cssi/SciSciGPT-SciSciNet huggingface dataset:
How Bad Were the Official Records of the Federal Convention

The official records of the Constitutional Convention of 1787 have been neglected and dismissed by scholars for the last century, largely to due to Max Farrand’s criticisms of both the records and the man responsible for keeping them—Secretary of the Convention William Jackson. This Article disagrees with Farrand’s conclusion that the Convention records were bad, and aims to resurrect the records and Jackson’s reputation. The Article suggests that the endurance of Farrand’s critique arises in part from misinterpretations of certain procedural components of the Convention and failure to appreciate the significance of others, understandable considering the inaccessibility of the official records. The Article also describes the story of the records after the Convention but before they were published, including the physical limbo of the records in the aftermath of the Convention and the eventual deposit of the records in March 1796 amidst the rapid development of disagreements over constitutional interpretation. Finally, the Article offers a few cautionary reflections about the lessons to be drawn from the official records. Particularly, it recommends using caution with Max Farrand’s records, paying increased attention to the procedural context of the Convention, and recognizing that Constitutional interpretation postdated the Constitution.
Crises: Equilibrium Shifts and Large Shocks

We study the informational events that trigger equilibrium shifts in coordination games with incomplete information. Assuming that the distribution of the changes in fundamentals has fat tails, we show that majority play shifts either if fundamentals reach a critical threshold or if there are large common shocks, even before the threshold is reached. The fat-tail assumption matters because it implies that large shocks make players more unsure about whether their payoffs are higher than others. This feature is crucial for large shocks to matter.
Do WTO members have more liberal trade policy

Abstract This paper uses 68 measures of trade policy and liberalization to ask if membership in the World Trade Organization (WTO) and its predecessor the General Agreement on Tariffs and Trade (GATT) is associated with more liberal trade policy. Almost no measures of trade policy are significantly correlated with GATT/WTO membership. Trade liberalizations, when they occur, usually lag GATT entry by many years, and the GATT/WTO often admits countries that are closed and remain closed for years. The exception to the rule is that WTO members tend to have slightly more freedom as judged by the Heritage Foundation's index.
The Twombly Revolution

In Bell Atlantic Corp. v. Twombly, the Supreme Court issued a decision that has been described as nothing less than "startling". In a 7-2 decision, the Court provided an interpretation of the Federal Rules of Civil Procedure that has significantly increased the level of scrutiny that federal courts must apply in determining the sufficiency of the pleadings. While some have characterized the Court's decision as "vague" or poorly-reasoned, this article defends the Twombly decision as both a correct and welcome development in the law regarding the appropriate pleading standard under Rule 8(a). The article argues that the Court's decision is best interpreted as imposing a requirement of logical coherence on the pleadings: the allegations in the complaint if taken as true must be both necessary and sufficient to establish a cause of action. The article maintains that this interpretation of Twombly avoids many of the criticisms of the decisions made by courts and commentators to date.
From Self-Determination to Self-Domination: Native Americans, Western Culture, and the Promise of Constitutional-Based Reform

This Article draws upon several sources in considering possible solutions to some of the key legal and cultural issues facing Native Americans. The Article provides a brief legal and cultural background of Native Americans, then considers the experiences of other countries in their attempts to address issues surrounding indigenous peoples and multiethnic states. The experiences of Canada, the United Kingdom, and Australia provide a comparative paradigm through which to analyze similar issues in the United States and shed light on a possible new beginning for Native American policy. Rather than making conclusary assertions about specific policies, this Article instead attempts to redefine the scope of the issues facing Native Americans and suggests that even the current language in describing Native American issues provides a barrier to improving the lives of native peoples in the United States. To have even a chance to resolve some of the current challenges facing Native Americans, the Article finds that proposed solutions should be based on a new concept, that of Self-Domination, instead of Self-Determination. Self-Domination, the Article explains, is a concept designed to override and move beyond the Self-Determination Era; an era that has failed in its most fundamental, if well-meaning, goals.
Territoriality, Technology, and National Security

