cssi/SciSciGPT-SciSciNet huggingface dataset:
Local House Price Indexes: 1982–1991

We begin with a description of three house price panel data sets for the period 1982 to 1991. Next, we estimate a model that assumes the three sources are derived from an underlying unobserved price series, and we construct composite indexes that report house prices for 135 locations. These series can be used either as explanatory variables in studies of household formation, housing demand, and migration or to test models of the determinants of spatial and intertemporal variations in house prices. Finally, we construct regional series (based, alternatively, on census and Salomon Brothers regions) and two national aggregates and describe their movements. Our series are compared to other local, regional, and national series.
Is Real-Time Pricing Green? The Environmental Impacts of Electricity Demand Variance

Real-time pricing (RTP) of electricity would improve allocative efficiency and limit wholesalers’ market power. Conventional wisdom claims that RTP provides additional environmental benefits. This paper argues that RTP will reduce the variance, both within- and across-days, in the quantity of electricity demanded. We estimate the short-run impacts of this reduction on SO 2 , NO x , and CO 2 emissions. Reducing variance decreases emissions in regions where peak demand is met more by oil-fired capacity than by hydropower, such as the Mid-Atlantic. However, reducing variance increases emissions in more U.S. regions, namely those with more hydropower like the West. The effects are relatively small.
The theory and practice of corporate finance: Evidence from the field

We survey 392 CFOs about the cost of capital, capital budgeting, and capital structure. Large firms rely heavily on present value techniques and the capital asset pricing model, while small firms are relatively likely to use the payback criterion. A surprising number of firms use firm risk rather than project risk in evaluating new investments. Firms are concerned about financial flexibility and credit ratings when issuing debt, and earnings per share dilution and recent stock price appreciation when issuing equity. We find some support for the pecking-order and trade-off capital structure hypotheses but little evidence that executives are concerned about asset substitution, asymmetric information, transactions costs, free cash flows, or personal taxes.
Sharing Sovereignty: Non-State Associations and the Limits of State Power

Introduction 366 I. Reconsidering the Role of the State and Other Associations in Defining Community 370 A. The Idea of the State 370 B. The Role of Business Enterprises 378 C. The Problem of State Centered Analysis 382 II. Detaching Sovereignty from the State 384 III. Towards a More Inclusive Theory of Associations 389 A. Pluralism 389 B. Multilateral Associational Relations 393 Conclusion 399
Veto players, policy change, and institutional design

What institutional arrangements allow veto players to secure maximal welfare when all agree on both the need for and the direction of policy change? To answer this question, we conduct a mechanism ...
Platform Performance Investment in the Presence of Network Externalities

Managers of emerging platforms must decide what level of platform performance to invest in at each product development cycle in markets that exhibit two-sided network externalities. High performance is a selling point for consumers, but in many cases it requires developers to make large investments to participate. Abstracting from an example drawn from the video game industry, we build a strategic model to investigate the trade-off between investing in high platform performance versus reducing investment in order to facilitate third party content development. We carry out a full analysis of three distinct settings: monopoly, price-setting duopoly, and price-taking duopoly. We provide insights on the optimum investment in platform performance and demonstrate how conventional wisdom about product development may be misleading in the presence of strong cross-network externalities. In particular, we show that, contrary to the conventional wisdom about “winner-take-all” markets, heavily investing in the core performance of a platform does not always yield a competitive edge. We characterize the conditions under which offering a platform with lower performance but greater availability of content can be a winning strategy.
International Law in the Domestic Arena: The Case of Torture in Israel

In September 1999, the Israeli High Court of Justice issued a landmark decision declaring Israel's use of torture and ill-treatment in the interrogation of Palestinian detainees illegal. While the decision halted torture and ill-treatment in the short term, a close reading shows that the decision rests on a gap in Israeli law, rather than on a recognition that Israeli practice violated the international prohibition on torture and ill-treatment. This note argues that the Israeli legislature should adopt legislation enacting the United Nations Convention Against Torture and Other Cruel, Inhuman, or Degrading Treatment or Punishment. In the alternative, this note argues that Israel should respect the international ban on torture and ill-treatment in the interrogation of Palestinian detainees.
Timing Decisions in Organizations: Communication and Authority in a Dynamic Environment

This paper develops a theory of how organizations make timing decisions. We consider a problem where an uninformed principal decides when to exercise an option and interacts with an informed but biased agent. This problem is common: examples include headquarters deciding when to close a plant, drill an oil well, or launch a product. Because time is irreversible, the direction of the agent’s bias is crucial for communication and allocation of authority. When the agent favors late exercise, centralized decision-making, where the principal retains authority and communicates with the agent, often features full information revelation but ine¢ cient delay. Delegation is never optimal in this case. In contrast, when the agent favors early exercise, communication under centralized decision-making is partial, while option exercise is unbiased or delayed. Delegation is optimal if the bias is small or delegation can be timed. Thus, delegating decisions such as plant closures is never optimal, while delegating decisions such as product launches may be optimal.
Conditional Cash Transfers in Latin America and Anti-Poverty Policies in Chile: Why is Chile's Market Economy Unable to Reduce Poverty and Inequality?

