cssi/SciSciGPT-SciSciNet huggingface dataset:
On the thermodynamic self-similarity of the nearest, most relaxed, giant ellipticals

We present detailed spatially resolved measurements of the thermodynamic properties of the X-ray-emitting gas in the inner regions of the five nearest, X-ray and optically brightest, and most X-ray morphologically relaxed giant elliptical galaxies known. Beyond the innermost region at r ≳ 1 kpc, and out to r ∼ 6 kpc, the density, pressure, entropy and cooling time distributions for the X-ray-emitting gas follow remarkably similar, simple, power-law-like distributions. Notably, the entropy profiles follow a form K ∝ rα, with an index α = 0.92–1.07. The cumulative hot X-ray-emitting gas mass profiles and the gas mass to stellar light ratios of all five galaxies are also similar. Overall the observed similarity of the thermodynamic profiles in this radial range argues that, in these systems, relativistic jets heat the gas at a similar rate averaged over time-scales longer than the cooling time tcool ≳ 108 yr. These jets are powered by accretion from the hot gas, or material entrained within it, on to the central supermassive black hole. This jet heating creates an energy balance where heating and cooling are in equilibrium, keeping the hot galactic atmospheres in a ‘steady state’. Within r ≲ 1 kpc, this similarity breaks down: the observed entropy profiles show well-resolved flattening and the values differ from system to system substantially. The accretion rate on to the black hole and the active galactic nucleus activity, heating the interstellar medium, must therefore vary significantly on time-scales shorter than tcool = 107–108 yr.
A Republican Theory of Adjudication

In recent years there has been a revival of interest in civic republicanism. In light of this revival, it is interesting to consider what sort of theory of legal or judicial adjudication such a doctrine—centered on the value of promoting freedom from domination—would recommend. After discussing the importance of such a theory and clarifying its relationship to broader questions of institutional design, it is argued that theories of adjudication should be assessed according to three criteria: first, their contribution to the republican cause of promoting freedom from domination; second, their suitability to the characteristic features of legal systems; and third, their impact on long-run institutional stability. According to these criteria, a republican theory of adjudication would hold that judges and other legal officials should strive in their decisions and interpretations to maintain and enhance the distinctive value of the rule of law.
Reading Between the Blurred Lines of Fisher v. University of Texas

After more than eight months of anticipation and speculation, the Supreme Court finally issued its opinion in Fisher v. University of Texas at Austin. Contrary to fears held by some and hopes held by others, the Court did not use the case as an opportunity to overrule Grutter v. Bollinger, thereby prohibiting the consideration of race in higher education admissions decisions. Instead, the Court vacated the Fifth Circuit’s decision upholding the University of Texas’ (“UT” or “University”) race-based admissions policy and remanded the case “for further proceedings consistent with [the] opinion.” At first glance, the majority opinion authored by Justice Anthony Kennedy appears to be a straight forward tutorial regarding the parameters of strict scrutiny by which courts are to examine the constitutionality of race-based admissions plans. After concluding that the Fifth Circuit failed to analyze the UT plan under the proper constitutional standard due to the deference shown to the University during its narrow tailoring analysis, the Court decided that “fairness to the litigants and the courts that heard the case requires that it be remanded so that the admissions process can be considered and judged under a correct analysis.” While the University and other affirmative action supporters may view the Court’s decision as an optimistic signpost for the future of race-based admissions policies, this Essay fears that, unfortunately, such optimism may be misplaced. It argues that a closer reading of the opinion reveals troubling language and sentiments that could detrimentally impact both the UT admissions plan, specifically, and the future of racial diversity in higher education, more broadly.
Do Measures of Financial Constraints Measure Financial Constraints

Financial constraints are fundamental to empirical research in finance and economics. We propose two tests to evaluate how well measures of financial constraints actually capture constraints. We find that firms typically classified as constrained do not actually behave as if they were constrained: they have no trouble raising debt when their demand for debt increases exogenously and use the proceeds of equity issues to increase payouts to shareholders. Our evidence suggests that extant findings that have been attributed to constraints may instead reflect differences in the growth and financing policies of firms at different stages of their life cycles.
Should Copyright of Academic Works be Abolished

The conventional rationale for copyright of written works, that copyright is needed to foster their creation, is seemingly of limited applicability to the academic domain. For in a world without copyright of academic writing, academics would still benefi t from publishing in the major way that they do now, namely, from gaining scholarly esteem. Yet publishers would presumably have to impose fees on authors because publishers would no longer be able to profi t from reader charges. If these author publication fees would actually be borne by academics, their incentives to publish would be reduced. But if the publication fees would usually be paid by universities or grantors, the motive of academics to publish would be unlikely to decrease (and could actually increase)—suggesting that ending academic copyright would be socially desirable in view of the broad benefi ts of a copyright-free world. If so, the demise of academic copyright should probably be achieved by a change in law, for the “open access” movement that effectively seeks this objective without modifi cation of the law faces fundamental diffi culties.
The contradictions of juvenile crime & punishment.

