cssi/SciSciGPT-SciSciNet huggingface dataset:
Products and connected sums of spheres as monotone Lagrangian submanifolds

Abstract We obtain new restrictions on Maslov classes of monotone Lagrangian submanifolds of ℂ n . We also construct families of new examples of monotone Lagrangian submanifolds, which show that the restrictions on Maslov classes are sharp in certain cases.
A cosmic microscope for the preheating era

Light fields with spatially varying backgrounds can modulate cosmic preheating, and imprint the nonlinear effects of preheating dynamics at tiny scales on large scale fluctuations. This provides us a unique probe into the preheating era which we dub the “cosmic microscope”. We identify a distinctive effect of preheating on scalar perturbations that turns the Gaussian primordial fluctuations of a light scalar field into square waves, like a diode. The effect manifests itself as local non-Gaussianity. We present a model, “modulated partial preheating”, where this nonlinear effect is consistent with current observations and can be reached by near future cosmic probes.
Determinants of Analysts’ Dropped Coverage Decision: The Role of Analyst Incentives, Experience, and Accounting Fundamentals

: After controlling for economic performance (i.e., stock returns), we find that several proxies for analyst incentives as well as accounting-based fundamentals are related to an analyst's decision to drop coverage of a firm. When we separately consider the drop decisions of analysts with High vs. Low Experience, we find that Low Experience analysts place more weight on firm risk and decreases in liquidity when making their drop decision, while High Experience analysts place higher weights on accounting losses and decreasing SG&A margins. Lastly, when High (Low) Experience analysts initiate dropped coverage, their Low (High) Experience peers mimic the dropped coverage fairly quickly (fairly slowly).
Consumption over the life cycle: The role of annuities

We explore the quantitative implications of uncertainty about the length of life and a lack of annuity markets for life cycle consumption in a general equilibrium overlapping generations model in which markets are otherwise complete. Empirical studies find that consumption displays a hump shape over the life cycle. Our model exhibits life cycle consumption that is consistent with this pattern. Our calibrated model, which includes an unfunded social security system, displays a hump shape but the peak occurs later in the life cycle than in the data. Adding a bequest motive causes this decline to begin at a younger age.
Universal service: beyond established practice to possibility space

Abstract A number of proposals have been put forward to reform universal service and make it compatible with the new competitive telecommunications environment in the United States. The diversity and apparent contradictions between these proposals makes the public policy dialog scattered and confused. This paper introduces the idea of a ‘possibility space’ delineated by two dimensions—‘intervention’ and ‘locus’—that lays out the contours of the emerging intellectual landscape by placing past practices as well as present proposals on the same conceptual plane. It suggests that the current approach to universal service reforms continues to be bound by the self-imposed limitations of a past regulatory era, and that a heterogeneous universal service policy is likely to be more suited to the new telecommunications environment.
A View of the Dutch IPO Cathedral

This is the Keynote Address for "IPOs and the Internet Age: The Case for Updated Regulations," a symposium held at The Ohio State University Michael E. Moritz College of Law. Initial public offerings ("IPOs") are an exercise in asymmetrical valuation. One mechanism for bridging these asymmetries is a private financial intermediary to conduct price discovery by meeting with preferred investors. An alternate mechanism is an auction, such as a descending-bid or Dutch procedure, to conduct price discovery by soliciting bids from all prospective investors. Recent disenchantment with the relationship between issuers and intermediaries has prompted some to hail (online) auction-based IPOs. This switch, however, incurs a variety of legal costs that may justify broader mandatory disclosure and state intervention. The legal costs of auction-based IPOs can be gleaned from examining various international regulatory regimes. To comparatively evaluate these regimes, this article introduces a paradigmatic framework derived from the classic tri-tiered schema that Guido Calabresi and A. Douglas Melamed formulated for legal entitlements. By conceptualizing IPOs as a problem of asymmetrically-valued shares, different kinds of regulations can assume the form of property, liability, and inalienability rules. The distinctions between these rules explain variations within the regulatory schemes of France, Israel, and Taiwan, the last bastions of auction-based IPOs, and evince the legal price that must be paid for the United States to offer an auction-based alternative to bookbuilding.
So Much Activity, so Little Change: A Reply to the Critics of Battered Women's Self-Defense

