cssi/SciSciGPT-SciSciNet huggingface dataset:
Partner to Plutocrat: The Separation of Ownership from Management in Emerging Capital Markets - 19th Century Industrial America

The industrialization of the United States in the nineteenth century provides a model for successful emerging capital markets. After the American Revolution, the new nation was a maple syrup republic. By 1900, the United States was an industrial giant. The early republic needed massive amounts of capital to conquer the continent. American capital markets and their Big Businesses (such as railroads) created great liquidity and a monitoring system that protected diverse domestic and foreign investors - funneling even more capital to Wall Street. This article traces the development of capital markets in the United States and the coincident critical separation of ownership from management. Investors in the early eighteenth century were primarily family members, partners, friends, and local people who could directly oversee the operations of the enterprise and who had enough knowledge to ensure it was properly run. As enterprises grew larger, especially canals and railroads that tied large areas together, capital needs exceeded local resources and the management required could not depend on only one person or family. Investors in large enterprises, removed from direct observation and more sophisticated in their operation than one person or family could manage, required alternate mechanisms to guarantee that investments were being used advantageously and investors' interests were being protected. The key effective capital utilization mechanisms that evolved in the United States were professional management hierarchies, with regular reports and oversight, and a corporate structure of holding rights in the enterprise, with shares that could be freely bought and sold. Additionally, the vital capital accumulation and protection mechanisms that developed were local and national banks, merchant bankers like J. P. Morgan & Co., bond markets and stock exchanges with self-policing policies, and representation of shareholder interests on the corporate board. The American experience demonstrates how separation of ownership from management, sophisticated industrial monitoring, and equally sophisticated monitoring of capital markets can lead to enormous economic growth.
Nonprofit Cash Holdings: Determinants and Implications

This study examines the determinants and implications of nonprofit cash holdings. Based on agency theory and traditional literature of cash holdings, the author develop and test a number of predict...
The Maturity Rat Race

Why do some firms, especially financial institutions, finance themselves so shortterm? We show that extreme reliance on short-term financing may be the outcome of a maturity rat race: a borrower may have an incentive to shorten the maturity of an individual creditor’s debt contract because this dilutes other creditors. In response, other creditors opt for shorter maturity contracts as well. This dynamic toward short maturities is present whenever interim information is mostly about the probability of default rather than the recovery in default. For borrowers that cannot commit to a maturity structure, equilibrium financing is inefficiently short-term. ONE OF THE CENTRAL lessons of the financial crisis of 2007‐2009 is the importance of maturity structure for financial stability: the crisis vividly exposed the vulnerability of institutions with strong maturity mismatch—those who finance themselves short-term and invest long-term—to disruptions in their funding liquidity. This raises the question of why firms and, in particular, financial institutions, use so much short-term financing, even if this exposes them to significant rollover risk? In this paper, we argue that excessive reliance on short-term financing may be the outcome of an inefficient dynamic that we call the maturity rat race. To demonstrate this point, we develop a model of the equilibrium maturity structure for a borrower who borrows from multiple creditors to finance longterm investments. When this borrower cannot commit to an aggregate maturity structure, the equilibrium maturity structure may be inefficiently shortterm—leading to excessive maturity mismatch, unnecessary rollover risk, and inefficient creditor runs. This dynamic may be particularly hard to counteract for financial institutions, for which it is especially difficult and often privately undesirable to commit to a maturity structure in order to prevent this dynamic.
Adaptive GMM Shrinkage Estimation with Consistent Moment Selection

This paper proposes a GMM shrinkage method to e¢ ciently estimate the unknown parameterso identi…ed by some moment restrictions, when there is another set of possibly misspeci…ed moment conditions. We show that our method enjoys oracle-like properties, i.e. it consistently selects the correct moment conditions in the second set and at the same time, its estimator is as e¢ cient as the GMM estimator based on all correct moment conditions. For empirical implementation, we provide a simple data- driven procedure for selecting the tuning parameters of the penalty function. We also establish oracle properties of the GMM shrinkage method in the practically important scenario where the moment conditions in the …rst set fail to strongly identifyo. The simulation results show that the method works well in terms of correct moment selection and the …nite sample properties of its estimators. As an empirical illustration, we apply our method to estimate the life-cycle labor supply equation studied in MaCurdy (1981) and Altonji (1986). Our empirical …ndings support the validity of the IVs used in both papers and con…rm that wage is an endogenous variable in the labor supply equation.
Does Eliminating the Earnings Test Increase the Incidence of Low Income Among Older Women

