cssi/SciSciGPT-SciSciNet huggingface dataset:
A new technique for spectral analysis of ionospheric TEC fluctuations observed with the Very Large Array VHF system: From QP echoes to MSTIDs

[1] We have used a relatively long, contiguous VHF observation of a bright cosmic radio source (Cygnus A) with the Very Large Array (VLA) through the nighttime, midlatitude ionosphere to demonstrate the phenomena observable with this instrument. In a companion paper, we showed that the VLA can detect fluctuations in total electron content (TEC) with amplitudes of ≤ 10−3 TECU and can measure TEC gradients with a precision of about 2 × 10− 4 TECU km−1. We detail two complementary techniques for producing spectral analysis of these TEC gradient measurements. The first is able to track individual waves with wavelengths of about half the size of the array (∼20 km) or more. This technique was successful in detecting and characterizing many medium-scale traveling ionospheric disturbances (MSTIDs) seen intermittently throughout the night and has been partially validated using concurrent GPS measurements. Smaller waves are also seen with this technique at nearly all times, many of which move in similar directions as the detected MSTIDs. The second technique allows for the detection and statistical description of the properties of groups of waves moving in similar directions with wavelengths as small as 5 km. Combining the results of both spectral techniques, we found a class of intermediate and small scale waves which are likely the quasi-periodic (QP) echoes that have been observed to occur within sporadic-E (Es) layers. We find two distinct populations of these waves. The members of one population are coincident in time with MSTIDs and are consistent with being generated within Es layers by the E–F coupling instability. The other population seems more influenced by the neutral wind, similar to the predominant types of QP echoes found by the Sporadic-E Experiments over Kyushu (SEEK). We have also found that the spectra of background (i.e., isotropic) fluctuations can be interpreted as the sum of two turbulent components with maximum scales of about 300 km and 10 km.
The Regime Complex for Plant Genetic Resources

This article examines the implications of the rising density of international institutions. Despite the rapid proliferation of institutions, scholars continue to embrace the assumption that individual regimes are decomposable from others. We contend that an increasingly common phenomenon is the “regime complex:” a collective of partially overlapping and nonhierarchical regimes. The evolution of regime complexes reflects the influence of legalization on world politics. Regime complexes are laden with legal inconsistencies because the rules in one regime are rarely coordinated closely with overlapping rules in related regimes. Negotiators often attempt to avoid glaring inconsistencies by adopting broad rules that allow for multiple interpretations. In turn, solutions refined through implementation of these rules focus later rounds of negotiation and legalization. We explore these processes using the issue of plant genetic resources (PGR). Over the last century, states have created property rights in these resources in a Demsetzian process: as new technologies and ideas have made PGR far more valuable, actors have mobilized and clashed over the creation of property rights that allow the appropriation of that value.We are grateful for comments on early drafts presented at Stanford Law School, New York University Law School, Duke Law School, Harvard Law School, and the American Society for International Law. Thanks especially to Larry Helfer, Tom Heller, Robert Keohane, Benedict Kingsbury, Peter Lallas, Lisa Martin, Ron Mitchell, Sabrina Safrin, Gene Skolnikoff, Richard Stewart, Chris Stone, Buzz Thompson, Jonathan Wiener, Katrina Wyman, Oran Young, and two anonymous reviewers for their feedback. Kal Raustiala thanks the Program on Law and Public Affairs at Princeton for support. We also thank our research assistants, Lindsay Carlson, Lesley Coben and Joshua House.
Rehabilitating Territoriality in Human Rights

For many years, territorial principles anchored an international system organized around nation-states. Recently, however, the human rights movement has sought to change the state-centric focus of international law and overcome the limitations of a system where the territorial state is the primary actor. The field of human rights has promoted a new legal orthodoxy that places the person at the center of the international legal system. Within this orthodoxy, non-state actors play a prominent role, unilateral domestic lawsuits are promoted, and territorial borders give way when necessary for humanitarian intervention. In contrast, territorial conceptions of international law are viewed as outdated and ill-equipped to deal with a globalized world. Prevailing wisdom in the human rights community, at least among academic scholars, now suggests that non-territorial models of governance are better in protecting and enforcing human rights. This Article challenges that wisdom. Globalization and territorial governance can be consistent in the field of human rights. The Article advances two principle arguments. First, concepts of territorial sovereignty and the multilateralism upon which international law operates achieve an underappreciated balance between state and individual rights that often serves as a foundational prerequisite for human rights to flourish. The rejection of territoriality may undermine the hard-fought gains the human rights movement has achieved. Second, in the long run, strong territorial states will remain critical to a world system that promotes human dignity. A disaggregated state, ∗ Professor of Law and Vice Dean, Southwestern Law School. The author is grateful to Ronald Aronovsky, Kristen Boon, Bryant G. Garth and Christopher Whytock for their helpful comments on earlier drafts. The Article also benefited from comments received, and discussions had, at conferences held at the University of Montreal and Southwestern Law School, as well as at the 2009 Annual Meeting of The Society for Historians of American Foreign Relations. The International Section on Human Rights selected the Article for presentation at the 2011 Association of American Law Schools (AALS) Annual Meeting. Special thanks to Michael Bauer and Maria Daatio for their research assistance. 1100 CARDOZO LAW REVIEW [Vol. 32:4 where globalized, American-style interest group politics control, is unlikely to be favorable to human rights over time. The Article concludes that territorial approaches to global governance have greater promise than many assume to jump-starting greater respect for, and enforcement of, human rights. The human rights community would benefit from re-embracing traditional multilateral legal solutions as the primary way of achieving meaningful reform.
Ridge Estimators for Distributed Lag Models