Prior to 1970, the term "domestic violence" referred to ghetto riots and urban terrorism, not the abuse of women by their intimate partners. Today, of course, domestic violence is a household word. After all, it has now been ten years since the revelation of football star O.J. Simpson's history of battering purportedly sounded "a wake-up call for all of America"; ten years since Congress enacted legislation haled as "a milestone . . . truly a turning point in the national effort to break the cycle" of violence; and twenty years since Farrah Fawcett's portrayal of Francine Hughes in the movie The Burning Bed supposedly "left an indelible mark upon society's collective consciousness." Despite these and numerous other "milestones" and "wake-up calls," domestic violence continues to be a seemingly intractable problem in this country. Substantial numbers of women are still beaten by their husbands and boyfriends each day, and many of them die as a result. A much smaller number of women strike back and kill their abusers, but it is these cases - and the self-defense issues they raise - that seem to receive a disproportionate share of the attention.The most troublesome self-defense questions arise, of course, in cases involving non-confrontational killings - where the woman struck back before or after a beating, or, most controversially, when her abuser was asleep. Although statistically most killings do not fall into this category, they raise the most difficult questions and have generated the most interest. Can a woman who kills under these circumstances legitimately argue that she acted in self-defense - that, pursuant to the prevailing definition of the defense, she honestly and reasonably believed she was in imminent danger of death or serious bodily harm? A number of critics contend that she cannot, and it is my purpose here to evaluate the arguments they have advanced.
Preliminary reliability and validity of the generalized anxiety disorder questionnaire-IV: A revised self-report diagnostic measure of generalized anxiety disorder

This study examined the Generalized Anxiety Disorder Questionnaire-IV (GAD-Q-IV), a revised self-report diagnostic measure of generalized anxiety disorder (GAD) based on the fourth edition of the Diagnostic and Statistical Manual. GAD-Q-IV diagnoses were compared to structured interview diagnoses of individuals with GAD, social phobia, panic disorder, and nonanxious controls. Using Receiver Operating Characteristics analyses, the GAD-Q-IV showed 89% specificity and 83% sensitivity. The GAD-Q-IV also demonstrated test-retest reliability, convergent and discriminant validity, and kappa agreement of .67 with a structured interview. Students diagnosed with GAD by the GAD-Q-IV were not significantly different on two measures than a GAD community sample, but both groups had significantly higher scores than students identified as not meeting criteria for GAD, demonstrating clinical validity of the GAD-Q-IV.
FINANCIAL CAPITAL AND STARTUP SURVIVAL

Are entrepreneurs liquidity-constrained? We attempt to answer this question by investigating the impact of financial capital on startup survival. The analysis of about 5,000 startups from the Kauff...
The Capital Market Consequences of Language Barriers in the Conference Calls of Non-U.S. Firms

ABSTRACT: We examine how language barriers affect the capital market reaction to information disclosures. Using transcripts from non-U.S. firms' English-language conference calls, we find that the calls of firms in countries with greater language barriers are more likely to contain non-plain English and erroneous expressions. For non-U.S. firms that hire an English-speaking manager, we find less use of non-plain English and fewer erroneous expressions. Calls with a greater use of non-plain English and more erroneous expressions show lower intraday price movement and trading volume. The capital market responses to non-plain English and erroneous expressions are more negative when the firm is located in a non-English-speaking country and has more English-speaking analysts participating in the call. Our results highlight that, when disclosure happens verbally, language barriers between speakers and listeners affect its transparency, which, in turn, impacts the market's reaction.
Our Unsettled Ninth Amendment: An Essay on Unenumerated Rights and the Impossibility of Textualism

The Ninth Amendment?our resident anarchic and sarcastic "constitutional jester"?mocks the effort of scholars andjudges alike to tame and normalize constitutional law. The Amendment stubbornly resists control. It stands as a paradoxical textual monument to the impossibility of textualism, an entrenched, settled instantiation of the inevitability of unsettlement. If it did not exist, constitutional skeptics would have had to invent it.
Explaining top management turnover in private corporations: The role of cross-country legal institutions and capital market forces

We investigate private firms’ ability to identify and replace poorly performing managers across countries. We document three main findings. First, private firms are more likely to retain poorly performing managers in countries where legal institutions that protect minority investors are weak. Second, private firms are more likely to retain poorly performing managers than public firms only in countries where governance mechanisms inherent in public equity markets limit managerial entrenchment in public firms. Third, private firm managers are less likely to be replaced even when poor performance continues for relatively long horizons. Overall, our findings provide new evidence on the potential vulnerability of minority shareholders in private firms.
Neuroscientific evidence as instant replay

