cssi/SciSciGPT-SciSciNet huggingface dataset:
Greek Life, Academics, and Earnings

Using records from a large public university, we examine the impact of Greek life on academic performance and salaries. To isolate the causal effect of Greek life, we exploit a university policy prohibiting students from joining a Greek organization during their first semester and a minimum GPA for subsequent eligibility. Regression discontinuity and panel methods reveal that Greek affiliation reduces student grades by 0.1-0.3 standard deviations. Greek effects are largest during the semester of pledging, semesters of increased social activities, and for males. We find no evidence of a Greek salary premium and rule out even modest positive effects.
The Ironies of Affirmative Action

The Supreme Court’s most recent confrontation with race-based affirmative action, Fisher v. University of Texas, did not live up to people’s expectations — or their fears. The Court did not explicitly change the current approach in any substantial way. It did, however, signal that it wants race-based affirmative action to be subject to real strict scrutiny, not the watered-down version featured in Grutter v. Bollinger. That is a significant signal, because under real strict scrutiny, almost all race-based affirmative action programs are likely unconstitutional. This is especially true given the conceptual framework the Court has created for such programs — the way the Court has set up the constitutional analysis. On the other hand, the Court’s conceptual framework is wildly, almost absurdly, wrong. This Article will discuss the way the Court has set up the constitutional analysis of affirmative action and why it is wrong. It will do so in the form of a list — a list of the propositions we must accept if we are to take the Court’s affirmative action jurisprudence at face value. Some of these are things that the Court has said explicitly, and others are inferences I feel it is fair to draw. Not all of them command majority support, and when they do not, I note that. Some of them, I hope, bear their absurdity on their face; for others, I offer some explanation of why I think they do not make sense. In all, I hope this list supports the assessment I give my first-year constitutional law students: of all the areas of the Court’s jurisprudence we cover in our survey of constitutional law, the handling of race-based affirmative action is the least defensible.
Global Production and Trade in the Knowledge Economy

This paper presents and tests a new model of multinational firms to explain a rich array of multinational behavior. In contrast to most approaches, here the multinational faces costs to transferring its know-how that are increasing in technological complexity. Costly technology transfer gives rise to increasing marginal costs of serving foreign markets, which explains why multinational firms are often much more successful in their home market compared to foreign markets. The model has several key predictions. First, as transport costs between multinational parent and affiliate increase, firms with complex production technologies find it relatively difficult to substitute local production for imports from the parent, because complex technologies are relatively costly to transfer. Second, the activity of affiliates with complex technologies declines relatively strongly as transport costs from the home market increase, both at the intensive and the extensive margin. We also show that as transport costs from the home market increase, affiliates concentrate their imports from the parent on intermediates that are technologically more complex. We test these hypotheses by employing information on the activities of individual multinational firms, on the nature of intra-firm trade at the product level, and on the skills required for occupations with different complexity. The empirical analysis finds strong evidence in support of the model by confirming all four hypotheses. The analysis shows that accounting for costly technology transfer within multinational firms is important for explaining the structure of trade and multinational production.
Using options to divide value in corporate bankruptcy

Abstract This paper revisits the proposal to use options in corporate bankruptcy that was put forward in Bebchuk (1988) . According to the proposed procedure, corporate bankruptcy should be implemented through the distribution to participants of appropriately designed options. The paper starts by discussing the goals that should guide the design of bankruptcy procedures. The paper then explains how the options procedure can improve both ex post efficiency and ex ante efficiency. The paper offers a refined version of the procedure, and it also responds to questions that have been raised regarding the execution and desirability of the procedure. The paper concludes by explaining the relationship between the options approach to corporate bankruptcy and the Black–Scholes characterization of all corporate securities as options.
TEACHING CONTROVERSIAL TOPICS

This essay, based on a presentation at the 2009 Future of Family Law Education conference at the William Mitchell School of Law, discusses strategies for teaching controversial topics, focused on reproductive rights and related gender issues.
Thirty Years of Prospect Theory in Economics: A Review and Assessment

Prospect theory, first described in a 1979 paper by Daniel Kahneman and Amos Tversky, is widely viewed as the best available description of how people evaluate risk in experimental settings. While the theory contains many remarkable insights, it has proven challenging to apply these insights in economic settings, and it is only recently that there has been real progress in doing so. In this paper, after first reviewing prospect theory and the difficulties inherent in applying it, I discuss some of this recent work. It is too early to declare this research effort an unqualified success. But the rapid progress of the last decade makes me optimistic that at least some of the insights of prospect theory will eventually find a permanent and significant place in mainstream economic analysis.
Ring-fencing cross-border banks: An effective supervisory response?

