cssi/SciSciGPT-SciSciNet huggingface dataset:
Which Random Matching Markets Exhibit a Stark Effect of Competition

We revisit the popular random matching market model introduced by Knuth (1976) and Pittel (1989), and shown by Ashlagi, Kanoria and Leshno (2013) to exhibit a "stark effect of competition", i.e., with any difference in the number of agents on the two sides, the short side agents obtain substantially better outcomes. We generalize the model to allow "partially connected" markets with each agent having an average degree $d$ in a random (undirected) graph. Each agent has a (uniformly random) preference ranking over only their neighbors in the graph. We characterize stable matchings in large markets and find that the short side enjoys a significant advantage only for $d$ exceeding $\log^2 n$ where $n$ is the number of agents on one side: For moderately connected markets with $d=o(\log^2 n)$, we find that there is no stark effect of competition, with agents on both sides getting a $\sqrt{d}$-ranked partner on average. Notably, this regime extends far beyond the connectivity threshold of $d= \Theta(\log n)$. In contrast, for densely connected markets with $d = \omega(\log^2 n)$, we find that the short side agents get $\log n$-ranked partner on average, while the long side agents get a partner of (much larger) rank $d/\log n$ on average. Numerical simulations of our model confirm and sharpen our theoretical predictions. Since preference list lengths in most real-world matching markets are much below $\log^2 n$, our findings may help explain why available datasets do not exhibit a strong effect of competition.
Real-time Locational Marginal Price Forecasting Using Generative Adversarial Network

In this paper, we propose a model-free unsupervised learning approach to forecast real-time locational marginal prices (RTLMPs) in wholesale electricity markets. By organizing system-wide hourly RTLMP data into a 3-dimensional (3D) tensor consisting of a series of time-indexed matrices, we formulate the RTLMP forecasting problem as a problem of generating the next matrix with forecasted RTLMPs given the historical RTLMP tensor, and propose a generative adversarial network (GAN) model to forecast RTLMPs. The proposed formulation preserves the spatio-temporal correlations among system-wide RTLMPs in the format of historical RTLMP tensor. The proposed GAN model learns the spatio-temporal correlations using the historical RTLMP tensors and generate RTLMPs that are statistically similar and temporally coherent to the historical RTLMP tensor. The proposed approach forecasts system-wide RTLMPs using only publicly available historical price data, without involving confidential information of system model, such as system parameters, topology, or operating conditions. The effectiveness of the proposed approach is verified through case studies using historical RTLMP data in Southwest Power Pool (SPP).
Nonparametric Estimation of Uncertainty Sets for Robust Optimization

We investigate a data-driven approach to constructing uncertainty sets for robust optimization problems, where the uncertain problem parameters are modeled as random variables whose joint probability distribution is not known. Relying only on independent samples drawn from this distribution, we provide a nonparametric method to estimate uncertainty sets whose probability mass is guaranteed to approximate a given target mass within a given tolerance with high confidence. The nonparametric estimators that we consider are also shown to obey distribution-free finite-sample performance bounds that imply their convergence in probability to the given target mass. In addition to being efficient to compute, the proposed estimators result in uncertainty sets that yield computationally tractable robust optimization problems for a large family of constraint functions.
Transition-potential coupled cluster.

The problem of orbital relaxation in computational core-hole spectroscopies, including x-ray absorption and x-ray photoionization, has long plagued linear response approaches, including equation-of-motion coupled cluster with singles and doubles (EOM-CCSD). Instead of addressing this problem by including additional electron correlation, we propose an explicit treatment of orbital relaxation via the use of “transition potential” reference orbitals, leading to a transition-potential coupled cluster (TP-CC) family of methods. One member of this family, in particular, TP-CCSD(12), is found to essentially eliminate the orbital relaxation error and achieve the same level of accuracy for the core-hole spectra as is typically expected of EOM-CCSD in the valence region. These results show that very accurate x-ray absorption spectra for molecules with first-row atoms can be computed at a cost essentially the same as that for EOM-CCSD.
Maternal Oxygen Supplementation Compared with Room Air for Intrauterine Resuscitation: A Systematic Review and Meta-analysis