The purpose of this paper is to provide a brief overview of Conditional Cash Transfers (CCTs) in Latin America and to assess Chile's anti-poverty policies, including Chile Solidario and the Ethical Wage. The paper has a summary evaluation of the most important CCTs in Latin America, an analysis of the nature and limited impact of Chile Solidario, a discussion of poverty and vulnerability in Chile, and the Ethical Wage approach pursued by the Pinera administration The paper concludes by questioning the capacity of market oriented approaches to poverty reduction and argues that because poverty is a multifaceted situation, poverty reduction requires a multidimensional approach that includes at the very least educational, employment and labor policies.
The Economic Irrationality of the Patent Misuse Doctrine

This Comment evaluates the economic effects of the patent misuse doctrine. The patent misuse doctrine is an equitable remedy analogous to the “unclean hands” doctrine in tort law. It bars infringement suits by patentees who have “misused” their patent grant, either by using the patent to violate the antitrust laws or by extending their patent monopoly in some other way. The author first describes the nature and scope of antitrust protection in the patent area, and contrasts the antitrust laws with the patent misuse doctrine. Next, the author argues that the patent misuse doctrine is irrational from an economic standpoint for three reasons: the level of sanction is unrelated to the injury caused; the sanction duplicates antitrust remedies, leading to excessive recoveries; and the sanction is awarded as a windfall to the patent infringer even if that party was not injured by the misuse. These effects combine to make the patent misuse doctrine indefensible from the standpoint either of proportionality or of deterrence. Finally, the author reviews recent legislative efforts to reform the patent misuse doctrine and argues that they are misguided because they fail to deal with the fundamental problems described herein. The author concludes that the patent misuse doctrine ought to be abolished, and that the antitrust laws can serve the same purposes that the patent misuse doctrine was designed to serve.
The Legal Authority of the United States Food and Drug Administration to Regulate Tobacco: Calling on Congress

Smoking has plagued America for generations, but the issue has never received more scrutiny than in the past decade. The rise of teen smoking and the long-term deleterious effects of nicotine addiction prompted a national outcry for change. As a result, the United States Federal Food and Drug Administration (FDA) has asserted jurisdiction over the regulation of tobacco products.
The Discovery of a Spatially Resolved Supernova Remnant in M31 with Chandra

Chandra observations of M31 allow the first spatially resolved X-ray image of a supernova remnant (SNR) in an external spiral galaxy. CXOM31 J004327.7+411829 is a slightly elongated ring-shaped object with a diameter of ~11'' (42 pc). In addition, the X-ray image hints that the chemical composition of the SNR is spatial dependent. The X-ray spectrum of the SNR can be well fitted with a Raymond-Smith model or a nonequilibrium ionization model. Depending on the spectral model, the 0.3-7 keV luminosity is between 3.2 × 1036 and 4.5 × 1037 ergs s-1. The age of the SNR is estimated to be 3210-22,300 yr, and the number density of ambient gas is ~0.003-0.3 cm-3. This suggests that the local interstellar medium around the SNR is low.
Institution-based trust in interorganizational exchange relationships: the role of online B2B marketplaces on trust formation

Abstract Given the uncertainty of online transactions, the digital economy encourages the creation of institutional structures that assure online interorganizational exchange relationships. This research examines how institution-based trust develops in online B2B marketplaces to facilitate interorganizational trust (buyers' trust in sellers). Building upon the notion of institutional trust [Zucker,1986], this study proposes how specific institution-based structures help engender interorganizational trust and indirectly influence transaction success in B2B marketplaces. Five specific institution-based mechanisms are proposed—perceived monitoring, perceived legal bonds, perceived accreditation, perceived feedback, and perceived cooperative norms. To assess the influence of the proposed two dimensions of interorganizational trust—credibility and benevolence—in buyer–seller relationships, three trust outcomes are examined—satisfaction, perceived risk, and continuity. The proposed model is tested on data from 102 organizational buyers in an online B2B marketplace. The results support the proposed model, delineating the relationship between institution-based trust and interorganizational trust. The study provides evidence on how specific institutional mechanisms build trust in online B2B marketplaces, stressing the ability of institution-based trust to build a trustworthy trading environment in the digital economy. The paper discusses the theoretical and managerial implications of this study and proposes several suggestions for future research.
The physiology of moral sentiments

