cssi/SciSciGPT-SciSciNet huggingface dataset:
Mandating the Supersize Option: The Legality of Government Intervention in the Fast Food Industry to Address Insufficient Wages and Close the Public Assistance Gap

Several prominent studies have recently highlighted how the federal government tacitly subsidizes insufficient wages paid in certain industries – notably, major corporations within the fast-food sector. Historically, the government addressed insufficient wages by implementing a minimum standard-of-living wage. Since the New Deal inception of this remedy, the Judiciary has regularly upheld the minimum wage in the face of challenges to its constitutionality. Given the recent passage of a substantial increase in the minimum wage and the toxic political cloud hovering over the United States Congress, President Obama likely will have a difficult time in passing another increase, as he has promised since his first campaign. Even if passed, the constitutionality of such a hike will likely face a more rigorous test by a conservative Supreme Court that features five Justices appointed by Republican Presidents. This Note seeks to understand the kind of test that the Court might use, and to analyze the constitutionality of a wage increase through the lens of potential tests.
Organ Donation as National Service: A Proposed Federal Organ Donation Law

It is time to consider an alternative approach to organ procurement and allocation – one that relies on presumed consent to organ donation, combined with incentives which recognize the communal basis of the obligation to donate one's organs after death. Such a system must provide numerous opportunities for "opting out" of donation in order to promote individual autonomy and use economic and eleemosynary incentives for persons to contribute their organs after death. Mere mention of the words "presumed consent" and "compensated donation" may raise ethical eyebrows. However, a system of presumed consent to compensated organ donation should be considered as a rational response to the present organ shortage. We must view organ donation as an act of community service, and support it in the way that we currently encourage service in a volunteer military or the Peace Corps, with the provision of subsidized education, health, and other benefits to those who serve.
FUZZY EVALUATION OF AGENT-BASED SEMANTIC MATCH-MAKING ALGORITHM FOR CYBERSPACE

Intelligent agents help to automate time and resource consuming tasks such as anomaly detection, pattern recognition, monitoring and decision-making. One of the major issues in automation of cyberspace is the discordance between the concept people use and the elucidation of the corresponding data by existing algorithms. Moreover, the measurement and computation of relevance referred to as degree of match-making is a crucial task and presents one of the most important challenges in unknown and uncertain environments of multi-agent systems. Optimal algorithms that generate the best matches for a user input are desired. This paper overcomes the challenges listed by proposing an agent-based semantic match-making algorithm that addresses the problem of heterogeneous ontology at user end and semantically enhances the user-input. A degree of match-making evaluation scheme based on fuzzy logic is proposed and evaluated using synthetic data from the web. The results are found to be consistent on the scale provided by the existing algorithms.
Modified duration and convexity with semiannual compounding

Both duration and convexity are a function of the curvilinear bond price: yield relationship. While duration measures the slope of the price:yield curve at a given yield-to-maturity, convexity measures the change in duration at this yield-to-maturity. Three shortcomings exist in the presentation of bond price volatility in financial education. First, modified duration and convexity should be used together as measures of bond price volatility. Second, these measures of bond price volatility should properly reflect semiannual compounding. Third, simple linear models for modified duration and convexity should be generally adopted in financial education literature.
Necessities of State: Police, Sovereignty, and the Constitution

Over the last fifteen years, legal historians have been exploring conceptualizations of the state and state capacity as phenomena of police. In this essay, I offer a genealogy of police in nineteenth-century American constitutional law. I examine relationships among several distinct strands of development: domestic regulatory law, notably the commerce power; the law of indigenous peoples and immigrants; and the law of territorial acquisition. I show that in state and federal juridical discourse, police expresses unrestricted and undefined powers of governance rooted in a discourse of sovereign inheritance and state necessity, culminating in the increasingly pointed claim that as a nation-state the United States possesses limitless capacity “to do all acts and things which independent states may of right do.”
Trade, Quality Upgrading, and Wage Inequality in the Mexican Manufacturing Sector