Although international policy makers are making good progress on the important work of global resolution mechanism and the preparation of recovery and resolution plans, a growing number of supervisors, home as well as hosts, are resorting to territorial approaches. Higher capital ratios, dividend restrictions, restrictions on liquidity flows and even forced subsidiarization are gaining renewed popularity. Their objective is to protect the interests of the domestic stakeholders of a foreign bank and to limit the effects of cross-border contagion. This type of ‘ring-fencing’ comes with a negative connotation as it comes at a cost for banks and the efficiency of the overall global financial system. But why do prudential supervisors ring-fence and what makes them more likely to ring-fence? And do all forms of ring-fencing really deserve this bad reputation? What are the risks these measures are addressing and which instruments have been used? Finally, what are the implications of ring-fencing for the banking group, financial stability in the home and host country, as well as global financial stability?
Optimal Markdown Pricing: Implications of Inventory Display Formats in the Presence of Strategic Customers

We propose a game-theoretical model of a retailer who sells a limited inventory of a product over a finite selling season by using one of two inventory display formats: display all (DA) and display one (DO). Under DA, the retailer displays all available units so that each arriving customer has perfect information about the actual inventory level. Under DO, the retailer displays only one unit at a time so that each customer knows about product availability but not the actual inventory level. Recent research suggests that when faced with strategic consumers, the retailer could increase expected profits by making an upfront commitment to a price path. We focus on such pricing strategies in this paper, and study the potential benefit of DO compared to DA, and its effectiveness in mitigating the adverse impact of strategic consumer behavior. We find support for our hypothesis that the DO format could potentially create an increased sense of shortage risk, and hence it is better than the DA format. However, although potentially beneficial, a move from DA to DO is typically very far from eliminating the adverse impact of strategic consumer behavior. We observe that, generally, it is not important for a retailer to modify the level of inventory when moving from a DA to a DO format; a change in the display format, along with an appropriate price modification, is typically sufficient. Interestingly, across all scenarios in which a change in inventory is significantly beneficial, we observed that only one of the following two actions takes place: either the premium price is increased along with a reduction in inventory, or inventory is increased along with premium price reduction. We find that the marginal benefit of DO can vary dramatically as a function of the per-unit cost to the retailer. In particular, when the retailer's per-unit cost is relatively high, but not too high to make sales unprofitable or to justify exclusive sales to high-valuation customers only, the benefits of DO appear to be at their highest level, and could reach up to 20% increase in profit. Finally, we demonstrate that by moving from DA to DO, while keeping the price path unchanged, the volatility of the retailer's profit decreases.
State Bystander Responsibility

International human rights law requires states to protect people from abuses committed by third parties. Decision-makers widely agree that states have such obligations, but no framework exists for identifying when states have them or what they require. The practice is to varying degrees splintered, inconsistent, and conceptually confused. This article presents a generalized framework to fill that void. The article argues that whether a state must protect someone from third-party harm depends on the state's relationship with the third party and on the kind of harm caused. A duty-holding state must take reasonable measures to restrain the abuser. That framework is grounded in international law and intended to guide decisions in concrete cases. So after presenting and justifying the framework, the article applies it to two current debates in human rights law: when must a state protect against third-party harms committed outside its territory? And what must states do to protect women from private acts of violence? The article ends by suggesting how the same framework may inform analogous obligations outside human rights law.
What should policymakers know about economic complexity

(1998). What should policymakers know about economic complexity? The Washington Quarterly: Vol. 21, No. 1, pp. 155-165.
Becoming a Legal Scholar

There is now a literature on how to become a law professor. The first book-length treatment of the subject, Becoming A Law Professor, displays a common fault of this literature in directing candidates’ focus on process at the expense of substance. The present body of material on the market for new legal academics does not persuade candidates of the necessity of locating their agendas and voices as scholars, much less does it show them how to go about that vital search. It also risks contributing to a tendency of credentialing processes to standardize resumes without improving outcomes. A second-generation literature is needed: on how to become a legal scholar. This Review explains the need for that literature and suggests some directions for it.
Plea Bargaining Outside the Shadow of Trial