The present paper integrates the maximum entropy (ME) approach of Theil (1982) and the measurement error maximum entropy (ME2) approach of Vinod (1982) into ridge regression methods for distributed lag models. The other estimators studied are the well-known Bayes-Almon (1965) and Shiller (1973) estimators. An estimator based on prior information is also considered. Relative performance and stability (despite omitted observations) of these estimators have been examined.
Optimal policies with strategic distortions

Abstract This paper analyzes the jointly optimal levels of a variety of policy instruments when markets are imperfectly competitive. A targeting principle to identify optimal policies under imperfect competition is derived using the concept of a ‘strategic distortion’. This allows us to interpret when trade policy is first best and links the literature on optimal policies with imperfect competition to the standard targeting literature. We show that optimal tax/subsidy policy depends crucially on the presence of other regulations and assumptions about market segmentation.
A Proposed Replacement of the Tax Expenditure Concept and a Different Perspective on Accelerated Depreciation

The thesis of this article is that the tax expenditure concept is grounded on an erroneous vision of the structure of an income tax system. The tax expenditure concept adopts a binary view of income taxation. It posits that there is an ideal or pure income tax system whose provisions are elements of the normal structure of that system without any influence from non-tax policy considerations. Tax provisions are described either as falling within those core provisions or outside of them. There are no other categories. To the contrary, this article contends that tax provisions lie on a continuum in which some are in the core and some are at different distances from the core. The author contends that virtually all tax provisions, including those within the core, reflect policy considerations. The decision whether to adopt or retain a provision takes into account both its proximity to the core and also the economic and societal consequences (both positive and negative) that the provision will cause. There is no universal tax system for all times. Tax laws are (and should be) constructed to coordinate with the needs and values of society as they change over time. The article also contends that there is not just one proper method of depreciation, and that accelerated depreciation is as consistent with neutral tax principles as is straight line depreciation.
A Tournament of Virtue

How ought we to select judges? One possibility is that each of us should campaign for the selection of judges who will transform our own values and interests into law. An alternative is to select judges for their possession of the judicial virtues - intelligence, wisdom, courage, and justice. Stephen Choi and Mitu Gulati reject both these options and argue instead for a tournament of judges - the selection of judges on the basis of measurable, objective criteria, which they claim point toward merit and away from patronage and politics. Choi and Gulati have gotten something exactly right: judges should be selected on the basis of merit - we want judges who are excellent. But Choi and Gulati have gotten something crucial terribly wrong: the selection of judges on the basis of measurable performance criteria would lead us away from true excellence. A tournament of judges would be won by judges who possess arbitrary luck and the vices of originality and mindless productivity; a tournament of virtue would be lost by those who possess the virtues of justice and wisdom. The judicial selection process should not be transformed into a game. I begin in Part II, "What is Judicial Excellence?," by tackling the tough problem that Choi and Gulati avoid - the explication of a theory of virtue for judges. The judicial virtues include: (1) incorruptibility and judicial sobriety; (2) civic courage; (3) judicial temperment and impartiality; (4) diligence and carefulness; (5) judicial intelligence and learnedness; (6) judicial craft and skill; (7) justice; and (8) practical wisdom. In Part III, "Discerning Excellence," I discuss the question as to how we can tell whether candidates for judicial office are bad, which incompetent, and which are truly excellent. Three technniques for discerning judicial excellence are discussed: (1) screening for judicial vice; (2) detection of judges who possess practical wisdom; and (3) the recognition of judges whose record reveals a respect for the law. Part IV, "The Mismeasurement of Virtue," engages the idea of quantitative measures of judicial performance as a proxy for excellence. In this section, I argue that citation rates, productivity measures, and independence - as measured by Choi and Gulati - are poor measures of true judicial excellence. A real world tournament of judges, moreover, would be gamed, leading to the selection of vicious rather than virtuous judges. Finally, Part V, "Conclusion: The Redemption of Spectacular Failure." I argue that Choi and Gulati's idea is that rare and valuable thing - an idea that is both completely wrong and wonderfully illuminating.
Preserving the Exceptional Republic: Political Economy, Race, and the Federalization of American Immigration Law

