cssi/SciSciGPT-SciSciNet huggingface dataset:
Leveraging Strengths and Meeting Demands: The Construction of a Modern and Comprehensive Electronic Reserves Service at Central Michigan University

The digitization of information has transformed how colleges and universities function; virtual classrooms, online course management systems, and digitized content have become the norm. Electronic reserves are the fulcrum of this transformation. Colleges and universities now have the opportunity to utilize their resources in new and transformative ways in order to provide the most effective education experience possible. For these dynamic opportunities to be fully realized, however, institutions must address the unique challenges that digital media create. This article analyzes how Central Michigan University changed the way it operates to create a modern and comprehensive electronic reserves system.
Can unconscious–conscious processing sequences enhance ad exposure outcomes?

Can the sequence in which ad exposures are generated across various ad formats enhance or inhibit communication outcomes in low-involvement situations? This study compares the effect of self-selected and forced-exposure (or intrusive) ad exposure sequences with repeated exposures of single ad formats on brand recall, brand attitude and stimulus-based inclusion in the consideration set. Analysis of experimental data shows that the sequence of self-selected ad formats that induce pre-attentive processing of ad information followed by forced-exposure ad formats that induce conscious processing, leads to superior outcomes compared with others. Prior research on priming supports the findings and implications for media planning, are addressed.
TRIPS and Traditional Knowledge: Local Communities, Local Knowledge, and Global Intellectual Property Frameworks (TRIPs Symposium)

Intellectual property treatment of traditional or local knowledge is a major issue of contention today, particularly since the implementation of the TRIPs Agreement, which establishes minimum levels of intellectual property protection for members of the World Trade Organization. Discourse surrounding local knowledge is highly charged with accusations of "piracy" from Western countries countered with allegations of "biopiracy" from Third World countries. Flowing beneath the surface of this dialogue are multiple levels of historical experience. Intellectual property frameworks were formed in the nineteenth century during a period when evolutionary views of the development of human societies were paramount. Local knowledge was subject to devolutionary assumptions that meant that an inverse relationship was believed to exist between degree of civilization and amount of local knowledge such as folklore. As a result, local knowledge was generally not protected within national or multilateral intellectual property frameworks. This lack of protection has significant implications today in a world where such frameworks are being applied on an increasingly global basis.
Is the Melting Pot Still Hot? Explaining the Resurgence of Immigrant Segregation

Abstract This paper uses decennial Census data to examine the residential integration of the foreign born in the United States between 1910 and 2000. Immigrant segregation declined in the first part of the century, but has been rising over the past few decades. Recent immigrants tend to hail from countries with greater cultural distinctions from U.S. natives, whether economic, racial, or linguistic. These factors explain much of the increase in segregation after 1970. Evidence also points to changes in urban form, particularly native-driven suburbanization and the decline of public transit as a transportation mode, as an explanation for the new immigrant segregation.
Eliciting Student Expectations of the Returns to Schooling

We report here on the design and first application of an interactive computer-assisted self-administered interview (CASI) survey eliciting from high school students and college undergraduates their expectations of the income they would earn if they were to complete different levels of schooling. We also elicit respondents' beliefs about current earnings distributions. Whereas a scattering of earlier studies have elicited point expectations of earnings unconditional on future schooling, we elicit subjective earnings distributions under alternative scenarios for future schooling. In this exploratory study, we find that respondents are willing and able to respond meaningfully to questions eliciting their earnings expectations in probabilistic form. The 110 respondents vary considerably in their earnings expectations but there is a common belief that the returns to a college education are positive and that earnings rise between ages 30 and 40. There is a common belief that one's own future earnings are rather uncertain. Moreover, respondents tend to overestimate the current degree of earnings inequality in American society.
Single-Family Zoning, Intimate Association, and the Right to Choose Household Companions

