cssi/SciSciGPT-SciSciNet huggingface dataset:
Bayesian forecasting of prepayment rates for individual pools of mortgages

This paper proposes a novel approach for modeling prepayment rates of individual pools of mortgages. The model incorporates the empirical evidence that prepayment is past dependent via Bayesian methodology. There are many factors that inuence the prepayment behavior and for many of them there is no available (or impossible to gather) information. We implement this issue by creating a Bayesian mixture model and construct a Markov Chain Monte Carlo algorithm to estimate the parameters. We assess the model on a data set from the Bloomberg Database. Our results show that the burnout eect is a signicant variable for explaining normal prepayment activities. This result does not hold when prepayment is triggered by non-pool dependent events. We show how to use the new model to compute prices for Mortgage Backed Securities. Monte Carlo simulation is the traditional method for obtaining such prices and the proposed model can be easily incorporated within simulation pricing framework. Prices for standard Pass-Throughs are obtained using simulation.
Social heuristics shape intuitive cooperation

Cooperation is central to human societies. Yet relatively little is known about the cognitive underpinnings of cooperative decision making. Does cooperation require deliberate self-restraint? Or is spontaneous prosociality reined in by calculating self-interest? Here we present a theory of why (and for whom) intuition favors cooperation: cooperation is typically advantageous in everyday life, leading to the formation of generalized cooperative intuitions. Deliberation, by contrast, adjusts behaviour towards the optimum for a given situation. Thus, in one-shot anonymous interactions where selfishness is optimal, intuitive responses tend to be more cooperative than deliberative responses. We test this ‘social heuristics hypothesis’ by aggregating across every cooperation experiment using time pressure that we conducted over a 2-year period (15 studies and 6,910 decisions), as well as performing a novel time pressure experiment. Doing so demonstrates a positive average effect of time pressure on cooperation. We also find substantial variation in this effect, and show that this variation is partly explained by previous experience with one-shot lab experiments.
Digital citizenship and the right to digital identity under international law

Abstract Australia has formally recognized the importance of digital identity and has raised the issue of reciprocal rights and duties between the government and its citizens. Australia is the first country to articulate digital citizenship in these terms. This paper considers the respective rights and duties of government and citizens that could be included in a digital citizenship charter, and the likely legal implications. The paper explores these aspects in relation to digital identity because of its increasing commercial and legal importance. The author argues that considering the consequences for individuals, the right to identity, as an international fundamental human right, should now be recognized and protected in relation to digital identity. The argument is presented that recognition and protection of this right is an essential component of a model of accountable and responsible digital citizenship. While the paper uses the Australian concept of digital citizenship as the basis for the discussion, the issues are relevant to all jurisdictions implementing e-government initiatives that require an individual to use digital identity for transactions.
Foreword: Law, Business, and Economic Development - Current Issues and Age-Old Battles

On March 24, 2006, the Western New England College School of Law and School of Business jointly hosted the First Annual Academic Conference sponsored by the Western New England College Law and Business Center for Advancing Entrepreneurship. The Conference capped a year of exciting developments at the Law and Business Center, which is the College's contribution to the entrepreneurship infrastructure in the greater Springfield, Massachusetts area. Economists have understood for some time that small businesses are an important engine of economic development and vitality. Across the United States, 25 million small businesses employ more than half the country's workers, create approximately 75 percent of the nation's new jobs, and provide more than half of the private sector's economic output. An important subset of the small business universe are businesses known as "microenterprises," that is, those employing fewer than five employees and requiring less than $35,000 in start-up funds. These small firms play an important role in economic development, especially in low- to moderate-income communities. Program results and research provide solid evidence that the benefits of a microenterprise program as part of a "welfare to work" strategy outweigh the risks and costs of such programs. There are approximately two million micro entrepreneurs in this country and many are in western Massachusetts.
Office-Level Characteristics of the Big 4 and Audit Report Timeliness

SUMMARY: Recent changes in the audit and financial reporting environment have resulted in longer audit report lags and have increased the importance of identifying factors associated with a timely audit. We examine timeliness implications of office-specific attributes of the audit firm. Specifically, we examine whether office-specific industry expertise, office size, and the importance of the client to the local office are associated with audit delay (i.e., the time between fiscal year-end and the audit report date). We explore the sensitivity of our results to various measures and consider the impact of earnings quality. We examine two types of industry expertise and whether the aforementioned audit firm attributes are associated with a propensity to issue an early earnings announcement. We find that office-specific industry expertise is negatively associated with audit delay (for all but the largest quartile of firm offices) while office size and client importance are both positively associated with aud...
Health insurance and ex ante moral hazard: evidence from Medicare

