cssi/SciSciGPT-SciSciNet huggingface dataset:
The Emperor Has No Copyright: Registration, Cultural Hierarchy, and the Myth of American Copyright Militancy

This Article subverts the myth of American copyright militancy by providing a more nuanced view of our enforcement regime and detailing how, in the age of mechanical (and digital) reproduction, procedural nicities establish cultural hierarchy through the selective restoration of Benjaminian 'aura' to creative works. As it turns out, the Emperor has been sold a suit of copyright that leaves a surprising number of authors naked-without sufficiendy meaningful remedies for infringements of their creative output. Copyrighted works are effectively placed into a hierarchy of protection that, in many ways, safeguards creators less vigorously than regimes in other countries. Through the use of ostensibly neutral formalities, the current system privileges the interests of repeat, sophisticated rights holders, often at the expense of smaller, less sophisticated creators. Moreover, existing law practically encourages certain kinds of infringement. In the end, sophisticated players enjoy powerful remedies when enforcing their copyrights. They dangle the legal Sword of Damocles--draconian statutory damages--over the heads of accused infringers, threatening to hand defendants their heads on a platter with more fervor than Salom6's dance (to licensed music, of course). By sharp contrast, when they function as users of intellectual property (something all creators do), these same players often face only the most paltry of penalties for unauthorized exploitation-even when they infringe willfully. Our copyright regime therefore beatifies the works of elites-consecrating their cultural production as sacred texts and subjecting © 2009 John Tehranian. t Professor of Law and Director, Entertainment Law Center, Chapman University School of Law. I would like to thank Mark Bartholomew, David Carson, Jonathan Handel, Eric Goldman, Ernesto Hernandez-Lopez, Chris Koras, Tyler Ochoa, Pamela Samuelson, Alfred Yen, and all of the participants of the Conference on the 100th Anniversary of the 1909 Copyright Act, co-sponsored by the Berkeley Center for Law & Technology, University of California, Berkeley School of Law, and the High Technology Law Institute, Santa Clara University School of Law, for their helpful comments and thoughts on this Article. Parts of this article come from my forthcoming book Infringement Naion: Making the Case for Copyright 2.0 (Oxford University Press). BERKELEY TECHNOLOGY LAW JOURNAL [Vol. 24:4 any use to permission and payment-while rendering the creative output of the rest of society into fodder for unauthorized manipulation and commercialization. The point of this analysis is not to call for even greater copyright protection for all creators. Rather, this Article deconstructs the beneficiaries of the existing regime and highlights the need for holistic reform that equalizes protection among different classes of authors and rights holders while also balancing the interests of copyright users.
Dynamics in health and employment: Evidence from Indonesia

This paper examines the consequences of disability, identifying for the first time, the separate impacts of onsets and recoveries from disability on both employment status and hours worked using panel data from Indonesia. We find that changes in physical functioning have no affect hours worked among the employed. However, we find that onsets of physical limitations lead to an increase in the probability of leaving employment, while recoveries increase the probability of returning to work. We also find a larger effect among self-employed workers compared to salaried workers. These results overall point towards a need for social protection policies with a focus on health, disability, and employment in Indonesia.
Federalism as the New Nationalism: An Overview

This paper marks the emergence of a nationalist school of federalism. It serves as the introduction to a symposium that brings together the work of five scholars who have made unique contributions to the field. This introduction argues that, taken together, the essays collected in this symposium suggest that federalism is the new nationalism. Shorn of the trappings of sovereignty and separate spheres, detached from the notion that state autonomy matters above all else, attentive to the rise of national power and the importance of national politics, this work offers a descriptive and normative account that is deeply nationalist in character. Nationalists often pride themselves on taking a clear-eyed view of on-the-ground realities, rebuking federalism’s proponents for not coming to grips with the changes in federal power brought on by the New Deal. But the nationalists are now the ones behind the times, as they have not yet absorbed how much state power has changed in recent years. States now serve demonstrably national ends and, in doing so, maintain their central place in a modern legal landscape. This papers identifies the basic tenets of the nationalist school. It is organized around the five features needed for any account of federalism: (1) a tally of the ends served by devolution, (2) an inventory of the governance sites that matter, (3) an account of what gets the system up and running, (4) a description of how the national and local interact, and (5) and “rules of engagement” to guide those interactions. In each instance, the nationalist school of federalism departs from state-centered accounts of federalism and pushes toward a nationalist vision of devolution’s virtues.
Distributed governance at the WTO-WIPO: an evolving model for open-architecture integrated governance

