cssi/SciSciGPT-SciSciNet huggingface dataset:
Face value convergence for stochastic bond price processes: a note on Merton's partial equilibrium option pricing model

Abstract This paper considers Merton's (1973) model for partial equilibrium bond option pricing when stochastic bond price processes are involved. A log-normal process with a stochastic drift is suggested that allows the price of a pure discount bond to converge to its face value upon maturity. The stochastic process for the instantaneous short rate implicit in the bond price dynamics is identified. A necessary condition for our approach to be consistent with the arbitrage-free martingale pricing results of Harrison and Kreps (1979) is that the excess holding period bond return and the standard deviation of the bond return are both continuously differentiable with respect to time.
Rational War and Constitutional Design

Contemporary accounts of the allocation of war powers authority often focus on textual or historical debates as to whether the President or Congress holds the power to initiate military hostilities. In this Essay, we move beyond such debates and instead pursue a purely functional or comparative institutional analysis of the relationship between Congress and the President on war powers. More specifically, we focus on the following question: Which war powers system would best enhance the effectiveness of the United States in making decisions on war and peace? Our answer draws on one of the few facts considered to be close to an empirical truth in international relations: democracies do not tend to go to war with each other. First, we articulate and evaluate the various arguments that underpin the democratic peace literature and analyze their relationship to the United States constitutional structure of war powers. Second, we distinguish between two types of constitutional processes that would be most necessary for successfully combating different regimes. We argue that if the United States were involved in a dispute with another democracy, the President ought to involve Congress because a dual branch process would help facilitate a peaceful resolution to the dispute by allowing the United States to signal more effectively its intentions. If, however, the United States were involved in a dispute with a non-democracy or a terrorist organization, a unilateral presidential approach might make much more sense because a non-democratic regime or terrorist organization is unlikely to appreciate the value of congressional participation. Finally, we conclude with the observation that in the war powers debate, only an approach that gives the President the complete flexibility to seek congressional participation would permit the United States to adapt its domestic decision making structure to the exogenous demands of the international system.
"TRAP"ing Roe in Indiana and a Common-Ground Alternative

Court will overrule Roe v. Wade and states will again ban abortion. But at least since 1992, when the Court in Planned Parenthood v. Casey reaffirmed Roe's "central holding," certain moderatesounding abortion restrictions sometimes framed as reasonable compromise regulations have posed a greater threat to women's reproductive health and liberty. This Essay examines one increasingly popular form of restriction: laws that regulate providers of abortion services in the name of advancing women's health, without actual health justification. Little-noted efforts to enact such restrictions in Indiana, during the same period South Dakota made headlines enacting criminal abortion bans in 2006 and 2008, illustrate the potential impact of what opponents have called "TRAP laws," for targeted regulation of abortion providers. The burdens that result from regulatory interference with the availability of services fall disproportionately on the most vulnerable women: those unable to bear increased costs, travel longer distances, or otherwise overcome government-created barriers to legal health services. The Indiana experience also points to the importance and effectiveness of "common-ground" alternative approaches to reducing the number of abortions. Through programs that prevent unintended pregnancy and promote healthy childbearing, the government can more effectively reduce abortions while respecting our nation's fundamental liberties and values. A U T H O R. Professor of Law, Indiana University Maurer School of Law-Bloomington. I am grateful to Walter Dellinger and Reva Siegel for their counsel and inspiration, and to Eric Rey and Terry Trapane for their outstanding research assistance.
Longer-Term Time-Series Volatility Forecasts

Option pricing models and longer-term value-at-risk (VaR) models generally require volatility forecasts over horizons considerably longer than the data frequency. The typical recursive procedure for generating longer-term forecasts keeps the relative weights of recent and older observations the same for all forecast horizons. In contrast, we find that older observations are relatively more important in forecasting at longer horizons. We find that the Ederington and Guan (2005) model and a modified EGARCH (exponential generalized autoregressive conditional heteroskedastic) model in which parameter values vary with the forecast horizon forecast better out-of-sample than the GARCH (generalized autoregressive conditional heteroskedastic), EGARCH, and Glosten, Jagannathan, and Runkle (GJR) models across a wide variety of markets and forecast horizons.
Ethics in American Health 2: An Ethical Framework for Health System Reform

