality, finding a price elasticity of demand of −0.12. We find evidence of significant spatial effects in both the hedonic and demand estimations. We find that environmental quality and school quality are purchased together (η=−0.80), environmental quality and house size are substitutes (η=0.91), and environmental quality and lot size are not related goods.
Harmonization, preferences, and the calculus of consent in commercial and other law

Local, disparate preferences are normally satisfied by variety in law, but in some circumstances, harmonization can bethe means by which a majority advances its members' local preferences. One unappreciated method involves the imposition of external costs by a majority on a minority. In its most common and extreme form, a majority imposes a tax on the population in order to finance a benefit that is limited to the majority. The asymmetry between burdens and benefits may be sufficiently great to generate inefficient expenditures. It is more difficult but not impossible to impose external costs through regulation. Commercial law is not free from this danger, because it reflects preferences about consumer protection, which is to say such things as wealth distribution and paternalism, and it pits interest groups against one another, as in the case of employees and tort claimants in the event of bankruptcy. Commercial law is therefore an area where groups might sometimes gain from diversity in legal rules, but might at other times find that harmonization allows a majority to benefit yet more. It is therefore difficult to know whether harmonization, which has many other causes, is beneficial or corrosive. When the majority of voters are relatively homogeneous, as is arguably the case among member countries in the European Union, the possibility of harmonization - or simply centralized decisionmaking - as a means of imposing external costs seems especially likely. There are means of reducing the danger, but harmonization itself should be expected to increase the influence of the central bureaucracy.
Saving trends in Southeast Asia : a cross-country analysis

This paper investigates the long-run pattern of private saving in Indonesia, Malaysia, Singapore and Thailand. These countries have not only maintained saving levels that are currently among the highest in the world, but have also experienced a sustained increase in their rate of private saving over the past twenty years. Using a cointegration approach, this paper empirically examines the economic determinants underlying the saving trends in this group and the extent to which these countries share a common experience with respect to the factors accounting for their strong saving performance. The findings suggest that demographic shifts and, to a somewhat lesser extent, rising per capita incomes have been important factors underlying regional saving trends, with broadly similar long-run impacts across countries. Limited evidence to support a significant and common relation between compulsory and total saving in Singapore and Malaysia is also found.
On the Causes of Unpredictability of Federal Circuit Decisions in Patent Cases

This paper posits four main causes of unpredictability in the Federal Circuit's patent jurisprudence. First among these is the generality of terms in the U.S. patent statute, leaving most of the fleshing out to be done by judges on a case-by-case basis. Another is the presence in the statute of numerous mental states affecting patentability, affirmative defenses, and remedies. These presence or absence of these mental states is inherently difficult to determine long after the fact in many cases. Another injector of unpredictability revolves around the numerous difficulties encountered by the court in attempting (fruitlessly) to formulate easy rules of general applicability for determining patent claim scope. Basically an exercise in characterizing a technological family in words, the effort is never going to be easy at the margins.
Predicting the cost of environmental management system adoption: the role of capabilities, resources and ownership structure

This research explores why some facilities accrue greater costs when adopting an environmental management system (EMS) and why costs vary among three different ownership structures. Using survey data of organizations that documented their EMS adoption costs over a 3-year period, the results show that publicly traded facilities had stronger complementary capabilities prior to EMS adoption and therefore lower adoption costs. By contrast, government facilities and privately owned enterprises had fewer capabilities and accrued higher EMS adoption costs. The development of organizational capabilities and resources therefore appears to be a function of both organizational exploitation of imperfect or incomplete market factors, and the institutional context of these decisions. Copyright © 2006 John Wiley & Sons, Ltd.
Examining the dimensionality of performance feedback messages: Source and recipient perceptions of influence attempts

Performance feedback is considered an effective means of influencing organizational members. Nevertheless, recipient perceptions regarding such attempts to motivate, change, and/or reinforce certain behaviors and attitudes will determine the eventual response. Often these responses are unexpected and less than desirable. Efforts to better understand the performance feedback construct have produced conceptions emphasizing its complexity and multidimensionality. However, a recent challenge to the usefulness and /or validity of such conceptualizations has prompted the research reported here. This study explores feedback recipients’ and sources’ perceptions of the underlying dimensionality or “hidden structure” of performance feedback messages.
Takings, Community, and Value: Reforming Takings Law To Fairly Compensate Common Interest Communities

This Article argues that individuals who live in highly cooperative common interest communities should, in certain instances, be entitled to additional compensation or other remedies when their property is taken through eminent domain. The exclusive takings remedy of monetary compensation equal to the fair market value of the property cannot always account for loss of communality. This Article offers guidelines for allocation of additional remedies (monetary and in-kind) that recognize such loss. This proposal is grounded in a pluralistic conception of property, which holds that the state should support individuals’ use of property as a social instrument to fulfill diverse values and beliefs. To that end, the state should balance several factors to determine whether a member of a community, or a community as a whole, should be entitled to remedies for communal loss: (1) the size and scope of the taking within the community; (2) the role, if any, of the community’s cooperation in its members’ realization of a shared conception of the good; (3) the community’s social legitimacy as determined primarily by its structural openness, that is, its members’ ability to simultaneously belong to other communities; and (4) the community’s ability to self-rehabilitate as determined by its political and economic strength. The state should also consider these factors in determining which of several types of remedies for communality loss would be most appropriate.
Endogenous fertility, mortality and economic growth: Can a Malthusian framework account for the conflicting historical trends in population?