Many local governments use single-family zoning ordinances to restrict occupancy in residential areas to households whose members are all related to one another by blood, marriage, or adoption. The Supreme Court upheld such ordinances in the 1974 case of Belle Terre v. Boraas, and they have been used to prevent all sorts of groups from living together-from unmarried couples who are raising children to college students. This Article contends that Belle Terre is wholly incompatible with the Court's modem jurisprudence on privacy and the right of intimate association. The case appears to have survived this long because of a reflexive deference paid to the "police power," which gives local governments wide latitude to pass laws to promote the general welfare of the community. This Article disputes that the police power can stretch so far, and asserts that Constitutional protection should attach to the choice of household companions. If such protection is accorded, the reasons traditionally given for such ordinances-reduction of overcrowding, protection of children-fail to stand up to heightened scrutiny. This Article also takes issue with so-called "functional family" reforms, which allow groups who resemble or operate like families to live in singlefamily zoned areas. While these reforms do expand the class of people who can choose their household companions, they leave untouched the assumption that governments can regulate this decision absent a compelling reason. Moreover, they allow government actors to decide, based on largely subjective criteria and after an often-invasive inquiry, whether groups of people are sufficiently "family-like" to live together. If the right of intimate association within the home is to have any force, it must be available to everyone, regardless of their identities, motivations, or characteristics. * Associate Professor of Law, University of Missouri. I am grateful for comments and suggestions from Tim Iglesias, Robert Schwemm, and, as always, Michael Byrne. Early versions of this Article were workshopped before the University of Missouri faculty, at the Central States Legal Scholarship Conference, and at the Southeastern Association of Law Schools Annual Conference. All three audiences provided a good deal of useful feedback. I would also like to thank my library liaison, Cindy Shearrer, for her excellent assistance. 1. RICHARD F. BABCOCK & FRED P. BOSSELMAN, EXCLUSIONARY ZONING: LAND USE REGULATION AND HOUSING IN THE 1970s, at 90 (1973).
Institutionalism, critical realism, and the critique of mainstream economics

Critical realists have gained substantial support within post-Keynesian and Marxian research communities, and it is likely that critical realism's influence in institutionalism will grow in coming years. Post-Keynesians and Marxists have had ongoing discussions regarding the strengths and weakness of critical realism. Institutionalists should have a similar discussion. This paper addresses a key feature of the critical realist program: its critique of mainstream economics. In particular, it criticizes the use by critical realists of the concept of closure, and argues that critical realism is misleading in its identification of the ontology of mainstream economics as Humean. The purpose of the paper is to promote critical discussion regarding the role of critical realism in institutionalism.
Can Diversification Create Value? Evidence from the Electric Utility Industry

Despite SEC and state-level resistance, and contrary to the trend pursued by other firms, many electric utilities have diversified into non-electric and unregulated businesses. Moreover, this failure to focus has been rewarded with higher firm values, again contrary to the discounts documented in the literature for other diversifying firms. Prior literature has questioned whether these premiums (or discounts) can be attributed to diversification per se. Rather, these premiums could arise from the characteristics of the diversifying firms, which have then endogenously chosen to diversify. In a new approach, where regulation can make the diversification decision largely exogenous, we examine the investment policies of the comparable electric-segments in the diversifying and non-diversifying utilities. We find that single-segment electric utilities over-invest compared to diversifying utilities, which explains their diversification premiums and implies that diversification can create value by opening up new investment opportunities.
Analysts Earnings Forecasts and the Roles of Earnings and Book Value in Equity Valuation

This study examines the effect of the degree of association between current earnings and expected future earnings on the relative importance of earnings and book value for explaining equity price. Consensus analysts forecasts of one-year-ahead earnings are used to proxy for expected future earnings and are compared to reported current earnings to measure the degree of the association. We find that the value-relevance of current earnings negatively correlates with the extent to which consensus analysts forecasts deviate from current earnings. We also find that the incremental explanatory power of book value for equity price positively correlates with this measure. These results remain robust after controlling for factors known to be affecting the value-relevance of earnings such as negative earnings and the earnings-to-book ratio. Our results also show that this analysts' forecast-based measure of `earnings persistence' dominates historical earnings variance in explaining cross-sectional variations in the value-relevance of earnings and book value.
Relational Investing And Firm Performance

A substantial academic and popular literature argues that the performance of American corporations might improve if American corporations had long-term outside investors (relational investors) who would hold large stakes, actively monitor management performance, and engage with management in setting corporate policy. Institutional investors can perhaps play this role. We provide the first large-scale test of the hypothesis that relational investing can affect corporate performance. We consider ownership and performance data for more than 1,500 large U.S. companies over a thirteen-year period (1983–1995). Our results provide a mixed answer to the question of whether relational investing affects corporate performance. Our data suggest that there was a period in the late 1980s—a period with a uniquely high level of hostile takeover activity—when the presence of a relational investor was associated with higher stock market returns. This cohort of relational investors may have been able to induce corporate restructuring, whose principal effect was to reduce growth rates while improving profitability. But this pattern was not found in the early 1980s or repeated in the early 1990s.
Entangled Political Economy and the Two Faces of Entrepreneurship

