cssi/SciSciGPT-SciSciNet huggingface dataset:
Investigations into Military Operations: What Impact on Transitional Justice?

The recent proliferation of external investigations into military operations raises important questions for the conduct of military operations and the interpretation and implementation of international law. The impact of such investigations, and their reports, extends beyond how they influence the military and the implementation of the law of armed conflict, however. As countries and societies embroiled in lengthy conflicts begin to explore the value and effectiveness of undertaking transitional justice efforts during conflict, rather than only after conflict, investigations into military operations and specific incidents can play an important — and perhaps unexpected — role. This Article focuses specifically on the interrelationship between investigations and transitional justice efforts. As investigations into military operations become a common tool in the international and national arsenal, understanding how they interact with and affect broader transitional justice efforts and goals becomes important, for both the conceptualization of investigations and the development of transitional justice mechanisms. This Article addresses the relationship between investigations and the truth-telling aspect of transitional justice mechanisms, as well as the impact of the use of law and legal analysis on the legitimacy of the investigations and on potential transitional justice mechanisms.
THE SUITABILITY OF A GREATER CHINA CURRENCY UNION

. The study assesses the level of integration among the three Greater China economies (China, Hong Kong and Taiwan) and examines the suitability of a Greater China currency union. The three economies already have extensive trade and investment linkages. Our analyses show that they share common long-run and short-run cyclical variations. We also estimate the output costs of relinquishing policy autonomy to form a currency union. The estimated output losses, which depend on, e.g., the method used to generate shock estimates, seem to be moderate and are likely to be less than the efficient gains derived from a currency union.
Lawyers: Gatekeepers of the sovereign debt market?

Abstract The claim that lawyers act as gatekeepers or certifiers in financial transactions is widely discussed in the legal literature. There has, however, been little empirical examination of the claim. We test the hypothesis that law firms have replaced investment banks as the gatekeepers of the market for sovereign debt. Our results suggest that hiring outside law firms sends a negative signal to the market regarding the pending issuance; a finding that is inconsistent with the thesis that outside law firms primarily play a certification role in the sovereign debt market.
Ending Security Council Resolutions

Criticism of the Security Council tends to take one of two forms: first, that it does not act enough; and second, that it acts unwisely. Although these concerns are quite different, they both have partial causal roots in the Council’s voting process. Article 27 of the United Nations Charter provides that Council decisions on nonprocedural matters require “an affirmative vote of nine members including the concurring votes of the permanent members.” The ability of any of the five permanent member stove to a Council resolution makes it difficult for the Council both to act in the first place and to pass corrective resolutions when existing resolutions are criticized as problematic. Indeed, the difficulty of undoing resolutions can make Council members wary about allowing the passage of resolutions at the very outset.
Linkages among precious metals commodity futures prices: evidence from Tokyo

We investigate whether long-term co-movements among the prices of precious metals commodity futures contracts can be observed. The past literature on agricultural commodity futures prices obtains the mixed results. We find that there is no long-term interdependence among the prices of the four non-agricultural commodity products traded at the Tokyo Commodity Exchange. The finding provides new evidence against interdependence of commodity futures prices.
US political corruption and firm financial policies

Abstract Using US Department of Justice data on local political corruption, I find that firms in more corrupt areas hold less cash and have greater leverage than firms in less corrupt areas. The results are robust to including a range of controls and to using an instrumental variable approach, two alternative survey measures of corruption, and propensity score matching. Further, the association between corruption and leverage is largest among firms that operate primarily around their headquarters. Overall, the evidence is consistent with the hypothesis that firms manage liquidity downward and debt obligations upward to limit expropriation by corrupt local officials.
New Directions in Asian American Jurisprudence

This article traces the evolution of and highlights developing trends in Asian American jurisprudence. This article presents Asian American jurisprudence not as a singular doctrine or theory, but instead as consisting of multiple strands and facets. Asian American jurisprudence can be seen as a locale for identity, interrogation and praxis. Identity addresses combating racial stereotypes and attempting to form a collective identity. Interrogation refers to three core narratives for Asian Americans: (i) the immigration narrative, (ii) the citizenship narrative and (iii) the racial narrative. Praxis has three dimensions: (i) as a way to combat the absence and invisibility of Asian Americans in legal analysis, (ii) as a way to intervene and modify legal doctrines as applied to Asian Americans and (iii) as a way to engage in explicit political and social activism. Asian American jurisprudence can also provide a framework for analyzing race and racialization. The standard Black-White racial narrative is ill-suited for discussing the experience of Asian Americans. Instead, a three part analytic framework that includes (i) the body primitive, (ii) racial categories and (iii) racial stereotypes is a more nuanced way to analyze Asian American racialization. This article concludes by discussing five works on Asian American jurisprudence that reveal a shift away from narratives of immigration, citizenship and racialization and address new frontiers.
Strings A Political Theory of Multi-Dimensional Reality

