cssi/SciSciGPT-SciSciNet huggingface dataset:
Option pricing under short-lived arbitrage: theory and tests

AbstractModels in financial economics derived from no-arbitrage assumptions have found great favour among theoreticians and practitioners. We develop a model of option prices where arbitrage is short lived. The arbitrage process is Ornstein–Uhlenbeck with zero mean and rapid adjustment of deviations. We find that arbitrage correlated with the underlying can have sizeable impact on option prices. We use data from five large capitalization firms to test implications of the model. Consistent with the existence of arbitrage, we find that idiosyncratic factors significantly effect arbitrage model parameters.
An empirical analysis of analysts’ cash flow forecasts

Abstract This study investigates the recent trend in analysts disseminating operating cash flow forecasts. We find that analysts tend to forecast cash flows for firms where accounting, operating and financing characteristics suggest that cash flows are useful in interpreting earnings and assessing firm viability. Specifically, we find that analysts tend to forecast cash flows for firms with (1) large accruals, (2) more heterogeneous accounting choices relative to their industry peers, (3) high earnings volatility, (4) high capital intensity, and (5) poor financial health. These findings are consistent with financial analysts responding to market-based incentives to provide market participants with value-relevant information.
Bundling of RAND-committed patents

Gilbert and Katz (2006) (GK) show that allowing (pure) patent bundling increases the incentives for patent owners to enter into “long-term” patent licensing that commits them not to expropriate licensees’ sunk costs in complementary assets with opportunistic licensing terms. We interpret RAND commitments as a form of long-term contracting, and extend their framework to analyze the tying of non-RAND-committed patents to RAND-committed patents. Pure patent bundling/tying is common and often has sound efficiency justifications, so we caution against prohibiting the pure bundling of RAND-committed and non-RAND-committed patents. Whether such a license honors a RAND commitment turns, however, on the licensing terms. We argue that including a non-RAND-committed patent (patent 2) in a bundle with a RAND-committed patent (patent 1) does not increase the license fee that honors the RAND commitment. If, however, the patent owner offers patent 1 separately at a RAND rate, its RAND commitment does not restrict what it charges for a bundle of patent 1 and patent 2.
Terrorism Finance, Business Associations, and the "Incorporation Transparency Act"

Each year, two million corporations and limited liability companies are established in the United States. The process by which these entities are created has traditionally been governed under state law. The Senate is considering a bill introduced by Senator Levin requiring that states maintain an accurate and updated list of all beneficial owners of corporations and limited liability companies created in the state and make that list available to law enforcement and others by subpoena. In many states, these lists will become part of the states’ public records similar to other business entities’ formation documents. Business entities are created when formation documents are filed with a particular state. States require that business entities maintain updated contact information of an agent for service of process to facilitate litigation against a business entity, but, owing to the complexities of business ownership, states do not currently undertake the task of keeping an up-to-date list of all current owners of all business entities organized under their laws. In support of the Levin Bill, its proponents cite a handful of cases investigated by federal agencies that were later dropped because of difficulty determining beneficial ownership in the investigated entities as evidence for why the bill is vital to stopping terrorism financing. This article offers a unique analysis of the pattern of terrorism financing to reveal that the use of business entities would not be useful to financiers of terrorism. A proper analysis of the effects, costs, and potential constitutional challenges facing the Bill reveals it as little more than an empty gesture meant to generate the appearance of action.
Visiting Room: A Response to Prison Visitation Policies: A Fifty-State Survey

This Essay responds to Boudin, Stutz & Littman, Prison Visitation Policies: A Fifty State Survey, by placing American visitation policies in a global context. American prison visitation polices are unique among advanced democracies. Other nations, particularly in Western Europe, have far more liberal policies. Prisons in the United Kingdom, Canada, and Finland feature mother/baby units and family visitation centers. In Denmark and Norway, prisoners are granted passes to visit family. These policies encourage visitation. Increased visitation is linked to lower recidivism, so adopting such policies would potentially lower prison populations in the United States. The Essay acknowledges that following other nations’ lead in visitation polices will not necessarily increase visitation. Also, liberal visitation policies run the risk of reinforcing the “prison-industrial complex” and normalizing mass incarceration in American culture. But the experiences of other nations demonstrate that liberalized visitation could change American criminal justice for the better.
ETF Activity and Informational Efficiency of Underlying Securities

This paper investigates the effect of exchange-traded funds’ (ETFs’) activity on the short-run informational efficiency of their underlying securities. We find that ETF activity increases short-run...
The Determinants and Consequences of Information Acquisition via EDGAR