WTO governance has traditionally reflected the interests of producers channeled through government trade negotiators. The producer-driven governance model is not suited to the highly integrated international society of the 21st century. The WTO governance structure should be adapted to account for more diverse interests, including those of marginalized developing countries, NGOs, and individuals. One aspect of this adaptation should involve more highly integrated relations between the WTO and other multilateral institutions. The inter-institutional relationship that has evolved between the WTO and the World Intellectual Property Organization (WIPO) since the conclusion of the Uruguay Round evidences a number of characteristics that might usefully form the basis for relations between the WTO and other international organizations. The WTO-WIPO relationship effectively enhances the breadth of subject matter interests and the administrative capacity of each organization, and it provides a suitable forum for the negotiation of incremental and experimental intellectual property rules that are needed in response to technological change. A second aspect of institutional adaptation concerns increasing the participation of wider segments of international society in multilateral rule-making. The WIPO Internet Domain Name Process was a unique governance exercise that employed elements of direct democracy at the international level and the management of an organizational bureaucracy (the WIPO International Bureau). This type of process might usefully be employed in other contexts, such as by the FAO/WHO in developing health and safety guidelines in connection with genetically modified organisms (GMOs).
Informed trading reactions to new private information: Evidence from nonpublic merger negotiations

Theory provides competing predictions on whether informed investors immediately trade on newly generated private information. We address this question using Securities and Exchange Commission–manda...
How management risk affects corporate debt

Management risk, which reflects uncertainty about the management's value added, is an important yet unexplored determinant of a firm's default risk and debt pricing. CDS spreads, loan spreads and bond yield spreads all increase at the time of management turnover, when management risk is highest, and decline over the first three years of CEO and CFO tenure, regardless of the reason for the turnover. These effects all vary with the ex ante uncertainty about the new management. Understanding the effects of management risk on corporate liabilities has a number of implications for the pricing of liabilities and corporate financial management.
The Rise of Institutional Law Practice

For generations, the legal profession has assumed that only individual lawyers practice law. Ethical standards have been largely, if not exclusively, directed at individuals, and practice organizations have been regulated to prevent limiting individual lawyer professional judgment. The world in which lawyers now practice makes the individualized model obsolete. The complexity of modern law narrows the breadth of any individual lawyer’s practice and makes law firms and other practice organizations inevitable. Firms, in turn, must maintain both ethical compliance and a high level of service quality that is inconsistent with lawyers behaving idiosyncratically. This Article explores these developments and suggests changes in the rules governing lawyer conduct needed to respond to the possibilities and problems the developments create.
Campaign Spending, Diminishing Marginal Returns, and Campaign Finance Restrictions in Judicial Elections

For years, scholars of elections have argued about whether campaign finance limitations adversely affect electoral competition. In this article, we examine how the institutional campaign finance restrictions differentially affect the performance of incumbents and challengers. Using elections for the state high court bench between 1990 and 2004, we demonstrate that candidate spending in judicial elections has diminishing marginal returns, but that the returns to challenger spending diminish more slowly than incumbent spending. Since this is the case, campaign finance restrictions that limit candidate spending disproportionately harm challengers, increasing the incumbency advantage and decreasing electoral competition. More specifically, we show that states with more stringent contribution limits have lower levels of candidate spending, and these restrictions thus put challengers at a competitive disadvantage.
Firm cash holdings and CEO inside debt

We examine the effect of CEO pensions and deferred compensation (inside debt) on firm cash holdings and the value of cash. We document a positive relation between CEO inside debt and firm cash holdings. This positive effect is magnified by firm leverage and mitigated by the presence of financial constraints. We further find that the marginal value of cash to shareholders declines as CEO inside debt increases. Our evidence supports the view that inside debt tilts managerial incentives toward bondholders and helps balance the competing interests of stockholders and bondholders. The evidence also suggests, however, that inside debt can harm shareholder value by encouraging excess cash holdings.
WORLDWIDE ECONOMETRICS RANKINGS: 1989-2005

This paper updates Baltagi’s ~2003, Econometric Theory 19, 165–224! rankings of academic institutions by publication activity in econometrics over the period 1989–1999 to the period 1989–2005+ This ranking is based on 16 leading international journals that publish econometrics articles+ It is compared with the prior rankings by Hall ~1987, Econometric Theory 3, 171–194; 1990, Econometric Theory 6, 1–16! for the period 1980–1988+ In addition, a list of the top 150 individual producers of econometrics in these 16 journals over this 17-year period is provided+ This is done for theoretical econometrics and also for all contributions in econometrics+ Sensitivity analysis is provided using ~i! alternative weighting factors given to the 16 journals taking into account impact citations, excluding self-citations, size and age of the journal, ~ii! alternative time intervals, namely, 2000–2005, 1995–2005, and 1989–2005, ~iii! alternative ranking using the number of articles published in these journals, ~iv! separate rankings for both institutions and individuals by journal, ~v! rankings for institutions and individuals based on publications in three core econometrics journals+ What is certain is that econometrics now occupies a position in teaching programs that puts it on an equal footing with microeconomic and macroeconomic theory; and in research there seems to be no area of economics untouched by econometric method. To keep abreast of these changes, we intend to provide regular updates of the rankings of research activity presented in this issue of Econometric Theory+ —Peter C+B+ Phillips ~1987, Econometric Theory 3, 169!
Pretrial Settlement with Fairness