An "unfaithful" interpretation of Michael Weinstein's oeuvre illuminates a complex, interpenetrative system of realities that reflects the lived experience of his vitalist ontology. By connecting Weinstein’s radical separation and agonic contradiction with Karen Barad’s radical entanglement, I show that reality is an ever-changing unique presentation of active relational engagements in perpetual tension. I propose that theoretical physics and socio-politics have a great deal in common: a unified field theory of being rooted in a multi-dimensional presentation of reality.
Limits On State Regulation Of Religious Organizations: Where We Are And Where We Are Going

The breadth of activities and organizational forms among religious organizations rivals that of nonprofits generally, and religious organizations are vulnerable to the same types of problems that justify state regulation and oversight of nonprofits. Such problems include excessive compensation, improper benefits for board members and other insiders, misleading or fraudulent fundraising, employment discrimination, unsafe working conditions, consumer fraud, improper debt collection, and many others. Religious organizations are different, however, in that under federal and state law they enjoy unique protections from state regulation.This paper describes how such federal and state protections limit state regulation of religious organizations under current case law. It also explores the tension between the general ability of states to apply neutral and generally applicable laws to religiously motivated conduct and the special legal protections provided for some internal actions of religious organizations — particularly employment actions relating to ministers and certain internal disputes. It concludes by exploring how courts are likely to develop such limits in the future.
The Rise of Domestic Outsourcing and the Evolution of the German Wage Structure

The nature of the relationship between employers and employees has been changing over the past three decades, with firms increasingly relying on contractors, temp agencies, and franchises rather than hiring employees directly. We investigate the impact of this transformation on the wage structure by following jobs that are moved outside the boundary of lead employers to contracting firms. We develop a new method for identifying outsourcing of food, cleaning, security, and logistics services in administrative data using the universe of social security records in Germany. We document a dramatic growth of domestic outsourcing in Germany since the early 1990s. Event-study analyses show that wages in outsourced jobs fall by approximately 10–15% relative to similar jobs that are not outsourced. We find evidence that the wage losses associated with outsourcing stem from a loss of firm-specific rents, suggesting that labor cost savings are an important reason firms choose to contract out these services. Finally, we tie the increase in outsourcing activity to broader changes in the German wage structure, in particular showing that outsourcing of cleaning, security, and logistics services alone accounts for around 9% of the increase in German wage inequality since the 1980s.
Accelerating Municipal Bond Market Development in Emerging Economies: An Assessment of Strategies and Progress

The advantages of using municipal bonds to finance urban infrastructure are increasingly evident to policymakers in emerging economies, some of whom are undertaking efforts to accelerate the development of municipal bond markets in their countries. Many of these efforts use the strengths of the U.S. municipal market as a guide to suggest the kinds of market characteristics necessary to attract issuers as well as investors to the marketplace. Features of the U.S. market are often difficult to recreate in these countries in the short run, but policymakers are using a variety of innovative techniques to approximate essential market characteristics. This article reviews these efforts in four emerging economies: Indonesia, the Philippines, Poland, and South Africa.
How ideological migration geographically segregates groups

Abstract Here, we advance the ideological migration hypothesis — individuals choose to live in communities with ideologies similar to their own to satisfy their need to belong. In Study 1, incongruity between personal and community ideology predicted greater residential mobility and attraction to more ideologically-congruent communities. In Study 2, participants who perceived their ideology to be at odds with their community's displayed a decreased sense of belonging and an increased desire to migrate. In Studies 3 and 4, participants induced to view their current community as growing more incongruent with their own ideology expressed a decreased sense of belonging and an increased desire to migrate. Ideological migration may contribute to the rise in cultural, moral, and ideological segregation and polarization of the American electorate.
Smart Cameras and the Right to Privacy

This essay provides a matrix for use by researchers and system designers as a heuristic device to assess the likely legality of the deployment of a surveillance camera system. After presenting the matrix the essay considers examples in which smart camera technology might enhance the venues for deployment of surveillance cameras. Lastly, the article speculates about legal risks that may confront smart camera technology as it becomes more sophisticated.
Examining the Non‐Executive Director's Role from a Non‐Agency Theory Perspective: Implications Arising from the Higgs Report

