cssi/SciSciGPT-SciSciNet huggingface dataset:
An analysis of the maturity and strategic impact of investments in ERM

Abstract Over the past decade, expectations for more effective oversight of risks by boards of directors have significantly increased. These expectations emanate from stock exchanges, regulators, credit rating agencies and other key stakeholders. Proponents of enhanced risk oversight argue that an increased understanding of enterprise-wide risks provides strategic benefit by helping the board and management identify and manage risks that may impact the achievement of strategic objectives while at the same time helping the board monitor the extent of risk-taking on the part of management in their desire to meet these objectives. In response to these growing expectations, some boards have asked management to explore implementation of a more holistic, top-down approach to risk oversight widely known as enterprise risk management (ERM) while others have not. Institutional theory would suggest that a number of organizations implement minimal elements of ERM for symbolic reasons, lacking substance in risk oversight. In contrast, agency theory would suggest that boards embrace explicit and robust risk oversight activities to monitor management’s risk-taking actions, and resource dependence theory would suggest that they also do so to help the organization achieve strategic objectives. Little is known about the way in which boards and management organize their processes and the impact of those processes on the level of ERM adoption. More importantly, little is known about the extent to which ERM is perceived to provide strategic benefit to those organizations that have invested in developing a robust ERM process. Based on data gathered from 645 survey responses from executives of organizations spanning a number of industries and sizes, we find that organizations with greater ERM maturity are significantly more likely to have taken steps to formally engage the board and senior management in specific risk oversight tasks (consistent with agency theory), and certain board and management risk practices are associated with perceptions that ERM provides strategic advantage (consistent with resource dependence theory).
Halpin on Dworkin's Fallacy: A Surreply

In my recent essay, Dworkin's Fallacy, or What the Philosophy of Language Can't Teach Us about the Law, 89 Va. L. Rev. 1897 (2003), I argued that a particular confusion between linguistic and legal practices - evident most notably in the work of Ronald Dworkin - causes legal theorists to misderive jurisprudential conclusions from semantic premises. Because much, if not most, jurisprudential interest in the philosophy of language is motivated by Dworkin's fallacy, I argued that the philosophy of language does not generally have jurisprudential consequences. But in the conclusion to my essay I identified three areas where Dworkin's fallacy does not apply and the philosophy of language has genuine, albeit very limited, consequences for the philosophy of law. In his response to this essay (Andrew Halpin, Or, Even, What the Law Can Teach The Philosophy of Language: A Response to Green's Dworkin's Fallacy, 91 Va. L. Rev. 175 (2005)), Halpin argues that I neglected a number of important connections between the two disciplines. But the connections Halpin describes are in fact those that I identified as genuine in the conclusion to my essay. What is more, Halpin appears to agree with me that these connections, although genuine, are very limited, in the sense that they yield few substantive jurisprudential consequences. Halpin sees a disagreement between us on these matters only because he misunderstands the confusion of linguistic and legal practices at issue in Dworkin's fallacy. But Halpin does argue for a connection between the philosophies of language and law that is different from those I entertained in my essay. I was interested in whether the philosophy of language can yield conclusions in the philosophy of law. Halpin appears to agree with me that it cannot. But Halpin argues that the philosophy of law can yield conclusions in the philosophy of language. Although Halpin's argument here is suggestive, it is insufficiently detailed to allow me to come to a firm conclusion about its merits. In my essay I offered Dennis Patterson's legal theory, with Dworkin's, as examples of Dworkin's fallacy in action. Halpin argues that Patterson's theory does not suffer from Dworkin's fallacy. I end my response to Halpin with a defense of my critique of Patterson, by expanding what was admittedly a compressed argument in the original.
Timing Measurements of the Relativistic Binary Pulsar PSR B1913+16

We present results of more than three decades of timing measurements of the first known binary pulsar, PSR B1913+16. Like most other pulsars, its rotational behavior over such long timescales is significantly affected by small-scale irregularities not explicitly accounted for in a deterministic model. Nevertheless, the physically important astrometric, spin, and orbital parameters are well determined and well decoupled from the timing noise. We have determined a significant result for proper motion, μα = –1.43 ± 0.13, μδ = –0.70 ± 0.13 mas yr–1. The pulsar exhibited a small timing glitch in 2003 May, with Δf/f = 3.7 × 10–11, and a smaller timing peculiarity in mid-1992. A relativistic solution for orbital parameters yields improved mass estimates for the pulsar and its companion, m 1 = 1.4398 ± 0.0002 M ☉ and m 2 = 1.3886 ± 0.0002 M ☉. The system's orbital period has been decreasing at a rate 0.997 ± 0.002 times that predicted as a result of gravitational radiation damping in general relativity. As we have shown before, this result provides conclusive evidence for the existence of gravitational radiation as predicted by Einstein's theory.
The Nature of Risk Preferences: Evidence from Insurance Choices

