cssi/SciSciGPT-SciSciNet huggingface dataset:
Playing Hide and Seek: How to Protect Virtual Pornographers and Actual Children on the Internet

This Article considers the Supreme Court's suggestion that creating a market for virtual pornography is not only innocuous to actual children, but could actually protect them, and recommends a mechanism to regulate the virtual pornography market in a manner that balances the rights of virtual pornographers with the prosecution of actual child pornographers. Part II traces the events leading up to the Free Speech decision, commencing with the enactment of the Child Pornography Prevention Act of 1996 (CPPA). Part III discusses the Free Speech opinion and the post-Free Speech cases. Part IV examines the PROTECT Acts -- the legislative response to the Supreme Court's decision. Part V concludes that regulation of the virtual pornography industry is the most effective method of protecting children and free speech rights. Building upon existing statutory record-keeping provisions and adapting them to virtual pornography can best accomplish such regulation.
The Economics of Product-Line Restrictions With an Application to the Network Neutrality Debate

Abstract We examine the welfare effects of product-line restrictions, such as those called for by some proponents of network neutrality regulation. We consider a platform that brings together households and application providers. We find that restricting a monopoly platform to a single product has the following effects: (a) application providers that would otherwise have purchased a low-quality variant are excluded from the market; (b) applications “in the middle” of the market utilize higher and more efficient qualities; and (c) applications at the top utilize lower and less efficient qualities than otherwise. Total surplus may rise or fall, although the analysis suggests to us that harm to welfare is likely. We also examine a duopoly model and find that the welfare effects are similar.
T-Duality versus Gauge Symmetry

We review the recently constructed `double field theory' which introduces in addition to the conventional coordinates associated to momentum modes coordinates associated to winding modes. Thereby, T-duality becomes a global symmetry of the theory, which can be viewed as an `O(D,D) covariantization' of the low-energy effective space-time action of closed string theory. We discuss its symmetries with a special emphasis on the relation between global duality symmetries and local gauge symmetries.
Market adaptation to Regulation Fair Disclosure: The use of industry information to enhance the informational environment

Abstract Our fundamental research interest is in exploring the ways in which the financial markets have adapted to Reg FD, and our particular focus is on how market participants use industry information embedded in firms’ earnings announcements. We find that announcements of quarterly earnings made by companies that are the first in their industry to report in a given quarter have significant effects on the stock returns of other firms in the same industry as well as on their own stock returns. We then test the implications of these findings for their effects on the information environment. Overall, our empirical findings support the conclusion that the implementation of Reg FD has led to increased use of industry information that is revealed in earnings announcements. This is one way, among others, in which analysts and other market participants have adapted to the requirements of Reg FD. In this case, they have made the adaptation by developing new uses of public information to enhance the informational environment.
Gender Differences in Job Entry Decisions: A University-Wide Field Experiment

The gender difference in competitiveness has been cited as an important factor driving the gender gap in labor market outcomes. Using a field experiment with more than 35,000 university students, I...
Capital Accumulation and Resource Depletion: A Hartwick Rule Counterfactual

How rich would resource-abundant countries be if they had actually followed the Hartwick Rule (invest resource rents in other assets) over the past 30 years? The authors use time series data on investments and rents on exhaustible resource extraction for 70 countries to answer this question. The results are striking: Gabon, Trinidad and Tobago, and Venezuela would all be as wealthy as the Republic of Korea, while Nigeria would be five times as well off as it is currently. The authors also derive a more general rule for sustainability-maintain positive constant genuine investment-and use this to draw further empirical results.
Necessity of Transversality Conditions for Infinite Horizon Problems

This paper studies necessity of transversality conditions for the continuous time, reduced form model. By generalizing Benveniste and Scheinkman's (1982) “envelope” condition and Michel's (1990) version of the squeezing argument, we show a generalization of Michel's (1990, Theorem 1) necessity result that does not assume concavity. The generalization enables us to generalize Ekeland and Scheinkman's (1986) result as well as to establish a new result that does not require the objective functional to be finite. The new result implies that homogeneity of the return function alone is sufficient for the necessity of the most standard transversality condition. Our results are also applied to a nonstationary version of the one-sector growth model. It is shown that bubbles never arise in an equilibrium asset pricing model with a nonlinear constraint.
Can an Old Dog Learn New Tricks? Applying Traditional Corporate Law Principles to New Social Enterprise Legislation