Abstract The 19th century economist Thomas Robert Malthus hypothesized that the long-run supply of labor is completely elastic at a fixed wage-income level because population growth tends to outstrip real output growth. Dynamic equilibrium with constant income and population is achieved through equilibrating adjustments in “positive checks” (mortality, starvation) and “preventive checks” (marriage, fertility). Developing economies since the Industrial Revolution, and more recently especially Asian economies, have experienced steady income growth accompanied by sharply falling fertility and mortality rates. We develop a dynamic model of endogenous fertility, longevity, and human capital formation within a Malthusian framework that allows for diminishing returns to labor but also for the role of human capital as an engine of growth. Our model accounts for economic stagnation with high fertility and mortality and constant population and income, as predicted by Malthus, but also for takeoffs to a growth regime and a demographic transition toward low fertility and mortality rates, and a persistent growth in per-capita income.
Why newly listed firms become acquisition targets.

We study the operating, financial, and ownership structure characteristics of newly listed firms which become acquisition targets shortly after their initial public offerings. We examine whether such firms get acquired because of their successful performance or as an alternative to delisting. We find that firms, which do relatively well in terms of operating as well as stock performance and attract institutional investor interest, draw the attention of acquirers. Furthermore, we observe that investments made by newly listed target firms do not destroy shareholder value and have comparable profitability to investments made by newly listed firms which grow by acquisitions. Overall, firms acquired shortly after listing are on a growth trajectory similar to that of surviving firms.
Simple estimators for the parameters of discrete dynamic games (with entry/exit examples)

We estimate parameters from data on discrete dynamic games, using entry/exit games to illustrate. Semiparametric first-stage estimates of entry and continuation values are computed from sample averages of the realized continuation values of entrants and incumbents. Under certain assumptions, these values are easy-to-compute analytic functions of the parameters of interest. The entry and continuation values are used to determine the model’s predictions for entry and exit conditional on the parameter vector, and the estimates compare these predictions with the data on entry and exit rates. Small-sample properties are discussed and lead to the simplest of estimators.
The Buck Does Not Stop Here: Supervisory Liability in Section 1983 Cases

The appropriate standard for supervisory liability in Section 1983 cases has been a source of considerable disagreement among federal courts of appeals. In the absence of established Supreme Court authority on the subject, courts have rejected vicarious and negligence liability in favor of a higher culpability requirement, but they have not agreed on precisely what form this higher standard should take. In this article, the Author addresses the need for a uniform standard consistent with the statute's twin goals of compensating the victims of constitutional violations and deterring constitutional infractions.The author notes at the outset that lower courts have unjustifiably relied on Supreme Court opinions discussing state-of-mind requirements for particular constitutional violations and cases addressing municipal liability in Section 1983 suits in formulating the requirements for supervisory liability. She then identifies five factors considered by courts in determining whether supervisory liability should be imposed on the facts of particular cases: (1) the existence of prior similar incidents; (2) the supervisor's response to such incidents; (3) the supervisor's response to the specific incident involved in the suit; (4) the extent to which the supervisor caused the violation; and (5) the supervisor's awareness of the constitutional wrongdoing. Application of these factors has led to inconsistent results in similar cases, the author argues. She further contends that the courts in general have to readily ruled in favor of supervisory officials.As a substantive matter, the author asserts, the standard of supervisory liability should be a national one. In addition, the author advocates a meaningful standard of culpability, which she concludes is best satisfied by a negligence standard. Liability for supervisory negligence is consistent with Supreme Court precedent as well as Section 1983's causation requirement, and concerns about protecting blameless supervisors are already assuaged by the qualified immunity defense available to executive branch officials, which the author suggests should shield supervisors if a reasonable public official in their position would not have realized that the actions taken by their subordinates violated the Constitution. The author thus concludes that it makes sense to hold supervisory officials accountable for constitutional violations caused by their negligence in supervising, training, or disciplining their subordinates.
Majority Rule in a Stochastic Model of Bargaining

Abstract In this paper we consider multilateral stochastic bargaining models with general agreement rules. For n -player games where in each period a player is randomly selected to allocate a stochastic level of surplus and q ⩽ n players have to agree on a proposal to induce its acceptance, we characterize the set of stationary subgame perfect equilibrium payoffs and establish their existence. We show that for agreement rules other than the unanimity rule, the equilibrium payoffs need not be unique. Furthermore, even when the equilibrium is unique, it need not be efficient. Journal of Economic Literature Classification Numbers: C73, C78, D70.
Official Intervention in the Foreign Exchange Market: Is It Effective and, If So, How Does It Work?

