cssi/SciSciGPT-SciSciNet huggingface dataset:
Working for the environment: Organized labor and the origins of environmentalism in the United States, 1948-1970

By the early 198os, most Americans seemed to believe that environmentalism and labor were fundamentally at odds. Many workers viewed environmentalists as elitist and aloof, as "extremists" who were callously indifferent to the economic growth and job opportunities essential to the well-being of ordinary working people. During the 1970s, trade unionists and environmental activists conflicted, sometimes bitterly, over issues from the Alaskan oil pipeline and the supersonic transport (SST) to nuclear power, energy policy, land use, and various state or national "bottle bills." Nearly half the membership of the AFL-CI0 may have deserted the Democratic Party to vote for Ronald Reagan in 1980, and some poll-watchers surmised that these workers were drawn to the former actor's simplistic, pro-growth, anti-environmental stance.' Some scholars questioned this assumption. In their pathbreaking 1982 book on environmental blackmail, Fear at Work: Job Blackmail, Labor, and the Environment, Richard Kazis and Richard L. Grossman rightly noted the "frequent laborenvironmental cooperation" on occupational safety and health and similar matters during the 1970s (but they also glumly concluded that "highly publicized conflicts have led to the perception that environmentalism and unionism do not mix"). Subsequent studies also recorded instances of cooperation between unions and environmentalists, but still referred to an "Initial Labor-Management Alliance" against environmentalists, mentioned labor's "innate suspicion of environmentalists," or observed how cooperation between organized labor and environmentalists "contradicts conventional wisdom." Politicians, the media, and many American citizens largely accepted that labor and the environmental movement had irreconcilable differences, an attitude that continues in the late 1990S.2 In fact, organized labor had demonstrated relatively strong support for many environmental initiatives prior to 1970. Long before most Americans became aware of such issues, labor organizations and union members contributed to the
Hearing But Not Listening: Comparative Competition Law and the DOJ Monopoly Report

he Department of Justice (A¢â‚¬A“DOJA¢â‚¬Â ) monopoly report is enormously disappointing for a number of reasons. The Federal Trade Commission (A¢â‚¬A“FTCA¢â‚¬Â ) was wise to participate in this important project, but equally wise to distance itself from the final work product. The final report represents a serious effort, but reads in too many places like a justification for a record of inaction by the DOJ and an attempt to lock in future administrations to a similar course.
Inter-country Adoption and the Special Rights Fallacy

Debate over restrictions on international adoption have focused myopically on the U.N. Children's Rights Convention and the Hague Convention, even though there are human rights conventions applicable to all persons, including children, that trump those child-specific conventions and that set forth rights pertinent to international adoption. This article explains why it is a mistake to assume that a special convention for children like the CRC makes them better off than they would be in its absence. It further explains why proponents of freer inter-country adoption should distance themselves from the CRC and Hague Convention and instead build a political and legal strategy founded on the universal right to leave one's country and to change one's nationality. Based on various sources for interpreting that right in the International Convention on Civil and Political Rights, the Article critiques the justifications that UNICEF, sending countries, and others have offered for restricting inter-country adoption.
Advertising disclosures: Measuring labeling alternatives in internet search engines

Abstract In an online experiment, we measure users’ interactions with search engines, both in standard configurations and in modified versions with clearer labels identifying search engine advertisements. In particular, for a random subset of users, we change “Sponsored links” or “Ads” labels to instead read “Paid Advertisements.” Relative to users receiving the “Sponsored link” or “Ad” labels, users receiving the “Paid Advertisement” label click 25% and 27% fewer advertisements, respectively. Users seeing “Paid Advertisement” labels also correctly report that they click fewer advertisements, controlling for the number of advertisements they actually click. Results are most pronounced for commercial searches, and for vulnerable users with low education and little online experience.
The Medium-Term Impacts of High-Achieving Charter Schools on Non-Test Score Outcomes

High-performing charter schools can significantly increase the test scores of poor urban students. It is unclear whether these test score gains translate into improved outcomes later in life. We estimate the effects of high-performing charter schools on human capital, risky behaviors, and health outcomes using survey data from the Promise Academy in the Harlem Children's Zone. Six years after the random admissions lottery, youth offered admission to the Promise Academy middle school score 0.283 standard deviations higher on a nationally-normed math achievement test and are 14.1 percentage points more likely to enroll in college. Admitted females are 12.1 percentage points less likely to be pregnant in their teens, and males are 4.3 percentage points less likely to be incarcerated. We find little impact of the Promise Academy on self-reported health. We conclude with speculative evidence that high-performing schools may be sufficient to significantly improve human capital and reduce certain risky behaviors among the poor.
It’s all in the mindset: Effects of varying psychological distance in persuasive messages