This paper contrasts two forms of entrepreneurship -- genuine and parasitical -- within a framework of entangled political economy. In 1911, Joseph Schumpeter described entrepreneurship as the locus of leadership within a capitalist economy. At that time state participation in economic activity was dramatically less than it is now. Entrepreneurship was largely free of political entanglement. After a century of governmental expansion, however, entrepreneurship has increasingly become entangled in parasitical political relationships. Where genuine entrepreneurship is a feature of a constitution of liberty, parasitical entrepreneurship is a feature of a constitution of control.
Making Abusers Pay: Deterring Patent Litigation by Shifting Attorneys’ Fees

Abusive patent litigation practices waste judicial resources, distract producers from bringing technological innovations to the public, and generate unnecessary social costs. These abusive practices are abetted by the American Rule, under which each party to a lawsuit bears its own attorneys’ fees absent statutory authorization. Creating an exception to the American Rule by transferring the burden of the winning party’s legal fees to the shoulders of the losing party based on the outcome of litigation will effectively deter filings of questionable merit and other abusive litigation practices.
Market Feedback and Equity Issuance: Evidence from Repeat Equity Issues

Higher first-year post-issue returns are associated with a significantly higher probability of follow-on equity issuance over the next 5 years. This result holds when we control for pre-issue returns and other factors known to affect the probability of equity issuance. The result is most consistent with the market feedback hypothesis that a high post-issue return encourages managers to increase the firm's investment because it implies that, in the market's view, the marginal return to the project is high. In corporate finance, market feedback refers to the hypothesis that stock returns provide information, otherwise not available to the managers, about the profitability of the firm's projects. High returns convey the market's belief that the marginal return to the firm's projects is high, which encourages managers to raise additional capital and increase the firm's investment. Jegadeesh, Weinstein, and Welch (1993) offer this hypothesis to explain their finding that high returns following an initial public offering (IPO) are associated with a higher probability of follow-on seasoned equity offerings (SEOs) within 3 years of the
Secrets of the Academy: The Drivers of University Endowment Success

University endowments have received much attention recently for their superior investment returns compared with other institutional investors. This study documents trends in college and university endowment returns and investments in the United States between 1992 and 2005 using data on over a thousand schools. Such endowments have generally performed well over this time period, with a median growth rate of 7.4 percent per year and median return of 6.9 percent. This sector has been dominated both in size and performance by the endowments of elite universities such as the Ivy League schools. The top 20 endowments grew more than 9 percent annually on a real basis between 1992 and 2005. As of 2007, the two largest endowments, belonging to Harvard and Yale, have grown to $35 billion and $22 billion in size, respectively. Much of the growth in endowment size has been driven by investment performance. As we will show in the paper, the top endowments posted impressive returns in 2005, averaging a net real return of 12.3 percent, compared to 4.4 percent posted by the S&P 500 index in the same year. We investigate the underlying drivers of these high returns and show that performance is related to the size of endowment, the quality of the student body, and the use of alternative investments. We caution ordinary investors that mimicking the strategies of the top endowments would not necessarily result in similar returns.
Joseph Raz's Theory of Authority

Joseph Raz’s theory of authority has become influential among moral, political, and legal philosophers. This article will provide an overview and accessible explanation of the theory, guiding those coming to it for the first time as to its theoretical ambitions within the wider issues of authority, and through its intricacies. I first situate the theory among philosophical examinations of authority, and then explain the theory itself in detail.
The Petty Larceny of the Police Power

The biggest theoretical insights seem obvious in retrospect. So it is in law and economics with Coase's nature of the firm' and social cost,2 Alchian's definition of cost,3 Baumol's contestable markets,4 Williamson's opportunism," and Landes and Posner's market power.6 The list could go on, but those are my personal favorites. All are insights that could be made comprehensible to a first-year economics student and garner near consensus that, indeed, such is the way the world works.
The Judge's Ethical Duty to Report Misconduct by Other Judges and Lawyers and its Effect on Judicial Independence

This Article discusses the judge's ethical duty to report misconduct by other judges and lawyers and the effect of this duty on judicial independence. It examines the judicial duty to disclose, compares it to a lawyer's ethical duty to disclose, and surveys several issues of interpretation and application of the judicial ethical requirement including when the duty to report arises, what misconduct should or must be reported, and what actions or disciplinary measure are appropriate for the judge to pursue. In addition, it discusses exceptions to the duty to disclose and proposes modification of the existing ethical standard.
Making Way: Legal Mobilization, Organizational Response, and Wheelchair Access

Questions of how and why organizations respond to legal rights are analyzed in several sociolegal research traditions, including studies of legal mobilization, regulation, and neo-institutionalist accounts of the diffusion of organizational structures. Using original qualitative and quantitative data, this article examines the responses of ten organizations to wheelchair access rights that are found in various provisions of the Americans with Disabilities Act (ADA) and related state laws. We find that concepts from each of the research traditions are useful in understanding the sources of variance in response among the organizations in our sample. We focus on four key variables: legal mobilization, commitment, professionalization, and routinization. We contend that these variables offer a relatively parsimonious language for studying organizational responses to the law and for aggregating insights from competing approaches in the literature, both of which are essential to advancing our understanding of the conditions under which law changes society.
Does Winning a Patent Race lead to more follow-on Innovation?

