cssi/SciSciGPT-SciSciNet huggingface dataset:
Of Clusters and Assumptions: Innovation as Part of a Full TRIPS Implementation

Studying the Agreement on Trade-Related Intellectual Property Rights (TRIPS)1 is fascinating for several reasons. Let me mention just two. First, because TRIPS introduced a high(er) level of intellectual property protection in a number of developing countries around the world, including detailed rules on the enforcement of intellectual property before national courts and customs authorities, it provided an opportunity to examine the impact of the introduction of (property) rights on a variety of intangibles in legal systems from which those rights were absent. This opened a multilevel inquiry. Because the rules contained in TRIPS evolved mostly in the West over two centuries,2 an interesting question is whether, and if so how, eighteenth-century European rules, updated in concert with other Western nations until 1989,3 can be successfully integrated into the social, cultural, economic, and legal fabric of dozens of developing nations, and how success is measured in that context. A specific branch of this analysis focuses on the impact of the introduction of enforcement-related notions, such as quia timet injunctions4 or destruction of potentially useful counterfeit goods in judicial systems where such notions did not exist or
In Defense of Mediation

In response to Trina Grillo's article, "The Mediation Alternative: Process Dangers for Women," this article evaluates the assertions made by Professor Grillo concerning mandatory mediation. While respectfully noting Professor Grillo's contributions to the field of alternate dispute resolution, this article outlines three serious concerns with Professor Grillo's arguments: (1) nany of Professor Grillo's statements and stories do not represent what actually happens at a typical mediation session, instead magnifying the worst possible abuses of the process; (2) to the extent that mandatory mediation presents some real problems, society may be better served by attempting to correct those problems than by abandoning mandatory mediation in areas where it has proved to be helpful; and (3) Professor Grillo's article suggests that mediation may be dangerous for women, and this article posits that mandatory mediation is generally helpful to both women and men. Professor Grillo suggests that mandatory mediation of child custody disputes is inappropriate both as a process and because of the substantive results it might produce. Her position is that mediation can lead to bad results for women, and that even being in mediation can be emotionally dangerous for women. This article argues, however, that mediation is generally helpful, and that mediation usually results in better outcomes and less emotional harm to the participants than does litigation. This article presents a brief description of mediation and mandatory mediation, as generally practiced. It summarizes what some scientifically conducted studies of mandatory mediation reveal about the process and the participants' reactions. Finally, it analyzes Professor Grillo's criticisms as applied to this process.
The Procedure Fetish

The strict procedural rules that characterize modern administrative law are said to be necessary to sustain the fragile legitimacy of a powerful and constitutionally suspect administrative state. We are likewise told that they are essential to public accountability because they prevent factional interests from capturing agencies. Yet the legitimacy-and-accountability narrative at the heart of administrative law is both overdrawn and harmful. Procedural rules have a role to play in preserving legitimacy and discouraging capture, but they advance those goals more obliquely than is commonly assumed and may exacerbate the very problems they aim to fix. This Article aims to draw into question the administrative lawyer’s instinctive faith in procedure, to reorient discussion to the tradeoffs at the heart of any system designed to structure government action, and to soften resistance to a reform agenda that would undo counterproductive procedural rules. Administrative law could achieve more by doing less.
The fine line between interrogation and retribution

The use of harsh interrogation techniques on terrorism suspects is typically justified on utilitarian grounds. The present research suggests, however, that those who support such techniques are fuelled by retributive motives. An experimental study conducted with a broad national sample of US residents found that the desire for harsh interrogation is largely isomorphic with the desire to punish, and that both effects are mediated by the perceived moral status of the target, but not the perceived effectiveness of the interrogation. Results are discussed with regard to retributive justice and the national policy on interrogation and torture.
Measuring Monetary Policy Efficiency in European Union Countries: The Pre-EMU Years

This paper proposes a method for measuring the contribution of improved monetary policy to the changes in macroeconomic performance identified with inflation and output stability. Our technique involves estimating actual and optimal policy rules as a function of the aggregate supply and demand shocks, with the purpose of examining how much of the change in performance can be accounted for by changes in the volatility of the aggregate shocks and how much can be ascribed to improvements in policy efficiency We study the change from the 1980s to the 1990s in macroeconomic performance for 14 European Union countries. Our findings suggest that improved monetary policy has played an important stabilization role in almost all European Union countries, while a diminished exposure to aggregate shocks has largely contributed towards improved performance in at least seven countries
Suboptimal behavior in strategy-proof mechanisms: Evidence from the residency match