Abstract We introduce fairness into three models of pretrial settlement and find that it increases the incidence of trial in each. A taste for fairness is reflected in the percentage of their own trial costs a party is willing to give up in accepting a pretrial offer. In models of asymmetric information, a taste for fairness lowers the cost of a rejected offer and so increases the incidence of trial. In an optimism model, a taste for fairness increases the probability that a contract zone will fail to exist, and thereby increases the incidence of trial.
Capital structure decisions: Evidence from deregulated industries

Abstract Deregulation significantly affects the firms’ operating environment and leverage decisions. Firms experience a significant decline in profitability, asset tangibility and a significant increase in growth opportunities following deregulation. Firms respond by reducing leverage. Deregulation also significantly affects the cross-sectional relation between leverage and its determinants. Leverage is much less negatively correlated with profitability and market-to-book and much more positively (negatively) correlated with firm size (earnings volatility) following deregulation. These results are consistent with the dynamic tradeoff theory of capital structure. Also consistent with the dynamic tradeoff theory, those firms that are more likely to be above their target capital structure issue significantly more equity in the first few years following deregulation.
Federalism in the European Union and the United States Subsidiarity, Private Law, and the Conflict of Laws

The United States has long been a source of influence and inspiration to the developing federal system in the European Union. As E.U. federalism matures, increasingly both systems may have the opportunity to profit from each other’s experience in federal regulatory theory and practice. This article analyzes aspects of the federal ordering in each system, comparing both historical approaches and current developments. It focuses on three legal topics, and the relationship between them: (1) the federal regulation of matters of private law; (2) rules of the conflict of laws, which play a critical role in regulating cross-border litigation in an era of global communications, travel and trade; and (3) “subsidiarity,” which is a key constitutional principle in the European Union, and arguably also plays an implicit and under-analyzed role in U.S. federalism. The central contention of this Article is that the treatment of each of these areas of law is related —that they should be understood collectively as part of the range of competing regulatory strategies and techniques of each federal system. It is not suggested that “solutions” from one system can be simply transplanted to the other, but rather that the experiences of each federal order demonstrate the interconnectedness of regulation in these three subject areas, offering important insights from which each system might benefit.
Corporate elites and corporate strategy: how demographic preferences and structural position shape the scope of the firm

This study combines elements of the upper echelons and agency perspectives to resolve some of the ambiguity surrounding how corporate elites affect corporate strategy. We propose and test the notion that while differences in individual characteristics of corporate elites may imply different preferences for particular corporate strategies such as diversification and acquisitions, these basic preferences, when situated in different agency contexts (e.g., CEO, outsider director, non-CEO top management team member), generate very different strategic outcomes. Our detailed empirical findings, based on extensive longitudinal governance and corporate strategy data from large U.S. corporations, also highlight the pitfalls of using aggregate units of analysis (e.g., board of directors or top management team) when studying the influence of corporate elites on corporate strategy. Copyright © 2004 John Wiley & Sons, Ltd.
The constitutional implications of human cloning.

Given the theoretical inevitability of human cloning, this Article attempts to fill a current intellectual void by providing an analysis of the most significant legal implications of cloning human beings. Part II sets forth the basic science behind cloning and how cloning differs from other, non-traditional forms of procreation such as in vitro fertilization and artificial insemination. Part III discusses the most commonly feared “science fiction” abuses associated with human cloning and current laws that may prevent such abuses from occurring. Part IV discusses the possible constitutional impediments to banning human cloning, including the First Amendment, the procreational liberty interest of the Due Process Clause, and the Equal Protection Clause. Part V considers the possible governmental interest in regulating human cloning to assess whether such regulation would survive the applicable level of judicial scrutiny. The Article concludes that, contrary to popular public opinion, the current legal regime appears prepared to handle human cloning. Moreover, should Americans wish to ban the practice, they may not be able to do so consistent with the current Constitution.
Federal Control of Carbon Dioxide Emissions: What are the Options?