In January of 2003, the British government published Derek Higgs’ report on the role and effectiveness of non-executive directors on British corporate boards (Higgs, 2003). The government’s original request for the report came in the wake of several high-profile corporate scandals, most notably those involving Enron, WorldCom and Tyco in the USA. Its intent was to help prevent the emergence of a major corporate governance failure within a British corporation by strengthening the Combined Code of Corporate Governance (Financial Reporting Council, 2003) to better reflect theory and best practice. It followed in the footsteps of past investigations into corporate governance issues commissioned by the British government including, but not limited to, the Cadbury Report (Committee on the Financial Aspects of Corporate Governance, 1992), the Greenbury Report (Study Group on Directors’ Remuneration, 1995), the Hempel Report (Committee on Corporate Governance, 1998) and the Turnbull Report (ICEAW, 1999). Higgs commissioned three studies to collect and analyse data on British corporate boards to be used in his final report. One of those studies involved in-depth interviews with 40 board chairmen and non-executive directors, a task that was undertaken by the research team of Terry McNulty, John Roberts and Philip Stiles. Contrary to several of the structural and regulatory recommendations within the larger Higgs review that were criticized by corporate and investment communities (see Jones and Pollitt, 2004 for an in-depth discussion of such criticisms) and which have been subsequently scaled back by the Financial Reporting Council responsible for changes to the Combined Code (Keenan, 2004), the McNulty, Roberts and Stiles (2003) report focused on the behavioural dynamics of board members (especially non-executive directors) that might promote board effectiveness. In line with Higgs’ original commission, McNulty, Roberts and Stiles’s report was both descriptive and prescriptive in nature, including several recommendations about behaviours that could help strengthen board effectiveness by creating ‘intelligent accountability’ (as opposed to distant accountability). As McNulty, Roberts and Stiles summarized, ‘Board structure and composition condition but cannot determine board effectiveness. Instead, board effectiveness depends upon the experience, skill and judgement of individual executive and non-executive directors and the ways in which they combine to shape board conduct and relationships’ (2003, p. 2). Following the publication of the Higgs review, and in light of the controversy it sparked within the UK, we asked John, Terry and Philip to supplement their contribution to the Higgs review with a consideration of the theoretical implications arising from their research. The end British Journal of Management, Vol. 16, S1–S4 (2005) DOI: 10.1111/j.1467-8551.2005.00443.x
The Continuing Need for Broker-Dealer Professionalism in IPOs

In this essay, I contend that the IPO process and its abuses of the late 1990s reveal a fundamental problem in the brokerage industry. The abuses show the culmination of a concerted training in business, business schools, and even law schools and, more generally, in society: the acceptance of self-interested profit maximization as the sole goal for business and financial activities. I first review the IPO abuses from the perspective of individual self-interest and the group enhancement of it to show the fundamental motivation of the abuses. I then examine the regulatory responses to these abuses in order to point out their incompleteness. I argue that the reforms were incomplete because they established limited broker-dealer professionalism, focusing only on research analysts, which perversely encouraged those not directly touched to continue to engage in self-interested conduct. I also contend that this absence of full broker-dealer professionalism can lead to reputational risk that threatens these financial institutions and even the stability of the securities markets. I thus suggest that the professional reform for broker-dealers must be wide-ranging and must reach into the training of future bankers and brokers in the business schools. However, I also offer a practical, stopgap reform suggestion that can help alleviate reputational risk.
The Revenge of the Capitalist Class: Crisis, the Legitimacy of Capitalism and the Restoration of Finance from the 1970s to Present:

In the 1970s, US capitalism suffered a legitimacy crisis as the economy was mired in high inflation, unemployment, and slower growth. The rate of profit had been decreasing since the late 1960s and by the mid-1970s Wall Street was in poor shape. Capitalists politically mobilized in the 1970s to restore the rate of profit and to restore power to economic elites. In this article, I examine changes to the American economic system with special focus on the perspectives of capitalist elites. While the rate of profit in industry was not restored by the “neoliberal” era, the rate of profit in the financial sector (albeit sometimes volatile) has increased beyond what it was prior to neoliberalism. Thus, the capitalist political mobilizations of the 1970s inadvertently put Wall Street back into power.
When e-mail becomes junk mail: The welfare implications of the advancement of communications technology

