cssi/SciSciGPT-SciSciNet huggingface dataset:
Fake It till You Make It: A Justification for Intellectual Property "Piracy"

Economic development, especially in the Least Developed Countries (LDC), requires use of intellectual property without always compensating the rights holders in the most developed countries. Unconventionally, this Article uses neoclassical economics to provide a rational solution to access rights in the LDC while respecting the first principle of intellectual property right—utilitarianism. The price discrimination model provides a useful rubric to segregate developed country markets from developing country markets. Furthermore, it also provides a subtle test in the case of individual uses of intellectual property as to which should be tolerated in developing nations as uncompensated uses and which should be punished as piracy due to their subverting the economic incentive necessary to promote the creation of intellectual property in the more developed nations. This Article concludes that in the long run, tolerated uncompensated uses in nascent LDC markets are more efficient engines of economic development than direct foreign or sporadic technology transfer and therefore, are in the developed countries’ best interests to promote a stable global community through economic development in the LDC. * Professor, University of Toledo College of Law (lgibbon@utnet.utoledo.edu). The author would like to express his appreciation to faculty participants who commented on his paper at the 14th annual Intellectual Property Scholars Conference (Berkeley School of Law), Midwestern People of Color Legal Scholarship Conference (Indiana Tech Law School), and 2014 Intellectual Property Scholars Roundtable (Drake University Law School). He would also like to acknowledge Professor Daryl Lim’s extraordinary skills as a commentator. Finally, the author would like to acknowledge the encouragement of Gerardo Villagomez de Oliveira e Souza. As always, the many flaws in this Article are solely the responsibility of the author. 1. Close to Home, Fake It Till You Make It, PLYRICS (2012), http://www.plyrics.com/lyrics/ closetohome/fakeittilyoumakeit.html. 2. Least Developed Countries (LDCs), UNITED NATIONS CONFERENCE ON TRADE & DEV. (2013), http://unctad.org/en/Pages/ALDC/Least%20Developed%20Countries/LDCs.aspx (last visited Sept. 19, 2014) (defining LDCs as “a category of States that are deemed highly disadvantaged in their development process, for structural, historical and also geographical
Does underwriter reputation matter in the municipal bond market

We examine the role of underwriter reputation in the tax-exempt municipal bond market. Using a large sample of 10,239 tax-exempt municipal bonds, we show that generally, reputation matters. Municipal bond issues lead managed by larger and more prestigious underwriters have significantly lower borrowing costs, lower yields, and lower underwriting gross spreads. Our results are consistent with the view that reputation facilitates underwriter activities that leads to reducing information asymmetries between borrowers and issuers in the municipal bond market. Our results are also consistent with larger and more reputable underwriters providing a certificatory role for issues underwritten by them.
Do Parents Matter? Effects of Lender Affiliation Through the Mortgage Boom and Bust

It is widely acknowledged that the 2007 mortgage crisis was preceded by a broad deterioration in underwriting diligence. This paper shows that this deterioration varied by the industry affiliation of mortgage lenders. Loans issued by homebuilders and stand-alone lenders were significantly less likely to default than loans issued by depository banks and affiliates of major financial institutions. I argue that homebuilders and stand-alone lenders had the least financial capacity to hold mortgages, and their resulting need to sell loans quickly on the secondary market forced them to issue safer loans. Tests of other explanations, including differences in information and incentives to avoid foreclosure externalities, receive little support. This study highlights a novel means by which firm boundaries influence firm adaptation to changing market conditions by defining the boundaries of the internal capital markets and hence the relative constraints of constituent units. This paper was accepted by Bruno Cassiman, business strategy.
Applying human rights standards to employment rights in the USA: The Human Rights Watch Report 2000

This essay reviews the international human rights standards that the Human Rights Watch Report uses as standards for judgment, summarises with some commentary the Report’s major findings and recommendations, comments more fully on certain findings and recommendations, and, in conclusion, raises several issues that need to be addressed given the state of freedom of association and other related human rights in the USA.
Racial Identity, Electoral Structures, and the First Amendment Right of Association

This article develops a provocative approach for thinking about the role of race in democratic politics. I identify the Supreme Court's descriptive and normative struggles with racial identity, which have led many on the Court to question the constitutionality of the Voting Rights Act. I rely upon the social identity literature in social psychology, as well as the race and politics literature in political science, to demonstrate empirically the relationship between racial and political identity. I then use the right of assciation, particularly as developed by the Supreme Court in the party and ballot access cases, to argue that the First Amendment protects the right of votes of color to associate as voters of color where race and political identity are correlated. In so doing, I characterize the Court's attempt to grasp the proper role of race in democratic politics as a deeper struggle between equality and liberty values. I conclude by suggesting a framework for balancing liberty and equality concerns in the design of electoral institutions.
Competing Concepts of the Corporation (a.k.a. Criteria - Just Say No)