We use data on households’ deductible choices in auto and home insurance to estimate a structural model of risky choice that incorporates "standard" risk aversion (concave utility over …nal wealth), loss aversion, and nonlinear probability weighting. Our estimates indicate that nonlinear probability weighting plays the most important role in explaining the data. More speci…cally, we …nd that standard risk aversion is small, loss aversion is nonexistent, and nonlinear probability weighting is large. When we estimate restricted models, we …nd that nonlinear probability weighting alone can better explain the data than standard risk aversion alone, loss aversion alone, and standard risk aversion and loss aversion combined. Our main …ndings are robust to a variety of modeling assumptions. JEL classi…cations: D01, D03, D12, D81, G22
P∗ type models: Evaluation and forecasts

This paper critically evaluates the Federal Reserve's P∗ model of inflation, and develops a model of national income determination implicit in the P∗ formulation. We use this model to forecast the future paths of key macroeconomic variables and investigate its behavior under a variety of deterministic monetary policy rules. These forecasts and policy simulations suggest a dynamic economic behavior inconsistent with stylized facts, and lead us to question the underlying structure of the P∗ formulation.
Networking Customary Law

In United States v. Jones, the U.S. Supreme Court considered whether gathering four weeks of GPS information capturing a suspect’s movement on public roads constituted an unlawful search under the Fourth Amendment of the U.S. Constitution. In two separate concurring opinions, Justices Alito and Sotomayor rejected the notion that all of a citizen’s movements in public were free from the Amendment’s protection. A unifying theme for both justices was the power of contemporary technology to aggregate isolated acts into a comprehensive knowledge of a person’s private life. Justice Alito writing on behalf of four Justices notes that, over time, the collection of “a precise, comprehensive record of a person’s public movements reflects a wealth of detail about her familial, political, professional, religious, and sexual associations.” Separately, Justice Sotomayor writes that tracking technology provides “a substantial quantum of intimate information...that enables the Government to ascertain, more or less at will, [a person’s] political and religious beliefs, sexual habits, and so on.” As in Jones, practices aggregating isolated acts into knowledge has typically focused on the impact on individuals. This Article inverts that focus. Just as aggregating isolated pieces of public information provides tremendous knowledge of individuals, it also provide tremendous knowledge as to the acts ∗ Assistant Professor of Law, LSU Law Center; Associate, University of Texas Robert Strauss Center for International Security and Law; J.D., University of Chicago, 2001; LL.M, European University Institute, 2002. The author is tremendously grateful for the helpful comments provided during faculty colloquium engagements at George Mason University School of Law, the University of Oregon School of Law, the University of Arkansas School of Law, and Santa Clara University Law School. 1 United States v. Jones, 132 S. Ct. 945 (2012); see U.S. CONST., amend. IV. 2 The concept that monitoring of “public” acts was not subject to the Fourth Amendment flows from United States v. Knotts. 460 U.S. 276 (1983). 3 Jones, 132 S. Ct at 955 (Alito, concurring), citing People v. Weaver, 12 N. Y. 3d 433, 441-442, 909 N.E.2d 1195, 1199, 882 N.Y.S.2d 357 (2009); see also Transcript of Oral Argument at 10, United States v. Jones, 132 S. Ct. 945 (2012), No. 10-1259. 4 Jones, 132 S. Ct at 925 (Sotomayor, concurring) NETWORKING CUSTOMARY LAW SULLIVAN
The Competitiveness Impacts of Climate Change Mitigation Policies

AbstractThe pollution haven hypothesis suggests that unilateral domestic climate change mitigation policy would impose significant economic costs on carbon-intensive industries, resulting in declining output and increasing net imports. In order to evaluate this hypothesis, we undertake a two-step empirical analysis. First, we estimate how production and net imports change in response to energy prices using a 35-year panel of approximately 450 US manufacturing industries. Second, we use these estimated relationships to simulate the impacts of changes in energy prices resulting from a $15 per ton carbon price. We find that energy-intensive manufacturing industries are more likely to experience decreases in production and increases in net imports than less-intensive industries. Our best estimate is that competitiveness effects—measured by the increase in net imports—are as large as 0.8% for the most energy-intensive industries and represent no more than about one-sixth of the estimated decrease in production.
The Movement Toward Early Case Handling in Courts and Private Dispute Resolution