This paper examines the negative externality imposed by a direct marketing firm on the consumers who must spend time reading and processing the advertising they receive from that firm. A model is developed to show that with low communication costs, a firm would send out more unsolicited advertising messages than would be desired by consumers and a social welfaremaximizing planner. The optimal Pigovian tax to eliminate the problem of excessive message sending is then derived. The extent of the problem in a number of media, including direct mail, telemarketing, and the Internet, is briefly examined.
After Alvarez-Machain: Abduction, Standing, Denials of Justice, and Unaddressed Human Rights Claims

This article addresses the illegality of abductions under international law, including human rights law and the law concerning “denials of justice” to aliens. Also addressed is the Supreme Court’s narrow decision in Alvarez-Machain, which did not address the illegality of transnational abductions under international law. Victims of abduction must have standing and should have an adequate remedy. Exceptions to impermissible abduction should include captures as permissible measures of self-defense or as measures authorized by the U.N. Security Council. Draft legislation and a draft resolution are also offered.
Risk change during crises: How do purely local companies differ from cross-listed firms? Evidence from the European crisis of 2010–2012

Abstract The 2010–2012 Greek crisis that spread to Portugal, Spain, Italy, and Ireland led to a significant risk increase both in terms of systematic and total risk for the firms operating in the five weakest economies of the European Union. A comparison of the risk profile change in the strictly EU firms and the cross-listed firms (from the same five countries) on Nasdaq and NYSE shows that there is a difference in the risk change for the purely domestic companies relative to similar cross-listed firms. Furthermore, during the crisis, the total risk increase can be explained by the underlying accounting performance for the strictly local companies but not for the cross-listed firms. This finding does not hold for non-crisis times during which the financial performance of cross-listed firms explains the risk profile of those firms.
Do Accelerators Work? If So, How?

Accelerators are entrepreneurial programs that attempt to help ventures learn, often utilizing extensive consultation with mentors, program directors, customers, guest speakers, alumni, and peers. ...
Pre-Constitutional Law and Constitutions: Spanish Colonial Law and the Constitution of Cádiz

The Constitution of Cadiz or the Spanish Constitution of 1812 is presently undergoing world-wide and extensive study because of its bicentennial and because of its important place in the development of liberal constitutionalism in Europe and Latin America. It also played a role in the independence of many Latin American republics which will celebrate their bicentennials over the next decade. This article contributes to the intellectual and legal history of this constitutional document. It also provides a close study of how pre-constitutional laws are employed in writing constitutions. It examines the way Spanish colonial law, known as "derecho indiano" in Spanish, was used in the process of drafting the Constitution and particularly the way these constitutional activities and provisions related to the Americas. The article asserts that this pre-constitutional law was used in three distinct ways: (1) as general knowledge related to the Americas and their institutions; (2) as a source for providing a particular answer to a specific legal question; and (3) in the debates about how grounded the Constitution is in historical sources and laws, its historicity. Although the example is drawn from Spanish colonial law and the Constitution of Cadiz, the general methodology will likely be appealing to others working in the fields of comparative constitutional law and constitutional history.
Investor Sophistication and Voluntary Disclosures

This paper studies voluntary disclosures in a model in which investors probabilistically become informed about whether a firm has received information. The firm's value is established via a first price, sealed bid, common value auction. The paper demonstrates that the threshold level determining whether the firm withholds or discloses information uniformly declines in the probability investors are informed. The paper also shows that, notwithstanding the risk-neutrality of investors, the expected selling price of the firm strictly decreases (increases) in the probability individual investors are informed when that probability is small (large). These results follow from “winner's curse” effects.
On Racial Diversity and Group Decision Making: Identifying Multiple Effects of Racial Composition on Jury Deliberations

This research examines the multiple effects of racial diversity on group decision making. Participants deliberated on the trial of a Black defendant as members of racially homogeneous or heterogeneous mock juries. Half of the groups were exposed to pretrial jury selection questions about racism and half were not. Deliberation analyses supported the prediction that diverse groups would exchange a wider range of information than all-White groups. This finding was not wholly attributable to the performance of Black participants, as Whites cited more case facts, made fewer errors, and were more amenable to discussion of racism when in diverse versus all-White groups. Even before discussion, Whites in diverse groups were more lenient toward the Black defendant, demonstrating that the effects of diversity do not occur solely through information exchange. The influence of jury selection questions extended previous findings that blatant racial issues at trial increase leniency toward a Black defendant.
The political obstacles to greater exchange rate flexibility in China

Summary An undervalued currency has arguably helped China pursue an East-Asian style export-led model of development, spurring economic growth and job creation. Recently, however, the undervalued exchange rate has exposed China to a raft of growing major financial and economic vulnerabilities, including an overheating of the domestic economy and renewed financial sector difficulties. Despite these risks, Chinese leaders have refused to significantly revalue the renminbi, suggesting that political objectives are taking precedence over economic optimality. I aim to glean insight into such political explanations by building upon present theories in political economy.
Trade orientation, distortions and growth in developing countries