The current research shows that the persuasive impact of messages can be maximized if their framing is matched to where target consumers are in their decision making process at the time they evaluate the message. Results from two experimental studies show that consumers who are in the predecisional phase of decision making are more likely to be persuaded by messages framed using psychologically distant orientation (i.e., focusing on the future or targeting a distant other), whereas consumers who are in the postdecisional phase are more likely to be persuaded by messages using psychologically close orientation (i.e., focusing on the present or targeting a close other). Evidence of the process through which these effects occur is provided by showing that consumers in a pre- versus postdecisional mindset identify their actions in terms of the actions’ high- versus low-level identities, respectively.
A Jury of One: Opinion Formation, Conformity, and Dissent on Juries

Approximately 6 percent of criminal juries hang. But, how many dissenters carry the jury, hang the jury, or conform to the majority's wishes? This article examines the formation of individual verdict preferences, the impact of deliberation, and the role of the dissenter using data from nearly 3,500 jurors who decided felony cases. Jurors were asked: “If it were entirely up to you as a one-person jury, what would your verdict have been in this case?” Over one-third of jurors, privately, would have voted against their jury's decision. Analyses identify the characteristics of jurors who dissent, and distinguish dissenters who hang the jury from dissenters who acquiesce. Deliberation procedures, juror role expectations, their evidentiary views, and their sense of fairness affected the likelihood of dissent. Contrary to previous research, deliberations play a vital role in generating juror consensus and shed new light on the debate over the requirement that juries be unanimous in their verdict.
Misconceptions about general relativity in theoretical black hole astrophysics

The fundamental role played by black holes in our study of microquasars, gamma-ray bursts and the outflows from active galactic nuclei requires an appreciation for, and at times some in-depth analysis of, curved space–time. We highlight misconceptions surrounding the notion of coordinate transformation in general relativity as applied to metrics for rotating black holes that are beginning to increasingly appear in the literature. We emphasize that there is no coordinate transformation that can turn the metric of a rotating space–time into that for a Schwarzschild space–time, or more generally, that no coordinate transformation exists that can diagonalize the metric for a rotating space–time. We caution against the notion of ‘local’ coordinate transformation, which is often incorrectly associated with a global analysis of the space–time.
Unique equilibrium in the Eaton–Gersovitz model of sovereign debt

Abstract A common view of sovereign debt markets is that they are prone to multiple equilibria. We prove that, to the contrary, Markov perfect equilibrium is unique in the widely studied model of Eaton and Gersovitz (1981) , and we discuss multiple extensions and limitations of this finding. Our results show that no improvement in a borrower׳s reputation for repayment can be self-sustaining, thereby strengthening the Bulow and Rogoff (1989) argument that debt cannot be sustained by reputation alone.
The Pricing of Event Risks with Parameter Uncertainty

Financial instruments whose payoffs are linked to exogenous events, such as the occurrence of a natural catastrophe or an unusual weather pattern depend crucially on actuarial models for determining event (e.g., default) probabilities. In many instances, investors appear to receive premiums far in excess of these modeled actuarial probabilities, even for event risks that are uncorrelated with returns on other financial assets. Some have attributed these larger spreads to uncertainty in the probabilities generated by the models. We provide a simple model of such ‘parameter uncertainty’ and demonstrate how it affects rational investors' demand for event risk exposures. We show that while parameter uncertainty does indeed affect bond spreads, it does not tend to increase spreads by much. Indeed, the spread increases due to parameter uncertainty in our numerical examples are on the order of only 1–2 basis points. Moreover, in many instances, including those that have the most sensible correlation settings, parameter uncertainty tends to decrease the size of bond spreads. We therefore argue that parameter uncertainty does not appear to be a satisfactory explanation for high event-risk returns.
Does Rule 10b-21 increase SEO discounting?