Competition between firms to invent and patent an idea, or “patent racing,” has been much discussed in theory, but seldom analyzed empirically. This article introduces an empirical way to identify patent races, and provides the first broad-based view of them in the real world. It reveals that patent races are common, particularly in information-technology fields. The analysis is then extended to get the causal impact of winning a patent race, using a regression-discontinuity approach. It shows that patent race winners do significantly more follow-on innovation, and the follow-on research that they do is more similar to what was covered by the patent.
Power, privilege and rights: how the powerful and powerless create a vernacular of rights

Much of the scholarship on how marginalised groups deploy human rights discourse focuses on how these groups translate human rights norms into the group’s vernacular. The marginalised are not alone in this respect. The American Christian Right employs the power of rights claims – which they have previously rejected – to preserve Christian privilege at the expense of greater religious inclusion. This paper demonstrates that even the ‘powerful’ need to vernacularise rights norms and ideals when the group has no meaningful history of engaging with rights and the law. This shared process of vernacularisation highlights the plasticity of rights, and how they can be bent to serve the relatively powerful or the relatively powerless.
Who Gets the Check: Determining When Federal Farm Program Payments Are Property of the Bankruptcy Estate

This article discusses a unique area of law that is of great importance to rural America - agricultural payments made pursuant to the various federal farm programs. In recent years, these payments have grown to become a significant component of net farm income that is capitalized into the value of agricultural real estate, provided as collateral for agricultural loans, and justified as support to the overall rural economy. When an agricultural producer experiences financial distress and files for relief in bankruptcy, rights to these payments are often vigorously contested. In particular, the question of when the payments are property of the bankruptcy estate has been an issue of controversy. At what point in the complex process of federal farm program policy does a producer have a right to payment? What factors are significant - contract performance, contract formation, implementation of the program, or the statutory enactment of the program? How far back in time does the producer have a "right" to payment that will bring it into the bankruptcy estate? Does the character of the program matter? Unfortunately, the case law has been historically inconsistent and the courts' reasoning difficult to apply. The attached article examines this important issue, discusses several recent and significant appellate court decisions, and suggests guidance for future litigation.
E. B. White Could Nod Too: Thoughts Occasioned by Reading “Death of a Pig”

This is an essay on grammar and writing, with extended consideration of the value of Strunk & White as a guide. Although the essay defends Strunk & White against several of that volume’s strongest critics, it also illustrates that even the best writers — and E. B. White was terrific, as was Antonin Scalia — sometimes make mistakes. (At great, perhaps excessive, length, the essay dissects a problematic passage in White’s “Death of a Pig.”) We should learn from those mistakes, not accept them as inevitable.
More Tickets, Fewer Accidents: How Cash-Strapped Towns Make for Safer Roads

Traffic accidents are one of the leading causes of injury and death in the United States. The role of traffic law enforcement in the reduction of accidents has been studied by relatively few papers and with mixed results that may be due to a simultaneity problem. Traffic law enforcement may reduce the number of accidents, but police are also likely to be stricter in accident-prone areas. We use municipal budgetary shortfalls as an instrumental variable to identify the effect of traffic citations on traffic safety and show that budgetary shortfalls lead to more frequent issuance of tickets to drivers. Using a panel of municipalities in Massachusetts, we show that increases in the numbers of tickets written reduce the number of motor vehicle accidents and accident-related injuries. The findings show that failure to control for endogeneity results in a significant underestimation of the positive effect of law enforcement on traffic safety.
Why local governments do not maximize profits: on the value added by the representative institutions of town and city governance

This paper provides an explanation for the lack of profit-maximizing local governments and for the historically widespread use of more or less representative forms of town and city governance. The analytical part of the paper suggests that profit-maximizing governments suffer from a “proprietor’s dilemma,” which can be reduced by including a representative council with veto power over new taxes. Limited but costly mobility plays a role in the analysis, as does the fact that residents often make investments in a town that are difficult to relocate once made.
Empire Building and Fiscal Illusion? An Empirical Study of Government Official Behaviors in Takings