Abstract Strategy-proof mechanisms eliminate the possibility for gain from strategic misrepresentation of preferences. If market participants respond optimally, these mechanisms permit the observation of true preferences and avoid the implicit punishment of market participants who do not try to “game the system.” Using new data from a flagship application of the matching literature—the medical residency match—I study if these potential benefits are fully realized. I present evidence that some students pursue futile attempts at strategic misrepresentation, and I examine the causes and correlates of this behavior. These results inform the assessment of the costs and benefits of strategy-proof mechanisms and demonstrate broad challenges in mechanism design.
Momentary Stays, Exploding Forces: A Cognitive Linguistic Approach to the Poetics of Emily Dickinson and Robert Frost

When I was in graduate school in Amherst, Massachusetts, over thirty years ago, anentire semester’s seminar was devoted to the poetry of Robert Frost. At the time, he wasconsidered the great man of American poetry. The peak of his reputation came whenJohn F. Kennedy invited him to read a poem at his inauguration in 1961. By contrast,Emily Dickinson was barely a blip on the horizon; she appeared briefly (in half of a onethree-hour session) in a seminar on nineteenth century American poetry. Both poetsclaimed Amherst as their home, Dickinson having been born and lived her entire lifethere, and Frost settling in Amherst as his final dwelling place. Today, there is what isbecoming a well known sculpture in the Amherst triangle next to the Dickinson houses. Itfeatures the figures of Dickinson and Frost in conversation. In the accompanyingphotograph, Dickinson’s rock is bigger than Frost’s, and the perspective from which thephotograph was taken suggests also that she occupies the higher ground.Both poets are, of course, wonderful in their own right. I do not want to suggest that oneis “better” than the other. But I am interested in exploring their differences from acognitive linguistics perspective; how their poetics results in a different kind of poetry;and perhaps to suggest what it is that makes people all over the world revere Dickinson’spoetry the way they do. For Dickinson’s reputation has steadily grown since my graduatedays, and has surpassed Frost’s.Recent work in cognitive linguistics has explored ways in which it might inform literarycriticism (Crane and Richardson 1999), and literary scholars have begun to applycognitive principles to the interpretation of literary texts. Among the several contributionsa cognitive linguistic approach has already made to literary studies are Donald C.
Bank Lines of Credit in Corporate Finance: An Empirical Analysis

I empirically examine the factors that determine whether firms use bank lines of credit or cash in corporate liquidity management. I find that bank lines of credit, also known as revolving credit facilities, are a viable liquidity substitute only for firms that maintain high cash flow. In contrast, firms with low cash flow are less likely to obtain a line of credit, and they rely more heavily on cash in their corporate liquidity management. An important channel for this correlation is the use of cash flow-based financial covenants by banks that supply credit lines. I find that firms must maintain high cash flow to remain compliant with covenants, and banks restrict firm access to credit facilities in response to covenant violations. Using the cash-flow sensitivity of cash as a measure of financial constraints, I provide evidence that lack of access to a line of credit is a more statistically powerful measure of financial constraints than traditional measures used in the literature. The Author 2007. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please email: journals.permissions@oxfordjournals.org, Oxford University Press.
Value creation in innovation ecosystems: how the structure of technological interdependence affects firm performance in new technology generations

The success of an innovating firm often depends on the efforts of other innovators in its environment. How do the challenges faced by external innovators affect the focal firm's outcomes? To address this question we first characterize the external environment according to the structure of interdependence. We follow the flow of inputs and outputs in the ecosystem to distinguish between upstream components that are bundled by the focal firm, and downstream complements that are bundled by the firm's customers. We hypothesize that the effects of external innovation challenges depend not only on their magnitude, but also on their location in the ecosystem relative to the focal firm. We identify a key asymmetry that results from the location of challenges relative to a focal firm—greater upstream innovation challenges in components enhance the benefits that accrue to technology leaders, while greater downstream innovation challenges in complements erode these benefits. We further propose that the effectiveness of vertical integration as a strategy to manage ecosystem interdependence increases over the course of the technology life cycle. We explore these arguments in the context of the global semiconductor lithography equipment industry from its emergence in 1962 to 2005 across nine distinct technology generations. We find strong empirical support for our framework. Copyright © 2009 John Wiley & Sons, Ltd.
Choosing Constraints as a Third Solution to Agency

The standard solutions to agency, incentive contracting and monitoring, are degraded by the frequency and the duration of the decisions affected. Decisions of low frequency and long duration are not effectively controlled by either monitoring or incentive contracting. For decisions of low frequency and long duration, constraining the firm's choices significantly reduces agency. Applying the theory, guidelines for choosing constraints are suggested, and propositions advanced. As one application, the mission statement is considered as a vehicle for embedding constraints. The theory is also investigated by examining existing recommendations for both the content and process of mission statements.
Can social sentiment affect spouse-based immigration?