Abstract Short sale constraints prior to seasoned equity offers, imposed by Rule 10b-21 in 1988, are believed to compromise pricing efficiency and contribute to the large temporal increase in offer price discounting. This study provides additional insights by examining shelf-registered offers, which were exempt from pre-issue short sale constraints until 2004. The results suggest that pre-issue short sale constraints do not influence the level of discounting in seasoned equity offers. Moreover, this study reports that the recent temporal increase in discounting is due to a greater prevalence of overnight shelf offers, which are associated with relatively large offer price discounts.
Investment in Shared Suppliers: Effect of Learning, Spillover, and Competition

We investigate the optimal strategies for firms to invest in their suppliers when the benefits of such investments can spillover to other firms who also source from the same suppliers. We consider two Bayesian firms that can invest in improving the quality of their shared supplier; the firms do not have complete information on the true quality of the supplier, but they update their beliefs based on the supplier's performance. We formulate the problem as an investment game and obtain Markov perfect equilibria characterized by the investment thresholds of both firms. The equilibrium investment strategies of the two firms are characterized by a region of preemption and a region of war of attrition. We also examine how the interplay between spillover, competition, and returns from the investment at shared suppliers affect the investment threshold and the time to the leader's investment, and identify the conditions under which competition delays or hastens the first investment in a shared supplier.
Conflicts and Financial Collapse: The Problem of Secondary-Management Agency Costs

I have recently argued that financial market failures can be attributed, in large part, to three causes: conflicts, complacency, and complexity. This Essay engages the first cause, focusing on a subset of conflicts that in the past has been regarded as relatively harmless: conflicts between a firm and its middleto lower-level management (hereinafter "secondary management" or "secondary managers"). The Essay's thesis is that, as financial markets and the
A Permanent Hybrid Court for Terrorism

This article explores a recent proposal to add terrorism to the jurisdiction of the International Criminal Court. Providing a background on the definition and international criminal legal profile of terrorism, the article finds that there are several reasons not to include terrorism in the list of crimes of the Rome Statute. Importantly, terrorism is a crime whose features more closely resemble other "transnational crimes" such as trafficking and organized crime, rather than the other "international crimes" of the Rome Statute, such as aggression and genocide. Terrorism is a crime committed by private actors rather than states or analogous political organizations, and acts of terrorism can occur on a very small scale, while the crimes of the Rome Statute definitionally require larger scales. There is an argument in favor of an international tribunal of some kind exercising jurisdiction over terrorists: to assist those states who are either unable or unwilling to bring terrorists within their jurisdictions to justice. However, states are ordinarily effective at combating terrorism through their legal systems, whereas with other crimes such as aggression or genocide there is either a breakdown or an unwillingness of the states to prevent and punish those international crimes. States also have an important role to play in achieving local justice in the name of their victims. Most crimes of terrorism are so small in scale that they are handled well by national prosecutions, whereas a large number of small-scale terrorism indictments could easily overwhelm the International Criminal Court. Nonetheless, there are clearly some cases in which weak states will require or request the assistance of the international community. As a response to the international and national equities in effective prosecution of terrorism, this article proposes the creation of a permanent hybrid court that will mix international and national laws. Temporary hybrid courts have been used in the past in response to specific atrocities; a permanent hybrid court would be the first of its kind. A permanent hybrid court could either define the crime of terrorism once and for all, or incorporate numerous existing treaties on terrorism by reference. A permanent hybrid court need not even be utilized for terrorism alone, as suggested in this paper, it could be adapted to handle all kinds of "transnational crime." This article details several suggested parameters for a "Special Court for Counterterrorism," from the selection of judges to issues of jurisdiction, and includes a full draft statute.
New Terms for an Old Debate: Embryos, Dying, and the "Culture Wars"

This article considers the story of Terri Schiavo in the context of a broader set of ideological debates in the U.S. Primary among them is the debate about abortion. In the decades since Roe, pro-life advocates have refashioned the rhetoric of the abortion debate. During that period, an underlying concern with the meaning and scope of family relationships was largely displaced in public debate with concern about the ontological status of fetuses and embryos. Pro-life advocates thus talked less often about abortion as a desecration of traditional family life and woman's purpose and more about abortion as the murder of children. Beneath this focus, the abortion debate stayed focused, at least implicitly, around alternative visions of family (and of gender). However, for several decades, framing discourse in terms of the status of embryos rather than the scope of family life proved powerful as strategy for pro-life adherents. Then, the isolation of embryonic stem cells and the startling promises of regenerative medicine at the end of the twentieth century transformed the terms of the abortion debate. A vocal group of pro-life lawmakers, for instance, has supported embryonic stem-cell research and has, accordingly, reshaped its understandings of embryos. And so, the ideological moorings of the abortion debate have shifted. In consequence, discourse about the issues (however disguised) that energized debate about abortion is increasingly being constructed around alternative social issues. End-of-life crises present one such alternative social context within which the underlying debate is being continued. This article reveals and considers parallels between the abortion debate and discourse about Terri Schiavo's story. Stories such as Terri's, much as the debate about abortion, allow society to ponder the scope of family and the meaning of personhood.
Tenant Quality and REIT Liquidity Management

