cssi/SciSciGPT-SciSciNet huggingface dataset:
Earnings Restatements, Changes in CEO Compensation, and Firm Performance

ABSTRACT: Prior research finds that earnings restatements are linked to CEOs’ excessive option-based compensation and equity holdings. In this paper, we investigate whether firms that experience earnings restatements recontract with their CEOs to reduce their option-based compensation and if so, whether this leads to improved firm performance. Based on 289 restatement firms over the period 1997–2001, we find that the proportion of CEOs’ compensation in the form of options declines significantly in the two years following the restatement. Furthermore, we document that this reduction is accompanied by a decrease in the riskiness of investments, as reflected in lower stock return volatility and subsequent improvements in operating performance. Our results suggest that a decrease in option-based compensation reduces CEOs’ incentives to take excessively risky investments, resulting in improved profitability. Overall, our findings provide insights into the design and efficacy of CEO compensation contracts.
Should Price Increases Be Targeted?---Pricing Power and Selective vs. Across-the-Board Price Increases

Firms in many industries experience protracted periods of pricing power, the ability to successfully enact price increases. In these situations, firms must decide not only whether to raise prices, but to whom. Specifically, in a competitive context, they must determine whether it is more profitable to increase prices across-the-board or to a specific segment of their customer base. While selective price decreases are ubiquitous in practice (e.g., better deals to potential new customers by phone carriers; better deals to current customers by various magazines), to our knowledge selective price increases are relatively rare. We illustrate the benefits of targeted price increases, and, as such, we expand the repertoire of firms' promotional policies. To that end, we explore a scenario where two competing firms must decide whether to increase prices to the entire market or only to a specific segment. Targeted price increases (TPI), i.e., being offered an unchanged price (selectively) when others are subject to price increases, can be offered to Loyals (those who bought from the firm in the previous period) or Switchers (those who did not). The effects of TPIs are estimated through a laboratory experiment and an associated stochastic model, each allowing for both rational (Loyalty, Switching) and behaviorist (Betrayal, Jealousy) effects. We find that TPIs can indeed yield beneficial results (greater retention for Loyals or greater attraction of Switchers) and greater profits in certain circumstances. Results for TPI are additionally benchmarked against those for targeted price decreases and are found to differ. The range of effects stemming from the experiment can be used in a competitive analysis to yield equilibrium strategies for the two firms. In this case, we find that---depending on the magnitude of the price increase, market shares of the two firms, and price knowledge across consumer segments---a firm may wish to embrace targeted price increases in some situations, to institute across-the-board price increases in others, and to not enact any price increases in still others. We show that a firm can sacrifice considerable profit if it settles on a suboptimal pricing strategy (e.g., wrongly instituting an across-the-board increase), favors the wrong segment (e.g., Switchers instead of Loyals), or ignores “behaviorist” effects (Betrayal or Jealousy).
THE EFFECTS OF TECHNOLOGICAL CHANGE ON THE QUALITY AND VARIETY OF INFORMATION PRODUCTS

Anecdotal evidence suggests that producers of information products (TV programs, movies, computer software) may respond to potentially cost-saving technological change by increasing, rather than reducing, their total production investments in the ‘first copy’ of each product, possibly at the expense of product variety. Comparative statics show that under reasonable assumptions about consumer demand and production technology, competitive firms in a monopolistically competitive industry are in fact induced to increase first-copy investments as a result of either what we define as ‘quality-enhancing’ or ‘cost-reducing’ types of technological advance, whereas product variety either falls or stays the same. Results suggest that contrary to often held expectations, potentially cost-saving technological advances in information industries may result in greater market concentration. †Earlier versions of this article were presented at the 31st Annual TPRC Conference in Washington, D.C., October, 2003; the 2004 Inte...
Tangled up in Khaki and Blue: Lethal and Non-Lethal Weapons in Recent Confrontations

Too often, military and law enforcement authorities have found themselves constrained by inadequate weaponry: the tools available to them, in addressing confrontations with entrenched opponents of various sorts, are either too weak (not sufficing to disarm or defeat the enemy) or too strong (generating unacceptable "collateral damage" in harming innocent people or property). An emerging category of "non-lethal weapons" carries promise for resolving this dilemma, proffering deft new capabilities for disabling, dissuading, or defeating opponents without inflicting death or permanent injury. Some primitive non-lethal weapons (such as truncheons, tear gas, and water cannon) have long been staples in the inventories of police and military forces in the United States and other countries. More sophisticated options (e.g., electronic stun guns or pepper spray) are becoming more common and are increasingly employed in a variety of law enforcement and security situations. Most dramatically, an array of much more sophisticated technologies (including directed energy beams, calmative chemicals, and foam sprays that seal buildings or make an area impassively slippery) are being developed, and could emerge for use by soldiers and police in the near future. These augmented capabilities carry both immense promise and grave risks: they expand the power of law enforcement and military units, enabling them to accomplish assigned missions with greater finesse and reduced casualties. But they may also be misused, they may proliferate to malign applications, and they may inspire leaders to over-rely upon a myth of "bloodless combat." This article explores the emerging world of non-lethal weapons by examining a series of case studies - recent real-world scenarios from three diverse confrontations around the world in which the availability of a modern arsenal of non-lethal weapons might have made a difference, enabling a more successful outcome in the face of deeply entrenched opposition.
Merger Policy at the Margin: Western Refining’s Acquisition of Giant Industries