The U.S. Supreme Court in Massachusetts v. EPA held that carbon dioxide is a pollutant under the Clean Air Act (CAA) and remanded the case to EPA. The Agency must decide whether CO2 emissions contribute to climate change. If the Agency responds affirmatively, it must meet other requirements of the CAA in order to regulate carbon dioxide or other greenhouse gases (GHGs). This Article explains why the CAA is a poor vehicle for regulating GHGs and covers in detail the difficulties that will arise in trying to use the Act to reduce CO2 emissions. The Article then turns to what should be done to develop an energy policy that will effectively reduce U.S. GHG emissions. It examines the options for control, including the use of taxes and cap-and-trade programs and evaluates some of the most important legislative proposals being considered. It then turns to the two major sources of GHGs—electric power production and motor vehicle use—and addresses how the adverse impact these sources have on our climate could be reduced.
"Lochner v. New York" (1905) and "Kennedy v. Louisiana" (2008): Judicial Reliance on Adversary Argument

It was Thursday morning, February 23, 1905, and Chief Justice Melville W. Fuller opened oral argument in a case destined to shape the course of American constitutional history. The Supreme Court’s calendar that day included a largely unnoticed appeal by Joseph Lochner, the owner of a small bakery in Utica, a city of about 63,000 persons in rural upstate New York. Three years earlier, the state had fined Lochner $50 for employing a worker for more than sixty hours a week in violation of the state’s Bakeshop Act, a maximum-hours law passed unanimously by both houses of the legislature and swiftly signed by Governor Levi P. Morton in 1895. By a narrow five-to-four vote, the Court reversed the bakery owner’s misdemeanor conviction. Writing for the majority, Justice Rufus W. Peckham held that the Act violated “liberty of contract,” an interest that a few Court decisions had found in the Fourteenth Amendment’s Due Process Clause. The constitutional liberty enjoyed by Joseph Lochner and his employees alike, wrote Justice Peckham, turned on whether the 1895 legislation was “a fair, reasonable and appropriate exercise of the police power of the State,” or whether the legislation was “an unreasonable, unnecessary, and arbitrary interference with the right of the individual to his personal liberty or to enter into those contracts in relation to labor which may seem to
The impact of the partnership long-term care insurance program on private coverage.

We examine the impact of U.S. states’ adoption of the partnership long-term care (LTC) insurance program on households’ purchases of private coverage. Targeting middle-class households, this program increases the benefits of privately insuring via a higher asset threshold for Medicaid eligibility for LTC coverage. We find that the program generates few new purchases of LTC insurance, and that those it generates are almost entirely by wealthy individuals.
Compelling Orthodoxy: Myth and Mystique in the Marketing of Legal Education

This article seeks to demonstrate the negative effects of law schools’ preoccupations with enhancing their image and marketing strategy, especially as they are reflected in both scholarship and academic freedom.
Prospect Theory predictions in the field: Risk seekers in settings of weak accounting controls

In his review of 30 years of research in Prospect Theory, Barberis (2013) notes that support for Prospect Theory had come mainly from the laboratory. In this paper, I write about a recurring phenomenon in real life that is consistent with Prospect Theory predictions in decision-making loss domain. The 60 cases noted in this paper are associated with specific risk seekers that had cost more than $140 billion (an average of $2.33 billion per case). Given space consider–ations, I provide synopses for 14 cases. A few of these cases have been discussed in the extant literature in connection with internal control, but were not considered from the perspective of Prospect Theory. It is striking that these cases are costly, all participants are young men, and almost all had followed the gambler's martingale strategy – i.e., double down. While these cases are informative about risk-seeking behavior, they are not sufficiently systematic to be subjected to stylized archival research methods.
Prospect Theory or Skill Signaling

Failure is embarrassing. In gambles involving both skill and chance, we show that a strategic desire to avoid appearing unskilled generates behavioral anomalies that are typically explained by prospect theory’s concepts of loss aversion, probability weighting, and framing effects. Loss aversion arises because losing any gamble, even a friendly bet with little or no money at stake, reflects poorly on the decision maker’s skill. Probability weighting emerges because winning a gamble with a low probability of success is a strong signal of skill, while losing a gamble with a high probability of success is a strong signal of incompetence. Framing matters when there are multiple equilibria and the framing of a gamble affects beliefs, e.g., when someone takes a “dare” rather than admit a lack of skill. The analysis is based on models from the career concerns literature and is closely related to early social psychology models of risk taking. The results provide an alternative perspective on the existence of prospect theory behavior in economic, financial, and managerial decisions where both skill and chance are important. We identify specific situations where skill signaling makes opposite predictions than prospect theory, allowing for tests between the strategic and behavioral approaches to understanding risk.
At War With the Environment