Across various contexts, parties and courts have pressed for territorial rules in cases implicating technology and national security. This Essay suggests that presumptively territorial approaches to these questions are misguided. Territorial rules do not track the division of authority or capacity among the branches, nor are they effective proxies for the important interests of regulators or regulatees. On issues of technology and national security, territorial rules seem particularly ill suited: territorial rules aspire to certainty, but technology makes it harder to define “territoriality” in a consistent and predictable way; technology weakens territoriality as a proxy for policy goals because data often move in ways disconnected with the interests of users and lawmakers; and technology makes it easier for public or private actors to circumvent territorial rules (often without detection), thus interfering with the existing allocation of policymaking authority. This Essay explores these themes with respect to the Stored Communications Act, electronic surveillance law, and court-access doctrines in criminal and civil litigation. The conclusion is that territorial approaches in such cases may have been wrong when first adopted or may have succumbed to desuetude in the intervening years.
Common value auctions with asymmetric bidder information

Abstract We study a first price auction with two asymmetric bidders. A unique generically asymmetric equilibrium exists under some conditions. Aggressive bidding is not necessarily associated with inferiority of information. Reduction in asymmetry can have an ambiguous effect on revenue.
Market Risk and Model Risk for a Financial Institution Writing Options

Derivatives valuation and risk management involve heavy use of quantitative models. To develop a quantitative assessment of model risk as it affects the basic option writing strategy that might be followed by a financial institution, we conduct an empirical simulation, with and without hedging, using data from 1976 to 1996. Results indicate that imperfect models and inaccurate volatility forecasts create sizable risk exposure for option writers. We consider to what extent the damage due to model risk can be limited by pricing options using a higher volatility than the best estimate from historical data. WITH THE REMARKABLE GROWTH OF TRADING in derivative instruments in recent years, derivatives activities of banks and other financial institutions are accelerating. The volume of outstanding contracts has expanded at a rapid pace, and the contracts themselves are more complex, span longer maturities, and cover a broader range of underlying assets. Much of the growth is in “plain vanilla” instruments like forwards, for which the principles of valuation are well established. However, assessing and managing risk, even for simple products, can entail considerable uncertainty. Derivatives with option features present significantly greater challenges with regard to correct valuation and the design and implementation of risk management strategies. Moreover, options involve the asymmetry between buying and writing, in that the option buyer has liability limited to the amount invested but the option writer is exposed to the risk of losses that can greatly exceed the initial premium received. Not surprisingly, the public prefers to buy options rather than to write them. Since each contract requires a buyer and a writer, if the public wants to be long options, the dealer community must be short options overall. This means that the typical financial institution entering the derivatives business in order to satisfy its customers’ demand for options, and ~ideally! to earn profits by making markets, is primarily writing contracts. In so doing, it is exposed to a variety of risks. Derivatives risks have been widely discussed. Often they are classified into several categories that may differ from one discussion to another, 1 but a common taxonomy is the following:
Asset Volatility and Capital Structure: Evidence from Corporate Mergers

We exploit cross-sectional variation in the predictable changes in asset volatility following corporate acquisitions to identify the effect of business risk on capital structure. We find that postm...
Foreign Firms Issuing Equity on US Exchanges: An Empirical Investigation of IPOs and SEOs

We analyse a sample of foreign firms issuing equity in the USA to determine the factors that affect IPO and SEO pricing. The average SEO discount, defined as the percentage difference between the price in the local market on the offering date and the SEO offer price, is 2.07%, and is significantly lower for stocks that are ultimately listed on the NYSE/AMEX than for stocks that are listed on the Nasdaq. Foreign equity issues are underpriced; the traditional underpricing discount, which is defined as the percentage difference between the closing price on the first day of trading and the offer price, is 18.75% on average. Equity issuers from industry groups with the largest six–month pre–IPO return in the US market experience a higher level of underpricing. For the subsample of emerging market issues, we document that, in the after–market, the ADR price remains persistently above the dollar denominated price in the domestic market for up to 90 days following the date of the issue.
No man lives on an island: habitual agency and complexity in entrepreneurial decision-making