Importance Supplemental oxygen is commonly administered to pregnant women at the time of delivery to prevent fetal hypoxia and acidemia. There is mixed evidence on the utility of this practice. Objective To compare the association of peripartum maternal oxygen administration with room air on umbilical artery (UA) gas measures and neonatal outcomes. Data Sources Ovid MEDLINE, Embase, Scopus, ClinicalTrials.gov, and Cochrane Central Register of Controlled Trials were searched from February 18 to April 3, 2020. Search terms includedlabororobstetric deliveryandoxygen therapyandfetal bloodorblood gasoracid-base imbalance. Study Selection Studies were included if they were randomized clinical trials comparing oxygen with room air at the time of scheduled cesarean delivery or labor in patients with singleton, nonanomalous pregnancies. Studies that did not collect paired umbilical cord gas samples or did not report either UA pH or UA Pao2results were excluded. Data Extraction and Synthesis Data were extracted by 2 independent reviewers. The analysis was stratified by the presence or absence of labor at the time of randomization. Data were pooled using random-effects models. Main Outcomes and Measures The primary outcome for this review was UA pH. Secondary outcomes included UA pH less than 7.2, UA Pao2, UA base excess, 1- and 5-minute Apgar scores, and neonatal intensive care unit admission. Results The meta-analysis included 16 randomized clinical trials (n = 1078 oxygen group and n = 974 room air group). There was significant heterogeneity among the studies (I2 = 49.88%;P = .03). Overall, oxygen administration was associated with no significant difference in UA pH (weighted mean difference, 0.00; 95% CI, −0.01 to 0.01). Oxygen use was associated with an increase in UA Pao2(weighted mean difference, 2.57 mm Hg; 95% CI, 0.80-4.34 mm Hg) but no significant difference in UA base excess, UA pH less than 7.2, Apgar scores, or neonatal intensive care unit admissions. Umbilical artery pH values remained similar between groups after accounting for the risk of bias, type of oxygen delivery device, and fraction of inspired oxygen. After stratifying by the presence or absence of labor, oxygen administration in women undergoing scheduled cesarean delivery was associated with increased UA Pao2(weighted mean difference, 2.12 mm Hg; 95% CI, 0.09-4.15 mm Hg) and a reduction in the incidence of UA pH less than 7.2 (relative risk, 0.63; 95% CI, 0.43-0.90), but these changes were not noted among those in labor (Pao2: weighted mean difference, 3.60 mm Hg; 95% CI, −0.30 to 7.49 mm Hg; UA pH Conclusions and Relevance This systematic review and meta-analysis suggests that studies to date showed no association between maternal oxygen and a clinically relevant improvement in UA pH or other neonatal outcomes.
Enforcing nonholonomic constraints in Aerobat, a roosting flapping wing model

Flapping wing flight is a challenging dynamical problem and is also a very fascinating subject to study in the field of biomimetic robotics. A Bat, in particular, has a very articulated armwing mechanism with high degrees-of-freedom and flexibility which allows the animal to perform highly dynamic and complex maneuvers, such as upside-down perching. This paper presents the derivation of a multi-body dynamical system of a bio-inspired bat robot called Aerobat which captures multiple biologically meaningful degrees-of-freedom for flapping flight that is present in biological bats. Then, the work attempts to manifest closed-loop aerial body reorientation and preparation for landing through the manipulation of inertial dynamics and aerodynamics by enforcing nonholonomic constraints onto the system. The proposed design paradigm assumes for rapidly exponentially stable controllers that enforce holonomic constraints in the joint space of the model. A model and optimization-based nonlinear controller is applied to resolve the joint trajectories such that the desired angular momentum about the roll axis is achieved.
Maximizing cooperation in the prisoner's dilemma evolutionary game via optimal control

The prisoner's dilemma (PD) game offers a simple paradigm of competition between two players who can either cooperate or defect. Since defection is a strict Nash equilibrium, it is an asymptotically stable state of the replicator dynamical system that uses the PD payoff matrix to define the fitness landscape of two interacting evolving populations. The dilemma arises from the fact that the average payoff of this asymptotically stable state is suboptimal. Coaxing the players to cooperate would result in a higher payoff for both. Here we develop an optimal control theory for the prisoner's dilemma evolutionary game in order to maximize cooperation (minimize the defector population) over a given cycle time $T$, subject to constraints. Our two time-dependent controllers are applied to the off-diagonal elements of the payoff matrix in a bang-bang sequence that dynamically changes the game being played by dynamically adjusting the payoffs, with optimal timing that depends on the initial population distributions. Over multiple cycles $nT$ $(ng1)$, the method is adaptive as it uses the defector population at the end of the $n\mathrm{th}$ cycle to calculate the optimal schedule over the $n+1\mathrm{st}$ cycle. The control method, based on Pontryagin's maximum principle, can be viewed as determining the optimal way to dynamically alter incentives and penalties in order to maximize the probability of cooperation in settings that track dynamic changes in the frequency of strategists, with potential applications in evolutionary biology, economics, theoretical ecology, social sciences, reinforcement learning, and other fields where the replicator system is used.
Measuring brand value with scanner data

Abstract Using actual consumer choice data from a single-source scanner panel, we construct two measures of brand value which capture different aspects of brand equity. Brand Value measures perceived quality, the value assigned by consumers to the brand, after discounting for current price and recent advertising exposures. Brand Intangible Value isolates the component of brand value which cannot be directly attributed to the physical product, thus measuring the value created by such factors as brand name associations and perceptual distortions. We illustrate these measures in a study of the powder laundry detergent category and briefly relate the results to strategic variables (order of entry and cumulative advertising expenditures).
Ideals and Reality in the Evolution of Fiscal Reform in Central and Eastern Europe