This article identifies early case handling (ECH) as an important general phenomenon in dispute system design theory and practice, catalogs the major ECH processes, and urges practitioners and policymakers to encourage use of and experimentation with ECH processes when appropriate. The key element of ECH is that people intentionally exercise responsibility for handling the case from the outset. ECH processes in courts include early case management procedures, differentiated case management systems, early neutral evaluation, and other early alternative dispute resolution (ADR) processes. ECH in the private sector includes ADR pledges and contract clauses, early case assessment and ADR screening protocols, settlement counsel, and Collaborative and Cooperative practice. ECH processes offer many potential benefits for parties, lawyers, courts, and society. Earlier resolution offers the potential of efficiency resulting from conscious efforts to streamline the process, reducing unproductive efforts such as excessive and unfocused discovery. Earlier resolution should generally reduce indirect costs of prolonged disputing, such as opportunity costs and damage to relationships and reputations. ECH processes may not be appropriate in some situations. When used well and in appropriate cases, there should be few or no disadvantages. ECH processes are not uniform “off-the-shelf” products that can simply be “plugged into” dispute systems on the flawed assumption that people will simply follow directions to use them as intended. Instead, for ECH processes to work properly, system designers need to assess the motivations of the system participants and tailor processes so that people will be motivated to use them effectively.
The Religions of Social Responsibility

Investors who follow different tenets of social responsibility and choose different socially responsible mutual funds might be described as members of different religious denominations. Some social responsibility “religions” have a single tenet, such as protection of the environment. Others combine several, such as avoidance of tobacco, alcohol, and weapons-making. A framework of the economics of religion can help us answer questions such as why some mutual funds attract many investors while others attract few; the differences between strategies that are effective at attracting individual versus institutional investors to SRI; and whether government regulations aimed at fostering SRI are likely to accomplish their aim.
The Neoliberal Politics of “Smart”: Electricity Consumption, Household Monitoring, and the Enterprise Form

This article investigates how digital technologies in the energy sector are enabling increased value extraction in the cycle of capital accumulation through surveillant proceesses of everyday energy consumption. We offer critical theory (Gramsci, Foucault) and critical political economy (Marx) as a guide for critical understanding of value creation in ICT through quotidian processes and practices of social reproduction. In this regard, the concept of the “prosumer” is extended beyond notions of voluntary participation in Web 2.0 to the political economy of energy use. Within this broad framework we investigate national and local level “smart grid” campaigns and projects. The “smartening” of the energy grid, we find, is both an ideological construct and a technological rationalization for facilitating capital accumulation through data collection, analysis, segmentation of consumers, and variable electricity pricing schemes to standardize social practices within and outside the home. We look at BC Hydro as one illustration of where such practices are being instituted. Cet article examine comment les technologies numeriques dans le secteur de l’energie sont en train de permettre, grâce a la surveillance de la consommation de l’energie au quotidien, une extraction de valeur dans le cycle d’accumulation du capital. Dans cet article, nous avons recours a la theorie critique (Gramsci, Foucault) et a l’economie politique critique (Marx) pour atteindre une comprehension critique de la creation de valeur permise par les technologies de l’information et de la communication dans le cadre de pratiques et processus de reproduction sociale au quotidien. A cet egard, nous elargissons le concept de « prosommateur » au-dela de notions de participation volontaire au Web 2.0 en y ajoutant celui d’economie politique de l’utilisation de l’energie. Dans cette optique, nous examinons des campagnes et projets sur les reseaux electriques intelligents aux niveaux national et local. A notre avis, l’idee qu’il faille ameliorer le reseau energetique est a la fois une construction ideologique et une rationalisation technologique pour faciliter l’accumulation de capitaux au moyen de la collection et l’analyse de donnees, de la segmentation des marches et de l’imposition de prix variables sur l’electricite afin de standardiser les pratiques sociales a la maison et au-dela. Nous examinons BC Hydro comme exemple d’un endroit ou de telles pratiques ont lieu.
The Digital Persona and Trust Bank: A Privacy Management Framework

AbstractInformation privacy and protection in the United States is a source of great debate in both academia and industry. Technological advancements in areas such as data warehousing allow aggregation of data across seemingly unrelated sources to create detailed profiles of individuals making privacy pundits cry foul. This tension begs the question; “ Who owns secondary or transactional information of individuals?” Currently, ownership is with the organization. In this paper, we develop a framework that shifts the ownership to the individual. We show how this shift benefits not only the individual, but also the organization. We introduce a Trust Bank, an organization acting as an agent for consumers, and describe the benefits of allowing the consumer to control their Digital Persona, the electronically aggregated profile created by transactional processes.
The Misconceived Search for the Meaning of "Speech" in Freedom of Speech

In this (very) short essay, I establish these points: All speech is symbolic; any conduct can be used to communicate a message (i.e., symbolically); government’s purpose in regulating, and not a speaker’s intention to communicate, defines the realm of freedom of expression; and determining the value of speech has a denominator problem.
Understanding and predicting electronic commerce adoption: an extension of the theory of planned behavior