This essay was written for a festschrift in honor of my UCLA School of Law colleague, co-author, and friend Professor William A. Klein. The conference is organized around Bill's claim that corporate law scholarship would benefit if scholars were more explicit about the normative criteria that motivate their analyses and policy recommendations. In pursuit thereof, Bill's "Criteria Project" identifies four broad categories of "criteria for good corporate laws": (1) fairness; (2) efficiency; (3) legitimacy and accountability; and (4) administrability. Within each broad category, one then finds a number of specific criteria. Scholars are then asked to identify those criteria that inform their work. In this essay, I argue that the Criteria Project lacks an overall conception of the corporation. I further argue that one's selection of evaluative criteria cannot be appraised in isolation from the concepts of the corporation informing that selection. Hence, I echo a call made two decades ago by Professor Roberta Romano for scholars to be more explicit in setting out their "normative theory of the corporation and its place in the polity." t Professor, UCLA School of Law. I thank Mitu Gulati, Mark Ramseyer, and the participants who attended a faculty workshop at the University of Indiana law school for their very helpful comments. Berkeley Business Law Journal Vol. 2:1, 2005 Competing Concepts of the Corporation (a.k.a. Criteria? Just Say No) Competing Concepts of the Corporation (a.k.a. Criteria? Just Say No) Stephen M. Bainbridge
The paradox at the base of the pyramid: environmental sustainability and market-based poverty alleviation

Base of the pyramid (BoP) business strategies focus on the delivery of goods and services to the world's poor. Proponents argue that previously unrecognised opportunities for profit are available to companies that target this underserved population. This strategy is commonly presented as an example of social responsibility, or social sustainability, since it targets consumers that have not traditionally had access to consumer goods and services. However, business activities can have a disproportionately harmful impact on the natural environments in which the BoP live and work. We argue that businesses engaged in BoP activities with the ostensible goal of benefitting the BoP may paradoxically harm the BoP by degrading the natural environments on which they are dependent. We provide a conceptual framework for understanding the environmental impacts that firm products, services, and operations can have on the BoP, and we provide a pragmatic solution aimed at resolving this apparent paradox.
Public Health Law as Administrative Law: Example Lessons

The greatest change in legal practice over the past fifty years has been the shift from primarily private law between private parties, to public law. Public law can include the regulation of private parties, litigants (both governmental and private) challenging government policy, or the operation of agencies themselves. The jurisprudential core of public law is administrative law, which describes the relationship between the courts, government agencies, and regulated parties. Government agencies were as critical to the civil rights revolution as they have been to environmental law and, for better and worse, the development of the modern health care system. It is ironic that few law schools require all students to take a course in administrative law, and that at many schools a student may graduate with few or no public law courses on his or her transcript. Public health law was the first administrative law. The colonies were ravaged by communicable diseases such as cholera, yellow fever, and smallpox. Early state governments carried out Draconian measures to control these diseases. The early and middle 1800s saw extensive state regulation of all aspects of life, including the core areas of public health and safety. Regulation of food and water, sanitation, and housing conditions, combined with communicable disease control measures such as mandatory vaccination laws and isolation of communicable disease carriers, raised the life expectancy in cities such as Boston by more than fifty years
An Institutional Theory View of the Family Business

This article discusses the organizational forces common to the family business from the perspective of institutional theory. Both “old” and “new” institutionalism add useful perspectives for the analysis of family businesses. “Old” institutionalism encourages the study of structural change as a result of environmental pressures. “New” institutionalism focuses on the symbolic nature of organizations. Propositions regarding elements of these theories of institutional theory in a family business context are offered. Parallels between institutional theory and family systems theory are discussed.
Development Aid and Economic Growth: A Positive Long-Run Relation

a b s t r a c t We analyze the growth impact of official development assistance to developing countries. Our approach is different from that of previous studies in two major ways. First, we disentangle the effects of two kinds of aid: developmental and non-developmental. Second, our specifications allow for the effect of aid on economic growth to occur over long periods. Our results indicate that developmental aid promotes long-
Doing Their Duty: An Empirical Analysis of the Unintended Effect of Tarasoff v. Regents on Homicidal Activity

AbstractThe seminal ruling of Tarasoff v. Board of Regents of the Universities of California enacted a duty that required mental health providers to warn potential victims of any real threat to life made by a patient. Many have theorized that this required breach of confidentiality may have adverse effects on effective psychological treatment—but the issue remains unaddressed empirically. Because of the presence of duty-to-warn laws, patients might forgo mental health treatment that would prevent violence. Using a fixed-effects model and exploiting the variation in the timing and style of duty-to-warn laws across states, I find that mandatory duty-to-warn laws cause an increase in the homicide rate of .4, or 5 percent. These results are robust to model specifications and falsification tests and help to clarify the true effect of state duty-to-warn laws.
Constrained Presidential Power in Africa? Legislative Independence and Executive Rule Making in Kenya, 1963–2013