Plea-bargaining literature predicts that parties strike plea bargains in the shadows of expected trial outcomes. In other words, parties forecast the expected sentence after trial, discount it by the probability of acquittal, and offer some proportional discount. This oversimplified model ignores how structural distortions skew bargaining outcomes, causing them to diverge from trial outcomes. Part I of this Article explores the various structural forces that warp plea bargains. Agency costs, attorney compensation and workloads, resources, sentencing and bail rules, and information deficits all skew bargaining. In addition, psychological biases and heuristics warp judgments. Part II applies recent research from behavioral law and economics and cognitive psychology to critique plea bargaining. Overconfidence, denial, discounting, risk preferences, loss aversion, framing, and anchoring all affect bargaining decisions. Skilled lawyers can partly counteract some of these problems, but they can also overcompensate. The oversimplified shadow-of-trial model of plea bargaining needs to be supplemented by a structural-psychological perspective. On this perspective, uncertainty, money, self-interest, and demographic variation greatly influence plea bargains. Part III explores how to respond to the various structural and psychological influences that warp plea bargains. Reforming systems of defense counsel, bail rules, and the structure of sentencing rules, and increasing use of mediators and judges in bargaining could ameliorate some of these influences. Other problems, such as demographic variations in psychology, are very difficult to correct. These influences cast light on how civil and criminal bargaining differ in important respects.
Habitable Climate Scenarios for Proxima Centauri b with a Dynamic Ocean

The nearby exoplanet Proxima Centauri b will be a prime future target for characterization, despite questions about its retention of water. Climate models with static oceans suggest that Proxima b could harbor a small dayside surface ocean despite its weak instellation. We present the first climate simulations of Proxima b with a dynamic ocean. We find that an ocean-covered Proxima b could have a much broader area of surface liquid water but at much colder temperatures than previously suggested, due to ocean heat transport and/or depression of the freezing point by salinity. Elevated greenhouse gas concentrations do not necessarily produce more open ocean because of dynamical regime transitions between a state with an equatorial Rossby-Kelvin wave pattern and a state with a day-night circulation. For an evolutionary path leading to a highly saline ocean, Proxima b could be an inhabited, mostly open ocean planet with halophilic life. A freshwater ocean produces a smaller liquid region than does an Earth salinity ocean. An ocean planet in 3:2 spin-orbit resonance has a permanent tropical waterbelt for moderate eccentricity. A larger versus smaller area of surface liquid water for similar equilibrium temperature may be distinguishable by using the amplitude of the thermal phase curve. Simulations of Proxima Centauri b may be a model for the habitability of weakly irradiated planets orbiting slightly cooler or warmer stars, for example, in the TRAPPIST-1, LHS 1140, GJ 273, and GJ 3293 systems.
A Matter of Context: Casey and the Constitutionality of Compelled Physician Speech:

Under the Supreme Court's compelled speech cases, the context of government-mandated disclosures determines the standard of review. Pursuant to Casey, Zauderer, and Whalen, compelled disclosures in the medical context, such as speech-and-display ultrasound laws, are subject to - and survive - a form of rational basis scrutiny.
Making Citizens Smart: When do Institutions Improve Unsophisticated Citizens’ Decisions?

Many scholars lament citizens’ lack of political sophistication, while others emphasize that information shortcuts can substitute for sophistication and help citizens with their political choices. In this paper, I use experiments to assess whether and under what conditions institutions can substitute for sophistication and enable even unsophisticated citizens to make informed decisions. The results of my experiments demonstrate that institutions, such as a penalty for lying or a threat of verification, can help both sophisticated and unsophisticated citizens to make more informed decisions. Further, my results suggest that institutions may, under certain conditions, level the playing field between sophisticated and unsophisticated citizens.
Does Investor Selection of Auditors Enhance Auditor Independence

This paper reports the results of experiments designed to examine whether investor selection of auditors enhances auditor independence. The experimental design enables us to explore the effect on independence of different institutional rules as to who hires and fires auditors and to directly measure independence violations. The results suggest that transferring the power to hire and fire the auditor from managers to investors significantly decreases the proportion of independence violations. Additional analysis suggests that a reduction in independence violations increases the overall economic surplus generated in the markets examined.
Spectrally Similar Incommensurable 3-Manifolds

Reid has asked whether hyperbolic manifolds with the same geodesic length spectrum must be commensurable. Building toward a negative answer to this question, we construct examples of hyperbolic 3-manifolds that share an arbitrarily large portion of the length spectrum but are not commensurable. More precisely, for every n≫0, we construct a pair of incommensurable hyperbolic 3-manifolds Nn and Nnμ whose volume is approximately n and whose length spectra agree up to length n. Both Nn and Nnμ are built by gluing two standard submanifolds along a complicated pseudo-Anosov map, ensuring that these manifolds have a very thick collar about an essential surface. The two gluing maps differ by a hyper-elliptic involution along this surface. Our proof also involves a new commensurability criterion based on pairs of pants.
Antitrust and Pricing in the Motion Picture Industry