In May 2007, a United States District Court declined to grant the Federal Trade Commission a preliminary injunction that would have blocked the merger of two petroleum refiners that served Albuquerque, New Mexico, and surrounding areas. This study compares estimates of the post-merger price effect to the price effects that were predicted by economic experts on both sides of the case. I find little scope to interpret the evidence as consistent with an anticompetitive post-merger price effect. I also highlight the difficulties that are involved in econometrically identifying small effects even with an abundance of pricing data.
Technological paradigms and trajectories as determinants of the R&D corporate change in drug discovery industry

The present inductive study shows two main effects of new technological paradigms in medicine driven by convergent genomics, genetics and proteomics (e.g., targeted therapies): 1) division of scientific/technological labour by strategic alliances among firms to reinforce the integrative capabilities in different biomedical research fields in order to support drug discovery process; 2) cumulative and collective learning by network R&D organisations to integrate in-house R&D and external sources of innovation in order to accelerate the discovery of path-breaking drugs for personalised healthcare. Relationships between observed facts are analysed to establish some general implications concerning the impact of technological paradigms on R&D corporate change for supporting the modern discovery process.
RATIONAL APPROXIMATION OF THE ROUGH HESTON SOLUTION

Pricing in the rough Heston model of Jaisson & M. Rosenbaum [(2016) Rough fractional diffusions as scaling limits of nearly unstable heavy tailed Hawkes processes, The Annals of Applied Probability...
Tone-at-the-Top Lessons from Abrahamic Justice

Abraham’s “leadership by example” provides a template for business leaders to implement a tone at the top based on a balance of tzedek (righteousness) and mishpat (legal judgement). The former expresses the generosity of spirit required of leaders, while the latter expresses the sound judgement in conformity with both ethics and enacted law. We relate the two constructs to several contemporary theories of justice and jurisprudence. We also relate the development of Abrahamic Justice in the Jewish tradition from antiquity through Maimonides in the middle ages. We draw insight from this tradition to answer a contemporary business ethics question: Do corporate managers violate their fiduciary duty to shareholders if they refuse to engage in legal tax avoidance?
The Use of Voluntary Disclosure Initiatives in the Battle Against Offshore Tax Evasion

The federal government has engaged in a number of well-publicized enforcement efforts in an attempt to collect back taxes owed on offshore bank account and other offshore assets. Among those efforts are special offshore “voluntary disclosure” initiatives — essentially tax amnesties — offered by the Internal Revenue Service. One such program closed in September 2011, and another opened in January 2012. After discussing the history of voluntary disclosure programs, particularly the offshore initiatives of 2003, 2009, 2011, and 2012, this essay evaluates the government’s approach to voluntary disclosure of offshore evasion in light of the literature on optimal tax amnesties. The essay concludes that the offshore tax amnesties meet some but not all of the elements of an optimal amnesty.
Are Supreme Court Nominations a Move-the-Median Game?

We conduct a theoretical and empirical re-evaluation of move-the-median (MTM) models of Supreme Court nominations—the one theory of appointment politics that connects presidential selection and senatorial confirmation decisions. We develop a theoretical framework that encompasses the major extant models, formalizing the tradeoff between concerns about the location of the new median justice versus concerns about the ideology of the nominee herself. We then use advances in measurement and scaling to place presidents, senators, justices, and nominees on the same scale, allowing us to test predictions that hold across all model variants. We find very little support for MTM theory. Senators have been much more accommodating of the president’s nominees than MTM theory would suggest—many have been confirmed when the theory predicted they should have been rejected. These errors have been consequential: presidents have selected many nominees who are much more extreme than MTM theory would predict. These results raise serious questions about the adequacy of MTM theory for explaining confirmation politics and have important implications for assessing the ideological composition of the Court.
Assessing the Performance of Voluntary Environmental Programs: Does Certification Matter?