Reducing or eliminating Social Security’s retirement earnings test (RET) can encourage labor supply of older individuals receiving benefits. However, these reforms can encourage earlier claiming of Social Security benefits, permanently lowering future benefits. We explore the consequences, for older women, of eliminating the RET from the full retirement age to age 69 (in 2000), relying on the intercohort variation in exposure to changes in the RET to estimate these effects. The evidence is consistent with the conclusion that eliminating the RET increased the likelihood of having very low incomes among women in their mid-70s and older—ages at which the lower benefits from claiming earlier could outweigh higher income in the earlier period when women or their husbands increased their labor supply.
Optimal Workflow Decisions for Investigators in Systems with Interruptions

We model a system that consists of a stream of customers processed through three steps by two resources. The first resource, an investigator, handles the first step, in which she collects information from the customer and decides what work will be done in the second step by the second resource, the back office. In the third step, the investigator returns to the customer armed with the additional information or analysis done by the back office and provides the customer with a conclusion, solution, or diagnosis. The investigator has to prioritize either seeing a new customer or completing the work with a customer already in the system. While serving one customer, the investigator may be interrupted by requests from the other customers in the system. Our main objective is to understand the impact of the investigator's choices on system throughput. In addition, we are interested in the occupancy of the system (and thus the flow time of customers). We create a stylized queueing model to examine the investigato...
EXPECTATION-DRIVEN ASSET PRICE FLUCTUATIONS UNDER THE SPIRIT OF CAPITALISM HYPOTHESIS: THE ROLE OF HETEROGENEITY

In this paper, I study how heterogeneity amongst agents affects the occurrence of expectation-driven asset price fluctuations in a pure exchange economy a la Lucas, with infinitely-lived households, under the hypothesis of spirit of capitalism. I consider heterogeneous households in terms of preferences, endowments and initial wealth, and capture the spirit of capitalism through preferences for wealth. Preferences for wealth are the key element of this paper in a twofold aspect. First, they explain the occurrence of asset price fluctuations driven by self-fulfilling changes in expectations. Second, heterogeneity in endowments affects asset price level and dynamics only if preferences are heterogeneous. For instance, if agents with the strongest spirit of capitalism are also the rich in terms of endowments, heterogeneity in endowments heightens the asset price level in the long run, and destabilizes by enlarging the range of parameter values for which expectation-driven asset price fluctuations occur.
SEARCH, OBFUSCATION, AND PRICE ELASTICITIES ON THE INTERNET

We examine the competition between a group of Internet retailers who operate in an environment where a price search engine plays a dominant role. We show that for some products in this environment, the easy price search makes demand tremendously price-sensitive. Retailers, though, engage in obfuscation—practices that frustrate consumer search or make it less damaging to firms—resulting in much less price sensitivity on some other products. We discuss several models of obfuscation and examine its effects on demand and markups empirically.
Loss of Cnot6l Impairs Inosine RNA Modifications in Mouse Oocytes.

Mammalian oocytes must degrade maternal transcripts through a process called translational mRNA decay, in which maternal mRNA undergoes translational activation, followed by deadenylation and mRNA decay. Once a transcript is translationally activated, it becomes deadenylated by the CCR4-NOT complex. Knockout of CCR4-NOT Transcription Complex Subunit 6 Like (Cnot6l), a deadenylase within the CCR4-NOT complex, results in mRNA decay defects during metaphase I (MI) entry. Knockout of B-cell translocation gene-4 (Btg4), an adaptor protein of the CCR4-NOT complex, results in mRNA decay defects following fertilization. Therefore, mechanisms controlling mRNA turnover have significant impacts on oocyte competence and early embryonic development. Post-transcriptional inosine RNA modifications can impact mRNA stability, possibly through a translation mechanism. Here, we assessed inosine RNA modifications in oocytes, eggs, and embryos from Cnot6l-/- and Btg4-/- mice, which display stabilization of mRNA and over-translation of the stabilized transcripts. If inosine modifications have a role in modulating RNA stability, we hypothesize that in these mutant backgrounds, we would observe changes or a disruption in inosine mRNA modifications. To test this, we used a computational approach to identify inosine RNA modifications in total and polysomal RNA-seq data during meiotic maturation (GV, MI, and MII stages). We observed pronounced depletion of inosine mRNA modifications in samples from Cnot6l-/-, but not in Btg4-/- mice. Additionally, analysis of ribosome-associated RNA revealed clearance of inosine modified mRNA. These observations suggest a novel mechanism of mRNA clearance during oocyte maturation, in which inosine-containing transcripts decay in an independent, but parallel mechanism to CCR4-NOT deadenylation.
Areeda–Turner “Down Under”: Predatory Pricing in Australia Before and After Boral