I argue that an ethical vision resting on explicitly articulated values and norms is critical to ensuring comprehensive health reform. Reform requires a consensus on the public good transcending self-interest and narrow agendas and underpinning collective action for universal coverage. In what I call shared health governance, individuals, providers, and institutions all have essential roles in achieving health goals and work together to create a positive environment for health. This ethical paradigm provides (1) reasoned consensus through a joint scientific and deliberative approach to judge the value of a health care intervention; (2) a method for achieving consensus that differs from aggregate tools such as a strict majority vote; (3) combined technical and ethical rationality for collective choice; (4) a joint clinical and economic approach combining efficiency with equity, but with economic solutions following and complementing clinical progress; and (5) protection for disabled individuals from discrimination.
Trade signing in fast markets

This study assesses the accuracy of trade signing algorithms in fast trading environments using NASDAQ and NYSE trade and quote data. Using data that contain true trade signs, we show that the Lee and Ready algorithm outperforms the tick rule and classifies trades at least as well as in earlier studies from slower trading environments, even in subsamples where the market is particularly fast. We conclude that trade signing remains viable in fast markets, and that the use of quote data continues to increase trade classification accuracy.
The Rise of Contingent Fee Representation in Patent Litigation

It is well known that contingent representation is on the rise in patent litigation. But why? And what are the lawyers in the field like? Although scholars have studied contingent litigation in other contexts — such as medical malpractice, personal injury, and products liability litigation — patent litigation has received almost no attention. This gap in the literature is unsettling because patent litigation is different from these other fields of contingent litigation in important and interesting ways. These differences include: patent litigation is much more uncertain; the costs of litigating claims are usually significantly higher; and patents, including their underlying infringement claims, are freely assignable. Absent in most other contingent litigation contexts, these characteristics of patent litigation shed light on the broader topics of litigation and contingency relationships in general.Drawing upon several sources of data, including in-depth interviews with over forty lawyers involved in contingent representation in patent litigation and examination of over forty contingent fee agreements, this Article provides the first comprehensive analysis of the rapid evolution of contingent representation in patent law. The development of contingent representation includes top-tier litigation firms recently transitioning to taking on high value contingent cases, small entrants representing plaintiffs in lower value cases, and numerous general practice firms experimenting with contingent patent litigation. These diverse players each select and litigate cases using varied methods, resulting in different levels of risk and reward. The Article uses the study of these players to discuss how and why attorney-client contingent relationships established in the nascent marketplace of patent contingent litigation differ from other types of contingent litigation, and what patent law can teach about contingent representation in general. It also lays the foundation for future quantitative research comparing the results of contingent and hourly billing representation.
Is value riskier than growth

Abstract We study the relative risk of value and growth stocks. We find that time-varying risk goes in the right direction in explaining the value premium. Value betas tend to covary positively, and growth betas tend to covary negatively with the expected market risk premium. Our inference differs from that of previous studies because we sort betas on the expected market risk premium, instead of on the realized market excess return. However, we also find that this beta-premium covariance is too small to explain the observed magnitude of the value premium within the conditional capital asset pricing model.
TRIPS in Seattle: The Not-So-Surprising Failure and the Future of the TRIPS Agenda

Government trade ministers arrived at that the WTO Seattle Ministerial Conference in late November 1999 without preliminary agreement on the future course of multilateral trade negotiations, and they departed without reaching consensus on a new WTO agenda. There was ample warning that the WTO Ministerial Conference in Seattle would face serious difficulties, with or without the public protests that disrupted the meeting. Only a few months before, WTO Members had completed the selection of a new Director-General – in fact the selection of two new Director-Generals to serve sequentially – in a tortuous process that lasted nearly a year. The Seattle agenda included a host of divisive issues involving serious substantive differences that Members had been unable to resolve in months of pre-meeting negotiations. Beyond hope in some quarters that pressure to maintain “momentum” would cause Members to abandon or compromise strongly held views, it is not clear why the Seattle Ministerial might have been approached with optimism about a comprehensive result. The failure to reach consensus on a WTO negotiating agenda in Seattle left considerable unfinished business on the table. In a number of areas, such as agriculture, existing WTO texts prescribed that negotiations would be resumed. Since the ministerial, the WTO General Council has agreed to move forward with negotiations in agriculture and services, at least to the extent of seeking to clarify the subject matter to be pursued. There has been no agreement on a future agenda for negotiations regarding trade-related aspects of intellectual property rights (or TRIPS), although a number of “built-in” agenda items remain before the TRIPS Council. The lack of agreement on a “new” TRIPS agenda is not surprising in view of the wide gulf in perspectives on this subject among WTO Members.This essay seeks to explain the absence of consensus on TRIPS, and why the near-to-medium term prospects for the setting of an ambitious agenda are not too bright. It reflects in modest detail on the particular controversy surrounding the potential for non-violation nullification or impairment complaints to be brought in the TRIPS dispute settlement context. This essay suggests that WTO Members might be best served in the near term by concentrating their efforts on establishing improved multilateral mechanisms to aid in the transfer of information and technology to developing and newly-industrialized countries.
What you export matters