This essay explores the contradictions and puzzles of modern juvenile justice, and illustrates the enduring power of the child-saving philosophy of the juvenile court in an era of punitiveness toward offenders both young and old. The exponential growth in incarceration in the U.S. since the 1970s has been more restrained for juveniles than adults, even in the face of a youth violence epidemic that lasted for nearly a decade. Rhetoric has grown harsher in the wake of moral panics about youth crime, juvenile codes now express the language of retribution and incapacitation, yet the growth in incarceration of juveniles was attenuated and declined more responsively to declining crime rates. Almost no states have lowered the age of majority, even in the face of wholesale removal of juveniles to the criminal court. States have embraced the ideals and practice of small institutions, yet conditions in juvenile corrections often remain harsh and are common targets of litigation. Racial disparity still pervades juvenile incarceration, despite Congressional support of a collaborative project to reduce racial inequalities in juvenile detention and corrections. These conflicting trends portray an institutional and normative landscape that at once fears child criminals and seeks to punish them harshly, but at the same time pulls its punches as it adheres to the transcendent and enduring philosophy of child-saving.
Was Machiavelli Right - Lying in Negotiation and the Art of Defensive Self-Help

Niccolo Machiavelli, who enthusiastically endorsed the art of deception, wrote in THE PRINCE nearly five hundred years ago, “[Y]ou must be a great liar....a deceitful man will always find plenty who are ready to be deceived.” Was Machiavelli right? Can honing one’s ability to lie be advantageous in certain situations? Moreover, are there great liars among us who are willing and able to prey upon the so-called “sucker born every minute?” Finally, if such liars exist, to what extent has the rest of society been trained in the art of defensive self-help, or the mindsets, strategies, and tactics necessary to protect themselves from exploitation?
WHEN ARE OUTSIDE DIRECTORS EFFECTIVE

Abstract This paper uses recent regulations that have required some companies to increase the number of outside directors on their boards to generate estimates of the effect of board independence on performance that are largely free from endogeneity problems. Our main finding is that the effectiveness of outside directors depends on the cost of acquiring information about the firm: when the cost of acquiring information is low, performance increases when outsiders are added to the board, and when the cost of information is high, performance worsens when outsiders are added to the board. The estimates provide some of the cleanest estimates to date that board independence matters, and the finding that board effectiveness depends on information cost supports a nascent theoretical literature emphasizing information asymmetry. We also find that firms compose their boards as if they understand that outsider effectiveness varies with information costs.
Public School Students' Religious Speech and Viewpoint Discrimination

A student wears a t-shirt with a provocative, religiously-based statement to school. Perhaps it says "Abortion Is Homicide" or maybe it reads "Homosexuality Is Shameful" followed by a religious or scriptural reference. The student is referred to the principal's office for possible disciplinary action, and at this point a school administrator must decide whether the school can and should restrict the student's expression of this message. The administrator is confronted with an area of law that is increasingly unclear; this article addresses one of those puzzles: what if the school restricts this expression because of its disruptive nature, but not speech about the same issue from a different viewpoint? This article analyzes the Supreme Court's student speech cases with particular attention to how cases arising out of the public elementary and secondary school setting have engaged or avoided the issue of viewpoint discrimination. Contrary to the often-held assumption and the conclusions of some circuits, I argue that the Court's four student speech cases can be read together as a body of law that permits schools to engage in limited viewpoint discrimination, although the exact contours of that exception remain unclear.
Programming and reasoning with partial observability

Computer programs are increasingly being deployed in partially-observable environments. A partially observable environment is an environment whose state is not completely visible to the program, but from which the program receives partial observations. Developers typically deal with partial observability by writing a state estimator that, given observations, attempts to deduce the hidden state of the environment. In safety-critical domains, to formally verify safety properties developers may write an environment model. The model captures the relationship between observations and hidden states and is used to prove the software correct. In this paper, we present a new methodology for writing and verifying programs in partially observable environments. We present belief programming, a programming methodology where developers write an environment model that the program runtime automatically uses to perform state estimation. A belief program dynamically updates and queries a belief state that captures the possible states the environment could be in. To enable verification, we present Epistemic Hoare Logic that reasons about the possible belief states of a belief program the same way that classical Hoare logic reasons about the possible states of a program. We develop these concepts by defining a semantics and a program logic for a simple core language called BLIMP. In a case study, we show how belief programming could be used to write and verify a controller for the Mars Polar Lander in BLIMP. We present an implementation of BLIMP called CBLIMP and evaluate it to determine the feasibility of belief programming.
A general framework for evaluating executive stock options