Using a novel data set that tracks all web traffic on the SEC's EDGAR servers from 2008 to 2011, we examine the determinants and capital market consequences of investor information acquisition of SEC filings. The average user employs the database very few times per quarter and most users target specific filing types such as periodic accounting reports; a small subset of users employ EDGAR almost daily and access many filings. EDGAR activity is positively related with corporate events (particularly restatements, earnings announcements, and acquisition announcements), poor stock performance, and the strength of a firm's information environment. EDGAR activity is related to, but distinct from, other proxies of investor interest such as trading volume, business press articles, and Google searches. Finally, information acquisition via EDGAR, both to obtain earnings news and to provide context for it, has a positive influence on market efficiency with respect to earnings news. Overall, our results are important because they provide a unique, user-based perspective on investor access of mandatory disclosures and its impact on price formation
Primate Neuronal Connections are Sparse as Compared to Mouse

Mouse and macaque primary visual cortices (V1) are foundational models of the cortex. Detailing differences in how V1 neurons connect across these species would inform models of cortical functioning and brain evolution. However, existing comparisons are limited, measuring synapse density without regard to where synapses are made. We use large volume electron microscopy to address this gap and find that primate connections are broadly sparse: primate excitatory and inhibitory neurons received 3-5 times fewer spine and somatic synapses with lower excitatory to inhibitory synapse ratios than mouse equivalents. Excitatory outputs differ between species with more primate neurons forming local axon collaterals than mouse. However, inhibitory axons innervated neighboring excitatory neurons at similar rates and proportions across species. Finally, we discover that when optimizing for a cognitive task, artificial recurrent neural networks, constrained by a metabolic cost for creating/maintaining synapses, reduces the number of connections/node as the number of nodes increases.
The Due Process Defense in Entrapment Cases, The Journey Back

Many defendants raising the entrapment defense concurrently raise a due process claim, which contends the government has acted so outrageously that prosecution would be unconstitutional. The entrapment defense and the due process claim, however, are distinctly and significantly different. Entrapment focuses on whether the defendant was predisposed to commit the crime, while the due process claim looks to whether the government has overstepped. Doubts have been raised as to whether the due process claim should exist at all, most notably, for example, by Chief Justice Rehnquist and the Seventh Circuit’s Judge Easterbrook. However, this Article contends that due process plays an important role of creating outer limits on appropriate law enforcement techniques and demonstrating to the public that courts are willing to draw some lines that cannot be crossed even in pursuit of criminals. Recent use of the due process clause in this context signals that the defense is alive and beginning to be considered seriously. This development should be applauded and encouraged to grow.
Entry into Platform-based Markets

This paper examines the relative importance of platform quality, indirect network effects, and consumer expectations on the success of entrants in platform-based markets. We develop a theoretical model and find that an entrant's success depends on the strength of indirect network effects and on the consumers' discount factor for future applications. We then illustrate the model's applicability by examining Xbox's entry into the video game industry. We find that Xbox had a small quality advantage over the incumbent, PlayStation 2, and the strength of indirect network effects and the consumers' discount factor, while statistically significant, fall in the region where PlayStation 2's position is unsustainable. Copyright © 2011 John Wiley & Sons, Ltd.
The Efficacy of Shareholder Voting in Staggered and Non-Staggered Boards: The Case of Audit Committee Elections

SUMMARY: We examine whether shareholder votes can influence the audit committee and whether this influence is uniform across non-staggered and staggered boards. We find that through voting, shareho...
Failures To Punish: Command Responsibility in Domestic and International Law

Military spokespeople and upper echelon commanders routinely maintain that wartime atrocities are the acts of a few “bad apples.” Yet, while disclaimers of responsibility from higher-ups in the chain of command often beg credulity, the law provides safe harbor for those holding command positions since it is frequently powerless to ensnare anyone but the atrocity’s immediate perpetrators. This Article spans international and domestic law, and it addresses one of the doctrinal constraints on holding commanders criminally liable: the doctrine of command responsibility as it applies where commanders fail adequately to investigate or punish atrocities of their troops. As a theoretical matter, there are two ways to respond to such failures: First, the commander may be held responsible solely for dereliction of duty; alternatively, she may be held criminally liable for her subordinates’ atrocity. Currently, both domestic and international tribunals have adopted the former response. This Article argues that, in doing so, these tribunals have betrayed the doctrinal history of command responsibility, and significantly misconstrued the nature of the harm waged by a commander’s failure to punish. The Article articulates an expressive theory of harm according to which a commander’s failure to punish can, under certain circumstances, come to constitute part of the injury of his subordinates’ offense; when these circumstances arise, it is appropriate to hold the commander criminally liable for that offense. * B.A., McGill University, 1997; M.A., McGill Univeristy, 1999; J.D., Yale Law School, 2004; Ph.D., Philosophy, Georgetown University, expected 2009. For extremely helpful comments and suggestions, I am grateful to Thomas Crocker, Debbie Dinner, Meg deGuzman, Harold Koh, David Luban, Tracey Meares, Andrew Siegel, Gary Solis and Robin West, as well as audiences at the 2007 Annual Meeting of the Association for the Study of Law, Culture and Humanities, Yale Law School and Georgetown University Law Center, where earlier versions of this Article were presented. I also gratefully acknowledge the financial support of the Charlotte W. Newcombe Fellowship, and the Woodrow Wilson National Fellowship Foundation. 1 See, e.g., Michael Massing, “Bad Apples” or Predictable Fruits of War?, L.A. TIMES, May 10, 2004.
An Evaluation of James et al.'s (1992) VG Estimation Procedure when Artifacts and True Validity are Correlated*