The promotion of voluntary environmental programs (VEPs) as alternative approaches to traditional environmental regulation has fueled numerous researchers to evaluate VEP performance. However, these studies have focused on assessing the environmental performance of a single VEP. As yet, we know little about the overall environmental benefits of these programs. Moreover, questions remain about whether VEPs designed with different monitoring regimes—related to whether programs are self-monitored or undergo external certification—vary in their ability to improve environmental conditions. Using meta-analysis methodology, this article evaluates the aggregated environmental outcomes of U.S. VEPs drawing on data from nine studies and over 30,000 firms. We show that collectively VEP participants do not improve their environmental performance over nonparticipants. Rather, nonparticipants improve their environmental performance by 7.7 percent more than VEP participants. Additionally, nonparticipants improve the environment 24 percent more than participants in self-monitored VEPs, whereas participants in International Standards Organization 14001 as a group exhibit inconclusive environmental performance improvements.
Appraisal arbitrage and shareholder value

Post-merger appraisal rights have been the focus of heated controversy within mergers and acquisitions circles in recent years. Traditionally perceived as an arcane and cabalistic proceeding, the appraisal action has recently come to occupy center stage through the ascendancy of appraisal arbitrage-whereby investors purchase target-company shares shortly after an announcement principally to pursue appraisal. Such strategies became more feasible and profitable a decade ago, on the heels of two seemingly technocratic reforms in Delaware: (i) the statutory codification of prejudgment interest, pegging a presumptive rate at five percent above the federal discount rate; and (ii) the Transkaryotic opinion, which effectively sanctified appraisal claims trading. Several commentators have decried appraisal arbitrage as visiting unnecessary risks and costs on deal certainty and pricing, advancing the position that it reduces / destroys target shareholder value. This paper interrogates such claims both theoretically and empirically, testing the predictions of an auction-design model that assesses appraisal's price and welfare effects. We find-consistent with comparative statics of our model-that the appraisal-liberalizing events of 2007 were associated with a significant increase in deal premia, as the enhanced credibility of appraisal had the effect of raising the de facto "reserve price" associated with M&A auctions. We further find little evidence that liberalized appraisal rights stifled the incidence of appraisal eligible deals. When interpreted through the lens of our auction-design model, our findings suggest that target-company shareholders likely benefited ex ante from liberalized appraisal, regardless of whether they subsequently sought appraisal or not.
Longitudinal ultrasonic dimensions and parametric solid models of the gravid uterus and cervix

Tissue mechanics is central to pregnancy, during which maternal anatomic structures undergo continuous remodeling to serve a dual function to first protect the fetus in utero while it develops and then facilitate its passage out. In this study of normal pregnancy using biomechanical solid modeling, we used standard clinical ultrasound images to obtain measurements of structural dimensions of the gravid uterus and cervix throughout gestation. 2-dimensional ultrasound images were acquired from the uterus and cervix in 30 pregnant subjects in supine and standing positions at four time points during pregnancy (8-14, 14-16, 22-24, and 32-34 weeks). Offline, three observers independently measured from the images of multiple anatomic regions. Statistical analysis was performed to evaluate inter-observer variance, as well as effect of gestational age, gravity, and parity on maternal geometry. A parametric solid model developed in the Solidworks computer aided design (CAD) software was used to convert ultrasonic measurements to a 3-dimensional solid computer model, from which estimates of uterine and cervical volumes were made. This parametric model was compared against previous 3-dimensional solid models derived from magnetic resonance frequency images in pregnancy. In brief, we found several anatomic measurements easily derived from standard clinical imaging are reproducible and reliable, and provide sufficient information to allow biomechanical solid modeling. This structural dataset is the first, to our knowledge, to provide key variables to enable future computational calculations of tissue stress and stretch in pregnancy, making it possible to characterize the biomechanical milieu of normal pregnancy. This vital dataset will be the foundation to understand how the uterus and cervix malfunction in pregnancy leading to adverse perinatal outcomes.
Authoritarian Survival and Poverty Traps: Land Reform in Mexico

Summary Why do governments in underdeveloped countries pursue policies that undercut long-term economic growth? Focusing on Mexico’s massive but inefficient land reform, we argue that governments do so to underpin political survival. Using a panel dataset of Mexican states from 1917 to 1992, we find that land distribution was higher during election years and where the threat of rural unrest was greater. Furthermore, PRI support eroded more slowly in states receiving more reform. The program, which carried restrictive property rights, thus served the PRI regime’s electoral interests. But while land distribution generated a loyal political clientele, it generated steep costs – lower long-term economic growth.
The Association between Firms' Values and Accounting Numbers after Adoption of Fresh Start Reporting