This commentary offers a reflection on the state of neuroscientific evidence, as revealed by four empirical studies recently published in the Journal of Law and the Biosciences. I suggest that these studies lead to four broad conclusions about the current state of neuroscientific evidence in criminal courts. First, neuroscientific evidence is being used more than in years past, but still being used quite infrequently. Second, the legal contexts in which neuroscientific evidence is proffered vary widely, both within and across countries. Third, prosecutors as well as criminal defense attorneys are introducing brain evidence. Fourth, differences in legal structures and legal doctrine help to explain some of the variation in the introduction of neuroscientific evidence. In the second part of the commentary, I consider a series of unanswered questions that the studies also raise. I finish in the third part of the commentary with a prediction: the future use of neuroscientific evidence in court will be similar to the use of instant replay in contemporary sports. That is, although neuroscientific evidence is likely to be used in only a small percentage of cases, it can still have a transformative impact. Like instant replay, neuroscientific evidence is more likely to be used when the stakes are high, and when judgments based on other observational data are on a borderline. And just as the use, and effect, of instant replay depends critically on the availability of proper camera angles, so too will the utility of neuroscientific evidence depend on the ability of medicine and science to provide brain data that is legally relevant. I expect that if this future comes to pass, then the legal system will – just as professional sports have – struggle at first. Ultimately, however, the law will find a workable solution to the use of neuroscientific evidence that will advance more just outcomes while not unduly delaying proceedings.
Why do firms issue private equity repeatedly? On the motives and information content of multiple PIPE offerings

Abstract This study examines why private equity issues tend to be a repeated source of financing for public firms. We test the recent operational needs theory of public equity issuance within the context of repeated private equity issues. We find that repeated PIPE issuers burn through cash quickly and do not reach the standards of information transparency or profitability needed for a successful public equity offering. This has implications for investor composition and the market response to a PIPE. Initial PIPE offerings are characterized by substantial diversity in investor type. In successive transactions firms increasingly rely upon hedge funds, who extract greater price discounts and more often require cash flow rights as opposed to control rights. As firms select a path of repeated PIPEs to raise funds, successive issues become uninformative to the market. We conclude that, for small public firms, the same motive underlies public equity offerings and repeated private equity offerings—an acute need for cash.
Determinants of commercial bank interest margins and profitability : some international evidence

Using bank-level data for 80 countries in the year's 1988-95, this article shows that differences in interest margins and bank profitability reflect a variety of determinants: bank characteristics, macroeconomic conditions, explicit and implicit bank taxation, deposit insurance regulation, overall financial structure, and underlying legal and institutional indicators. A larger ratio of bank assets to gross domestic product and a lower market concentration ratio lead to lower margins and profits, controlling for differences in bank activity, leverage, and the macroeconomic environment. Foreign banks have higher margins and profits than domestic banks in developing countries, while the opposite holds in industrial countries. Also, there is evidence that the corporate tax burden is fully passed onto bank customers, while higher reserve requirements are not, especially in developing countries.
Audit Value and Charitable Organizations

Abstract I examine whether donors favor charities that use high quality auditors and whether the propensity to donate varies directly with audit quality. I find that audit quality affects donor decisions in the market for contributions. From a signaling perspective, charities benefit simply from engaging a higher quality auditor. From an information perspective, donors are more sensitive to changes in reported accounting information verified by a high quality auditor. I also find that, after conditioning on the charity’s reputation, donors are still willing to give more to charities aligned with a quality auditor, but the effect of audit quality choice dissipates with the size of the charity. Thus, a charity’s reputation and the choice of auditor are substitute mechanisms for signaling the credibility of financial information to donors.
Why Don't Remittances Appear to Affect Growth?

Although measured remittances by migrant workers have soared in recent years, macroeconomic studies have difficulty detecting their effect on economic growth. This paper reviews existing explanations for this puzzle and proposes three new ones. First, it offers evidence that a large majority of the recent rise in measured remittances may be illusory -- arising from changes in measurement, not changes in real financial flows. Second, it shows that even if these increases were correctly measured, cross-country regressions would have too little power to detect their effects on growth. Third, it points out that the greatest driver of rising remittances is rising migration, which has an opportunity cost to economic product at the origin. Net of that cost, there is little reason to expect large growth effects of remittances in the origin economy. Migration and remittances clearly have first-order effects on poverty at the origin, on the welfare of migrants and their families, and on global gross domestic product; but detecting their effects on growth of the origin economy is likely to remain elusive.
Advisors and Asset Prices: A Model of the Origins of Bubbles

We develop a model of asset price bubbles based on the communication process between advisors and investors. Advisors are well-intentioned and want to maximize the welfare of their advisees (like a parent treats a child). But only some advisors understand the new technology (the tech-savvies); others do not and can only make a downward-biased recommendation (the old-fogies). While smart investors recognize the heterogeneity in advisors, naive ones mistakenly take whatever is said at face value. Tech-savvies inflate their forecasts to signal that they are not old-fogies, since more accurate information about their type improves the welfare of investors in the future. A bubble arises for a wide range of parameters, and its size is maximized when there is a mix of smart and naive investors in the economy. Our model suggests an alternative source for stock over-valuation in addition to investor overreaction to news and sell-side bias.
Consumer Heterogeneity, Free Trade, and the Welfare Impact of Income Redistribution