An entrepreneur's creation of value and moral leadership is primarily an individualised phenomenon. The objective of this study is to develop a socio-cognitive model where an entrepreneur's enactment of valuable opportunities and a moral awareness for others operate within a complex social setting. We develop a 'practiced' concept of 'habitual agency' where an entrepreneur enacts tightly coupled stakeholder exchanges that confirm an entrepreneur's asymmetric advantage. This habitual agency seeks not only to reduce the 'causal ambiguities' surrounding complex stakeholder exchanges, but also to repeatedly apply a generalised moral standard - golden rule - to an entrepreneur's tightly coupled exchange partners. This socio-cognitive explanation of entrepreneurship appeals to the holistic and interdependent tenets of complex systems where entrepreneurship cannot be examined in isolation of the complexities of their social realities. The implications and contributions of this socio-cognitive approach to entrepreneurship and complexity research are also highlighted.
Common Knowledge, Communication, and Public Reason

It may not be a particularly flattering metaphor for the lawyer, but when that unsavory gangster on the television cop show voices his reluctance to answer any questions from the police “until his mouthpiece gets here,” he immediately reminds us about how important talk is to the law and legal processes. Conversations with the police may begin as basic exchanges of information, but with the arrival of the lawyer on the scene the facts exchanged will take on the special shape that only the ritual of legal talk can provide. Some questions will be answered, others met with a measured silence. Further, if the case proceeds to trial, or on to an appeal, the different lawyers will shape the facts even further with their structured and sequenced arguments, the one framing a specific claim, the other offering an objection or a defense in response to that claim, the first replying with a rejoinder to that response, in an ever increasing specification of the legal issues.1 Ultimately, the relative success of each lawyer in this to and fro process will be assessed by a judge, or perhaps by a jury carefully advised by a judge as to the precise structure of the legal issues properly before it. Further, the judge will not generally be content merely to provide the litigants with what she thinks is a just result for their case. She will also offer more talk of her own, providing a set of publicly
Informational size and incentive compatibility with aggregate uncertainty

In McLean and Postlewaite (Econometrica 56, 1992, p. 2421), we analyzed pure exchange economies with asymmetrically informed agents. We defined a notion of informational size and showed that, when the aggregate information of all agents resolves nearly all the uncertainty regarding the state of nature, the conflict between incentive compatibility and (ex post) efficiency can be made small if agents have sufficiently small informational size. This paper investigates the relationship between informational size and efficiency for the case in which nontrivial aggregate uncertainty is present, i.e., when significant uncertainty about the world persists even when the information of all agents is known.
Did The High Court Reach An Economic Low In Verizon v. FCC

The Supreme Court’s decision in Verizon v. FCC rests on two errant interpretations of the 1996 Telecommunications Act: First, the Act represents a new form of regulation rather than a deregulatory statute; Second, Congress intended that the playing field be tilted in favor of new entrants. Under the Chevron Doctrine, deference is given to the controlling federal agency if there is a “rational connection” between the regulations and statutory intent. The Court ruled that the FCC’s implementation of the Act survives that scrutiny. This discussion contests that finding and argues that the FCC’s regulations undermine the goals of the Act.
The Operational Value of Social Media Information

While the value of using social media information has been established in multiple business contexts, the field of operations and supply chain management have not yet explored the possibilities it offers in improving firms' operational decisions. This study attempts to do that by empirically studying whether using publicly available social media information can improve the accuracy of daily sales forecasts.We collaborated with an online apparel retailer to assemble a dataset that combines (1) detailed internal operational information, including data on sales, advertising, and promotions, as well as (2) publicly available social media information obtained from Facebook. We implement a variety of machine learning methods to forecast daily sales. We find that using social media information results in statistically significant improvements in the out-of-sample accuracy of the forecasts, with relative improvements ranging from 12.85% to 23.23% over different forecast horizons. We also demonstrate that nonlinear boosting models with feature selection, such as random forests, perform significantly better than traditional linear models. The best-performing method (random forest) yields an out-of-sample MAPE of 7.21% when not using social media information and 5.73% when using social media information is used. In both cases, this significantly improves the accuracy of the company's internal forecasts (a MAPE of 11.97%). Combining these empirical results, we provide recommendations for forecasting sales in general as well as with social media information.
Capturing Individual Harms