This paper proposes a new mechanism linking trade and wage inequality in developing countries – the quality-upgrading mechanism – and investigates its empirical implications in panel data on Mexican manufacturing plants. In a model with heterogeneous plants and quality-differentiated goods, only the most productive plants in a country like Mexico enter the export market, they produce higher-quality goods to appeal to richer Northern consumers, and they pay high wages to attract and motivate a high-quality workforce. An exchange-rate devaluation leads initially more-productive, higher-wage plants to increase exports, upgrade quality, and raise wages relative to initially less-productive, lower-wage plants within each industry. Using the late-1994 peso crisis as a source of variation and a variety of proxies for plant productivity, I find that initially more-productive plants increased the export share of sales, white-collar wages, blue-collar wages, the relative wage of white-collar workers, and ISO 9000 certification more than initially less-productive plants during the peso crisis period, and that these differential changes were greater than in periods without devaluations before and after the crisis period. A factor-analytic strategy that relies more heavily on the theoretical structure and avoids the need to construct proxies finds similar results. These findings support the hypothesis that differential quality upgrading induced by the exchange rate shock tended to increase within-industry wage inequality.
Ghost Workers in an Interconnected World: Going Beyond the Dichotomies of Domestic Immigration and Labor Laws

Beginning with the September 11, 2001 ("9/11") terrorist attacks, the labor movement's plans to organize immigrant workers and achieve immigration reform have met serious challenges. After 9/11, the political climate surrounding immigrants put the AFL - CIO's hopes for legislative reform on hold, because of socially perceived connections between immigrants and terrorism. Then, in a March 2002 decision titled Hoffman Plastic Compounds, Inc. v. NLRB, the U.S. Supreme Court held that undocumented immigrant workers could not collect back pay under the National Labor Relations Act (NLRA) when their rights to join unions are violated. According to the Court, back pay for undocumented workers would trench upon the employer sanctions regime expressed in the Immigration Reform and Control Act of 1986. In this Article, Professor Garcia analyzes the challenges facing the labor movement and immigrant workers from several perspectives. The Hoffman decision raises questions about the effectiveness of domestic labor law for all workers, as well as international human rights issues. Before the Hoffman decision, immigrant worker organizing took place in a legal environment that was at best indifferent, if not hostile, to the rights of immigrants and all workers. The Article addresses the effects the Hoffman decision and the post 9/11 climate have had on immigrant worker organizing and immigration reform. Then, Professor Garcia discusses reforms that could ameliorate the impact that Hoffman has had on immigrant workers' rights, and the likelihood those reforms will be enacted. This Article concludes that an integrated vision of labor and immigration law reform is necessary in light of an increasingly globally interconnected society.
Incentive effects of workers' compensation insurance

Abstract This paper uses micro-level data from the Current Population Survey to estimate the determinants of participation in state workers' compensation programs in the United States. The principal finding is that higher workers' compensation benefits are associated with greater participation in the workers' compensation program, after accounting for a variety of covariates. In addition, the waiting period is found to have a substantial negative effect on program participation. Finally, time-series estimates based on the cross-sectional model show that the growth in workers' compensation claims in the 1970s corresponds reasonably well with the growth in real benefits in this time period.
Uncertainty and the Standard for Preliminary Relief

In deciding whether to issue a preliminary injunction, courts today focus on three factors: the likelihood that plaintiff will ultimately prevail on the merits; the harm defendant will suffer if the injunction is wrongly issued; and the harm plaintiff will suffer if the injunction is wrongly denied. The idea is to account for the possibility that the court might err in its prediction on the merits. If wrongful denial would be particularly harmful and there is a real chance of wrongful denial, the court is more reluctant to deny. By contrast, if wrongful issuance poses the greater threat, the court is more reluctant to issue. This decision rule has intuitive appeal but overlooks a key point: In most cases, the court will be just as uncertain about its estimates of the harms as it is about its prediction as to the outcome of the case. Thus, the conventional approach begins to unravel. A court cannot minimize the implications of its possibly errant prediction on the merits by blindly relying on its possibly errant estimates of the harms. The optimal decision rule must account for both types of uncertainty. INTRODUCTION
Uninsured idiosyncratic investment risk and aggregate saving

Abstract This paper augments the neoclassical growth model to study the macroeconomic effects of uninsured idiosyncratic investment, or capital-income, risk. Under standard assumptions for preferences and technologies, individual policy rules are linear in individual wealth, ensuring that the equilibrium dynamics for aggregate quantities and prices are independent of the wealth distribution. The analysis thus remains highly tractable despite the incompleteness of markets. As compared to complete markets, the steady state is characterized by both a lower interest rate and a lower capital stock when the elasticity of intertemporal substitution is higher than the fraction of private equity in total wealth. For empirically plausible parameterizations, this condition is easily satisfied, and the reduction in aggregate saving and income is quantitatively significant. These findings contrast with Bewley models, where idiosyncratic labor-income risk leads to higher aggregate saving and income.
The Goods and Goals of Marriage