Demographic differences, like young and elderly, and healthy and disabled, are summarized as consumers’ heterogeneity in expenditure shares, and introduced into an otherwise standard Heckscher–Ohlin model, together with income distribution in this paper. We prove that free trade may hurt consumers who spend more on the exporting good if the volume of trade is small, while redistributing more income to consumers who spend more on the exporting good may make everyone in the country better off. By contrast, redistributing more income to consumers who spend more on the importing good may make everyone in the country worse off.
Financial Reporting Quality and Noise in Stock Returns: Evidence from Chinese A-B Twin Shares

We test whether public financial reporting can reduce noise trading using the setting of A-B twin shares traded in the Chinese stock markets. Using a theoretical model, we show that in the absence of noise trading, A- and B-share prices should move in synchronicity in response to innovations in fundamentals. The existence of noise trading can, however, cause return non-synchronicity. Using the A-B return non-synchronicity as a measure of noise trading, we find that A-B return non-synchronicity is negatively associated with financial reporting quality and is significantly reduced on earnings announcement dates. Our results remain robust to alternative model specifications. This paper provides the first evidence that quality financial reporting can reduce noise trading and improve price informativeness.
Assessing Proposals for New Global Health Treaties: An Analytic Framework

We have presented an analytic framework and 4 criteria for assessing when global health treaties have reasonable prospects of yielding net positive effects.First, there must be a significant transnational dimension to the problem being addressed. Second, the goals should justify the coercive nature of treaties. Third, proposed global health treaties should have a reasonable chance of achieving benefits. Fourth, treaties should be the best commitment mechanism among the many competing alternatives.Applying this analytic framework to 9 recent calls for new global health treaties revealed that none fully meet the 4 criteria. Efforts aiming to better use or revise existing international instruments may be more productive than is advocating new treaties.
Time Evolution and Effect of Dispersant on the Morphology and Viscosity of Water-In-Crude-Oil Emulsions

This study examines the time evolution and effects of adding dispersant (Corexit 9500A) at varying concentrations on the microscopic morphology and bulk viscosity of saltwater-in-crude-oil (Louisiana) mechanically mixed emulsions. Rheology is used for measuring the viscoelastic properties and viscosity, the latter at varying shear rates. Microscopy, followed by machine-learning-based analysis, is used for characterizing the size and spatial distribution of the water droplets in the emulsions. Initially, the water droplets appear as a multiscale lattice with a Sauter diameter of 5.3 μm and a polydispersity of 0.43, with small droplets aggregating around large ones. The corresponding bulk viscosity decreases with increasing shear rate from 2 orders of magnitude to 5 times higher than that of the weathered crude oil. After 7 days, the number of submicron droplets increases, the nearest-neighbor distance decreases, indicating preferential aggregation, and the viscosity increases by 56-112% at high shear rates (5-100 s-1). After 14 and 21 days, some droplets coalesce resulting in loss of clusters and a decrease in viscosity. These trends suggest that changes in the aggregation contribute to the variations in viscosity. Subsequent analysis applies previously developed models for the effect of aggregation on the properties of the emulsion. While the reduction in viscosity is predicted by this model, matching of rates requires modification to the assumed relationship between yield stress and interdroplet forces. Adding dispersant without mixing generates Marangoni-driven flows as the water droplets coalesce. In time, part of the water separates, a fraction forms clouds of submicron droplets, and the rest remains unchanged. Mixing dispersant at low concentration with the emulsion accelerates the coalescence and phase separation. The removed water fraction increases with dispersant concentration, reaching 99.6% for a dispersant-to-emulsion concentration of 10-3. The remaining emulsion consists of fine droplets with Newtonian viscosity that is still 4 times higher than that of the fresh crude oil but only 14% higher than that of the weathered oil.
Optimal Currency Diversification for a Class of Risk Averse International Investors

Abstract In the framework of continuous-time finance theory, this paper derives the dynamic optimal consumption and portfolio rules for a risk-averse international investor who consumes in fixed proportions goods produced in N different countries and holds the respective N currencies. Restricting the processes generating N currency prices and exchange rates to follow Brownian motion, optimal portfolios of eight major currencies are presented, showing substantial departures from the expenditure shares and from purchasing power parity. Thus, even under infinite risk aversion, investors consuming only one good would hold a diversified currency portfolio.
The Implementation of the Food Safety Modernization Act and the Strength of the Sustainable Agriculture Movement