This article studies the effect of social sentiment on spouse-based immigration in the US using data on 27 origin countries from 1996 to 2013. We find that the number of immigrant spouses from a fo...
High-Temperature Oxidation Kinetics of Additively Manufactured NiTiHf

NiTi-based high-temperature shape memory alloys (HTSMAs) such as NiTiHf have been utilized in a broad range of applications due to their high strength and work output, as well as, their ability to increase the transformation temperatures (TTs). Recently, additive manufacturing techniques (AM) have been widely used to fabricate complex shape memory alloy components without any major modifications or tooling and has paved the way to tailor the manufacturing and fabrications of microstructure and critical properties of their final parts. NiTi alloys properties such as transformation temperatures can be significantly altered due to oxidation, which can occur during the manufacturing process or post-processing. In this work, the oxidation behavior of Ni-rich NiTi20Hf shape memory alloys, which was fabricated by the selective laser melting (SLM) method, is evaluated. Thermogravimetric analysis (TGA) is used to assess the kinetic behavior of the oxidation at different temperature ranges of 500, 700, and 900 C for 20 hours in the air. After oxidation, to evaluate the microstructure and chemical composition X-ray diffraction (XRD), scanning electron microscopy (SEM), and energy-dispersive X-ray spectroscopy (EDS) was conducted. The isothermal oxidation kinetics of conventional NiTi20Hf alloys were studied, and the results were compared to AM samples. Results show a two-stage oxidation rate at which oxidation increased with the high rate at the initial stage. As the oxidation time increased, the oxidation rate gradually decreased. The oxidation behavior of NiTiHf alloys initially obeyed logarithmic rate law and then followed by parabolic rate law. SEM results showed the formation of a multi-layered oxide scale, including TiO2, NiTiO3, and Hf oxide.
The Public Interest and Public Broadcasting: Looking at Communications As a Whole

At the birth of public broadcasting, in the form of the congressionally-created Corporation for Public Broadcasting, then-FCC Commissioner Johnson urges, “We must plan, as we have not to date, for public broadcasting in the public interest. What is needed is a survey of the broadcasting landscape of the present, and especially of the next technological generation – a look at public broadcasting in the context of communications as a whole.” This article is that look.
The New Exit in Venture Capital

This Article examines a third exit option in venture capital to supplement IPOs and trade sales: secondary markets for the sale of individual ownership interests in start-ups and venture capital funds. While investors can readily buy shares in publicly traded companies, until recently they have been unable to own a piece of private start-ups like Facebook or Twitter without working there or investing in exclusive venture capital funds. Now that venture capital has become a $400 billion worldwide asset class, however, start-up stock and limited partnership interests in venture capital funds have begun trading in private secondary markets. These secondary markets (termed "VC secondary markets") offer initial investors a new path to liquidity, offer buyers access to a previously untapped class of assets, and produce governance benefits for traded firms. The realization of these benefits in venture capital should lead to a net increase in the total amount of entrepreneurial activity. Given the surplus that entrepreneurial activity produces for society, VC secondary markets should be studied by academics and encouraged by policymakers. This Article is the first to study VC secondary markets and the issues they implicate in law and economics analysis. The Article examines VC secondary markets in their present state and contemplates their further development. Introduction 2 I. THE ECONOMIC PROBLEM OF LOCK-IN IN VENTURE CAPITAL 6 A. Locking in Capital or Investors? 6 B. The More Extreme Investor Lock-in in Venture Capital 8 II. SECONDARY MARKETS IN VENTURE CAPITAL: DESCRIPTION AND FRAMEWORK FOR ANALYSIS 15 A. The Secondary Market for Start-up Stock (the Direct Market) 16 B. Benefits of the Direct Market 20 1. Increasing Liquidity 21 2 . Improving Start-up Governance 24 3. Mitigating VC -Entrepreneur Conflicts Over Traditional Exits 27 C. The Direct Market's Potential to Mute HighPowered Incentives 30 D. Comparing the Direct Market with the Market for Limited Partnership Interests in Venture Capital Funds (the Fund Market) 32 III. THE FUTURE OF SECONDARY MARKETS IN VENTURE CAPITAL 36 A. The Role of Electronic Marketplaces in Facilitating Growth 36 B. Legal Impediments to Growth 39 CONCLUSION 46 INTRODUCTION Venture capital, for all its contributions in promoting our entrepreneurial economy,1 is in trouble. The success of venture capital depends on the ability of venture capitalists ("VCs") to exit their investments by taking the start-ups they fund public or selling them to a large company.2 Initial public offerings ("IPOs"), the gold standard in venture capital success, have been decreasing significantly over the past decade.3 Sales to larger companies in the industry (trade sales) are only a second-best solution, and such sales alone are not sufficient to sustain the venture capital model.4 The poor exit markets that VCs are now experiencing may be more than a short-term aberration, and investors who see the writing on the wall have begun moving their money out of venture capital projects. …
Strategic fragmented markets