This paper extends Ajzen's (1991) theory of planned behavior (TPB) to explain and predict the process of e-commerce adoption by consumers. The process is captured through two online consumer behaviors: (1) getting information and (2) purchasing a product from a Web vendor. First, we simultaneously model the association between these two contingent online behaviors and their respective intentions by appealing to consumer behavior theories and the theory of implementation intentions, respectively. Second, following TPB, we derive for each behavior its intention, attitude, subjective norm, and perceived behavioral control (PBC). Third, we elicit and test a comprehensive set of salient beliefs for each behavior. A longitudinal study with online consumers supports the proposed e-commerce adoption model, validating the predictive power of TPB and the proposed conceptualization of PBC as a higher-order factor formed by self-efficacy and controllability. Our findings stress the importance of trust and technology adoption variables (perceived usefulness and ease of use) as salient beliefs for predicting e-commerce adoption, justifying the integration of trust and technology adoption variables within the TPB framework. In addition, technological characteristics (download delay, Website navigability, and information protection), consumer skills, time and monetary resources, and product characteristics (product diagnosticity and product value) add to the explanatory and predictive power of our model. Implications for Information Systems, e-commerce, TPB, and the study of trust are discussed.
What’s Wrong with the Intellectual History of Public Administration

Public administration is not a field whose intellectual history is well developed. Partly this is a problem of scale: compared to economics or political science, there are fewer people engaged in the field and interested in its evolution. Partly, though, it is a consequence of the way in which the intellectual history of the field has traditionally been approached. The author discusses the reasons why we ought to put more history into the intellectual history of public administration.
Article 9 and the Characterization and Treatment of Tenant Security Deposits

Each day, thousands of lessees enter into contracts under which they lease either real or personal property. Under the majority of these contracts, the lessee agrees to pay (and does pay) a "security deposit" to the lessor. The lessor typically agrees to refund the deposit at the conclusion of the lease term if the lessee fully performs its obligations under the lease contract. Is Article 9 relevant to this transaction? Has the lessor taken a "security interest" in the lessee's property to secure the lessee's obligations under the lease contract?In Part I, we highlight two opinions representative of the majority of case decisions that have treated lessee security deposits as a "debt." In Part II, we briefly explore the extent to which Article 9's existing provisions appropriately address tenant security deposits, focusing particularly upon some potentially troubling differences that may follow if a security deposit is not made with property of the debtor (such as cash or a check) but is instead made with a credit card or similar payment mechanism. Part III argues that instead of attempting to modify Article 9 to more aptly govern tenant security deposits, the Uniform Law Commission should incorporate explicit provisions for the characterization and handling of tenant security deposits into the revised URLTA provisions that acknowledge the security deposit as a form of secured transaction, but that address the expectations of residential landlords and tenants more appropriately than the existing provisions of Article 9. Part III concludes with statutory language proposed for inclusion within the revised URLTA.
Are performance based arbitrage effects detectable? Evidence from merger arbitrage ☆

Abstract This paper examines the predictions of the performance based arbitrage hypothesis for the merger arbitrage market. Performance based arbitrage [Shleifer, A., Vishny, R.W., 1997. The limits of arbitrage. Journal of Finance, 52 (1), 35–55] is the notion that funds under management are withdrawn from arbitrageurs following trading losses, resulting in inefficient prices for securities subject to arbitrage trades. I examine general comovement in merger arbitrage spreads and the response of spreads to large arbitrage losses and substantial changes in deal flow. I find little evidence that merger arbitrage spreads exhibit systematic comovement or are substantially affected by important liquidity events in this market.
Market forces at work in the banking industry: evidence from the capital buildup of the 1990s

We document the build-up of regulatory and market equity capital in large U.S. bank holding companies between 1986 and 2000. During this time, large banking firms raised their capital ratios to the highest levels in more than 50 years. Since 1995, essentially none of the 100 largest U.S. banking firms have been constrained by regulatory capital standards. Nor do these firms appear to be protecting themselves explicitly against falling below supervisory minimum capital standards. Variation in bank equity ratios reliably reflects portfolio risk, and we attribute the capital increase to enhanced market incentives to monitor and price large banks' default risk.
The Welfare Cost of Autarky: Evidence from the Jeffersonian Trade Embargo, 1807-1809

The United States came close to complete autarky in 1808 as a result of a self-imposed embargo on international shipping from December 1807 to March 1809. Monthly prices of exported and imported goods reveal the embargo's striking effect on commodity markets and allow a calculation of its welfare effects. A simple general equilibrium calculation suggests that the embargo cost about 8 percent of America's 1807 GNP, at a time when the trade share was about 13 percent (domestic exports and shipping earnings). The welfare cost was lower than the trade share because the embargo did not completely eliminate trade and because domestic producers successfully shifted production toward previously imported manufactured goods.
The Effect of Mandated State Education Spending on Total Local Resources