Between 1882 and 1891, the U.S. Congress enacted a spate of immigration laws though which the federal government assumed virtually exclusive control over a regulatory sphere that historically had been the province of the states. This Article argues that this federalization of immigration regulation represented an attempt to reconcile the nation’s most cherished ideological commitment - the notion that the U.S. would forever remain an exceptional, “free labor” republic - with the unprecedented social and economic convulsions of the 1870s and 1880s.The meaning of both immigrants and immigration was fundamentally transformed during the Gilded Age due to two successive “crises” of mass economic dependency - first, a wrenching depression that began in 1873 and lasted throughout the decade; and second, the so-called crisis of “foreign pauper labor” that dominated American political discourse on immigration throughout the 1880s. Eschewing sustained inquiry into the structural economic causes of these crises, policymakers, political intellectuals, labor spokesmen, and economists instead diagnosed an outbreak of mass economic pathology, which attributed widespread “pauperism,” and later, “pauperizing labor,” to the defective character of the poor themselves. That defectiveness, they further concluded, was not home-grown, but rather imported from the allegedly effete, racially degraded, declining civilizations of Europe. By drawing on a series of highly specialized, frequently shifting ideas about racial difference, policymakers and others submerged a conspicuously unexceptional picture of industrial America into a discourse of economic pathology that associated foreignness with racial unfitness for free labor.This emergent construction of European immigrants demanded a basic redirection of regulatory policy and practice. Within less than two decades, policymakers, immigration officials, courts, labor leaders, and others reconceived the principal purpose of immigration regulation from that of assisting newly landed immigrants, to that of excluding undesirables and, accordingly, shifted its operational emphasis from policing the environment into which immigrants entered to policing the immigrants themselves. Under the weight of these new regulatory priorities, the robust federalism that historically had characterized the regulation of immigration gave way. Contemporaries’ construction of mass dependency in effect nationalized the purposes of immigration regulation, as a consensus emerged among influential northerners that the future of the American citizenry, the quality of citizenship itself, and, ultimately, the very health of the republic, lay in the balance.
International Financial Relations Under the Current Float: Evidence from Panel Data

This paper uses multi-country data for the period 1973–1994 to investigate five key equilibrium conditions in international finance—purchasing power parity, the Fisher equation, uncovered interest parity, and the equity-return analogues of the latter two. The results are largely consistent with theoretical expectations. Over the long run, purchasing power parity, uncovered interest parity and the Fisher effect prove to be rather good first approximations. The equity-return relations, though somewhat less so are nevertheless much better behaved than past studies would lead one to expect. Average rates of equity returns keep pace with inflation within countries in almost all instances; across countries, they are positively correlated with average rates of inflation. This is particularly the case when the data period is extended to include earlier decades.
How Useful are Aggregate Measures of Systemic Risk

Following the financial crisis of 2008–2009, a large body of literature has emerged that attempts to quantify and measure systemic risk. In this article, the author focuses on some of the more popular systemic risk indicators from this literature and asks how well they work in the following sense: At the aggregate level, what information do we learn from these systemic risk indicators that is above that which is readily observable in the market? Several popular measures provide very little incremental information beyond that contained in implied volatilities and credit spreads—information that is commonly known to market participants. For some indicators, where neither the cross-sectional mean nor standard deviation contains meaningful incremental information, the author finds that the tail proportion (the cross-sectional proportion of indicators experiencing a tail realization) does contain information that is not already observable in the market.
The Efficiency of a Group-Specific Mandated Benefit Revisited: The Effect of Infertility Mandates.