Abstract Adam Smith made a persuasive case that “moral sentiments” are the foundation of ethical behaviors in his 1759 The Theory of Moral Sentiments. This view is still controversial as philosophers debate the extent of human morality. One type of moral behavior, assisting a stranger, has been shown by economists to be quite common in the laboratory and outside it. This paper presents the Empathy–Generosity–Punishment model that reveals the criticality of moral sentiments in producing prosocial behaviors. The model's predictions are tested causally in three neuroeconomics experiments that directly intervene in the human brain to “turn up” and “turn down” moral sentiments. This approach provides direct evidence on the brain mechanisms that produce prosociality using a brain circuit called HOME (human oxytocin-mediated empathy). By characterizing the HOME circuit, I identify situations in which moral sentiments will be engaged or disengaged. Using this information, applications to health and welfare policies, organizational and institutional design, economic development, and happiness are presented.
Judgment, Identity, and Independence

Whenever a new corporate or governmental scandal erupts, onlookers ask “Where were the lawyers?” Why would attorneys not have advised their clients of the risks posed by conduct that, from an outsider’s perspective, appears indefensible? When numerous red flags have gone unheeded, people often conclude that the lawyers’ failure to sound the alarm must be caused by greed, incompetence, or both. A few scholars have suggested that unconscious cognitive bias may better explain such lapses in judgment, but they have not explained why particular situations are more likely than others to encourage such bias. This article seeks to fill that gap. Drawing on research from behavioral and social psychology, it suggests that lawyers’ apparent lapses in judgment may be caused by cognitive biases arising from partisan kinship between lawyer and client. The article uses identity theory to distinguish particular situations in which attorney judgment is likely to be compromised, and it recommends strategies to enhance attorney independence and minimize judgment errors.
Econogenic Harm and the Case for ‘Economy Harm Profile’ Analysis

The economics profession aspires to promote the public good, defined variously as social welfare, freedom, justice, sustainability, and other valued goods. But the institutions, rules, and practice...
The Man, The State and You: The Role of the State in Regulating Gender Hierarchies

73 Introduction: Women are Still Treated Differently at Work, But the Assimilation Model Has Helped Us to Stop Caring 74 I. Conceptualizing Equality in a Hierarchical Schema 82 A. The Current Gender Schematic: Cherry-Picking and Trickle-Down 84 B. If to Schema is Human, then Whether to Schema is not the Question 98 C. Discrimination as Tyranny: Gender and the Liberty Axis ......104 II. The Role of the State in Inhibiting Private Hierarchical Preferences 110 A. Should the State Play a Role in the Regulation of Private Tyrannies? 112 B. Governance Versus Regulation: Welcome Back to the Machine 115 C. Working it out Together (While Carrying a Big Stick): The Value of the Civil Rights Model 124 Conclusion 127
The Value of Waiting to Invest

This paper studies the optimal timing of investment in an irreversible project where the benefits from the project and the investment cost follow continuous-time stochastic processes. The optimal investment rule and an explicit formula for the value of the option to invest are derived, assuming that the option is valued by risk-averse investors who are well diversified. The same analysis is applied to the scrapping decision. Simulations show that this option value can be significant, and that for reasonable parameter values it is optimal to wait until benefits are twice the investment costs.
Heterogeneity and the Dynamics of Technology Adoption

We estimate the demand for a videocalling technology in the presence of both network effects and heterogeneity. Using a unique dataset from a large multinational firm, we pose and estimate a fully dynamic model of technology adoption. We propose a novel identification strategy based on post-adoption technology usage to disentangle equilibrium beliefs concerning the evolution of the network from observed and unobserved heterogeneity in technology adoption costs and use benefits. We find that employees have significant heterogeneity in both adoption costs and network benefits, and have preferences for diverse networks. Using our estimates, we evaluate a number of counterfactual adoption policies, and find that a policy of strategically targeting the right subtype for initial adoption can lead to a faster-growing and larger network than a policy of uncoordinated or diffuse adoption.
Causes and Effects of Corporate Refocusing Programs

We study the precursors and outcomes of refocusing episodes by 107 diversified firms that were not taken over between 1984 and 1993. These firms had more value-reducing diversification policies than diversified firms that did not refocus. However, major disciplinary or incentive-altering events (including management turnover, outside shareholder pressure, changes in management compensation, and financial distress) usually occurred before refocusing took place. The cumulative abnormal returns over a firm's refocusing-related announcements averaged 7.3% and were significantly related to the amount of value reduction associated with the refocuser's diversification policy.
Informal Labor Supply in the United States: New Estimates from the Fragile Families Survey