Basic economic theory suggests that health insurance coverage may cause a reduction in prevention activities, but empirical studies have yet to provide much evidence to support this prediction. However, in other insurance contexts that involve adverse health events, evidence of ex ante moral hazard is more consistent. In this paper, we extend the analysis of the effect of health insurance on health behaviors by allowing for the possibility that health insurance has a direct (ex ante moral hazard) and indirect effect on health behaviors. The indirect effect works through changes in health promotion information and the probability of illness that may be a byproduct of insurance-induced greater contact with medical professionals. We identify these two effects and in doing so identify the pure ex ante moral hazard effect. This study exploits the plausibly exogenous variation in health insurance as a result of obtaining Medicare coverage at age 65. We find evidence that obtaining health insurance reduces prevention and increases unhealthy behaviors among elderly men. We also find evidence that physician counseling is successful in changing health behaviors.
Acquirer-target social ties and merger outcomes

Abstract This article investigates the effect of social ties between acquirers and targets on merger performance. We find that the extent of cross-firm social connection between directors and senior executives at the acquiring and the target firms has a significantly negative effect on the abnormal returns to the acquirer and to the combined entity upon merger announcement. Moreover, acquirer-target social ties significantly increase the likelihood that the target firm׳s chief executive officer (CEO) and a larger fraction of the target firm׳s pre-acquisition board of directors remain on the board of the combined firm after the merger. In addition, we find that acquirer CEOs are more likely to receive bonuses and are more richly compensated for completing mergers with targets that are highly connected to the acquiring firms, that acquisitions are more likely to take place between two firms that are well connected to each other through social ties, and that such acquisitions are more likely to subsequently be divested for performance-related reasons. Taken together, our results suggest that social ties between the acquirer and the target lead to poorer decision making and lower value creation for shareholders overall.
Antecedents and consequences of employee organizational cynicism: A meta-analysis

Abstract We propose an integrative framework to investigate the extent to which employees' organizational cynicism is predicted by individual differences (positive and negative affect, trait cynicism) and positive (e.g., organizational support) and negative (e.g. psychological contract violation) aspects of the work environment. We also examine the extent to which organizational cynicism predicts employee attitudes and performance. We investigate these relationships based on 9186 individuals across 34 statistically independent samples from 32 primary studies. Using both new meta-analytic effect sizes from the current study and effect sizes from prior meta-analyses, we test whether a negative antecedent, organizational cynicism, has a predictive advantage over a positive one, organizational trust, in predicting employees' attitudes and behaviors. Our study contributes to a better understanding of the nomological network of organizational cynicism and its relationship with organizational trust.
THE EFFECTS OF CROSS-BORDER BANK MERGERS ON BANK RISK AND VALUE

Abstract This paper examines the effects of cross-border bank mergers on the risk and (abnormal) returns of acquiring banks. We find that, overall, the acquirers’ risk neither increases nor decreases. In particular, on average, neither their total risk nor their systematic risk falls relative to banks in their home banking market. The abnormal returns to acquirers are negative and significant, but are somewhat higher when risk increases relative to banks in the acquirer’s home country.
Financing Constraints and the Amplification of Aggregate Downturns

This paper shows that during industry downturns, firms experience significantly greater valuation losses when their industry peers' long-term debt is maturing at the time of the shocks. Across a range of tests, the analysis addresses the endogenous determination of peer debt-maturity structure. Overall, the evidence suggests that the negative externalities financially constrained firms impose on their industry peers can significantly amplify the effects of industry downturns. The evidence also provides support for the view that these amplification effects are driven by the adverse effect that financially constrained firms have on the balance sheets of their industry peers.
Unmediated communication in games with complete and incomplete information

Abstract We study the effects of adding unmediated communication to static, finite games of complete and incomplete information. We characterize SU(G), the set of outcomes of a game G, that are induced by sequential equilibria of cheap talk extensions. A cheap talk extension of G is an extensive-form game in which players communicate before playing G. A reliable mediator is not available and players exchange private or public messages that do not affect directly their payoffs. We first show that if G is a game of complete information with five or more players and rational parameters, then SU(G) coincides with the set of correlated equilibria of G. Next, we demonstrate that if G is a game of incomplete information with at least five players, rational parameters and full support (i.e., all profiles of types have positive probability), then SU(G) is equal to the set of communication equilibria of G.
Interest Groups and the Problem with Incrementalism