Property values depend upon quality tenants and consistency (Smith: The RMA Journal 50-60, 2009). REIT firms are only as strong as their properties. In this research I examine how tenant quality affects REIT firm liquidity management (i.e. cash holdings and utilization of line of credit). I find that 1) tenant Altman Z-score and size are inversely related to total liquidity (cash plus unused credit line) and unused credit lines of REIT firms; 2) tenant size is inversely related to the total corporate liquidity and unused credit lines of REIT firms, but has no affect on REIT cash holdings; 3) tenant credit ratings are negatively related to total credit available and unused credit lines; 4) tenant book-to-market ratio and tenant profitability are negatively related to REIT cash holdings, but positively correlated to the total available credit lines and unused credit lines of REIT firms; 5) these effects vary across different property types. These results suggest that the analysis of tenant quality can offer insights into the firm policy and decision makings of REIT firms.
Beyond Judicial Activism: When the Supreme Court is No Longer a Court.

Our Supreme Court, in recent decisions, has reached out beyond the cases that were put before it by litigants to decide issues that were not in dispute between the parties. The four Supreme Court decisions discussed in this article, Citizens United v. FEC, Ashcroft v. Iqbal, Montejo v. State of Louisiana, and Gross v. FBL, have frequently been criticized because of the changes in law they effected; this article, however, focuses on the process. When the Court decides its own questions, rather than those presented by the parties, it does so without the benefit of a record created below on the question, without the opinions of lower court judges, and sometimes without the briefing of the issue by the parties or amici. In the cases discussed, the Court has also ignored traditional prudential practices, such as the avoidance canon for constitutional issues, the refusal to consider issues neither pressed nor passed upon below and the rejection of issues raised for the first time in Respondents' merits brief. It has also failed to follow its own Court Rules. In effect, the Supreme Court has acted without boundaries of any kind. In so doing, it is not acting as a court. This article proposes that there should be boundaries that the Court is required to meet, and that those boundaries should be imposed by Congress, under the Exceptions Clause of Article III. The purpose would be to make judicial conduct consistent with the structure that the Constitution sets forth for the role of the judiciary. To the extent that no boundaries exist, the Justices become simply politicians in robes.
QALYs and policy evaluation: a new perspective.

This Article presents a new, welfarist defense of the use of QALYs (quality adjusted life years) in policy evaluation. It challenges both the conventional wisdom among health economists that QALY-based analysis is dominated by traditional cost-benefit analysis (i.e., the sum of willingness-to-pay amounts) as well as the standard view of public health researchers that QALYs should function as the effectiveness metric in a cost-effectiveness analysis. Instead, the Article defends a nontraditional form of cost-benefit analysis, where QALYs are multipled by a conversion factor, for example $100,000 per QALY, and added to the monetized non-health effects of a policy. Part I of the Article surveys the current literature on QALYs. Part II shows that QALYs can be a more accurate measure of overall well-being than WTP amounts, under certain conditions, and argues that cognitive difficulties interfering with the measurement of WTP amounts can be circumvented by QALYs. Part III describes the limitations of QALYs. Part IV discusses the role that QALYs should play in welfarist policy analysis, given their strengths and limitations. In particular, it presents a pragmatic approach to determining the QALY-to-dollar conversion factor, and sheds new light on the controversy about pricing whole lives versus life-years.
Optimal Petrov–Galerkin Spectral Approximation Method for the Fractional Diffusion, Advection, Reaction Equation on a Bounded Interval

In this paper we investigate the numerical approximation of the fractional diffusion, advection, reaction equation on a bounded interval. Recently the explicit form of the solution to this equation was obtained. Using the explicit form of the boundary behavior of the solution and Jacobi polynomials, a Petrov–Galerkin approximation scheme is proposed and analyzed. Numerical experiments are presented which support the theoretical results, and demonstrate the accuracy and optimal convergence of the approximation method.
Excited states of open strings from \( \mathcal{N}=4 \) SYM

We continue the analysis of building open strings stretched between giant gravitons from $$ \mathcal{N}=4 $$ SYM by going to second order in perturbation theory using the three-loop dilatation generator from the field theory. In the process we build a Fock-like space of states using Cuntz oscillators which can be used to access the excited open string states. We find a remarkable cancellation among the excited states that shows the ground state energy is consistent with a fully relativistic dispersion relation.
The Future of Service Learning in International Education