Abstract In this paper I use a cross-country data set to analyze the relationship between trade orientation, trade distortions and growth. I first develop a simple endogenous growth model that emphasizes the process of technological absorption in small developing countries. According to this model countries that liberalize their international trade and become more open will tend to grow faster. Whether this higher growth is permanent, or only a short-run result, will depend on the relative size of some key parameters. Using nine alternative indicators of trade orientation I find out that the data supports the view that more open economies tend to grow faster than economies with trade distortions. The results are robust to the method of estimation, to correction for errors in variables and for the deletion of outliers. I finally argue that future research in the area should move towards the empirical investigation of the microeconomics of technological innovations and growth.
In-Sample or Out-of-Sample Tests of Predictability: Which One Should We Use?

Abstract It is widely known that significant in-sample evidence of predictability does not guarantee significant out-of-sample predictability. This is often interpreted as an indication that in-sample evidence is likely to be spurious and should be discounted. In this paper, we question this interpretation. Our analysis shows that neither data mining nor dynamic misspecification of the model under the null nor unmodelled structural change under the null are plausible explanations of the observed tendency of in-sample tests to reject the no-predictability null more often than out-of-sample tests. We provide an alternative explanation based on the higher power of in-sample tests of predictability in many situations. We conclude that results of in-sample tests of predictability will typically be more credible than results of out-of-sample tests.
From the Invisible Handshake to the Invisible Hand? How Import Competition Changes the Employment Relationship

Does import competition alter the extent to which employers, after negotiating workers’ wages upon hire, subsequently shield those wages from external labor‐market conditions? If increased competition induces a switch away from these wage implicit agreements, then (1) the sensitivity of workers’ wages to the current unemployment rate should increase as competition increases and (2) the sensitivity of workers’ wages to the unemployment rate prevailing upon hire should decrease. Using exchange‐rate movements to generate exogenous variation in import competition, I find evidence supporting both of these predictions. I show that increased financial pressures on employers is one mechanism driving these effects.
On the reversal of return and dividend growth predictability: A tale of two periods ☆

Abstract A disconcerting, albeit generally accepted, finding is that aggregate stock returns are predictable by dividend yield but dividend growth is unpredictable. I show that part of this lack of dividend growth predictability stems from how dividend growth is constructed. I then show a dramatic reversal of predictability in the 134 years during 1872–2005: stock returns are largely unpredictable in the first seven decades, but become predictable in the postwar period; dividend growth is strongly predictable in the prewar years but this predictability disappears in the postwar years. New evidence on the predictability of long-run returns and dividend growth is also shown.
Monetary Equilibrium and the Differentiability of the Value Function

Abstract In this study we offer a new approach to proving the differentiability of the value function, which complements and extends the literature on dynamic programming. This result is then applied to the analysis of equilibrium in the recent class of monetary economies developed in [Lagos, R., Wright, R., 2005. A unified framework for monetary theory and policy analysis. Journal of Political Economy 113, 463–484]. For this type of environments we demonstrate that the value function is differentiable and this guarantees that the marginal value of money balances is well defined.
Attacking Brandenburg with History: Does the Long-Term Harm of Biased Speech Justify a Criminal Statute Suppressing It?

Racist speech has long been the subject of significant controversy in First Amendment jurisprudence and scholarly commentary. In a recent book, Alexander Tsesis argues that, when systematically developed over long periods of time, "hate speech" lays the foundation for harmful social movements that ultimately result in the oppression and persecution of "outgroups." From this premise, Tsesis argues that the United States Supreme Court should overrule Brandenburg v. Ohio, the case in which the Court held that advocacy or incitement must be likely to result in imminent harm before it can be constitutionally proscribed. Tsesis's book then proposes a model statute to criminalize "hate speech" based on the long-term harm such speech can cause. In this Essay, I question the book's premise and its conclusion. My principal argument is that Tsesis misunderstands one of the underlying bases of the "imminent harm" requirement in Brandenburg. Rather than being premised on a view that speech cannot cause long-term harm, Brandenburg's "imminent harm" requirement is designed primarily as a prophylactic rule to prevent government from using a long-term harm rationale to suppress speech based on the government's view of truth. To support a law criminalizing speech, therefore, it is not enough to rely on the long-term harm that the speech can cause.
The Role of Core Mass in Controlling Evaporation: The Kepler Radius Distribution and the Kepler-36 Density Dichotomy