In this Paper we assess the progress made by the profession in understanding whether and how exchange rate intervention works. To this end, we review the theory and evidence on official intervention, concentrating primarily on work published within the last decade or so. Our reading of the recent literature leads us to conclude that, in contrast with the profession's consensus view of the 1980s, official intervention can be effective, especially through its role as a signal of policy intentions, and especially when it is publicly announced and concerted. We also note, however, an apparent empirical puzzle concerning the secrecy of much intervention and suggest an additional way in which intervention may be effective but which has so far received little attention in the literature, namely through its role in remedying a coordination failure in the foreign exchange market.
EMERGING AND TRANSITIONING COUNTRIES' ROLE IN GLOBAL HEALTH.

Global health scholarship has failed to adequately consider the “BRIC” cluster of nations—Brazil, Russia, India and China—particularly in the aggregate. An article search with the keywords “BRIC” and “public health” yields just one publication. But these countries have a unique role to play in the global health enterprise by addressing global health problems as they build their own health systems and help developing countries improve their populations’ health. Moreover, the BRIC nations are becoming increasingly important components of the global health architecture, individually as nations and collectively as a nexus of influence. In June 2009, the countries held the first-ever BRIC summit in Yekaterinburg, Russia, debuting as a policy consultation and coordination group.1 What these countries collectively have to offer in the quest to improve global health merits attention. This article focuses on the role of emerging and transitioning countries as actors in (1) providing financial assistance to lower-income countries; (2) supplying medical goods and services to the developing world; (3) giving technical assistance; (4) improving access to medicines and intellectual property; (5) modeling effective health-sector framework-building to less developed countries; (6) delivering object lessons learned from the health and development process; (7) helping lower-income countries grow their economies and reduce poverty; (8) taking a significant role in global health governance; and (9) bolstering the link between health and foreign policy. For all their growing power and potential, however, they are still emerging and transforming countries with their own daunting and persisting health challenges that require continuing assistance from the global health community.
Structures of FHOD1-Nesprin1/2 complexes reveal alternate binding modes for the FH3 domain of formins.

Summary The nuclear position in eukaryotes is controlled by a nucleo-cytoskeletal network, critical in cell differentiation, division, and movement. Forces are transmitted through conserved Linker of Nucleoskeleton and Cytoskeleton (LINC) complexes that traverse the nuclear envelope and engage on either side of the membrane with diverse binding partners. Nesprin-2-giant (Nes2G), a LINC element in the outer nuclear membrane, connects to the actin directly as well as through FHOD1, a formin primarily involved in actin bundling. Here, we report the crystal structure of Nes2G bound to FHOD1 and show that the presumed G-binding domain of FHOD1 is rather a spectrin repeat (SR) binding enhancer for the neighboring FH3 domain. The structure reveals that SR binding by FHOD1 is likely not regulated by the diaphanous-autoregulatory domain helix of FHOD1. Finally, we establish that Nes1G also has one FHOD1 binding SR, indicating that these abundant, giant Nesprins have overlapping functions in actin-bundle recruitment for nuclear movement.
An axiomatization of the inner core using appropriate reduced games

Abstract I adapt a reduction process introduced by Serrano and Volij [Serrano, R., Volij, O., 1998. Axiomatization of neoclassical concepts for Economies. Journal of Mathematical Economics 30, 87–108] so that the reduced games of convex-valued games are convex-valued. I use the corresponding consistency property and its converse to axiomatize the inner core for games that are convex-valued, non-level and smooth.
Reducing crime through expungements

Expungement refers to the legal practice of having one's criminal record sealed. These legal devices lower the visibility of a person's criminal record, and thereby reduce the informal sanctions that may be imposed on him. This reduction is enjoyed by the ex-convict only if he does not become a repeat offender, because otherwise he re-obtains a criminal record. Thus, the value a person attaches to having his record expunged is inversely related to his criminal tendency. Therefore, by making expungements costly, the criminal justice system can sort out low criminal tendency individuals – who are unlikely to recidivate – from people who have high criminal tendencies. Moreover, the availability of expungements does not substantially affect a first time offender's incentive to commit crime, because one incurs a cost close to the reduction in informal sanctions that he enjoys by sealing his criminal record. On the other hand, expungements increase specific deterrence, because a person who has no visible record suffers informal sanctions if he is convicted a second time. Thus, perhaps counter-intuitively, allowing ex-convicts to seal their records at substantial costs reduces crime.
Real Interest Rate Stationarity and Per Capita Consumption Growth Rate

Many economic theories connecting the real interest rate and the per-capita consumption growth rate require that both rates evolve together over time. This paper investigates whether these rates present similar stationary behavior for the seven most industrialized countries over the 1957-2005 period. The analysis relies on the unit root tests developed by Elliott, Rothenberg and Stock (1996) and Lopez (2006) to look for stationary or regime-wise stationary behavior, respectively. Furthermore, the ?nal break selection uses Bai and Perron?s (2003) method. The results show for all the countries considered that both rates are either stationary or regime-wise stationary with a same number of breaks and, mostly, corresponding dates. The results hold whether the rates are calculated annually or quarterly.