Incrementalism, as opposed to dramatic change, is conventionally lauded in law as the prudent path of change—a path that gives credit to history and precedent. The conventional view, however, pays little attention to interest groups. Step-by-step change poses a serious problem when it rearranges the constellation of supporters and opponents of further moves. The core problem is that once an interest group loses and becomes subject to some regulation, it has reason to turn on its competitors and see to it that they also be regulated. The laws that emerge on the incrementalist’s path therefore may not mark progress toward socially desirable or democratic outcomes. Examples of incrementalist laws include environmental standards, smoking bans, disability accommodations, and minimum-age legislation. Nearly all law, however, can be seen as incrementalist, just as most tradeoffs can be described as sliding on slippery slopes. The incrementalism problem is most striking when a prior regulatory step is costly to reverse from the perspective of those who must comply. The problem is alleviated when there is real learning from experience; it is exacerbated when advocates of change implement a divide-and-conquer strategy to separate defending interests. Compensation policies or even moratoria on certain kinds of regulation could possibly decrease wasteful rent seeking and minimize the interest-group problem.
Exploiting Channel Diversity in Secret Key Generation From Multipath Fading Randomness

We design and analyze a method to extract secret keys from the randomness inherent to wireless channels. We study a channel model for a multipath wireless channel and exploit the channel diversity in generating secret key bits. We compare the key extraction methods based both on entire channel state information (CSI) and on single channel parameter such as the received signal strength indicators (RSSI). Due to the reduction in the degree-of-freedom when going from CSI to RSSI, the rate of key extraction based on CSI is far higher than that based on RSSI. This suggests that exploiting channel diversity and making CSI information available to higher layers would greatly benefit the secret key generation. We propose a key generation system based on low-density parity-check (LDPC) codes and describe the design and performance of two systems: one based on binary LDPC codes and the other (useful at higher signal-to-noise ratios) based on four-ary LDPC codes.
Toward a Critical Corporate Law Pedagogy and Scholarship

In recent years, the publicly held corporation has assumed a central position in both the economic and political spheres of American life. Economically, the public corporation has long acted as the key institution within American capitalism. Politically, the public corporation now can use its economic might to sway electoral outcomes as never before. Indeed, individuals who control public firms wield more economic might and political power today than ever before. These truths profoundly shape American society. The power, control, and role of the public corporation under law and regulation, therefore, hold more importance than at any other time period.Even though corporate law and regulation define all aspects of this central economic and political institution within the American system, the development of corporate law is impeded by a deficient pedagogy — and thus, to a certain degree, scholarship — that scarcely mentions the power and influence corporations hold. Critical voices, in particular, are excluded from virtually all corporate law textbooks. Many corporate law texts taught in law school classrooms treat the social role of the public corporation as a black box of corporate law pedagogy and, by extension, mainstream legal scholarship. Indeed, a relentless stream of legal scholarship challenging the law and regulation of the public firm from the perspective of its broader social and economic implications receives little to no mention in the key textbooks adopted and taught from in law schools today. This Article challenges the dominant corporate law master narrative perpetuated in all of the major business law textbooks. This master narrative prevents students of the law and legal scholars from fully understanding and analyzing the changing nature and evolution of law and power in the United States.
Feminist Prosecutors and Patriarchal States

In Prosecuting Domestic Violence: A Philosophical Analysis, Michelle Madden Dempsey focuses on the dilemma prosecutors face when domestic violence victims are unwilling to cooperate in the criminal prosecution of their abusive partners. Starting from the premise that the ultimate goal should be putting an end to domestic violence, Dempsey urges prosecutors to act as feminists in deciding how to proceed in such cases. Doing so, Dempsey argues, will tend to make the character of the prosecutor’s community and state less patriarchal and thus help stamp out domestic violence. This article analyzes two issues arising from Dempsey’s work: first, whether prosecutors can justifiably be viewed as representatives of their states and communities; and, second, how prosecutors committed to using their discretion to battle both domestic violence and patriarchy would go about determining in a particular case whether to pursue criminal charges against the wishes of a victim.
Aging and Financial Decision Making

This study examines how cognitive changes associated with aging impact the financial decision-making capability of older Americans. We find that a decrease in cognition is associated with a decrease in financial literacy. Decreases in episodic memory and visuospatial ability are associated with a decrease in numeracy, and a decrease in semantic memory is associated with a decrease in financial knowledge. A decrease in cognition also predicts a drop in self-confidence in general, but importantly, it is not associated with a drop in confidence in managing one's own finances. Participants experiencing decreases in cognition do show an increased likelihood of getting help with financial decisions; however, many participants experiencing significant drops in cognition still do not get help. This paper was accepted by Teck-Hua Ho, behavioral economics.
The EU Challenge to the SEC