New social science research has shown that it is healthier for most adults to be married rather than single, widowed, or divorced. Two parents raising a child are better than one, and marital cohabitation is better than non-marital cohabitation for the flourishing of men, women, and children. This Article compares these new social science data with some of the traditional Western ideas about the goods and goals of marriage. Ancient Greek and Roman writers viewed enduring marriages as the foundation of the republic, which brought essential private goods to the couple and their children, and vital public goods to society and the state. These views were reflected in early Christian political thought as well. St. Augustine went on to describe three fundamental goods of marriage: the procreation and nurture of children (proles), the fidelity and friendship between husband and wife (fides), and the structural and symbolic stability of the household within the broader community (sacramentum). St. Isidore of Seville offered an overlapping formulation of the goods of marriage: the mutual love of husband and wife, their mutual protection from sexual sin, and their mutual procreation and nurture of children. The medieval and early modern Catholic tradition developed Augustine’s goods of marriage, with Thomas Aquinas rooting these views in sacramental theology, and the canonists applying these views in the marital rules and procedures of the church. These teachings remain central to Catholic canon law and theology today. The early modern Protestant tradition emphasized Isidore’s goods of marriage, placing a premium on the role of marriage as a protection against sexual sin and temptation. These teachings still render Protestants instinctively skeptical of clerical celibacy and of restrictions on remarriage after divorce or death. Today, Christians join many other people of faith in resonating with the modern social science data about the goods of marriage and the need for the state to support this vital institution for purposes of public and private health.
The Frustrated Turn to Adversarial Procedure in Italy (Italian Criminal Procedure Code of 1988)

In 1988, Italy adopted a new Code of Criminal Procedure that was meant to introduce an accusatorial system. This marked a clear departure from the inquisitorial civil law tradition, inherited from the French Napoleonic Code. An accusatorial process does not necessarily imply a full adversarial procedure-trial where the parties determine the issues to be decided and the evidence to be presented. The accusatorial system can be viewed as the one that strictly separates the investigative stage from the trial, so that only the evidence presented in a public hearing granting the right of confrontation may be used as a basis for the judge's decision, while hearsay evidence is strongly restricted. In any case, the 1988 reform was not supported by a corresponding evolution of the legal culture. In 1992 the Constitutional Court issued a series of decisions that invalidated some of the basic provisions that sustained the accusatorial process. The Court held that restrictions and limitations to the duty of the judge to seek the truth were unreasonable and violated the constitutional equality clause. As a consequence, Parliament passed a bill that allowed the substantive use of out-of-court statements of witnesses, taking back the accusatorial choice. The re-establishment of the original system began in 1999, when an amendment to the Constitution was approved that made the right of confrontation mandatory in the criminal trial. In the end (2001) the Code of Criminal Procedure was once again modified, and the principle that evidence should be heard in front of the parties in a public hearing is now in force, with the only exceptions expressly provided for by law. This paper (which was delivered at the conference "Lawyers and Jurists in the 21st Century", St. Louis, Missouri, November 12-13, 2004) goes over the events that took place since the 1988 reform, and explains the structure of the Italian criminal process through the modifications of the past fifteen years.
The relations among asset risk, product risk, and capital in the life insurance industry

Abstract This paper explores the relation between capital and risk in the life insurance industry in the period after the adoption of life risk-based capital (RBC) regulation. To examine this issue, we use a simultaneous-equation partial-adjustment model. Three equations express the interrelations among capital and two measures of risk: product risk and asset risk. The asset-risk measure used in this paper reflects credit or solvency risk as in RBC. Product risk assessment for life insurance products is rationalized by transaction-cost economics – contractual uncertainty. A significant finding is that for life insurers the relation between capital and asset risk is positive. This agrees with prior studies for the property/casualty insurance industry and some banking studies. But the relation between capital and product risk is negative. This is consistent with the hypothesized impact of guarantee funds in other studies. The contrast between the positive relation of capital to asset risk and the negative relation of capital to product risk underscores the importance of distinguishing these two components of risk.
The substantive canons of tax law

Anti-abuse doctrines in tax law have traditionally been formulated as multi-factor tests that weigh the facts of the taxpayer’s case but ignore the tax statute at issue. This approach has proven problematic: some judges import statutory considerations regardless, creating inconsistency and confusion, and some scholars criticize the doctrines as antitextual judicial inventions. These challenges undermine important barriers against abusive tax schemes. This Article argues that anti-abuse doctrines should be considered substantive canons of construction, presumptions that can be rebutted by statutory text or purpose. Doing so would resolve apparent arbitrariness in the doctrines’ application as simply the rebuttal of presumptions and reconcile the substantive canons to textualists as constitutionally permissible background norms. It would also provide a framework to test the validity of disputed doctrines and allow them to be more flexible and intuitive. Although many scholars have studied substantive canons and anti-abuse doctrines separately, this Article connects the two. It also catalogs the substantive tax canons based on existing case law, serving as a resource for future academics, practitioners, and judges.
The IMF and Regulation of Cross-Border Capital Flows