This study examines the association between firms? values and accounting numbers for 72 firms that adopted fresh start reporting (FSR) upon their emergence from Chapter 11 bankruptcy. It focuses on the effects of a misstatement in the reporting choice of the initial fresh start value of equity on the association between firms? values and accounting numbers reported subsequently. Using a security valuation model, I derive an explicit relation between firms? values and a measure of the misstatement in the fresh start equity. This model provides a theoretical value for a coefficient associating the misstatement with firms? values under the null hypothesis that investors accurately undo the effects of the misstatement on subsequently reported numbers. I estimate this model for eight quarters after the adoption of FSR. The results of the regressions suggest that even two years after the emergence from Chapter 11 and the adoption of FSR, investors unravel the effects of the initial misstatement on book values and earnings reported subsequent to the adoption of FSR. The results also suggest that while investors appear to adjust for these effects, the magnitude of the adjustment is constant over time (in contrast to the predicted pattern of this adjustment).
Firm heterogeneity, trade, and wage inequality

Abstract This paper considers a world of symmetric countries with two factors of production and two sectors. Outputs of the two sectors are imperfect substitutes and the sectors differ in relative factor intensity. Each sector contains a continuum of heterogeneous firms that produce differentiated goods within their sector. Trade is costly and there are both variable and fixed costs of exporting. The paper shows that under some plausible conditions supported by the data, trade between similar countries can increase the demand for skilled labor, which in turn increases the wage inequality between skilled and unskilled labor. The quantitative analysis suggests that such trade effects have played an important role in the increase in the US skill premium.
Identification and estimation of incomplete information games with multiple equilibria

Abstract In games, the multiplicity of equilibria poses a challenge for identification and estimation. The existing literature typically abstracts from this multiplicity by assuming that the data are generated from a single equilibrium. Instead of imposing such restrictions, this paper provides sufficient conditions to non-parametrically identify payoff primitives in finite action games with incomplete information, while allowing for multiple equilibria. I then propose a two-step estimator and illustrate its finite-sample performances via Monte Carlo simulations. Furthermore, I study the strategic interaction among radio stations when choosing different time slots to air commercials. I indeed find evidence to support the existence of multiple equilibria.
Paid Parental Leave and Female Faculty Retention

We propose a theoretical framework in which a university sets its paid parental leave length to balance the costs of providing the paid leave against the cost savings from higher female faculty retention. The theory has implications for the decision to offer a paid leave policy as well as the optimal length of leave, both of which depend on worker characteristics. Using data from a large public university that reduced its paid leave under severe budgetary pressures, we illustrate the calculations needed to determine whether paid leave is cost-effective for faculty in the clinical and nonclinical divisions.
Nonstationary nonlinear quantile regression

ABSTRACTThis study examines estimation and inference based on quantile regression for parametric nonlinear models with an integrated time series covariate. We first derive the limiting distribution of the nonlinear quantile regression estimator and then consider testing for parameter restrictions, when the regression function is specified as an asymptotically homogeneous function. We also study linear-in-parameter regression models when the regression function is given by integrable regression functions as well as asymptotically homogeneous regression functions. We, furthermore, propose a fully modified estimator to reduce the bias in the original estimator under a certain set of conditions. Finally, simulation studies show that the estimators behave well, especially when the regression error term has a fat-tailed distribution.
Do today's trades affect tomorrow's IPO allocations? ☆

Abstract Underwriters using bookbuilding can allocate shares of initial public offerings (IPOs) on the basis of, among other things, commissions paid by investors. In testing the hypothesis that investors trade liquid stocks in order to affect their IPO allocations, we find that money left on the table by IPOs is related to the trading volume of the 50 most liquid stocks near the offer date. For an IPO that leaves $1 billion on the table, there is abnormal volume of 2.7% to 4.1% in the 50 most liquid stocks over the six days ending on the day that trading commences in that IPO, although only during the internet bubble period is this volume increase statistically significant.
The Complexity of Jurisdictional Clarity

The ideal of clear and simple jurisdictional rules seems like a no-brainer. Clarity in areas of subject-matter jurisdiction generally reduces the cost of litigating those issues and thus preserves litigant and judicial resources for the merits of a dispute. As a result, scholars and justices regularly promote the rhetoric of jurisdictional clarity. Yet no one has probed that rhetoric or reconciled it with the reality of subject-matter jurisdiction doctrine, which is anything but clear and simple. This Article begins to fill that gap, and, in the process, shifts the perspective of existing conversations between rules and standards and between mandates and discretion toward a perspective that focuses on the value and attainability of clarity. It offers a more refined understanding of the surprising uncertainty and complexity of jurisdictional clarity, and it argues that, contrary to the rhetoric, the ideal of jurisdictional clarity is mostly illusory. Difficulties inherent in the design, implementation, and instrumental direction of clear and simple jurisdictional rules largely render them unattainable. Rather than continue to invoke the unexamined ideal of clarity and simplicity, jurisdictional doctrine should strive to confine clarity to what it can reasonably accomplish and to embrace the undervalued virtues of uncertainty and complexity.
Merger market dynamics: insights into the behavior of target and bidder firms