James, Demaree, Muliak, and Ladd (1992) outlined a procedure for estimating the mean (M) and variance (V) of true validities (ρ's). This procedure was designed to take into account the potential nonzero intercorrelations among the three artifacts (predictor reliability, criterion reliability, and range restriction) and ρ. The accuracy of this new validity generalization procedure was compared with the accuracy of the Model 2-based (in which correlations are individually corrected for artifacts) procedure because this latter procedure does not require the assumption of uncorrelated artifacts. The current study included two different ρ distributions, three sample sizes, and six different levels of intercorrelations among the three artifacts and ρ. Both procedures yielded relatively accurate estimates of M and V even when the intercorrelations among the three artifacts and ρ were nonzero. The Model 2-based estimates were slightly more accurate than the James et al. estimates, and the accuracy of the Model 2-based estimates was much more stable across sample sizes and different levels of intercorrelatedness. Sample-based artifact data were used in this investigation.
The New Originalism and the Uses of History

Central to the new originalism is the distinction between constitutional interpretation and constitutional construction. Interpretation tries to determine the Constitution’s original communicative content, while construction builds out doctrines, institutions, and practices over time. Most of the work of constitutional lawyers and judges is constitutional construction. The distinction between interpretation and construction has important consequences for constitutional theory. In particular, it has important consequences for longstanding debates about how lawyers use history and should use history. First, construction, not interpretation, is the central case of constitutional argument, and most historical argument occurs in the construction zone. Second, although people often associate historical argument with originalist argument, the actual practices of lawyers and judges demonstrate that nonadoption history is as important as adoption history to constitutional construction. Third, there is no single modality of “historical argument.” Instead, history is relevant to many different kinds of constitutional argument. One important task of this Article is to rethink the familiar model of modalities of argument offered by Philip Bobbitt and Richard Fallon; and to offer a different version that better reflects the multiple ways that lawyers and judges actually use history in constitutional argument. Fourth, according to the new originalism, arguments about adoption history can offer mandatory answers only with respect to questions of interpretation; they cannot do so for questions of constitutional construction. That is, new originalists accept an originalist model of authority only with respect to questions of interpretation, not construction. Yet new originalists, like most lawyers, often make appeals to adoption history in constitutional construction. This raises the obvious question why American judges and lawyers should use or accept arguments from adoption history in constitutional construction and only sometimes find
Storable Votes and Judicial Nominations in the U.S. Senate

We model a procedural reform aimed at restoring a proper role for the minority in the confirmation process of judicial nominations in the US Senate. We propose that nominations to the same level court be collected in periodic lists and voted upon individually with storable votes, allowing each senator to allocate freely across the list a fixed number of total votes. Although each nomination is decided by simple majority, storable votes make it possible for the minority to win occasionally, but only when the relative importance its members assign to a nomination is higher than the relative importance assigned by the majority. Numerical simulations approximate the composition of the 113th and 114th Senates. Under plausible assumptions motivated by a game theoretic model, we find that a minority of 45 senators would be able to win about 20 percent of confirmation battles when the majority party controls the presidency, and between 40 and 60 percent when the president identifies with the minority party. For m...
The Orthogonal Response of Stock Returns to Dividend Yield and Price-to-Earnings Innovations

This study investigates how returns on the S&P 500 index respond orthogonally to dividend yield and price-to-earning innovations. The unrestricted vector autoregression (VAR) analysis of monthly data from 1871 to 2012 shows that the response of returns on the S&P 500 index to dividend yield innovation, based on the 12-month horizon, is positive in the first three months, negative in the 4th through 7th months and positive again after that. The returns on the S&P 500 index are negative in the first five months following price-to-earning shock. The Granger causality tests indicate a causal link between returns on the S&P 500 index, dividend yield and price-to-earning. This study offers an important implication for asset management and valuation.
Health affairs blog post: challenges for people with disabilities within the health care safety net.