Do institutions constrain presidential power in Africa? Conventional wisdom holds that personalist rule grants African presidents unchecked powers. Consequently, there is very little research on African institutions such as legislatures and their impact on executive authority. In this article, the author uses original data on the exercise of presidential authority (issuance of subsidiary legislation) to examine how legislative independence conditions presidential rule making in Kenya. The study exploits quasi-exogenous changes in legislative independence, and finds that Kenyan presidents issue relatively more Legal Notices under periods of legislative weakness, but are constrained from doing so under periods of legislative independence. These findings shed new light on institutional politics in Kenya, and illustrate how executive–legislative relations in the country conform to standard predictions in the literature on unilateral executive action.
Investing in Conflict Management

Achieving peace and building the institutions that will make it last require much time and effort on the part of adversaries. While making this effort, the likelihood of peace is uncertain, and preparations for conflict are ongoing. Using a model that takes such considerations into account, adversaries divide their resources between “guns,”“butter,” and investments in conflict management. Even when all adversaries undertake sizable investments in conflict management, peace is uncertain. Results show that larger initial wealth increases the likelihood of peace, whereas the number of adversaries can have widely different effects. A larger number of adversaries in cases of international conflict tends to increase the likelihood of peace but has the opposite effect in cases of domestic conflict.
Is the Fisher effect for real?: A reexamination of the relationship between inflation and interest rates☆

Abstract This paper resolves the puzzle of why a strong Fisher effect (a high correlation between the level of interest rates and inflation) occurs only during certain periods but not for others. Empirical evidence finds no support for a short-run Fisher effect in which a change in expected inflation is associated with a change in interest rates, but supports the existence of a long-run Fisher effect in which inflation and interest rates have a common stochastic trend when they exhibit trends. These results indicate that a strong Fisher effect will only appear in samples where inflation and interest rates have trends.
The US productivity slowdown, the baby boom, and management quality

This paper examines the relationship between the entry of the baby boom into the workforce and the productivity slowdown. Lucas (Bell J Econ 9(2):508–523, 1978) shows how management quality plays a role in determining output. The baby boom’s entry into the workforce resulted in more managers from smaller, pre-baby boom cohorts. These marginal managers were necessarily of lower quality, leading to a drop in total factor productivity. As the boomers aged, this effect was reversed. A calibrated model of managers, workers, and firms suggests that the management effects of the baby boom may explain roughly 20% of the observed productivity slowdown and resurgence.
Mechanical Evaluation of Selective Laser Melted Ni-Rich NiTi: Compression, Tension, and Torsion

Two unique behaviors of superelasticity and shape memory effect have made shape memory alloy such as NiTi, an interesting alloy for different applications. Recently, additive manufacturing (AM) as a powerful tool for fabricating NiTi has become of interest to make complex geometries. Selective laser melting (SLM) is an AM method that not only provides flexibility to make complex 3D shapes but also it can be possible to tailor the thermomechanical properties of the parts just by changing the process parameters. The non-homogeneous microstructure of as-fabricated parts as well as asymmetric mechanical behavior of NiTi, make it important to study the properties of SLM NiTi parts under different loading condition. In this study, Ni50.8Ti (at. %) powder was utilized to fabricate cube, dog-bone, and tube by SLM technique. The transformation temperatures (TTs) of samples were measured by the differential scanning calorimetry (DSC) method and the variation of TTs was discussed. Three coupons were tested mechanically under compression, tension, and torsion. In-situ digital image correlation (DIC) was employed to measure and monitor the strain field of samples during the mechanical tests. The strain distribution showed localized strain for all three samples. The equivalent stress/strain was calculated to compare the result of compressive, tensile, and torsional responses and the significant asymmetric behavior was shown and discussed.
Dialogue and deliberation as expressions of democratic leadership in participatory organizational change

Purpose – The purpose of this paper is to make the case, firstly, that democratic leadership, referred to as “leaderful practice,” should be the fundamental form of leadership that characterizes participatory organizational change. The parties affected by change are those engaged who seek to reflect upon their own tacit collective practices. Their mode of communication is a dialogue or deliberation that involves the responsible parties to decision making without privileging particular stakeholders because of their status or authority. Thus, it is purported, secondly, that the three practice elements of democratic leadership, dialogue, and deliberation should be included among the bedrock principles of participatory organizational change.Design/methodology/approach – A critical conceptual examination is undertaken of the contribution of three alternative literature streams – leaderful practice, dialogue, deliberation – to participatory organizational change.Findings – Dialogue, an authentic exchange betwee...
Air Pollution and Defensive Expenditures: Evidence from Particulate-Filtering Facemasks