Abstract This study presents a framework deriving the demand and supply of target firm shares in merger, and tests it using event study methodology and regression analysis. Target and bidder behavior are not mirror images; instead bidders rank and pursue targets which either accept or reject bids. Merger cycles are motivated by bidder demand shifts, target quality is as important as strategic fit for bidders, and transaction type is confirmed as the most reliable predictor of variation in premiums. Target institutional investors raise the cost to the bidder.
Searching for Google's Value: Using Prediction Markets to Forecast Market Capitalization Prior to an Initial Public Offering

We conducted prediction markets designed to forecast post-initial public offering (IPO) valuations before a particularly unique IPO: Google. The prediction markets forecast Google's post-IPO market capitalization relatively accurately. While Google's auction-based IPO price was 15.3% below the first-day closing market capitalization, the final prediction market forecast was only 4.0% above it. The forecast also accorded with the level of over-subscription in the IPO auction. Evidence available to both outsiders (from the prediction market forecasts) and insiders (through the orders in Google's auction) predicted similar degrees of underpricing. We argue that, with repetition, such markets could provide useful information for understanding the IPO process.
The alert and creative entrepreneur: a clarification

Israel M. Kirzner is the 2006 winner of The International Award for Entrepreneurship and Small Business Research (the FSF-Nutek Award). In this Prize Lecture he argues that a number of those who have commented on his work have misunderstood certain aspects of his theoretical system, and as a result the common distinction in the literature between “Schumpeterian” and “Kirznerian” entrepreneurs is flawed. He also argues that his understanding of the market process (set in motion by entrepreneurial decisions) provides a theoretical underpinning for public policy vis-a-vis entrepreneurship. Professor Kirzner’s main contributions to the economics of entrepreneurship were also presented and evaluated by Douhan et al. [Small Business Economics 29(1–2):213–223, 2007].
The Doctrine of Balance

Five characteristics separate political indoctrination from the sphere of academic freedom: non-educativeness, controversy, extraneousness, imbalance, and bias. These five traits reflect the notion that academic freedom protects a uniquely academic function which defines its scope, justifies its privileges, strengthens its defense, and limits its applicability. Stanley Fish, in an important forthcoming book on "Versions of Academic Freedom," provides useful tops for understanding why some people support such standards and others do not. Despite his admirable lucidity however Fish succumbs to the facile argumentation that has characterized discussions of the politically trickiest of these five, i.e., imbalance. This micro symposium contribution defends the doctrine of balance against Fish's critique, explaining why and to what extent academic balance is critical to the proper exercise of academic freedom.
Singletons and Neutrinos

The first half is a rapid review of 30 years of work on physics in anti-de Sitter space, with heavy emphasis on singletons. Principal topics are the kinematical basis for regarding singletons as the constituents of massless particles, and the effect of (negative) curvature in the infrared domain. Ideas that lead to an alternative to Big Bang cosmology are merely sketched. The second half presents new ideas inspired by experimental results on neutrino oscillations. Since leptons are massless before symmetry breaking it is natural to view them as composite states consisting of one Bose singleton (the Rac) and one Fermi singleton (the Di). This gives rise to a particular formulation of the phenomenology of electroweak physics, and strong suggestions for an expansion of the Standard Model. An expansion of the Higgs sector seems inevitable, and flavor changing symmetry, complete with a new set of heavy vector mesons, is a very attractive possibility.
In situ mechanical testing of an Al matrix composite to investigate compressive plasticity and failure on multiple length scales

SiC particle reinforced Al matrix composites exhibit high strength, high wear resistance, and excellent high-temperature performance, but can also have low plasticity and fracture toughness, which limits their use in structural applications. This study investigates the plasticity and failure of such a composite on multiple length scales, from strain localization through a complex microstructure to the debonding of individual microparticles from the matrix. Three microscale pillars containing microstructures with different complexities and sizes/volume fraction of SiC particles were used to study the effect of these features on deformation. For the matrix, nanoscale intermetallic precipitates within the Al grains contribute most to the strengthening effect, and the Al grain boundaries are shown to be effective obstacles for preventing strain localization by dominant shear bands and, therefore, catastrophic failure. When shear localization occurs, SiC particles can then debond from the matrix if the shear band and interface are aligned. To investigate whether the interface is a weak point during catastrophic failure, a number of SiC particles were separated from the matrix with direct debonding tests, which yield an interface strength that is much higher than the critical resolved shear stress for a pillar exhibiting both shear localization and interface debonding. Therefore, the matrix–particle interface is ruled out as a possible weak point, and instead, shear localization is identified as the mechanism that can drive subsequent interface debonding.
Money and Price Dispersion