When local cost discovery generates knowledge spillovers, specialization patterns become partly indeterminate and the mix of goods that a country produces may have important implications for economic growth. We demonstrate this propo- sition formally and adduce some empirical support for it. We construct an index of the "income level of a country's exports," document its properties, and show that it predicts subsequent economic growth.
DO REGULATIONS BASED ON CREDIT RATINGS AFFECT A FIRM'S COST OF CAPITAL?*

In February 2003, the SEC officially certified a fourth credit rating agency, Dominion Bond Rating Service (“DBRS”), for use in bond investment regulations. After DBRS certification, bond yields change in the direction implied by the firm’s DBRS rating relative to its ratings from other certified rating agencies. A one notch better DBRS rating corresponds to a 39 basis point reduction in a firm’s debt cost of capital. The impact on yields is driven by cases where the DBRS rating is better than other ratings and is larger among bonds rated near the investment-grade cutoff. These findings indicate that ratings-based regulations on bond investment affect a firm’s cost of debt capital.
Judicial Precedents in Civil Law Systems: A Dynamic Analysis

Abstract This paper uses a simple dynamic model to describe the evolution of judicial decision making in civil law systems. Unlike the common law systems, civil law jurisdictions do not adopt a stare decisis principle in adjudication. In deciding any given legal issue, precedents serve a persuasive role. Civil law courts are expected to take past decisions into account when there is a sufficient level of consistency in case law. Generally speaking, when uniform case law develops, courts treat precedents as a source of “soft” law, taking them into account when reaching a decision. The higher the level of uniformity in past precedents, the greater the persuasive force of case law. Although civil law jurisdictions do not allow dissenting judges to attach a dissent to a majority opinion, cases that do not conform to the dominant trend serve as a signal of dissent among the judiciary. These cases influence future decisions in varying ways in different legal traditions. Judges may also be influenced by recent jurisprudential trends and fads in case law. The evolution of case law under these doctrines of precedents is modeled, considering the possibility for consolidation or corrosion of legal remedies and the permanence of unsettled case law.
Managerial and Investor Responses to Disclosure Regulation: The Case of Reg FD and Conference Calls

This paper investigates the effect of regulation that mandates open access to information on managers' disclosure choices and investors' reactions to disclosures. The recently passed Regulation FD (Reg FD) requires firms to make material disclosures broadly available. Using a sample of firms that previously restricted access to conference calls and a sample of firms that voluntarily allowed unlimited access to their calls in the pre‐Reg FD period, we examine the effect of the new rule on managers' decisions regarding the timing, use, and information content of calls, as well as the effect on investors' trading behavior during the call. Our results indicate that Reg FD had a significant negative impact on managers' decisions to continue hosting conference calls and on their decisions regarding the optimal time to hold the call. However, contrary to the concerns of many critics, the magnitudes of these changes are not large. We do not find evidence that Reg FD decreased the amount of information disclosed d...
Fashioning a Test for Gerrymandering

This article explains the concept of symmetry as a measure of gerrymandering and how it captures the requirement of equal protection.
Mad Money: Does the combination of stock recommendation and show segment matter?

Abstract Few observable patterns of stimuli appear to consistently affect retail investor behavior. This study is motivated by what is presumably the most prominent media source of advice for retail investors in the United States, Jim Cramer’s Mad Money broadcast. We analyze return metrics of stocks recommended by Jim Cramer. We differentiate among five different recommendations and across five different segments of the show to determine if pricing behavior differs in magnitude and persistence, depending on the nature of the recommendation and the segment of the show in which the recommendation appears. Results indicate that the pricing impact is greatest for stocks discussed on longer-duration segments of the show and that there is an asymmetric effect in terms of “buy” versus “sell” recommendations. The results also highlight the tendency of the impact to be larger for smaller market capitalization firms.
Perceptions of economic insecurity: Evidence from Russia