Few industries have undergone the degree of antitrust litigation and scrutiny experienced by the motion-picture industry. Nevertheless, the pricing structure of movie tickets has never a product of free market forces. Since the early 1970s, ticket pricing is particularly puzzling since at any given theater, admission fees are uniform across movies and over time. This Article studies the history of the industry’s pricing systems in their legal, economic, and technological contexts. It is shown that, despite the extensive antitrust scrutiny and litigation, the industry’s pricing systems have always been shaped or affected by forces with considerable market power. The author studies the present pricing regime and explores the economic justifications for uniform pricing and concludes that none of the justifications relies on sound grounds. It is argued that, in addition to conservatism, vertical restraints, which are illegal under present antitrust laws, have at least some impact on the persistence of the present pricing regime. The author further argues that, given the idiosyncratic characteristics of the industry, a coordinated transition to a non-uniform pricing could be desirable.
"Fuck Your Breath": Black Men and Youth, State Violence, and Human Rights in the 21st Century

This document is a corrected version of the article originally published in print. To access the original version, follow the link in the Recommended Citation then download the file listed under “Previous Versions." Follow this and additional works at: http://openscholarship.wustl.edu/law_journal_law_policy Part of the African American Studies Commons, Civil Rights and Discrimination Commons, Criminal Law Commons, and the Law and Race Commons
Partnership status and the human sex ratio at birth

If two-parent care has different consequences for the reproductive success of sons and daughters, then natural selection may favour adjustment of the sex ratio at birth according to circumstances that forecast later family structure. In humans, this partnership-status hypothesis predicts fewer sons among extra-pair conceptions, but the rival 'attractiveness' hypothesis predicts more sons among extra-pair conceptions, and the 'fixed-phenotype' hypothesis predicts a constant probability of having a son, regardless of partnership status. In a sample of 86 436 human births pooled from five US population-based surveys, I found 51.5% male births reported by respondents who were living with a spouse or partner before the child's conception or birth, and 49.9% male births reported by respondents who were not (chi(2)=16.77 d.f.=1 p<0.0001). The effect was not explained by paternal bias against daughters, by parental age, education, income, ethnicity or by year of observation, and was larger when comparisons were made between siblings. To my knowledge, this is the first direct evidence for conditional adjustment of the sex ratio at birth in humans, and could explain the recent decline in the sex ratio at birth in some developed countries.
Antoine Frederic Ozanam: Building the Good Society

As a 20 year-old law student in Paris, Frederic Ozanam (1813-1853) and a few fellow law students founded the St. Vincent de Paul Society, which quickly grew throughout Europe and today is one of the largest charities in the world (with more than a million members on all continents). Later, as a lawyer and professor of commercial law and of literature at the University of Paris, Ozanam was the first to conceptualize and elucidate the natural wage, drawing from Catholic Social Teaching, principally via St. Thomas Aquinas, regarding the common good. His work became an important platform for the first labor encyclical on the rights of workers, issued by Pope Leo XIII in 1891. Ozanam was an exemplary Catholic scholar and eloquent public intellectual. He fearlessly championed workers' rights, and his concept of the natural wage took root in the great labor encyclicals and in secular wage legislation that continue to resonate today in living wage initiatives. He was, however, that rarest of intellectuals, serving, directly and personally, and throughout his entire adult life, the immediate needs of the poor. He remains an important role model for those striving to build the good society, coupling academic and intellectual insight with direct, personal action.
DANGERS OF DIVERSITY: ETHNIC FRACTIONALIZATION AND THE RULE OF LAW

Research linking ethnic cleavages to economic underdevelopment is a hallmark of recent efforts to explain economic growth. Similarly, the rule of law as a credible commitment to property rights and contract enforcement is also identified with economic development. Rather than treating these factors as rival explanations for economic development around the world, I propose the rule of law as the causal mechanism through which ethnic fractionalization (EF) influences growth in many countries. I argue ethnic diversity negatively impacts the rule of law due to the prevalence of ethnically-based patronage networks in developing countries. Public officials, I argue, face greater incentives to undermine the rule of law in societies with pervasive ethnic cleavages than in those without. I employ pooled cross-sectional, time-series data for 55 developing countries between 1996 and 2010 to test my theoretical argument. Ultimately, my research demonstrates ethnic fractionalization's deleterious effect on the rule of law and provides a uniform framework linking demographic inputs to economic outcomes. JEL Classification: K2, O47, Q01
Government debt and social security in a life-cycle economy☆