Past studies of the informal economy in the US focused on small geographic areas and select populations. This paper uses a nationally representative panel survey of urban parents, the largest and most diverse data yet, to describe the nature of informal work in the United States. Informal work is pervasive and widespread across demographic characteristics. Approximately 51 percent of urban fathers and 28 percent of urban mothers of young children pursue informal work over a five-year period. Individuals transition in and out of short, intense bouts of informal work. Conditional on participating, men work in the informal sector an average of 22 hours in a usual week (20 for women) and an average of 18 weeks during the year (18 for women).
Understanding the Reasons for and Impact of Legislatively Mandated Benefits for Selected Workers

Judging by the long and growing list of relevant federal initiatives, the demand for legislative measures designed to benefit workers must be quite strong. Federal law facilitates the unionization of workforces, establishes minimum wages, provides for social security, promotes health insurance coverage for workers through favorable tax treatment, provides the right to take unpaid leave for certain family emergencies, and regulates pension plans and worker safety. In addition, an elaborate array of "antidiscrimination measures" has developed to serve two functions: 1) to protect workers from receiving adverse treatment because of their race, sex, religion, national origin, age if over forty, or disability (the "disparate treatment standard"); and 2) to ensure that certain classes of "protected workers" are not adversely affected by employer conduct absent a showing of a strong business justification for the challenged practice (the "disparate impact standard"). Moreover, various states have chosen to augment these substantive federal protections or the remedies available to those denied these protections. Many states have created independent prohibitions against certain forms of wrongful discharge, and all states provide benefits to workers injured on the job. Note that most of these governmentally mandated benefits are directed to all (or virtually all) workers-and thus are referred to as "universal mandates." Even the disparate treatment component of the major federal employment discrimination law-Title VII of the 1964 Civil Rights Act-which the public might perceive as protecting only selected groups such as women and
Twitter activity, investor attention, and the diffusion of information

We examine the impact of Twitter attention on stock prices by examining over 21 million company‐specific tweets over a 5‐year period. Through a quasi‐natural experiment identifying official Twitter outages, we find that Twitter influences stock trading, especially among small, less visible securities primarily traded by retail investors. In addition, we determine that Twitter activity is associated with positive abnormal returns and when tweets occur in conjunction with traditional news events, more information is spread to investors. Finally, we show that retail investor activity drives the Twitter effect as institutional investors less actively trade the affected stocks.
An explicit closed-form formula for profit-maximizing k-out-of-n systems subject to two kinds of failures

Abstract This paper derives and analyzes an explicit closed-form formula for the optimal k in k-out-of-n systems consisting of i.i.d. components. The system can be in one of two possible modes with a pre-specified probability. The components are subject to failure in each of the two modes. The costs of the two kinds of system failures are generally not identical. Since the formula is explicit, it permits a calculation of the optimal k directly in terms of the parameters of the system. In addition, it yields many results concerning both the bounds of the optimal k and the effects of a change in parameters on the optimal k and on the optimized value of the system's expected profit.
Where have all the young girls gone? Preconception gender selection in India and the United States.

A comparative study of the social, ethical and legal reasons why India has banned all forms of gender selection, and how those reasons apply in the context of a constitutional analysis of gender selection in the United State. India presents a unique example of the problems that can arise given unrestricted usage of gender selection. After decades of permitting gender selection, India has experienced drastic social ramifications in the form of a markedly skewed sex ratio, thus drawing international attention to their practices of selective abortion and female infanticide, the purposeful killing of unwanted female newborns. This paper also focuses on the potential effect of new technologies that allow gender selection to be performed prior to fertilization.
How Targeting Affects Customer Search: A Field Experiment

It has become common practice for retailers to personalize direct marketing efforts based on customer transaction histories as a tactic to increase sales. Targeted email offers featuring products in the same category as a customer’s previous purchases generate higher purchase rates. However, a targeted offer emphasizing familiar products could result in curtailed search for unadvertised products, as a closely matched offer weakens a customer’s incentives to search beyond the targeted items. In a field experiment using email offers sent by an online wine retailer, targeted offers resulted in decreased search activity on the retailer’s website. This effect is driven by a lower rate of search by customers who visit the site, rather than a lower incidence of search. There are several ways this could potentially hurt retailers and consumers, such as reduced cross-selling and fewer opportunities for customers to explore new products. This paper was accepted by Pradeep Chintagunta, marketing.
Tax Policy, Asset Prices, and Growth: A General Equilibrium Analysis

Abstract This paper presents a computable general equilibrium tax policy model that combines a consideration of disaggregate industry effects with an integrated treatment of short- and long-run adjustments to policy initiatives. The model's explicit consideration of forward-looking investment decisions and adjustment dynamics permits assessments of short-run effects of tax policy on asset values as well as long-term impacts on capital accumulation. Simulations reveal that effects on asset values and investment depend critically on whether policies are oriented toward new or old capital. Investment tax credits yield significant increases in investment without conferring windfall gains to corporate shareholders. Corporate tax cuts with the same revenue cost, on the other hand, yield large windfalls to shareholders while providing only a modest investment stimulus. Incidence and growth effects differ considerably across sectors, particularly between business and housing.
Perestroika and public choice: The economics of autocratic succession in a rent-seeking society