The quality of care received by Medicare beneficiaries varies across areas. We find that states with higher Medicare spending have lower-quality care. This negative relationship may be driven by the use of intensive, costly care that crowds out the use of more effective care. One mechanism for this trade-off may be the mix of the provider workforce: States with more general practitioners use more effective care and have lower spending, while those with more specialists have higher costs and lower quality. Improving the quality of beneficiaries’ care could be accomplished with more effective use of existing dollars.
FROM BUYER TO INTEGRATOR: THE TRANSFORMATION OF THE SUPPLY‐CHAIN MANAGER IN THE VERTICALLY DISINTEGRATING FIRM

Using case study data, we describe how a large personal computer manufacturer changed its supply-chain management strategy after outsourcing the majority of its design and manufacturing activities to a network of focused suppliers. To cope with this new structure, the firm created highly skilled generalists, “supply-chain integrators,” who coordinate product development, marketing, production, and logistics from product concept to delivery across firm boundaries. We particularly focus on the skill-set that characterizes these integrators. Finally, we use the case evidence, combined with previous theory, to suggest a specific program of research into coordinating product development across disaggregated supply chains.
HUMAN CAPITAL AND CONVERGENCE: A PRODUCTION-FRONTIER APPROACH*

Using nonparametric, production-frontier methods, we decompose labor productivity growth into components attributable to technological change (shifts in the world production frontier), technological catch-up (movements toward or away from the frontier), and physical and human capital accumulation (movements along the frontier). We find that (1) technological change is decidedly nonneutral, (2) productivity growth is driven primarily by physical and human capital accumulation, (3) the increased international dispersion of productivity is explained primarily by physical capital accumulation, and (4) international polarization (the shift from a unimodal to a bimodal distribution) is brought about primarily by efficiency changes (technological catch-up).
Unconventional Monetary Policy Had Large International Effects

Abstract The Federal Reserve’s unconventional monetary policy announcements in 2008–2009 substantially reduced international long-term bond yields and the spot value of the dollar. These changes closely followed announcements and were very unlikely to have occurred by chance. A simple portfolio choice model can produce quantitatively plausible changes in U.S. and foreign excess bond yields. The jump depreciations of the USD are fairly consistent with estimates of the impacts of previous equivalent monetary policy shocks. The policy announcements do not appear to have reduced yields by reducing expectations of real growth. Unconventional policy can reduce international long-term yields and the value of the dollar even at the zero bound.
Rebellion in the Eleventh Circuit: On Lawrence, Lofton, and the Best Interests of Children

This article discusses Lofton v. Secretary of the Department of Children and Family Services, in which the Eleventh Circuit upheld Florida's refusal to permit adoptions by individuals in same-sex relationships. The decision was noteworthy in its refusal to take either Lawrence v. Texas or the best interests of children seriously. The article suggests that the Court's refusal to hear the appeal in this case was a regrettable error which will (1) harm children, (2) undermine Lawrence in particular, and (3) undermine the Court's credibility more generally. The article concludes that the Court must correct this mistake at the first opportunity to minimize the harm that will occur from letting a decision like Lofton stand.
Are Health Insurance Markets Competitive

To gauge the competitiveness of the group health insurance industry, I investigate whether health insurers charge higher premiums, ceteris paribus, to more profitable firms. Such "direct price discrimination" is feasible only in imperfectly competitive settings. Using a proprietary national database of health plans offered by a sample of large, multisite firms from 1998–2005, I find firms with positive profit shocks subsequently face higher premium growth, even for the same health plans. Moreover, within a given firm, those sites located in concentrated insurance markets experience the greatest premium increases. The findings suggest health care insurers are exercising market power in an increasing number of geographic markets.
The Traveling Salesman Problem with flexible coloring

This paper introduces a new generalized version of the Traveling Salesman Problem (TSP) in which nodes belong to various color classes and each color class must be visited as an entity. We distinguish the cases of the problem for which the colors are either pre-assigned or can be selected from a given subset of colors. We establish computational complexity and provide concise formulations for the problems that lend themselves to derive tight lower bounds. Exact solutions for special cases and a two-phase heuristic for the general case are provided. Worst case performance and asymptotic performance of the heuristic are analyzed and the effectiveness of the proposed heuristic in solving large industrial size problems is empirically demonstrated.
Inferring app demand from publicly available data

With an abundance of products available online, many online retailers provide sales rankings to make it easier for consumers to find the best-selling products. Successfully implementing product rankings online was done a decade ago by Amazon, and more recently by Apple's App Store. However, neither market provides actual download data, a very useful statistic for both practitioners and researchers. In the past, researchers developed various strategies that allowed them to infer demand from rank data. Almost all of that work is based on an experiment that shifts sales or collaboration with a vendor to get actual sales data. In this research, we present an innovative method to use public data to infer the rank--demand relationship for the paid apps on Apple's iTunes App Store. We find that the top-ranked paid app for iPhone generates 150 times more downloads compared to the paid app ranked at 200. Similarly, the top paid app on iPad generates 120 times more downloads compared to the paid app ranked at 200. We conclude with a discussion on an extension of this framework to the Android platform, in-app purchases, and free apps.
Beyond the rationality of economic man, toward the true rationality of human man