This Article argues that the European Union (“EU”) has been instrumental in moving the United States (“U.S.”) Securities and Exchange Commission (“SEC”) from a policy of national treatment of foreign (non-U.S.) issuers to a policy of mutual recognition of financial disclosure accounting standards based on convergence between U.S. accounting standards and international accounting standards. Further, future initiatives based on a national treatment model are under consideration by the SEC. At the same time, progress on the road to mutual recognition has been made possible by SEC influences on the EU, leading to securities regulation reform in the EU, and greater convergence between U.S. and EU securities regulation. THE EU CHALLENGE TO THE SEC
Broadening and Deepening: Systemic Expansion, Incorporation and the Zone of Ignorance

This work is intended to be “read” on at least three levels. Broadly, this is an attempt to bring a historical perspective to the current discussion around globalization. Many of the “new” problems of globalization are not new, and we are able to see historical analogues to these problems by examining the expansion of the Westphalian, or European, state system. Challenges to the state that are becoming more apparent, many which fall under the rubric of globalization, have tradition-ally been masked by the existence of the Westphalian system itself. States, by their nature, are predicated on control: control of people, economic activity, communication, and even on ways of thinking about what is right and wrong. Coercion and control, whether overt or subtly passive, is the very essence of a state. The ability of states to mask or manage traditional problems is breaking down, and these are the issues commonly associated with “globalization” in its many forms, be it economic, sociocultural, political, or environmental.
Ensuring effective pain treatment: a national and global perspective.

Medical availability of effective pain medication is vitally important domestically and globally. Medical advances have substantially improved the technical capacity to control pain and diminish its consequences. Worldwide, millions of persons with chronic, acute, and terminal conditions have found relief from excruciating pain through medical intervention. However, richer countries have disproportionately benefited from improvements in access to and use of pain medication. The tragedy is that for most of the world's population, particularly persons in poorer countries, effective pain control is entirely unavailable.
The influence of oil and coal prices on world uranium demand

This paper builds an open structural model in order to estimate the influence of oil and coal prices on demand for uranium. Uranium was found to be price inelastic, but strongly elastic with respect to economic growth.
Winners and Losers: Assessing the Distributional Impact of Privatization

Abstract Most technical assessments classify privatization as a success. But privatization, especially in transitional and developing economies, is seen as fundamentally unfair both in conception and execution, and it is widely and increasingly unpopular. We set out a simple framework for assessing the equity (or fairness) and efficiency gains from privatization, and for understanding any tradeoff between the two. We then review what is known about the distributional effects of privatization, focusing on changes in asset ownership, employment and returns to labor, access to and prices of utility/infrastructure services, and the selling government’s fiscal position. We conclude that many privatization programs have worsened the distribution of assets and income, at least in the short-run. This is more evident in transitional economies than in Latin America. It is less clear for utilities such as electricity and telecommunications––where privatization has resulted in greatly increased access for the poor––than for banks, oil companies and other natural resource producers, where the benefits have been concentrated.
Dynamic Optimal Taxation with Private Information

We study dynamic optimal taxation in a class of economies with private information. Optimal allocations in these environments are complicated and history-dependent. Yet, we show that they can be implemented as competitive equilibria in market economies supplemented with simple tax systems. The market structure in these economies is similar to that in Bewley (1986); agents supply labour and trade risk-free claims to future consumption, subject to a budget constraint and a debt limit. Optimal taxes are conditioned only on two observable characteristics—an agent’s accumulated stock of claims, or wealth, and her current labour income. We show that optimal taxes are generally non-linear and non-separable in these variables and relate the structure of marginal wealth and income taxation to the properties of agent preferences. This paper studies optimal taxation in a class of dynamic economies with private information. We consider an environment in which agents’ preferences are defined over consumption and labour, and each agent receives a privately observed sequence of i.i.d. preference shocks. Incentivecompatibility constraints stemming from private information imply that socially optimal, or constrained‐efficient, allocations in this environment are complicated and history-dependent. Yet, we show that they can be implemented as competitive equilibria in market economies supplemented with simple tax systems. The market structure in these economies is identical to that in Bewley (1986), Huggett (1993) or Aiyagari (1994); agents can trade current consumption for claims to future consumption, subject to a budget constraint and a borrowing limit. These claims have a non-contingent pre-tax return. Crucially, taxes are conditioned upon only two observable characteristics of an agent: current wealth, given by the agent’s accumulated stock of claims, and current labour income. They do not depend on any other aspect of an agent’s past history. Most models of dynamic optimal taxation follow the Ramsey approach, in which the set of fiscal instruments available to the government is exogenously specified. 1 Linear labour and capital income taxes are typically included in this set, while lump-sum taxes are ruled out. The exclusion of the latter is justified by appealing to incentive or administrative constraints, but these are not explicitly modelled. These exogenous restrictions on fiscal instruments represent frictions that the government seeks to ameliorate through its optimal choice of tax rates. The approach we adopt in this paper builds on the optimal taxation literature initiated by Mirrlees (1971). Mirrlees assumes that agents receive privately observed shocks to their
My Tree Versus Your Solar Collector or Your Well Versus My Septic System? -- Exploring Responses to Beneficial but Conflicting Neighboring Uses of Land