This paper examines the labor market effects of state health insurance mandates that increase the cost of employing a demographically identifiable group. State mandates requiring that health insurance plans cover infertility treatment raise the relative cost of insuring older women of child-bearing age. Empirically, wages in this group are unaffected, but their total labor input decreases. Workers do not value infertility mandates at cost, and so will not take wage cuts in exchange, leading employers to decrease their demand for this affected and identifiable group. Differences in the empirical effects of mandates found in the literature are explained by a model including variations in the elasticity of demand, moral hazard, ability to identify a group, and adverse selection.
The Business of Democracy is Democracy

The Bush v. Gore Supreme Court decision in 2000 reminded America of the sometimes paradoxical relationship between the democratic process and legal institutions. Judge Posner’s book makes a valuable contribution to an expanded understanding of the tense yet mutually reinforcing interaction of law and democracy. He sketches a stark, minimalist procedural definition of democracy within which the people do not actually rule, a definition that corresponds well with his support of the Court’s decision in Bush v. Gore. Since elections are simply procedures that peacefully sort out who among competing elites will assume power for limited terms, a judicial intervention ensuring the orderly resolution of contested elections need neither divine nor respect the popular will—if there is such a thing. One would do well to read Tom Campbell and Adrienne Stone’s Law and Democracy collection— replete with more substantive views of the relationship between popular government and the rule of law, including civic, republican, and deliberative perspectives—in tandem with Posner’s book, as it might serve to put some badly needed flesh on the latter’s rather skeletal theoretical framework.
The evolution of power and the divergence of cooperative norms

We consider a model of multilevel selection and the evolution of institutions that distribute power in the form of influence in a group's collective interactions with other groups. In the absence of direct group-level interactions, groups with the most cooperative members will outcompete less cooperative groups, while within any group the least cooperative members will be the most successful. Introducing group-level interactions, however, such as raiding or warfare, changes the selective landscape for groups. Our model suggests that as the global population becomes more integrated and the rate of intergroup conflict increases, selection increasingly favors unequally distributed power structures, where individual influence is weighted by acquired resources. The advantage to less democratic groups rests in their ability to facilitate selection for cooperative strategies – involving cooperation both among themselves and with outsiders – in order to produce the resources necessary to fuel their success in inter-group conflicts, while simultaneously selecting for leaders (and corresponding collective behavior) who are unburdened with those same prosocial norms. The coevolution of cooperative social norms and institutions of power facilitates the emergence of a leadership class of the selfish and has implications for theories of inequality, structures of governance, non-cooperative personality traits, and hierarchy. Our findings suggest an amendment to the well-known doctrine of multilevel selection that “Selfishness beats altruism within groups. Altruistic groups beat selfish groups.” In an interconnected world, altruistic groups led by selfish individuals can beat them both.
The politics of carbon disclosure as climate governance

The rapid growth in carbon disclosure in recent years represents a major success in the struggle to build awareness and action on climate change. Despite the Copenhagen debacle and Congressional inaction in the US, the measurement and reporting of carbon emissions at the product, facility and organization levels display considerable momentum. The growth of carbon disclosure is the result of three core drivers: regulatory compliance, pressure from non-governmental organizations (NGOs) and managerial information systems intended to facilitate participation in carbon markets, reduce energy costs and manage reputational risks. In this essay, we argue that the strategies pursued by 'institutional entrepreneurs' have played a key role in the successful institutionalization of carbon disclosure by bringing together companies, NGOs and government agencies. The Carbon Disclosure Project (CDP), in particular, has displayed strategic skill in presenting the project in ways that appeal to multiple stakeholders and building broad legitimacy for reporting standards. Some 3000 organizations in 66 countries around the world now measure and disclose their emissions and climate strategies through CDP (Price Waterhouse Coopers, 2010). Carbon disclosure has become an important institution of governance, raising awareness about climate change, clean energy and energy efficiency, while generating legitimacy for the principle of external accountability. Most importantly, the rise of voluntary carbon disclosure has demonstrated to business the feasibility and potential benefits of carbon measurement and reporting, such as management of reputation and energy costs. In turn, this has opened political space for regulatory initiatives that mandate disclosure and formalize carbon accounting standards. Despite the rapid uptake of carbon disclosure, there are some troubling questions about the trajectory along which the institution is evolving and its ultimate impact. Tensions exist between two 'institutional logics', a corporate logic of carbon risk management and carbon trading, and an NGO-oriented logic based on transparency and accountability. We argue that the field is drifting toward a more corporate logic, and that while this enhances the diffusion of disclosure, it also weakens it as a tool for driving the substantial cuts in greenhouse gas (GHG) emissions needed to address climate change. Our analysis also highlights that building new institutions requires not just discursive strategies to frame issues in a particular way, but also political and economic strategies
Equal Protection and the Procedural Bar Doctrine in Federal Habeas Corpus