Abstract Motivated by recent recommendations by both European and American accounting standards boards that executive stock options be expensed in firms’ statements, we provide an analytical and flexible framework for their evaluation. Our approach takes into account the vesting period, American style, resetting and reloading provisions that are features of many option programs, and also considers the trading restriction on executives. We identify a recursive structure in the stream of options that are granted to the executive over the course of her employment. By exploiting this, we are able to obtain a near-explicit formula for the option value. This enables us to discuss the joint effects of the different features on the exercising strategies and firms’ granting cost. Especially, we highlight some significant interactions among these features.
Portfolios Weighted by Repurchase and Total Payout

Portfolios weighted by fundamental measures of company size, such as assets, dividends, sales, earnings, and employees, have recently attracted a lot of attention. Pioneering research has showed that these fundamental value–weighted portfolios, especially dividend-weighted portfolios, can achieve better mean returns and better Sharpe ratios than could be attained with the traditional market value– weighted portfolio. In this article, the authors examine three portfolios weighted by the additional fundamental measures of firm size—share repurchases, total payout, and earnings retention—and find that the repurchase-weighted portfolios and total payout–weighted portfolios have higher excess returns and higher Sharpe ratios than the other fundamental value–weighted portfolios, including the dividend-weighted portfolio. The repurchase-weighted portfolio shows a positive and statistically significant alpha of 2.77% after controlling for the Fama–French factors (market, size, and book-to-market) and Carhart’s momentum variable. The total payout–weighted portfolio also has a positive and significant alpha, albeit smaller than that of the repurchase-weighted portfolio.
Solar System binaries

The discovery of binaries in each of the major populations of minor bodies in the solar system is propelling a rapid growth of heretofore unattainable physical information. The availability of mass and density constraints for minor bodies opens the door to studies of internal structure, comparisons with meteorite samples, and correlations between bulk-physical and surface-spectral properties. The number of known binaries is now more than 70 and is growing rapidly. A smaller number have had the extensive followup observations needed to derive mass and albedo information, but this list is growing as well. It will soon be the case that we will know more about the physical parameters of objects in the Kuiper Belt than has been known about asteroids in the Main Belt for the last 200 years. Another important aspect of binaries is understanding the mechanisms that lead to their formation and survival. The relative sizes and separations of binaries in the different minor body populations point to more than one mechanism for forming bound pairs. Collisions appear to play a major role in the Main Belt. Rotational and/or tidal fission may be important in the Near Earth population. For the Kuiper Belt, capture in multi-body interactions may be the preferred formation mechanism. However, all of these conclusions remain tentative and limited by observational and theoretical incompleteness. Observational techniques for identifying binaries are equally varied. High angular resolution observations from space and from the ground are critical for detection of the relatively distant binaries in the Main Belt and the Kuiper Belt. Radar has been the most productive method for detection of Near Earth binaries. Lightcurve analysis is an independent technique that is capable of exploring phase space inaccessible to direct observations. Finally, spacecraft flybys have played a crucial paradigm-changing role with discoveries that unlocked this now-burgeoning field.
Contingent Effects of Humor Type and Cognitive Style on Consumer Attitudes

In the spirit of examining humor contextually, we consider a basic question in this essay: do different humor types “play by the same rules,” cognitively speaking? We examine the relationship between humor and cognitive processing style, as operationalized through Need for Cognition. We find that humor based on disparagement processes “breaks through” the cognitive differences inherent in incongruity humor. Rather than exhibiting incongruity-based humor’s affective response transferring to attitude for low-NFC subjects, and more centrally-employing high NFC subjects’ higher tendency to dismiss the humor’s effect on overall attitude, disparagement based humor is processed the same by both low- and high-NFC respondents. Overall, our findings suggest that the relationship between cognitive processing (as operationalized through Need for Cognition) and resultant attitudes is a complicated one, strongly contingent on humor type. Were only incongruity-based humor utilized, our findings would have reinforced Zhang’s (Psychol Mark 13:531–545, 1996b) assertion that a person’s Need for Cognition will play a key role in the evaluation of humor, but our results suggest that a more complex conceptualization of the relationship between humor and attitude formation is required when humor is treated as a potentially more complicated, context-dependent construct.
The Law of Environmental 'PPMs' in the WTO: Debunking the Myth of Illegality