Mikhail Gorbachev has been widely acclaimed in the West for his reform policies of perestroika and glasnost. Until quite recently, many pundits boldly declared that Gorbachev's USSR was actually embarked on an abandonment of the communist economic system, and would eventually embrace real democracy and a free market (see, for example, Muravchik, 1990: 25). While recent developments have rendered these forecasts obsolete, the Gorbachev round of reforms surely represents an interesting problem in public choice. For purposes of analysis, we propose to concentrate on the period from Gorbachev's succession as Chairman of the Communist Party of the Soviet Union (CPSU) in 1985 until the end of 1989 (with occasional references to more recent events). This is the period during which both perestroika and glasnost grew to dominate the political scene in the USSR. Moreover, the first five years of Gorbachev's rule represented the period of purportedly dramatic "liberalization" within the Soviet system. Perestroika appeared to be a truly radical series of reforms, a triumph of ideals over rent-seeking. Our purpose in the present paper is to argue that, upon closer examination, the succession of Gorbachev in general and the perestroika/glasnost "reform" program in particular bear a close resemblance to other, earlier Soviet government policy adjustments which followed shifts in the top leadership. Gorbachev's behavior as a "reformer" over the period 1985 to 1989 can be ex-
A market-based framework for bankruptcy prediction

We estimate probabilities of bankruptcy for 5784 industrial firms in the period 1988–2002 in a model where common equity is viewed as a down-and-out barrier option on the firm's assets. Asset values and volatilities as well as firm-specific bankruptcy barriers are simultaneously backed out from the prices of traded equity. Implied barriers are significantly positive and monotonic in the firm's leverage and asset volatility. Our default probabilities display better calibration and discriminatory power than the ones inferred in a standard Black and Scholes [Black, F., Scholes, M., 1973. The pricing of options and corporate liabilities. J. Pol. Econ. 81, 637–659]/Merton [Merton, R.C., 1974. On the pricing of corporate debt: the risk structure of interest rates. J. Finance 29, 449–470] and KMV frameworks. However, accounting-based measures such as Altman Z- and Z″-scores outperform structural models in 1-year-ahead bankruptcy predictions, but lose relevance as the forecast horizon is extended.
The Dynamics of Daubert: Methodology, Conclusions, and Fit in Statistical and Econometric Studies

This paper reviews the development of the law governing the admissibility of statistical studies. It analyzes the leading cases on scientific evidence and suggests that both the "reliability" and the "general acceptance" standards raise two major difficulties - the "boundary problem" of identifying the type of evidence that warrants careful screening and the "usurpation problem" of keeping the trial judge from closing the gate on evidence that should be left for the jury to assess.The paper proposes partial solutions to these problems, and it applies them to statistical and econometric proof, particularly in the context of a recent antitrust case. It concludes that Daubert-like screening of complex statistical analyses is a salutary development, but that the task requires the elaboration of standards that attend to the distinction between a general methodology and a specific conclusion. Screening statistical proof demands some sophistication in evaluating the choice of a research design or statistical model, the variables included in a particular model, the procedures taken to verify the usefulness of the model for the data at hand, and the inferences or estimates that follow from the statistical analysis. The factors enumerated in Daubert work reasonably well with some of these aspects of the expert's work, but these factors are less well adapted to others. If the "intellectual rigor" standard of Kumho Tire is used to fill the gap, it must be applied with some caution lest it become a subterfuge for excluding expert testimony that is less than ideal but still within the range of reasonable scientific debate.
On the independence of assets and liabilities: Evidence from U.S. commercial banks, 1990–2005

Abstract Traditional asset–liability management techniques limit banks’ abilities to structure their balance sheets—but more recently, financial innovations have allowed banks the chance to manage interest rate risk without constraining their asset–liability choices. Using canonical correlation analysis, we examine how the relationships between asset and liability accounts at U.S. commercial banks changed between 1990 and 2005. Importantly, we show that asset–liability linkages are weaker for banks that are intensive users of risk-mitigation strategies such as interest rate swaps and adjustable loans. Perhaps surprisingly, we find that asset–liability linkages are stronger at large banks than at small banks, although these size-based differences have diminished over time, both because of increased asset–liability linkages at small banks and decreased linkages at large banks.
Constitutional Culture or Ordinary Politics: A Reply to Reva Siegel