When one neighbor wants to use his land for a lawful purpose, but the neighbor next door wants to do the same so that their beneficial uses conflict, how might these conflicts be resolved? The conventional law of nuisance offers either a rationale based on fault or a general standard of what is “reasonable,” both of which require litigation to apply to a particular context. This Article suggests that resolving conflicts between neighboring beneficial uses of land would be aided by guidelines which might be grounded in some understandable norms to provide such neighbors with a sense that rough justice is being served. Two such norms appear helpful: priority in time and examining which of the two beneficial uses appears to be the more intrusive of the neighboring land. The hope is that such guidelines might facilitate resolution where hard feelings or litigation might otherwise result.
Optimal debt and equilibrium exchange rates in a stochastic environment : an overview

The focus is upon equilibrium real exchange rates, optimal external debt and their interaction, in a world where both the return on investment and the real rate of interest are stochastic variables. These theoretically based measures are applied empirically to answer the following questions: What is a theoretically based empirical measure of an "excess debt" that increases the probability of a debt crisis? What is a theoretically based empirical measure of a "misaligned" exchange rate that increases the probability of a currency/balance of payments crises? Two theoretical tools are used to derive Early Warning Signals. One is the NATREX model to estimate the equilibrium real exchange rate. The second is stochastic optimal control/dynamic programming to derive the optimal debt and endogenous growth rate. Examples are given of these applications.
Paved With Good Intentions: The Fate of Strict Liability Under The Migratory Bird Treaty Act

The Migratory Bird Treaty Act (MBTA) contains a very broad ban on harming migratory birds, as well as a strict liability standard for misdemeanor violations. Without further limitation, the MBTA would theoretically apply to countless ordinary life activities, such as driving a car or having windows on one’s home. Naturally, there are due process concerns with such a scenario, so Congress expressly left it to the Department of the Interior to draft more detailed implementing regulations. Unfortunately, the existing regulations fail to adequately address the potential overbreadth of the MBTA’s misdemeanor application, forcing the courts to do so on an ad hoc basis. Such individualized legal analyses create the risk of developing bad law as a result of less-than-ideal test cases. This is exactly what took place in United States v. Apollo Energies, Inc., 611 F.3d 679 (10th Cir. 2010), the only appellate case dealing with the MBTA’s strict liability standard in the context of industrial harms — the current trend for enforcement — in several decades. In that case, the Tenth Circuit applied a “knew or should have known” standard to an industrial actor causing bird deaths, holding that criminal liability only attaches after the U.S. Fish and Wildlife Service has directly notified the defendant in writing of the danger his equipment presents to birds. This is a terrible case, as it completely writes the strict liability standard out of the statute. This Article argues that regulations — or even a written enforcement policy — that create prosecutorial limitations to avoid violating due process will prevent courts from struggling to cope with the MBTA’s theoretically broad reach, which can result in bad law. It sorts through the historical development of strict liability, especially in the public welfare offense context, and proposes that those engaged in activities where regulation should be foreseen — such as operating oil rigs, as in Apollo Energies — should be held to a higher standard than others. This is in line with the Supreme Court case law justifying strict liability in the face of due process challenges. Ultimately, the Article concludes that such across-the-board line drawing for the MBTA’s strict liability provisions would have prevented the Tenth Circuit from deciding Apollo Energies as it did.
Investor Reaction to the Prospect of Mandatory Audit Firm Rotation

ABSTRACT: The PCAOB recently considered implementing mandatory audit firm rotation in hopes of better aligning auditors' interests with investors' interests, suggesting that the PCAOB views long auditor tenure as problematic. However, the accounting profession argues that long tenure actually improves audit quality. This study provides insight into investors' views by evaluating the market's reaction to events related to the potential adoption of rotation that occurred between 2011 and 2013. The results provide some evidence that the market reacts negatively (positively) to events that increased (decreased) the likelihood of rotation, although these results are sensitive to the market index used to calculate abnormal returns. More importantly, particularly given the lack of a U.S.-specific control group, cross-sectional tests provide strong evidence that the market reaction is more negative (positive) on dates that increased (decreased) the likelihood of rotation given longer auditor tenure. Moreover, we ...
Understanding Macs: Moral Hazard in Acquisitions