Abstract This paper reviews arguments concerning the deficiencies of economic rationality as a normative concept and develops an improved normative conception. Economists need to utilize a true rationality conception that includes not only instrumental rationality but rationality of ends. A decision cannot be truly rational unless a person is choosing what is really best considering (1) the long-term consequences of the individual's behavior, (2) the person's sense of morality, and (3) what gives the person real happiness. If true preferences represent what is really right for a person, then the ultimate rationality, true rationality, means choosing in line with true preferences.
Monetizing marks: Insights from the USPTO Trademark Assignment Dataset

Attention to the asset value of intellectual property (IP) has traditionally concentrated on high‐value patent sales and licenses. This narrow focus neglects nonpatent assets held by a broader set of economic agents, such as trademarks, and overlooks the evolving ways owners are employing and monetizing their intangible assets. To help remedy this deficiency, the Office of Chief Economist of the United States Patent and Trademark Office (USPTO) is releasing a series of datasets in formats convenient for researchers. This article describes the USPTO Trademark Assignment Dataset, a database of over 785,000 transactions recorded during 1952–2013 affecting almost 4.2 million trademark registrations and applications. We provide a comprehensive description and present key trends, showing that among registrations issued during 1978–2013, more than 31% were affected by some transaction during their lives, 21% were transferred to different parties, and 12% were involved in at least one security interest agreement. Examining transaction rates by registration cohort, we find evidence that registered U.S. trademarks may be more likely to be traded than are U.S. patents. Other trends and findings are discussed. Despite limitations, these data open new avenues for research, particularly with respect to trademark collateralization and the market for brands.
Lessons Learned from the Evolution of Evolving Standards

This symposium contribution traces the evolution of the "evolving standards of decency" doctrine to question the textual defense of the doctrine and the constraining power of law itself. The cases that paved the way to "evolving standards" as a measure of substantive Eighth Amendment protection show the Justices time and again rejecting the result that a cold reading of the law would provide in favor of what they thought was right. In turn, what they thought was right has tended to change with the sensibilities of the time. Herein lies the rub. We can get rid of the "evolving standards" doctrine, but decisions that follow our evolving standards of proper punishment practices are here to stay.
Are Busy Boards Effective Monitors

Firms with busy boards, those in which a majority of outside directors hold three or more directorships, are associated with weak corporate governance. These firms exhibit lower market-to-book ratios, weaker profitability, and lower sensitivity of CEO turnover to firm performance. Independent but busy boards display CEO turnover-performance sensitivities indistinguishable from those of inside-dominated boards. Departures of busy outside directors generate positive abnormal returns. When directors become busy as a result of acquiring an additional directorship, other companies in which they hold board seats experience negative abnormal returns. Busy outside directors are more likely to depart boards following poor performance.
This Is to Whom It May Concern: A Guantanamo Narrative

November 19, 2004. I am sitting in an interview cell - really, a retrofitted storage container - in Camp Echo at Guantanamo Bay. Across the table, Adnan sits with his arms crossed and his head down. The guards have removed his handcuffs, but when he shifts his weight, his leg-irons clang and echo in the bare room. The irons are chained to an eyebolt on the floor. Guards are stationed outside the door, and I can see a video camera in the corner.Adnan is a small, thin man with a scraggly beard. He looks pale. He looks weak. He is dressed in a pull-over shirt and cotton pants that are dyed iconic, Gitmo orange.“I see they're keeping you shackled,” I say, shaking my head, trying to communicate that the precaution is unnecessary. My interpreter translates my words into Arabic.Adnan looks up and smiles briefly, acknowledging the obvious. But he does not meet my eyes.*154 Adnan has been in this prison for nearly three years, since January 2002. He is only thirty, but he looks much older. He bows his head and stares at his ankle cuffs again.He doesn't trust me, I write in my notebook.
A Smoothed P-Value Test When There is a Nuisance Parameter under the Alternative

We present a new test when there is a nuisance parameter under the alternative hypothesis. The test exploits the p-value occupation time [PVOT], the measure of the subset of on which a p-value test based on a test statisticTn( ) rejects the null hypothesis. The PVOT has only been explored in Hill and Aguilar (2013) and Hill (2012) as a way to smooth over a trimming parameter for heavy tail robust test statistics. Our key contributions are: (i) we show that a weighted average local power of a test based onTn( ) is identically a weighted average mean PVOT, and the PVOT used for our test is therefore a point estimate of the weighted average probability of PV test rejection, under the null; (ii) an asymptotic critical value upper bound for our test is the signicance level itself, making inference
ACTIVE GALACTIC NUCLEI SELECTED FROM GALEX SPECTROSCOPY: THE IONIZING SOURCE SPECTRUM AT z ∼ 1*, **