Reva Siegel's lecture, Constitutional Culture, Social Movement Conflict and Constitutional Change: The Case of the de Facto ERA,1 ex plores the interaction between the courts and social movements in creating constitutional meaning. In the primary part of this response I focus my comments on Siegel's three major contributions: First, the historical expla nation of the source of the Court's authority in the development of the so called de facto ERA;2 second, the articulation of a general, jurisprudential thesis regarding social contestation as a source of constitutional authority apart from text, history, and principle;3 and third, the quasi-sociological descriptive account of the form social contest must take to be juris genera tive.4 I find Siegel's historical interpretation, jurisprudential thesis, and so ciological analysis compelling, and in this response I offer thoughts on how Siegel's basic thesis might be expanded and strengthened. The subsequent part of this response raises some questions and doubts about Siegel's underlying invitation in this lecture: an invitation to social activists, whether or not legally trained, to participate more frequently and self-consciously in the umbrella of social processes commonly referred to as "popular constitutionalism."5 While we should worry-as the popular
Federal and State Influence on Community Responses to Wildfire Threats: Arizona, Colorado, and New Mexico

Federal policy has placed a priority on community-based approaches to address the wildfire risks facing communities and the environment. Federal and state governments impact considerably the resources that are available to local communities. This research identifies how federal and state agencies influence community response. Federal agencies impact communitiesdominantlythrough policy direction and the provision of financial resources. State agencies impact communities through organizational arrangements, access to funding, and programmatic decisions.
Technology, Identity, and Inertia Through the Lens of “The Digital Photography Company”

Organizations often experience difficulty when pursuing new technology. Large bodies of research have examined the behavioral, social, and cognitive forces that underlie this phenomenon; however, the role of an organization's identity remains relatively unexplored. Identity comprises insider and outsider perceptions of what is core about an organization. An identity has associated with it a set of norms that represent shared beliefs about legitimate behavior for an organization with that identity. In this paper, technologies that deviate from the expectations associated with an organization's identity are labeled identity-challenging technologies. Based on a comprehensive field-based case study of the entire life history of a company, identity-challenging technologies are found to be difficult to capitalize on for two reasons. First, identity serves as a filter, such that organizational members notice and interpret external stimuli in a manner consistent with the identity. As a result, identity-challengin...
The psychological costs of pay‐for‐performance: Implications for the strategic compensation of employees

Most research linking compensation to strategy relies on agency theory economics and focuses on executive pay. We instead focus on the strategic compensation of nonexecutive employees, arguing that while agency theory provides a useful framework for analyzing compensation, it fails to consider several psychological factors that increase costs from performance-based pay. We examine how psychological costs from social comparison and overconfidence reduce the efficacy of individual performance-based compensation, building a theoretical framework predicting more prominent use of team-based, seniority-based, and flatter compensation. We argue that compensation is strategic not only in motivating and attracting the worker being compensated but also in its impact on peer workers and the firm's complementary activities. The paper discusses empirical implications and possible theoretical extensions of the proposed integrated theory. Copyright © 2012 John Wiley & Sons, Ltd.
No Boy Left Behind? Single-Sex Education and the Essentialist Myth of Masculinity

INTRODUCTION 135 I. ANTI-ESSENTIALISM AND MASCULINITIES 141 II. THE FEDERAL LAW OF SINGLE-SEX EDUCATION 144 A. THE CONSTITUTION AND SINGLE-SEX EDUCATION 145 B. TITLE IX AND SINGLE-SEX EDUCATION 148 III. THE NARRATIVE OF ESSENTIALIZED MASCULINITY 151 A. METHODOLOGY 152 B. ESSENTIALIZED MASCULINITY IN THE CONTEXT OF SINGLE-SEX EDUCATION 153 C. THE ESSENTIALIST MYTH OF MASCULINITY’S EFFECT IN SCHOOL 168 IV. ESSENTIALIZED VERSUS MULTIPLE MASCULINITIES: A BETTER WAY FOR THE LAW 174 A. THE EXPRESSIVE HARMS OF TITLE IX’S NEW REGULATION 175 B. TITLE IX’S ANTI-ESSENTIALISM THREAD 177 C. CONSTITUTIONAL NORM AGAINST SEX STEREOTYPING 180 CONCLUSION 186
Medical malpractice law, morality and the culture wars. A critical assessment of the tort reform movement.