Winford L. Stokes, Jr. and Theodore C. Harris had much in common. Both were death-row inmates in the late 1980s. Both were convicted of murder following bifurcated jury trials in which they later alleged that they had not received effective assistance of counsel as required by the federal Constitution. Both inmates sought collateral review of their convictions in federal courts. The similarities between them end there. Because Stokes had procedurally defaulted on his federal constitutional claim in state court under the law of Missouri, the federal appeals court refused to consider the merits of his federal constitutional claim.' Harris, on the other hand, was convicted in a Florida state court, which allowed him to pursue his ineffective assistance of counsel claim even though he had not raised it in his initial appeal or in a state habeas proceeding. Although state courts denied Harris relief on the merits of his federal constitutional claim, a federal court collaterally reviewed the merits of the claim. In 1989, a federal appeals court granted Harris a writ of habeas corpus on constitutional grounds. In 1990, Stokes was put to death by lethal injection.
The Emerging Trend of Extending ADA Reasonable Accommodation beyond the Workplace to Include Commuting Issues: A comment on Colwell v. Rite Aid

This paper discusses the scope of the ADA “reasonable accommodation” requirement as it relates to commuting issues. It describes the original and continuing need for the ADA, including the history of disability rights legislation. It analyzes the statutory and case law related obligations on employers to depart from from neutral employment practices for people with disabilities.
Fake News, Investor Attention, and Market Reaction

Does fake news in financial markets attract more investor attention and have a significant impact on stock prices? The authors use the SEC crackdown of stock promotion schemes in April 2017 to exam...
Does corporate governance matter? A crude test using Russian data

Does a firm's corporate governance behavior affect its market value? In most empirical tests in developed countries, firm-specific corporate governance actions have little or no effect on market value. These weak results could reflect limited variation amongfirms in governance practices. In contrast, the corporate governance practices of Russian firms vary widely, from quite good to awful. I test whether corporate governance behavior affects the market value of Russian firms using (I) fall 1999 corporate governance rankings developed by a Russian investment bank for sixteen Russian public companies and (2) the "value ratio" of actual market capitalization to potential Western market capitalization for these firms, determined independently at the same time by a second Russian investment bank. The correlation between In(value ratio) and governance ranking is striking and is statistically strong despite the small sample size: Pearson r = 0.90 (p < .0001). A one-standard-deviation improvement in governance ranking predicts an 8-fold increase in firm value; a worst (51 ranking) to best (7 ranking) governance improvement predicts a 600-fold increase in firm value. My results are tentative, due to the small sample size. But they suggest that a firm's corporate governance behavior can have a huge effect on its market value in a country where other constraints on corporate behavior are weak.
Consumer Inattention and Bill-Shock Regulation

For many goods and services such as electricity, health care, cellular phone service, debit-card transactions, or those sold with loyalty discounts, the price of the next unit of service depends on past usage. As a result, consumers who are inattentive to their past usage but are aware of contract terms may remain uncertain about the price of the next unit. I develop a model of inattentive consumption, derive equilibrium pricing when consumers are inattentive, and evaluate bill-shock regulation requiring firms to disclose information that substitutes for attention. When inattentive consumers are sophisticated but heterogeneous in their expected demand, bill-shock regulation reduces social welfare in fairly-competitive markets, which may be the effect of the Federal Communication Commission's recent bill-shock agreement. If some consumers are attentive while others naively fail to anticipate their own inattention, however, then bill-shock regulation increases social welfare and can benefit consumers. Hence, requiring zero-balance alerts in addition to the Federal Reserve's new opt-in rule for debit-card overdraft protection may benefit consumers
The Elusive Curse of Oil

Abstract Our goal is to show that contrary to the claims made in several recent papers, the effect of a large endowment of oil and other mineral resources on long-term economic growth of countries has been on balance positive. Moreover, the claims of a negative effect of oil and mineral wealth on the countries' institutions are called into question.
Expectations as Endowments: Evidence on Reference-Dependent Preferences From Exchange and Valuation Experiments

While evidence suggests that people evaluate outcomes with respect to reference points, little is known about what determines them. We conduct two experiments that show that reference points are determined, at least in part, by expectations. In an exchange experiment, we endow subjects with an item and randomize the probability they will be allowed to trade. Subjects that are less likely to be able to trade are more likely to choose to keep their item. In a valuation experiment, we randomly assign subjects a high or low probability of obtaining an item and elicit their willingness-to-accept for it. The high probability treatment increases valuation of the item by 20--30%. Copyright 2011, Oxford University Press.
Price Impact Asymmetry of Block Trades: An Institutional Trading Explanation