Seven U.S. states have recently adopted the benefit corporation or the flexible purpose corporation — two novel corporate forms intended to house social enterprises, i.e., those ventures that pursue social and environmental missions along with profits. And yet, these corporate forms are not viable or sustainable if they do not attract social entrepreneurs or social investors due to the lack of understanding and inquiry into how traditional corporate law principles will be applied to them. This Article begins this necessary examination. As a first approach, this article assesses shareholder primacy and the shareholder wealth maximization norm in the context of the sale of an early-stage flexible purpose corporation. As the market for products and services produced by social enterprises grows, traditional “profit-maximizing” corporations, which may have given limited attention to their social or environmental outputs in the past, want a piece of this market share and can make a rapid market entrance by acquiring an established social enterprise. Using the lens of a corporate acquisition, this article argues that the shareholder wealth maximization norm must be rejected for flexible purpose corporations given the statute’s legislative history and a contractarian view of shareholder primacy where shareholders’ interests are both economic and non-economic. Nonetheless, rejection of the norm leaves a gap in directors’ accountability to shareholders. This article examines alternative accountability mechanisms, including employing a heightened standard of review to the sale of flexible purpose corporations.
Preferred stock: Some insights into capital structure

Abstract This study analyzes the reactions of equity holders and bondholders to the announcement of 427 preferred stock issues. We document an average equity announcement effect of − 0.65%. This reaction is positively influenced by a number of measures of firm creditworthiness and transparency and is higher for bank issuers. The equity market reaction is negatively influenced by convertibility (and the moneyness of the embedded option) and by the firm's accounting treatment of the issue (specifically if the issue is classified as equity). We find that average credit default swap spreads decrease by 50 basis points after the issue announcement. This decrease is also larger for more creditworthy and transparent firms. Convertibility and the moneyness of the embedded option further decrease the CDS spread. In aggregate, the decrease in equity value is much smaller than the increase in the value of the issuer's debt.
Due Process in Civil Commitments.

In one of its most controversial decisions to date, United States v. Comstock, the Roberts Court upheld a federal civil commitment statute requiring only an intermediate burden of proof. The statute provided for the postsentencing confinement of anyone proven by "clear and convincing evidence" to be mentally ill and dangerous. The law relied on a judicial standard established more than thirty years before. The majority in Comstock missed the opportunity to reassess the precedent in light of recent psychiatric studies indicating that the ambiguity of available diagnostic tools can lead to erroneous insanity assessments and mistaken evaluations about patients’ likelihood to engage in dangerous activities. I contend that the "clear and convincing standard" of proof inadequately protects patients’ due process rights because civil commitment hearings can result in severe deprivations of liberty. Commitments of felons whose continued dangerousness remains in doubt raises significant due process concerns. Even more troubling is the civil commitment of individuals with no criminal records of violence to whom the clear and convincing standard also applies. In this Article, I argue that the beyond a reasonable doubt standard of proof is needed to closely scrutinize evidence of mental disease and dangerousness. The multidisciplinary approach I pursue offers a unique framework for resolving a social problem that has been inadequately described in extant legal writings. I reflect on Supreme Court precedents in light of psychiatric studies about the limited reliability of emergency commitments and set out a standard adopted from criminal proceedings to better prevent unnecessary mental hospitalization. ∗ Assistant Professor, Loyola University, School of Law-Chicago. Thanks to Christopher Slobogin, William Fisher, Thomas Szasz, Allan V. Horwitz, Eugene Roginsky, Stuart Kirk, Alexandra Roginsky, Nadia Sawicki, Anat Geva, Harold Krent, Richard Delgado, Patrick Murphy, Thomas Scheff, Nancy Wolff, Melesa Freerks, Joshua Rubin, and Amber Battin for helpful comments and suggestions. 254 68 WASH. & LEE L. REV. 253 (2011)
Who gentrifies low-income neighborhoods?

Abstract This paper uses confidential Census data, specifically the 1990 and 2000 Census Long Form data, to study demographic processes in neighborhoods that gentrified during the 1990s. In contrast to previous studies, the analysis is conducted at the more refined census-tract level, with a narrower definition of gentrification and more closely matched comparison neighborhoods. Furthermore, our access to individual-level data with census tract identifiers allows us to separately identify recent in-migrants and long-term residents. Our results indicate that, on average, the demographic flows associated with the gentrification of urban neighborhoods during the 1990s are not consistent with displacement and harm to minority households. In fact, taken as a whole, our results suggest that gentrification of predominantly black neighborhoods creates neighborhoods that are attractive to middle-class black households.
A division of the capitalist class and the market for money capital