In the only predatory pricing case in Australia to reach the High Court, the ideas and recommendations contained in the 1975 Harvard Law Review article by Phillip Areeda and Donald Turner were at the heart of the case. That case, the Boral case, decided by the High Court in 2003, raised a number of interesting issues with regard to whether and how the test that was proposed by Areeda and Turner should be employed to deal with price cuts by large firms that are aimed at competitors. Equally important, the case raised some fundamental questions about whether there was a serious “gap” in the Australian equivalent of Section 2 of the Sherman Act—Section 46 of the Competition and Consumer Act 2010, formerly the Trade Practices Act 1974 (TPA)—which made it difficult to challenge predatory conduct. Boral led immediately to some radical changes in the TPA; but, even today, more than 10 years after Boral, Australians are still struggling to develop the right statutory framework to deal with predatory pricing. This paper will describe the Boral case, discuss how the Australian courts, including the High Court, attempted to apply the A–T test to the facts of the case, and survey and comment on the ongoing legislative turmoil that followed from High Court’s decision.
The Culture of Citizenship

The headscarf debate in France exemplifies what is widely perceived as the battle between a culture-free citizenship and a culturally-laden other. This battle, however, presumes the existence of a neutral state that must either tolerate or ban particular cultural differences. In this Article, I challenge that presumption by demonstrating how both cultural difference and citizenship are imagined and produced. The citizen is assumed to be modern and motivated by reason; the cultural other is assumed to be traditional and motivated by culture. Yet citizenship is both a cultural and anti-cultural institution: citizenship positions itself as oppositional to culture, even as it is constituted by cultural values. Recent scholars of multiculturalism have turned to concepts of citizenship as a solution to the dilemma raised by conflicts over culture. But these concepts of citizenship, namely deliberative democracy and civic participation, replicate the presumption of a culture-less "citizenship" — and thus constitute an ironic choice of solution to the problem of cultural difference.
TRENDS IN THE TRANSITORY VARIANCE OF EARNINGS IN THE UNITED STATES

We decompose the rise in cross-sectional variance of male annual earnings in the United States from 1969 to 1996 into permanent and transitory components. We find that the variance of permanent earnings began rising in the the late 1970s and has continued to rise in the 1980s. The variance of transitory earnings also rose in the 1980s but declined in the 1990s. There are lags in the earnings process which require a structural model to pinpoint the exact calendar times at which the changes in trends occurred.
Efficient monetary allocations and the illiquidity of bonds

Abstract We construct a monetary economy with heterogeneity in discounting and consumption risk. Agents can insure against this risk with money and nominal government bonds, but all trades must be monetary. We demonstrate that a deflationary policy a la Friedman cannot sustain the constrained-efficient allocation as no-arbitrage imposes too stringent a bound on the return money can pay. The constrained-efficient allocation can be sustained when bonds have positive yields and, under certain conditions, only if they are illiquid. Illiquidity, meaning that bonds cannot be transformed into consumption as easily as cash, is necessary to eliminate arbitrage opportunities due to disparities in shadow interest rates.
Just the Facts: The Case for Workplace Transparency

In many areas of regulation, mandating disclosure of information about a firm’s products, services, production processes, or governance is said to improve the efficiency and rationality of market decisions, avoid fraud, and advance public regulatory goals, all without intruding significantly upon the autonomy of market actors. Yet the idea of regulating through information disclosure has made barely a cameo appearance in the field of labor and employment law. This article begins to fill that void. Mandatory disclosure is no panacea; it may be an overused policy tool in many areas. But in the law of work, mandatory disclosure can play a supportive role both within the ambit of existing substantive mandates and among the many terms and conditions that are above or beyond the reach of substantive mandates. Within the domain of mandatory legal rights or minimum terms, mandatory disclosure may help to improve compliance. Within the large domain that is left to private ordering, mandatory disclosure can improve the operation of labor markets by better informing employees’ choices among and bar-gains with employers. And where neither mandates nor markets meet public aspirations for more socially responsible, fair, and egalitarian workplaces, mandatory disclosure may help to press firms to reach beyond compliance by strengthening and broadening the factual foundation for the reputational rewards and sanctions that are an increasingly significant driver in organizational behavior.
Partisans without Constraint: Political Polarization and Trends in American Public Opinion

Public opinion polarization is here conceived as a process of alignment along multiple lines of potential disagreement and measured as growing constraint in individuals' preferences. Using NES data from 1972 to 2004, the authors model trends in issue partisanship-the correlation of issue attitudes with party identification-and issue alignment-the correlation between pairs of issues-and find a substantive increase in issue partisanship, but little evidence of issue alignment. The findings suggest that opinion changes correspond more to a resorting of party labels among voters than to greater constraint on issue attitudes: since parties are more polarized, they are now better at sorting individuals along ideological lines. Levels of constraint vary across population subgroups: strong partisans and wealthier and politically sophisticated voters have grown more coherent in their beliefs. The authors discuss the consequences of partisan realignment and group sorting on the political process and potential deviations from the classic pluralistic account of American politics.
The Structure of Regulatory Competition in European Corporate Law