Objective – This paper explores the complex dynamics of teaching service learning to EFL learners at a Chinese university through the eyes of two international instructors from an American partner school. By reflecting on different cultures’ views on charity and assistance through tools like the World Giving Index, educators can gain a deeper understanding of the implications of international perspectives on service work. Tailoring pedagogical approaches to local conditions can better fulfill service education’s function of producing future leaders who make cooperation and altruism a larger priority. Methodology/Technique – The paper examines previous studies and reports. Findings – The finding shows that perception of Western-style educational charities remains low as insisting on this can be met with a lack of enthusiasm and even hostility. But from international perspective, increasing number of students are likely to spend some of their educational experience abroad. Novelty – Providing previous context and world statistics, it gives reason on initiating service learning and its contribution on solving global, humanitarian and environmental issues.
(1,1) L-space knots

We characterize the (1,1) knots in the 3-sphere and lens spaces that admit non-trivial L-space surgeries. As a corollary, 1-bridge braids in these manifolds admit non-trivial L-space surgeries. We also recover a characterization of the Berge manifold among 1-bridge braid exteriors.
Regional Trade Arrangements in Africa: Past Performance and the Way Forward

Abstract: Regional trade arrangements (RTAs) in Africa have been ineffective in promoting trade and foreign direct investment. Relatively high external trade barriers and low resource complementarity between member countries limit both intra- and extraregional trade. Small market size, poor transport facilities and high trading costs make it difficult for African countries to reap the potential benefits of RTAs. To increase regional trade and investment, African countries need to undertake more broad-based liberalization and streamline existing RTAs, supported by improvements in infrastructure and trade facilitation. Early action to strengthen the domestic revenue base would help address concerns over revenue losses from trade liberalization.
Legal Frameworks and Technological Protection of Digital Content: Moving Forward towards a Best Practice Model

The increased ability to copy and distribute information, knowledge, and entertainment in the digitally networked age has provoked a series of responses. In order to gain back control, copyright holders have made use of so-called technological protection measures (TPM) - including, for instance, Digital Rights Management (DRM) schemes - that are aimed at regulating the copying, distribution, and use of and access to digital works through code ("code is law"). Activists, in turn, have immediately taken counter-measures and designed tools that enable the hacking of technological protection measures such as copy and access controls. In response, law makers at both the international and national level have enacted legal provisions aimed at banning the act of circumvention of TPM on the one hand and the production and dissemination of circumvention tools on the other hand. Prominent examples of such legislation, among others, are the WIPO Internet Treaties (WCT art. 11 and WPPT art. 18), the Digital Millennium Copyright Act (DMCA sec. 1201), the European Copyright Directive (EUCD, art. 6 and art. 8), and the respective implementations of the EUCD into the laws of EU Member States. Against this backdrop, this paper takes it as its baseline that many countries have already enacted legislation or will soon legislate on TPM in order to comply either with international obligations under WIPO, or with international free trade agreements involving a party that has powerful content industries such as the U.S. Thus, the immediate question before us is no longer whether the second and third layer of protection of digital works is appropriate or viable. Rather, at this stage, attention should be drawn to the alternative design choices that remain with countries that face the challenge of drafting or revisiting a legal regime aimed at protecting TPM. Consequently, the purpose of this paper is to identify different legislative and regulatory approaches and to discuss them in the light of previous experiences with TPM legislation in the U.S. and in Europe. Ultimately, the paper seeks to formulate basic design (or best practice) principles and to sketch the contours of a model law that aims to foster innovation in the digitally networked environment and minimize frequently observed spillover effects of TPM legislation.
Economics of Linux adoption in developing countries

Software globalization affects build-versus-buy decisions at every level and phase of the software development process. One of the most interesting and controversial issues is the expansion of Linux, an open source operating system, into software development efforts in developing countries. Linux is an interesting example of a globally available software product that has nontrivial choice and productivity implications for software projects in developing countries. We examine the positive and negative effects of adopting Linux and ways to achieve the greatest benefits for developing countries and policy makers. Linux communities and Linux-friendly companies can also help promote diversity and flexible options by working to make proprietary and open source operating systems more interoperable.
Communications Revolutions and Legal Culture: An Elusive Relationship

What is the likely effect upon the law of electronic media-of the Interet and computerized storage and transfer of information?1 The answer to this question has taken a wide variety of forms in an outpouring of scholarship. Most writers have discussed how the special properties of electronic media will invite improvement or will require adjustment in particular bodies of law, from intellectual property to sales, from antitrust to information
Local Overweighting and Underperformance: Evidence from Limited Partner Private Equity Investments