We relax restrictions on the storage technology in a prototypical monetary search model to study price dispersion. In this case, buyers and sellers enter matches with potentially different willingness to trade. Across the distribution of possible bilateral matches, prices generally will differ even though agents have identical preferences and technologies. We provide existence conditions for a particularly simple equilibrium pattern of exchange. We prove that in the limiting case where search frictions are eliminated, equilibrium prices are uniform. We also show that a higher initial money stock can raise the average price level and increase price dispersion.
Advertising Content and Consumer Engagement on Social Media: Evidence from Facebook

We describe the effect of social media advertising content on customer engagement using data from Facebook. We content-code 106,316 Facebook messages across 782 companies, using a combination of Amazon Mechanical Turk and natural language processing algorithms. We use this data set to study the association of various kinds of social media marketing content with user engagement—defined as Likes, comments, shares, and click-throughs—with the messages. We find that inclusion of widely used content related to brand personality—like humor and emotion—is associated with higher levels of consumer engagement (Likes, comments, shares) with a message. We find that directly informative content—like mentions of price and deals—is associated with lower levels of engagement when included in messages in isolation, but higher engagement levels when provided in combination with brand personality–related attributes. Also, certain directly informative content, such as deals and promotions, drive consumers’ path to conversio...
Judging Discretion: Contexts for Understanding the Role of Judgment

This article approaches from a new angle the problem of understanding the meaning and scope of discretion in the judicial role and how an appellate court can or should judge the use or abuse of a lower court‟s freedom of judgment. This article considers the meaning and practical application of the appellate standard of review of “abuse of discretion” across three different areas of law: federal sentencing, injunctive relief, and civil case management. The purpose behind this approach is to attempt to find commonalities that can be drawn across subject matter lines on a topic that is currently rife with imprecision in its implementation. Looking at the broad brush picture of what abuse of discretion means and how it is judged as a practical matter in different contexts, this article brings into relief certain essential characteristics of cases in which abuse of discretion can be meaningfully assessed by an appellate court. Where it also brings into relief certain types of cases in which judicial freedom to choose cannot be meaningfully or consistently judged for abuse by an appellate court, the article suggests alternative terminology and alternative mechanisms for oversight.
Watergate and Vietnam: The Cold War Origins of a Constitutional Crisis

As such, it is regarded as a domestic crisis centrally involving President Nixon’s efforts to undermine his political opponents.1 Legal scholars at least are not familiar with the substantial evidence showing that the origin of much (though certainly not all) of what we call “Watergate” lies in the foreign policy of the Johnson and Nixon administrations.2 It has long been appreciated by historians of the Vietnam War that there was a meaningful link between Watergate and the domestic intelligence operations used to counter the war’s critics.3 In this respect, there is a case to be made that this symposium should have been held in 2011, the fortieth anniversary of the White House-ordered break-in to the office of Daniel Ellsberg’s psychiatrist in Los Angeles.
Crises, contagion and cross-listings.

Abstract We investigate whether cross-listing shares in the form of depositary receipts in overseas markets benefits investors in emerging market countries during periods of local financial crisis from 1994 to 2002. We regress cumulative abnormal returns for three windows surrounding the crisis events on the cross-listing status while controlling for cross-sectional differences in firm age, trading volume, foreign exposure, disclosure quality and corporate governance. Further, we examine cross-listing effects in countries popularly thought to experience contagious effects of these crises. We find that cross-listed firms react significantly less negatively than non-cross-listed firms, particularly in the aftermath of the crisis. The results on contagious cross-listing effects are however mixed. Our findings are consistent with predictions based on theories of market segmentation as well as differential disclosure/governance between developed and emerging markets. We do not find evidence that foreign investors “panic” during a currency crisis.
Did financialization reduce economic growth

We explore the consequences of increased financial investment by non-financial firms, finding consistent evidence that financialization in the non-finance sector reduced economic growth in that sector. Employing an expanded conceptualization of value added which identifies internal (capital, labour) and external (creditors, government, charities) stakeholders with claims on the value generated in production and exchange, we find that the declining value added produced by financialization was born most strikingly by labour and the state, while increasing value was channelled to corporate debt and equity holders. Corporate charities also had a net gain associated with increased financial investments by the non-financial firms.
Auditor Ratification: Can't Get No (Dis)Satisfaction