In its opinions in the cases Centros, Uberseering and Inspire Art, the ECJ has begun to open European corporate law for regulatory competition, as it has been discussed in the US for several decades. This article analyses the structural conditions of competition on the supply and demand sides of the market for corporate law, and the impact of supranational influence. In doing so, it identifies several factors that have received little attention in the incipient European debate. The supply-side analysis shows that a European Delaware is implausible because of the interdependence of competitive advantages and incentives to compete. On the demand side, an analysis of the effects of differences of financial structures indicates that a race to the bottom is more likely in Europe. The comparatively weak threat of supranational intervention in Europe makes actions and decision making an unlikely factor to affect the decisions of national actors.
And the Chill Goes on - Federal Civil Rights Plaintiffs Beware: Rule 11 Vis-a-Vis 28 U.S.C. 1927 and the Court's Inherent Power

Federal Rule of Civil Procedure 11 was amended in 1993 to specifically address problems created by the 1983 version of the Rule, the most problematic of which was its chilling effects on civil rights plaintiffs and other litigants asserting non-mainstream claims in the federal courts. But the federal courts have other sanctioning authority available to them, notably, 28 U.S.C. §1927 and the court’s inherent power. This Article therefore examines all three bases of sanctioning authority (i.e., Rule 11, 28 U.S.C. § 1927 and the court's inherent power) to determine the impact, if any, that these alternative bases of sanctioning authority have on the effectiveness of the 1993 amendments to Rule 11. The research gathered for this paper supports both of the following propositions: (a) while Rule 11 use appears to be declining in the federal courts after the 1993 amendments to the Rule, imposition of sanctions under § 1927 and the court's inherent power is increasing; and (b) the federal courts and the litigants appearing before them seem to be using 28 U.S.C. § 1927 and/or the court's inherent power to circumvent the procedural requirements of Rule 11 when those procedural requirements have not been or could not be met. Needless to say, using alternative bases of sanctions to circumvent the procedural requirements of Rule 11 eviscerates the 1993 amendments and creates a zero sum sanctions game for federal court litigants. The more particular result is that the 1993 amendments are not reducing Rule 11’s chilling effects. Instead, they are arguably spreading to include 28 U.S.C. § 1927 and the court's inherent power to sanction. Even though all federal court litigants may be adversely affected by what appears to be a sanctioning trend in the federal courts, the category of litigants most likely to be chilled are civil rights plaintiffs. In light of these findings and their implications, the Article argues among other things that federal courts should not use alternative bases of sanctions to displace Rule 11 in situations where Rule 11’s procedural requirements are not satisfied and where the specific mechanisms for triggering the alternative sanctions are not independently met. This solution intentionally privileges access to justice over the competing value of efficiency in the federal courts.
Does Information Lead to More Active Citizenship? Evidence from an Education Intervention in Rural Kenya

We study a randomized educational intervention in 550 households in 26 matched villages in two Kenyan districts. The intervention provided parents with information about their children’s performance on literacy and numeracy tests, and materials about how to become more involved in improving their children’s learning. We find the provision of such information had no discernible impact on either private or collective action. In discussing these findings, we articulate a framework linking information provision to changes in citizens’ behavior, and assess the present intervention at each step. Future research on information provision should pay greater attention to this framework.
Foreign currency-denominated borrowing in the absence of operating incentives.

Abstract It is well known that corporations issue foreign currency-denominated debt to hedge foreign currency cash flows with offsetting interest payments. We test an alternative “opportunistic” motive for foreign currency-denominated borrowing. We do so by constructing a comprehensive sample of foreign currency-denominated bonds issued by sovereign government and agency issuers with no foreign currency cash flows or foreign operations. We find strong and consistent evidence that the borrowers in our sample consider cross-currency differences in covered and uncovered interest yields in choosing the currency in which to denominate their international debt. We estimate the average gains to opportunistic covered yield borrowing to be 4 to 18 basis points. Interestingly, we also find that the average bond offering in our sample precedes a large and beneficial depreciation of the issue currency over the course of the following year. These results support what has been a frequent conjecture in the foreign debt market.
Duration and Term Structure of Trade Agreements

We use a dynamic incomplete contracting model to show that time structure of trade agreements is related to the characteristics of trade-facilitating investments. If these investments are specialised to trade in a particular homogeneous good, fixed-term agreements are more likely. Fixed-term agreements provide incentives for the initial investment but leave the parties the flexibility to revisit the need for future investment. If the agreement covers trade in multiple sectors or differentiated goods or services, inter-sectoral spillovers reduce risks of overinvestment. In this case, the parties are more likely to choose an evergreen agreement (with an advance termination notice).
Inference with an incomplete model of English auctions