We use a complete sample of Ly{alpha}-emission-line-selected active galactic nuclei (AGNs) obtained from nine deep blank fields observed with the grism spectrographs on the Galaxy Evolution Explorer (GALEX) satellite to measure the normalization and the spectral shape of the AGN contribution to the ionizing background (rest-frame wavelengths 700-900 A) at z {approx} 1. Our sample consists of 139 sources selected in the redshift range z = 0.65-1.25 in the near-ultraviolet (NUV; 2371 A central wavelength) channel. The area covered is 8.2 deg{sup 2} to a NUV magnitude of 20.5 (AB) and 0.92 deg{sup 2} at the faintest magnitude limit of 21.8. The GALEX AGN luminosity function agrees well with those obtained using optical and X-ray AGN samples, and the measured redshift evolution of the ionizing volume emissivity is similar to that previously obtained by measuring the GALEX far-ultraviolet (FUV; 1528 A central wavelength) magnitudes of an X-ray-selected sample. For the first time, we are able to construct the shape of the ionizing background at z {approx} 1 in a fully self-consistent way.
Conscience and Citizenship: The Primacy of Conscience for Catholics in Public Life

In their statement, Forming Consciences for Faithful Citizenship, the U.S. Catholic bishops acknowledge that "the responsibility to make choices in political life rests with each individual in the light of a properly formed conscience." This essay argues that, in light of this responsibility, it is important to affirm a commitment to the primacy of conscience as that idea has been understood in the Catholic tradition. If we really expect voters and public officials to make responsible, conscientious decisions about matters of public policy, we should not speak in ways that suggest that the proper formation of conscience is simply a matter of falling in line with church teaching. Such an approach will not contribute to the ability of voters and public official to make conscientious decisions, because church teaching does not generally speak definitively to the concrete questions that voters and public officials face.The essay articulates an understanding of the primacy of conscience that is rooted in a proper understanding what conscience is and of the relationship between conscience and truth. To be a human person is to have a duty to seek the truth in order that one can form for oneself right and true judgments of conscience. As one seeks the truth, one is bound to adhere to the truth as it is known, and one is bound to order one's life in accord with the demands of truth. In all our activities we are bound to follow our conscience. This is what it means to speak of the primacy of conscience. The essay also discusses the demands of proper conscience formation, which exclude a mistaken notion of the autonomy of conscience. We each have to commit ourselves to forming for ourselves right and true judgments of conscience, but we cannot form our consciences by ourselves. Proper formation of conscience must be attentive to the teaching of the church and the insights of human reason. It must also be guided by the balancing virtue of prudence, which is appropriately attentive to the limits of what it might be possible for good law to accomplish under existing social, political, and constitutional conditions. In the midst of often deep moral disagreement in our society, respect for the primacy of conscience calls us to engage in the respectful dialogue that is essential if we are to join together with our fellow citizens in an authentic search for truth, forming hearts and minds committed to making choices that will protect human dignity and promote the common good.
"If You Don't Like It, Leave It": The Problem of Exit in Social Contractarian Arguments

In A Theory ofJustice, Rawls suggests that the talented would find it in their self-interest to sign on to his highly redistributive difference principle, because the resulting arrangement would still leave them better off than they would be with no social cooperation at all.' To make the argument persuasive, Nozick observed in rejoinder, Rawls had better explain why the talented would not demand the benefit of the even better deal they could strike by seceding with the other talented members of the larger social contractarian bargaining unit and heading off for some utopian Lucky Island.2 Nozick's rejoinder is telling-if not for Rawls, whose egalitarian precommitments, reflected in his construction of the original position, preclude such a deal from the start-then for other left-liberal social contractarians hoping to deduce a redistributive welfarist state from rational self-interest. But it needs some explaining itself. Suppose that in any realistically constructed state of nature (SON), the talented would never actually make it to Lucky Island. Suppose, for example, that collective action problems would make it almost impossible to negotiate secession. Or suppose that the talented have high sunk costs (in affec-
Inference with Hamiltonian Sequential Monte Carlo Simulators

The paper proposes a new Monte-Carlo simulator combining the advantages of Sequential Monte Carlo simulators and Hamiltonian Monte Carlo simulators. The result is a method that is robust to multimodality and complex shapes to use for inference in presence of difficult likelihoods or target functions. Several examples are provided.
The influence of people on the performance of IPO firms