In the wake of growing public concerns over salmonella outbreaks and other highly publicized food safety issues, Congress passed the FDA Food Safety Modernization Act in 2011, which placed more stringent standards on food growing and packaging operations. In negotiations preceding the Act's passage, farmers of local, sustainable food argued that these rules would unduly burden local agricultural operations or, at the extreme, drive them out of business by creating overly burdensome rules. These objections culminated in the addition of the Tester-Hagan Amendment to the Food Safety Modernization Act, which created certain exemptions for small farms. Proposed Food and Drug Administration (FDA) rules to implement the Act threatened to weaken this victory for small farm groups, however, prompting a loud response from small farmers and local food proponents. The FDA's second set of proposed rules, issued in September 2014 in response to these and other complaints, were, perhaps surprisingly, responsive to small farmers' concerns. Using comments submitted to the FDA, this article explores the responses of the agriculture industry and public health organizations, as well as small farm groups, consumers of local food, and sustainable agriculture interests (which, for simplicity, I alternately describe as comprising the "sustainable agriculture" or "small farm" movement), to three aspects of the FDA's proposed rules--involving manure application, on-farm packing activities, and exemptions for very small farms--to assess the strength of the sustainable agriculture movement. The rules involving manure application and on-farm packing, it turns out, reveal little about the independent political strength of the local food movement, as large industry groups also objected to these provisions. But for the third issue discussed here--exemptions for very small farms--the interests of sustainable agriculture groups were directly opposed to both industry and public health organizations, and yet prevailed. This suggests that the high salience of locavore and "slow food" issues might have allowed relatively small, dispersed interests to overcome traditional obstacles to political organization, and that the sustainable agriculture movement has indeed become an effective political force.
Foreign aid, institutional quality, and growth

Abstract Using a panel of up to 116 countries from 1970 to 2010 we estimate the effects of foreign aid flows on a variety of measures of institutional quality. We find that aid flows are associated with the deterioration of both political and economic institutions. Regarding the latter, aid flows are associated with deterioration in a recipient's legal system and property rights, as well as its openness to international trade. Controlling for both political and economic institutions in growth regressions, the latter is robustly, positively associated with growth. After controlling for institutional quality, aid flows are not otherwise significantly related to growth.
Liability and Insurance after September 11: Embracing Risk Meets the Precautionary Principle

In the opening essay in Embracing Risk: The Changing Culture of Insurance and Responsibility, Jonathan Simon and I assert that western society is engaged in a transformation from a dominant paradigm of spreading risks to a paradigm that involves embracing risk. (Baker & Simon, eds. 2002) The core idea behind this trend is the recognition that too much protection against loss produces too much loss. Not all risks should be spread. For their own and society's good, individuals should embrace some risks. As we wrote: As more of life is understood in terms of risk, taking risks is increasingly what one does with risk. Embracing Risk closes with a wonderful essay by Francois Ewald that also posits a paradigm shift. (Ewald 2002) But this paradigm shift revolves around the precautionary principle, an evolving principle in international law that calls for hesitating in the face of uncertainty, avoiding risk - zero risk rather than embracing risk. Ewald identifies popular support for this principle as among the most important reactions to the failure of the insurance state to protect citizens from risk, a charge that surely resonates in the wake of September 11th. The concept of embracing risk resonates much less well with September 11th. None of the victims made any relevant choices. No one, or at least no one we would want to emulate, is embracing terror risks. Precaution is the order of the day. Yet, I continue to see evidence of the embracing risk thesis at work, though September 11th has made that claim a more measured one. My goal in this essay is to suggest how it might be that the insurance state spawned these two seemingly contradictory reactions, how those reactions are in fact less contradictory than they at first appear, and what the embracing risk thesis and the precautionary principle might portend for liability and insurance after September 11th. I will conclude by suggesting that part of the answer to some looming 21st century insurance problems is to resurrect two distinctly two 19th century ideas: the assessment approach to insurance and the concept of insurance regulation as an antidote to destructive competition.
Informed short selling, fails-to-deliver, and abnormal returns ☆

Abstract We find that stocks with fails-to-deliver (FTDs) experience negative abnormal returns that are proportional to their FTD levels. These findings come from both an event study and a portfolio returns analysis using Fama-French factors. Using proprietary data on stock borrow costs, we also show that short sellers of low and high FTD stocks obtain positive estimated profits. Our findings support the hypothesis that FTDs reflect nonbinding short sale constraints which do not restrict informed short selling.
A Mean-Variance Disaster Relief Supply Chain Network Model for Risk Reduction with Stochastic Link Costs, Time Targets, and Demand Uncertainty