Air Pollution and Defensive Expenditures: Evidence from Particulate-Filtering Facemasks ∗ Quan Mu † Peking University Junjie Zhang ‡ UC San Diego November 1, 2014 Abstract Rational individuals take preventive measures to avoid costly air pollution exposure. This paper provides new empirical evidence of pollution avoidance that Chinese urban residents purchase particulate-filtering facemasks against ambient air pollution. The analysis is con- ducted with detailed and comprehensive data available on daily facemask purchases and air quality that became available only very recently. We find that this transitory air pollution avoidance behavior exhibits dynamics and nonlinearities, with significant increases of face- mask purchases during extreme pollution episodes. The daily model shows that a 100-point increase in Air Quality Index (AQI) increases the consumption of all masks by 54.5 percent and anti-PM 2.5 masks by 70.6 percent. The estimates from the aggregated model with flexible pollution levels are used to simulate the benefit of air quality improvement. If 10 percent of heavy pollution days (AQI≥201) were eliminated, the total savings on facemasks alone would be approximately 187 million USD in China. This result suggests that reducing the occur- rence of “airpocalypse” events represents a significant opportunity to improve social welfare. Nevertheless, our estimates are likely only the lower bound of the benefit of clean air because facemasks can only partially reduce the negative health effects of air pollution and the costs of other avoidance behaviors are not included. Keywords: air pollution, defensive expenditures, facemasks, China. JEL Classification Numbers: Q53, I12, C23. Junjie Zhang thanks the UC Center for Energy and Environmental Economics (UCE 3 ) for partial financial support. We thank David Dawson, Zihan Zhuo, John Schoeneman, and seminar participants at UC Berkeley for their helpful comments and suggestions. Of course, all remaining errors are ours. PhD candidate, College of Environmental Sciences and Engineering, Peking University. mu.quan@pku.edu.cn. Corresponding author. Assistant Professor, School of International Relations & Pacific Studies, University of Cal- ifornia, San Diego. 9500 Gilman Drive #0519, La Jolla, CA 92093-0519. Tel: (858) 822-5733. Fax: (858) 534-3939. jun- jiezhang@ucsd.edu.
A Theory of Firm Scope

The formal literature on firm boundaries has assumed that ex post conflicts are resolved through bargaining. In reality, parties often simply exercise their decision rights. We develop a model, based on shading, in which the use of authority has a central role. We consider two firms deciding whether to adopt a common standard. Nonintegrated firms may fail to coordinate if one firm loses. An integrated firm can internalize the externality, but puts insufficient weight on employee benefits. We use our approach to understand why Cisco acquired StrataCom, a provider of new transmission technology. We also analyze delegation.
Focal Points, Dissident Calendars, and Preemptive Repression:

This article explains temporal variation in repression as a function of the “dissident calendar,” the set of events that serve as natural focal points for coordination. The core argument is that re...
Market timing ability and volatility implied in investment newsletters' asset allocation recommendations

Abstract We analyze the advice contained in a sample of 237 investment newsletter strategies over 1980-1992. Each newsletter strategy recommends a mix of equity and cash. We find no evidence that letters systematically increase equity weights before market rises or decrease weights before market declines. While there is no information in the newsletter strategies about future market returns, we document that disagreement among the newsletters is correlated with future realized and implied volatility.
People and process, suits and innovators: the role of individuals in firm performance

Performance differences between firms are generally attributed to organizational factors rather than to differences among the individuals who make up firms. As a result, little is known about the part that individual firm members play in explaining the variance in performance among firms. This paper employs a multiple membership cross-classified multilevel model to test the degree to which organizational or individual factors explain firm performance. The analysis also examines whether individual differences among middle managers or innovators best explain firm performance variation. The results indicate that variation among individuals matter far more in organizational performance than is generally assumed. Further, variation among middle managers has a particularly large impact on firm performance, much larger than that of those individuals who are assigned innovative roles. Copyright © 2012 John Wiley & Sons, Ltd.
One Size Fits All? Heckscher-Ohlin Specialization in Global Production