In an one-commodity economy populated by capitalists equipped with equal endowment but with heterogeneous linear production technology, a division of the capitalist class emerges endogenously. The capitalists with relatively weak technology, yielding the profit rate lower than the interest rate, become a money capitalist (lender), whereas the capitalists with relatively strong technology, yielding the profit rate greater than the interest rate, become an industrial capitalist (borrower). The equilibrium interest rate is derived by the associated demand and supply relation. From this setup of the model follow two essential relationships Marx establishes between the average profit rate and the interest rate: (i) that the profit (rate) sets a maximum limit of interest (rate), and (ii) that the two rates are correlated in the long-run. Lastly, the profit rate of financial sector is less than that of industrial sector due to the basic setup of the model where the industrial sector uses leverage to amplify the underlying capital profit rate, whereas the financial sector lacks inter-mediation technology, which would have enabled it to borrow profitably.
Strategic information sharing between competing retailers in a supply chain with endogenous wholesale price

Abstract This paper introduces a new motivation for information sharing in decentralized supply chains—as a mechanism to achieve truthful information sharing and to reduce signaling costs. We study a two-echelon supply chain with one manufacturer selling a homogenous product to n price-setting competing retailers. Each retailer has access to private information about the potential market demand, and the retailers have an ex-ante incentive to share this information with each other and to conceal the information from the manufacturer. However, without a mechanism that induces the retailers to truthful information exchange as their strategic choice, no information can be exchanged via pure communication (cheap talk). To overcome this obstacle, two signaling games are analyzed: in the first game, information is shared truthfully among the retailers; in the second game, information is also shared truthfully with the manufacturer. We show that under some conditions sharing information with the manufacturer results in a higher profit for the retailers.
Privacy and Democracy in Cyberspace

Privacy and Democracy in Cyberspace Paul M. Schwartz * I NTRODUCTION 1610 I. T HE L ACK OF P RIVACY IN C YBERSPACE 1616 A. A Tour of Personal Information Use in Cyberspace 1617 The Technical Infrastructure 1618 The Privacy Horror Show 1621 a. The Personal Computer 1622 b. The Internet Service Provider (“ISP”) 1627 c. Web Sites 1629 B. The Current Legal Response 1632 C. The Data Processing Model and the Internet: Cyberspace Meets Real Space 1640 II. S HARED L IFE AND D EMOCRACY IN C YBERSPACE 1647 A. Democratic Deliberation 1648 B. Individual Self-Determination 1653 C. Constitutive Privacy 1658 III. A M ULTIDIMENSIONAL P RIVACY T ERRITORY FOR C YBERSPACE A. Post’s Pessimism 1667 B. The Necessary Fair Information Practices 1670 A Fabric of Defined Obligations 1672 * Professor of Law, Brooklyn Law School. This research was supported by a grant from the Dean’s Research Fund of Brooklyn Law School. I wish to thank Dean Joan Wexler for this generous assistance. For their comments on this Article, I also wish to thank Martin Flaherty, Robert Gellman, Michael J. Gerhardt, Kent Greenfield, Ted Janger, Won Joon Kouh, Amy de Jesus Lauren, Catherine Mangan, Joel R. Reidenberg, Laura J. Schwartz, Spiros Simitis, Peter J. Spiro, William M. Treanor, and Benjamin H. Warnke. Opinions expressed in the Article, however, are my own. Finally, Stefanie Schwartz provided the essential encouragement that made this project possible.
Agricultural Biotechnology: Drawing on International Law to Promote Progress

In Bowman v. Monsanto, the Supreme Court declined to apply the principle of exhaustion to limit the patentee’s ability to control the reproduction of self-replicating inventions. This decision was justified from a patent law perspective on the basis that a patent holder has a right to prevent others from making the invention. But what happens when we take other perspectives into account? For instance, a farmer might have human rights or other rights that may need to be balanced against the patentee’s right. Since globalized intellectual property standards were established through international agreements and much of the resistance to intellectual property laws is taking place at the international level, this Article turns to international law for guidance. Taking into consideration the competing regimes that touch on intellectual property rights, this Article concludes that we must continue to look for solutions within intellectual property law itself.
Working smart and hard? Agency effort, judicial review, and policy precision

The lion’s share of policy in the United States is made by administrative agencies. Agencies not only make policy choices, they must also implement policy effectively. Oversight institutions play an integral role in the policymaking process by monitoring, through review of agency policy actions, both policymaking tasks. Through analysis of a formal model I develop a theory of policymaking between agencies and courts and show that review can impact agency effort choices even when bureaucratic subversion is not a concern. At times the court has no impact on this effort and the agency is unconstrained. However, when the agency’s effort dictates whether or not the court defers to the agency’s actions judicial review does affect effort decisions. In this setting, review can either strengthen or, counter-intuitively, weaken agency effort incentives. Implications for executive and congressional oversight are discussed in light of these results.
Audit personnel salaries and audit quality