The 2004 presidential debates revealed fundamental differences among Americans about morality and social justice. Fierce fights over different views of acceptable lifestyles, morals, and social val...
Procyclicality of the comovement between dividend growth and consumption growth

Abstract Duffee (2005) shows that the amount of consumption risk (i.e., the conditional covariance between market returns and consumption growth) is procyclical. In light of this “Duffee Puzzle,” I empirically demonstrate that the conditional covariance between dividend growth (i.e., the immediate cash flow part of market returns) and consumption growth is (1) procyclical and (2) a consistent source of procyclicality in the puzzle. Moreover, I solve an external habit formation model that incorporates realistic joint dynamics of dividend growth and consumption growth. The procyclical dividend-consumption comovement entails two new procyclical terms in the amount of consumption risk via cash flow and valuation channels, respectively. These two procyclical terms play an important role in generating a realistic magnitude of consumption risk. In contrast to extant habit formation models, the conditional equity premium no longer increases monotonically when a negative consumption shock arrives because it might lower the amount of risk while increasing the price of risk.
Do Managers Value Stock Options and Restricted Stock Consistent with Economic Theory

We conduct a field survey to investigate whether current mid-level and future entry-level managers (collectively managers) subjectively value stock options and restricted stock consistent with economic theory. We find that managers, on average, subjectively value stock options at greater than their Black-Scholes value and greater than fair-value equivalent restricted stock. This result contrasts with conventional economic wisdom that risk-averse employees discount the Black-Scholes value of an option. With respect to stock options, our results also reveal that managers, on average, have a lottery ticket mentality when subjectively valuing options, they value shorter vesting periods, and they value longer terms to maturity. With respect to stock options and restricted stock, we find that managers tend to extrapolate recently rising stock price trends to arrive at their subjective values. Overall, our results suggest that in some cases standard economic theory does not accurately reflect how managers appear to subjectively value stock options and restricted stock.
Endogeneity in ultrahigh dimension

Most papers on high-dimensional statistics are based on the assumption that none of the regressors are correlated with the regression error, namely, they are exogenous. Yet, endogeneity arises easily in high-dimensional regression due to a large pool of regressors and this causes the inconsistency of the penalized least-squares methods and possible false scientic discoveries. A necessary condition for model selection of a very general class of penalized regression methods is given, which allows us to prove formally the inconsistency claim. To cope with the possible endogeneity, we construct a novel penalized focussed generalized method of moments (FGMM) criterion function and oer a new optimization algorithm. The FGMM is not a smooth function. To establish its asymptotic properties, we rst study the model selection consistency and an oracle property for a general class of penalized regression methods. These results are then used to show that the FGMM possesses an oracle property even in the presence of endogenous predictors, and that the solution is also near global minimum under the over-identication assumption. Finally, we also show how the semi-parametric efficiency of estimation can be achieved via a two-step approach.
Beyond Juba: does Uganda need a national truth and reconciliation process?

No Abstract East African Journal of Peace and Human rights Vol. 13 (1) 2007: pp. 142-155
Timing of the Effects: A Dynamic Analysis of Pack‐Size Variety, Demand, and Cost

As an importation logistics factor, pack-size variety (the number of different pack sizes, such as packs of 6 units and 12 units of products) is involved in a dynamic system. This system includes the forward impacts of the present pack-size variety on the present demand and the present cost, as well as the reverse influences of past demand and past cost on present pack-size variety decisions. Any static analysis of a segment of this system misses an important factor of these effects: the timing. In this study, I unveil the timing of these dynamic relationships among pack-size variety, demand, and cost. The findings suggest that the effect of past demand on present pack-size variety follows a short-delayed and long-lasting pattern, while the effect of past cost on present pack-size variety follows a long-delayed and short-lasting pattern. These findings offer important implications for pack-size variety decisions in industrial practices.
The volatility of a firm's assets and the leverage effect

Abstract We investigate the volatility of firms’ assets in contrast to existing studies that focus on equity volatility. We estimate asset volatility using a comprehensive data set on the market values of corporate security returns. We find significant differences between the properties of equity and asset volatilities with implications for several important areas of finance. First, financial leverage has a large influence on equity volatility. Second, leverage and asset volatility have permanent and transitory effects, respectively, on equity volatility, helping explain the short- and long-run dynamics of equity volatility. Third, we analyze and compare the cross-section of asset versus equity returns.
Understanding Investor Sentiment: The Case of Soccer

We examine the extent to which the stock market's inefficient responses to resolutions of uncertainty depend on investors’ biased ex ante beliefs regarding the probability distribution of future event outcomes or their ex post irrational reactions to these outcomes. We use a sample of publicly traded European soccer clubs and analyze their returns around important matches. Using a novel proxy for investors’ expectations based on contracts traded on betting exchanges (prediction markets), we find that within our sample, investor sentiment is attributable, in part, to a systematic bias in investors’ ex ante expectations. Investors are overly optimistic about their teams’ prospects ex ante and, on average, end up disappointed ex post, leading to negative postgame abnormal returns. Our evidence may have important implications for firms’ investment decisions and corporate control transactions.
Fighting for other folks' wages: the logic and illogic of living wage campaigns