An ongoing debate exists in the takings literature as to whether government officials minimize takings compensation or pay compensation to the extent that it maximizes their political interests. Until now there has been no empirical study of this question. Two methods of assessing takings compensation—one implemented by several states, the other proposed by scholars and implemented in a foreign jurisdiction—have been found to award inaccurate takings compensation to condemnees. There has been no empirical research, however, on a third assessment method, one implemented in Taiwan. Using data on takings compensation and market value in Taiwan from 2000 to 2007, I empirically examined whether the Taiwanese assessment method (in which takings compensation is predetermined by annual governmental assessments of property value) produces accurate compensation, and whether government officials minimize compensation or maximize their political interests. I found that about two-thirds of the takings compensations in Taiwan were below a reasonable proxy for a lower limit on market value and, therefore, inaccurate. Government officials could further reduce compensation payments but did not choose to do so. Condemnees were undercompensated because the more politically influential landowners have pressured the government to distort governmental assessments of property value to reduce their own tax burdens. Political interests are government officials' main concern.
Appropriate Technology and Growth

We model growth and technology transfer in a world where technologies are specific to particular combinations of inputs. Unlike the usual specification, our model does not imply that an improvement in one technique for producing a given good improves all other techniques for producing that good. Technology improvements diffuse slowly across countries, although knowledge spreads instantaneously and there are no technology adoption costs. However, even with "Ak" production, our model implies conditional convergence. This model, with appropriate technology and technology diffusion, has more realistic predictions for convergence and growth than either the standard neoclassical model or simple endogenous-growth models.
What Goes into Risk-Neutral Volatility? Empirical Estimates of Risk and Subjective Risk Preferences

Under Black–Scholes (BS) assumptions, empirical volatility and risk-neutral volatility are given by a single parameter that captures all aspects of risk. Inverting the model to extract implied volatility from an option’s market price gives the market’s forecast of future empirical volatility. But real world returns are not lognormal, volatility is stochastic, and arbitrage is limited; thus, option prices embed both the market’s estimate of the empirical returns distribution and also investors’ risk attitudes, including possibly distinct preferences over different volatility-related aspects of the returns process, such as tail risk. All these influences are reflected in the risk-neutral density (RND), which can be extracted from option prices without requiring restrictive assumptions from a pricing model. The author computes daily RNDs for the SP others reflect risk attitudes, such as the level of investor confidence and the size of recent volatility forecast errors.
Bank lending rules for managing sovereign risk

A simple domestic lending rule is one that ensures that the loan rate exceeds the bank's cost of capital and the borrower's expected cashflows exceed the terminal value of the loan. Because a sovereign loan is not collateralized and lacks recourse, the domestic lending rule is not adequate for making sovereign lending decisions. Three modifications are suggested. First, the sovereign borrower's time preference for consumption needs to be considered. Second, the domestic borrower's decision to default voluntarily is made after observing the value of the collateral whereas the sovereign borrower's decision is made after observing earnings. In this paper, the sovereign borrower upgrades expectations in a Bayesian manner. Although no lending rule will completely prevent a default, the probability of default can be managed leading to a third modification.
Why Did the Sign of the Price-Output Correlation Change? Evidence from a Structural VAR with GARCH Errors

It is generally agreed that the price-output correlation in the United States was positive prior to the Second World War, but became negative during the postwar period (at least by 1972). This paper offers evidence that the price-output correlation changed signs because of a decrease in the variability of aggregate demand. A structural VAR with bivariate GARCH (1,1) errors is used to estimate a times series of price-output correlations as well as of the conditional variances of the structural shocks to AD and AS. It is found that during the postwar period the price-output correlation is negative and significantly different from zero only when the standard deviation of the AD shock is less than that of the AS shock.
ADOLESCENT DEPRESSION: DIAGNOSIS, TREATMENT, AND EDUCATIONAL ATTAINMENT

In this paper, I use nationally representative longitudinal data to examine adolescent depression and educational attainment. First, I examine the individual, family, and community-level determinants of adolescent depression, diagnosis, and treatment. I find that male and minority adolescents who score high on depression scales are less likely to be diagnosed as depressed or receive treatment than female and non-Hispanic white adolescents. Additionally, I find several community-level variables to be important determinants of depression, diagnosis, and treatment. Second, I examine the importance of adolescent depression for educational attainment. Although it is uncontroversial to expect a negative relationship, most previous research uses cross-sectional data, making it difficult to adequately determine the magnitude of the effect. I find that depressive symptoms are related to educational attainment along multiple margins: dropping out of high school, college enrollment, and college type. These relationships are only found for adolescent females, and there are several interesting results across income groups. Overall, these findings suggest that further attempts to diagnose and treat adolescents with depressive symptoms are needed and that additional treatment options may be required to combat the important relationship between adolescent depression and human capital accumulation for females.
Interest rate fluctuations and equilibrium in the housing market