This paper introduces a new technique for testing the Heckscher-Ohlin model that allows for the possibility that countries with sufficiently disparate endowments specialize in unique subsets of goods. Results based upon industry-level data reject one-size-fits-all homogeneity in favor of Heckscher-Ohlin specialization. Results also reveal that industry-level data hide substantial intra-industry heterogeneity, violating the assumptions of the model and complicating the interpretation of results from earlier research. A methodology for adjusting industry output to reflect underlying product variation is introduced. Re-estimation of the model using adjusted aggregates in place of ISIC industries provides strong support for Heckscher-Ohlin specialization. (JEL F11, F14, F2, C21) May 2003 Existing attempts to find support for the idea that a country's endowments determine its production and trade have traditionally focused on the overly restrictive, “one size fits all” equilibrium of Heckscher-Ohlin (HO) trade theory. 1 This single-cone version of the model has all countries of the world producing all goods, so that both Japan and the Philippines, for example, are assumed to produce identical electronics and apparel goods using the same techniques. But a second, far richer equilibrium is possible within the framework. This multiple-cone equilibrium has countries specializing in the particular subset of goods most suited to their mix of endowments, so that relatively labor-abundant Philippines might produce labor-intensive t-shirts and portable radios while capitalabundant Japan manufactures capital-intensive semiconductors and satellites. Ignoring such specialization undermines efforts to find support for the HO model and can cloud our thinking about the response of wages to globalization. It also interferes with our ability to identify other determinants of global production, including cross-country differences in technology, factor efficiency and demand. This paper introduces an empirical technique for testing the production implications of the factor proportions framework that can be used to differentiate singlefrom multiple-cone equilibria. This approach permits the effect of factor accumulation on a given sector’s output to vary with a country's endowments, allowing countries to move in
Existence and Characterization of Optimal Growth Paths Including Models with Non-Convexities in Utilities and Technologies

This paper is concerned with the existence and characterization of optimal growth paths in continuous time infinite horizon problems, and brings to bear on these issues mathematical techniques presented by the author in Chichilnisky (1977). These techniques, non-linear functional analysis in Hilbert (weighted L2 and Sobolev) spaces, permit generalization, clarification and simplification of existing results. In particular, the following points are of importance: (i) As Hilbert spaces are self-dual, continuous linear functionals on the commodity space are elements of the space, and thus have a totally natural interpretation as prices. We therefore obtain that commodity and price paths are in the same spaces, a useful property to prove existence in general equilibrium models. A failure to meet this condition has led to earlier work on characterization being troubled by the problem that supporting linear functionals are not always interpretable as prices, so that one cannot always give a price characterization of optimal and efficient paths. In the present framework this problem does not arise. (ii) A natural way to pose the problem of finding an optimal path is as one of maximizing a continuous function on a compact set. A major advantage of the techniques we use here is demonstrated by the fact that we are actually able to follow this approach. (iii) Because of (ii), it is possible to establish the existence of an optimal path without the use of any convexity assumptions on either the technology or the preferences. This is a major relaxation of earlier conditions, and enables existence results to be applied to models with increasing returns in production, non-convex preferences and endogenous population. For instance, in Lane (1977) both the feasible net production set and the preference ordering are in general non-convex due to the endogenous response of population growth to income. In Ryder and Heal (1973) and Wan (1970) non-convexities appear as well as in environmental and biological problems discussed for example in Clark (1976). In this latter case the logistic growth functions of biological populations introduces non-convexities in a natural way. (iv) It can be shown that the prices that arise within this framework provide a well-defined present value for every feasible program. This makes it possible to provide a full characterization of optimal and efficient paths in terms of profit maximization without any reference to transversality conditions. This characterization is thus analogous to that
Demand Volatility, Adjustment Costs, and Productivity: An Examination of Capacity Utilization in Hotels and Airlines

Measures of productivity reveal large differences across producers even within narrowly defined industries. Traditional measures of productivity, however, will associate differences in demand volatility to differences in productivity when adjusting factors of production is costly. I document this effect by comparing the influence of demand volatility on capacity utilization in a high (hotels) and low (airlines) adjustment cost industry. Differences in annual demand volatility explain a large share of the variation in occupancy rates of hotels at the metro area-segment-year level. In contrast, differences in annual demand volatility have no effect on load factors of airlines at the destination-airline-year level.
Odd-lot trading in U.S. equities

Abstract We study odd-lot trades in U.S. Equities. NYSE- and NASDAQ-listed securities trade and report on various markets, and in this paper, we examine odd-lot activity in these venues. We also look at odd-lot trading on December 9, 2013, when odd-lot trades began reporting to the consolidated public tapes. We find a small increase in odd-lot trading occurring after odd-lot trades are reported to the consolidated tape, which is inconsistent with the belief that some odd-lot trades are larger trades broken up to avoid reporting to the consolidated tape. Odd-lot trades have disproportionately high cumulative price changes relative to the level of odd-lot trading. We also find a positive relation between odd-lot order imbalance and returns.
Why summary judgment is unconstitutional