Abstract Economic insecurity is an inherent characteristic of the transition from a planned economy to a market-oriented economy and workers’ assessments of their economic insecurity have direct consequences not only for their happiness/well-being, but also on consumption and saving behavior. This study utilizes data from the nationally representative Russian Longitudinal Monitoring Survey to study perceptions of economic insecurity among workers in both rural and urban settlements. Analyzing three measures of perceived economic insecurity, we find that perceptions of insecurity were higher when economic conditions were deteriorating (1995–1998), and lower when economic conditions had stabilized (2000–2004). While perceived insecurity varies substantially by worker characteristics–those with less education, women, and unskilled and semi-skilled manual workers feel most vulnerable–, differences in observed characteristics explain a relatively small part of the ruralurban perceptions gap; other factors, such as different rates of economic recovery in rural and urban locales are also important. Individual well-being and household consumption tend to be lower when concerns about economic insecurity are present.
Offsetting and the Consumption of Social Responsibility

This Article examines the relationship between individual consumption and consumption-based harms by focusing on the rise in consumption offsetting. Carbon offsets are but the leading edge of a rise in consumer options for offsetting externalities associated with consumption. Moving from examples of quasi offsetting to environmental offsetting and the possibility of poverty offset institutions, I argue that offsetting provides a valuable mechanism for individuals to correct for the harms associated with consumption. This Article makes two major contributions to how we understand the relationship between consumption and social responsibility. First, it identifies an emerging offsetting phenomenon in seemingly discrete market practices and gives suggestions for improving upon them. Second, it suggests that by taking seriously both consumption and externalities, progress can be made on everything from the environment to global poverty. Offsetting, while not getting at all moral or societal obligations, does root such obligations in the shared activity, and perhaps belief, of Americans: consumption.
An alternative framework for analyzing financial protection in health.

A greater focus on the role of health systems in health, development, and economic growth has led health policy research and analysis, domestic and global, to scrutinize health financing, insurance, and financial protection. Two World Health Reports (2000 and 2010) [1],[2] have called for evaluating health system performance in terms of health financing, and the World Health Organization's (WHO) 64th World Health Assembly reiterated the need for sustainable health financing and universal coverage worldwide [3]. With this increased focus has come closer examination of conventional frameworks and measures of financial protection in health both from academic [4] and policy [5] circles. Consensus had developed among academic and policy analysts on two primary metrics, catastrophic and impoverishing spending, for financial protection. Both methods use as a measure the percentage of out-of-pocket health spending in households' overall spending. They differ in the way medical spending is deemed problematic: catastrophic spending is above a threshold percentage, while impoverishing spending pushes a household below the poverty line. Both metrics are helpful indicators of the absolute and relative level of household out-of-pocket health care spending and have been employed in multiple studies worldwide [6]–[10]. Our research group conducted a study focusing on a modification of these metrics—the out-of-pocket spending burden ratio using household equivalent income derived from the Organisation for Economic Co-operation and Development (OECD) Equivalence Scale [11]. But the consensus has given way, and critiques of the conventional approach now run wide and deep. Critics include those who are most invested and who have employed these methodologies [5],[7], and those who argue that estimates of household health expenditures themselves are subject to considerable variability depending on survey design [12]. This article proposes a multidimensional financial protection profile that offers a more holistic view of health spending, one that goes beyond the level of spending to cover aspects directly related to health care, such as health care access and insurance utilization, and examines broader impacts on current and longer-term household consumption. This multidimensional approach aims to help policy makers understand the larger context of household health spending and make health and social policy adjustments to mitigate damaging effects.
An Adverse Selection Model of Bank Asset and Liability Management with Implications for the Transmission of Monetary Policy

I develop a model in which information problems make it difficult for banks to raise funds with instruments other than insured deposits. The model has a number of implications for bank asset and liability management as well as corporate financing patterns. It also speaks to the question of how monetary policy works: when the Federal Reserve reduces reserves, this tightens banks' financing constraints and leads to both a cutback in the supply of intermediated lending and an increase in bond-market interest rates.
RESIDENTIAL RENEWABLE ENERGY: BY WHOM?

President Obama’s 2011 State of the Union speech termed development of clean energy sources our “Sputnik Moment,” and called for 80 percent of the nation’s electricity to be generated from renewables, clean coal, and nuclear power by 2035. The Sputnik metaphor is less than ideal, because it confuses the issue by introducing a security dimension with no direct parallel to the present situation. However, the president’s message is clear: we need research, development and deployment of a new generation of energy technologies. As the president put it, “We’re telling America’s scientists and engineers that if they assemble teams of the best minds in their fields, and focus on the hardest problems in clean energy, we’ll fund the Apollo projects of our time.” The president’s focus on the technology of renewable energy, however, is an indicator that a deceptively difficult question remains less well addressed: how can we overcome the built-in barriers of the current electricity infrastructure and create the distribution system that will bring renewable energy to American homes? The technology already exists to put solar photovoltaic (PV) panels on millions of homes, but we have paid inadequate attention to getting them there. This current lack of focus on distribution will limit residential solar deployment indefinitely, unless it is addressed soon. While a number of solutions to this problem have been proposed or are in various stages of implementation, this Article finds that given the pressing need to address climate change, more rapid action is needed. In addition to pursuing other options for generating electricity using renewables (including onshore and offshore
Shifting the Burden of Proving Patentability Vel Non in View of Dickinson v. Zurko