This study examines the relation between audit personnel salaries and office-level audit quality. We measure audit personnel salaries at the associate, senior, and manager ranks for Big 4 audit offices from 2004 to 2013, using unique individual-auditor-level data obtained from the U.S. Department of Labor. We find that offices that pay lower salaries have a higher percentage of clients that experience restatements. In related analyses, we also find lower levels of audit quality when audit employees are paid less, relative to other lines of service in accounting firms. Finally, we document positive and significant associations between salary and fees, suggesting that audit offices pass some of the cost of higher labor onto their clients. Overall, our findings provide important initial evidence on the role of audit salary and its relation to audit quality and audit fees.
Noise trader risk: Evidence from the Siamese twins ☆

Abstract This paper provides new evidence regarding the magnitude and nature of noise trader risk. I examine returns for two pairs of “Siamese twin” stocks: Royal Dutch/Shell and Unilever NV/PLC. These unusual pairs of fundamentally identical stocks provide a unique opportunity to investigate two facets of noise trader risk: (1) the fraction of total return variation unrelated to fundamentals (i.e., noise), and (2) the short-run risk borne by arbitrageurs engaged in long-short pairs trading. I find that about 15% of weekly return variation is attributable to noise. Noise trader risk has both systematic and idiosyncratic components, and varies considerably over time. The conditional volatility of long-short portfolio returns ranged from 0.5% to over 2.75% per week during the 1989–2003 sample period. Noise trader risk was especially high around the failure of Long-Term Capital Management in 1998 and during the collapse of the technology bubble in 2000. I conclude that noise trader risk is a significant limit to arbitrage.
Ferromagnetic Ordering of Energy Levels for $U_q(\mathfrak{sl}_2)$ Symmetric Spin Chains

We consider the class of quantum spin chains with arbitrary $${U_{q}(\mathfrak{sl}_{2})}$$ -invariant nearest-neighbor interactions, sometimes called SU q (2) for the quantum deformation of SU(2), for q > 0. We derive sufficient conditions for the Hamiltonian to satisfy the property we call ferromagnetic ordering of energy levels. This is the property that the ground state energy restricted to a fixed total spin subspace is a decreasing function of the total spin. Using the Perron–Frobenius theorem, we show sufficient conditions are positivity of all interactions in the dual canonical basis of Lusztig. We characterize the cone of positive interactions, showing that it is a simplicial cone consisting of all non-positive linear combinations of “cascade operators,” a special new basis of $${U_{q}(\mathfrak{sl}_2)}$$ intertwiners we define.
Linking Individuals and Societies

How do individuals shape societies? How do societies shape individuals? This article develops a framework for studying the connections between micro and macro phenomena. The framework builds on two ingredients widely used in social science—population and variable. Starting with the simplest case of one population and one variable, additional variables and additional populations are systematically introduced. This approach enables simple and natural introduction and exposition of such operations as pooling, matching, regression, hierarchical and multilevel modeling, calculating summary measures, finding the distribution of a function of random variables, and choosing between two or more distributions. To illustrate the procedures we draw on problems from a variety of topical domains in social science, including an extended illustration focused on residential racial segregation. Three useful features of the framework are: First, similarities in the mathematical structure underlying distinct substantive ques...
Stochastic optimal control, international finance and debt

Abstract We use stochastic optimal control-dynamic programming (DP) to derive the optimal debt/net worth, consumption/net worth, current account/net worth, and endogenous growth rate in an economy – which could be a country, region or sector within a country. Unlike the literature that uses an intertemporal budget constraint or the Maximum Principle, the DP approach does not require perfect foresight or certainty equivalence. Our results are generalizations of the Merton model, and are explained graphically within a mean–variance context. Two examples are provided to illustrate the usefulness of our technique in predicting debt crises.
Building Bridges Between Researchers and Practitioners: A Collaborative Approach to Research in Performance Excellence

﻿[This abstract is based on the author's abstract.] Researchers at the University of Northern Colorado collaborated with practitioners in high-performance organizations to develop a research agenda that addresses the needs and interests of both groups...
The Evidentiary Rules of Engagement in the War against Domestic Violence

Our criminal justice system promises defendants a fair and just adjudication of guilt, regardless of the character of the alleged offense. Yet, from mandatory arrest to “no-drop” prosecution policies, the system’s front-end response to domestic violence reflects the belief that it differs from other crimes in ways that permit or require the adaptation of criminal justice response mechanisms. Although scholars debate whether these differential responses are effective or normatively sound, the scholarship leaves untouched the presumption that, once the adjudicatory phase is underway, the system treats domestic violence offenses like any other crime.This article reveals that presumption is false. It demonstrates that many jurisdictions have adopted specialized evidence rules that authorize admission of highly persuasive evidence of guilt in domestic violence prosecutions that would be inadmissible in other criminal cases. These jurisdictions unmoor evidence rules from their justificatory principles to accommodate the same iteration of domestic violence exceptionalism that underlies specialized front-end criminal justice policies. The article argues that even though such evidentiary manipulation may be effective in securing convictions, enlisting different evidence rules in our war on domestic violence is unfair to defendants charged with such offenses and undermines the integrity of the criminal justice system. It also harms some of the people the system seeks to protect by reducing the efficacy of the criminal justice intervention and discrediting those complainants who do not support the prosecution.
Does Ricci Herald a New Disparate Impact