Jesse Burkhead believed in the importance of institutions in policy making. This article describes the evolution of fiscal reform in central and eastern Europe within the Burkhead tradition. After reviewing the changes in budgetary and intergovernmental fiscal institutions in the region, the article will illustrate the gap between ideals and reality with a case study of some of the changes currently taking place in the financing of culture in the Czech Republic.
Legal Ambiguity, Liability Insurance, and Tort Reform

Legal ambiguity refers to an unknown outcome regarding the requirements of a legal rule or body of law, as applied to a set of known facts, for which the probability cannot be confidently or reliably defined and must be estimated by decision makers. The legal ambiguity generated by the tort system became significantly more pronounced over the course of the twentieth century, making the market for liability insurance increasingly volatile. Without reliable estimates of the relevant probabilities (the likelihood of a policyholder incurring tort liabilities and the amount thereof), insurers must use subjective estimates of risk that are prone to forecasting errors with the resultant swings in profits and losses. Legal ambiguity increases the cost of capital for insurers (and therefore premiums) and creates an expectations-driven pricing structure that is prone to cyclical volatility, including periods of substantial underwriting losses that disrupt the supply of liability insurance. Due to these market disruptions, liability insurers have supported tort reform measures that reduce the unpredictability of the liability costs covered by the insurance policy, making it easier for them to set premiums. The movement has been successful, and the vast majority of states by now have legislatively curbed tort liability, with common reforms involving damage caps and the elimination of joint and several liability. Although different in substance, the varied reforms share the trait of significantly reducing systemic legal ambiguity, which in turn makes it easier for liability insurers to forecast their expected liabilities. Tort reform has become biased towards reductions of ambiguity that enhance the predictability of liability insurance, regardless of whether the reforms address the problem of ambiguity in a fair or just manner. Each of these factors has become increasingly important over the course of the twentieth century, producing an evolutionary path for the tort system that is now shaped by the interplay between legal ambiguity, liability insurance, and legislative tort reform.
The Effects of Bracketing in Wealth Estimation

The use of bracketing in wealth surveys is sometimes criticized on the grounds that it will encourage respondents to substitute rough guesses for careful thought. In such a manner, the use of bracketing will “crowd out” more specific answers, creating the illusion of a reduction in nonresponse. This paper examines the patterns of wealth response in the first two waves of the Health and Retirement Study. On average, people do not appear to transition to bracketing. New tests of the breakeven level of crowding-out are suggested. Based on the explanatory power of the brackets, the degree of crowding-out which would be necessary to make the use of bracketing counterproductive appears to be much higher than plausible.
Regime switches, Agents’ Beliefs, and Post-World War II U.S. Macroeconomic Dynamics

The evolution of inflation and output over the last 50 years is examined through the lens of a micro-founded model that allows for changes in the behavior of the Federal Reserve and in the volatility of structural shocks. Agents are aware of the possibility of regime changes and their beliefs have an impact on the law of motion underlying the macroeconomy. The results support the view that there were regime switches in the conduct of monetary policy. However, the behavior of the Federal Reserve is identified by repeated fluctuations between a Hawk- and a Dove- regime, instead of by the traditional pre- and post- Volcker structure. Counterfactual simulations show that if agents had anticipated the appointment of an extremely conservative Chairman, inflation would not have reached the peaks of the late `70s and the inflation-output trade-off would have been less severe. These "beliefs counterfactuals" are new in the literature. Finally, the paper provides a Bayesian algorithm to handle the technical difficulties that arise in a rational expectations model with Markov-switching regimes.
Probabilistic Sophistication and Variational Preferences

Abstract This paper shows that in the class of variational preferences the notion of probabilistic sophistication is equivalent to expected utility as long as there exists at least one event such that the independence axiom holds for bets on that event. This extends the result of Marinacci (2002) [13] and provides a novel interpretation of his result.
Hoping for the best, unprepared for the worst

Abstract We explore the incentives for a career-minded policymaker to take preventative action to protect a principal against a possible crisis. The policymaker's ability and the action he takes are unobserved, but the principal draws inferences about the policymaker's ability based on the resulting outcome before deciding whether to retain him. When the crisis is potentially catastrophic, it is in the principal's interest for the policymaker to take preventative action. However, when the crisis is sufficiently rare, he fails to do so. Instead, the policymaker directs his efforts toward activities that enhance the principal's welfare when the crisis doesn't materialize. This distortion is driven by the policymaker's desire to be retained together with the inability of the principal to observe the policymaker's action. Our framework provides a novel explanation for why policymakers often fail to prepare effectively for rare disasters and other potential crises and contributes to a growing literature on electorally induced distortions in multi-task problems.
SOLVING THE UNIT ROOT PROBLEM IN MODELS WITH AN EXOGENOUS WORLD MARKET INTEREST RATE