This Article explains and appraises the WTO law of Processes and Production Methods (“PPMs”). A better understanding of the law and of how PPMs operate can help governments and stakeholders improve the management of outwardly directed PPMs. Governments presently have divergent views about WTO rules. These diverging views have led to an inside-out debate from which a political consensus cannot easily emerge. This Article examines the relevant WTO case law on the issue of PPMs and concludes that PPMs are, contrary to some commentators, not prohibited by the WTO. Finally, the Article shows how a correct legal reading may enable new integrative solutions that resolve trade and environment tensions and establish a better framework for preventing inappropriate PPMs.
Punitive Damages - Something for Everyone?

Common-law punitive damages have some feature that will upset everyone: A civil court meting out punishment. A sanction imposed after mere civil procedure. A private plaintiff receiving a “windfall” that exceeds any reasonable estimate of loss. And the Supreme Court wielding the discredited doctrine of substantive Due Process. After the Exxon-Valdez’s massive oil spill washed on the shoals of maritime common-law punitive damages, a two-decade pavane featured an angry Alaska jury, a sympathetic trial judge, and a Court of Appeals trying to interpret and apply several muddled Supreme Court punitive-damages decisions. In the denouement, Exxon Shipping v. Baker, the Supreme Court imposed a reduction of the punitive damages that ended the protracted litigation without satisfying anyone. This article was prepared for a University of St. Thomas Law Journal symposium on punitive damages following the Exxon-Valdez oil spill. It examines punitive damages’ controversial features, summarizes and criticizes the Supreme Court’s decision, and suggests legislative principles of confinement that will preserve common-law punitive damages.
The Ethical Costs Of Commercializing The Professions: First-Person Narratives From The Legal And Medical Trenches

This paper explores the tension between being both a professional and a businessperson in the practice of law or medicine. Traditionally, these professions were marked by certain criteria, central of which was “a commitment to provide service to the public that goes beyond the economic welfare of the practitioner.” In 21st century U.S., however, business or economic concerns have an increasingly large impact on the lives of lawyers and physicians. This impact, I argue, is not a positive one. Drawing upon qualitative interview and survey data gathered from practicing lawyers and physicians who find themselves struggling to act as ethical businesspersons in the practice of law or medicine, I describe this moral tension between serving self-interests and meeting the needs of patients/clients as an important, under-identified, and ultimately corrosive component of contemporary professional life.
Antecedents and Mediators of Eating Bouts

Understanding eating bouts is of both theoretical and practical importance. Two questions are examined here: (a) What stimulates eating bouts? and (b) What influences how much food will be consumed during such a bout? The results from a survey of 178 adults suggest that eating episodes in which a person consumes three times the amount of a particular food than he or she would typically consume are viewed as constituting an eating bout. These eating bouts can be stimulated by internal cues, such as moods or cravings, or by external cues, such as the visual or aromatic salience of the food. In general, eating bouts that are stimulated by internal cues are perceived as being less reasonable, less healthy, and less enjoyable, leaving a person feeling more guilty, lonely, and depressed. Furthermore, it was found that when an eating bout was stimulated by external cues, the food's nutritional value, versatility, and perishability influenced how much was eaten. In contrast, when an eating bout was stimulated by internal cues, these factors were not influential in how much was eaten. The educational implications of these findings are then discussed.
Identification with Models and Exogenous Data Variation

We distinguish between identification and establishing causality. Identification means forming a unique mapping from features of data to quantities that are of interest to economists. Establishing causality is synonymous with finding sources of exogenous variation. These two issues are often confused. However, exogenous variation is only sometimes necessary and never sufficient to identify economically interesting parameters. Instead, even for causal questions identification must rest on an underlying economic model. We illustrate these points by examining identification in two recent papers: one causal study relying on an entirely verbal model and one non-causal study relying on a formal mathematical model.
Water contamination, land prices, and the statute of repose

We examine how water contamination risk from an inactive hazardous waste site is capitalized into surrounding vacant land prices. After public knowledge of the first instance of off-site contamination, we find that shallow groundwater contamination potential is negatively capitalized into land prices, as is proximity to a known contaminated well. Public knowledge of off-site contamination and associated land price changes occur after the North Carolina’s 10-year statute of repose. Our findings raise questions concerning such statutes when environmental contamination has a long latency period, especially given a recent Supreme Court ruling that Superfund law does not preempt state statutes of repose.
Gender Differences in Personal Saving Behaviors