INTRODUCTION 2182 I. THE ORIGINS OF DISPARATE IMPACT 2185 A. The Two Theories of Employment Discrimination 2185 B. Acceptance of Disparate Impact 2188 C. The Civil Rights Act of 1991 2193 II. RICCI V. DESTEFANO 2195 III. POSSIBLE INTERPRETATIONS OF RICCI 2201 A. The Case-Specific Reading 2201 B. The Confused-Dicta Reading 2203 IV. THE AFFIRMATIVE-DEFENSE READING 2204 A. The New Affirmative Defense to Disparate Impact 2205 B. Validation Studies as a Limited Safe Harbor 2209 C. Variations on the Affirmative Defense 2212 V. IMPLICATIONS OF THE AFFIRMATIVE DEFENSE 2213 CONCLUSION 2221
Access to Justice, Costs, and Legal Aid

If the ideal of justice is not pervasive in the United States, the issue of justice is-not so much in its rendition, but in its penetration of news, politics and entertainment. Current media issues include the death penalty-erroneous convictions and the lack of lawyers for appeals'; tort reform-conflicting data on medical malpractice litiga tion2 and a perceived abuse of class actions; and the judiciary itself judicial selection, political attacks on so-called "activist judges,"3 and the sometimes hidden issue of court budgets. Within this fascination, the multiple problems in accessing justice are lost. Legal news becomes entertainment with the periodic carnival of celebrity criminal trials which cluster like natural disasters. Taking a half-step back to fictional accounts, television programming in the United States presents the irony of numerous series concerning law yers and/or law enforcement, but dealing little with access to the sys tem it depicts. CSI (for Crime Scene Investigation) is a police drama about forensic work and was American television's top-rated show for the 2002-03 and 2003-04. For the week June 20-26, 2005, the top 20 broadcast television shows included eight crime or court-related shows,4 likely with no mention of access issues. To the contrary, these shows create the impression that litigants have lawyers as a matter of course and that courts are readily available within the hour. Justice-as-politics is another aspect of entertainment. Wrench ing public policy questions parade in front of us, yet political plat
Location, Location, Location: An Analysis of Profitability of Position in Online Advertising Markets

Abstract The authors evaluate the impact of ad placement on revenues and profits generated from sponsored search. Their approach uses data generated through a field experiment for several keywords from an online retailer's ad campaign. Using a hierarchical Bayesian model, the authors measure the impact of ad placement on both click-through and conversion rates. They find that while click-through rate decreases with position, conversion rate increases with position and is even higher for more specific keywords. The net effect is that, contrary to the conventional wisdom in the industry, the topmost position is not necessarily the revenue- or profit-maximizing position. The authors' results inform the advertising strategies of firms participating in sponsored search auctions and provide insight into consumer behavior in these environments. Specifically, they help correct a significant misunderstanding among advertisers regarding the value of the top position. Furthermore, they reveal potential inefficiencie...
Enhanced gauge symmetry in 6D F‐theory models and tuned elliptic Calabi‐Yau threefolds

We systematically analyze the local combinations of gauge groups and matter that can arise in 6D F-theory models over a fixed base. We compare the low-energy constraints of anomaly cancellation to explicit F-theory constructions using Weierstrass and Tate forms, and identify some new local structures in the “swampland” of 6D supergravity and SCFT models that appear consistent from low-energy considerations but do not have known F-theory realizations. In particular, we classify and carry out a local analysis of all enhancements of the irreducible gauge and matter contributions from “non-Higgsable clusters,” and on isolated curves and pairs of intersecting rational curves of arbitrary self-intersection. Such enhancements correspond physically to unHiggsings, and mathematically to tunings of the Weierstrass model of an elliptic CY threefold. We determine the shift in Hodge numbers of the elliptic threefold associated with each enhancement. We also consider local tunings on curves that have higher genus or intersect multiple other curves, codimension two tunings that give transitions in the F-theory matter content, tunings of abelian factors in the gauge group, and generalizations of the “E8” rule to include tunings and curves of self-intersection zero. These tools can be combined into an algorithm that in principle enables a finite and systematic classification of all elliptic CY threefolds and corresponding 6D F-theory SUGRA models over a given compact base (modulo some technical caveats in various special circumstances), and are also relevant to the classification of 6D SCFT's. To illustrate the utility of these results, we identify some large example classes of known CY threefolds in the Kreuzer-Skarke database as Weierstrass models over complex surface bases with specific simple tunings, and we survey the range of tunings possible over one specific base.
Falling through the Crack: How Courts Have Struggled to Apply the Crack Amendment to Nominal Career and Plea Bargain Defendants