Table of ContentsI. Introduction 411II. Reassessing Cross-Border Capital Flows 415A. New Caution 416B. Multilateral Dimensions 423C. Summary 425III. The Fund's Evolving Role 425A. Scope of Authority 4261. Generally 4262. Regarding capital movements 429B. The Fund's Approaches to Capital Flows 4311. Pre-crisis 4312. Post-crisis 433IV. Challenges 439A. Coordinating Legal Domains 440B. Other Challenges for the Fund 447V. Conclusion 450I. IntroductionOver the last two decades, and especially since the recent global economic and financial crisis, the International Monetary Fund has increasingly asserted its role in the emerging framework for international financial regulation. This role is generally underestimated and mischaracterized in the legal literature.1 The Fund is charged with ensuring the stability of the international monetary system and with enforcing its members' obligations under international monetary law.2 Initially, the Fund did not construe this mandate as requiring extensive engagement with its members' financial sectors. As financial crises since the 1990s have made clear, however, stability of domestic and international financial systems is integral to monetary and economic stability. As a result, promoting financial stability has become a central focus of the Fund's regulatory activity.3 This increased focus on financial stability has in turn led to a significant evolution in the Fund's efforts to influence its members' policies regarding cross-border capital flows. Thus, the Fund's efforts to help manage global capital flows provide an important illustration of the institution's post-crisis mission and its potential role in international financial regulation.Cross-border capital flows are the connective tissue of the international financial system and, in recent decades, they have become an enormous part of the global economy.4 The expansion of cross-border capital flows has coincided with the liberalization of domestic rules in advanced economies and many emerging economies, often pursuant to international agreements regarding foreign investment.5 The recent global financial crisis dramatically illustrated, however, that there are costs and potential pitfalls associated with the increasing volume of capital flows. Heavy capital inflows can fuel asset value bubbles and exchange rate appreciation, overwhelm regulatory and supervisory capacity, and make an economy vulnerable to capital flow reversals. …
Creditor control rights, state of nature verification, and financial reporting conservatism

I examine the impact of state-contingent allocation of creditor control rights on financial reporting. Using a discontinuity analysis, I find that firms' financial reporting becomes more conservative immediately after covenant violations and this effect persists for at least eight quarters. The conservatism effect is more pronounced when creditors possess greater bargaining power, when firms' operations are more volatile, and when creditors put Chief Restructuring Officers in place. My findings identify a specific channel through which debt financing shapes corporate financial reporting and provide direct evidence supporting the debt contracting explanation for conservatism posited in Watts (2003).
Super PAC Contributions, Corruption, and the Proxy War Over Coordination

This essay, written for a Duke Journal of Constitutional law and Public Policy symposium, considers the constitutionality of limiting contributions to "Super PACs" and other groups which make independent expenditures in candidate elections. It begins by demonstrating that the same four interests which may justify limiting multi-million dollar contributions to candidates -- the anti-bribery interest, the anti-undue influence interest, the equality interest, and the public confidence interest -- apply roughly equally to the interests justifying limiting multi-million dollar contributions to Super PACs. It then demonstrates that thanks to the Supreme Court's crabbed definition of "corruption" in its Citizens United decision, contribution limits imposed on Super PACs appear unconstitutional despite the parallel interests justifying limiting contributions to candidates and outside groups. The Essay then considers whether treating Super PACs which are reliable surrogates for a candidate's campaign as "coordinated" with a candidate would be an acceptable means of limiting contributions to Super PACs (on grounds that coordinated spending counts as a contribution to a candidate). The Essay concludes that while the doctrinal move to an expanded definition of coordination to deal with the problem of Super PACs is completely understandable, given the state of current doctrine, the effort would be unlikely to be successful. Courts would be likely to reject a broad coordination rule as infringing on the First Amendment rights of those involved with independent Super PACs. Instead, coordination is the sideshow and the fight over the meaning of corruption is the main event. Reformers must convince the Supreme Court to return to the broader definition of corruption which extends anticorruption to include not just the prevention of bribery but also the prevention of undue influence. That day may not come until the Supreme Court personnel changes, but it is the linchpin for the successful resuscitation of meaningful campaign finance regulation in the United States.
The Tesla stock split experiment