Abstract We study the determinants of asset market fragmentation in a model with strategic investors that disagree about the value of an asset. Investors’ choices determine the market structure. Fragmented markets are supported in equilibrium when disagreement between investors is low. In this case, investors take the same side of the market and are willing to trade in smaller markets with a higher price impact to face less competition when trading against a dealer. The maximum degree of market fragmentation increases as investors’ priors are more correlated. Dealers can benefit from fragmentation, but investors are always better off in centralized markets.
Marginal Contributions and Externalities in the Value

Our concern is the extension of the theory of the Shapley value to problems involving externalities. Using the standard axiom systems behind the Shapley value for an arbitrary exogenous coalition structure leads to the identification of bounds on players’ payos around an “externality-free” value. In endogenizing the coalition structure, we analyze a two-stage process of coalition formation in whose second stage our axiomatic results are applied. We find reasons to explain inecient coalition structures, and provide sucient conditions for eciency.
Reliability, Reputation, and Alliance Formation

In this paper, we examine how the past alliance behavior of nations affects the likelihood that these states will be involved in alliance formation. We contend that nations evaluate the reputations of potential allies when searching for alliance partners. Reputation information is processed by governments along with other immediate concerns. By introducing a model and developing subsequent measures of reputational alliance histories, we improve upon our current understanding of the factors that drive alliance formation. Using alliance reputation data derived from the ATOP project (1816–2000), we find support for the hypothesis that a reputation for upholding one's agreements significantly improves the likelihood of membership in future alliances.
Women, Children, and Industrialization in the Early Republic: Evidence from the Manufacturing Censuses

Manufacturing firm data for 1820 to 1850 are employed to investigate the role of women and children in the industrialization of the American Northeast. The principal findings include: (1) Women and children composed a major share of the entire manufacturing labor force; (2) their employment was closely associated with production processes used by large establishments, both mechanized and non-mechanized; (3) the wage of females (and boys) increased relative to that of men with industrial development; and (4) female labor force participation in industrial counties was substantial. These findings bear on the nature of technical change during early industrialization and why American industrial development was initially concentrated in the Northeast.
Comment on “Atmospheric ionization by high‐fluence, hard spectrum solar proton events and their probable appearance in the ice core archive” by A. L. Melott et al.

Melott et al. [2016] suggest that individual solar proton events (SPEs) are detectable as nitrate ion spikes in ice cores. They use the high fluence, high energy (“hard spectrum”) SPE of 23 February 1956 to calculate an enhancement of HNO3 from the surface to 46 km that is equivalent to a ~120 ng cm-2 nitrate ion spike observed in the GISP2H ice core. The Melott et al. [2016] approach is fundamentally flawed, since it considers only the absolute column burden of SPE-produced nitrate and not the pre-existing nitrate in the stratosphere. Modeling studies supported by extensive observations [Duderstadt et al., 2014, 2016, and this comment] show background HNO3 in the lower and middle stratosphere equivalent to 2000 to 3000 ng cm-2 nitrate. These high levels of background nitrate must also be included when estimating SPE enhancements to the deposition of nitrate ions that might eventually be preserved in an ice core. The 1956 SPE results in less than a 5% increase in the column burden of atmospheric HNO3, not large enough to explain the nitrate spike seen in the GISP2H ice core. Even extreme SPE enhancements cannot explain nitrate peaks (typically hundreds of percent increases) observed in the ice record [Duderstadt et al., 2016]. Realistic mechanisms linking nitrate ions in ice cores to SPEs have not been established. It is time to move the search for indicators of SPEs away from nitrate ions: Nitrate ions cannot be used as proxies for individual SPEs in the ice core record.
Citizens United, Independent Expenditures, and Agency Costs: Reexamining the Political Economy of State Antitakeover Statutes