Medicare and Medicaid were passed to serve as safety nets for the country's most vulnerable populations, yet, the disabled community continues to be one whose health care needs are not being met. This group is all too frequently left to suffer health disparities due to cultural incompetency, stigma and misunderstanding, and an inability to create policy changes that covers the population as a whole and their acute and long-term needs.
IFRS and environmental accounting

Purpose – The purpose of this paper is to examine whether International Financial Reporting Standards (IFRS) can be used for monitoring environmental degradation. A comprehensive review of academic and professional literature indicates that the IFRS regime provides useful conceptual and practical frameworks for monitoring firms that are operating in environmentally sensitive industries.Design/methodology/approach – Using qualitative and case study research methods, the financial statements of three environmentally sensitive companies were studied.Findings – The sustainability reports produced by the companies contained both information and propaganda. The credibility of published sustainability reports is unclear. The size and adequacy of the contributions of the companies towards sharing the costs of decommissioning, rehabilitation and restoration of the environment are not disclosed. A new statement is proposed.Practical implications – Policy implications at national and international level are many.Soc...
Conditionality and Ownership in IMF Lending: A Political Economy Approach

The relation between IMF conditionality and country ownership of assistance programs is considered from a political economy perspective, focusing on the question of why conditionality is needed if it is in a country’s best interests to undertake the reform program. It is argued that heterogeneity of interests must form the basis of any discussion of conditionality and ownership. The Paper stresses a conflict between a reformist government and domestic interest groups that oppose reform, leading to a distinction between government and country ownership of a program. A model of lending and policy reform is presented that illustrates the effects of unconditional and conditional assistance first without and then with political constraints. It is shown that conditionality can play a key role even when the Fund and authorities agree on the goals of an assistance program.
Oil price shocks and industry stock returns

Abstract We examine the impact of changes in the oil returns and oil return volatility on excess stock returns and return volatilities of thirteen U.S. industries using the GARCH (1,1) technique. We find strong evidence in support of the view that oil price fluctuations constitute a systematic asset price risk at the industry level as nine of the thirteen sectors analyzed show statistically significant relationships between oil-futures return distribution and industry excess return. These industries are affected either by oil futures returns, oil futures return volatility or both. In general, excess returns of the oil-user industries are more likely to be affected by changes in the volatility of oil returns, than those of oil return itself. Volatilities of industry excess returns are time-varying, and return volatility for a number of sectors, appears to have long memory. Fama–French factors show universal statistical and high economic significance as risk factors influencing industry excess returns.
Superconducting Analogue of the Parafermion Fractional Quantum Hall States

Non-Abelian fractionalized excitations can be used to construct quantum computers. Researchers now show that two seemingly different systems---a fractional quantum Hall system and a fractional topological superconductor---may both be able to perform universal quantum computations.
Value of Travel Time Reliability: A review of current evidence.

Travel time reliability is a fundamental factor in travel behavior. It represents the temporal uncertainty experienced by travelers in their movement between any two nodes in a network. The importance of the time reliability depends on the penalties incurred by the travelers. In road networks, travelers consider the existence of a trip travel time uncertainty in different choice situations (departure time, route, mode, and others). In this paper, a systematic review of the current state of research in travel time reliability, and more explicitly in the value of travel time reliability is presented. Moreover, a meta-analysis is performed in order to determine the reasons behind the discrepancy among the reliability estimates.
Technology Assessment 2.0: Revamping Our Approach to Emerging Technologies

Technology Assessment 2.0 REVAMPING OUR APPROACH TO EMERGING TECHNOLOGIES Albert C. Lin † I NTRODUCTION We live in an era of rapid and potentially revolutionary technological changes. These changes will play a critical role in addressing many of the problems facing human society. Improvements in energy efficiency may reduce our dependence on fossil fuels. Redesigned manufacturing processes may require less energy and generate less waste. Geoengineering projects may mitigate some of the effects of climate change. And developments in synthetic biology and nanotechnology may increase food production, generate new pharmaceuticals, remediate environmental pollution, and transform countless aspects of our lives. At the same time, however, new technologies also raise the specter of adverse health effects, environmental degradation and disaster, and even dehumanization, should those technologies go awry. As past experiences teach us, new technologies do not merely solve old problems. Often, technologies create problems of their own, many of which reveal themselves only with time. Addressing these problems becomes especially difficult when technological systems become entrenched. 1 New technologies pose © 2011 Albert C. Lin. All rights reserved. Professor of Law, University of California, Davis, School of Law. Thanks to Eric Biber, Peter Lee, and workshop participants at the Arizona State University School of Law Southwest/West Junior Scholars Conference for thoughtful feedback. Thanks also to Dean Kevin Johnson, Associate Dean Vik Amar, and the U.C. Davis School of Law for financial support for this project, and to Anna Berces, Aylin Bilir, Autumn Luna, and Nick Warden for their research assistance. See D AVID C OLLINGRIDGE , T HE S OCIAL C ONTROL OF T ECHNOLOGY 17-19 (1980) (“[B]y the time a technology is sufficiently well developed and diffused for its unwanted social consequences to become apparent, it is no longer easily controlled.”); R ICHARD S CLOVE , W OODROW W ILSON I NT ’ L C TR . FOR S CHOLARS , R EINVENTING T ECHNOLOGY A SSESSMENT : A 21 ST C ENTURY M ODEL 2-3 (2010), available at http://wilsoncenter.org/ topics/docs/ReinventingTechnologyAssessment1.pdf.
The implications of ineffective internal control and SOX 404 reporting for financial analysts