Institutional investors exhibit substantial home-state bias in private equity. This effect is particularly pronounced for public pension funds, where overweighting amounts to 9.8% of aggregate private-equity investments and 16.5% for the average limited partner. Public pension funds' in-state investments achieve performance that is lower by two to four percentage points than both their own similar out-of-state investments and similar investments in their state by out-of-state investors. Overweighting in home-state investments by public pension funds is greater in venture capital and real estate than in buyout funds. States with political climates characterized by more self-dealing invest a larger share of their portfolio in local investments, although a given local investment performs only as poorly in these states as in other states. Relative to the performance of the rest of the private equity universe, overweighting and underperformance in local investments reduce public pension fund resources by $1.2 billion per year. The Author 2012. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oup.com., Oxford University Press.
Rethinking Contractual Limits on Fiduciary Duties

The recent financial crisis has placed a renewed focus on completion risk in the world of mergers and acquisitions. Dealmakers have increasingly attempted to control for such risks by altering merger agreement provisions to achieve a greater level of deal certainty. This Article addresses one such provision – the merger recommendation covenant and its related fiduciary out. The purpose of the merger recommendation fiduciary out is to address a tension created by two fundamental precepts arising under corporate law and contract law – a board of director’s duties to the corporation and its stockholders versus the binding covenants of a merger agreement. This Article addresses such a tension: situations where a board of directors has a contractual commitment to recommend a transaction to its stockholders but where an event occurs after the signing of that agreement that would normally require a board, in honoring its fiduciary duties, to withdraw its earlier recommendation. Traditionally, the merger recommendation fiduciary out has allowed a board to withdraw its recommendation when a board determines that it would be consistent with its fiduciary duties to do so. Over the past several years, however, dealmakers have often limited these fiduciary outs to situations where the target company has only received a superior offer from an unrelated third party. Increasingly since at least 2005, dealmakers have limited the merger recommendation fiduciary out to "Intervening Events," which are often defined as certain events that are not known or reasonably foreseeable to the board at the time the merger agreement is executed. Because the courts have yet to speak to the validity of such provisions, a debate has arisen among judges, practitioners, and commentators as to whether a board of directors may contractually limit its fiduciary duties in the context of the merger recommendation covenant. This Article breaks new ground in arguing that boards may in fact agree to narrower fiduciary outs in the context of the merger recommendation covenant. It contends that a board of directors that has complied with its fiduciary duties at the time it authorizes entry into the merger agreement should be aware of most events that could reasonably occur during the period between signing and closing. Thus, the board can consider such events during negotiations and structure the transaction to adequately address these possibly changed circumstances. Moreover, this Article argues that dealmakers should adopt staggered termination fee frameworks so that termination fees vary depending upon the event triggering the recommendation withdrawal. Such a staggered termination fee provides a check on the board’s decision to withdraw its recommendation and promotes deal certainty. Moreover, this Article encourages the continued use of disclosure provisions explicitly allowing the board to disclose changed circumstances to its stockholders while continuing to recommend the merger (as it may be required to do under the definitive merger agreement).
Anonymous market and group ties in international trade

Abstract History provides many examples of cohesive groups dispersed over several countries who exploit the ties between their members to gain entry into foreign markets. The phenomenon is well-established empirically and noteworthy because it suggests the importance of informational barriers in international transactions. We present a simple model where output is produced through a joint venture, and agents have complete information domestically but are unable to judge the quality of their match abroad. A minority of individuals, otherwise identical to all others, can exploit complete information in international matches between group members, if they so choose. Group ties increase aggregate trade and income, but hurt the anonymous market because they deprive it disproportionately of the group’s more productive members.
What do drug monopolies cost consumers in developing countries

Abstract This paper quantifies the effects of drug monopolies and low per-capita income on pharmaceutical prices in developing economies using the example of the antiretroviral drugs (ARVs) used to treat HIV.
Corporate governance and the information environment: Evidence from state antitakeover laws ☆

Abstract We examine the relation between corporate governance and firms' information environments. We use the passage of state antitakeover laws in the U.S. as a source of exogenous variation in an important governance mechanism to identify changes in firms' information environments. We find that information asymmetry and private information gathering decreased and that financial statement informativeness increased following the passage of the antitakeover laws. Cross-sectional analyses indicate that the increased level of financial statement informativeness is attributable to firms that are most likely to access equity markets rather than managerial entrenchment, managerial career concerns, or managers' pursuit of the quiet life.
THE GHOST IN OUR GENES: LEGAL AND ETHICAL IMPLICATIONS OF EPIGENETICS