We test the agency theory of corporate political activity by examining the association between the legality of independent expenditures and antitakeover lawmaking in the US states. Exploiting changes in state law regarding the use of corporate independent expenditures in the pre-Citizens United era, we estimate that a state is more likely to pass antitakeover statutes that entrench management when firms are allowed to make independent expenditures. We also find that this relationship is conditional on the competitiveness of a state’s electoral environment, suggesting that the threat of independent expenditures may move vulnerable legislators’ votes on less salient issues, such as corporate governance. These findings are robust to competing public interest and political economy explanations for antitakeover lawmaking, and they reveal that allowing independent expenditures may create additional agency costs for owners through public policy. Finally, these results strongly challenge the claim that state-level antitakeover laws are exogenous to firms’ activities. (JEL D72, G38, K20)
Some Psycho-Social Correlates of US Citizen Support for Torture

We use an original survey to both ascertain US citizens’ attitudes about the use of torture, and to begin to explore why they have these views. While there exists widely-agreed-upon findings regarding the state-level determinants of government respect for human rights such as torture, much less is understood about either the distribution or formation of individual citizens’ attitudes about human rights. Our investigation of the formation of citizen attitudes about torture goes beyond the overly-simple explanation of respondents’ party identification used in the media by examining how respondents’ exposure to violence, and their levels of empathy, tolerance, as well as general conformity-related attitudes might affect their views about torture. Further, we go beyond asking abstract questions about torture and, instead, ask respondents about their attitudes towards particular torture techniques. We use this information to construct the Torture Acceptability Index (TAI) to measure individuals’ overall level of acceptance of torture. Our findings from empirical analysis confirm our hypotheses that there exists a statistically significant relationship between several psycho-social factors and individual attitudes towards torture, even accounting for one’s party identification.
Earnings Announcements, Information Asymmetry, and Timing of Debt Offerings

ABSTRACT: We empirically examine the joint predictions of the pecking order theory and the theory of time-varying asymmetric information regarding the timing of security offerings around information disclosures. We analyze loan originations and bond offerings around earnings announcements and compare them against equity offerings. In support of the theories' predictions, we find a positive association between the information sensitivity of securities and the likelihood of their issuance after earnings announcements. In particular, we find that clustering after earnings announcements is weakest in loan originations, stronger in bond offerings, and strongest in equity offerings. Also consistent with the theories, we find that the size of news in earnings announcements matters in the timing decision. We find weak evidence regarding the theories' implication that the direction of news in the announcement plays a role in the timing decision. We test and find that this latter result is partly attributable to po...
Recent advances in international finance: Introduction

. Arguably, international finance is one of the most exciting areas in economics. The development of international finance is influenced and shaped, at least in part, by the continuing process of globalization and integration. In the last 25 years the profession has witnessed the proliferation of both theoretical models and empirical analyses in international finance. The analysis of both new and existing issues has benefited from increasingly elaborate modelling techniques and sophisticated empirical tools.
Quasi‐Maximum Likelihood Estimation for a Class of Continuous‐time Long‐memory Processes

Tsai and Chan (2003) has recently introduced the Continuous-time Auto-Regressive Fractionally Integrated Moving-Average (CARFIMA) models useful for studying long-memory data. We consider the estimation of the CARFIMA models with discrete-time data by maximizing the Whittle likelihood. We show that the quasi-maximum likelihood estimator is asymptotically normal and efficient. Finite-sample properties of the quasi-maximum likelihood estimator and those of the exact maximum likelihood estimator are compared by simulations. Simulations suggest that for finite samples, the quasi-maximum likelihood estimator of the Hurst parameter is less biased but more variable than the exact maximum likelihood estimator. We illustrate the method with a real application.
Predictions for axion couplings from ALP cogenesis

Adding an axion-like particle (ALP) to the Standard Model, with a field velocity in the early universe, simultaneously explains the observed baryon and dark matter densities. This requires one or more couplings between the ALP and photons, nucleons, and/or electrons that are predicted as functions of the ALP mass. These predictions arise because the ratio of dark matter to baryon densities is independent of the ALP field velocity, allowing a correlation between the ALP mass, ma, and decay constant, fa. The predicted couplings are orders of magnitude larger than those for the QCD axion and for dark matter from the conventional ALP misalignment mechanism. As a result, this scheme, ALP cogenesis, is within reach of future experimental ALP searches from the lab and stellar objects, and for dark matter.
Why do public firms issue private and public securities