Gender differences in personal saving behaviors among single person households were investigated using the 2007 Survey of Consumer Finances (SCF). Determinants of short-term and regular saving behavior were found to differ by gender. Women (n = 702) were less likely to save in the short term if they were in poor health, while poor health did not significantly affect the short term saving of men. Having low risk tolerance negatively affected the likelihood of women saving in the short term and saving regularly, while each year of education made men (n = 469) more likely to save in the short-term and to save regularly. Understanding the saving behaviors of men and women can help improve the efforts of financial professionals and educators.
On the Equivalence of Cellular Automata and the Tile Assembly Model

In this paper, we explore relationships between two models of systems which are governed by only the local interactions of large collections of simple components: cellular automata (CA) and the abstract Tile Assembly Model (aTAM). While sharing several similarities, the models have funda- mental differences, most notably the dynamic nature of CA (in which every cell location is allowed to change state an infinite number of times) versus the static nature of the aTAM (in which tiles are static components that can never change or be removed once they attach to a growing assembly). We work with 2-dimensional systems in both models, and for our results we first define what it means for CA systems to simulate aTAM systems, and then for aTAM systems to simulate CA systems. We use notions of simulate which are similar to those used in the study of intrinsic universality since they are in some sense strict, but also intuitively natural notions of simulation. We then demonstrate a particular nondeterministic CA which can be configured so that it can simulate any arbitrary aTAM system, and finally an aTAM tile set which can be configured so that it can be used to simulate any arbitrary nondeterministic CA system which begins with a finite initial configuration.
The Electoral System and Women's Legislative Underrepresentation in Post-Communist Ukraine

In comparison with the global average of democratic countries, Ukraine’s parliament, the Verkhovna Rada, remains well below average in terms of women’s legislative representation. This article attempts to explain why Ukraine’s record is so poor by examining the impact of different electoral systems. Since the first post-Communist election in 1994, Ukraine has used three different electoral systems‐majoritarian SMD, MMM, and closed-list PR. By examining the impact of these different systems on women’s representation, we can test for the effect of different institutions on representation while holding political culture constant. The empirical results find that PR systems consistently nominated more women and elected more women than did other, majoritarian systems did. In addition, there is little evidence of gender bias against female candidates in either PR or SMD elections.
The Labor Market Effects of Welfare Reform

A major goal of the 1996 federal welfare reform was to increase the labor market participation of welfare recipients. Some analysts have speculated that if the reform is successful, this increase in labor supply may exert downward pressure on wages and reduce the employment rate of other low-skilled workers in the labor market. The magnitude of these hypothetical labor market effects is uncertain because there have not been large changes in eligibility for federal welfare programs from which to draw inferences. This study treats the 1991 elimination of the General Assistance program in Michigan as a rough analog to the 1996 federal reform. In all, about 82,000 able-bodied adults lost benefits. Comparisons with other states indicate that employment in Michigan increased by two to four percentage points among high school dropouts, which corresponds to 25‐50% of the original GA caseload. There is little evidence of wage or employment declines.
Integrated Economic and Climate Modeling

Abstract This survey examines the history and current practice in integrated assessment models (IAMs) of the economics of climate change. It begins with a review of the emerging problem of climate change. The next section provides a brief sketch of the rise of IAMs in the 1970s and beyond. The subsequent section is an extended exposition of one IAM – the DICE/RICE family of models. The purpose of this description is to provide readers an example of how such a model is developed and what the major components are. The final section discusses major important open questions that continue to occupy IAM modelers. These involve issues such as the discount rate, uncertainty, the social cost of carbon, the potential for catastrophic climate change, algorithms and fat-tailed distributions. These issues are the ones that pose both deep intellectual challenges as well as important policy implications for climate change and climate change policy.
Multinational Firms, Internal Capital Markets, and the Value of Global Diversification

Over the past 30 years, multinational firms’ investment grew four times faster than worldwide GDP. Yet the evidence on whether global diversification is valuable is inconclusive. This paper uses detailed foreign direct investment (FDI) data for 251 UK multinational firms and 4,676 subsidiaries for the period 1999–2005 to show that multinational firms exhibit, on average, a global diversification premium. I investigate this result and show that the premium is positively related to “winner-picking” transfers in internal capital markets, and more so for better-governed firms. The findings help explain why multinational firms’ investment and global diversification have significantly increased over the past three decades.
Before the Smoke Cleared: Decision-Making in the Immediate Aftermath of 9/11