I study the general equilibrium of the housing market in an economy populated by overlapping generations of households. A contribution of the present paper is to solve for the housing market equilibrium in the presence of aggregate (interest rate) uncertainty with a realistic mortgage contract. In addition, households also face idiosyncratic uncertainty resulting from stochastic changes over the lifecycle in tastes (or needs) for housing. In this environment, profit-maximizing banks offer fixed-rate mortgage (FRM) contracts to homebuyers. As seems plausible, each housing market transaction is subject to a fixed cost, which gives rise to S-s policy rules for housing transactions: existing homeowners change the size of their houses only if there is a sufficiently large change in the state of the economy (i.e., in interest rates, in their taste for housing, etc.). A plausibly calibrated version of the model is consistent with three empirically documented features of the housing market: (i) highly volatile housing prices and transaction volume, (ii) a strong positive correlation between transaction volume and housing prices, and (iii) a significant negative relationship between interest rates and housing prices, which can rationalize a large part of the recent boom in housing prices in the US and around the world.
Deep Survival Machines : Fully Parametric Survival Regression and Representation Learning for Censored Data With Competing Risks

We describe a new approach to estimating relative risks in time-to-event prediction problems with censored data in a fully parametric manner. Our approach does not require making strong assumptions of constant proportional hazards of the underlying survival distribution, as required by the Cox-proportional hazard model. By jointly learning deep nonlinear representations of the input covariates, we demonstrate the benefits of our approach when used to estimate survival risks through extensive experimentation on multiple real world datasets with different levels of censoring. We further demonstrate advantages of our model in the competing risks scenario. To the best of our knowledge, this is the first work involving fully parametric estimation of survival times with competing risks in the presence of censoring.
The Uneven Bulwark: How (and Why) Criminal Jury Trial Rates Vary by State

Forty-five years since the U.S. Supreme Court first recognized the right to a criminal jury trial as “fundamental to the American scheme of justice,” jury trial rates (the prevalence of jury trials relative to bench trials) in American criminal adjudication actually vary dramatically by state. A sizable body of scholarship has generally explored the decrease in criminal trials, but this “Vanishing Trial” literature has largely ignored the notable state-by-state disparities in jury trial rates. After reviewing the historic role the Framers expected the jury trial to play in criminal adjudication, this Comment analyzes the existing data on jury trial rates and identifies surprising disparities from one jurisdiction to the next. The Comment then explores various state practices that may be sources of these variations, often pushing the jury trial to the margins of criminal adjudication and disadvantaging those accused of wrongdoing. The Comment concludes by contrasting the Supreme Court’s recent jurisprudence celebrating the centrality of the jury trial with the lived experiences of criminal defendants, and argues for a more substantive understanding of the Sixth Amendment’s trial by jury guarantee.
MERGERS AND PRODUCT QUALITY: A SILVER LINING FROM DE‐HUBBING IN THE U.S. AIRLINE INDUSTRY

This paper investigates how de‐hubbing, which occurs when an airline ceases hub operations, impacts product quality. Examining four cases of de‐hubbing following U.S. airline mergers between 1998 and 2016, we analyze three product quality measures: on‐time performance, travel time, and flight cancellations. In order to isolate a merger's impact on product quality, we compare the results of four de‐hubbing events that followed a merger with three de‐hubbing cases that occurred independently of a merger. We find a silver lining from mergers because product quality improvements are isolated to de‐hubbing events which follow airline mergers rather than nonmerger‐induced de‐hubbing. (JEL L15, L93)
Support for Diplomacy: Peacemaking and Militarism as a Unidimensional Correlate of Social, Environmental, and Political Attitudes

The Support for Diplomacy Scale (SDS) was developed to establish the unidimensional nature of peacemaking and militaristic attitudes. Across 5 studies, all 12 SDS items loaded strongly onto a single factor, with peaceful diplomacy at one pole and militarism at the other. The SDS was associated with authoritarianism (Studies 1–4) and dogmatism (Study 4), as well as measures of religious fundamentalism, immigration attitudes, universalism, and environmentalism (Study 2). In Study 3, the SDS mediated the relation between just peacemaking and measures of (a) voting intentions prior to the 2008 Presidential election, (b) militarism, and (c) resistance to moral disengagement from war. The SDS also predicted voting behavior in the 2008 Presidential election (Study 4) and mediated the relation between political orientation and foreign policy attitudes toward Iran (Study 5). Theoretical implications and statistical issues are discussed.
A theory of political and economic cycles