The market for public firms issuing private equity, debt, and convertible securities is large. Of the over 13,000 issues we examine, more than half are in the private market. Our results show asymmetric information plays a major role in the choice of security type within public and private markets and in the choice of market in which to issue securities. In the public market, firms’ predicted probability of issuing equity declines and issuing debt increases with measures of asymmetric information. There is a weak reversal of this sensitivity in the private market. We also find a large sensitivity of the choice of public versus private markets to asymmetric information, risk and market timing for debt, convertibles, and in particular, equity issues. In this study we examine why public firms issue different security types within public and private security markets. We study both private and public issues of debt, convertibles, and common equity, a total of six different security-market choices. Our comprehensive database makes it possible to assess the factors that impact both security type and market choice. Private security markets are increasingly important for public firms. Of the over 13,000 issues by public firms we examine, more than half are in the private market, comprising issuances of equity, debt, and convertible bonds and convertible preferred stock (henceforth, convertibles). Among the firms that choose to issue equity or convertibles, 51% of the issues are in the private market, and among small public firms (firms in the lowest size quartile) 73% of their equity and convertible issues are in the private markets. Our study uses a methodology that allows us to determine whether firms use security issuance decisions of multiple types and in different markets as a mechanism to address asymmetric
Visual and Verbal Rhetorical Figures under Directed Processing versus Incidental Exposure to Advertising

This re-inquiry examines the robustness of research showing that rhetorical figures such as rhyme and metaphor can have a positive impact on consumer response to advertising. Prior empirical research explicitly directed subjects to process the ads and generally examined either visual or verbal rhetoric, but not both. We embedded ads containing visual and verbal figures in a 32-page magazine designed to be interesting to subjects and manipulated directed processing or incidental exposure to the ads. Ads with figures were recalled more often and liked better. Visual figures were more effective regardless of processing condition, whereas verbal figures performed better only when subjects were directed to process the ads.
Martyrdom, Rhetoric, and the Politics of Procedure

This article uses the evidence of the early Christian martyr acts to argue for the existence of a broader, provincial discourse on the importance of legal procedure in criminal trials in the Roman Empire. By focusing on moments of criminal confrontations, these texts not only attempted to explain and glorify the deaths of martyrs, but also sought to make sense of a process that was designed by the Roman state to be arbitrary and terrifying. In the course of their narratives, the martyr acts articulate a distinctly provincial understanding of imperial judicial procedures. They politicize this understanding in ways consequential for current scholarly models of the relations between the imperial government and provincial society more broadly.
Reconsidering bank capital regulation: a new combination of rules, regulators, and market discipline

Despite revisions to bank capital standards, fundamental shortcomings remain: the rules for setting capital requirements need to be simpler, and resolution should be an essential part of the capital requirement framework.We propose a revised system of capital regulation that addresses these needs by making changes to all three pillars of bank regulation: only common equity should be recognized as regulatory capital, and risk weighting of assets should be abandoned; capital requirements should be assigned on an institution-by-institution basis according to a regulatory (s, S) approach developed in the paper; a standard for prompt, corrective action is incorporated into the (s, S) approach.
The exclusion of pregnant, pregnable, and once-pregnable people (a.k.a. women) from biomedical research.

The barriers to women's participation as subjects in biomedical research are currently being challenged as a matter of legislative policy, medicine, and law. This Article catalogs the ways in which women have been disadvantaged by their exclusion and recent developments to redress them, and goes on to dissect the underlying rationales for excluding women from clincial trials. The author reveals the ‘fundamental misconception’ behind exclusionary rationales, and argues that research sponsors in fact have more to fear in the way of potential liability from the exclusion of women, even pregnant women and women of child-bearing capacity, than from their inclusion. Finally, the Article suggests strategies for achieving reform of these exclusionary practices.
The Value of Reputation in an Online Freelance Marketplace

Online freelance marketplaces are websites that match buyers of electronically deliverable services with freelancers. Although freelancing has grown in recent years, it faces the classic “information asymmetry” problem---buyers face uncertainty over seller quality. Typically, these markets use reputation systems to alleviate this issue, but the effectiveness of these systems is open to debate. We present a dynamic structural framework to estimate the returns to seller reputations in freelance sites. In our model, a buyer decides in each period whether to choose a bid from her current set of bids, cancel the auction, or wait for more bids. In the process, she trades off sellers' price, reputation, and other attributes, as well as the costs of waiting and canceling. Our framework addresses dynamic selection, which can lead to underestimation of reputation, through two types of persistent unobserved heterogeneities: bid arrival rates and buyers' unobserved preference for bids. We apply our framework to data from a leading freelance firm. We find that buyers are forward looking, that they place significant weight on seller reputation, and that not controlling for dynamics and selection can bias reputation estimates. Using counterfactual simulations, we infer the dollar value of seller reputations and provide guidelines to managers of freelance firms.
On the Superiority of Corrective Taxes to Quantity Regulation