Author(s): Gilson, Ronald J. | Abstract: Abstract The standard contract that governs friendly mergers contains a material adverse change clause (a “MAC”) and a material adverse effect clause (a “MAE”); these clauses permit a buyer costlessly to cancel the deal if such a change or effect occurs. In recent years, the application of the traditional standard-like MAC and MAE term has been restricted by a detailed set of exceptions that curtails the buyer’s ability to exit. The term today engenders substantial litigation and occupies center stage in the negotiation of merger agreements. This paper asks what functions the MAC and MAE term serve, what function the exceptions serve and why the exceptions have arisen only recently. It answers that the term encourages the target to make otherwise noncontractable synergy investments that would reduce the likelihood of low value realizations, because the term permits the buyer to exit in the event the proposed corporate combination comes to have a low value. The exceptions to the MAC and MAE term impose exogenous risk on the buyer; the parties cannot affect this risk and the buyer is a relatively superior risk bearer. The exceptions have arisen recently because the changing nature of modern deals make the materialization of exogenous risk a more serious danger than it had been. The modern MAC and MAE term thus responds to the threat of moral hazard by both parties in the sometimes lengthy interim between executing a merger agreement and closing it. The paper’s empirical part examines actual merger contracts and reports results that are consistent with the analysis.
Interim Payments and Economic Damages to Compensate Private-Party Victims of Hazardous Releases

There is a gap in tort recovery for many hazardous release victims. Hazardous spill victims receive different damage compensation based solely upon the type of hazardous substance released, with oil spill victims benefiting from a number of statutory damage recovery mechanisms that victims of other type of hazardous substance releases do not receive. Specifically, those injured by oil spills receive interim payments and recover for their economic loss. Yet, many victims injured by non-oil hazardous spills will incur economic harm but will not receive compensation because of a prohibition on recovery for economic loss absent accompanying physical injury or private property damage. That prohibition on recovery, known as the “pure economic loss rule,” serves as an effective bar to recovery for most spill victims because hazardous releases often damage public natural resources (such as water) rather than private property. This Article articulates normative policy for expanding interim payments and pure economic loss recovery to a larger class of private-party hazardous release than just those injured by oil.
F-RouND: Fog-based Rogue Nodes Detection in Vehicular Ad hoc Networks

Vehicular ad hoc networks (VANETs) facilitate vehicles to broadcast beacon messages to ensure road safety. The rogue nodes in VANETs broadcast malicious information leading to potential hazards, including the collision of vehicles. Previous researchers used either cryptography, trust values, or past vehicle data to detect rogue nodes, but they suffer from high processing delay, overhead, and false-positive rate (FPR). We propose fog-based rogue nodes detection (F-RouND), a fog computing scheme, which dynamically creates a fog utilizing the on-board units (OBUs) of all vehicles in the region for rogue nodes detection. The novelty of F-RouND lies in providing low processing delays and FPR at high vehicle densities. The performance of our F-RouND framework was carried out with simulations using OMNET ++ and SUMO simulators. Results show that F-RouND ensures 45% lower processing delays, 12% lower overhead, and 36% lower FPR at high vehicle densities compared to existing rogue nodes detection schemes.
Patent Misuse and Antitrust: Rebirth or False Dawn?

This Article examines how two recent cases, F.T.C. v. Actavis and Kimble v. Marvel Enterprises Inc. could affect both the equitable defense of patent misuse and the patent-antitrust interface more generally. It begins by tracing the history of patent misuse and its reformulation into an “antitrust-lite” doctrine by the Federal Circuit. This Article presents new empirical data confirming this reformulation, and unveils the surprising influence of the Seventh Circuit and the Chicago School on that reformulation. The Article then explores Actavis and Kimble. It explains why Actavis will catalyze more antitrust challenges when patent rights are exercised, and why it also challenges the Federal Circuit’s formulation of patent misuse. The Article proceeds to observe Kimble’s misunderstanding of the patent policy underpinning the Supreme Court’s prohibition against post-expiration royalties. This Article confronts three key objections to a revival of misuse — its vagueness, lax standing requirements and punitive effects on patentees — and explains why these objections are misplaced. The Article concludes by recommending that judges and attorneys use the opportunity provided by Actavis to develop a more thoughtful framework for patent misuse that draws upon the strengths of its roots in patent policy and its interface with antitrust policy.
The Past, Present and Future of Auer Deference: Mead , Form and Function in Judicial Review of Agency Interpretations of Regulations