This paper develops a tractable overlapping generations model that is useful for analyzing both the short- and long-run impact of fiscal policy and social security. It modifies the Blanchard (1985)/Weil (1987) framework to allow for life-cycle behavior. This is accomplished by introducing random transition from work to retirement, and then from retirement to death. The transition probabilities may be picked to allow for realistic average lengths of life, work, and retirement. The resulting framework is not appreciably more difficult to analyze than the standard Cass/Koopmans one-sector growth model: besides the capital stock, there is only one additional state variable: the distribution of wealth between workers and retirees. The model also allows for variable labor supply. Under reasonable parameter values government debt and social security have significant effects on capital intensity.
Should Environmental Taxes Be Precautionary

The precautionary principle requires that we take additional actions to prevent harm when the harm from an activity is uncertain and possibly irreversible. This paper considers whether environmental or other Pigouvian taxes should be precautionary. Should environmental taxes be set higher than otherwise if the harm from pollution is uncertain and irreversible and where we are likely to learn more about the nature of the harm in the future? It concludes that environmental taxes should be set equal to the expected marginal harm from pollution given the currently available information and should be neither raised or lowered because of the prospect of learning or irreversible harm. The reason is that taxes equal to expected marginal harm decentralize decisions to market participants who will, facing these taxes, make appropriate choices about the timing of pollution. Taxes act similarly to property rights in a complete market where market participants produce Pareto outcomes. There are a number of caveats to this conclusion including the possibility of endogenous learning, in which our understanding of the environmental effects of pollution or the available mitigation technologies depends on the level of taxation.
Defining, measuring, and modeling accruals: a guide for researchers

Research on accounting accruals is pervasive. Yet the measurement and modeling of accruals has developed in an ad hoc manner, resulting in a fragmented and incomplete body of research. Our goal is to rectify this situation by (i) providing a comprehensive definition of accruals, (ii) formulating a corresponding empirical measure of accruals, (iii) offering two decompositions of our measure that encapsulate the major classes of accruals studied elsewhere, (iv) combining and expanding prior models of the fundamental determinants of accruals into one parsimonious model, and (v) identifying the primary determinants of each of the major classes of accruals. We close by providing guidance for researchers in tailoring the selection of accruals to the research question at hand.
Terror on the High Seas: The Trade and Development Implications of U.S. National Security Measures

National security has become the byword in a post-September 11 world order. In the face of increasing terrorist threats to domestic ports and the global supply chain, the U.S. impulse to take protective action is at the very least understandable. The question therefore is not should the United States take security measures but how should it implement such measures? The Container Security Initiative, the cornerstone of U.S. efforts to safeguard America's ports, ships and cargo, strikes a balance between protecting U.S. interests without unduly burdening the efficacy of the supply chain. It wholly fails to acknowledge or explore the potential disruption to the trade of developing countries - the world's most fragile economies. This article maintains that by failing to consider its impact on development, CSI fails to strike the proper balances. CSI thus violates U.S. obligations under Article I of the General Agreement on Tariffs and Trade, and it is not justified under the national security exception of GATT Article XXI because it lacks a development dimension. This development dimension is implicit in Article XXI when interpreted in context in light of the object and purpose of the WTO Agreement. What does this development dimension entail? How might we craft future measures that protect domestic security while minimizing their trade-distorting, discriminatory, and development-reducing effects?
The Limits of Moral Intuitions for Human Rights Advocacy

The central ambition of human rights advocacy is to get people to care, who might otherwise not, about the suffering of others. To accomplish this, human rights advocates often appeal to moral intuitions by telling stories that evoke moral outrage, indignation, or guilt. Are these sorts of appeals a good way to promote human rights? The conventional wisdom suggests that they are. But perhaps the conventional wisdom is incomplete – perhaps human rights advocates should treat moral intuitions with skepticism rather than uncritical embrace. In this brief essay, I argue that appeals to moral intuitions are problematic because moral intuitions can lead people to make decisions that are suboptimal from the standpoint of the human rights regime’s goals. I attempt to show, in other words, that one of the great assets of the human rights regime – its ability to harness our strong intuitive reaction to the suffering of others – is also one of its great limitations. To make this argument, I draw from the mind sciences literature on moral decision-making. The latest research in this domain suggests that our moral intuitions are fallible. A number of studies have shown, for example, that moral outrage and indignation can cause people to make decisions that they would not defend under cooler conditions. I focus on three particular sorts of moral judgment biases and explore their implications for human rights advocacy. I then evaluate two different normative claims one might make about these moral judgment biases and offer several concluding thoughts. DOI 10.1515/lehr-2015-0002
Innovating to Improve Access: Changing the Way Courts Regulate Legal Markets