Epigenetics is one of the most scientifically important, and legally and ethically significant, cutting-edge subjects of scientific discovery. Epigenetics link environmental and genetic influences on the traits and characteristics of an individual, and new discoveries reveal that a large range of environmental, dietary, behavioral, and medical experiences can significantly affect the future development and health of an individual and their offspring. This article describes and analyzes the ethical and legal implications of these new scientific findings.
Scientific Utopia II. Restructuring Incentives and Practices to Promote Truth Over Publishability

An academic scientist’s professional success depends on publishing. Publishing norms emphasize novel, positive results. As such, disciplinary incentives encourage design, analysis, and reporting decisions that elicit positive results and ignore negative results. Prior reports demonstrate how these incentives inflate the rate of false effects in published science. When incentives favor novelty over replication, false results persist in the literature unchallenged, reducing efficiency in knowledge accumulation. Previous suggestions to address this problem are unlikely to be effective. For example, a journal of negative results publishes otherwise unpublishable reports. This enshrines the low status of the journal and its content. The persistence of false findings can be meliorated with strategies that make the fundamental but abstract accuracy motive—getting it right—competitive with the more tangible and concrete incentive—getting it published. This article develops strategies for improving scientific practices and knowledge accumulation that account for ordinary human motivations and biases.
Field Experiments in Economics: The Past, The Present, and The Future

This study presents an overview of modern field experiments and their usage in economics. Our discussion focuses on three distinct periods of field experimentation that have influenced the economics literature. The first might well be thought of as the dawn of “field” experimentation: the work of Neyman and Fisher, who laid the experimental foundation in the 1920s and 1930s by conceptualizing randomization as an instrument to achieve identification via experimentation with agricultural plots. The second, the large-scale social experiments conducted by government agencies in the mid-twentieth century, moved the exploration from plots of land to groups of individuals. More recently, the nature and range of field experiments has expanded, with a diverse set of controlled experiments being completed outside of the typical laboratory environment. With this growth, the number and types of questions that can be explored using field experiments has grown tremendously. After discussing these three distinct phases, we speculate on the future of field experimental methods, a future that we envision including a strong collaborative effort with outside parties, most importantly private entities.
Multi-Country Event Study Methods

Abstract We provide the first simulation evidence of event-study test performance in multi-country non-US samples. The nonparametric rank and generalized sign tests are more powerful than two common parametric tests, especially in multi-day windows. The two nonparametric tests are mostly well specified, but neither is perfectly specified in all situations. The parametric standardized cross-sectional test can provide a useful robustness check but is less powerful than the nonparametric tests and rejects too often in single-market samples and when firm-specific events affect the market index. Local-currency market-model abnormal returns using national market indexes are sufficient.
Assessing the pension reform potential of a notional defined contribution pillar

As some of the limitations of the traditional pay-as-you-go defined benefit public pension model have become more evident in recent years, pension experts have begun searching for alternative models. The notional defined contribution model, also financed on a pay-as-you-go basis, has emerged as one of the major new approaches. Drawing on evidence from schemes in six countries (Sweden, Italy, Poland, Latvia, Kyrgystan and Mongolia), this article aims to describe the notional defined contribution model and to review its strengths and limitations relative to the major alternatives, the pay-as-you-go defined benefit model and the funded defined contribution model. A four-pillar pension model is proposed.
Employee privacy and the “theory of the firm”

Bruce Kobayashi and Larry Ribstein apply the “theory of the firm” to worker privacy with specific application to the employer’s ability to monitor employee performance and behavior. They take the theory to drive toward a much reduced role for law in favor of regulation by contract. This essay unpacks their theory. It faults the theory for its failure to come to grips with the possibility of monopsony in the labor market, its failure to appreciate the “public goods” nature of privacy policies and the related assumption that the employer’s ability to adopt and apply privacyinvasive policies is invariably a product of a consensual armslength bargain.
Accounting Quality and Debt Contracting

We study the role of borrower accounting quality in debt contracting. Specifically, we examine how accounting quality affects the borrower's choice of private versus public debt market and how the design of debt contracts vary with accounting quality in the two markets. We find that accounting quality affects the choice of the market, with poorer accounting quality borrowers preferring private debt, i.e., bank loans. This is consistent with banks possessing superior information access and processing abilities that reduce adverse selection costs for borrowers. We also find that accounting quality has an economically significant but differential impact on contract design in the two markets consistent with differences in recontracting flexibility across the two markets. In the case of private debt, since there is greater recontracting flexibility, both the price (i.e., interest) and non‐price (i.e., maturity and collateral) terms are significantly more stringent for poorer accounting quality borrowers, unlik...
Evidentiary Instructions and the Jury as Other