While English auctions are the most common in practice, their rules typically lack sufficient structure to yield a tractable theoretical model without significant abstractions. Rather than relying on one stylized model to provide an exact interpretation of the data, we explore an incomplete model based on two simple assumptions: bidders neither bid more than their valuations nor let an opponent win at a price they would be willing to beat. Focusing on the symmetric independent private values paradigm, we show that this limited structure enables construction of informative bounds on the distribution function characterizing bidder demand, on the optimal reserve price, and on the effects of observable covariates on bidder valuations. If the standard theoretical model happens to be the true model, our bounds collapse to the true features of interest. In contrast, when the true data‐generating process deviates in seemingly small ways from that implied by equilibrium in the standard theoretical model, existing ...
Opening Doors: How to Cut Discrimination by Supporting Neighborhood Integration

The last few years have witnessed a quantum leap in the enforcement of fair housing and fair lending legislation. The 1988 Fair Housing Amendments Act gave newe enforcement powers to the U.S. Department of Housing and Urban Development (HUD) and the Department of Justice. For example, HUD can how initiate complaints against housing agents who discriminate. Moreover, several events, including release of the Home Mortgage Disclosure Act data, which show wide disparities in loan acceptance rates between whites on the one hand and blacks and Hispanics on the other, have led financial regulatory agencies such as the Federal Reserve Board and the Office of the Comptroller of the Currency to increase their anti-discrimination enforcement. These commendable enforcement efforts may fall short of the mark, however, because they are likely to have little impact on one of th eprincipal sources of discrimination by real estate brokers and landlords, namely residential segregation. This policy brief argues that: (1) residential segregation, the physical separation of racial or ethnic groups, is a principal cause of continuing discrimination in housing; (2) enforcement efforts directed toward people who commit discriminatory acts are unlikely to have much effect on segregation; and (3) the federal government needs programs to attack segregation directly, that is, to support integration, as part of its anti-discriminational arsenal. The brief concludes by proposing the Stable Neighborhood Initiatives Program (SNIP), a nondiscriminatory federal program to support community integration efforts, which is designed to fill the current policy void.
Prior Good Works in the Age of Reasonableness

The Supreme Court's decision in United States v. Booker allows federal judges a bit more discretion in sentencing, and greater discretion in sentencing likely means less predictability in individual cases if the background of the person being sentenced takes on a larger role in assessing the appropriate punishment. One area that may become more prominent in sentencing in white collar crime cases is a defendant's prior good works, which the Federal Sentencing Guidelines discourage as a sentencing factor but judges in the post-Booker age of reasonableness may pay greater attention to in their sentencing decisions. The President's recent commutation of the sentence of I. Lewis Scooter Libby, based in part on his valuable government service, will only increase the likelihood that prior good works will be an important ground for seeking a reduced sentence. With greater discretion comes the potential for disparity, and in this Article I offer three rules of thumb for trial courts, and appellate courts reviewing the reasonableness of a punishment, to keep in mind when considering whether a defendant's prior good works should be a factor in the sentence. The three rules are: (1) Money matters; (2) Beware the corporate chieftain; and (3) Elected officials violating the public trust should not receive credit for good works.
"DUMB AND DUMBER" EXPLANATIONS FOR EXCHANGE RATE DYNAMICS

The failure of the structural monetary model to beat a random walk in out-of-sample forecasting is one of the most celebrated empirical (non) findings in international finance. In this paper we show that this result is an artifact of the way monetary policy is measured. We construct a simple measure of monetary policy based on the narrative approach of Romer & Romer (1989). Using a linear Gaussian autoregressive specification with exogenous variables (ARX), we demonstrate that a structural monetary model with properly measured money does indeed outperform the random walk in out-of-sample forecasts over a wide range of horizons. We conclude that contrary to the conventional wisdom, money (appropriately defined) is a robust fundamental determinant of short-run exchange rate dynamics.
ASYMPTOTIC EFFICIENCY IN PARAMETRIC STRUCTURAL MODELS WITH PARAMETER-DEPENDENT SUPPORT

In certain auction, search, and related models, the boundary of the support of the observed data depends on some of the parameters of interest. For such nonregular models, standard asymptotic distribution theory does not apply. Previous work has focused on characterizing the nonstandard limiting distributions of particular estimators in these models. In contrast, we study the problem of constructing efficient point estimators. We show that the maximum likelihood estimator is generally inefficient, but that the Bayes estimator is efficient according to the local asymptotic minmax criterion for conventional loss functions. We provide intuition for this result using Le Cam's limits of experiments framework.
Sectorial wages and the real exchange rate