In this Article, Professor Wirth reviews the book National Defense and the Environment by Stephen Dycus, a recognized expert in both environmental and national security law. The emphasis of the book is on containing and remediating the environmental excesses of the American defense-industrial complex, with a domestic policy focus. While Professor Wirth considers Dycus' work an intellectually rewarding and refreshing new entry into the ongoing environment-as-security colloquy, he does not consider the book to be accessible to a general audience given the book's fundamentally legalistic nature.
Poverty Lawyering in a New Millennium

Despite draconian cuts and restrictions in Federal funding for the Legal Services Corporation, the conversations conducted and papers written as part of the 1997 Arthur Liman Colloquium paradoxically highlight the continuing vitality of poverty lawyering. The paradox can be explained by the participation of committed law students and new lawyers who, while lamenting the difficulties of the Legal Services Corporation, see opportunities for productive lawyering. Practicing poverty law requires living in a set of contradictions. Ruth Buchanan describes these contradictions: the issue of disempowerment at the level both of institutions and individuals, the need to understand the law's double role as a tool for change and reproduction of hierarchies, and the possibility of change and understanding of limits. She points out that each generation of poverty lawyers must deal with these contradictions in the context of its own time.1
Asia and Global Competition Law Convergence

Two topics have featured in discussions of transnational competition law over the last few years — the evolution of competition law in Asia and the global convergence of competition laws. The role of Asia, especially China, in global competition law development has attracted attention primarily because of the dramatically increased economic importance of the region and because of the resulting political and economic leverage that this economic importance has generated for the enforcement of the region’s competition laws. Convergence is a central topic because it represents what is widely considered to be the only currently viable strategy for global competition law development. Curiously, however, the relationship between these two topics is seldom a focus of examination. This chapter sketches elements of that relationship.My objective here is to identify some of the factors in the dynamics of Asian competition law systems that may influence Asia’s role in convergence as a global strategy and thereby impact both the success of such a strategy and its shape. We focus here on decisions and on decisional influences — that is, factors that can be expected to influence decisions by relevant decision-makers.
Eldred's Aftermath: Tradition, the Copyright Clause, and the Constitutionalization of Fair Use

This article analyzes the ramifications of Eldred v. Ashcroft, for both constitutional law and intellectual property law. The Supreme Court upheld the twenty year extension of existing and future copyrights. A broad coalition had challenged the constitutionality of the term extension, on both Copyright Clause and First Amendment grounds. I. With respect to First Amendment law generally, the article analyzes whether Eldred can be read as using "traditionalism" to define the scope of protected rights under the First Amendment. Such a reading could represent a considerable change in First Amendment law. II. Eldred leaves open the possibility of First Amendment scrutiny of nontraditional copyright protection. Thus, Eldred may strengthen First Amendment arguments against various nontraditional protections in the copyright statute, such as protection for anticircumvention technologies, for copyright management information, and digital rights management technologies. III. Eldred could affect the ever-changing role of the fair use doctrine. Fair use has been threatened by various judicial decisions, legislation, and academic theories. Eldred, however, firmly grants fair use constitutional status, by making it a basis for the constitutionality of copyright law in general. Fair use may now also play a greater role in protecting expressive interests with respect to use of copyrighted works. IV. Eldred also plays a role in federalism. The Court declined to impose the sort of limits that it has applied in the Commerce Clause area. But Eldred could nonetheless affect the interplay between federal and state intellectual property law. Eldred gives strength to arguments that federal policies central to copyright (such as fair use and the idea/expression dichotomy) should not be frustrated by conflicting state law in such areas as software licensing and database protection.
Debt overhang and bank bailouts

When a bank is deemed 'too big to fail' by regulators, it may be tempted to buy risky assets. This paper analyses bank bailouts involving the purchases of toxic assets, preferred stock and common stock when the government wants to encourage efficient lending. It finds that preferred stock recapitalisations are the least efficient in correcting debt overhang problems from both an ex post and ex ante perspective. In contrast, efficient lending and voluntary participation can be best achieved without subsidy by purchasing either toxic assets or common stock. Nevertheless, troubled banks must be subsidised if they will voluntarily participate in any recapitalisation.
TOPPING INFORMAL RISK POOLING WITH INDEXED INSURANCE: A VAR APPLICATION

Value at Risk (VaR) is applied to investigate the potential of incentives for member selection in an index insuring mutual group of farmers. Member selection could have far reaching impications of introducing indexed insurance in smallholder economies. Results indicate that there are no incentives for member selection.
Why the Google Books Settlement is Procompetitive