On August 11, 2020, at 16:59 EDT, Tesla announced a 5-for-1 stock split. The trading in the after-market and during the subsequent 2 days amounts to a unique financial economic experiment. Although stock splits have no fundamental impact on value, Tesla’s stock price rose 17.94% in the 2 days following the split—adding almost $50 billion in market value. This paper examines that price increases in detail and concludes there is no rational explanation for the size of the run-up following Tesla’s stock split announcement.
Determinants of College Major Choice: Identification using an Information Experiment

This article studies the determinants of college major choice using an experimentally generated panel of beliefs, obtained by providing students with information on the true population distribution of various major-specific characteristics. Students logically revise their beliefs in response to the information, and their subjective beliefs about future major choice are associated with beliefs about their own earnings and ability. We estimate a rich model of college major choice using the panel of beliefs data. While expected earnings and perceived ability are a significant determinant of major choice, heterogeneous tastes are the dominant factor in the choice of major. Analyses that ignore the correlation in tastes with earnings expectations inflate the role of earnings in college major choices. We conclude by computing the welfare gains from the information experiment and find positive average welfare gains.
Government Contracts for Legal Services: Does a Previous Contracting Relationship Alter Accountability?:

This research examines 130 government contracts for legal services, specifically focusing on how decisions to include various accountability clauses are influenced by previous relationships between...
Behavioral Petri Net Mining and Automated Analysis for Human-Computer Interaction Recommendations in Multi-Application Environments

Process Mining is a famous technique which is frequently applied to Software Development Processes, while being neglected in Human-Computer Interaction (HCI) recommendation applications. Organizations usually train employees to interact with required IT systems. Often, employees, or users in general, develop their own strategies for solving repetitive tasks and processes. However, organizations find it hard to detect whether employees interact efficiently with IT systems or not. Hence, we have developed a method which detects inefficient behavior assuming that at least one optimal HCI strategy is known. This method provides recommendations to gradually adapt users' behavior towards the optimal way of interaction considering satisfaction of users. Based on users' behavior logs tracked by a Java application suitable for multi-application and multi-instance environments, we demonstrate the applicability for a specific task in a common Windows environment utilizing realistic simulated behaviors of users.
A Multivariate and Asymmetric Generalization of Laplace Distribution

Consider a sum of independent and identically distributed random vectors with finite second moments, where the number of terms has a geometric distribution independent of the summands. We show that the class of limiting distributions of such random sums, as the number of terms converges to infinity, consists of multivariate asymmetric distributions that are natural generalizations of univariate Laplace laws. We call these limits multivariate asymmetric Laplace laws. We give an explicit form of their multidimensional densities and show representations that effectively facilitate computer simulation of variates from this class. We also discuss the relation to other formerly considered classes of distributions containing Laplace laws.
Structuring global Property Portfolios: A Cointegration Approach

We create globally diversified real estate portfolios using cointegration methods over 1992-2009. Cointegration is robust to intertemporal correlation instability, identifies markets that share com...
The Fair Market Value of Public Resources

Government agencies and officials are regularly criticized for selling public assets at a loss. Such criticisms arise in a host of contexts, ranging from sales of real estate and natural resources to sales involving intangibles, such as the right to broadcast over the airwaves or to operate a toll road or a set of parking meters. Underpriced resource sales prompt concerns that a small set of private entities are unjustly enriched by transactions that should properly benefit the public as a whole.
Investor expectations, earnings management, and asset prices

Abstract This paper examines the implications of investor expectations for the joint determination of earnings manipulation and asset prices. Three alternative models of investor expectations are studied: constant-gain learning, regime-shifting beliefs, and accounting-information-system (AIS) beliefs. I use the simulated method of moments (SMM) to estimate the most plausible model that matches the actual data. AIS beliefs and regime-shifting beliefs are shown to best explain the empirical moments of 63% and 32% of S&P 500 firms, respectively. Regression analysis suggests that the three models offer different predictions on the existence and magnitude of several empirical regularities including a positive earnings response coefficient, the discretionary accruals anomaly, and return momentum.
Moving beyond the Clamor for Hedge Fund Regulation: A Reconsideration of Client under the Investment Advisers Act of 1940