The standard model of the small open economy is burdened with a unit root that greatly complicates numerical computation of the global saddle path. In this paper we solve the unit root problem by developing a set of innovative forward-shooting algorithms. Exploiting the fact that the algorithms are mechanical and model-free, we have placed canned, fully automated programs in the public domain. The programs do not require any substantive human input. The user's only responsibility is to type in the equations of the model correctly.
A Model of the International Monetary System

We propose a simple model of the international monetary system. We study the world supply and demand for reserve assets denominated in different currencies under a variety of scenarios: a Hegemon vs. a multipolar world; abundant vs. scarce reserve assets; a gold exchange standard vs. a floating rate system. We rationalize the Triffin dilemma, which posits the fundamental instability of the system, as well as the common prediction regarding the natural and beneficial emergence of a multipolar world, the Nurkse warning that a multipolar world is more unstable than a Hegemon world, and the Keynesian argument that a scarcity of reserve assets under a gold standard or at the zero lower bound is recessionary. Our analysis is both positive and normative.
Do pennies matter? Investor relations consequences of small negative earnings surprises

Anecdotal and survey evidence suggest that managers take actions to avoid small negative earnings surprises because they fear disproportionate, negative stock-price effects. However, empirical research has failed to document an asymmetric pricing effect. We investigate investor relations costs as an alternative incentive for managers to avoid small negative earnings surprises. Guided by CFO survey evidence from Graham et al. (J Account Econ 40:3–73, 2005), we operationalize investor relations costs using conference call characteristics—call length, call tone, and earnings forecasting propensity around the conference call. We find an asymmetric increase (decrease) in call length (forecasting propensity) for firms that miss analyst expectations by 1 cent compared with changes in adjacent 1-cent intervals. We find no statistically significant evidence that call tone is asymmetrically more negative for firms that miss expectations by a penny. While these results provide some statistical evidence to confirm managerial claims documented in Graham et al. (J Account Econ 40:3–73, 2005) regarding the asymmetrically negative effects of missing expectations, our tests do not suggest severe economic effects.
What Do Unions Do for Economic Performance

Much of Richard Freeman and James Medoff story on unions and economic performance holds up well. They rightly emphasize that union effects on productivity vary with respect to the labor relations environment and degree of competition, that unions generally decrease profitability, and that there exists slower growth in the union sector of the economy. Freeman and Medoff again rightly emphasize that: “What unions do to productivity is one of the key factors in assessing the overall economic impact of unions”. They conclude that in general unions tend to increase productivity, although the effect varies to no small extent with respect to time and place and the associated labor relations environment. Freeman and Medoff rightly emphasize the importance of what unions do to productivity. If collective bargaining in the workplace were systematically to increase productivity and not to retard growth, a strong argument could be made for policies that facilitate union organizing.
Auditor selection following auditor turnover: Do peers' choices matter?

Abstract Drawing on social norms and social learning theories, this study investigates the influences of peer (similar) firms' prior choices on whether or not a client chooses to affiliate with a “social norm” audit office in its metropolitan area, following auditor turnover. The office in a metro area auditing the largest number of peer firms along a given similarity dimension is considered to be the social norm office for that dimension. We identify peer firms using four alternative dimensions of similarity: client geographic location, industry affiliation, client size (filing status), and departing auditor type (Big N versus non-Big N). Using a large sample of auditor changes from the years 2001–2012, we find that for every dimension of similarity, the propensity of a client to select a norm (as opposed to a non-norm) audit office as the succeeding auditor is positively associated with 1) the proportion of its peers audited by the “norm” office in the prior year (i.e., social norm evidence) and 2) the proportion of its auditor-switching peers selecting a “norm” audit office in the prior year (i.e. social learning evidence). Social norm and social learning evidence provided by “more similar” peers has greater effect than evidence provided by “less similar” peers across all four dimensions of peer similarity. Further analysis suggests that social norm and learning evidence has incremental power (beyond each other) in explaining auditor selection, with norm evidence exhibiting a larger effect than learning evidence. An analysis of the implementation of SOX 404(b) mandatory internal control audits in 2004 shows that clients' tendency to choose pre-existing social norm audit offices can be disrupted by exogenous events.
Interpreting the Predictive Uncertainty of Elections

This paper provides an interpretation of the uncertainty that exists on election morning as to who will win. It is based on the theory that there are a number of possible conditions of nature that can exist on election day, of which one is drawn. Political betting markets provide a way of trying to estimate this uncertainty. This type of uncertainty is different from polling standard errors, which estimate sample-size uncertainty. This paper also introduces a ranking assumption concerning dependencies across U.S. states. The assumption does well when tested using data for the 2004 presidential election and the 2006 Senate election. It is shown that if the ranking assumption is correct, the two political parties should spend all their money on a few states, which seems consistent with their actual behavior in 2004.
Classification Shifting Using the “Corporate/Other” Segment