Although the Google Books Settlement has been criticized as anticompetitive, I conclude that this critique is mistaken. For out-of-copyright books, the settlement procompetitively expands output by clarifying which books are in the public domain and making them digitally available for free. For claimed in-copyright books, the settlement procompetitively expands output by clarifying who holds their rights, making them digitally searchable, allowing individual digital display and sales at competitive prices each rightsholder can set, and creating a new subscription product that provides digital access to a near-universal library at free or competitive rates. For unclaimed in-copyright books, the settlement procompetitively expands output by helping to identify rightsholders and making their books saleable at competitive rates when they cannot be found. The settlement does not raise rival barriers to offering any of these books, but to the contrary lowers them. The output expansion is particularly dramatic for commercially unavailable books, which by defi nition would otherwise have no new output. JEL Codes: K21, L12, L40, L41, L42, L49.
The small size of the small scale market: The early-stage labor market for highly skilled nanotechnology workers

We examine the labor market for the highly trained in nanotechnology and the response of universities toward providing training. We draw comparisons with the labor market and university response in bioinformatics. The demand analysis is based on position announcements in Science in 2002 compared to 2005. We also analyze online position announcements in late 2005 and early 2006. Our analysis leads us to conclude that at the present time the market is small and growing for positions in academe and at FFRDCs, small and stable for positions at firms. Our analysis of training leads to the conclusion that the pipeline is being filled primarily through a principal investigator approach, where a student is attached to one faculty member's lab, rather than to a formal program. The fundamental difference between nanotechnology and bioinformatics in this respect may be due to differences in the opportunities available to universities and faculty.
Rehabilitation Act Redux

The Americans with Disabilities Act ("ADA") was hailed as an "emancipation proclamation" for people with disabilities at the time of its passage in 1990. Since then, a number of Supreme Court opinions have significantly limited the scope and effectiveness of the ADA. Perhaps most significantly, in 2001, in the case of University of Alabama v. Garrett, the Court found that Title I of the ADA did not validly abrogate the sovereign immunity of the states. Three years later, in Tennessee v. Lane, the Court upheld Title II of the ADA, but only on an as-applied basis. Lane's as-applied approach, while favorable to its individual litigants, renders it highly likely that some applications of Title II will ultimately be subject to successful sovereign immunity attack. For obvious reasons, these developments have generated substantial concern within the disability rights and academic communities regarding the adequacy of alternate legal protections for individuals with disabilities. Despite this widespread concern, most of the legal scholarship that has addressed post-2001 legal protections for individuals with disabilities has discussed the ADA's predecessor, - 504 of the Rehabilitation Act, in a cursory fashion, if at all. This relatively skimpy treatment of the Rehabilitation Act's protections has left a fairly substantial gap in the understanding of whether the Rehabilitation Act may serve as an adequate substitute for the ADA in the area of public employment and services. This article fills this gap in existing legal scholarship by providing a detailed comparison of the substantive reach of - 504 of the Rehabilitation Act and of the ADA. The article ultimately concludes that in nearly all respects, - 504 of the Rehabilitation Act should provide an adequate substitute for the ADA in bringing claims against state and local government actors.
Do fiduciary duties contained in federal tax laws effectively promote national health care policies and practices

The essay concentrates first on whether the fiduciary responsibilities of the governing board of a tax-exempt § 501(c)(3) hospital under current federal tax laws effectively promotes national health care policies and practices. Then it considers whether expansion of the duties imposed by federal tax statutes would further contribute to the advancement of our health care goals by promoting more publicly beneficial health care policies and practices of § 501(c)(3) hospitals.
Long Term Effects of “Prosperity in Youth” on Consumption: Evidence from China

We test for the long-term impact of experiencing “prosperity in youth” (PIY) on non-traditional category consumption. Using unique twenty-year panel data of individuals from nine Chinese provinces with varying levels of per-capita GDP and rates of per-capita GDP growth, we find robust evidence for the PIY effect. We find both a direct effect of one’s own prosperity and an indirect effect of the prosperity of one’s province during youth on long-term consumption. In particular, the indirect PIY effect is driven more strongly by individuals with low incomes during youth — suggesting that norms and aspirations created by the consumption of non-traditional categories by the rich during one’s youth have significant impact on long-term consumption — almost the same magnitude as the direct effect. The analysis also highlights the importance of separating cohort effects from life cycle effects for taste based products. We highlight the marketing implications for non-traditional categories in emerging markets.
Country-specific sentiment and security prices.