Limiting instructions and instructions to disregard inadmissible evidence are widely believed to be both ineffective and necessary. Courts presume that juries follow evidentiary instructions, but the presumption is almost universally acknowledged to be false, a kind of professional myth. But we have it backwards. The real myth about evidentiary instructions is not that they work. The real myth is that they don’t work, but that we need to rely on them anyway. Both of these ideas about evidentiary instructions are wrong or at best greatly exaggerated. Evidentiary instructions probably do work, although imperfectly and better under some circumstances than others. Furthermore, evidentiary instructions are not an essential part of jury trial, and the legal presumption that they work flawlessly is even less fundamental.The conventional wisdom about evidentiary instructions — “of course they don’t work, but we have to pretend that they do” — spares us the messy but important task of assessing when evidentiary instructions are most likely to fail, how they can be made more effective, and what should follow from a recognition that they work, at best, imperfectly. It has made it easier, for example, to tolerate evidentiary instructions that are incoherent or senseless. They seem no worse, or less likely to be effective, than evidentiary instructions in general.The conventional wisdom about evidentiary instructions is part of a broader way of thinking about lay adjudicators that holds deep appeal but that we would do well to jettison: the idea that juries are something other than groups of human beings called together to sit in judgment, that trial by jury is something other than trial by people, that the jury is not a workaday committee but a kind of intuitive, unmethodical, pre-discursive oracle — the “voice of the community.” Thinking about juries as groups of people — inherently flawed, just as people are inherently flawed, but capable of reason, just as people are capable of reason — would allow us to think more sensibly, and more responsibly, not only about evidentiary instructions but about adjudication more generally.
Let Charitable Directors Direct: Why Trust Law Should Not Curb Board Discretion over a Charitable Corporation's Mission and Unrestricted Assets

This article addressed one of the hardest unanswered legal questions facing the modern nonprofit corporation: How much discretion should nonprofit boards have to redefine an organization's mission - for instance by changing an acute care hospital into outpatient neighborhood clinics, or by converting a home for abandoned animals into an institute for research vivisectionists? Similarly, how much discretion should nonprofit boards have to apply unrestricted assets acquired before the change to the redefined mission? (Unrestricted assets include donations for the charity's general purposes and non-donated resources such as revenues earned from the sale of goods and services.) Stated differently, which legal framework - trust law or for-profit corporate law - should apply when a charity seeks to change its mission and activities? For trust law partisans, the answer is easy: The corporate charity should not be able to effect such changes without showing that its prior purpose has become impracticable, impossible, or illegal to advance - thereby tracking trust law's cy pres doctrine. Corporate-law partisans, by contrast, would let nonprofit boards amend any part of the articles of incorporation, including the purposes clause, absent explicit provisions in the articles that preclude such amendments. This article advocates maximal discretion for nonprofit boards over corporate mission and assets. By accentuating the differences between the default rules for charitable trusts versus nonprofit corporations, we can minimize the transaction costs for informed philanthropists. Because they appreciate the differences between these two forms, they can pick the off-the-rack form that best reflects their preferred degree of managerial discretion. Admittedly, this approach raises problems when applied to uninformed philanthropists, as some may choose the corporate form without appreciating the broad discretion it grants nonprofit directors. It might be, for example, a (hypothetical) majority of uninformed philanthropists might prefer to curb director discretion by applying trust law principles to nonprofit corporations. Even so, a default regime that maximizes the director discretion would facilitate the application of nonprofit corporate resources to more socially beneficial uses. Of course, each nonprofit corporation can elect to curb its directors' discretion to satisfy its donors' perceived preferences and concerns, but nonprofit law should not mandate this approach across the board.
ACHIEVING SUCCESS IN THE SUSTAINED REGENERATION FORM OF CORPORATE ENTREPRENEURSHIP: EFFECTS OF PORTFOLIO TECHNOLOGICAL ADVANCEMENT ON A FIRM’S NEW PRODUCT LAUNCH RATE

This study explores whether the average technological advancement of a firm’s new product development (NPD) initiatives has an impact on the firm’s NPD launch rate. A key premise is that success in developing product portfolios that are advanced beyond current market offerings is a function of the firm’s knowledge base. The study uses a dataset of drug development activity for 90 pharmaceutical companies over the period 1995 to 2006. A three-way interaction indicates that firms developing technologically advanced portfolios exhibit a higher launch rate when those portfolios combine either high breadth and low concentration across knowledge categories or high concentration and low breadth.