This paper addresses the Patent Office's misinterpretation of the Supreme Court's ruling in Dickinson v. Zurko regarding the applicability of the factual review standards of the Administrative Procedure Act (APA) to Patent Office findings. More particularly, in accordance with this misinterpretation, recent guidelines promulgated by the Patent Office violate the APA and controlling precedent. To date, the proper procedures for prosecuting a patent application have been carefully honed through a myriad of statutes, rules, and controlling legal opinions. The resulting procedures are set forth in exemplary prose in the Manual of Patent Examining Procedure (MPEP) issued and revised periodically by the United States Patent and Trademark Office (Patent Office). Though the MPEP is not citable as controlling authority, patent examiners and practitioners alike rely heavily on the interpretations and examples set forth therein when partaking in the patent prosecution process. These interpretations and examples are revised periodically to reflect changes in the controlling precedent. In the February 2003 revision to the 8th edition of the MPEP, the authors made a critical revision to section 2144.03 of the MPEP. This change, in essence, allows the Patent Office to shift the burden of proof, in some cases, to the Applicant without properly establishing a prima facie case of unpatentability with the required objective evidence. Interestingly, included in the revised section is the flawed explanation for the Patent Office's revised interpretation. The Patent Office reasons that (1) the Supreme Court's recent decision in Dickinson v. Zurko, 527 U.S. 150, 50 USPQ2d 1930 (1999), holding that the Court of Appeals for the Federal Circuit (Federal Circuit) must apply one of the review standards set forth in the Administrative Procedure Act (APA) and (2) the Federal Circuit's adoption of the APA's substantial evidence test in accordance therewith, reduces the evidentiary requirement for proving a prima facie case of unpatentability. More particularly, the MPEP now states that in some cases, an Examiner may shift to the Applicant the burden to prove patentability through the administrative device of official notice, without first establishing a prima facie case of unpatentability with objective evidence. This interpretation clearly flies in the face of current, long-standing, controlling Supreme Court precedent.
The effect of banking crisis on bank-dependent borrowers.

Abstract We provide causal evidence that adverse capital shocks to banks affect their borrowers’ performance negatively. We use an exogenous shock to the U.S. banking system during the Russian crisis of Fall 1998 to separate the effect of borrowers’ demand of credit from the supply of credit by the banks. Firms that primarily relied on banks for capital suffered larger valuation losses during this period and subsequently experienced a higher decline in their capital expenditure and profitability as compared to firms that had access to the public-debt market. Consistent with an adverse shock to the supply of credit, crisis-affected banks decreased the quantity of their lending and increased loan interest rates in the post-crisis period significantly more than the unaffected banks. Our results suggest that the global integration of the financial sector can contribute to the propagation of financial shocks from one economy to another through the banking channel.
Pricing Genius: The Market Evaluation of Innovation

Economists have neglected a key issue for understanding and increasing technological change, in failing to study how talented individuals produce innovations. This paper takes a quantitative approa...
The Vocation of International Arbitrators

This Essay examines the vocation of the international arbitrator. I begin by evaluating, under sociological frameworks developed in literature on Weberian theories of the professions, how the arbitration community is organized and regulated. Arbitrators operate in a largely private and unregulated market for services, access to which is essentially controlled by what might be considered a governing cartel of the most elite arbitrators. I conclude my description with an account of how recently international arbitrators have begun to display a professional impulse, meaning efforts to present themselves as a profession to obtain the benefits of professionalization. Professional status is often used by groups to distinguish themselves, but with international arbitrators, their supposed professionalization is not a particularly compelling reason for distinguishing them from other service providers, such as lawyers. Instead of relying on the rubric of sociological accounts, I offer a preliminary conceptual analysis of the normative underpinnings of the vocation of the international arbitrator. I argue that, unlike settlement or mediation, the aim of international arbitration is to render justice, not to simply resolve disputes. I provide an overview of the ways in which the practice of international arbitration bears out this hypothesis through its development of a vibrant, if perhaps still fledgling, public realm. Finally, I return to the market for international arbitrator services and their efforts at self-regulation, evaluating them in light of obligations and expectations attendant with their justice-providing function and the public realm of the international arbitration system. I propose certain innovations that would increase the rigor and transparency in international arbitrator's self-regulation, including minimizing existing information asymmetries that affect the market for arbitrator services. These improvements may be regarded as having been implicitly promised through their professional impulse and by their justice-providing role, but to date have been elusive.
Rethinking Risk-Based Environmental Cleanup