The mandatory reporting of firms’ internal control effectiveness continues to be debated by equity market participants, U.S. regulatory agencies and oversight committees. We investigate the implications of material weaknesses in internal control and SOX 404 required reporting of such for financial analysts because analysts are important intermediaries in the U.S. capital market and it is not known whether analysts’ forecasts or coverage decisions are affected by firms’ internal control problems or reporting, respectively. Results of our empirical tests indicate that analysts provide less accurate forecasts and there is greater forecast dispersion for firms with ineffective internal control. We also find that firms that disclose internal control problems have less analyst coverage and that analyst following declines after the material weakness in internal control is disclosed. The results are robust to controlling for potential self-selection bias and management earnings guidance. Our study documents the consequences of ineffective internal control for an important class of financial statement users and suggests the required reporting on the effectiveness of internal control is beneficial to understanding the properties of analysts’ forecasts.
STRATEGIC OR TACTICAL? FOREIGN RESEARCH AND DEVELOPMENT IN DEVELOPING COUNTRIES, A CASE STUDY OF CHINA

Abstract This study offers a new framework of classifying research and development (RD they are involved not only in development, but also in original research; they are working not only on short-term projects, but also on projects that are crucial for MNCs' future in the long-term. Mainstream theories have limited possible locations of strategic R&D facilities to developed countries where markets are most demanding and R&D infrastructures are readily available. It has been assumed that MNC R&D facilities in developing countries are only marginally important to their parent companies' long-term fortune, if such facilities exist at all. It is argued that such a point of view is too simplistic. Large and fast growing developing countries, such as China and India, are becoming increasingly attractive locations for strategic R&D facilities from MNCs, part...
Ethical Wealth Is Not a Paradox: The Talmudic Guide to Prosperity

A crucial pedagogical tool of the Talmud, one of the most influential books of Late Antiquity, is the use of divine reward and punishment as a way to promote ethical conduct. This paper examines ten behaviors whose reward, according to the sages, is wealth. These include being charitable, conducting business in an ethical manner, honoring the Sabbath, respecting one’s spouse, acquiring wisdom, being an honest public servant, and leading a simple, humble life
Do We Really Know that the WTO Increases Trade

This paper estimates the effect on international trade of multilateral trade agreements-the World Trade Organization (WTO), its predecessor the General Agreement on Tariffs and Trade (GATT), and the Generalized System of Preferences (GSP) extended from rich countries to developing countries. I use a standard "gravity" model of bilateral merchandise trade and a large panel data set covering over 50 years and 175 countries. An extensive search reveals little evidence that countries joining or belonging to the GATT/WTO have different trade patterns from outsiders, though the GSP seems to have a strong effect. (JEL F13, F15)
The Place of Translation in Jerusalem's Criminal Trial Court

The court-appointed translator is largely an invisible actor in the legal space. The Israeli context provides an extreme example of this invisibility: apart from a general statutory definition of the court9s obligation to translate criminal proceedings, the work of translation in the Israeli courtroom is mostly unregulated by state law, rendering it highly susceptible to informal manifestations. This article offers a critical empirical investigation into the micropractices of translation performed in the Jerusalem criminal trial court in 2002. On the face of things, the court-appointed translator performs a technical task in the everyday working of the court. Expected to mediate between the defense, the prosecution, and the judiciary, the translator is usually not perceived as an active participant in the legal procedure. Problematizing this perception, the article examines the multiple tasks of court-appointed translators in the Jerusalem criminal trial court, thereby challenging traditional court roles and legal perceptions. Not exactly court officials yet also not outsiders to the courtroom, the translators exercise a mixed bag of formal and substantive roles. They act not only as linguistic intermediaries, but also as intermediaries between formal legalities and commonsense discourses. The article is divided into three parts. The first part sketches three primary linguistic challenges, as those are identified by the translators interviewed for this study. The second part of the article adds the perspective of other court practitioners so as to depict a dynamic picture of the particular loyalties of the translators. Finally, the third part of the article examines the liminal, "third space," of translation. Precisely for its extreme articulation of sovereign ideologies, the Israeli/Palestinian setting provides an intriguing geohistorical context within which to think about translation. This last part ties the article together by highlighting the dynamic relationship between language, law, and space, as these are constructed and subverted through practices of translation within the particular setting of the Jerusalem courtroom.
Constitutional Safety Valve: The Privileges or Immunities Clause and Status Regimes in a Federalist System