SYNOPSIS: In this paper, we examine management's use of the “corporate/other” segment to mask the true performance of operating (or core) segments. The corporate/other segment represents firm-wide expenses not allocated to core segments. We find that managers take advantage of vague cost allocation requirements to shift expenses between the corporate/other segment and core segments. Specifically, in the presence of agency problems (i.e., transfer of resources to underperforming segments), our evidence is consistent with expenses being shifted from core segments to the corporate/other segment. This shifting increases the reported performance of underperforming core segments. In addition, when proprietary concerns are high (i.e., operations in less competitive industries), we find evidence consistent with corporate/other expenses being shifted to core segments. By shifting expenses to core segments, core profits are concealed when proprietary motives are present. Our research contributes to a growing liter...
Federal taxation and the supply of state debt

Abstract This paper presents a model of debt finance at the sub-national level from which municipal bond supply equations are derived. Federal tax considerations are shown to be important determinants of the price entering the bond supply equation. Using data on 40 state governments over a seven-year period in the 1980s, I show that federal tax rates have an important effect on the supply of municipal bonds - independent of the demand-side effect that is usually considered in the literature. This has implications for the measurement of the tax expenditure associated with tax-exempt debt.
A network view of human ingestion and health: instrumental artificial intelligence

Humans are confronted with an increasingly complex array of ingestion substances and dietary choices that influence health and well being. However, even with strong medical evidence that clearly links ingestion strategies and heath consequences, the general public struggles to make health-optimizing ingestion decisions. Based on our literature review, we delineate a typology of barriers to formulating health-optimizing ingestion strategies. We propose that the introduction of artificial intelligence (AI) as "decision management" (AI-DM) technology into the ingestion decision-making network would increase the likelihood of more predictable and optimized health outcomes. Also, we delineate the key informational constituencies needed to enable a comprehensive and effective AI-DM system. While no author has yet proposed AI in the particular context discussed in this paper, the theoretical and empirical literature suggests that this might be possible. We conclude by discussing areas for additional research.
Why are 10-K Filings So Long?

SYNOPSIS: This study provides evidence on relative magnitudes of factors that appear to drive 10-K length. We employ statistical analysis and text analysis software to partition 10-K length into the portions explained by each of three fundamental determinants: (1) firms' operating complexity, (2) disclosure redundancy, and (3) residual disclosure. Our primary analyses shed light on the relative magnitudes of each of these components and on the extent to which each varies across firms. Disclosure redundancy and operating complexity explain roughly equal amounts of variation in 10-K length within our sample. However, 10-K length unexplained by redundancy or firms' operating complexity (residual disclosure) accounts for the largest degree of variation in 10-K length. Our results are consistent with the notion that a substantial amount of disclosure volume contained in 10-K reports is attributable to managerial discretion in how firms respond to mandatory disclosure requirements. Our study expands prior liter...
A new proof of an Engelbert–Schmidt type zero–one law for time-homogeneous diffusions

Abstract In this paper we give a new proof to an Engelbert–Schmidt type zero–one law for time-homogeneous diffusions, which provides deterministic criteria for the convergence of integral functional of diffusions. Our proof is based on a slightly stronger assumption than that in Mijatovic and Urusov (2012a) and utilizes stochastic time change and Feller’s test of explosions. It does not rely on advanced methods such as the first Ray–Knight theorem, William’s theorem, Shepp’s dichotomy result for Gaussian processes or Jeulin’s lemma as in the previous literature (see Mijatovic and Urusov (2012a) for a pointer to the literature). The new proof has an intuitive interpretation as we link the integral functional to the explosion time of an associated diffusion process.
Toward a Regulatory Framework for Third-Party Funding of Litigation

Because third-party funding and sales of legal rights are equivalent in terms of their economics, I examine arrangements in which third-party sales of legal rights are permitted today – waiver, subrogation, and settlement agreements. The existing arrangements provide valuable lessons for the appropriate regulatory approach to third-party financing of litigation.
Rent Seeking and Allocative Efficiency

This paper considers a rent-seeking game (specifically, a winner-takes-all contest) with incomplete information. By allowing for sequential moves, a Bayesian-Stackelberg equilibrium can be constructed. It can be shown that, at the Bayesian-Stackelberg equilibrium, it is always possible that the allocative efficiency argument fails. That is, there are cases in which the Stackelberg follower is more efficient but loses the contest. Using a specific class of distributions, it is also shown that sometimes the corrupt official will choose the Bayesian-Stackelberg equilibrium over the Bayesian-Nash equilibrium in order to maximise the expected bribe revenue. That is, when designing the rules of the rent-seeking game, the dynamic nature of competition will be taken into account.
Informed Trading and False Signaling with Open Market Repurchases