Abstract Until the mid-1990s, the study of initial public offerings (IPOs) fell mainly under the purview of the finance literature. Within the last 10 years, however, management and entrepreneurship scholars have delved more into this subject area, as well. This article summarizes research examining IPO firms that has appeared in management and entrepreneurship journals, highlighting in particular the influence of individuals (namely executives and boards of directors) on IPO firm outcomes.
Frictions in Internet Auctions with Many Traders: a Counterexample

Abstract We show that when frictions are present, the Peters and Severinov (2006) (PS) bidding rule is no longer efficient nor a PBE of the PS game. Researchers should be cautious when using the PS bidding rule in markets with frictions like eBay.
The economics of network neutrality

Pricing of Internet access has been characterized by two properties: Parties are directly billed only by the Internet service provider (isp) through which they connect to the Internet. Pricing, moreover, is not contingent on the type of content being transmitted. These properties define a regime known as “network neutrality.” In 2005, some large isps proposed that application and content providers directly pay them additional fees for accessing the isps’ residential clients, as well as differential fees for prioritizing certain content. We analyze the private and social incentives to introduce such fees when the network is congested and more traffic implies greater delays. We derive conditions such that network neutrality is welfare superior to any feasible scheme for prioritizing service. Extending our analysis to encompass isps’ incentives to invest in more bandwidth, we show that the ability to price discriminate increases their incentives to invest. In terms of overall welfare, we show the additional investment may or may not offset the static inefficiency associated with discrimination.
A NOTE ON SOCIAL WELFARE ORDERS SATISFYING PIGOU-DALTON TRANSFER PRINCIPLE

This paper studies the constructive nature of social welfare orders on infinite utility streams defined on X=Yⁿ, satisfying the Pigou-Dalton transfer principle (PD), which are known to be representable (see Alcantud (2010) and Sakamoto (2012)). We describe the restrictions on domain Y for explicit representation or construction of the social welfare orders satisfying (i) PD and monotonicity; or (ii) PD only. We show that the restrictions on Y for either (a) construction; or (b) explicit representation of the social welfare orders are identical in both cases.
Impact of user skills and network effects on the competition between open source and proprietary software

Despite the availability of source code, deploying open source software in an enterprise environment requires skills. Recent surveys and case studies show that the skills of IT staff in an organization are one of the key factors in open source software adoption decisions. Another important factor organizations consider when choosing a platform is network effects. This paper studies how users' skills and network effects may influence the market where proprietary software competes with open source software. In the model, users make adoption decisions considering their own skills and the network effects of the software, and the proprietary software vendor prices its product strategically. It is found that in the presence of network effects, the proprietary software dominates the market when the open source software does not provide higher benefits to users. This implies that open source software, as a low-cost substitute to proprietary software, may not survive in a market exhibiting network effects. To gain market share, open source software has to outperform proprietary software by a large margin, which can be achieved when a significant portion of users are highly skilled and thus can customize the open source software to better satisfy their needs.
Shared Information Goods

Abstract Once purchased, information goods are often shared within small social communities. Software and music, for example, can be easily shared among family or friends. In this paper, we ask whether such sharing will undermine seller profit. We reach several surprising conclusions. We find, for example, that under certain circumstances sharing will markedly increase profit even if sharing is inefficient in the sense that it is more expensive for consumers to distribute the good via sharing than it would be for the producer to simply produce additional units. Conversely, we find that sharing can markedly decrease profit even where sharing reduces net distribution costs. These results contrast with much of the prior literature on small‐scale sharing, but are consistent with results obtained in related work on the topic of commodity bundling. Our findings highlight the relative importance of demand reshaping, as opposed to cost considerations, in determining the profitability effects of sharing.
When is Market Incompleteness Irrelevant for the Price of Aggregate Risk (and when is it not)

In a standard incomplete markets model with a continuum of households that have constant relative risk aversion (CRRA) preferences, the absence of insurance markets for idiosyncratic labor income risk has no effect on the premium for aggregate risk if the distribution of idiosyncratic risk is independent of aggregate shocks and aggregate consumption growth is independent over time. In equilibrium, households only use the stock market to smooth consumption; the bond market is inoperative. Furthermore, the cross-sectional distributions of wealth and consumption are not affected by aggregate shocks. These results hold regardless of the persistence of idiosyncratic shocks, even when households face tight solvency constraints. A weaker irrelevance result survives when we allow for predictability in aggregate consumption growth.
Menstrual Cycle and Competitive Bidding

In an experiment using two-bidder rst-price sealed bid auctions with symmetric independent private values, we collected information on the female participants’ menstrual cycles. We nd that women bid signicantly higher than men in their menstrual and premenstrual phase but do not bid signicantly dierent in other phases of the menstrual cycle. We suggest an evolutionary hypothesis according to which women are genetically predisposed by hormones to generally behave more riskily during their fertile phase of their menstrual cycle in order to increase the probability of conception, quality of ospring, and genetic variety. Our