Summary judgment is cited as a significant reason for the dramatic decline in the number of jury trials in civil cases in federal court. Judges extensively use the device to clear the federal docket of cases deemed meritless. Recent scholarship even has called for the mandatory use of summary judgment prior to settlement. While other scholars question the use of summary judgment in certain types of cases (for example, civil rights cases), all scholars and judges assume away a critical question: whether summary judgment is constitutional. The conventional wisdom is that the Supreme Court settled the issue a century ago in Fidelity & Deposit Co. v. United States. But a review of that case reveals that the conventional wisdom is wrong: the constitutionality of summary judgment has never been resolved by the Supreme Court. This Essay is the first to examine the question and takes the seemingly heretical position that summary judgment is unconstitutional. The question is governed by the Seventh Amendment which provides that "[i]n Suits at common law, . . . the right of trial by jury shall be preserved, and no fact tried by jury, shall be otherwise re-examined in any Court of the United States, than according to the rules of the common law." The Supreme Court has held that "common law" in the Seventh Amendment refers to the English common law in 1791. This Essay demonstrates that no procedure similar to summary judgment existed under the English common law and also reveals that summary judgment violates the core principles or "substance" of the English common law. The Essay concludes that, despite the uniform acceptance of the device, summary judgment is unconstitutional. The Essay then responds to likely objections, including that the federal courts cannot function properly without summary judgment. By describing the burden that the procedure of summary judgment imposes upon the courts, the Essay argues that summary judgment may not be necessary to the judicial system but rather, by contrast, imposes significant costs upon the system.
Demand for Refined Lead

In this paper we estimate the demand structure for refined lead over the time 1948-65. Special attention is focused on modeling the technological and institutional lags which prevent price changes from quickly impacting demand.
Bypassing Habeas: The Right to Effective Assistance Requires Earlier Supreme Court Intervention in Cases of Attorney Incompetence

Part of the Law Commons Publication Information Published as Michael M. O'Hear, Bypassing Habeas: The Right to Effective Assistance Requires Earlier Supreme Court Intervention in Cases of Attorney Incompetence, 25 Fed. Sent'g Rep. 110 (2012). © 2012 by the Regents of the University of California on behalf of the Vera Institute of Justice. Copying and permissions notice: Authorization to copy this content beyond fair use (as specified in Sections 107 and 108 of the U. S. Copyright Law) for internal or personal use, or the internal or personal use of specific clients, is granted by the Regents of the University of California on behalf of the Vera Institute of Justice for libraries and other users, provided that they are registered with and pay the specified fee via Rightslink® on Caliber (http://caliber.ucpress.net/) or directly with the Copyright Clearance Center, http://www.copyright.com.
The Game Take–or–Play: A Paradox of Rationality in Simultaneous Move Games

We show that paradoxical conclusions similar to those emerging from reasonings of backward induction can arise also in simultaneous move games with incomplete information. In a static setting, these paradoxes are particularly puzzling, because the usual attempts to avoid the backward induction solution do not work. In a dynamic setting, there is a way out of the paradoxes, which hinges on a (possibly endogenous) uncertainty over the past behaviour of the players and does not call for a long time–horizon.
Tax Advice for the Second Obama Administration

Twenty-five of the nation’s leading tax academics, practitioners, journalists, and public intellectuals gathered in Malibu, California on the Friday before President Obama’s second inauguration to plead for tax reform. The papers published in this issue of the Pepperdine Law Review provide very different prescriptions for America’s tax ills. But there is a unanimous diagnosis that the country’s tax system is sick indeed. A re-elected president’s inauguration offers a particularly propitious moment to put politics aside and embark on a treatment plan. If our lawmakers are interested in healing our tax wounds, the ideas presented in these pages offer a good place to begin. They run the gamut from relatively minor procedures to total transplantation. But all would improve the health of our current tax system.
AN INQUIRY INTO THE PERCEPTION OF MATERIALITY AS AN ELEMENT OF SCIENTER UNDER SEC RULE 10b-5

In any private action or enforcement proceeding based on SEC Rule 10b-5 the plaintiff, including the Securities and Exchange Commission, must prove that the defendant engaged in deception or manipulation with scienter, that is, an intent to deceive, which lower courts have held encompasses reckless conduct. Where the gravamen of the claim is deception, the deception must have been material. A fact, including forward-looking information, is material if there is a substantial likelihood that a reasonable shareholder would consider the fact important in making his investment decision. This article demonstrates that in an appropriate case an assessment of whether the defendant acted with scienter should consider whether the defendant appreciated the materiality of an omitted or misrepresented fact. For example, an insider who traded in the securities of his employer while he was aware of nonpublic information should not be found to have acted with scienter, if, before trading, he made a good-faith evaluation of that information, including (but not necessarily) consulting with counsel, and concluded that the information was not material, even though a trier of fact later found that the information was material when the trade occurred.
Abortion, substance abuse and mental health in early adulthood: Thirteen-year longitudinal evidence from the United States:

Objective:To examine the links between pregnancy outcomes (birth, abortion, or involuntary pregnancy loss) and mental health outcomes for US women during the transition into adulthood to determine ...
Making the Connection: Learning Style Theory and the Legal Research Curriculum

The author discusses the application of three different learning style models to successful teaching in legal research courses.
Data Exclusivities in the Age of Big Data, Biologics, and Plurilaterals

The past decade has seen many new developments impacting the intellectual property system. The introduction of big data analytics has transformed the fields of biotechnology and bioinformatics while ushering in major advances in drug development, clinical practices and medical financing. The arrival of biologics and personalized medicines has also revolutionized the healthcare and pharmaceutical industries. In addition, the emergence of bilateral, regional and plurilateral trade agreements have raised serious, and at times difficult, questions concerning the evolution of domestic and international intellectual property standards. One topic linking all three developments together concerns the establishment of international standards to protect clinical trial data that have been submitted to regulatory authorities for the marketing approval of pharmaceutical products. During the TPP negotiations, for example, the protection of clinical trial data submitted for the marketing approval of biologics was highly contentious. Although the United States' withdrawal in January 2017 has placed the TPP Agreement and its data exclusivity provisions for pharmaceuticals and biologics on life support, the debate on the protection of clinical trial data will continue and will emerge in future bilateral, regional and plurilateral trade negotiations, including the NAFTA renegotiations. This article begins by reviewing the protection of clinical trial data under Article 39.3 of the WTO TRIPS Agreement. The discussion focuses only on pharmaceutical products, even though the provision also covers agricultural chemical products. The article then examines the additional protection clinical trial data have received through TRIPS-plus bilateral, regional and plurilateral trade agreements. It concludes by outlining five specific recommendations to help advance the debate on such protection in the age of big data, biologics and plurilateral trade agreements.
Introduction to the Metaphors of Corporate Law

Corporate law is dominated by a series of metaphors that present corporations as private, individualized, egalitarian and market-like, hiding their organizational, institutional, political and power distributing aspects. These metaphors - property, contract/market, agency and individuality - drive current interpretations of the law but remain in strong conflict with it, in part because historic corporate law stemmed from explicitly political conceptions. Although the metaphors have taught us to ignore the group and institutional characteristics of corporations, treating them as powerless and passive players in the markets, corporations in fact are powerful governance and economic institutions.
Financial intermediation and growth: Causality and causes ☆

The authors evaluate: a) whether the level of development of financial intermediaries exerts a casual influence on economic growth; and b) whether cross-country differences in legal and accounting systems (such as creditor rights, contract enforcement, and accounting standards) explain differences in the level of financial development. Using both traditional cross-section, instrumental-variable procedures and recent dynamic panel techniques, they find that development of financial intermediaries exerts a large causal impact on growth. The data also show that cross-country differences in legal and accounting systems help determine differences in financial development. Together, these findings suggest that legal and accounting reform that strengthens creditor rights, contract enforcement, and accounting practices boosts financial development and accelerates economic growth.
Do Securities Class Actions Deter Misreporting

This paper investigates whether a U.S. circuit court ruling that made it easier for public corporations to defend against security class actions led to more misreporting. In a difference-in-differences framework, I find an increase in restatements for firms affected by the ruling relative to unaffected firms. Further, within affected firms, these results are concentrated among those that experienced the lowest abnormal returns in response to the ruling, the firms most likely to face meritorious litigation, and among those firms that saw decreases (increases) in dedicated (transient) institutional ownership after the ruling. Inferences are similar examining cross-sectional tests in a levels framework. These results suggest that the threat of shareholder litigation can discipline managerial reporting practices and deter misreporting. As such, this evidence informs the debate about the role of securities class actions in regulating securities markets. This article is protected by copyright. All rights reserved.
Information Lost and Found

At the core of every lawsuit is a mix of information—revealing documents that chronicle a party’s malfeasance, guarded memos that outline a lawyer’s trial strategy, fading memories that recall a jury’s key mistakes. Yet the law’s system for managing that information is still poorly understood. This Article makes new and better sense of that system. It begins with an original examination of five pieces of our civil information architecture—evidence tampering rules, automatic disclosure requirements, work product doctrine, peremptory challenge law, and bans on juror testimony—and compiles a novel study of how those doctrines intersect and overlap. It then fits these five doctrines into a creative rule typology, one built on the frame of “(in)valid (mis)information.” This typology charts our system’s most basic commitments—to accuracy, to adversarialism, and to procedural equality. But it also raises a critical question about the space between what our rules now require and what legal actors actually do. To help answer that question, this Article reaches out to an untapped social-science discipline: the rich and instructive field of Information Behavior (IB). This Article uses IB to shed new light on how our information rules function and where they still may fail. It also offers fresh and focused insight on the nature of information in civil litigation—from before a lawsuit opens until well after it ends.
A new taxonomy of Sudden Stops: Which Sudden Stops should countries be most concerned about?