In the days that followed the attacks of September 11, 2001, the United States reacted with numerous actions designed to confront the persons responsible and prevent similar instances of terrorism on American soil. There has been much criticism about the laws enacted in the wake of those tragic events, whether aimed at the curtailment of civil liberties, the decisions to engage in armed conflict abroad, or the disregard of other international and domestic commitments. This article focuses on the decisions made specifically during the period from September 11, 2001 through September 14, 2001. This article discusses how rapid decision-making immediately following the attacks on 9/11 created significant additional problems in the United States and accomplished one of the major goals of those responsible. I argue that the only appropriate reaction to terrorist acts great or small is measured response derived from policies emotionally removed from the actual events that trigger the response. Section II of this paper discusses the purposes behind terrorist acts in general and how terrorist groups use fear to get their enemies to subconsciously enact self-destructive policies. Section III examines decision making processes in times of crisis, specifically discussing the biases triggered by acts of terror. Section IV scrutinizes government action in the four days that followed the terrorist attacks, including the Bush Doctrine and the Authorization for Use of Military Force. Section V argues that it is necessary to create uniform policies for reacting to acts of terror in order to prevent bias from negatively affecting the larger long-term goals of American society.
"Bad Barrels": An Organizational-Based Analysis of the Human Rights Abuses at Abu Ghraib Prison

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Social Norms and Social Roles

This essay challenges some widely held understandings about rationality and choice, and uses that challenge to develop some conclusions about the appropriate domain of law. In particular, it suggests that many well-known anomalies in individual behavior are best explained by reference to social norms and to the fact that people feel shame when they violate those norms. Hence, there is no simple contrast between "rationality" and social norms. Individual rationality is a function of social norms. It follows that social states are often more fragile than might be supposed, because they depend on social norms to which people may not have much allegiance. Norm entrepreneurs -- people interested in changing social norms -- can exploit this fact; if successful, they produce what norm bandwagons and norm cascades. Collective action might be necessary to solve some unusual collective action problems posed by existing norms. And for many purposes, it would be best to dispense with the idea of "preferences," despite the pervasiveness of that idea in positive social science and in arguments about the appropriate domains of law.
Computing the market price of volatility risk in the energy commodity markets

Abstract In this paper, we demonstrate the need for a negative market price of volatility risk to recover the difference between Black–Scholes [Black, F., Scholes, M., 1973. The pricing of options and corporate liabilities. Journal of Political Economy 81, 637–654]/Black [Black, F., 1976. Studies of stock price volatility changes. In: Proceedings of the 1976 Meetings of the Business and Economics Statistics Section, American Statistical Association, pp. 177–181] implied volatility and realized-term volatility. Initially, using quasi-Monte Carlo simulation, we demonstrate numerically that a negative market price of volatility risk is the key risk premium in explaining the disparity between risk-neutral and statistical volatility in both equity and commodity-energy markets. This is robust to multiple specifications that also incorporate jumps. Next, using futures and options data from natural gas, heating oil and crude oil contracts over a 10 year period, we estimate the volatility risk premium and demonstrate that the premium is negative and significant for all three commodities. Additionally, there appear distinct seasonality patterns for natural gas and heating oil, where winter/withdrawal months have higher volatility risk premiums. Computing such a negative market price of volatility risk highlights the importance of volatility risk in understanding priced volatility in these financial markets.
Strong rights and disobedience: From here to integrity

In Taking Rights Seriously Dworkin claimed that people had strong rights to disobey the law so that the government would be wrong to punish anyone who exercised them. This claim raises fundamental questions about the source of obligation and the limits of legitimacy. These questions of political theory have been given surprisingly little attention by him or his critics. I examine whether strong rights make any sense and conclude that his political theory cannot even generate the minimal prima facie obligation necessary to justify coercion, and hence, law. My solution is to interpret justice in the same way as law. Dworkin resists what I call Justice as Integrity because of concerns about ethical relativism. By considering his more recent works on objectivity and moral truth, I attempt to show that Dworkin’s aversion to Moral Constructivism is based on an undue fear of the uncertainty of social practices and an undue faith in the certainty of empirical observation. By reconstructing the interpretive derivations of justice I offer a method to make the idea of obligation, strong rights, and hence, law as integrity, more viable.
Gasoline Prices, Fuel Economy, and the Energy Paradox

Abstract Policymakers often assert that consumers undervalue future gasoline costs when they buy automobiles. We test this by measuring whether relative prices of vehicles with different fuel economy ratings fully adjust to variation in gasoline prices. Vehicle prices move as if consumers are indifferent between $1.00 in discounted future gas cost and $0.76 in vehicle purchase price. We show how corrections for endogenous market shares and utilization, measurement error, and different gasoline price forecasts affect the results. We also provide unique evidence of sticky information: vehicle markets respond to changes in gasoline prices with up to a six-month delay.
Can Short-Term Rental Arrangements Increase Home Values? A Case for AirBNB and Other Home Sharing Arrangements