SYNOPSIS: The auditor ratification vote provides shareholders with an opportunity to voice their opinions about the company's choice of auditor, but, historically, less than 2 percent of shareholders express dissent in their vote. Motivated by regulatory attention on the importance of shareholder involvement and the institutional power of proxy advisors on voting outcomes, I examine the proxy advisor's role in the auditor ratification vote. I find that proxy advisors have a statistically significant influence over shareholder voting outcomes when they recommend against auditor ratification, but the Against recommendation is rare, and the qualitative significance is less clear. Proxy advisor Against recommendations are based on concerns about auditor independence and poor audit quality, but there appears to be variation in the extent to which proxy advisors issue Against recommendations for each of these criteria. I discuss the implications of the findings, which should be of interest to regulators, invest...
The Supreme Court Will Not Overrule Roe v. Wade

In this Idea, Professor Sedler, who litigated the Kentucky version of Roe v. Wade for the ACLU of Kentucky while on the faculty of the University of Kentucky, gives his opinion as to why the Supreme Court will not overrule Roe v. Wade. The Idea is based on an op-ed that Professor Sedler published in the Detroit Free Press in connection with the nomination of Chief Justice John Roberts to the Supreme Court. Professor Sedler maintains that the Court is not likely to overrule Roe v. Wade for two related reasons. The first reason goes to the operation of the Court itself. The Court operates as an institution, and, although the Court has the power to overrule its decisions, a longitudinal analysis indicates that over a period of time, comparatively few decisions have been overruled. More significantly, the Court has never overruled a decision recognizing a constitutional liberty interest, or for that matter, any other constitutionally-protected interest. Where the Court has overruled cases involving constitutional rights, it has been to overrule a case rejecting a claimed constitutional right and to hold that the claimed right is indeed protected by the Constitution. Second, for the Court to overrule Roe v. Wade would have a cataclysmic effect on American society. For large numbers of American women, abortion has become a fully acceptable way of ending an unwanted pregnancy. Professor Sedler reviews the latest available data, which shows that approximately 1.3 million American women have abortions every year, with almost 90% being performed during the first 12 weeks, and most during the first 9 weeks. Less than 1% of these abortions are performed after 24 weeks. On the other hand, the data shows that more than half of the women reporting unwanted pregnancies choose to continue with their pregnancies rather than have an abortion. The right of a woman to choose to continue with an unwanted pregnancy or to choose to terminate that pregnancy by a medical abortion is firmly established in American society today and is part of the value acceptances of that society. The Supreme Court will not take that choice away from American women.
Ode to Sarajevo: "Where Have All the People Gone?"

This article functions as a vividly-detailed, first-person travelogue of the author’s travels to Bosnia, leading up to the historical election of 1996. It explores the circumstances leading up to the election, including the national demographics and current political views, while also sharing personal views. The article offers a candid vantage point on the history of Yugoslavia, identifying with the Bosnian Muslims from the viewpoint of an American-Jewish woman. Sarajevo, the once prominent and glamorous European city that hosted the 1984 Olympics, was now riddled with destruction and despair, due to the bombings, murders and rapes that took place during the two-and-a-half year siege. The Introduction discusses the arrival in Sarajevo, and doubt that an election would even take place, due to the city’s angst, turmoil, and destruction. Part I examines the history of Yugoslavia, and why the election was historical. Part II breaks down the author’s visit to Sarajevo and her observations of Bosnian Muslims and their state of recovery after living in constant conflict and fear of being persecuted and tortured due to their religion.Finally, the article uses excerpts from Beverly Allen’s Rape Warfare: The Hidden Genocide in Bosnia-Herzegovina and Croatia to describe the horrors of warfare, torture and genocidal rape. Overall, this article provides great insight into human rights issues abroad, and is an enlightening, very personal synopsis that will leave the reader educated and aware of the crisis in Sarajevo.
The journey to new lands: Utilizing the global IT workforce through offshore-insourcing

'Offshoring' implies that service providers are IT personnel located in a country which is different from the client's country; this is also known as global-sourcing or offshore-sourcing. For example, both China and India may be considered as 'offshore' countries with respect to the United Kingdom or USA. Furthemore, 'insourcing' implies that the service providers are client employees (who work for its subsidiary or internal IT department). Hence, offshore-insourcing (or global-insourcing) implies that the client's IT department (or subsidiary) that provides IT services is located in a country that is different from the client's country. This chapter introduces a prescriptive conceptual framework from the practitioner's perspective for the 'offshore-insourcing' journey. In the decision phase of offshore-insourcing, we answer the questions 'Why to insource from offshore?', 'What to insource from offshore?', and 'Where to offshore?' In the implementation phase we answer the question 'How to insource from offshore?', and describe the importance of evaluating outcomes. In the process of answering these questions, we discuss insourcing vs. outsourcing and the possible need for offshoring. We think of ways to select the IT functions that can be insourced from offshore, and also look at the popular offshore destinations. We discuss process of managing change, setting up the offshore center, recruiting IT professionals at offshore, and managing the IT professionals at onshore and offshore within the ambit of the global delivery model. Throughout the decision and implementation phases of offshore-insourcing, the focus is on the challenges related to managing IT personnel. The appendixes provide a comparison of offshore-insourcing scenarios in China versus India. Many multinationals like Microsoft, General Electric, Hewlett-Packard, Texas Instruments, Google, and IBM that have set up research labs and other facilities in China and India to take advantage of skilled professionals through offshore-insourcing.
The Disaster at Bhopal: Lessons for Corporate Law?