Struggling to navigate a world that is increasingly shaped by legal rules and obligations, most ordinary Americans lack real access to courts. Often this means simply forgoing legal rights and entitlements or giving up in the face of claims of wrongdoing. Among those who cannot avoid courts—such as those facing eviction, collection, or foreclosure and those seeking child support, custodial access, or protection from violence or harassment—the vast majority (as many as 99 percent in some cases) find themselves in court without any legal assistance at all. There are many reasons for this lack of meaningful access, including the underfunding of courts and legal aid, but perhaps the most fundamental is the excessively restrictive American approach to regulating legal markets. This regulation, controlled by the American legal profession and judiciary, closes off the potential for significant reductions in the cost of, and hence increases in access to, courts. Unlike the problem of funding, that is a problem th...
Anomalies and Unusual Patterns in Reported Earnings: Japanese Managers Round Earnings

Using Benford's law, this study documents pervasive evidence that managers of Japanese firms tend to engage in earnings manipulative activities of rounding earnings numbers to achieve key reference points. Similar to Carslaw (1988) and Thomas (1989), we find that the first digit of earnings numbers is often emphasized by the management. We also find that key reference points are not limited to the first digit. The second, third, or even fourth digits are sometimes used as the reference points of the rounding earnings behavior. Finally, our results show that the incentives of rounding earnings numbers are negatively associated with the distance of pre-rounded earnings to the next reference point.
Economic growth in a cross-section of cities☆

Abstract We examine the relationship between urban characteristics in 1960 and urban growth between 1960 and 1990. Income and population growth move together, and both types of growth are (1) positively related to initial schooling, (2) negatively related to initial unemployment, and (3) negatively related to the initial share of employment in manufacturing. Racial composition and segregation are uncorrelated with urban growth across all cities, but in cities with large nonwhite communities segregation is positively correlated with population growth. Government expenditures (except for sanitation) are uncorrelated with growth; government debt is positively correlated with later growth.
Rape Law Fundamentals

Modem American rape law is the product of historical contingencies, compromises, legislative inattention, successful reforms, and backlash. It is neither a puzzle to be solved nor a coherent system of rules and values. Perhaps the clearest lesson to draw from our criminal laws regarding sex is that there is little logic, reason, or consistency among them. As a result of its checkered past, myths and misunderstandings about rape law abound. Jed Rubenfeld's recent article, The Riddle of Rape-by-Deception and the Myth of Sexual Autonomy, exemplifies the confusion many courts, scholars, and members of the public have about modem rape law. Rubenfeld's specific proposal to base rape statutes on a right to self-possession, because it is derived from mistaken premises about rape law, would likely make legal over ninety percent of rapes in America. By replacing the non-consent element of modem rape statutes with a narrow force requirement, Rubenfeld's recommendation essentially decriminalizes non-stranger rape and rape by a victim's intoxication. In this Article, I examine the missteps Rubenfeld makes to explain why he ends up supporting such a disastrous conclusion. For example, Rubenfeld sees the need for his right to self-possession theory because he believes that autonomy is the sole basis that scholars offer for the foundation of rape law. However, rape is also properly supported as an independent offense by the nature and severity of harm caused, gender dynamics involved, and terror inflicted on the general population by widespread sexual violence. He also uses specious analogies and idiosyncratic conceptions of autonomy to establish the critical components of his argument. Despite the faults of his specific claims, Rubenfeld points rape scholars in a worthwhile direction. Instead of seeking diminishing returns with statutory tinkering, there is much to be gained by focusing on the foundations of rape law. By better integrating the fundamental values that warrant robust rape laws (autonomy, gender, harm, and terror), the major problems of high rape prevalence, law enforcement failure, and political hostility to rape victims that plague America can be better addressed. t Professor of Law, University of Kansas School of Law. I would like to thank Michelle J. Anderson, 1. Bennett Capers, Anne M. Coughlin, Christopher R. Drahozal, Lumen N. Mulligan, David L. Schwartz, Deborah Tuerkheimer, and Robin L. West for their helpful comments and suggestions. Copyright
The dilution impact of daily fund flows on open-end mutual funds

Abstract We examine how mutual fund flows that are correlated with subsequent fund returns can have a dilution impact on the performance of open-end funds. Active trading of open-end funds has a meaningful economic impact on the returns of passive, nontrading shareholders, particularly in U.S.-based international funds. The overall sample of domestic equity funds shows no dilution impact, but we find an annualized negative impact of 0.48% in international funds (and nearly 1% for a subsample of funds whose daily flows are particularly large). The exchange and pricing policies of mutual funds can thus have important performance-related implications.
The Future of Emotional Harm