This Article provides both a specific critique of existing environmental cleanup programs and a general analysis of the policy concerns and tools necessary to implement a proper use-restricted cleanup program. First, it argues that there are no means available for either predicting or legally restricting the use of property as required by existing use-restricted cleanup programs. As a result, the use of partially cleaned property may change in an unanticipated way, resulting in greater exposure to contaminants and greater harm to human health than is currently allowed by law. While existing use-restricted programs fail to protect human health and the environment, the cost savings associated with restricted cleanups are substantial.
Common Law Decision-Making, Constitutional Shadows, and the Value of Consistency: The Jurisprudence of William F. Batchelder

This is an essay about common law decision-making, with an emphasis on the value of consistency as it relates to claims about the legitimacy of judicial lawmaking. The legitimacy of judicial lawmaking is ever an issue, particularly, of course, in the cases at the margins — those instances in which precedent points the court in no obviously correct direction. The focus here is on two discrete cases from the New Hampshire Supreme Court — Bonte v. Bonte and Aranson v. Schroeder — in which one justice — William F. Batchelder — played a significant role, joining the dissent in the first and writing for the majority in the second. Each case concerned the question whether the court should, for the first time, recognize a particular cause of action in tort. In the former case, Justice Batchelder did not approve a new cause of action; in the latter, he did. What I seek to explore is whether these cases provide an example of the kind of inconsistency that necessarily undermines legitimacy, or whether a principled distinction between the decisions suggests an interpretive approach which could be usefully applied in other cases in which litigants seek recognition of novel causes of action. In the end I suggest that it may well be constitutional commitments to securing particular individual rights and liberties — both state and federal — that figured most critically in distinguishing between the claim to a remedy that Justice Batchelder rejected in Bonte, on the one hand, and accepted in Aranson, on the other. While neither case was overtly about the dimensions of a particular constitutional right, in each instance specific constitutional commitments cast discrete shadows on the arguments for and against the recognition of a new cause of action. The nature and depth of these shadows may provide some clue as to how we can reconcile two seemingly disparate outcomes.
Strategic HRD Practices as Key Factors in Organizational Learning.

Purpose – The purpose of this paper is to explore the relationships among strategic HRD (SHRD) practices and organizational learning; and the relationships among organizational learning and HRD outcomes through a literature review.Design/methodology/approach – Keywords were identified to use in the literature search: HRD, SHRD practices, and organizational learning. All of the several electronic databases available in the university's electronic library, including both journal and book sources, were used to search for resources, as well as Google Scholar and Google.Findings – Organizations that learn and develop their SHRD practices have more opportunities to obtain and integrate the nine HRD outcomes in the learning process: organizational mission and goals, top management leadership, environmental scanning, HRD strategies and plans, strategic partnerships with line management, strategic partnerships with HRM, trainers as organizational change consultants, influence corporate culture, and emphasis on ind...
The Jurisprudence of Colliding First Amendment Interests: From the Dead End of Neutrality to the Open Road of Participation-Enhancing Review

First Amendment interests in both speech and religion often collide with one another. A political activist claims a free speech interest in the right to purchase advertising time on a television network, while the network claims a free speech interest in its decision not to sell the time. A religious enclave claims a free exercise interest in having a dedicated public school district, while its neighbors claim a nonestablishment interest in the government's not extending the group special treatment. In this article Professor Magarian examines the phenomenon of colliding First Amendment interests, explains and critiques the Supreme Court's failure to acknowledge and resolve First Amendment collisions, and proposes a new theoretical basis for resolving them: participation enhancing review. The article first catalogues Supreme Court cases that involve colliding First Amendment interests, including expressive access, religious accommodation, and religious speech disputes. The Court avoids confronting First Amendment collisions through two techniques: denial that one or the other interest exists or matters, and deference to elected officials' balancing of the competing interests. The Court's approach embodies a strong posture of judicial neutrality, based on the concern that substantive resolution of First Amendment collisions would interfere with elected officials' policymaking discretion. Professor Magarian contends that the Court disserves democracy when it abrogates its duty to construe and enforce the critical protections of the First Amendment. He proposes substantive resolution of First Amendment collisions under the theory of participation enhancing review, a variation on the familiar theory of representation reinforcing review. Representation reinforcement theory roots judicial enforcement of constitutional rights in democratic principles. Representation reinforcement, however, cannot justify substantive resolution of First Amendment collisions, because the theory rests on a formal account of democratic participation that does not encompass First Amendment collisions. Participation enhancing review, in contrast, rests on a substantive account of democratic participation, which would commit First Amendment doctrine to protecting the inclusive and informational attributes of democratic discourse. Such an approach would lead courts, in analyzing First Amendment collisions, to emphasize the distinctive value for democracy of expressive dissension and religious pluralism.
Delayed Security Price Adjustments to Financial Analysts' Forecasts of Annual Earnings