The American Constitution was born flawed: it failed to provide a mechanism for resolving entrenched differences in the social status regimes between states. This Article argues that part of the purpose of the Privileges or Immunities Clause of the Fourteenth Amendment was to correct that flaw. The Privileges or Immunities Clause was the culmination of a long antebellum debate over whether southern states had to respect the rights of northern black citizens as they traveled. The Clause achieves this goal by requiring states in certain circumstances to respect the status determinations of other states when the citizens of those other states travel. Although this aspect of the Privileges or Immunities Clause has long been forgotten, it survived the Supreme Court’s decision in the Slaughter-House Cases. And there is a good chance it will soon be needed again. The United States is on the verge of an entrenched conflict between states concerning the recognition of the status of marriage for same-sex couples. Although multiple resolutions are possible, the forgotten component of the Privileges or Immunities Clause may provide a more stable and effective framework for determining when states must respect the status determinations of other states. As a structural remedy rather than one based solely on individual rights, the Clause’s protection for state status determinations is only triggered when a critical mass of states line up for or against recognizing the * Assistant Professor, Marquette University Law School. B.A., Arkansas; M.A., Northwestern; J.D. Yale. This Article spent an unusually long time in development, and thus I have accumulated more debts in writing it than I can possibly remember. As partial repayment, I wish to thank Prof. Reva Siegel and the participants in her Historical Perspectives on Women and the Law seminar in Spring 1997, where this project originated; Kenji Yoshino; Andrew Koppelman; Chuck Sims; Proskauer Rose LLP, which provided research support while I was employed there; Sharon McGowan and participants at the “Freedom to Marry: Consolidating Strategies, Planning Victories” conference at Harvard Law School, where an earlier version of this paper was presented; my Marquette colleagues Michael O’Hear, Chad Oldfather, Kali Murray, Nadelle Grossman, and Ed Fallone, who volunteered significant amounts of their time to read and critique drafts; Jeffrey Mies for his research assistance; and above all Amy Quester, for her unflagging encouragement and support. Sometimes it takes a village to write a law review article.
Popular Support for Village Self-Government in China: Intensity and Sources

Based on survey data collected in Jiangsu Province, this research finds that rural residents' evaluations of self-government institutions were more positive than those of the elected leaders. Villagers' subjective orientations——such as assessment of the village leaders' policy performance, beliefs in democratic institutions, and external efficacy——shaped their attitudes toward both self-government institutions and elected leaders.
Copyright Law in the Digital Age: Malum in Se and Malum Prohibitum

This lecture is about the underlying purpose and function of the copyright law in light of digital technology. That technology raises the question, how does one tailor the law to accommodate to technological change, and how does one have a law that is meaningful and that will be to some extent at least respected? An act of infringement needs to be defined such that it is indeed malum in se rather than simply malum prohibitum.
The Terrorist Surveillance Program and the Constitution

In response to the September 11 attacks, President Bush created the Terrorist Surveillance Program (“TSP”), which authorized the National Security Agency (“NSA”) to intercept phone calls and emails traveling into and out of the United States. One of the parties to the communication had to be someone suspected of being a member of al Qaeda. This surveillance took place outside the framework of the Foreign Intelligence Surveillance Act, or FISA, which since 1978 has regulated the interception of communications entering or leaving the United States. FISA requires the Justice Department to seek a warrant from a special Article III court, the Foreign Intelligence Surveillance Court (“FISC”), to conduct electronic surveillance within the United States for national security purposes. The legality of the TSP has sparked great controversy. Academic and political critics claim that it violates FISA and represents an unconstitutional expansion of presidential power. The Bush administration argues that the program is fully legal and has produced valuable information allowing the government to prevent terrorist attacks on the United States. As
Early Effects of the 2010 Affordable Care Act Medicaid Expansions on Federal Disability Program Participation

We test whether early Affordable Care Act (ACA) Medicaid expansions in Connecticut (CT), Minnesota (MN), California (CA), and the District of Columbia (DC) affected SSI applications, SSI and DI awards, and the number of SSI and DI beneficiaries. We use a difference-in-difference (DD) approach, comparing SSI/DI outcomes pre and post each early Medicaid expansion (“Early Expanders”) to SSI/DI outcomes in states that expanded Medicaid in January 2014 (“Later Expanders”). We also use a synthetic control approach, in which we examine SSI/DI outcomes before and after the Medicaid expansion in each Early Expander state, utilizing a weighted combination of Later Expanders as a comparison group. In CT, the Medicaid expansion is associated a statistically significant, 7 percent reduction in SSI beneficiaries; this finding is consistent across the DD and synthetic control methods. For DC, MN and CA, we do not find consistent evidence that the Medicaid expansions affected disability-related outcomes.
Dynamic Behavior and Player Types in Majoritarian Multi-Battle Contests