This article develops a theoretical model to explain the permanent price impact asymmetry between buyer- and seller-initiated block trades (the permanent price impact of buys is larger than that of sells). The model shows how the trading strategy of institutional portfolio managers creates a difference between the information content of buys and sells. The main implication of the model is that the history of price performance influences the asymmetry: the longer the run-up in a stock’s price, the less the asymmetry. The intensity of institutional trading and the frequency of information events affect the asymmetry differently depending on recent price performance. Empirical research on block transactions and institutional trades has produced a seemingly puzzling result: Markets react differently to buy and sell orders. Beginning with Kraus and Stoll (1972), researchers have found that block purchases have a larger permanent price impact than block sales [Holthausen, Leftwich and Mayers (1987, 1990), Gemmill (1996), Keim and Madhavan (1996)]. The same result is documented for institutional trades [Chan and Lakonishok (1993)] and for institutional trade packages [Chan and Lakonishok (1995)]. While prices go up on buys and down on sells, they revert after sells but remain high after buys, creating a permanent price impact asymmetry.
The future reach of the disembodied will

Many US states now allow people to create private trusts that continue indefinitely. Is it unjust to permit settlors to benefit their descendants without temporal limitation? Although perpetual trusts might seem self-indulgent impositions on posterity, no leading theory of distributive justice appears to bar their creation. The societal benefits from increased work effort and savings by potential settlors probably outweigh any societal drawbacks to perpetual trusts if trustees can sell or encumber trust property, justifying their availability in a utilitarian state. Various libertarian theories would give donors this freedom as well. In addition, liberal egalitarians should permit them, subject to redistributive taxes appropriately designed to benefit the less fortunate.
Can Stock Recommendations Predict Earnings Management and Analysts’ Earnings Forecast Errors?

In this article we present evidence that a firm’s stock price sensitivity to earnings news, as measured by outstanding stock recommendation, affects its incentives to manage earnings and, in turn, affects analysts’ ex post forecast errors. In particular, we find a tendency for firms rated a Sell (Buy) to engage more (less) frequently in extreme, income-decreasing earnings management, indicating that they have relatively stronger (weaker) incentives to create accounting reserves especially in the form of earnings baths than other firms. In contrast, firms rated a Buy (Sell) are more (less) likely to engage in earnings management that leaves reported earnings equal to or slightly higher than analysts’ forecasts. Our empirical results provide direct evidence of purported, but heretofore, weakly documented equity market incentives for firms to manage earnings. They are also consistent with a growing body of literature that finds analysts either cannot anticipate or are not motivated to anticipate completely in their forecasts firms’ efforts to manage earnings.
Faster? Cheaper? Better? Using ADR to Resolve Federal Sector EEO Complaints

This article examines the Equal Employment Opportunity Commission's Management Directive 110, which requires all federal agencies to offer alternative dispute resolution (ADR) to employees with equal employment opportunity (EEO) complaints. Specifically, the article examines federal sector EEO complaint processing before and after the passage of Management Directive 110 and compares the traditional EEO procedure with the use of ADR on several indicators of case processing and case outcomes. Findings are reported in three sections: an overall analysis, an analysis of the informal stage of the process, and an analysis of the formal stage of the process. The article concludes with a discussion and directions for future research.
Institutional Liquidity Needs and the Structure of Monitored Finance

A financial institution that finances and monitors firms learns private information about these firms. When the institution seeks funds to meet its own liquidity needs, it faces adverse selection ("liquidity") costs that increase with the risk of its claims on these firms. The institution can reduce its liquidity costs by holding debt rather than equity. Conversely, except in a limited setting resembling venture capital, firms that depend on monitored finance prefer to give the monitoring institution debt rather than equity. Institutions with less frequent or less severe liquidity needs have greater appetite for equity and for the debt of more risky borrowers. These predictions are consistent with general patterns of monitored finance. Copyright 2003, Oxford University Press.
Recognizing Odysseus' Scar: Reconceptualizing Pain and its Empathic Role in Civil Adjudication

This Article proffers a consideration of how the expression of pain impacts the interpersonal dimensions of personal injury proceedings, contesting through philosophical logic and textual analyses of case law and legal practitioners' texts the conclusion of scholars such as Elaine Scarry and Robert Cover that pain unmakes both the word and the world. Seeing pain as something that can and must be communicated, albeit in a different form than pain embodied, makes pain a much more profound force, comports with our understanding of pain as a physical yet interpersonally meaningful sensation, and has many evidentiary ramifications. Taking as its premise the perspective that legal constructions of pain are intrinsically relational and empathic, this Article proposes a reformulation of pain as a dual construct, at once experiential and expressionistic, that is supported by both semiotic theory and by Wittgenstein's refutation of the private language argument associated with Cartesian dualism. Pain as a dual construct is the most appropriate model for the legal construction of pain in personal injury litigation. This Article then turns to the implications of reformulating pain as a dual construct, examining how its grounding in social practice demands a more complex analysis than the existing model put forth by Elaine Scarry, who posits that imagination enables nonsufferers to access another's suffering; this model is inadequate because pain-full phenomena must instead be grounded in social practice and structured by and through language. Only then is it possible to elucidate the development of an empathic connection between a sufferer and another and the legal consequences of that relation. This Article concludes by describing how the model of pain that law currently adopts in principle (but not in practice) extinguishes pain's interactive potential, demonstrating the necessity of a conscious recognition of interpersonal pain-full reality. * Climenko Fellow and Lecturer on Law, Harvard Law School. J.D., University of Pennsylvania, 2003; A.B., Annenberg School for Communication, University of Pennsylvania. The author would like to thank Martha Minow, William J. Bowers, Bruce Mann, Jack Goldsmith, and Simon Stern for their invaluable comments on this piece. 42 FLORIDA STATE UNIVERSITY LAW REVIEW
Aggregate insider trading and market returns: The role of transparency