Living wage campaigns have enacted ordinances/policies to raise low wages in over 100 localities. The campaigns galvanize citizens more than national economic issues and allow for pay increases fine-tuned to local realities, but cover relatively few workers. To help the low-paid broadly, the coalitions in living wage campaigns have to scale up to the state or national level while unions and national groups work to devolve labor issues from the gridlock at the federal level to states and localities.
Explaining extremism: Western women in Daesh

Women participate extensively in armed, Islamist struggle. In recent years, foreign women have travelled from the West to join Daesh. Their participation perplexes policymakers, government officials, and researchers who call attention to the group’s gendered regulation, violence, and widespread use of rape. Consequently, observers often argue that women are deceived by the organisation or seduced by the promise of romance. This suggests that women would not, under rational circumstances, choose to join the group. In this article, we address two resultant questions: why do Western women join Daesh? Are their motivations distinct from other Islamist recruits? Using an original dataset of social media activity from 17 Western female recruits between 2011–15, we conclude that women are primarily driven by religious ideology that adopts an expressly gendered frame. We find that feelings of isolation and disaffection also drive migration. We suggest that female foreign recruits are not unique in their motivations and share many similarities with male fighters and women in other Islamist organisations. This research has valuable implications for security studies and counterterrorism, which tend to treat extremist women as unique. Female recruits should be taken seriously as insurgents intent on establishing an Islamic caliphate.
Governing the Wild: Databases, Algorithms, and Population Models as Biopolitics

This essay draws on interviews with conservation biologists to reflect on two interrelated aspects of the in situ – ex situ divide and its increasing integration: database systems and population management models. Specifically, I highlight those databases and software programs used by zoos in ex situ conservation settings, and the parallel, traditionally distinct, in situ databases and risk assessment models. I then explore the evolving technologies that integrate wild-captive databases and population models and, in particular, emerging metapopulation and meta-model approaches to small population management. My central argument is that, while still viewed by many as separate, the in situ and ex situ projects—and their respective elaborate administrative structures and models of calculation—are, in practice, increasingly bleeding into one another. The stories I tell here about the efforts to save the red wolf from extinction reveal the complexities of this integration. I also document how—in this process—a tiny group of experts translates data into algorithmic formats to generate standardized risk calculations that are meant to apply both universally and objectively. Applying Foucauldian and STS insights to the field of conservation biology, I argue, finally, that surveillance and biopolitics work hand-in-hand in this context to enable a comprehensive, effective, and unitary management of nonhuman population life, or “viability”.
Financial contracting with strategic investors: Evidence from corporate venture capital backed IPOs

Abstract We analyze financial contracting in start-ups backed by corporate venture capitalists (CVCs). CVCs' strategic goals can economically hurt or benefit the start-ups, depending on product market relationships between start-ups and CVC parents. Empirically, start-ups receive funding from both complementary and competitive CVC parents. However, start-up insiders commonly limit the influence of competitive CVCs, awarding them lower board power, while retaining higher board representation for themselves. Second, lead CVCs receive lower board representation, indicating heightened concerns about their greater influence in start-ups' early stages. Finally, start-ups extract higher valuations from competitive CVCs, reflecting greater moral hazard problems. Overall, CVC strategic objectives affect their early inclusion in VC syndicates, their control rights and share pricing.
Is "the theory of everything'' merely the ultimate ensemble theory?

Abstract We discuss some physical consequences of what might be called “the ultimate ensemble theory,”, where not only worlds corresponding to say different sets of initial data or different physical constants are considered equally real, but also worlds ruled by altogether different equations. The only postulate in this theory is that all structures that exist mathematically exist also physically, by which we mean that in those complex enough to contain self-aware substructures (SASs), these SASs will subjectively perceive themselves as existing in a physically “real” world. We find that it is far from clear that this simple theory, which has no free parameters whatsoever, is observationally ruled out. The predictions of the theory take the form of probability distributions for the outcome of experiments, which makes it testable. In addition, it may be possible to rule it out by comparing its a priori predictions for the observable attributes of nature (the particle masses, the dimensionality of spacetime, etc.) with what is observed.
ANARCHY AND AUTARKY: ENDOGENOUS PREDATION AS A BARRIER TO TRADE*

This article presents a general equilibrium two-country Ricardian trade model with endogenous transactions costs that arise from individual utility-maximizing allocation of labor to production and piracy. In the absence of institutions for risk sharing and coordination of defense, autarky obtains over most of the parameter space. When both trade and predation are supported in equilibrium, terms of trade effects can make security immiserizing. In that case, paradoxically, predation creates trade.
IP as Metaphor

Everybody hates intellectual property trolls. They are parasites, who abuse intellectual property by forcing innovators to pay an unjust toll. Even worse are intellectual property pirates. They are thieves, who steal intellectual property by using it without the consent of its owner. By contrast, everybody loves innovators. They are farmers, entitled to reap what they have sown and enjoy the fruits of their labor.