This paper documents that the weighting of analysts' annual earnings forecasts implicit in security prices is lower than the historical relation between financial analysts' forecasts and realized earnings. Short positions in securities in the bottom decile and long positions in the top decile of the crosssectional distribution of analysts' early‐in‐the‐year earnings forecasts generate significant hedge‐portfolio returns in the year after portfolio formation. This delayed price response is more pronounced for firms with relatively low analyst coverage, consistent with the premise that low financial analyst coverage is associated with a variety of factors that impede the information efficiency of the security market. The hedge‐portfolio returns concentrate in the months of subsequent quarterly earnings announcements, suggesting that the delayed security price adjustments reflect the market's failure to incorporate information in analysts' forecasts about future earnings, rather than deficiencies in our cond...
Critical Cultural Translation: A Socio-Legal Framework for Regulatory Orders

The making of legal regulatory orders has become increasingly transnational as legal ideas travel and are adopted, discarded, and refigured. Socio-legal scholars have recently turned to the framework of translation to guide examinations of how law changes from one context to the next and how law itself translates and transforms the subjects and objects it governs. Drawing upon science studies and feminist theory, this article develops critical cultural translation as possible socio-legal methodology and praxis for the study of transnational regulator orders. Furthering this line of inquiry, it addresses the regulation of benefit sharing and the patenting of indigenous San peoples’ knowledge in Southern Africa. Critical cultural translation involves a responsibility towards social justice and openness to disorientation, whereby normative legal meanings and language are broken up and reconfigured to allow for a plurality of coalitional politics towards more meaningful social change.
Potential Causes of Action for Climate Change Impacts Under the United Nations Fish Stocks Agreement

The article focuses on the potential impacts of climate change on straddling fish stocks and highly migratory species and the potential for pursuing causes of action under the UN Fish Stocks Agreement. The article also assesses potential barriers to such causes of action.
Towards a system of estates in virtual property

Virtual worlds such as Second Life have received a lot of press in the USA recently. As individuals and businesses participate in these virtual worlds, questions arise regarding the application of existing laws to their virtual world transactions. Many questions have arisen regarding the property rights of participants in virtual worlds, and a Second Life member recently sued Linden Research, the company that developed Second Life, alleging that Second Life converted his virtual property. The questions regarding the legal nature of virtual world assets tend to mirror the questions regarding intangible rights generally, as courts have tended to struggle over whether these rights are property rights or contract rights. In this paper, I propose that the principle of numerus clausus be applied to virtual property, so that courts faced with disputes over such assets will have mandatory property forms to which to resort. Such an approach would limit the ability of vendors of such rights to customise them through their contracts, which are commonly embodied in electronically presented standard forms.
The Many Faces of Strict Scrutiny: How the Supreme Court Changes the Rules in Race Cases

In this paper, we argue that there is no single test called strict scrutiny when the Court considers claims of racial discrimination. In fact, the Court changes the rules depending on why and how the government is using race. By examining racial redistricting, remedial affirmative action, and diversity-based affirmative action cases, we show how the Court uses at least three verydifferent versions of strict scrutiny. The costs of maintaining the fiction of unitary strict scrutiny is high. In the area of racial profiling, for example, courts refuse to apply strict scrutiny for fear that it will either overly hamper police or will weaken strict scrutiny in other areas of racial discrimination. An open acknowledgment that the Court is already using different standards of analysis for different types of racial discrimination would allow courts to craft appropriate standards without fear of diminishing protections in other areas.
Teaching Ethics Seriously: Legal Ethics as the Most Important Subject in Law School