Abstract This paper considers a multi-sector economy subject to exogenous demand shocks that alter the equilibrium structure of relative prices and relative wages. Contracts set nominal wages in advance of the realization of stochastic shocks. Formulae for optimal sectorial wages - indexation rules are provided. These optimal rules alter the absolute and the relative structure of sectorial nominal wages. The rules depend on the heterogeneity of the skill distribution. The effects of shocks on the real exchange rate and on real wages are determined and the limited role of second-best nominal exchange rate policy is analyzed.
The First Amendment and the National Information Infrastructure

What the First Amendment status of electronic information should be is a fundamental question which must be addressed in any attempt to arrive at appropriate legal standards to protect the multifarious interests of the users of cyberspace. Yet, despite its importance, the First Amendment has largely been ignored in the debate surrounding what sort of legal framework should control the emerging National Information Infrastructure. Professor Cate surveys the current terrain of First Amendment jurisprudence and describes the different analytical approaches which may be taken. Doctrinal anomalies such as the law of common carriage indicate that at times the courts have reduced the scope of First Amendment protection in the face of new technologies. However, the rationales behind applying diminished protection do not carry force in the electronic context, especially when other controls such as antitrust doctrine are available. There is no reason not to confer full First Amendment protection on speech conveyed by cyberspace.
The Role of Supplementary Statements with Management Earnings Forecasts

We investigate managers' decisions to supplement their firms' management earnings forecasts. We classify these supplementary disclosures as qualitative “soft talk” disclosures or verifiable forward-looking statements. We find that managers provide soft talk disclosures with similar frequency for good and bad news forecasts but are more likely to supplement good news forecasts with verifiable forward-looking statements. We examine the market response to these forecasts and find that bad news earnings forecasts are always informative but that good news forecasts are informative only when supplemented by verifiable forward-looking statements, supporting our argument that these statements bolster the credibility of good news forecasts.
An Administrative Law Perspective on Government Social Service Contracts: Outsourcing Prison Health Care in New York City

This paper explores how administrative law can mitigate the democracy deficit that may occur when privatization shifts political debate into relatively privatic changes its focus, or precludes debate altogether. It also argues that the prevailing form and key terms of globalization in the United States derive from neo-liberalism, particularly in the binary division of public/private and their conflation with legal regulation and market responsiveness, respectively. This paper centers specifically on a case study involving the outsourcing of health care for prisoners by a private, for-profit health care provider, Prison Health Services, using it as a means for exploring how a more effective merger of administrative law with the laws governing government contracts might occur. It analyzes two points of possible convergence between administrative law and government contract law—the contract writing phase and the oversight and monitoring activities that occur once the contract is in place, arguing that the historic purposes of government contracting law need to be reconceptualized.
Psychology-based Models of Asset Prices and Trading Volume

Abstract Behavioral finance tries to make sense of financial data using models that are based on psychologically accurate assumptions about people's beliefs, preferences, and cognitive limits. I review behavioral finance approaches to understanding asset prices and trading volume, with particular emphasis on three types of models: extrapolation-based models, models of overconfident beliefs, and models of gain-loss utility inspired by prospect theory. The research to date shows that a few simple assumptions about investor psychology capture a wide range of facts about prices and volume and lead to concrete new predictions. I end by speculating about the form that a unified psychology-based model of investor behavior might take.
Dielectric waveguide circulator

The design and development of a millimeter wave Y-junction ferrite circulator operating in the dielectric waveguide medium is described. This device utilizes NiZn ferrite as the gyromagnetic junction material and magnesium titinate as the dielectric waveguide; the entire structure being mounted on and supported by a low permittivity dielectric substrate.
How μ-opioid receptor recognizes fentanyl

Roughly half of the drug overdose-related deaths in the United States are related to synthetic opioids represented by fentanyl which is a potent agonist of mu-opioid receptor (mOR). In recent years, X-ray crystal structures of mOR in complex with morphine derivatives have been determined; however, structural basis of mOR activation by fentanyl-like opioids remains lacking. Exploiting the X-ray structure of BU72-bound mOR and several molecular simulation techniques, we elucidated the detailed binding mechanism of fentanyl. Surprisingly, in addition to the salt-bridge binding mode common to morphinan opiates, fentanyl can move deeper and form a stable hydrogen bond with the conserved His2976.52, which has been suggested to modulate mOR’s ligand affinity and pH dependence by previous mutagenesis experiments. Intriguingly, this secondary binding mode is only accessible when His2976.52 adopts a neutral HID tautomer. Alternative binding modes may represent a general mechanism in G protein-coupled receptor-ligand recognition. Structures of mu-opioid receptor (mOR) in complex with morphine derivatives have been determined; but the structural basis of mOR activation by fentanyl-like synthetic opioids remains unclear. Here, authors use state-of-the-art simulation techniques and discover a secondary binding mode which is only accessible when the conserved His297 adopts a neutral HID tautomer state.
Tight Cocone: A Water-tight Surface Reconstructor