The traditional view of economists has been that corrective taxes are superior to direct regulation of harmful externalities when the state's information about control costs is incomplete. In recent years, however, many economists seem to have adopted a different view--that either corrective taxes or quantity regulation could be superior to the other. We emphasize that one argument for this newer view, identified with Weitzman (1974), holds only if the state is constrained to use a fixed tax rate (a linear tax schedule) even when harm is nonlinear. But if--as seems more plausible--the state can impose a nonlinear tax equal to the schedule of harm or can adjust the tax rate upon learning that it diverges from marginal harm, then corrective taxes are superior to quantity regulation. Another argument favoring quantity regulation is that it gains appeal when the state is uncertain about the harm caused by an externality. In this case, however, a corrective tax schedule (equal to the expected harm schedule) is superior to quantity regulation. Copyright 2002, Oxford University Press.
Changes in Union Wage Effects by Industry: A Fresh Look at the Evidence

Unions suffered a modest decline in their capacity to increase wages over nonunion levels between the late 1970s and the middle 1990s according to evidence presented here. The decline in relative wages was significant in only 13 (of 78) industries examined; in 11 industries the differential increased significantly. The industrially disaggregated econometric evidence is broadly consistent with institutional evidence about developments in particular industries; however, more industry-grounded research is clearly warranted.
Two Modes of Comity

The Uniform Foreign-Country Money Judgments Recognition Act (UFCMJRA) requires a U.S. court to refuse recognition to a foreign country judgment if the foreign judicial system “does not provide impartial tribunals or procedures compatible with the requirements of due process of law”—if, that is, the foreign judiciary is what we may call systematically inadequate.1 The UFCMJRA permits a U.S. court to refuse recognition to a foreign country judgment if the judgment was “obtained by fraud,” if the judgment “was rendered in circumstances that raise substantial doubt about the integrity of the rendering court with respect to the judgment,” or if “the specific proceeding in the foreign court leading to the judgment was not compatible with the requirements of due process of law.”2 In light of the rule forbidding recognition of foreign judgments where the foreign judicial system is systematically inadequate, should U.S. law permit U.S. courts to deny recognition to foreign judgments in cases where the foreign judicial system overall is impartial and provides due process, but where the defendant claims a fraud or a failure of due process in the particular foreign proceeding? A simple and attractive answer to this question is: ‘No.’ If the foreign judiciary as a whole is systematically adequate, then we should trust it to correct errors that occur in particular proceedings. If the foreign judiciary is systematically inadequate, then the judgment is not entitled to recognition in any case. This approach to recognition of foreign judgments is appealing It is simple. At first glance, it seems to accord full respect to foreign
Using options to measure the full value-effect of an event: Application to Obamacare

Many event studies only measure a fraction of an event's full value effect because they do not adjust for market anticipation of the event. We present a method based on stock and options prices to measure the full effect that accounts for market anticipation. We apply the method to the passage of Obamacare. Our method estimates the full value effect of Obamacare on the healthcare sector as $55 billion, compared to $16 billion when market anticipation is ignored. The method is applicable to most major events because it only requires that some affected firms have traded stock options.
Integrated reporting and investor clientele

In this paper, I examine the relation between Integrated Reporting (IR) and the composition of a firm’s investor base. I hypothesize and find that firms that practice IR have a more long-term oriented investor base with more dedicated and fewer transient investors. This result is more pronounced for firms with high growth opportunities, not controlled by a family, operating in ‘sin’ industries, and exhibiting more stable IR practice over time. I find that the results are robust to the inclusion of firm fixed effects, controls for the quantity of sustainability disclosure, and alternative ways of measuring IR. Moreover, I show that investor activism on environmental or social issues or a large number of concerns about a firm’s environmental or social impact leads a firm to practice more IR and that this investor or crisis-induced IR affects the composition of a firm’s investor base.
Conservation Status and Residential Transaction Prices: Initial Evidence from Dallas, Texas

The traditional mechanisms of private covenants and public restrictions may not meet the needs of residential property owners who want to preserve a certain neighborhood style. Privately initiated and publicly enforced conservation district regulations can preserve desirable neighborhood characteristics and signal to buyers that neighborhood conformity will likely persist. This study examined residential transaction prices in Dallas, Texas and finds premiums associated with residential properties within and buffering conservation district locations. These results are robust to the spatial autocorrelation common in residential transaction prices.
The Value of Smarter Teachers: International Evidence on Teacher Cognitive Skills and Student Performance