In 2007, after a decade of debate, the U.S. Sentencing Commission instituted an amendment that decreased the sentences of some de fendants who had been convicted of crack-cocaine-related offenses. A few months later, the Sentencing Commission passed another amendment that rendered it retroactive. Nearly three years after the passage and retroactive application of the "crack amendment," however, two separate circuit splits have emerged as courts have struggled to uniformly interpret and apply the Sentencing Commis sion's directives. The first circuit split emerged regarding the eligibility of a subset of (icareer offenders" to the benefits of the retroactive application of the crack amendment. The second circuit split emerged over the question whether a subset of defendants who pled guilty to crack offenses pursuant to Federal Rule of Criminal Procedure 11(c)(1)(C) prior to the passage of the crack amendment are eligible to receive the benefits of its retroactive application.
Approximating Democracy: A Proposal for Proportional Representation in the California Legislature

The State of California elects a bicameral legislature through a first-past-the-post electoral system. Beginning in 2012, the election of California state legislators will be through an open primary, two-round system. Neither of these electoral systems provides for proportional representation in the legislature. Accordingly, neither system leads to a truly representative democracy. The author recommends that the state adopt a proportional representation electoral system – specifically, a mixed-member system – as a more democratic alternative plurality/majority systems now in place or projected to be implemented in 2012. In addition, the author explains why the state legislature should be unicameral and increased in size from the current 120 legislators to 320.
Hedge fund leverage

Abstract We investigate the leverage of hedge funds in the time series and cross-section. Hedge fund leverage is counter-cyclical to the leverage of listed financial intermediaries and decreases prior to the start of the financial crisis in mid-2007. Hedge fund leverage is lowest in early 2009 when the market leverage of investment banks is highest. Changes in hedge fund leverage tend to be more predictable by economy-wide factors than by fund-specific characteristics. In particular, decreases in funding costs and increases in market values both forecast increases in hedge fund leverage. Decreases in fund return volatilities predict future increases in leverage.
Expert Evidence and the Confrontation Clause After Crawford v. Washington

In 2004, in Crawford v. Washington, the Supreme Court recast Confrontation Clause jurisprudence, shifting the lens of inquiry from reliability to whether or not the evidence in question was 'testimonial,' meaning, roughly, whether the statements was made in circumstances that would suggest its likely future use as prosecutorial evidence. This Article, written for a symposium dedicated to Crawford, examines the substantial area of intersection between the Confrontation Clause, post-Crawford, and expert testimony. Whenever prosecutors attempt to adduce expert information through certificates of analysis (in essence substituting an affidavit for testimony), and whenever testifying experts disclose, in the course of their testimony, statements made by others in settings that were arguably testimonial (such as when one expert testifies about forensic test results actually conducted and reported by another), courts must decide whether this evidence is barred by Crawford. This area of intersection has become a serious practical concern for prosecutors, forensic scientists, and judges. Most (though by no means all) of the numerous state and federal courts that have grappled with these issues have endeavored to find ways around Crawford's dictates and to continue to permit the evidence. Unfortunately, most of the arguments proffered by these courts are deeply intellectually unsatisfying. In this Article, I survey and critique the various stratagems employed by courts for thinking through this area of intersection. I argue that most of the justifications put forward by judges to eliminate these forms of evidence from Crawford's purview are unpersuasive, including the argument that when experts disclose statements upon which they have relied, they do so for a non-hearsay purpose; the claim that Crawford creates a per se business records exception; the argument that cross-examination of the expert can substitute for cross-examination of the declarant; and the effort to distinguish fact from opinion in order to argue that the former is, at least in the expert-context, non-testimonial. A more successful argument some courts have offered is that only evidence that is accusatorial - that is, that makes an accusation against someone in particular - should be implicated by the Confrontation Clause. This argument, however, only makes sense if narrowly drawn, and thus a great deal of expert evidence may still run afoul of Crawford. In the final section of the paper, I put forward possible ways simultaneously to respect the core values that animated Crawford while somewhat limiting Crawford's reach, but these, I suggest, can only be done through implicitly or explicitly returning us to a concern with both reliability and availability, inquiries which Crawford apparently took off the table.
Local Bank Office Ownership, Deposit Control, Market Structure, and Economic Growth.