Surface reconstruction from unorganized sample points is an important problem in computer graphics, computer aided design, medical imaging and solid modeling. Recently a few algorithms have been developed that have theoretical guarantee of computing a topologically correct and geometrically close surface under certain condition on sampling density. Unfortunately, this sampling condition is not always met in practice due to noise, non-smoothness or simply due to inadequate sampling. This leads to undesired holes and other artifacts in the output surface. Certain CAD applications such as creating a prototype from a model boundary require a water tight surface, i.e., no hole should be allowed in the surface. In this paper we describe a simple algorithm called Tight Cocone that works on an initial mesh generated by a popular surface reconstruction algorithm and fills up all holes to output a water-tight surface. In doing so, it does not introduce any extra points and produces a triangulated surface interpolating the input sample points. In support of our method we present experimental results with a number of difficult data sets.
Further mechanistic evidence against luminal esophageal temperature monitoring

We congratulate Kar et al. on their elegant study evaluating ex-vivo temperature profiles and the resulting thermal injury formation on the epiesophageal surface during radiofrequency (RF) ablation. In addition to being the first study to detail temperature profiles inclusive of the epiesophageal surface during RF ablation, we believe that the results add further concern to the use of temperature sensing technology in the quest to reduce esophageal injury. Three recent clinical trials have evaluated the efficacy of luminal esophageal temperature (LET) monitoring and found either no benefits, or signals of harm. On the other hand, two pilot RCTs suggest benefits of active cooling, and a large RCT, the IMPACT study, further confirms this benefit by finding an 83% reduction in esophageal lesion formation using an active cooling device. With no degradation in ablation efficacy, as well as a reduction/elimination of the need for fluoroscopy and reports of shortened procedure time with active cooling technology, the data of Kar et al., combined with growing clinical data, suggest that continued use of LET monitoring may be unjustified.
Does rehearsal matter? Left anterior temporal alpha and theta band changes correlate with the beneficial effects of rehearsal on working memory.

Abstract Rehearsal during working memory (WM) maintenance is assumed to facilitate retrieval. Less is known about how rehearsal modulates WM delay activity. In the present study, 44 participants completed a Sternberg Task with either intact novel scenes or phase-scrambled scenes, which had similar color and spatial frequency but lacked semantic content. During the rehearsal condition participants generated a descriptive label during encoding and covertly rehearsed during the delay period. During the suppression condition participants did not generate a label during encoding and suppressed (repeated “the”) during the delay period. This was easy in the former (novel scenes) but more difficult in the later condition (phase-scrambled scenes) where scenes lacked semantic content. Behavioral performance and EEG delay activity was analyzed as a function of maintenance strategy. Performance during WM revealed a benefit of rehearsal for phase-scrambled but not intact scenes. Examination of the absolute amplitude revealed three underlying sources of activity for rehearsal, including the left anterior temporal (ATL) and left and midline parietal regions. Increases in alpha and theta activity in ATL were correlated with improvement in performance on WM with rehearsal only when labeling was not automatic (e.g., phase-scrambled scenes), which may reflect differences in labeling and rehearsal (i.e., semantic associations vs. shallow labels). We conclude that rehearsal only benefits memory for visual stimuli that lack semantic information, and that this is correlated with changes in alpha and theta rhythms.
PPT-SASMM: Scalable Analytical Shared Memory Model: Predicting the Performance of Multicore Caches from a Single-Threaded Execution Trace

Performance modeling of parallel applications on multicore processors remains a challenge in computational co-design due to multicore processors’ complex design. Multicores include complex private and shared memory hierarchies. We present a Scalable Analytical Shared Memory Model (SASMM). SASMM can predict the performance of parallel applications running on a multicore. SASMM uses a probabilistic and computationally-efficient method to predict the reuse distance profiles of caches in multicores. SASMM relies on a stochastic, static basic block-level analysis of reuse profiles. The profiles are calculated from the memory traces of applications that run sequentially rather than using multi-threaded traces. The experiments show that our model can predict private L1 cache hit rates with 2.12% and shared L2 cache hit rates with about 1.50% error rate.
The connectome predicts resting-state functional connectivity across the Drosophila brain