Abstract We develop a theoretical framework in which political and economic cycles are jointly determined. These cycles are driven by three political economy frictions: policymakers are non-benevolent, they cannot commit to policies, and they have private information about the tightness of the government budget and rents. Our first main result is that, in the most favorable equilibrium to the households, distortions to production emerge and never disappear even in the long run. This result is driven by the interaction of limited commitment and private information on the side of the policymaker, since in the absence of either friction, there are no long run distortions to production. Our second result is that, if the variance of private information is sufficiently large, there is equilibrium turnover in the long run so that political cycles never disappear. Finally, our model produces a long run distribution of taxes, distortions, and turnover, where these all respond persistently to temporary economic shocks.
Family firms, employee satisfaction, and corporate performance☆

Abstract Prior research shows that family control affects firm value through capital investment, debt financing, M&A activities, and governance structure. This study investigates the role of corporate culture in family firms and its implications for firm value. We use more than 100,000 surveys collected by Glassdoor between 2008 and 2012 that capture how employees perceive their company's culture. We find that employees who work for firms with active founders rate their companies higher than employees in nonfamily firms, especially if the founder runs the company. In contrast, employee satisfaction in scion firms does not differ from nonfamily firms, and when scions run the company, employees are less satisfied. Scion firms also exhibit significant lower employee satisfaction during the recent financial crisis. Furthermore, employee assessments predict subsequent firm performance measured by Tobin's q and return on assets (ROA). Our findings provide evidence that family firms exhibit a human-capital-enhancing culture that improves firm performance.
Optimal dynamic contracts with moral hazard and costly monitoring

Abstract We introduce a tractable dynamic monitoring technology into a continuous-time moral-hazard problem and study the optimal long-term contract between principal and agent. Monitoring adds value by allowing the principal to reduce the intensity of performance-based incentives, reducing the likelihood of costly termination. We present a novel characterization of optimal dynamic incentive provision when performance-based incentives may decline continuously to zero. Termination happens in equilibrium only if its costs are relatively low. In general, the intensity of both monitoring and performance-based compensation can be non-monotonic functions of the quality of past performance. Our results can also help explain puzzling empirical findings on the relationship between performance history and future pay-performance sensitivity and on the linkage between termination, performance, and monitoring. We also discuss implications of our model for optimal security design and endogenous financing constraints.
Pre-matching gambles

Abstract This paper investigates pre-matching gambles and provides a new reason to gamble: matching concerns. Examples of pre-matching gambles include occupational choices before the marriage market, college major choices before the labor market, and portfolio management before attracting future clients in the financial market. I show that people make risky investments they would not have made if not for their subsequent participation in a competitive matching market. A fundamental and unique feature of the competitive matching market, which I call the competitive matching effect, induces gambling. The paper also illustrates the relationship between social efficiency and inequality in this setting, and shows how progressive taxation eliminates social inefficiency, reduces inequality, and generates government revenue.
New directions for stochastic open economy models

The paper develops a simple stochastic new open economy macroeconomic model based on sticky nominal wages. Explicit solution of the wage-setting problem under uncertainty allows one to analyze the effects of the monetary regime on welfare, expected output, and the expected terms of trade. Despite the potential interplay between imperfections due to sticky wages and monopoly, the optimal monetary policy rule has a closed-form solution. To motivate our model, we show that observed correlations between terms of trade and exchange rates are more consistent with our traditional assumptions about nominal rigidities than with a popular alternative based on local-currency pricing. © 2000 Elsevier Science B.V. All rights reserved.
International business–government relations research 1945–2015: Concepts, typologies, theories and methodologies

Seventy years after its postwar inception, the field of international business–government relations (IBGR) is rich in new concepts, typologies, theories and methodologies that have broadly reflected the three post-WWII periods of Confrontation, Accommodation and Competition. This analysis discusses the correspondence between these “new terms” and IBGR practice during each one of these periods which have continuously brought up new actors, issues and ideologies whose study keeps growing in quantity if not always in quality. It concludes with what can be anticipated regarding the international relations between business and governments in a future marked by much greater political disorder and less economic multilateralism as well as by nonmarket strategies that may remain localized.
Municipal Securities Market: Same Problems -- No Solutions

This article examines the existing regulations of the municipal securities market, focusing on what activities prompted the regulatory changes and analyzing the direction and efficacy of these regulations in terms of the deficiencies in the market. Part One gives a background sketch of the market and its participants from the time of the New York City fiscal crises to today. Part Two discusses whether the existing regulation is sufficient to produce disclosure, focusing on the Orange County crises. Part Three offers a critique of the current regulatory scheme and makes some suggestions for reform.
Teaching Writing Through Substance: The Integration of Legal Writing with All Deliberate Speed