The restructuring of commercial banking has heightened interest in its economic consequences both for the economy as a whole and for those most likely to bear adverse consequences: small businesses, small banks, and rural areas. Most previous research on bank restructuring focuses on changes in bank behavior. In contrast, this paper focuses on the empirical association between local economic performance and changes in local bank market regulation and structure. Findings suggest that mergers or acquisitions of local banks by nonlocal banks need not impair local economic growth, and may even have beneficial effects in rural markets, with the possible exception of farm-dependent areas. These findings are derived from empirical models that relate both shortrun and longrun growth in real per capita personal income to geographic restrictions on bank activity, local bank (deposit) market concentration, local or nonlocal ownership of local bank offices, and local or nonlocal control of local bank deposits.
Patent Office Contested Proceedings and the Duty of Candor

The implementation of post-grant trial proceedings in the U.S. Patent and Trademark Office is one of the most significant aspects of the Leahy-Smith America Invents Act. Practitioners have a great deal of new subject matter to master, including the governing statutes and rules, and instructive Patent Trial and Appeal Board decisions. All of this new law is superimposed, however, on an existing legal landscape relating to the practitioner’s duty of candor and potential consequences for candor violations. Furthermore, the new law creates additional candor and disclosure obligations specifically applicable in post-grant contested proceedings.This paper discusses the “old” and “new” candor obligations of practitioners – their sources, their reach and applicability, and the potential consequences for their breach – in the context of the representation of clients in the new USPTO post grant contested proceedings. It identifies several examples of statements and conduct in post-grant proceedings that may particularly implicate the practitioner’s duties of candor and/or disclosure and, accordingly, warrant heightened care on the part of practitioners (registered and unregistered) and parties who participate in the new proceedings.
Veto! The Jacksonian Revolution in Constitutional Law

This Article explores the debate over the presidential veto power during the 1830s and 1840s. Prior to this period, James Madison and other legal luminaries held that legislative precedent constrained the president's discretion in using this authority. Andrew Jackson repudiated this view, most famously with his veto of the Bank of the United States, and in so doing transformed the veto power into its modern form. That change was vigorously contested by the Great Triumvirate of Clay, Webster, and Calhoun and was not resolved until John Tyler faced down his own party on the issue in the early 1840s. Furthermore, the Article shows how the veto debate fit into the broader legal struggle that accompanied the rise of Jacksonian Democracy. This generation represents an important missing link in our constitutional tradition, and recognizing the creativity of that period opens the door to many new insights about the foundations of our Republic.
Importance of and approaches to incorporating ethics into the accounting classroom

Accounting educators are being called on to provide a greater emphasis on ethics education. This paper examines three important issues concerning ethics education in accounting. First, the question of whether ethics can indeed be taught is examined. Next, several innovative approaches are presented which have been used by accounting educators to integrate ethics into the classroom. Finally, results of a survey of students concerning their perspectives of ethical issues in accounting education, the accounting profession, and society at large are presented and discussed. Survey results reveal that students consider a lack of ethics damaging to the accounting profession and society. Results also indicate that accounting students are seeking ethical and moral direction.
Survey finds biodefense researcher anxiety-over inadvertently violating regulations.

A nationwide survey of biodefense researchers assesses the effectiveness of the select agent regulations, 42 CFR Sec. 73, which governs the handling, storage and security of listed biological agents and toxins, in achieving their statutory goals of protecting public health and national security. Conducted in 2007 and 2008 among funded biodefense researchers, 509 PIs and Co-PIs were surveyed, with 198 responses (39%).Regulatory components are assessed and an "anxiety factor" is measured indicating high anxiety about inadvertently violating these regulations, leading to negative career impacts, potentially thwarting achieving the goals of the statute.
From International Law to International Conflicts of Law: The Fragmentation of Legitimacy

This short essay, published as part of the proceedings of the 104th Annual Meeting of the American Society of International Law, confronts the problem of fragmentation in international law. Based on a longer paper, it challenges not only fragmentation’s conventional treatment as a technical or doctrinal problem but the very notion that there is a single international law community with a single doctrine of sources. On the contrary, the paper argues, what the problem of fragmentation reveals is that a single international law community is being replaced by separate, overlapping legal communities with significantly different views on law and legitimacy.
The Earnings Quality and Information Processing Effects of Accounting Consistency