Prepared for a conference at New England Law School marking the upcoming twenty-fifth anniversary of the disaster at Bhopal, this essay asks whether we have anything still to learn from what occurred in the early morning hours in Bhopal on December 3, 1984, and in the hours, days, and weeks that followed. Is there reason to believe, for example, that corporations have a tendency to create the context in which such disasters are more likely? More recent corporate behavior poses the same question, whether it pertains to environmental destruction, injuries to consumers, collusion with illegal governmental activities, or financial malfeasance. This essay suggests that while it is possible that corporations are part of the cause of many problems, it is also possible that corporations, and corporate law, could be part of their solution. One way to achieve this goal is to fold into the very decision making of the firm the interests of all those who contribute to its success. I believe that such adjustment would allow corporations to build wealth for all concerned, and not merely to transfer it from one party to another. But absent such change or other meaningful regulatory limitation, we should not be surprised when corporations fail to accurately balance the social harm that arises from their behavior, causing disasters such as Bhopal.
Using Fiction Workshop Techniques in First-Year Legal Writing Classes

Introduction The ability to critique one’s own work is invaluable to writers in every field, but teaching students how to critique their work and the work of others is one of the most difficult lessons to impart. The goal of this Article is to talk about ways that legal writing teachers can incorporate fiction workshop techniques as a means of teaching students the art of critiquing their own and others’ writing. In particular, this Article focuses on the workshop techniques employed at the Iowa Writers’ Workshop and the development of a common language for discussing writing in group settings. A helpful discussion of the structure of a typical workshop appears in Frank Conroy’s essay “The Writers’ Workshop.”1 In his essay, Conroy discusses how he runs his own class, a format that is largely followed in most Master of Fine Arts (MFA) fiction programs and replicated by students in those programs who go on to teach both undergraduate and graduate fiction workshops. Conroy details some of the basics of good writing that he has taught to students over the years, some of which are salient here. Part I of this Article describes the structure of the modern workshop, including Conroy’s approach to it. Part II discusses some of the challenges involved in teaching writing to law students and describes how some fiction workshop teaching techniques can be useful in the legal writing classroom. Part III discusses some of the methods of critique currently in use in legal writing classes and how they might be reconceived in light of some of the strategies discussed in Part II. The Conclusion suggests some other areas in which these techniques may be or are already useful to law students, professors, and practitioners.
Why Don’t Issuers Get Upset About Leaving Money on the Table in IPOs?

One of the puzzles regarding initial public offerings (IPOs) is that issuers rarely get upset about leaving substantial amounts of money on the table, defined as the number of shares sold times the difference between the first-day closing market price and the offer price. The average IPO leaves $9.1 million on the table. This number is approximately twice as large as the fees paid to investment bankers and represents a substantial indirect cost to the issuing firm. We present a prospect theory model that focuses on the covariance of the money left on the table and wealth changes. Our reasoning also provides an explanation for a second puzzling pattern: much more money is left on the table following recent market rises than after market falls. This results in an explanation of hot issue markets. We also offer a new explanation for why IPOs are underpriced. Copyright 2002, Oxford University Press.
Incoded counter-conduct: What the incarcerated can teach us about resisting mass surveillance

This paper reviews penal history in order to consider forms of resistance to mass surveillance. Because experiences of surveillance are endemic to incarcerated life, identifying tactics of protest among these populations provides valuable insights for potential forms of counter-conduct in other circumstances of ubiquitous monitoring. We introduce the term incodification as a means of describing conditions of continuous surveillance ingrained into infrastructures of everyday life, even as these conditions give rise to tactics of resistance. We focus on three forms of protest: hunger strikes, alternate communication networks and viral dance videos, drawing on Foucault’s theory of askesis in order to develop our understanding of incodification. Our objective in introducing this term, and with our analysis as a whole, is to provoke and promote theoretical and activist projects that both address and subvert infrastructures of incodification.
Privacy, public health, and controlling medical information

This paper argues that individuals do, in a sense, own or have exclusive claims to control their personal information and body parts. It begins by sketching several arguments that support presumptive claims to informational privacy, turning then to consider cases which illustrate when and how privacy may be overridden by public health concerns.