We use models of coupled thermal evolution and photo-evaporative mass loss to understand the formation and evolution of the Kepler-36 system. We show that the large contrast in mean planetary density observed by Carter et al. can be explained as a natural consequence of photo-evaporation from planets that formed with similar initial compositions. However, rather than being due to differences in XUV irradiation between the planets, we find that this contrast is due to the difference in the masses of the planets' rock/iron cores and the impact that this has on mass-loss evolution. We explore in detail how our coupled models depend on irradiation, mass, age, composition, and the efficiency of mass loss. Based on fits to large numbers of coupled evolution and mass-loss runs, we provide analytic fits to understand threshold XUV fluxes for significant atmospheric loss, as a function of core mass and mass-loss efficiency. Finally we discuss these results in the context of recent studies of the radius distribution of Kepler candidates. Using our parameter study, we make testable predictions for the frequency of sub-Neptune-sized planets. We show that 1.8-4.0 R ⊕ planets should become significantly less common on orbits within 10 days and discuss the possibility of a narrow "occurrence valley" in the radius-flux distribution. Moreover, we describe how photo-evaporation provides a natural explanation for the recent observations of Ciardi et al. that inner planets are preferentially smaller within the systems.
Roe's Race: The Supreme Court, Population Control, and Reproductive Justice

Questions of race and abortion have shaped current legal debates about defunding Planned Parenthood and banning race-selection abortion. In these discussions, abortion opponents draw a close connection between the eugenic or population-control movements of the twentieth century and the contemporary abortion-rights movement. In challenging legal restrictions on abortion, abortion-rights activists generally insist that their movement and its predecessors have primarily privileged reproductive choice. Notwithstanding the centrality of race to abortion politics, there has been no meaningful history of the racial politics of abortion that produced or followed Roe v. Wade. This Article bridges this gap in the abortion discussion by focusing on the racial politics of abortion in the 1970s. In the 1970s, some population controllers did have ties to the eugenic legal reform movement or a particular interest in limiting the growth of poor, non-white populations. Those most closely involved with the abortion-rights movement, however, primarily focused on family planning for white, middle-class families, emphasizing the importance of environmental stewardship and sexual liberation. Arguments treating the abortion-rights, population-control, and eugenics movements as indistinguishable from one another are flawed. At the same time, by reinterpreting Roe, feminists created new opportunities to reshape the racial politics of abortion. By defending their own understanding of the opinion against anti-abortion attack, feminists were able to redefine abortion as a right that belonged to women irrespective of its political
Stock Market Risk and Return: An Equilibrium Approach

Empirical evidence that expected stock returns are weakly related to volatility at the market level appears to contradict the intuition that risk and return are positively related. We investigate this issue in a general equilibrium exchange economy characterized by a regime-switching consumption process with time-varying transition probabilities between regimes. When estimated using consumption data, the model generates a complex, nonlinear and time-varying relation between expected returns and volatility, duplicating the salient features of the risk/return trade-off in the data. The results emphasize the importance of time-varying investment opportunities and highlight the perils of relying on intuition from static models. Understanding the risk/return trade-off is fundamental to equilibrium asset pricing. In this context, the stock market is one of the most natural starting points since it serves as a proxy for the wealth portfolio that is studied in finance theory. It is perhaps surprising, therefore, that there is still a good deal of controversy around the issue of how to measure risk at the market level. Recent empirical studies [e.g., Glosten, Jagannathan, and Runkle (1993), Whitelaw (1994), and Boudoukh, Richardson, and Whitelaw (1997)] document two puzzling results with regard to the intertemporal relation between equity risk and return at the market level. 1 First, they provide evidence of a weak, or even negative, relation between conditional expected returns and the conditional volatility of returns. 2 Second, they document significant time variation in this relation. Specifically, in a modified GARCH-M framework using post-World War II monthly data, Glosten, Jagannathan, and Runkle (1993) find that the estimated coefficient on volatility in the expected return regression is negative. In a similar dataset, when both conditional moments are estimated as functions of predetermined financial variables, Whitelaw (1994)
Trends of school effects on student achievement: Evidence from NLS:72, HSB:82, and NELS:92