Abstract In a dynamic contest where it is costly to compete, a player who is behind must decide whether to surrender or keep fighting in the face of bleak odds. We experimentally examine the game theoretic prediction of last stand behavior in a multi-battle contest with a winning prize and losing penalty, as well as the contrasting prediction of surrendering in the corresponding contest with no penalty. We find varied evidence in support of these hypotheses in the aggregate data, but more conclusive evidence when scrutinizing individual player behavior. Players' realized strategies tend to conform to one of several “types”. We develop a taxonomy to classify player types and study how types interact and how their incidence varies across treatments. Although last stand and surrendering behaviors arise at rates responsive to the importance of losing penalties, the most prominent behavior is escalation.
Investor protection under unregulated financial reporting

Abstract We examine whether availability of higher quality financial information lessens investor losses during a period seen as a stock market crash. We focus on October 1929, which partly motivated sweeping financial reporting regulations in the 1930s. Using a sample of 540 common stocks traded on the New York Stock Exchange during October 1929, we find that the quality of firms’ financial reporting increases with managers’ incentives to supply higher quality financial information demanded by investors. Moreover, firms with higher quality financial reporting before October 1929 experienced smaller stock price declines during the market crash.
Comparing the point predictions and subjective probability distributions of professional forecasters

We use data from the Survey of Professional Forecasters (SPF) to compare point predictions of gross domestic product (GDP) growth and inflation with the subjective probability distributions held by forecasters. We find that most SPF point predictions are quite close to the central tendencies of forecasters subjective distributions tend to be asymmetric, with SPF forecasters tending to report point predictions that give a more favorable view of the economy than do their subjective means/medians/modes.
The costs of sovereign default: Evidence from the stock market

We use stock market data to test cross-sectional implications of theories of sovereign default and provide a market-based estimate of sovereign default costs. We find that the stock prices of firms vulnerable to financial intermediation disruption, or firms more exposed to the government, are particularly sensitive to changes in sovereign credit spreads. This is consistent with theories in which default is costly because it disrupts financial intermediation and damages government reputation. Estimation of a structural valuation model indicates that the market prices stocks as if sovereign default has large effects on vulnerable stocks, translating to a 12% destruction of the value of their productive assets. Received July 9, 2011; editorial decision August 16, 2017 by Editor Geert Bekaert.
The stellar activity-rotation relationship

Using a new catalog of 824 solar and late-type stars with measured X-ray luminosities and rotation periods we have studied the relationship between rotation and stellar activity that is believed to be a probe of the underlying stellar dynamo. Using an unbiased subset of the sample we calculate the power law slope of the unsaturated regime of the activity-rotation relationship as LX/Lbol α Roβ, where β = –2.70 ± 0.13. Notably this is inconsistent with the canonical β = –2 slope to a confidence of 5σ are argues for an interface-type dynamo. Super-saturation is observed for the fastest rotators in our sample and its parametric dependencies are explored. Significant correlations are found with both the corotation radius and the excess polar updraft, the latter theory being preferred as it is supported by other observations. We also present a new X-ray population synthesis model of the mature stellar component of our Galaxy and use it to reproduce deep observations of a high Galactic latitude field. The model, XStar, can be used to test models of stellar spin-down and dynamo decay, as well as for estimating stellar X-ray contamination rates for non-stellar studies. (© 2013 WILEY-VCH Verlag GmbH & Co. KGaA, Weinheim)
Aggregate Jump and Volatility Risk in the Cross‐Section of Stock Returns

We examine the pricing of both aggregate jump and volatility risk in the cross-section of stock returns by constructing investable option trading strategies that load on one factor but are orthogonal to the other. Both aggregate jump and volatility risk help explain variation in expected returns. Consistent with theory, stocks with high sensitivities to jump and volatility risk have low expected returns. Both can be measured separately and are important economically, with a two-standard-deviation increase in jump (volatility) factor loadings associated with a 3.5% to 5.1% (2.7% to 2.9%) drop in expected annual stock returns.
Does financing spur small business productivity? Evidence from a natural experiment

We analyze how increased access to financing affects firm total factor productivity (TFP) by exploiting a natural experiment following interstate banking deregulations that increased access to bank financing. We find that firms' TFP increases after their states implement these deregulations. Using a regression discontinuity approach based on the Small Business Administration's funding eligibility criteria, we show that TFP increases following the deregulations are significantly greater for financially constrained firms. Our results suggest that greater access to financing allows financially constrained firms to invest in productive projects that may otherwise not be taken up.
What Influences Accounting Research? A Citations-Based Analysis