Under current doctrine, an investment adviser managing a hedge fund or other private fund may consider the fund - rather than any investor in the fund - as the adviser’s “client” for purposes of, among other things, compliance with the Investment Advisers Act of 1940, as amended. That interpretation, which has informed recent cases relating to investment adviser regulation is, in part, a product of the fact that the fund is the direct recipient of the adviser’s investment advice. It has implications regarding, among other things, the subject of the adviser’s fiduciary duties and the adviser’s compliance with the Advisers Act and other laws and regulations governing investment advisers. This article argues that this doctrine is wrong and that, instead, the investors in a private fund should be regarded as the clients of the fund’s investment adviser(s).
Interest Groups and the ''Rise and Decline'' of Growth

Interest groups are known to exert a sclerotic impact on mean growth, a la Olson (1982). It is unknown, however, what impact (if any) groups exert on the volatility of growth�an important hindrance to development. In this article, we first consider what impact we should expect Olson groups to have on the volatility of growth. We then estimate the relation between groups and growth volatility in a cross-country panel, using system generalized method of moments. The findings indicate that groups are associated with growth stability. In addition, the findings suggest that interest groups may be a source of the stability observed in democracies.
The Role of Transaction Costs in Impeding Market Exchange in Real Estate

We examine the role transaction costs play, particularly the costs related to search and bargaining, in impeding or delaying real estate market transactions. In a theoretical model, we show that ag...
Establishing the Rule of Law in Weak and War-torn States: Evidence from a Field Experiment with the Liberian National Police

How to restore citizens’ trust and cooperation with the police in the wake of civil war? We report results from an experimental evaluation of the Liberian National Police’s (LNP) “Confidence Patrols” program, which deployed teams of newly retrained, better-equipped police officers on recurring patrols to rural communities across three Liberian counties over a period of 14 months. We find that the program increased knowledge of the police and Liberian law, enhanced security of property rights, and reduced the incidence of some types of crime, notably simple assault and domestic violence. The program did not, however, improve trust in the police, courts, or government more generally. We also observe higher rates of crime reporting in treatment communities, concentrated almost entirely among those who were disadvantaged under prevailing customary mechanisms of dispute resolution. We consider implications of these findings for post-conflict policing in Liberia and weak and war-torn states more generally.
Determinants of Economic Interaction: Behavior or Structure

Experimental economics originated as examination of the behavior of aggregate phenomena, especially markets, populated by human participants motivated by their desire to attain their goals. The past two decades have brought two newer trends. One is a gradual but steady shift in the focus of the questions sought to be addressed through human experiments towards examination of micro level phenomena – individual preferences and behavior. The second is the expansion in the role of computer simulations to examine questions about aggregate level phenomena. This shift to individual behavior has accentuated the ever-present dilemma of social sciences in trying to be a science on one hand, and to understand our own self-conscious selves – human beings – on the other. To address this dilemma, it would be useful to recognize three streams of experimental economics: (1) macro stream to examine the properties of social structures, (2) micro stream to examine the behavior of individuals, and (3) agent stream to explore the links between the micro and macro phenomena using computer simulations. At least the structural stream can be firmly rooted in the tradition of sciences (bypassing the free-will dilemma of social sciences), while the agent stream can span the gap between the behavioral and structural streams.
Review of recent measurements of meson and hyperon form factors

A review of recent precision measurements of the electromagnetic form factors of the mesons, pion and kaon, and the hyperons, 0 , 0 , + , − , 0 , − , at large timelike momentum transfers is presented. Evidence is found for diquark correlations in 0 , 0 hyperons. It is generally agreed that electromagnetic form factors at large momentum transfer provide some of the best insight into the structure of a hadron. Four-momentum transfers defined as Q 2 (4 mom) = q 2 (3 mom)space − (energy)time
Rollover Risk and Market Freezes

The debt capacity of an asset is the maximum amount that can be borrowed using the asset as collateral. We model a sudden collapse in the debt capacity of good collateral. We assume short-term debt that must be frequently rolled over, a small transaction cost of selling collateral in the event of default, and a small probability of meeting a buy-to-hold investor. We then show that a small change in the asset's fundamental value can be associated with a catastrophic drop in the debt capacity, the kind of market freeze observed during the crisis of 2007 to 2008. One of the many striking features of the crisis of 2007 to 2008 was the sudden freeze in the market for the rollover of short-term debt. From an in? stitutional perspective, the inability to borrow overnight against high quality but long-term assets was a market failure that effectively led to the demise of a substantial part of investment banking in the United States. More broadly, it led to the collapse, in the United States, the United Kingdom, and other countries, of banks and other financial institutions that had relied on signifi? cant maturity mismatch between assets and liabilities, and, in particular, on the rollover of short-term wholesale debt in the asset-backed commercial paper (ABCP) and overnight sale and repurchase (repo) markets. In this paper, we are interested in developing a model of a sudden collapse in the ability to borrow short-term against long-lived assets in the absence of obvious problems of asymmetric information or fears about the value of col? lateral. We refer to this phenomenon as a "market freeze." More precisely, a market freeze occurs when the debt capacity, the maximum amount of collat eralized borrowing that can be supported by an asset, is a small fraction of the fundamental value, the economic value measured by the net present value (NPV) of the stream of future returns. An extreme form of a market freeze occurs when the fundamental value is close to the maximum possible value of the asset whereas the debt capacity is close to the minimum possible value of the asset.
Creeping Mandatory Arbitration: Is It Just?