The stated pedagogical task of the first year of law school is to teach students to "think like lawyers."' Legal writing, which is a traditional first-year course, serves this purpose by helping students develop writing and analytical skills that are essential to their ultimate success as lawyers.' The greatest difficulty faced by those who teach legal writing, however, is communicating to students that legal writing is a means towards synthesizing the law and preparing them for the complex legal and human problems of modern law practice. To help overcome this difficulty, Pace Law School has developed a course that fully integrates criminal law, legislative process, and legal analysis and writing. This required first-year course provides an integrated educational experience in which the basic knowledge, skills, and values ecessary to the beginning lawyer are systematically acquired.
The Economics of Sallie Mae

The Student Loan Marketing Association, “Sallie Mae,” was formed by the federal government in 1972 to facilitate a secondary market for student loans. Now an independent entity, SLM Corporation is the largest lender and servicer of student loans in the U.S. As Sallie Mae made the transition into being a dominant player in all facets of the student loan industry (including student loan asset-backed securities, debt collection, and guarantor servicing), two economic theories have emerged. The “market for lemons” and “capture theory” theories serve as useful illustrations in understanding SLM’s evolution and future prospects.
Transparency Soup: The ACTA Negotiating Process and "Black Box" Lawmaking

The negotiations of the Anti-Counterfeiting Trade Agreement (ACTA) have been marred by a level of attempted secrecy heretofore unseen in international intellectual property lawmaking. Simultaneously, the Freedom of Information Act (FOIA) has been used in several significant national contexts to prevent the disclosure of data and information in ways that call into question its efficacy as an effective regulation of governmental knowledge. This paper seeks to tie together these two recent developments in order to (a) prevent future international intellectual property law negotiations from being unduly secret and (b) encourage Congress to consider reforming FOIA in light of current public expectations and technological capabilities for transparency and accountability.
The Models of Criminal Procedure

Contemporary criminal procedure doctrine is palatable to most members of American society. Government officials can’t burst into a home without a warrant or some compelling exigency. The police can’t beat a confession out of a suspect under any condition. And a defendant can’t be imprisoned unless he was afforded the right to counsel. These and other judicial principles have substantial normative appeal and coincide with basic notions of justice. The rules of the legal playing field seem fair enough, doctrinalists might contend, so let’s not screw it up with theory. Pragmatic common law development can avoid the evils of inflexible application of criminal procedure theory, and at the edges, in those odd-ball cases, only the malleability of doctrine can prevent injustice. But there are grave and often unnoticed dangers in ad hoc doctrinal development. Precedents without theoretical justification suffer from backbones only as sturdy as the relevant judicial majority. Once upon a time, government sacked homes without warrants, tortured suspects into bogus confessions, and forced defendants to face judgement without legal assistance. Although reversion to the “good ol’ days” of law enforcement may seem unlikely, mere reliance on case precedents cannot foreclose this possibility. Criminal procedure doctrine is neither immutable nor necessarily a one-way street to justice. Doctrine is particularly vulnerable to slow accretions
The Role of Information Technology in Risk/Return Relations of Firms

Information Technology (IT) investments are the largest capital budgeting item in most U.S. firms. Thus, there is significant scholarly interest in understanding the relationship between IT investments and firm performance. However, findings to date remain mixed: while some studies find a positive relationship between IT investments and firm performance, others fail to find any significant relationships at all. One possible reason for this may be that most studies conceptualize and measure firm performance in terms of returns—but ignore risk. Although risk is also an important aspect of firm performance, and there are tradeoffs between risks and returns, most IS studies have not included risk in examining the relationship between IT investments and firm performance. Focusing only on the return implications of IT ignores risk/return tradeoffs and the possibility that IT can influence the risk/return positions of firms. In this study, we build on and extend the economic theory of complementarities to explain how and why IT influences risk/return relations of firms. We discuss how the incorporation of risk into the analysis of performance effects of IT provides new insights for theory and practice.
The Role of Female Sexual Self-Schema in Reactions to Non-explicit Sexual Advertising Imagery

We explore females’ reactions to a non-explicit, but still sexually themed, advertisement. Specifically, we consider the role of female sexual self-schema (SSS) in the identification of the level of sex present in such an advertisement, and then resultant effects on attitudes and purchase intent. We find that while SSS has no effect on the perceived level of sex present, it does influence resultant dependent variables, particularly for low-SSS females. Informed by our study and extant literature, we also offer areas for further SSS-based advertising research, particularly regarding issues of females’ perceptions of advertisement and brand fit with sexual themes.