Why should tort law treat claims for emotional harm as a second-class citizen? Judicial skepticism about these claims is long entrenched, justified by an amalgam of perceived problems ranging from proof difficulties for causation and the need to constrain fraudulent claims, to the ubiquity of the injury, and a concern about open-ended liability. To address this jumble of justifications, the law has developed a series of duty limitations to curb the claims and preclude them from reaching the jury for individualized analysis. The limited duty approach to emotional harm is maintained by the latest iteration of the Restatement (Third) of Torts. This Article argues that many of the justifications for curtailing this tort have been discredited by scientific developments. In particular, the rapid advances in neuroscience give greater insight into the changes that occur in the brain from emotional harm. Limited duty tests should no longer be used as proxies for validity or justified by the presumed untrustworthiness of the claim. Instead, validity evidence for emotional harm claims — like evidence of physical harm — should be entrusted to juries. This approach will reassert the jury’s role as the traditional factfinder, promote corrective justice and deterrence values, and lead to greater equity for negligent infliction of emotional distress (NIED) claimants. The traditional limitations on tort recovery, including the rules of evidence and causation, are more than adequate to avoid opening the floodgates to emotional distress claims.
Off-Label Drug Use and Promotion: Balancing Public Health Goals and Commercial Speech

Off-label promotion of prescription drugs has become a source of substantial controversy in the past decade. Before a new drug reaches the market, its safety and efficacy must be certified by the Food and Drug Administration (FDA). But the FDA does not simply approve a drug for general use. Rather, it approves drugs for the specific uses requested by manufacturers, who choose the universe of possible indications when they undertake pre-marketing clinical trials. The approval is therefore tied to a particular disease that is the subject of the manufacturer's pre-approval testing and the FDA's formal review. The conditions for which the product is approved are spelled out in the official drug label, including the dose evaluated by the FDA, and the details of administration in which the FDA has determined the drug showed efficacy. The label also describes the safety concerns related to the use.
A Model of economic mobility and the distribution of wealth

This paper introduces new techniques to obtain a closed-form household-by-household characterization of the equilibrium distribution of wealth in a model in which nitely lived heterogeneous households face uninsurable idiosyncratic investment risk. A central result is that the extent of inequality is determined entirely by two factors. The rst factor, household exposure to idiosyncratic investment risk, increases inequality. The second factor, the reversion rates of household wealth (a measure of mean reversion), decreases inequality. We show that economic mobility is decreasing in inequality and increasing in the reversion rates, a result that is consistent with recent empirical observations about the geographic variation in mobility that exists both domestically and internationally. Our approach allows us to examine the implications of increased market completeness in the form of a risk-sharing subgroup of households. We show that a risk-sharing subgroup rises or falls in the equilibrium wealth distribution depending on the level of inequality, and that its presence raises welfare and the rate of wealth accumulation for all households in the economy.
Thoughts on the Fetishization of Cyberspeech and the Turn from “Public” to “Private” Law

In this paper I critically examine recent developments in intellectual property law. In particular, from a point of view informed primarily by Marx and Foucault, I study (a) the rhetoric surrounding the Metallica lawsuit against Napster; (b) a pair of conflicting trademark cases surrounding the ownership of a word on the Internet; and (c) the software industry's move to win approval for "shrink-wrap" or "click here" licenses. I conclude that these developments indicate a new form of disciplinary power, where people are individuated ex ante as consumers. Despite the celebrations of market cyberlibertarians, this move actually masks an increase in overt state power as the state apparatus is invoked to force individuals to agree to behave as disciplined consumers and accede to the system in the first place.
Back in Style

In recent years Duncan Kennedy has turned to the question, what is Contemporary Legal Thought? For the most part, his answers have focused on the modes of legal argument he believes are indigenous to Contemporary Legal Thought in the United States, and possibly, at a transnational or global level as well. In this article, I bracket the question of content and ask instead, if we are interested in exploring the category of a legal ‘contemporary’, how do we do so? What historiographic methods are well-suited to the task of constituting ‘Contemporary Legal Thought’? My focus here is entirely on legal structuralism, the historical method I associate with Kennedy’s work beginning in the 1970s. By the mid-1980s, legal structuralism was under assault and quickly fading from the repertoire of available styles of doing history on the left. By the turn of the century, legal structuralism appeared to have vanished. I think that this was regrettable and unnecessary, and in this article I argue for a return to structuralist historiography. I do not pretend, however, that this return entails a second coming of the totalizing, originary center. Rather, I encourage thinking about legal structuralism in the way that I understand Roland Barthes, Hayden White, and to a large extent Duncan Kennedy himself to have thought about it: as a style. And as a style, legal structuralism is worth reawakening, a style back in style once more.
Systemic Sovereign Credit Risk: Lessons from the U.S. and Europe