In this paper, we develop a mean-variance disaster relief supply chain network model with stochastic link costs and time targets for delivery of the relief supplies at the demand points, under demand uncertainty. The humanitarian organization seeks to minimize its expected total operational costs and the total risk in operations with an individual weight assigned to its valuation of the risk, as well as the minimization of expected costs of shortages and surpluses and tardiness penalties associated with the target time goals at the demand points. The risk is captured through the variance of the total operational costs, which is relevant to the reporting of the proper use of funds to stakeholders, including donors. The time goal targets associated with the demand points enable prioritization as to the timely delivery of relief supplies. The framework handles both the pre-positioning of relief supplies, whether local or nonlocal, as well as the procurement (local or nonlocal), transport, and distribution of supplies post-disaster. The time element is captured through link time completion functions as the relief supplies progress along paths in the supply chain network. Each path consists of a series of directed links, from the origin node, which represents the humanitarian organization, to the destination nodes, which are the demand points for the relief supplies. We propose an algorithm, which yields closed form expressions for the variables at each iteration, and demonstrate the efficacy of the framework through a series of illustrative numerical examples, in which trade-offs between local versus nonlocal procurement, post- and pre-disaster, are investigated. The numerical examples include a case study on hurricanes hitting Mexico.
On Disguises, Tokens, and Affirmative Action Policies

This commentary is part of a symposium discussing the effects of affirmative action bans. The piece examines some of the empirical data offered in support of different policies, showing how the same data might be used to support diametrically opposed policies, and discusses some further research that would be helpful to shed light on the impact of differing admission policies.
Suburbs as Exit, Suburbs as Entrance

Most academics assume that suburbanites are "exiters " who have abandoned central cities. The exit story is a foundational one in the fields of land-use and localgovernment law: exiters ' historical social, and economic connections with "their" center cities are frequently used to justify both growth controls and regional government. The exit story, however, no longer captures the American suburban experience. For a majority of Americans, suburbs have become points of entrance to, not exit from, urban life. Most suburbanites are "enterers " people who were born in, or migrated directly to, suburbs and who have not spent time living in any central city. This Essay reexamines current debates about growth management and regional governance in light of the underappreciated suburbs-as-entrance story. The exit paradigm provides a powerful normative justification for policies constraining urban growth. When it is stripped away, proponents are left with utilitarian arguments. Economists challenge these arguments by showing that metropolitan fragmentation actually may be efficiency enhancing and utilitarian arguments may ring hollow with suburban enterers themselves. This Essay sounds a cautionary note in the growth management and regional government debates. The exit story is an outdated rhetorical flourish that tends to oversimplify the case forand camouflage the complexities ofpolicies restricting suburban growth, especially when it comes to distributional and transitional-fairness concerns.
Welfare effects of changes in environmental quality under individual uncertainty about use

We adapt the theoretical state-preference model to value nonmarket public goods under individual uncertainty about use, illustrating with an assessment of willingness-to-pay to prevent acid rain lake damage in the northeast United States. Individual usage uncertainty is modelled via probabilities of participation in trout fishing. Changes in environmental quality are valued using a random utility model to explain yes/no responses to a contingent valuation question. We produce quantitative welfare measures: individual fitted and simulated passiveand active-use values, individual expected consumer surplus, option price, option value, and complete individual willingness-topay loci.
Deadlines in Administrative Law

A cottage industry in administrative law studies the various mechanisms by which Congress, the President, and the courts exert control of administrative agencies. Restrictions on the appointment and removal of personnel, the specification of requisite procedures for agency decisionmaking, presidential prompt letters, ex ante review of proposed decisions by the Office of Management and Budget, legislative vetoes, and alterations in funding or jurisdiction all constitute potential mechanisms for the control of agency behavior. In this paper, we focus on a much more elemental mechanism of control that has surprisingly gone relatively unnoticed in the literature on administrative agencies: Congressional control of the timing of administrative action. The use of deadlines that require agency action to commence or complete by a specific date is extremely common in the modern administrative state, but even basic descriptive statistics about the frequency and nature of these mechanisms are lacking, much less a fully elaborated theory of regulatory deadlines. This paper offers the beginning of such a theory by providing a doctrinal, theoretical, and empirical analysis of deadlines in administrative law.
Research in emerging markets finance: looking to the future

Abstract Much has been learned about emerging markets finance over the past 20 years. These markets have attracted a unique interdisciplinary interest that bridges both investment and corporate finance with international economics, development economics, law, demographics and political science. Our paper focuses on the research areas that are ripe for exploration.
Slow to Hire, Quick to Fire: Employment Dynamics with Asymmetric Responses to News