Using a sample of countries that require timely disclosures of insider trades, I investigate the effect of country‐level institutions that promote transparency on the extent to which aggregate insider trades predict market returns. I find that financial information transparency mitigates the predictive content of aggregate insider trades when markets are more likely to deviate from fundamentals (i.e., during market fads), and when there is greater co‐movement in stock prices. In contrast, there is some evidence that governance and investor protection mitigate the association between aggregate insider trades and future earnings surprises. Hence, holding constant the timely disclosures of insider trades, other capital market institutions play complementary roles in mitigating the informational frictions that give rise to the predictive content of aggregate insider trades.
COME ON IN, THE WATER'S FINE! AN EXPERIMENTAL EXAMINATION OF HYBRID IPO AUCTIONS WITH A PUBLIC POOL

We offer experimental and theoretical evidence that auction methods for initial public offerings (IPOs) in the United States may be improved through hybrids that include a separate retail tranche or “public pool.” The multi‐unit uniform price auctions in our laboratory experiments incorporate key IPO features including endogenous entry, costly information acquisition, and differing capacity constraints. As predicted, hybrids increase proceeds and reduce price volatility, price error, and the incentive for small bidders to free ride. Underpricing occurs in both treatments but is attenuated with the public pool. Our results imply that both IPO auctions and equity crowdfunding/crowdinvesting should include separate, non‐price‐setting tranches for the general public.
EMU, exchange rates and the international monetary system

This paper asks how EMU will affect foreign-exchange markets, the demands for various key currencies, the behaviour of exchanges rates among them, and policy coordination. The advent of the Ecu as the single currency of the EC may reduce the vehicle role of the dollar in foreign-exchange markets. Yet the share of the Ecu in global reserves may be lower initially than the sum of the shares of the present EC currencies. The private demand for Ecu, domestic and foreign, may also be smaller initially than the demands for the present EC currencies. By helping to unify EC capital markets, however, advent of the Ecu may raise the flow demand for Ecu-denominated claims, causing the Ecu to appreciate in the early years of EMU. Finally, EMU may not help Europe to speak with one voice in international negotiations and may thus interfere with policy coordination.
The Information in the Longer Maturity Term Structure about Future Inflation

This paper provides empirical evidence on the information in the term structure for longer maturities about both future inflation and the term structure of real interest rates. The evidence indicates that there is substantial information in the longer maturity term structure about future inflation: the slope of the term structure does have a great deal of predictive power for future changes in inflation. On the other hand, at the longer maturities, the term structure of nominal interest rates contains very little information about the term structure of real interest rates. These results are strikingly different from those found for very short-term maturities, six months or less, in previous work. For maturities of six months or less, the term structure contains no information about the future path of inflation, but it does contain a great deal of information about the term structure of real interest rates. The evidence in this paper does indicate that, at longer maturities, the term structure of interest rates can be used to help assess future inflationary pressures: when the slope of the term structure steepens, it is an indication that the inflation rate will rise in the future and when the slope falls, it is an indication that the inflation rate will fall. However, we must still remain cautious about using the evidence presented here to advocate that the Federal Reserve should target on the term structure in conducting monetary policy. A change in Federal Reserve operating procedures which focuses on the term structure may well cause the relationship between the term structure and future inflation to shift, with the result that the term structure no longer remains an accurate guide to the path of future inflation. If this were to occur, Federal Reserve monetary policy could go far astray by focusing on the term structure of interest rates.
Probability and punishment: How to improve sentencing by taking account of probability

The United States Sentencing Guidelines place little emphasis on probability. Instead, the Guidelines recommend a sentence in each case based only on whether certain facts about the offender’s crime exceed a “threshold” level of likelihood. Guidelines sentences therefore fail to reflect the precise odds of each defendant’s wrongdoing, which makes them both inefficient and unfair. This model of decision making is particularly problematic in drug sentencing, where judges often impose lengthy sentences based on drug quantity calculations that carry a high risk of error. To address these problems, district courts should exercise their discretion, and policymakers should implement reforms that incorporate probability into punishment.
Economic structure, productivity, and infrastructure quality in Southern Mexico