Public companies in the United States and elsewhere increasingly use open market stock buybacks, rather than dividends, to distribute cash to shareholders. Academic commentators have emphasized the possible benefits of such repurchases for shareholders. However, little attention has been paid to their potential drawbacks. This Article explains that managers currently are able to use open market repurchases and misleading repurchase announcements to enrich themselves at public shareholders’ expense. Managers, aware their stock is underpriced, frequently use repurchases to indirectly buy stock for themselves at a bargain price. Managers have also been able to boost stock prices by announcing repurchase programs they did not intend to execute, perhaps to unload their own shares at a high price. Such bargain repurchases and inflated-price sales systematically transfer significant amounts of value from one set of shareholders (public investors) to another (managers). Low-price buybacks are also likely to reduce aggregate shareholder value by distorting managers’ payout and investment decisions, further reducing public shareholder returns. The Article concludes by proposing a new approach to regulating open market repurchases: requiring managers to disclose specific details of the firm’s buy orders in advance. This pre-repurchase disclosure rule would undermine managers’ ability to use repur- chases for informed trading and false signaling, thereby reducing the resulting distortions and costs to shareholders. Moreover, it would achieve these objectives without eroding any of the potential benefits of repurchases. Previously circulated under the title “Share Repurchases and Managerial Opportunism”.
Confidence and economic attitudes

Abstract I utilize data from the World Values Survey to construct individual confidence measures for a large cross-section of individuals from 12 countries and study how confidence relates to basic economic attitudes. I find that more confident individuals (i) are more risk-taking and entrepreneurial; (ii) exhibit positive attitude toward competition; (iii) participate in more networks; and (iv) are more actively involved in cooperative interactions. The economic impact of confidence varies significantly across cultures. I also show that confidence increases with income and education and deceases with age; men are more confident than women; and confident people exhibit higher level of happiness. The results provide insights into the nature of competitive behavior, the origin of cooperation, and the evolution of confidence.
Interorganizational governance and global strategy

A wide range of interorganizational relationshipsfalls on the global market to multinational hierarchyspectrum, ranging from supplier relationships (Dyerand Chu, 2000) to multinational business groups(Colpan, Hikino, and Lincoln, 2010; Granovetter,1994). Concurrently, as ﬁrms increasingly deepenand widen their cross-border value chains, the struc-ture and content of their foreign location portfoliosbecome more critical to their global competitivepositions (Dunning, 1998). In pursuing foreigndirect investment (FDI) and establishing managerialcontrol across borders, multinational enterprise(MNE) managers have become progressively moreable to slice global value chain activities into ﬁnerpieces and allocate them across multiple locations.Global strategy studies these competitive cross-national dynamics and how ‘a ﬁrm’s competitiveposition in one national market is signiﬁcantlyaffected by its competitive position in other nationalmarkets’ (Ghoshal, 1987: 425). Thus, decisions onthe location (where) and degree/form of control(how) (Buckley and Ghauri, 2004) are criticalsources of competitive advantage in managingMNEs. When ﬁrms decide to go international forvarious strategic objectives, they might choose tohave full managerial control and acquire a ﬁrm ordevelop a new wholly owned subsidiary, but alterna-tively they might engage in different degrees ofcooperation with other ﬁrms (Kogut and Singh,1988). Generally, ﬁrms get involved in interorgani-zational relationships abroad to minimize ﬁrm costs,create discriminating alignment between hostcountry uncertainties and ﬁrm control, and learnfrom its partners. The two articles that I discuss hereexplore interesting questions within interorganiza-tional networks.Contractor, Woodley, and Piepenbrink’s (2011)article distinguishes among three cross-nationalinterorganizational relationships: licensing agree-ments, non-equity relational contracting (e.g.,supply chain relationships), and equity joint ven-tures. Reuer
Operation Seizing Our Sites: How the Federal Government is Taking Domain Names Without Prior Notice

This Note examines the intellectual property enforcement effort by the federal government, named "Operation In Our Site," which seizes and then forfeits domain names suspected of facilitating in copyright or counterfeiting violations. Although this effort is backed by noble policy concerns, the ex parte in rem seizure of a website gives the government the power to seize a domain without any prior notice to the website owner, thus raising due process and free speech concerns.
Greenwashed?: Developers, Environmental Consciousness, and the Case of Playa Vista

While many businesses are becoming greener, development corporations may have the greatest incentive to integrate environmental values into their everyday business practices. With the effects of urbanization, suburbanization, and sprawl, cities are increasingly requiring environmental mitigation measures for approval of new development. In response, some development corporations may become greenwashed to obtain discretionary land use approvals to build their proposed developments. Others may build greener developments to meet the market demand from environmentally conscious buyers. An increasing number of developers, however, adopt environmentally responsible business practices for, at least in significant part, altruistic reasons. A prime example of this phenomenon is Playa Vista, the more than 1000-acre development in Los Angeles that is currently the largest urban infill project in the country. Playa Vista serves as a useful case study for exploring how developers’ inclusion of various stakeholders—particularly environmentalists—may signal a paradigm shift in how development occurs.
U.S. Immigration Policy: Contract or Human Rights Law?