Abstract I study the effect of country-specific sentiment on security prices. I provide evidence that a country’s popularity among Americans affects US investors’ demand for securities from that country and causes security prices to deviate from their fundamental values. Moreover, I find that country popularity is positively associated with the intensity of US cross-border mergers and acquisitions activity, suggesting that country popularity also affects firms’ investment decisions.
Religion and the Acceptability of White-Collar Crime: A Cross-National Analysis

This article examines whether shared religious beliefs and religious social relationships (Durkheim) and belief in a personal, moral God (Stark) negatively affect attitudes toward the acceptability of white-collar crime. In addition, using a large cross-national sample and estimating multilevel models, we test whether effects are conditional on modernization and religious contexts characterized by belief in an impersonal or amoral God. Shared religious beliefs and the importance of God in one’s life are negatively related to the acceptability of white-collar crime. These effects, however, weaken in religious contexts characterized by belief in an impersonal or amoral God as do the effects of religious social relationships and belonging to a religious organization; modernization, on the other hand, does not have a moderating effect. In short, religious belief is associated with lower acceptance of white-collar crime and certain types of religious contexts condition this relationship.
To hold out or not to hold out

A recent literature has developed that combines two prominent empirical approaches to ex ante policy evaluation: randomized controlled trials (RCT) and structural estimation. The RCT provides a \gold-standard" estimate of a particular treatment, but only of that treatment. Structural estimation provides the capability to extrapolate beyond the experimental treatment, but is based on untestable assumptions and is subject to structural data mining. Combining the approaches by holding out from the structural estimation exercise either the treatment or control sample allows for external validation of the underlying behavioral model. Although intuitively appealing, this holdout methodology is not well grounded. For instance, it is easy to show that it is suboptimal from a Bayesian perspective. Using a stylized representation of a randomized controlled trial, we provide a formal rationale for the use of a holdout sample in an environment in which data mining poses an impediment to the implementation of the ideal Bayesian analysis and a numerical illustration of the potential benets of holdout samples. (JEL C11, C31, C52)
Regulating Exclusion from Financial Markets

We study optimal enforcement in credit markets in which the only threat facing a defaulting borrower is restricted access to financial markets. We solve for the optimal level of exclusion, and link it to observed institutional arrangements. Regulation in this environment must accomplish two objectives. First, it must prevent borrowers from defaulting on one bank and transferring their resources to another bank. Second, and less obviously, it must give banks the incentive to make sizeable loans, and to honor their promises of future credit. We establish that the optimal regulation resembles observed laws governing default on debt. Moreover, if debtors have the right to a “fresh start” after bankruptcy then this must be balanced by enforceable provisions against fraudulent conveyance. Our optimal regulation is robust, in that it can be implemented in a way that does not require the regulator to have information about either the borrower or lender. Our results isolate the way in which specific institutions surrounding bankruptcy — namely rules governing asset garnishment and fraudulent conveyances — support loan markets in which borrowers have no collateral.
Evaluating Allocations of Freedom

This paper develops a formal approach to evaluating freedom in interactive settings based on the literatures on preference for exibility and measurement of diversity. The approach posits that freedom has an instrumental component{grounded in preferences{ and an intrinsic component. The philosophical justication and implications of the approach are considered. In particular, we discuss the nature of the required value judgments. Potential conicts between freedom and eciency are explored. On a technical level, the paper extends the notion of a diversity measure (Nehring and Puppe 2002) to menus of lotteries, which is what is needed to evaluate freedom when many agents seek exibility simultaneously.
SIMULTANEOUS EQUATION ECONOMETRICS: THE MISSING EXAMPLE

For introductory presentation of issues involving identification and estimation of simultaneous equation systems, a natural vehicle is a model consisting of supply and demand relationships to explain price and quantity variables for a single good. One would accordingly expect to find in introductory econometrics textbooks a supply-demand example featuring actual data in which structural estimation methods yield more satisfactory results than ordinary least squares. In a search of 26 existing textbooks, however, we have found no such example—indeed, no example with actual data in which all parameter estimates are of the proper sign and statistically significant. This absence is documented in the present paper. Its main contribution, however, is the development of a simple but satisfying example, for broiler chickens, based on U.S. annual data over 1960-1999. Some discussion of the historically notable beef example of Tintner (1952) is included.
THE MOMENT FORMULA FOR IMPLIED VOLATILITY AT EXTREME STRIKES

Consider options on a nonnegative underlying random variable with arbitrary distribution. In the absence of arbitrage, we show that at any maturity T, the large-strike tail of the Black-Scholes implied volatility skew is bounded by the square root of 2|x|/T, where x is log-moneyness. The smallest coefficient that can replace the 2 depends only on the number of finite moments in the underlying distribution. We prove the moment formula, which expresses explicitly this model-independent relationship. We prove also the reciprocal moment formula for the small-strike tail, and we exhibit the symmetry between the formulas. The moment formula, which evaluates readily in many cases of practical interest, has applications to skew extrapolation and model calibration.
INFRASTRUCTURE: OPTIMAL PRIVATE AND GOVERNMENTAL FUNDING AND PROVISION