The impact of schools on student achievement has been of great interest for the last four decades. This study examines trends of school effects on student achievement employing three national probability samples of high school seniors: NLS:72, HSB:82, and NELS:92. Hierarchical linear models are used to investigate school effects. The findings reveal that the substantial proportion of the variation in student achievement lies within schools not between schools. There is also considerable between school variation in achievement, which becomes larger over time. Schools are more diverse and more segregated in the 1990s than in the 1970s. In addition, school characteristics such as school region, school SES, and certain characteristics of the student body of the school, such as students’ daily attendance, students in college preparatory classes, and high school graduates enrolled in colleges are important predictors of average student achievement. The school predictors explained consistently more than 50% of the variation in average student achievement across surveys. We also find considerable teacher heterogeneity in achievement within schools, which suggests important teacher effects on student achievement. Teacher heterogeneity in student achievement was larger than school heterogeneity, which may indicate that teacher effects have a relatively larger impact on mathematics and science student achievement than school effects.
A Model for Interdisciplinary Clinical Education: Medical and Legal Professionals Learning and Working Together to Promote Public Health

Interdisciplinary training for professionals is becoming more common in higher education. Educators are beginning to understand the benefit of jointly training students in complex and interrelated skills that improve and complement the primary skills needed to succeed in a particular profession. Legal educators have recognized the value of encouraging flexible, collaborative thinkers who become better problem-solvers through interdisciplinary learning. Many of these are also coming to realize the importance of interdisciplinary training as a component of readiness for professional practice. For many law students, law school clinics are the first opportunity they have to learn legal skills and to engage in problem-solving for real clients. This experiential learning opportunity is often powerful and transformative, and can imprint skills, values, and practice habits that stay with students throughout their professional careers. Incorporating interdisciplinary learning opportunities into the law school clinic experience affords opportunities for co-learning, holistic problem-solving, and community building during young professionals’ formative years. Learning to be a lawyer in the context of an interdisciplinary law school clinic combines the experience of working with real clients and academic inquiry into the nature of the lawyering process itself and the ethical and fundamental practices of other professionals. Clinics serve as incubators for professional development. They provide opportunities for reflection on the practice of law, professionalism, social justice, and countless skills that help ready students for the profession of law. The HeLP Legal Services Clinic at Georgia State University College of Law aims to create an interdisciplinary dimension to such practice and inquiry, and thus influence the way in which the professional students from the law and medicine disciplines work together as learners and future professionals.
How Can International Organizations Shape National Welfare States? Evidence From Compliance With European Union Directives

How can international organizations shape national welfare states? The answer depends on why national governments comply with international organization mandates. Enforcement theories predict that states’ policy preferences determine implementation, whereas managerial theories attribute noncompliance to states’ capability limitations and to institutions. This article derives specific compliance mechanisms from these theories and examines the implementation of European Union social policy directives through a new quantitative data set and qualitative case studies of Greece and Spain. Countries whose preferences diverge from social policy directives, specifically countries lacking related early national legislation, and countries with low labor costs, delay implementation. However, delays from capability limitations are much greater—poor bureaucracies, federal states, coalition governments, and parliaments that do not prepare for directives cause big delays. These findings suggest that international organizations can shape national social policies by reorienting the axes of contestation from left-right to supranational-subnational.
Silicon Valley Taxpayers Association: Local Voters, State Propositions, and the Fate of Property Assessments

Since 1978, fiscal limitations imposed by the California Constitution have curbed the ability of local governments to raise revenue. Recently, the California Supreme Court made one of the most important of these limitations even more restrictive. In Silicon Valley Taxpayers Association, Inc. v. Santa Clara County Open Space Authority, the court held that a property assessment intended to fund open space land acquisition and preservation did not meet Proposition 218’s procedural and substantive requirements. By eliminating the deferential standard of review traditionally accorded to this type of agency determination, Silicon Valley privileges state voters over local voters and elevates fiscal limitation to the level of core California constitutional issues. Although the court based its decision on the voters’ expressed intent to limit property taxes—as demonstrated in two popular voter initiatives—the decision’s departure from conventional jurisprudence will permanently constrain the ability of local governments in California to fund essential programs. In 1996, California voters passed Proposition 218 to “protect[] taxpayers by limiting the methods by which local governments exact revenue from
Trading, Profits, and Volatility in a Dynamic Information Network Model

We introduce a dynamic noisy rational expectations model in which information diffuses through a general network of agents. In equilibrium, agents who are more closely connected have more similar period-by-period trades, and an agent’s profitability is determined by a centrality measure that is related to Katz centrality. Volatility after an information shock is more persistent in less central networks, and volatility and trading volume are also influenced by the network’s asymmetry and irregularity. Using account-level data of all portfolio holdings and trades on the Helsinki Stock Exchange between 1997 and 2003, we find support for the aggregate predictions, altogether suggesting that the market’s network structure is important for these dynamics.
Analysts' forecasts of Japanese firms' earnings: additional evidence