The sharing economy or “new economy”1 has redefined consumption in the housing context in a manner that impacts traditional notions regarding home values and neighborhood integrity. Housing sharing allows owners to share some of the benefits of property ownership – namely use and enjoyment2 – while shifting some of the burdens of ownership – particularly, the economic burdens. With the advent of the sharing economy, there is a brewing conflict between this new economy and the realities of economic regulation. Thus, in the housing context, we see this conflict playing out in the tension between growing patterns of home sharing and existing regulations that prohibit such sharing. Many state and local governments, relying on their inherent police powers, regulate short-term housing. In particular, certain land use legislation overtly prohibits occupation by short-term renters. One prominent justification for such prohibitions is the maintenance of property values and neighborhood character.
Understanding Kaye Scholer: The Autonomous Citizen, the Managed Subject and The Role of the Lawyer

The Office of Thrift Supervision's (OTS) unprecedented enforcement action against Kaye, Scholer, Fierman, Hays and Handler (Kaye Scholer) prompted howls of protest from the legal community. OTS, it was claimed, was using its excessive power to redefine the role of the lawyer. This Comment confirms that OTS sought to impose duties on Kaye Scholer that conflict with professional ethics rules. The Comment then goes on to suggest that the conflict over professional responsibility in the Kaye Scholer case reflects, more fundamentally, a conflict over the role of the citizen, and the citizen's relationship with the state. Our adversarial system of dispute resolution is founded on our democratic assumption of citizen autonomy. Citizens are presumed to have independent interests and goals that the state must take into account when it regulates their activities. By contrast, OTS views the thrifts it regulates not as autonomous citizens but as instrumental means of achieving OTS goals. This Comment contends that it is this divergence in the concept of the citizen that gave rise in the Kaye Scholer case to the conflict regarding the appropriate role of the lawyer. The Comment concludes by exploring some normative questions raised by the OTS regulatory scheme.
Written constitutions and the administrative state: on the constitutional character of administrative law

Administrative law is the poor relation of public law; the hard- working, unglamorous cousin laboring in the shadow of constitutional law. Constitutional law, it is generally believed, resolves the great issues of state and society, while administrative law, in its best moments, merely refi nes those principles for dealing with the administrative state. Law students fl ock to constitutional law classes, of which most law schools have three or four in the curriculum. The same students enroll in administrative law with a sense of obligation, as if the subject is a chore one has to manage. The two fi elds are, of course, intimately related, and share an overarching purpose of managing the relationship between state and citizen, with an emphasis on protection of the latter in democratic states. On the other hand, the fi elds refl ect diff erent legal sources and modalities. In some countries, they are adjudicated by entirely diff erent courts. While constitutional law is becoming ever more comparative, with judges regularly citing each other’s opinions, administrative law remains bound to the nation state. This chapter makes three arguments. First, it argues that the conceptual division between administrative and constitutional law is quite porous, and that along many dimensions, administrative law can be considered more constitutional in character than constitutions. Second, it shows that written constitutions do relatively little to legally constrain the administrative state. Rather, their role is to establish the broader structural apparatus of governance and accountability, in which the bureaucracy is the great unspoken. This leaves administrative law as a relatively free- standing fi eld characterized by great fl exibility and endurance, features that are usually thought to be more embodied in constitutions. Third, the chapter concludes that the exercise of comparison helps to expose the limits of written constitutions, and to call for greater attention to comparative administrative law as a feature of the unwritten constitution of nation states. 1. On the constitutional character of administrative law The conventional understanding is that the fi elds of constitutional and administrative law share similar purposes of protection of rights, control of agency costs, and limitation of government. The primary diff erence, in this view, concerns their place in the hierarchy of public law: constitutional law regulates the highest norms of the state, while administrative law governs sub- legislative action, somewhat lower in the hierarchy of sources, and hence in importance. In contrast, I argue that along several dimensions, administrative law should be understood as more ‘constitutional’ than constitutional law. Consider the widely ascribed functions attributed to constitutions (Breslin 2009). Many would place the function of
Liquidity shocks, size and the relative performance of hedge fund strategies