The excess burden of taxation, which in the US is over $1 trillion, could be reduced by transferring responsibility for funding infrastructure to the private sector, with a corresponding cut in taxes. While governments may resist optimal taxation, private communities are induced to do so by competition. A promising approach to efficient funding of civic infrastructure is its transfer to private enterprise
Effect of Collective Neutrino Oscillations on the Neutrino Mechanism of Core-Collapse Supernovae

In the seconds after collapse of a massive star, the newborn protoneutron star (PNS) radiates neutrinos of all flavours. The absorption of electron-type neutrinos below the radius of the stalled shockwave may drive explosions (the ‘neutrino mechanism’). Because the heating rate is proportional to the square of neutrino energy, flavour conversion of μ and τ neutrinos to electron-type neutrinos via collective neutrino oscillations (CνO) may in principle increase the heating rate and drive explosions. In order to assess the potential importance of CνO for the shock revival, we solve the steady-state boundary value problem of spherically symmetric accretion between the PNS surface (rν) and the shock (rS), including a scheme for flavour conversion via CνO. For a given rν, PNS mass (M), accretion rate () and assumed values of the neutrino energies from the PNS, we calculate the critical neutrino luminosity above which accretion is impossible and explosion results. We show that CνO can decrease the critical luminosity by a factor of at most ∼1.5, but only if the flavour conversion is fully completed inside rS and if there is no matter suppression. The magnitude of the effect depends on the model parameters (M, and rν) through the shock radius and the physical scale for flavour conversion. We quantify these dependencies and find that CνO could lower the critical luminosity only for small M and , and large rν. However, for these parameter values CνO are suppressed due to matter effects. By quantifying the importance of CνO and matter suppression at the critical neutrino luminosity for explosion, we show in agreement with previous studies that CνO are unlikely to affect the neutrino mechanism of core-collapse supernovae significantly.
An Empirical Test of Cognitive Style and Strategic Decision Outcomes

abstract We examine how cognitive style, as measured by the MBTI, affects strategic decision outcomes. Executives participated in a simulated strategic decision making environment that allowed controlled collection of decision outcomes, including manager decisiveness, decision quality, and perceived effectiveness. We found that iNtuiting/Thinking managers used their intuition to make cognitive leaps based on objective information to craft more decisions of higher quality than other managers. In contrast, Sensing/Feeling types used time to seek socially acceptable decisions, which led to the lowest number of decisions and the lowest perceived effectiveness of all. We found no effect on decisiveness or perceived effectiveness based on a manager's preference for Perceiving or Judging. However, we found that others perceived Extraverted managers as being more effective than Introverted managers when, in fact, the Extraverts were no more decisive than Introverts. Thus, cognitive style influences actual decision outcomes as well as how others perceive one's decision performance.
An Attitudinal Theory of Expressive Law

Economic analysis typically assumes that law changes the expected cost of behavior, and thereby changes behavior, only because it imposes legal sanctions. Another possibility is that law operates "expressively" - that it changes behavior by what it says rather than what it does. This article proposes an informal model to explain how law could have such an expressive effect. In the model, law changes the expected cost of behavior by signaling attitudes of approval or disapproval. The model assumes (1) that individuals value approval either intrinsically or instrumentally, (2) that individuals have only imperfect information about what others approve, and (3) that certain identifiable categories of legislation are positively correlated with diffuse public opinion. As a result, these categories of legislation cause individuals to update their prior beliefs about the approval pattern, and this updated belief produces behavioral change. As an example, anti-smoking legislation signals greater disapproval of public smoking, which raises the expected costs from public smoking, thereby decreasing such smoking independent of the legal sanctions. The article explores several implications of this attitudinal model of expressive law. One is that local ordinances have a greater expressive effect than state or federal laws, because most approval and disapproval occurs locally. Second, judicial decisions have an expressive effect because they are positively correlated with diffuse public opinion. Third, parties wishing to influence the behavior of others will invest in capturing the state's expressive power, with the result that there is substantial political conflict over what appear to be matters of pure symbolism.
Empirical tests of budget ratcheting and its effect on managers' discretionary accrual choices

Abstract In this paper, we investigate whether budgets ratchet. Using business-unit data from a large multinational corporation, we find evidence consistent with ratcheting where favorable budget variances result in performance budget increases that are larger than decreases associated with unfavorable variances of the same magnitude. We argue that under ratcheting, the cost of reporting positive transitory earnings surprises outweigh the short-term benefits of the current-period bonus. Consequently, we hypothesize that managers make income-decreasing discretionary accruals to offset transitory earnings surprises beyond the level expected under fixed budgets. Using a proxy for transitory earnings surprise, we find evidence consistent with this hypothesis.