The current immigration debate often reflects a tension between affirming the individual rights of migrants against the power of a nation to control its borders. An examination of U.S. Supreme Court precedent reveals that, from our earliest immigration history to the present time, our immigration policy has functioned more like contract law than human rights law, with the Court deferring to the power of Congress to define the terms of that contract at the expense of the immigrant's freedom. (This essay is a version of a chapter from my forthcoming book, Everyday Law for Immigrants and Foreign Nationals, part of Paradigm Publishers "Everyday Law" series, which is edited by Richard Delgado and Jean Stefancic.)
Discussion of “Financial reporting frequency, information asymmetry, and the cost of equity”

Abstract Fu, Kraft and Zhang (2012) use a hand-collected sample of firms with different interim reporting frequencies from 1951 to 1973 to test whether higher reporting frequency is associated with lower information asymmetry and a lower cost of equity capital. Their results suggest that firms with higher reporting frequency (e.g., firms reporting quarterly as opposed to annually) have lower information asymmetry and a lower cost of equity capital. In this discussion, I expand on FKZ by elaborating on their hypothesis development and research design, and providing suggestions for future research.
Domination of multilinear singular integrals by positive sparse forms

We establish a uniform domination of the family of trilinear multiplier forms with singularity over a one-dimensional subspace by positive sparse forms involving Lp -averages. This class includes the adjoint forms to the bilinear Hilbert transforms. Our result strengthens the Lp -boundedness proved by Muscalu, Tao and Thiele, and entails as a corollary a novel rich multilinear weighted theory. A particular case of this theory is the Lq1 (v1) × Lq2 (v2)boundedness of the bilinear Hilbert transform when the weights vj belong to the class A q+1 2 ∩ RH2. Our proof relies on a stopping time construction based on newly developed localized outer-Lp embedding theorems for the wave packet transform. In an Appendix, we show how our domination principle can be applied to recover the vector-valued bounds for the bilinear Hilbert transforms recently proved by Benea and Muscalu.
The Predatory Pricing Puzzle: Piecing Together a Unitary Standard

Table of ContentsI. Introduction 1572II. Overview of Antitrust Law and Predatory Pricing 1576III. Predatory Pricing in Practice-Spirit Airlines, Inc. and AMR Corp. 1580A. Spirit Case History 1581B. AMR Corp. Case History 1585IV. The Economics of Predation-Evaluating Below-Cost Pricing 1588A. Overview of the Economics of Predation 1589B. Evaluation of Cost and Revenue in Spirit 1591C. Evaluation of Cost and Revenue in AMR Corp 1596V. Do the Spirit and AMR Corp. Holdings Constitute a Circuit Split? 1599A. Both Courts Tacitly Accept Marginal Cost 1599B. Calculation of Marginal Cost 1602VI. A New Test for Predation 1604A. Proposed Rule and Its Benefits 1604B. Application to Spirit and AMR Corp 1607C. Application Beyond the Airline Industry 1610D. Proposal Consistent with the Purpose of Section 2 and Reflects the Shifting Understanding of Predatory Pricing 1611VII. Criticisms 1614VIII. Conclusion 1616"[P]redatory pricing schemes are rarely tried, and even more rarely successful."I. IntroductionAmericans live in a Wal-Mart age, an age in which many of us engage in the never ending search for the lowest price and the best deal. We drive hours to outlet malls, the land of permanent sales and discounts. We google and ebay until there is nary a website left unturned. And we line-up in the pre-dawn hours the day after Thanksgiving to rush down store aisles like children tearing through wrapping paper on Christmas morning. Yet, with some particular products and services, our search yields no results. In industries from gasoline to tobacco and airlines to soft drinks, a few providers control decisions related to the price, quantity, and quality of the good or service.These economic anomalies frequently have economic explanations. For instance, there may be insufficient demand to support more than a few producers or too little revenue to entice additional players. Sometimes, however, the lack of competition derives from systemic failures in the market. Sometimes companies seem to prevail by brute force, using questionable means to prevent the formation of, or quickly quashing, any competition. Antitrust law was designed to address situations like these.No area of law seems more in line with the Wal-Mart age than antitrust. After years debating whether antitrust law serves economic or social goals, American courts clearly recognize economics and the preservation of competition and efficiency as antitrust's primary focus.2 Practically speaking, this means antitrust laws seek to discipline anticompetitive behavior that results in higher prices, reduced output, or lowered innovation3-goals undoubtedly shared by Wal-Mart. Without such laws, firms might take advantage of their market power, which can distort competition and cause long-term consumer harm.4 In fact, studies have shown that, in the absence of antitrust enforcement, the unchecked exercise of market power and anticompetitive conduct costs the American economy more than $100 billion annually. …
How Many and What Kind? The Role of Strategic Orientation in New Product Ideation*