Summary Anatomical connectivity can constrain both a neural circuit’s function and its underlying computation. This principle has been demonstrated for many small, defined neural circuits. For example, connectome reconstructions have informed models for direction selectivity in the vertebrate retina 1 , 2 as well as the Drosophila visual system. 3 In these cases, the circuit in question is relatively compact, well-defined, and has known functions. However, how the connectome constrains global properties of large-scale networks, across multiple brain regions or the entire brain, is incompletely understood. As the availability of partial or complete connectomes expands to more systems and species 4 , 5 , 6 , 7 , 8 it becomes critical to understand how this detailed anatomical information can inform our understanding of large-scale circuit function. 9 , 10 Here, we use data from the Drosophila connectome 4 in conjunction with whole-brain in vivo imaging 11 to relate structural and functional connectivity in the central brain. We find a strong relationship between resting-state functional correlations and direct region-to-region structural connectivity. We find that the relationship between structure and function varies across the brain, with some regions displaying a tight correspondence between structural and functional connectivity whereas others, including the mushroom body, are more strongly dependent on indirect connections. Throughout this work, we observe features of structural and functional networks in Drosophila that are strikingly similar to those seen in mammalian cortex, including in the human brain. Given the vast anatomical and functional differences between Drosophila and mammalian nervous systems, these observations suggest general principles that govern brain structure, function, and the relationship between the two.
Characterization of Salix nigra floral insect community and activity of three native Andrena bees.

Salix nigra (black willow) is a widespread tree that hosts many species of polylectic hymenopterans and oligolectic bees of the genus Andrena. The early flowering of S. nigra makes it an important nutritive resource for arthropods emerging from hibernation. However, since S. nigra is dioecious, not all insect visits will lead to successful pollination. Using both visual observation and pan-trapping, we characterized the community of arthropods that visited S. nigra flowers and assessed differences among male and female trees as well as the chemical and visual drivers that influenced community composition across 3 years. We found that male trees consistently supported higher diversity of insects than female trees and only three insect species, all Andrena spp., consistently visited both sexes. Additionally, Andrena nigrae, which was the only insect that occurred more on female than male flowers, correlated strongly to volatile cues. This suggests that cross-pollinators cue into specific aspects of floral scent, but diversity of floral visitors is driven strongly by visual cues of yellow male pollen. Through time, the floral activity of two Andrena species remained stable, but A. nigrae visited less in 2017 when flowers bloomed earlier than other years. When native bee emergence does not synchronize with bloom, activity appears to be diminished which could threaten species that subsist on a single host. Despite the community diversity of S. nigra flowers, its productivity depends on a small fraction of species that are not threatened by competition, but rather rapidly changing conditions that lead to host-insect asynchrony.
An efficient algorithm for deciding vanishing of Schubert polynomial coefficients

Abstract Schubert polynomials form a basis of all polynomials and appear in the study of cohomology rings of flag manifolds. The vanishing problem for Schubert polynomials asks if a coefficient of a Schubert polynomial is zero. We give a tableau criterion to solve this problem, from which we deduce the first polynomial time algorithm. These results are obtained from new characterizations of the Schubitope, a generalization of the permutahedron defined for any subset of the n × n grid. In contrast, we show that computing these coefficients explicitly is # P - complete .
Enhancing Factual Consistency of Abstractive Summarization

Automatic abstractive summaries are found to often distort or fabricate facts in the article. This inconsistency between summary and original text has seriously impacted its applicability. We propose a fact-aware summarization model FASum to extract and integrate factual relations into the summary generation process via graph attention. We then design a factual corrector model FC to automatically correct factual errors from summaries generated by existing systems. Empirical results show that the fact-aware summarization can produce abstractive summaries with higher factual consistency compared with existing systems, and the correction model improves the factual consistency of given summaries via modifying only a few keywords.
Homocysteinemia as a risk factor for atherosclerosis: a review.

Abstract In industrialized nations, the leading cause of death and disability is atherosclerosis. Despite a widespread research effort spanning decades, there remains no clearly defined cause or cure for this disease that directly or indirectly affects the lives of almost all individuals in the western world. Autopsy findings show atherosclerosis to some degree in nearly all aged people, suggesting it should be regarded as a normal aging process as well as a disease. Any investigation of atherosclerosis etiology therefore requires a distinction between atherosclerosis normally observed with aging, and pathologic atherosclerosis causing disease and/or death. Atherosclerosis is most appropriately regarded as a disease when associated with both rapid progression and clinical symptoms. Widely accepted risk factors for atherosclerotic disease include advanced age, diabetes, tobacco use, arterial hypertension, hypercholesterolemia, hypertriglyceridemia, decreased high-density lipoprotein, some hypercoaguable states, sedentary life-style, and elevated plasma homocysteine. The study of lipid metabolism has dominated research into atherosclerosis etiology for decades, although now it is widely recognized that a large number of people with symptomatic atherosclerotic disease have no detectable evidence of abnormal lipid metabolism 1 , 2 . Elevation in plasma homocysteine has also been widely studied as an independent risk factor for atherosclerosis. A description of the metabolism of homocysteine, its relationship to vascular disease, evidence supporting its role as an independent risk factor for atherosclerotic vascular disease, and the potential role of treatment will form the basis for this review.