The law of judicial review of agency legal interpretations has undergone an important reshaping as a consequence of the Supreme Court decision in United States v. Mead Corp. 1 That decision and the important follow-on decision in National Cable & Telecommunications Ass’n v. Brand X Internet Services 2 have changed the understanding of the Court’s landmark 1984 decision in Chevron, U.S.A., Inc. v. Natural Resources Defense Council, Inc. 3 Chevron defined a new era of judicial deference to an agency’s interpretation of an ambiguous statute, 4 but the Chevron era has itself been transformed. 5
Why the State Cannot “Abolish Marriage”: A Partial Defense of Legal Marriage

INTRODUCTION 1262 I. CURRENT LAW OF RELATIONSHIP REGULATION 1265 A. LICENSED RELATIONSHIPS 1266 B. UNLICENSED COHABITING RELATIONSHIPS 1276 C. THE “ABOLISH MARRIAGE” POSITION 1283 II. IMAGINING A WORLD WITHOUT INTIMATE STATUS 1287 A. TORT 1288 B. CONTRACT 1292 C. UNJUST ENRICHMENT AND RESTITUTION 1296 D. WHY NOT SIMPLY REFUSE TO RECOGNIZE STATUS? 1298 III. IMPERFECT DUTIES AND STATUS NORMS 1300 A. THE CONTENT AND STRUCTURE OF MARITAL OBLIGATIONS 1301 B. LEGAL ENFORCEMENT OF IMPERFECT OBLIGATIONS IN ONGOING RELATIONSHIPS 1305 IV. MARITAL STATUS AND IMPERFECT LEGAL DUTIES 1310 A. THE INTACT-MARRIAGE RULE: HISTORICAL JUSTIFICATION, CONTEMPORARY OBJECTIONS, AND RESPONSES 1311 B. ENFORCEMENT OF MARITAL OBLIGATIONS AT SEPARATION AND DIVORCE 1315 CONCLUSION 1319
Social Pressure, Descriptive Norms, and Voter Mobilization

Several recent field experimental studies show that social pressure raises the likelihood of turning out to vote in elections. Ratcheting up social pressure to show subjects their own as well as their neighbors’ prior voting history significantly increases the effectiveness of direct mail messages. A key component in stimulating this effect seems to be the presence of individual vote history. When voters are presented with less specific turnout information, such as vote history for the community at-large, the effects on turnout often dissipate. Sensitizing voters to such descriptive norms appears to do little to stimulate participation. To address this contrast, this study presents results from a voter mobilization field experiment conducted in Hawthorne, CA prior to the November 2011 municipal elections. The experiment is a fully crossed 2 × 3 factorial study in which subjects were randomly assigned to one of six conditions, in which they receive no mailing, a mailing with individual vote history only, a mailing with individual vote history and a message emphasizing high (or low) community-level turnout from a previous election, and a mailing emphasizing high (or low) community-level turnout only. County voter files were used to randomly assign voters to treatment and control and to report the effects of each mailing on voter turnout. We find that only messages that included information about subjects’ own voting histories effectively mobilized them to vote.
A prescription for the turbulent heating of astrophysical plasmas

The ion-to-electron heating ratio due to the dissipation of Alfvenic turbulence in astrophysical plasmas is calculated based on a cascade model for turbulence in weakly collisional plasmas. Conditions for validity of this model are discussed, a prescription for the turbulent heating is presented and it is applied to predict turbulent heating in accretion discs and the interstellar medium.
The Role of a Supreme Court in a Democracy, and the Fight Against Terrorism

In this article, originally delivered as the Peter Allan Memorial Lecture in Public Law, the author, the President of the Supreme Court of Israel, reflects on the role of a Supreme Court in a constitutional democracy, in particular, in a democracy that is under the constant threat of terrorism. The author argues that the role of a Supreme Court in upholding legal principles and the rule of law cannot be compromised in deciding difficult cases, even in the face of a constant terrorist threat, however much such decisions may prove unpopular with the government, and however much such decisions may be perceived as hindering the fight against terrorism.
Volume, Volatility, Price, and Profit When All Traders Are Above Average

People are overconfident. Overconfidence affects financial markets. How depends on who in the market is overconfident and on how information is distributed. This paper examines markets in which price-taking traders, a strategic-trading insider, and risk-averse marketmakers are overconfident. Overconfidence increases expected trading volume, increases market depth, and decreases the expected utility of overconfident traders. Its effect on volatility and price quality depend on who is overconfident. Overconfident traders can cause markets to underreact to the information of rational traders. Markets also underreact to abstract, statistical, and highly relevant information, and they overreact to salient, anecdotal, and less relevant information.
Has the importance of intangibles really grown? And if so, why?