Abstract This article examines analysts' forecasts of Japanese firms' earnings during Japan's economic burst period in the 1990s. Using the evidence of analyst earnings forecasts in the United States as a benchmark, the article documents the following three findings. First, whereas the forecast accuracy of U.S. analysts following U.S. firms improves over time, the forecast accuracy of U.S. and Japanese analysts following Japanese firms does not. Second, whereas decreases in forecast errors of U.S. analysts following U.S. firms are best explained by decreases in forecast bias of the analysts, increases in forecast errors of U.S. and Japanese analysts following Japanese firms are best explained by increases in the frequency of losses experienced by Japanese firms. Third, Japanese analysts forecast earnings less accurately than do U.S. analysts. These findings reflect the difficulty of producing accurate earnings forecasts during economic downturns. They also suggest that Japanese analysts are more bound than their U.S. counterparts by cultural ties that impede forecast accuracy.
Why It Pays to File for Bankruptcy: A Critical Look at the Incentives under U.S. Personal Bankruptcy Law and a Proposal for Change

This article first examines the economic justification for having a personal bankruptcy procedure at all. I argue that it is economically worthwhile to have a bankruptcy procedure, but that costs rise more quickly than benefits as the exemption level increases. Thus the bankruptcy exemption level should not be too high. Next, the article explores various strategies that households can use to increase their financial benefit from bankruptcy and calculates the proportion of households that have a financial incentive to file for bankruptcy when they use these strategies. Current U.S. bankruptcy laws are so easily manipulated that almost any household can benefit financially from bankruptcy if it plans for bankruptcy in advance. Bankruptcy exemptions are in effect unlimited, which means that U.S. law gives too many households an incentive to file for bankruptcy rather than take responsibility for repaying their debts. I also analyze the effect of adopting the exemption proposals of the National Bankruptcy Review Commission and show that they would greatly exacerbate current problems. Finally, the article explores a proposed reform of the bankruptcy system under which debtors in bankruptcy would be obliged to use part of both their wealth and their future earnings to repay debt, but there would be exemptions for both. The proposed reform would end the anomaly under the current system that some debtors obtain discharge of their debts in bankruptcy even though they have high incomes and, often, high wealth. I show that under the proposed reform, fewer households would have an incentive to file for bankruptcy, but most of those who would be deterred from filing have high ability to repay their debts. Households that have low wealth and low income would still benefit from discharge of debt in bankruptcy and a "fresh start."
Measuring Efficiency in Corporate Law: The Role of Shareholder Primacy

An extensive body of empirical research evaluates corporate law in terms of its effect on shareholder wealth and, based on this effect, makes efficiency claims designed to influence regulatory policy. Central to these claims is the premise that the principal objective of the corporation is the maximization of shareholder wealth. By defining regulatory efficiency in terms of shareholder wealth, the literature relies on the shareholder primacy norm to equate shareholder value with firm value. This Article challenges both the positive and the normative foundations of the shareholder primacy norm. The Article demonstrates that existing legal doctrine does not require corporations to maximize shareholder wealth at the expense of other stakeholder interests. Although economic analysis offers a theoretical defense of shareholder primacy, its conclusions are based on strong and questionable assumptions about the market conditions in which the corporation operates. Finally, the Article explores and rejects the argument that shareholder primacy may be founded in existing limits on management fiduciary duties, offering an alterntive defense of those limits in terms of comparative institutional analysis. Justifying the evaluation of corporate performance in terms of shareholder wealth is critical to empirical claims of regulatory efficiency. The presence of other stakeholders, whose interests in the firm may be not reflected in an assessment of shareholder value, raises questions about efficiency analyses that do not incorporate those interests into their assessment of firm value. Alternative conceptions of firm value suggest that empirical scholars need to offer better and explicit justifications for their reliance on shareholder wealth and, more importantly, for their argument that shareholder wealth effects should dominate regulatory policy.
Algebraic families of Galois representations and potentially semi-stable pseudodeformation rings

We construct and study the moduli of continuous representations of a profinite group with integral p-adic coefficients. We present this moduli space over the moduli space of continuous pseudorepresentations and show that this morphism is algebraizable. When this profinite group is the absolute Galois group of a p-adic local field, we show that these moduli spaces admit Zariski-closed loci cutting out Galois representations that are potentially semi-stable with bounded Hodge–Tate weights and a given Hodge and Galois type. As a consequence, we show that these loci descend to the universal deformation ring of the corresponding pseudorepresentation.