Abstract This paper proposes a new taxonomy of Sudden Stops comprised of seven categories with definitions depending on the behavior of gross and net capital flows. The incidence of different types of Sudden Stops is detailed over time and we relate the type of Sudden Stop to economic performance. Sudden Stops in Net Flows associated with reductions in Gross Inflows are associated with larger falls in output than those where Sudden Starts in Gross Outflows dominate. The paper further discusses the mechanisms that might result in Sudden Stops in Gross Flows that are not Sudden Stops in Net Flows such that purchases and sales in financial assets or liabilities do not require a sharp current account adjustment. Still, it is found that Sudden Stops in Gross Inflows that do not provoke a sharp contraction in Net Flows may also be disruptive, particularly Sudden Stops that are driven by “other flows” - which include banking flows. The results suggest new avenues for research and future policy analysis.
Can Institutions Cure Clientelism? Assessing the Impact of the Australian Ballot in Brazil

This paper examines how the adoption of the Australian ballot (AB), and ipso facto, the transition from the nominal to effective secret vote, shaped the nature of party politics in Brazil. Engaging the literature on political clientelism, the impact of the AB on three outcomes is studied: 1) the ideological leanings of voters at the ballot box; 2) the degree of electoral control enjoyed by local vote brokers; and 3) the capacity of citizens to effectively participate in the electoral process. In order to get leverage on these issues, the paper utilizes an original dataset -painstakingly assembled from regional electoral archives- which contains municipal-level vote returns for federal deputy and senate contests during the period before and after the AB's introduction in Brazil (1958-1962). The dataset exploits the fact that the AB was introduced at different times in different states and for different offices in the country, thereby creating an unprecedented opportunity to assess the impact of this institution. Using a triple difference-in-difference procedure, the study finds that the AB: 1) shifted the ideological balance of power from Right to Left; 2) did not greatly weaken the hand of vote brokers; and 3) greatly increased the proportion of wasted votes cast in elections.
Court-Side Seats? The Communications Decency Act and the Potential Threat to StubHub and Peer-to Peer Marketplaces

In 1996, Congress passed section 230 of the Communications Decency Act, which provides broad immunity to websites from vicarious liability for the content produced by its users. Despite this broad immunity, a website will be liable for its user’s content when it is deemed to be an “information content provider” itself. In 2008, in Fair Housing Council of San Fernando Valley v. Roommates.com, LLC, the Ninth Circuit Court of Appeals held that a website is an information content provider and thus loses immunity when it “materially contributes to the alleged unlawfulness” of the content. Although most courts have followed this “material contribution test,” the test has lead to diverging opinions as to immunity for peer-to-peer marketplace websites, such as StubHub. This Note proposes a new test in line with Congress’s intent to provide broad immunity under section 230 of the Communications Decency Act.
Weyl Law Improvement for Products of Spheres

The classical Weyl Law says that if NM(λ) denotes the number of eigenvalues of the Laplace operator on a d-dimensional compact manifold M without a boundary that are less than or equal to λ, then $${N_M}(\lambda ) = c{\lambda ^d} + O({\lambda ^{d - 1}}).$$ This paper explores the prospects of improvements of Weyl remainders on products of manifolds. In particular we obtain a polynomial improvement to the Weyl remainder for products of spheres, demonstrate how Duistermaat and Giullemin’s result implies a little-o improvement to the remainder for products of compact Riemannian manifolds without boundary, and conjecture that polynomial improvements hold for these more general products.
An upper bound for the number of gravitationally lensed images in a multiplane point-mass ensemble

Herein we prove an upper bound on the number of gravitationally lensed images in a generic multiplane point-mass ensemble with K planes and $$g_{i}$$ masses in the $$i{\text {th}}$$ plane. With $$E_{K}$$ and $$O_{K}$$ the sums of the even and odd degree terms respectively of the formal polynomial $$\prod _{i=1}^{K}(1+g_iZ)$$ , the number of lensed images of a single background point-source is shown to be bounded by $$E_{K}^{2}+O_{K}^{2}$$ . Our proof uses the theory of resultants applied to a complex variable representation of the so-called lensing map. Previous studies concerning upper bounds for point-mass ensembles have been restricted to two special cases: one point-mass per plane and all point-masses in a single plane.