Abstract Intangibles are ideas or knowledge about the natural (physical and biological) and socio‐cultural worlds that enable people to better accomplish their goals, both in primitive societies and in modern economies. Intangibles include basic research and technology improvements, as well as knowledge to better organise exchange and production, and over time become inextricably embedded in improved tangible assets. Accounting intangibles are legally excludable subsets of economic intangibles, which in turn are the subsets of cultural intangibles that can be used to create tradable goods or services. Because economic intangibles are cumulative, synergistic, and frequently inseparable from other tangible assets and/or economic intangibles not owned by any single entity, it is usually futile to estimate a separate accounting value for individual intangibles. However, the income that intangibles together generate provides useful inputs for equity valuation, and voluntary non‐financial disclosures could be i...
Information and accuracy in pricing: Evidence from the NCAA men׳s basketball betting market

Abstract In this paper, we test whether accuracy in the wagering markets for NCAA Division I men׳s basketball improves when there are more betting lines available for a given game. The empirical evidence indicates that when the money line is offered, it has no impact on the accuracy of the sides line as it is a redundant security, but the offering of the totals line impacts the accuracy of the sides line. We interpret this as evidence that the totals line provides additional information to uninformed bettors that improves the accuracy of the sides line in its role as a price.
Managers’ green investment disclosures and investors’ reaction ☆

Abstract Although managers’ green investments have no impact on future cash flows in our experimental markets, investors respond favorably when managers make and disclose an investment and highlight the societal benefits rather than the cost to the company. Managers anticipate investors’ reaction and therefore often disclose their investment and the associated societal benefits. Managers and other shareholders benefit from investors’ reaction, but the investment cost always exceeds this benefit, demonstrating that managers make green investments because they value the societal benefits. Collectively, our findings show that both investors and managers tradeoff wealth for societal benefits and help explain managers’ corporate social responsibilty disclosures.
Voting Behavior of Physicians and Healthcare Professionals.

The coronavirus disease 2019 (COVID-19) pandemic exemplifies the potential clash between policy, governance, and public health.1 Physicians and other healthcare professionals have critical expertise and important experiences to help shape public policy, yet, historically, have been less likely to engage in the political process as measured by their propensity to vote.2 We examine whether previous trends in low physician voter turnout persist, contrasting to similar occupational groups and the general population.
Impact of star and movie buzz on motion picture distribution and box office revenue

Abstract This study contributes to research on the impact that consumer buzz has on movie distribution and box office success by examining the impact of buzz generated about the individual stars and about the movie itself. The results indicate that movie buzz is instrumental in boosting box office revenue throughout the theatrical release, not just in the later run, as has been suggested in previous studies. Star buzz can enhance box office receipts during the opening week and can contribute to the public's anticipation of the movie pre-release. However, early buzz can have a negative impact on revenue during subsequent weeks if the movie fails to resonate with the audiences. Model simulations reveal that, even for poorly received films, the overall impact of star buzz is positive because the initial revenue boost normally outweighs the later decline. Thus, this study empirically demonstrates the positive impact of star buzz on revenue, which helps shed light on the long-standing debate regarding the importance of star participation in the success of a movie.
Waves of collectivizing: A dynamic model of competition and cooperation over the life of an industry

Firms pursue competitive advantage through both individual and collective strategic actions. Because of the difficulties of coordinating collective action, industries are characterized by extended periods of individual activity, punctuated by waves of collective activity. Rational and self-interested firms engage in individual activities unless disrupted by a force ample to overcome the collective action problem. At key points in the life of an industry, legitimacy challenges arise, presenting incentives to collectivize. In a legitimacy challenge, mobilized groups of constituents attempt to gain control and change the institutional rules of the game. In order to regain control, firms gradually collectivize in a pattern akin to the resource mobilization perspective of social movement theory. The author builds a model and offers several testable propositions that trace the dynamic working balance between individual and collective activities within an industry during the emergence, maturity and decline stages. Over the life of an industry, these ebbs and flows in collective activity take the form of waves of collectivizing.
An Examination of Convergent Validity between In‐Lab and Out‐of‐Lab Internet‐Based Experimental Accounting Research

Although behavioral research is increasingly relying upon the Internet for data collection, few Internet‐based experimental accounting studies have been published. Bryant et al. (2004) discuss the advantages and disadvantages of Internet‐based research and conclude that experimental validity poses the largest potential concern. One explanation for the scarcity of Internet‐based accounting studies may be that accounting researchers find experimental validity concerns outweigh the benefits of Internet data collection. Krantz and Dalal (2000) report that Internet psychology experiments produce results similar to laboratory findings. However, experimental economics researchers find that results differ between Internet‐ and lab‐based settings. In this paper, we examine convergent validity between in‐lab and out‐of‐lab data collection with professional accountant participants. Using data from an Internet‐based accounting experiment, we test convergent validity on those variables observed to interact with experi...