Abstract We examine whether the increase in the flow of capital to hedge funds over the period 1994–2005 had a negative impact on performance. More specifically, we study the relative performance of small versus large funds for each of the hedge fund strategies. Our results indicate that on an absolute return basis, small funds outperform large funds. On a risk-adjusted return basis, however, we find that large funds outperform small funds, and that large funds are also shown to hold less liquid assets and take on less systematic and idiosyncratic risk than small funds. Further, funds that experience positive liquidity shocks generally outperform those that experience negative liquidity shocks. We also find evidence that hedge fund managers that are aggressive in dealing with liquidity shocks perform better than hedge fund managers that are conservative in dealing with liquidity shocks.
THE RIGHT TO SILENCE HELPS THE INNOCENT: A RESPONSE TO CRITICS

This Article responds to the numerous critics of Daniel J. Seidmann & Alex Stein, The Right to Silence Helps the Innocent: A Game-Theoretic Analysis of the Fifth Amendment Privilege, 114 HARV. L. REV. 430 (2000). Under Seidmann and Stein’s theory, the right to silence protects innocents who find themselves unable to corroborate their self-exonerating accounts by verifiable evidence. Absent the right, guilty criminals would pool with innocents by making false selfexonerating statements. Factfinders would consequently discount the probative value of all uncorroborated exculpatory statements, at the expense of those innocents who cannot corroborate their true accounts. The right to silence minimizes this pooling effect, thereby reducing the incidence of wrongful convictions, by providing guilty criminals an attractive alternative to lying. Under Seidmann and Stein’s theory, innocents tell the truth, whereas criminals—fearful of being implicated by their lies and unwilling to confess—exercise the right to silence. This separation reduces the distortion that factfinders would otherwise commit by discounting the probability of true self-exonerating accounts. The Article defends this theory against its critics on empirical and methodological grounds, as well as by demonstrating that the antipooling rationale stands out as the only coherent and comprehensive explanation of the Fifth Amendment jurisprudence.
Differentiating Types of Domestic Violence: Implications for Child Custody

Child custody determinations are based on the fiction that families with a history of domestic violence are all alike. However, researchers, scholars, and practitioners increasingly agree that families experience (and children are exposed to) different types of domestic violence. These types of violence involve distinctly different phenomena - they are not simply separate points along a single continuum of abuse. This article examines child custody determinations through the lens of a domestic violence typology. The resulting analysis (1) reconciles competing viewpoints and contradictory evidence about domestic violence; (2) matches families with appropriate child custody court procedures and services such as parent education, mediation, supervised visitation and parent coordination; and (3) exposes serious deficiencies in current domestic violence child custody statutes. Application of the typology leads to the conclusion that child custody courts could more effectively protect children through identification and consideration of the type of domestic violence experienced by the family. To this end, three significant procedural and substantive law reforms are recommended. First, courts should adopt Differentiated Case Management in order to identify cases involving domestic violence and to the extent possible, distinguish the type of violence experienced. Second, child custody court procedures and services should vary depending on the needs of the individual family and type of violence experienced. Under the current one-size-fits-all approach, some families are referred to procedures and services that are unsafe for them while other families, who could benefit from those very procedures and services, are discouraged from using them. Third, current domestic violence-related child custody statutes should be amended to include language that targets perpetrator patterns of coercive control.. Current statutes are not drawn with sufficient precision to adequately protect children.
Corporate Law and the Rhetoric of Choice

Rhetorically, the notion of choice has always been a powerful one in politics and law. This chapter is intended to offer a note of caution about its use. Despite its progressive hue of individual freedom, the rhetoric of choice increasingly tends to be a notion used to defend and uphold existing matrices of economic and social power. This is because the rhetoric of choice is an excellent way to support existing power relationships. The assertion that people acting within such power relationships are simply choosing their current situation undermines efforts to change those relationships. The powerful stay powerful; the weak stay weak. This is true in a number of areas, from discussions about school vouchers, to debates about tort reform, to the disagreements surrounding the regulation of pornography. The dependence on choice rhetoric also exists in corporate law, where the school of thought currently dominant in corporate law doctrine holds that the corporation is best seen as a voluntary arrangement among all the various stakeholders of the corporation. The rhetoric of choice is thus a powerful tool to fight against any reform of current relationships within the corporation that would embolden and empower stakeholders traditionally left out of the corporate power structure. Those involved with the corporation, whether shareholders, employees, or communities, have chosen their position, and thus should not complain when they do not receive more than what they explicitly contracted to receive. In this way, the notion of choice is used to bolster a view of corporate law that protects those already within the corporate power structure and excludes important stakeholders from corporate decision making. The rhetoric of choice is used in the same way in corporate law discourse as it is used elsewhere by the right – to justify or bolster existing matrices of economic and social power.