There are large and sustained differences in the economic performance of sub-national regions in most countries. The authors examine the economic structure and productivity in Southern Mexico and compare it with the rest of the country. The authors use firm level data from Mexican manufacturing to test the relative importance of firm level characteristics (such as human capital and technology adoption) compared with external characteristics (such as infrastructure quality and regulatory environment) in explaining productivity differentials. The authors find that the economic structure of Southern Mexico is considerably different from the rest of the country, with the economic landscape dominated by micro enterprises and a relative specialization in low productivity activities. This, coupled with low skill levels and fewer skill upgrading opportunities, reduces the performance of Southern firms. Productivity differentials between Southern firms and others, however, only exist for micro enterprises. The econometric analysis shows that while employee training and technology adoption enhance productivity, access to markets by improving transport infrastructure that link urban areas also have important productivity effects.
Deconstructing CEDAW’s Article 14: Naming and Explaining Rural Difference

The Convention on the Elimination of All Forms of Discrimination Against Women (CEDAW) is the first human rights instrument to recognize explicitly rural-urban difference. It does so by enumerating specific rights for rural women in Article 14 and also by mentioning their needs in relation to Article 10 on education. In this Essay, I examine the Convention’s Travaux Preparatoires to better understand the forces and considerations that led to the inclusion of Article 14 and its recognition of rural people and places. I also assess Article 14’s particular mandates in light of both that drafting history and CEDAW’s other provisions, and I consider the assumptions implicit in the Convention’s embrace of rural exceptionalism. In addition, I offer some thoughts on the expressive significance of the particular rights accorded to rural women, as well as of the explicit acknowledgment of this group – and, by extension, rural populations in their entirety – in this widely ratified treaty. I thus discuss what CEDAW implies about the character of rurality and rural-urban difference. Finally, I argue that CEDAW provides a framework for spatial equality, in addition to the more obvious and comprehensive one for gender equality. This Essay therefore fills a void in the legal scholarship on CEDAW, which often mentions Article 14 in inventories of the Convention’s provisions, but which has largely ignored both its meaning and significance.
Location choice in two-sided markets with indivisible agents

Consider a model of location choice by two sorts of agents, called “buyers” and “sellers”: In the first period agents simultaneously choose between two identical possible locations; following this, the agents at each location play some sort of game with the other agents there. Buyers prefer locations with fewer other buyers and more sellers, and sellers have the reverse preferences. We study the set of possible equilibrium sizes for the two markets, and show that two markets of very different sizes can co-exist even if larger markets are more efficient. This extends the analysis of Ellison and Fudenberg [2003. Quart. J. Econ. 118, 1249–1278], who ignored the constraint that the number of agents of each type in each market should be an integer, and instead analyzed the “quasi-equilibria” where agents are treated as infinitely divisible.
How Collective Settlements Camouflage the Costs of Shareholder Lawsuits

Corporations insure against liability in shareholder lawsuits by buying tiered coverage from multiple insurers who each cover a distinct segment of the potential damages range. Rather than negotiating to settle individually with the plaintiff, the insurers seek to reach a single, collectively binding settlement agreement. This combination of segmented coverage and collective settlements produces a conflict of interests: the corporation’s managers and some insurers are better off if the case settles pre-trial for the expected damages, while other insurers are better off going to trial. To force reluctant insurers to settle, courts have created a duty that can require an insurer to pay its policy amount when the plaintiff makes a settlement demand that exceeds that amount and another insurer or the corporation is willing to pay the rest. This “duty to contribute” biases negotiations toward settlements that overcompensate plaintiffs, thereby encouraging lawsuits of doubtful merit. The conflict of interests in settlement negotiations could be eliminated by allowing defense-side parties (defendants and their liability insurers) to settle separately their respective segments of the damages range. But this “segmented” approach to settlements is contrary to the private interests of managers because it eliminates the justification for the Copyright © 2012 by Richard Squire. † Associate Professor, Fordham Law School. For useful comments on earlier drafts I am grateful to Robert Ahdieh, Tom Baker, Ryan Bubb, Sean Fitzpatrick, Sean Griffith, Henry Hansmann, Stacy Iris, Robert J. Jackson, Jr., Kevin LaCroix, Peter Molk, Michael Simkovic, Urska Velikonja, and faculty workshop participants at the University of Colorado Law School and Fordham Law School. Excellent research assistance was provided by Foteini Teloni.