Despite the strong commitment of leaders of the bar and legal education to improve the ethics of law students and lawyers, legal ethics remains at best a second-class subject in law school. The Article explains “that that the persistent disregard for teaching legal ethics is grounded in three outdated ideological perspectives:” an unproven faith in the moral superiority of lawyers and of legal education, an outmoded pedagogical approach grounded in a late nineteenth century understanding of legal education that rejects teaching values, and a preconceived notion that as adults law students lack the capacity for moral development. Contrary to these biases, current scholarship demonstrates the potential for teaching law students ethics. This can only be done effectively through a first year course that teaches both doctrine and the role of the lawyer in society, and that sends students a message that ethical responsibility is central to thinking and acting like a lawyer. Taking the rhetoric of commitment to ethics seriously would also require both pervasive ethics education and a required upper class course focused on ethical issues related to each student’s preferred practice area.
Do People Value Racial Diversity? Evidence from Nielsen Ratings

Duke University, jacob.vigdor@duke.eduCopyright c 2005 by the authors. All rights reserved. No part of this publication may bereproduced, stored in a retrieval system, or transmitted, in any form or by any means, elec-tronic, mechanical, photocopying, recording, or otherwise, without the prior written permissionof the publisher, bepress, which has been given certain exclusive rights by the author. Top-ics in Economic Analysis & Policy is produced by The Berkeley Electronic Press (bepress).http://www.bepress.com/bejeap
Cost Containment and the Patient Protection and Affordable Care Act

For decades, the U.S. health care system has grappled with two key problems — inadequate access to coverage and increasingly unaffordable health care costs. Paradoxically, the U.S. spends far more of its gross domestic product (GDP) on health care than do other economically-advanced democracies, yet provides health care insurance to fewer of its citizens. During the debate that led to the enactment of the Patient Protection and Affordable Care Act, public officials recognized the need to address the problems of both access and cost, but in the end, the Act does far more about increasing access than it does about cutting
Regression Modeling for the Valuation of Large Variable Annuity Portfolios

ABSTRACTVariable annuities are insurance products that contain complex guarantees. To manage the financial risks associated with these guarantees, insurance companies rely heavily on Monte Carlo simulation. However, using Monte Carlo simulation to calculate the fair market values of these guarantees for a large portfolio of variable annuities is extremely time consuming. In this article, we propose the class of GB2 distributions to model the fair market values of guarantees to capture the positive skewness typically observed empirically. Numerical results are used to demonstrate and evaluate the performance of the proposed model in terms of accuracy and speed.
The Supreme Court's Love-Hate Relationship with Miranda

In recent years, the Supreme Court has enjoyed a love-hate relationship with its landmark decision in Miranda v. Arizona. While the Court has not hesitated to narrow Miranda’s reach, it has also been wary of deliberate efforts to circumvent it. This pragmatic approach to Miranda can be doctrinally unsatisfying and even incoherent at times, but it basically maintains the core structure of Miranda as the police have come to know and adapt to it. Last Term provided the first glimpse of the Roberts Court’s views on Miranda, as the Court considered three Miranda cases: Maryland v. Shatzer, Florida v. Powell, and Berghuis v. Thompkins. This Article examines each opinion through a pragmatic lens, with an eye towards ascertaining whether the Roberts Court remains committed to the pragmatic approach taken by its predecessors. While the government prevailed on every issue raised by the three cases, the opinions vary in their fidelity to pragmatic norms. The Article concludes that, even if Shatzer and Powell can be dismissed as effecting only incremental changes in the law – in the rules protecting those who invoke their Miranda rights, defining custody, and requiring that the warnings reasonably convey each of the rights Miranda guarantees – Thompkins cannot be defended on pragmatic grounds. In effect, the decision in Thompkins allows the police to begin interrogating a suspect immediately after reading the Miranda warnings, without first securing a waiver of the suspect’s Miranda rights, and then to use anything she says – even hours later – to demonstrate that she impliedly waived her rights. Thompkins thus essentially reduces Miranda to a mere formality, requiring that warnings be read and otherwise leaving criminal defendants with the same voluntariness due process test that Miranda was designed to replace. To the extent Thompkins signals a change in the Court’s attitude towards Miranda, it comes at a particularly critical time given reports that the Obama administration is considering proposing an exception to Miranda for terrorism suspects.
Productivity Gains from Geographic Concentration of Human Capital: Evidence from the Cities

Abstract Based on recent theoretical developments the argument is made that the average level of human capital is a local public good. Cities with higher average levels of human capital should therefore have higher wages and higher land rents. After conditioning on the characteristics of individual workers and dwellings, this prediction is supported by data for Standard Metropolitan Statistical Areas (SMSAs) in the United States, where the SMSA average levels of formal education and work experience are used as proxies for the average level of human capital. The alternative explanations of omitted SMSA variables and self-selection are evaluated. An estimate of the effect of an additional year of average education on total factor productivity is computed.