This Article examines the phenomenon of mandatory binding arbitration, imposed on consumers and employees, and considers whether this type of dispute resolution serves or instead undermines justice. It is fairly easy to attack binding arbitration as unfair, for example pointing to the fact that it undermines rights to jury trial and to proceed in class actions. However, this Article seeks to examine the phenomenon of mandatory binding arbitration from a broader perspective, recognizing that it is inappropriate to assume that justice requires our existing system of litigation, with its class actions and jury trial. The Article concludes that while informal private processes such as arbitration are not inherently unjust, mandatory binding arbitration is problematic for two fundamental reasons. First it is highly problematic to permit the most powerful actors in a society to craft a dispute resolution system that is best for them but not necessarily their opponents or the public at large. Second, principles of justice require that disputants have access to a dispute resolution process that is transparent and open to public scrutiny. While disputants may, in particular situations, chose private processes, it would be improper for a society to establish entirely private dispute resolution processes.
Globalization and workers in developing countries

Stories on the positive and negative effects of globalization on workers in developing countries abound. But a comprehensive picture is missing and many of the stories are ideologically charged. This paper reviews the academic literature on the subject, including several studies currently under way, and derives the implications for public policy. First, it deals with the effects of openness to trade, foreign direct investment, and financial crises on average wages. Second, it discusses the impact of exposure to world markets on the dispersion of wages by occupation, skill, and gender. Third, it describes the pattern of job destruction and job creation associated with globalization. Because these two processes are not synchronized, the fourth issue addressed is the impact on unemployment rates. Fifth, the paper reviews the labor market policies that can be used to offset the adverse effects of globalization on employment and labor earnings. Finally, it discusses how the international community could encourage developing countries to adopt sound labor market policies in the context of globalization.
The Declining Allure of Being “American” and the Proliferation of Corporate Tax Inversions: A Critical Analysis of Regulatory Efforts to Curtail the Inversion Trend

In the realm of tax policy, within which there is rarely broad-based consensus, there are few topics as polarizing as corporate tax inversions. An inversion is a paper transaction in which a US corporation reincorporates abroad to realize strategic tax benefits, without actually transplanting its operations overseas. These transactions necessarily reduce the US corporate income tax base, because although an inverted corporation is still taxed the same amount on income earned within the United States, it will no longer have to remit tax payments to the US Department of the Treasury (“Treasury”) for income earned abroad. This reduction in the tax base is especially troubling given that the national debt exceeds $19 trillion, the US credit rating is experiencing unprecedented volatility, and the annual US government deficit ranges from hundreds of billions to more than a trillion dollars per year. Given the current state of the domestic economy, the notion of successful US corporations nominally moving their headquarters abroad to alleviate their tax burden is unpalatable for many. Others do not fault inverters for acting in the interests of their shareholders, and simply see the trend as evidence of the need for substantial corporate tax reform so that the United States can become more globally competitive as a home for businesses. However, those with opposing viewpoints may be closer together than they realize, and meaningful reform may be attainable if productive dialogue can be facilitated.This Note provides an overview of trends in corporate taxation, the thirty-year history of inversions and governmental attempts to contain them, and an analysis of recent anti-inversion regulations proposed by Treasury in September 2014. Finally, this Note critiques the legislative and regulatory framework that attempts to restrict the practice of inversions, and provides a suggestion for constructively responding to the trend. Given the passion and diversity of viewpoints on the issue, arriving at a national consensus on how to respond to the recent proliferation of inversions presents an extraordinary challenge. There may, however, be enough common ground for lawmakers to craft a solution that removes the incentive for corporations to invert, thereby shoring up the tax base and making the US economy more competitive globally. In light of the substantial — and rapidly growing — national debt, there is no better time to critically reevaluate the policies and priorities of corporate taxation.
REGIONAL ECONOMIC INTEGRATION AND R&D INVESTMENT *