Differences in teacher quality are commonly cited as a key determinant of the huge international student performance gaps. However, convincing evidence on this relationship is still lacking, in part because it is unclear how to measure teacher quality consistently across countries. We use unique international assessment data to investigate the role of teacher cognitive skills as one main dimension of teacher quality in explaining student outcomes. Our main identification strategy exploits exogenous variation in teacher cognitive skills attributable to international differences in relative wages of nonteacher public sector employees. Using student-level test score data, we find that teacher cognitive skills are an important determinant of international differences in student performance. Results are supported by fixed-effects estimation that uses within-country between-subject variation in teacher skills.
Extreme Walrasian Dynamics: The Gale Example in the Lab

We study the classic Gale (1963) economy using laboratory markets. Tatonnement theory predicts prices will diverge from an equitable interior equilibrium towards infinity or zero depending only on initial prices. The inequitable equilibria determined by these dynamics give all gains from exchange to one side of the market. Our results show surprisingly strong support for these predictions. In most sessions one side of the market eventually outgains the other by more than twenty times, leaving the disadvantaged side to trade for mere pennies. We also find preliminary evidence that these dynamics are sticky, resisting exogenous interventions designed to reverse their trajectories.
A deep joint sparse non-negative matrix factorization framework for identifying the common and subject-specific functional units of tongue motion during speech.

Abstract Intelligible speech is produced by creating varying internal local muscle groupings—i.e., functional units—that are generated in a systematic and coordinated manner. There are two major challenges in characterizing and analyzing functional units. First, due to the complex and convoluted nature of tongue structure and function, it is of great importance to develop a method that can accurately decode complex muscle coordination patterns during speech. Second, it is challenging to keep identified functional units across subjects comparable due to their substantial variability. In this work, to address these challenges, we develop a new deep learning framework to identify common and subject-specific functional units of tongue motion during speech. Our framework hinges on joint deep graph-regularized sparse non-negative matrix factorization (NMF) using motion quantities derived from displacements by tagged Magnetic Resonance Imaging. More specifically, we transform NMF with sparse and graph regularizations into modular architectures akin to deep neural networks by means of unfolding the Iterative Shrinkage-Thresholding Algorithm to learn interpretable building blocks and associated weighting map. We then apply spectral clustering to common and subject-specific weighting maps from which we jointly determine the common and subject-specific functional units. Experiments carried out with simulated datasets show that the proposed method achieved on par or better clustering performance over the comparison methods.Experiments carried out with in vivo tongue motion data show that the proposed method can determine the common and subject-specific functional units with increased interpretability and decreased size variability.
The Civil Engineer and Urban Transportation

The growing transportation problem in urban areas is clearly evident in the historical trends and in the projections of every measureable element of the urban transportation system. The principal problems which stand in the way of the more rapid expansion of transportation facilities in urban areas are no longer those of a technological nature, but rather are related to the need for adequate financing. The civil engineer, charged with the ultimate responsibility for the satisfactory performance of transportation facilities, must establish himself in a role of leadership in the conception, design, financing, construction, and operation of transportation facilities. As a leader in the solution of the transportation problems of the future, the civil engineer must improve the technology associated with transportation planning, and learn more about financing and how to motivate the general public. He must work for an improvement in the stature of the American Society of Civil Engineering (ASCE) as a recognized medium of expression of advanced thinking and research findings, and give serious thought to the role of courses in transportation and urban planning in the civil engineering curriculum and the importance such courses play in training the civil engineer in the creation and accomplishment of urban transportation facilities.
Flexsealing BGP Against Route Leaks: Peerlock Active Measurement and Analysis.

BGP route leaks frequently precipitate serious disruptions to interdomain routing. These incidents have plagued the Internet for decades while deployment and usability issues cripple efforts to mitigate the problem. Peerlock, introduced in 2016, addresses route leaks with a new approach. Peerlock enables filtering agreements between transit providers to protect their own networks without the need for broad cooperation or a trust infrastructure. We outline the Peerlock system and one variant, Peerlock-lite, and conduct live Internet experiments to measure their deployment on the control plane. Our measurements find evidence for significant Peerlock protection between Tier 1 networks in the peering clique, where 48% of potential Peerlock filters are deployed, and reveal that many other networks also deploy filters against Tier 1 leaks. To guide further deployment, we also quantify Peerlock's impact on route leaks both at currently observed levels and under hypothetical future deployment scenarios via BGP simulation. These experiments reveal present Peerlock deployment restricts Tier 1 leak export to 10% or fewer networks for 40% of simulated leaks. Strategic additional Peerlock-lite deployment at all large ISPs (fewer than 1% of all networks), in tandem with Peerlock within the peering clique as deployed, completely mitigates 80% of simulated Tier 1 route leaks.