ABSTRACT: We specify measures of accounting consistency both across time and across firms based on the textual similarity of accounting policy footnotes disclosed in 10-K filings. We first examine how these measures relate to earnings quality. Accounting consistency over time is positively associated with a number of earnings quality proxies, including earnings persistence, predictability, accrual quality, and absolute discretionary accruals. We also find that lower consistency relative to other firms in the industry is associated with larger absolute accrual model residuals. Finally, we examine the information processing effects of accounting consistency. We find that greater accounting consistency in the time-series and the cross-section is associated with lower information asymmetry, as proxied by bid-ask spread and illiquidity. Greater cross-sectional consistency is also associated with greater analyst coverage, more accurate analyst forecasts, decreased dispersion in analyst forecasts, and stronger ...
Privacy Protection and Technology Diffusion: The Case of Electronic Medical Records

This paper quantifies the effect of state privacy regulation on the diffusion of electronic medical records (EMRs). EMRs allow medical providers to store and exchange patient information using computers rather than paper records. Hospitals may be more likely to adopt EMRs if they can reassure patients that their confidentiality is legally protected. Alternatively, privacy protection may inhibit adoption if hospitals cannot benefit from easily exchanging patient information. We find that state privacy regulation restricting hospital release of health information reduces aggregate EMR adoption by hospitals by more than 24%. We present evidence that suggests that this is due to the suppression of network externalities.
Planned versus Actual Betting in Sequential Gambles

Abstract Anecdotal evidence indicates that in a gambling environment, consumers may end up betting more than they had initially planned. The authors assess this phenomenon in a series of three experiments, in which people are exposed to sequential and fair gambles in a two-stage process (planned and actual bets). The results show that in the planning phase, people behave conservatively, betting on average less after an anticipated loss and the same amount after an anticipated gain. However, after experiencing an actual loss in the first gamble, people bet in a subsequent gamble significantly more than they had initially planned, whereas on average, there were no observable differences from the plan after an actual gain. The reason for such asymmetry is due in part to people's tendency to underestimate, at the planning phase of the gamble, the impact of negative emotions in betting decisions during the actual phase of the gamble.
Constitutional Abortion and Culture

The U.S. Supreme Court’s abortion decisions over the past forty years have helped to shape cultural beliefs and practices concerning heterosexual relationships, marriage, and parenting. This is true both in the practical and in the legal senses. Practically speaking, definitively separating sex from childbearing, as only abortion can do (given how often contraception fails), inevitably changes the meaning of sex, and therefore of heterosexual relationships. Legally speaking, the Court’s influence was mediated significantly by its decision to locate the right of abortion in an area of constitutional law — substantive due process — which claims to contain only those rights that are indispensable to our national understanding of freedom, both at the level of the individual and respecting our overarching democratic order. In particular, over the course of forty years of abortion opinions, the Court’s reflections on a claimed link between abortion and freedom have led it to conclusions broadly reflected in modern American beliefs and practices insofar as sex, marriage, and parenting are concerned. These include, inter alia, a suspicion of motherhood on the grounds of its risks and harms, the dispensable roles and violent characters of men, the great importance of adults’ wishes, and the importance of sexual expression for individual identity, divorced from consequences for partners or children.
Turmoil in the Residential Mortgage Market: A Review and Compilation of Research and Policy

Although the 30-year fixed rate loan is the standard in the U.S. mortgage market, the interest rate risk is borne by the holder of the note. This risk, and myriad other motivations fostered the development of the subprime and Alt-A instruments that have become the bane of the housing market. Neither is likely to return as viable instruments, but the need for risk-based pricing will return as the housing cycle returns. Thus, it is valuable to examine the academic research on high risk loans as policy and future research advances.
Homeowners, renters and the political economy of property taxation

Abstract Studies find that renters are more supportive of public spending that is financed by the property tax than homeowners, a finding commonly referred to as the “renter effect.” The renter effect suggests that, all else equal, renters should prefer property taxation over other forms of taxation. We test that hypothesis using detailed micro-level survey data that contains voter responses to two key questions: their willingness to pay higher property taxes to fund public services and their willingness to pay higher sales taxes to fund those services. Using a difference-in-differences estimation strategy, we find first that renters are approximately 10 to 18 percentage points more likely than homeowners to favor a property tax increase over a sales tax increase, a finding consistent with the presence of a renter effect. However, these results are not driven by the survey responses of renters. Analysis based on separate regressions for renters and homeowners reveals that renters are indifferent between a property tax increase and either a sales tax or state income tax increase, while homeowners strongly oppose a property tax increase relative to either a sales tax or state income tax increase. Further, the strong opposition among homeowners to the property tax is not eroded by including controls for income and other demographics as might be expected if these differences were driven by economic incentives. Finally, an examination of the variation in tax burden created by Proposition 13 in California shows no evidence that homeowner aversion to the property tax increases with the homeowner's relative tax burden. These findings of homeowner aversion to property taxes are consistent with recent work suggesting that salience matters when voters evaluate taxes, but also suggest that increased salience does not necessarily lead to more careful consideration of individual tax burdens.