This paper studies models of rms that adjust asymmetrically to private signals and uses Census data to assess predictions at the establishment level. When rms’ hiring decisions respond more to bad signals than to good signals, both aggregate volatility and the cross sectional dispersion of employment growth are countercyclical. Responses to measured technology shocks and the time series behavior of skewness are consistent with the mechanism. Even in the absence of physical adjustment costs and with homoskedastic shocks to fundamentals, information processing under Knightian uncertainty generates asymmetric adjustment.
Friendship at Work: Can Peer Effects Catalyze Female Entrepreneurship? †

Does the lack of peers contribute to the observed gender gap in entrepreneurial success? A random sample of customers of India’s largest women’s bank was offered two days of business counseling, and a random subsample was invited to attend with a friend. The intervention significantly increased participants’ business activity, but only if they were trained with a friend. Those trained with a friend were more likely to have taken out business loans, were less likely to be housewives, and reported increased business activity and higher household income, with stronger impacts among women subject to social norms that restrict female mobility. (JEL G21, J16, J24, L26, M53, O16, Z13)
Social Norms and the Time Allocation of Women’s Labor in Burkina Faso

This paper proposes that major determinants of allocation of womens time are social norms that regulate the economic activities of women. The emphasis on norms contrasts with approaches that view time allocation as determined by household-level economic variables. Using data from Burkina Faso it is shown that social norms significantly explain differences in patterns of time allocation between two ethnic groups: Mossi and Bwa. Econometric results show women from the two groups exhibiting different responses to changes in farm capital. Implications are that policies changing social norms may have more permanent effects on altering womens behavior. (authors)
Effects of management policies on unauthorized absence behavior

This article reports a study of the effects of higher-level managers'policies on unit members' behavior, which sought to determine whether the process of communicating and clarifying policies govem...
North–South Integration and the Location of Foreign Direct Investment

We investigate how North-South Integration affects the location of FDI between the two regions. The theoretical analysis suggests that integration affects the incentives of partner and non-partner Northern countries to locate in the South differently and may lead to investment diversion from the Northern partner. We test our propositions using data from the North American Free Trade Agreement (NAFTA), the first major North-South integration scheme. Using the largest possible control group, we use a difference-in-differences estimator to find that NAFTA partner FDI in Mexico has increased since the inception of NAFTA above what is implied by other determinants of FDI and the global upward trend during this time. Other countries have not increased their use of Mexico as an export platform. We find some, though weak evidence that inward U.S. FDI has been diverted. The results are robust to a number of different model and econometric specifications as well as the skill data used.
Cronyism and capital controls: evidence from Malaysia☆

Abstract The onset of the Asian financial crisis in Malaysia reduced the expected value of government subsidies to politically connected firms, accounting for roughly 9% of the estimated $60 billion loss in their market value from July 1997 to August 1998. Firing the Deputy Prime Minister and imposing capital controls in September 1998 primarily benefited firms with strong ties to Prime Minister Mahathir, accounting for roughly 32% of these firms’ estimated $5 billion gain in market value during September 1998. The evidence suggests Malaysian capital controls provided a screen behind which favored firms could be supported.
Does AMD Spur Intel to Innovate More

We estimate an equilibrium model of dynamic oligopoly with durable goods and endogenous innovation to examine the effect of competition on innovation in the personal computer microprocessor industry. Firms make dynamic pricing and investment decisions while consumers make dynamic upgrade decisions, anticipating product improvements and price declines. Consistent with Schumpeter, we find that the rate of innovation in product quality would be 4.2 percent higher without AMD present, though higher prices would reduce consumer surplus by $12 billion per year. Comparative statics illustrate the role of product durability and provide implications of the model for other industries.
Do you look to the future or focus on today? The impact of life experience on intertemporal decisions

In this research, we investigate the impact of signiWcant life experiences on intertemporal decisions among young adults. A series of experiments focus speciWcally on the impact of experiencing the death of a close other by cancer. We show that such an experience, which bears information about time, is associated with making decisions that favor the long-term future over short-term interests (Studies 1 and 2). Underlying this eVect appears to be increased salience and concreteness regarding one’s future life course, shifting focus away from the present toward the long run (Studies 3 and 4). Finally, we explore the shift caused by a cancer death of a public Wgure and examine its stability over time (Study 5). Implications for research on intertemporal decision making and the impact of life events on perceptions and preferences are discussed.
The Implausibility of Secrecy