Abstract We study the nature of systemic sovereign credit risk using CDS spreads for the U.S. Treasury, individual U.S. states, and major Eurozone countries. Using a multifactor affine framework that allows for both systemic and sovereign-specific credit shocks, we find that there is much less systemic risk among U.S. sovereigns than among Eurozone sovereigns. We find that both U.S. and Eurozone systemic sovereign risk are strongly related to financial market variables. These results provide strong support for the view that systemic sovereign risk has its roots in financial markets rather than in macroeconomic fundamentals.
Beyond Special and Differential Treatment

Developing country concern over flawed special and differential treatment (SD create binding and unconditional preferential market access; provide adequate time to implement complex new trade agreements; create truly "precise, effective and operational" SD and adequately fund technical assistance.
From families to formal contracts: An approach to development☆

Abstract This paper develops a theory in which individuals can use one of two types of human/social capital to enforce contracts: “Local capital” relies on families and other personal networks; “market capital” relies on impersonal market institutions such as auditors and courts. Local capital is efficient when most trading is local, but only market capital can support trading between strangers that allows extensive division of labor and industrialization. We show that economies with a low cost of accumulating local capital (say, because people live close together) are richer than economies with a high cost of accumulation when long distance trade is difficult, but are slower to transition to impersonal market exchange (industrialize) when long distance trade becomes feasible. The model provides one way to understand why the wealthiest economies in 1600 AD, China, India, and the Islamic Middle East, industrialized more slowly than the West. We report an array of historical evidence documenting the pre-industrial importance of family and kinship networks in China, India, and the Islamic world compared to Europe, and the modernization problems linked to local capital.
Estimating Real Estate Price Movements for High Frequency Tradable Indexes in a Scarce Data Environment

Indexes of commercial property prices face much scarcer transactions data than housing indexes, yet the advent of tradable derivatives on commercial property places a premium on both high frequency and accuracy of such indexes. The dilemma is that with scarce data a low-frequency return index (such as annual) is necessary to accumulate enough sales data in each period. This paper presents an approach to address this problem using a two-stage frequency conversion procedure, by first estimating lower-frequency indexes staggered in time, and then applying a generalized inverse estimator to convert from lower to higher frequency return series. The two-stage procedure can improve the accuracy of high-frequency indexes in scarce data environments. In this paper the method is demonstrated and analyzed by application to empirical commercial property repeat-sales data.
Compensation goals and firm performance

Abstract Using a large data set of performance goals employed in executive incentive contracts, we find that a disproportionately large number of firms exceed their goals by a small margin as compared to the number that fall short of the goal by a similar margin. This asymmetry is particularly acute for earnings goals, when compensation is contingent on a single goal, when the pay-performance relationship around the goal is concave-shaped, and for grants with non-equity-based payouts. Firms that exceed their compensation target by a small margin are more likely to beat the target the next period and CEOs of firms that miss their targets are more likely to experience a forced turnover. Firms that just exceed their Earnings Per Share (EPS) goals have higher abnormal accruals and lower Research and Development (R&D) expenditures, and firms that just exceed their profit goals have lower Selling, General and Administrative (SG&A) expenditures. Overall, our results highlight some of the costs of linking managerial compensation to specific compensation targets.
On the Perils of Hyperfine Splitting: A Reanalysis of MN and SC Abundance Trends

We investigate the impact of hyperfine splitting on stellar abundance analyses of Mn and Sc and find that incorrect hyperfine splitting treatment can lead to spurious abundance trends with metallicity. We estimate corrections to a recent study by Nissen et al. and find (1) [Mn/Fe] is described by a bimodal distribution, with [Mn/Fe] ~ -0.3 for stars with [Fe/H] < -0.7 and [Mn/Fe] ~ -0.05 for stars at higher metallicity, suggestive of a transition between halo/thick-disk and thin-disk populations, and (2) the large majority of stars show nearly solar [Sc/Fe] ratios, although important deviations cannot be ruled out.
An Empirical Examination of the Relationship between Bond Risk Premiums and Loss Contingency Disclosures

Prior research on the relationship between loss contingency disclosures and equity market parameters implies that such disclosures may provide useful information to equity market participants. However, there is no empirical evidence on the relationship between loss contingency data and bond market parameters. Using methods from continuous-finance theory, we model risk premiums on new issues as a function of default risk, issue traits, the risk-free rate, the severity level of loss contingency disclosures, and the frequency of such disclosures. Our results imply that both the severity-level and frequency of reported contingencies are positively related to the magnitude of risk premiums assessed on new bond issues. In economic terms, a one-unit increase in the severity level of a contingency disclosure increases the yield premium by 0.034 percentage points. Similarly, each additional contingency reported by the firm during our sample period increased the yield premium by 0.305 percentage points.