Abstract We analyze the influence of a regional economic integration agreement (REIA) on a firm's investments in research and development (R&D). A country's entry into a REIA creates two competing influences on the firm's R&D investments. On the one hand, increased competition in product markets after the REIA would induce the firm to invest in internal R&D to improve its distinctive technological competitiveness. On the other hand, better access to sources of inputs in factor markets after the REIA would induce the firm to purchase external R&D because it can outsource technology more easily. Surprisingly, the empirical analysis shows that the REIA's impact on R&D investment is driven primarily by product markets rather than by factor markets. After the REIA, product markets induce firms not only to invest more in internal R&D but also purchase more external R&D. In contrast, after the REIA factor markets have limited influence on internal or external R&D investments.
Rape, Racism, and the Law

The legal system's treatment of rape both has furthered racism and has denied the reality of women's sexual subordination. It has disproportionately targetted Black men for punishment and made Black women both particularly vulnerable and particularly without redress. It has denied the reality of women's sexual subordination by creating a social meaning of rape which implies that the only type of sexual abuse is illegal rape and the only form of illegal rape is Black offender/ white victim. Because of the interconnectedness of rape and racism, successful work against rape and other sexual coercion must deal with racism. Struggles against rape must acknowledge the differences among women and the different ways that groups other than women are disempowered. In addition, work against rape must go beyond the focus on illegal rape to include all forms of coerced sex, in order to avoid the racist historical legacy surrounding rape and to combat effectively the subordination of women.
Financial Statement and Projection Preparation in Start‐Up Ventures

ABSTRACT: Using a representative sample of entrepreneurs who are in the process of starting a business, this study investigates the determinants of the preparation of financial statements and projections in start‐up ventures. Consistent with predictions from information economics and contracting, I find that the use of outside funding, level of competition, and venture scale are positively associated with the intended frequency of financial statement preparation. However, comparing the economic significance of alternative influences suggests that the benefit of reducing competitive and fundamental uncertainty is more influential in explaining variations in intentions to prepare financial statements. Further, I find the determinants of preparation frequency vary among different financial statements; for instance, cash statements are more important for start‐ups with products in earlier stages of development and with greater competition. In contrast to financial statements, the preparation of projections su...
A dynamic theory of war and peace

In every period, an aggressive country seeks concessions from a non-aggressive country with private information about their cost. The aggressive country can force concessions via war, and both countries suffer from limited commitment. We characterize the efficient sequential equilibria. We show that war is necessary to sustain peace and that temporary wars can emerge because of the coarseness of public information. In the long run, temporary wars can be sustained only if countries are patient, if the cost of war is large, and if the cost of concessions is low.
Competition and Managerial Incentives: Board Independence, Information and Predation†

We show that the choice of an independent board serves as a commitment by management that it will abstain from ex post decisions that are not in shareholder interests. However, an independent board, relying on product market information to make or approve strategic decisions, also makes the firm more vulnerable to predatory information manipulation by its industry rivals. The optimal board type trades off the cost of the agency problem with that from predation. We show that only for weaker firms is an independent board the better choice, and for such firms, increased competition makes board independence even more beneficial.
Alleyne on the Ground: Factfinding that Limits Eligibility for Probation or Parole Release

This article addresses the impact of Alleyne v. United States on statutes that restrict an offender’s eligibility for release on parole or probation. Alleyne is the latest of several Supreme Court decisions applying the rule announced in the Court’s 2000 ruling, Apprendi v. New Jersey. To apply Alleyne, courts must for the first time determine what constitutes a minimum sentence and when that minimum is mandatory. These questions have proven particularly challenging in states that authorize indeterminate sentences, when statutes that delay the timing of eligibility for release are keyed to judicial findings at sentencing. The same questions also arise, in both determinate and indeterminate sentencing jurisdictions, under statutes that limit the option of imposing either probation or a suspended sentence upon judicial fact finding. In this Article, we argue that Alleyne invalidates such statutes. We provide analyses that litigants and judges might find useful as these Alleyne challenges make their way through the courts, and offer a menu of options for state lawmakers who would prefer to amend their sentencing law proactively in order to minimize disruption of their criminal justice systems.
Strategic trade and delegated competition

Abstract Strategic trade theory has been criticized on the grounds that its predictions are overly sensitive to modeling assumptions. Applying recent results in duopoly theory, this paper considers three-stage games in which governments choose subsidies, firms' owners choose incentive schemes for their managers, and then the managers compete in the product market. We show that if firms' owners have sufficient control over their managers' behavior, then the optimal strategic trade policy does not depend on the mode of product-market competition, i.e., whether firms compete by setting prices or quantities.