ABSTRACT: We compile and analyze the reference lists from papers published in nine accounting journals over the period 1996–2011 to identify the individual antecedent works that have been cited the most often by accounting research. We conduct our analyses separately for different topical areas (audit, financial, managerial, tax, other) and research methodologies (archival, experimental, theoretical, other). We then present and discuss lists of the individual works that are most heavily cited by each category. Our results should be useful to Ph.D. students and those who train them in identifying important prior work that continues to motivate and provide a foundation for contemporary accounting research.
Interstate Pluralism: The Role of Federalism in the Same-Sex Marriage Debate

Abstract: This Article discusses the role of federalism in the debate over interstate recognition of same-sex marriages. It examines and rejects as simplistic the argument that the role of full faith and credit is to promote greater national uniformity. Instead, full faith and credit requires a balancing between the policy of uniformity and its counterweight, state autonomy and particularism (which is termed "interstate pluralism"). The Article identifies how interstate pluralism is reflected in a wide variety of ways in the law. It then seeks to demonstrate the benefits to the individual of being able to choose from different legal communities. It then uses extensive economic and demographic data to demonstrate just how pluralistic states are. It concludes that states should generally apply forum law to decide whether to recognize same-sex marriages. TABLE OF CONTENTS I. NATIONAL UNIFORMITY, FULL FAITH AND CREDIT, AND INTERSTATE PLURALISM 1706 A. The Overstated Goal of Uniformity 1707 B. Understanding the Goal of Uniformity: Judgments and Choice of Law 1711 1. The case law on uniformity and full faith and credit 1711 2. Why uniformity matters more in the judgment context 1716 II. THE LIMITS OF THE UNIFORMITY POLICY AND THE COUNTERWEIGHT OF INTERSTATE PLURALISM 1720 A. Interstate Pluralism Defined 1722 B . Interstate Pluralism Policy Demonstrated 1 724 C. Interstate Pluralism Reflected in Areas Other Than Full Faith and Credit 1727 1. Protecting interstate pluralism in the context of vertical federalism 1727 2. Protecting interstate pluralism in the context of horizontal federalism 1729 3. Protecting interstate pluralism in the context of constitutional interpretation and application ........ 1731 D. The Benefits of Interstate Pluralism 1733 III. THE DIMENSION OF INTERSTATE PLURALISM: HOW MUCH ALIKE ARE WE? 1740 A. Interstate Pluralism and the Maximalist Constitution 1742 B. How the States Differ: An Empirical Snapshot 1743 1. Marriage, divorce, and births 1744 2. Suicide rates and mental health 1753 3. Ethnicity and religion 1759 4. Characteristics of the population: age distribution, population growth, and immigration 1770 5. Wealth and education 1777 6. Intoxicants of choice 1780 7. Follow the money: employment data and charitable giving 1785 8. Assessing the empirical snapshot 1792 IV. CRAFTING CHOICE OF LAW FOR SAME-SEX MARRIAGE TO ACCOMMODATE INTERSTATE PLURALISM 1795 A. Interstate Pluralism and the Constitutional Right to Same-Sex Marriage 1795 B. Same-Sex Marriage and Choice of Law 1800 C. Conclusion: The Cautionary Tale of Slavery, Dred Scott, and the Civil War 1805 This Article discusses the role of interstate pluralism - a term I use to refer to a particular thread of federalism - in the same-sex marriage debate. …
Reflections About Legal Education and Justice from the Perspective of a Latina Law School Dean

The challenges of being a law school dean for the first time are immense, especially when trying to balance the disparate competing interests of all the component stakeholders that make up a law school. This article examines these challenges from the perspective of a new law school dean who is also Latina.
Effects of child health on parents' relationship status.

We used data from the Fragile Families and Child Wellbeing Study to estimate the effect of a child’s poor health on the presence of the father. We investigated whether parents lived in the same household 12–18 months after the child’s birth and whether their relationships changed along a continuum (married, cohabiting, romantically involved, friends, or not involved) during the same period. We found that within this short period, having a child with poor health decreased the probability that the parents lived together by 10 percentage points. It also increased the probability that their relationship status moved in the direction of less involvement by 6 percentage points. These results indicate that children’s health and family structure jointly shape children’s long-term health and economic trajectories.
Many-to-many matching with max-min preferences

We consider the many-to-many two-sided matching problem under a stringent domain restriction on preferences called the max-min criterion. We show that, even under this restriction, there is no stable mechanism that is weakly Pareto efficient, strategy-proof, or monotonic (i.e., respects improvements) for agents on one side of the market. These results imply in particular that three of the main results of Baiou and Balinski (2000) are incorrect. We also show that one of the results of Baiou and Balinski (2007) is incorrect as well.