Existing studies on the role that strategic orientation plays in companies' innovation efforts primarily focus on identifying the relationship between strategic orientation and innovation performance for launched new products. In contrast, this article investigates how the different types of strategic orientation (i.e., customer, competitor, and technology orientations) influence the front end of innovation. Specifically, this research examines how strategic orientation relates to new product ideation outcomes such as ideation volume (i.e., how many new product ideas are generated) and ideation novelty (i.e., how innovative ideas are). The model developed in this study includes both direct effects of strategic orientation on new product ideation and indirect effects on ideation, mediated by an organization's market search behavior targeted at uncovering new product ideas. A survey of 182 marketing and technical managers, whose responses are analyzed with partial least squares (PLS), reveals that firms characterized by a competitor orientation search their markets significantly more for new product ideas than firms marked by a technology or customer orientation. An emphasis on market search behavior, in turn, leads to significantly greater quantities of new product ideas generated by the firm. Neither a competitor nor a customer orientation significantly enhances the novelty of new product ideas, which is augmented only by technology orientation. The data also reveal that product ideation novelty is significantly enhanced by a technology orientation regardless of the level of market turbulence faced by the innovating firm. Together, these findings suggest that market orientation may have a greater influence on the implementation and commercialization stages of new product development than on new product ideation.
In Search of Ideal Methods of Research Synthesis Over 30 Years (1977-2006): Comparison of Hunter-Schmidt Meta-Analysis Methods With Other Methods and Recent Improvements

Abstract Methods of Meta-Analysis: Correcting Error and Bias in Research Findings (2nd ed.). John E. Hunter and Frank L. Schmidt (Eds.), Thousand Oaks, CA: Sage, 2004, 582 pages, $105.00 (hardcover); $56.95 (paperback).
Mistake of Fact or Mistake of Criminal Law? Explaining and Defending the Distinction

This article makes six points. First, under any plausible normative perspective, the distinction between mistake (and ignorance) of criminal law and mistake of fact must at least sometimes be drawn. Second, the fundamental distinction is between a mistake about the state’s authoritative statement of what is prohibited (“M Law”), and a mistake about whether that prohibitory norm is instantiated in a particular case (“M Fact”). Third, when an actor makes a mistake about an evaluative criterion whose content the fact-finder has discretion to elaborate, it is impossible both to allow this discretion and to faithfully realize a jurisdiction’s policy of treating M Fact and M Law differently. Fourth, the claim that every unreasonable M Fact is really a M Law elides important differences between the two kinds of mistake. Fifth, various borderline objections, such as the famous Mr. Fact/Mr. Law example, do not undermine the fundamental distinction, although in rare instances, they do constitute genuine counterexamples that do not effectuate the principles and policies that the distinction ordinarily serves; and even here, they are exceptions that prove (the rationale for) the rule. Sixth, specification or evolution of a criminal law norm, such as the criterion for nonconsent in rape law, can convert a legally relevant M Fact into a legally irrelevant M Law. This phenomenon does not undermine the fundamental distinction between these types of mistake; to the contrary, it reveals the significance of that distinction.
Creditor Rights, Enforcement, and Debt Ownership Structure: Evidence from the Global Syndicated Loan Market

Using a sample of 495 project finance loan tranches (worth $151 billion) to borrowers in 61 different countries, we examine the relation between legal risk and debt ownership structure. The tranches exhibit high absolute levels of debt ownership concentration: the largest single bank holds 20.3% while the top five banks collectively hold 61.2% of a typical tranche. In countries with strong creditor rights and reliable legal enforcement, lenders create smaller and more concentrated syndicates to facilitate monitoring and low cost contracting. When lenders cannot rely on legal enforcement mechanisms to protect their claims, they create larger and more diffuse syndicates as a way to deter strategic default.
Tacit Collusion and Voluntary Disclosure: Theory and Evidence from the U.S. Automotive Industry

We develop a model of voluntary disclosure and production decisions and use it to establish that firms will tacitly collude by disclosing when current market demand is low and when the decision hor...
A Failure of the Fourth Amendment & Equal Protection's Promise: How the Equal Protection Clause Can Change Discriminatory Stop and Frisk Policies

Black and Hispanic males in low income communities insist, with statistical studies on their side, that police officers regularly stop and frisk them without the required reasonable suspicion. This is a failure of the Fourth Amendment. The Equal Protection Clause should be a tool that people of color can use to redress their being denied their constitutional rights on racial grounds. The Supreme Court’s equal protection jurisprudence, however, requires that claimants prove intent to discriminate. Known as the Intent Doctrine, this requirement has almost effectively removed from the Constitution, for racial minorities at least, the guarantee of equality under the law. This Article insists that the Supreme Court should permit claimants to prove an equal protection violation either through intent or a standard I call “Plaintiff-Burdened Deliberate Indifference” (PBDI). To show how PBDI will produce transformational change for racial minorities generally, this Article examines how it will operate in one important context: discriminatory stop and frisk tactics. Under PBDI, racial minorities can enter a courtroom armed with an equal protection argument and leave with the stereotypically rogue police department having to change its stop and frisk tactics. In full, this Article’s thesis is that the Equal Protection Clause should force police departments to ensure that their stop and frisk policies, in operation, do not discriminate on the basis of race and the best way to get there is to embrace Plaintiff-Burdened Deliberate Indifference instead of other existing equal protection fixes.