Government secrecy frequently fails. Despite the executive branch’s obsessive hoarding of certain kinds of documents and its constitutional authority to do so, recent high-profile events—among them the WikiLeaks episode, the Obama administration’s celebrated leak prosecutions, and the widespread disclosure by high-level officials of flattering confidential information to sympathetic reporters—undercut the image of a state that can classify and control its information. The effort to control government information requires human, bureaucratic, technological, and textual mechanisms that regularly founder or collapse in an administrative state, sometimes immediately and sometimes after an interval. Leaks, mistakes, open sources—each of these constitutes a path out of the government’s informational clutches. As a result, permanent, long-lasting secrecy of any sort and to any degree is costly and difficult to accomplish. This Article argues that information control is an implausible goal. It critiques some of the foundational assumptions of constitutional and statutory laws that seek to regulate information flows, in the process countering and complicating the extensive literature on secrecy, transparency, and leaks that rest on those assumptions. By focusing on the functional issues relating to government information and broadening its study beyond the much-examined phenomenon of leaks, the Article catalogs and then illustrates in a series of case studies the formal and informal means by which information flows out of the state. These informal means play an especially important role in limiting both the ability of state actors to keep secrets and the extent to which formal legal doctrines can control the flow of government information. The same bureaucracy and legal regime that keep open government laws from creating a transparent state also keep the executive branch from creating a perfect informational dam. The Article draws several implications from this descriptive, functional argument for legal reform and for the study of administrative and constitutional law. 2013] THE IMPLAUSIBILITY OF SECRECY iii
Does the prediction horizon matter for the forward premium anomaly? Evidence from panel data

Abstract The forward unbiasedness regression is revisited by varying the prediction horizons from 1 day to 1 year. The panel data suggests some possibility of a positive slope coefficient at a short horizon while the negative coefficient improves forecasting performance at longer horizons.
Weyl Consistency Conditions in Non-Relativistic Quantum Field Theory

Weyl Consistency Conditions in Non-Relativistic Quantum Field Theory Sridip Pal ∗ and Benjam´in Grinstein † Department of Physics University of California, San Diego 9500 Gilman Drive, La Jolla, CA 92093, USA arXiv:1605.02748v4 [hep-th] 18 Dec 2016 Weyl consistency conditions have been used in unitary relativistic quantum ﬁeld theory to impose constraints on the renormalization group ﬂow of certain quantities. We classify the Weyl anomalies and their renormalization scheme ambiguities for generic non-relativistic theories in 2 + 1 dimensions with anisotropic scaling exponent z = 2; the extension to other values of z are discussed as well. We give the consistency conditions among these anomalies. As an application we ﬁnd several candidates for a C-theorem. We comment on possible candidates for a C-theorem in higher dimensions. srpal@ucsd.edu; sridippaliiser@gmail.com bgrinstein@ucsd.edu
Counting Cadres: A Comparative View of the Size of China’s Public Employment

Is China’s public bureaucracy overstaffed? To answer this basic question objectively, one needs to define public employment in the contemporary Chinese context; survey data sources available to measure public employment; and finally, compare China’s public employment size with that of other countries. Using a variety of new sources, this article performs all three tasks. It also goes further to clarify the variance between bianzhi (formally established posts) and actual staffing size, as well as other permutations of the bianzhi system, especially chaobian (exceeding the bianzhi). A key finding is that China’s net public employment per capita is not as large as often perceived; quite the contrary, it is one-third below the international mean. However, it is clear that the actual number of employees in the party-state bureaucracy has grown – and is still growing – steadily since reforms, despite repeated downsizing campaigns. Such expansion has been heavily concentrated at the sub-provincial levels and among shiye danwei (extra-bureaucracies).
Protecting Parent-Child Relationships: Determining Parental Rights of Same-Sex Parents Consistently Despite Varying Recognition of their Relationship

This article discusses the potentially unseen effects of the different ways states recognize children of same-sex partners. It considers how states can allow or ban civil unions or same-sex marriages without causing uncertainty regarding parental rights and responsibilities. The article proposes changes to the Uniform Parentage Act and state statutes that would cause them to focus on the parent-child relationship rather than on the relationship of the parents.
Problems with a Methodology Used to Evaluate the Voter Initiative

This note identifies problems with a methodology that has been used to test whether policy is more or less responsive to public opinion in states with voter initiatives. The methodology is to regress a policy variable on a measure of constituent preferences, and compare the coefficients for states with and without voter initiatives. The states with the largest coefficients are said to be more responsive to public opinion. Such an inference is shown to be invalid.
Director Histories and the Pattern of Acquisitions

We trace directors through time and across firms to study whether acquirers’ access to nonpublic information about potential targets via their directors’ past board service histories affects the market for corporate control. In a sample of publicly traded U.S. firms, we find acquirers about 4.5 times more likely to buy firms where their directors once served. Effects are stronger when the acquirer has better corporate governance, the interlocked director has a larger ownership stake at the acquirer, or the director played an important role during past service. The findings are robust to endogeneity of board composition and controls for contemporaneous interfirm interlocks.