Norms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 181 R 2. Using Local Knowledge to Communicate Effectively . . 186 R C. Structural Advantages of Community-Level Implementation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 188 R 1. Face-to-Face Contact, Feedback, and the Reciprocity Norm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 189 R 2. The Expressive Function of Mandates . . . . . . . . . . . . . . . 193 R * Associate Professor of Law, Hofstra University School of Law. B.A. Yale University; J.D. Yale Law School. \\jciprod01\productn\H\HLE\35-1\HLE105.txt unknown Seq: 2 28-MAR-11 13:27 156 Harvard Environmental Law Review [Vol. 35 III. Minimizing Obstacles to the Use of Mandates Through Local Design and Enforcement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 195 R A. Intrusion Objections . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 198 R B. Enforcement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 201 R Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 203 R
A comparative study of alternative estimators for the unbalanced two‐way error component regression model

Summary This paper considers the unbalanced two-way error component model studied by Wansbeek and Kapteyn (1989). Alternative analysis of variance (ANOVA), minimum norm quadratic unbiased and restricted maximum likelihood (REML) estimation procedures are proposed. The mean squared error performance of these estimators are compared using Monte Carlo experiments. Results show that for the estimates of the variance components, the computationally more demanding maximum likelihood (ML) and minimum variance quadratic unbiased (MIVQUE) estimators are recommended, especially if the unbalanced pattern is severe. However, focusing on the regression coefficient estimates, the simple ANOVA methods perform just as well as the computationally demanding ML and MIVQUE methods and are recommended.
De Tocqueville's ‘Dangerous Moment’: The Importance of Getting Reforms Right

Economic reform, on an ongoing basis, is vital if economies are to achieve, and maintain, rapid and sustained economic growth. Yet governments face challenges when introducing economic reforms. Policymakers must judge what reforms are needed; when to introduce them; and how rapidly to pursue their reform programme. Failed reforms can discredit the reform process as a whole, and so make it more difficult, and more costly, to retry in the future. The reform process in emerging market economies provides many lessons that are widely applicable. Perseverance is critical: reforms must be followed through if they are to be successful. Reforms also need to be wide-ranging, encompassing not just monetary, fiscal and trade policy but reform of the financial sector and of public institutions. Reforms in many countries need to include the protection of property and individual rights; improved tax administration and greater efficiency of public spending; and commercial codes. Reforms can be most easily implemented at times of global expansion. Fiscal consolidation, for example, is more easily accomplished in a more favourable environment partly because it helps deliver future growth and partly because it gives governments scope for counter-cyclical policy during future downturns.
Empirical Models of Consumer Behavior

Models of consumer behavior play a key role in modern empirical industrial organization. In this review, I survey some of the models used in this literature. In particular, I discuss two commonly used demand systems: multistage budgeting approaches and discrete choice models. I motivate their use and highlight some key modeling assumptions. I next briefly discuss key issues of estimation and conclude by summarizing some extensions.
Too Close to Home: Limiting the Organizations Subsidized by the Charitable Deduction to Those in Economic Need

The charitable deduction allows taxpayers to deduct amounts donated to organizations pursuing statutorily designated purposes from their otherwise taxable income. By lowering the after-tax cost of giving and encouraging taxpayers to donate more than they otherwise would, the charitable deduction subsidizes a broad variety of organizations. Some of these organizations provide widespread societal benefits, while others provide narrower benefits that remain closer to the taxpayer-donor’s home. To evaluate these current laws, this Article focuses on efficiency criteria, which limit subsidized organizations to those with donor support that does not cover the costs needed to optimally provide goods and services. Existing scholarship has identified the conditions that cause these underfunding issues but has not sought to apply these concepts to determine whether the organizations subsidized through the charitable deduction are actually in economic need. This Article seeks to fill this gap. While one cannot precisely determine whether and to what extent any given organization or type of organization is underfunded, the general assessment of this Article provides a starting point for evaluating the scope of the deduction. This Article suggests that some organizations currently subsidized through the charitable deduction may be able to garner sufficient donations on their own and that the tax law may provide subsidies that are economically unnecessary.
Law School Examinations and Churchillian Democracy: A Reply to Professors Redlich and Friedland

According to Redlich and Friedland, law school faculty "increasingly" find fault with the essay exam, primarily because of the "many boring hours" they spend grading those exams, and secondarily because they do not perceive that this substantial investment of time correlates either with greater accuracy in grading or with greater pedagogical benefit to the student.' As for law students, Redlich and Friedland argue that they also dislike the essay exam because it fails to test them fully on their knowledge of course material; fails to provide them with the opportunity "to learn the specific strengths and weaknesses of their performance"; and, given the length of time necessary to grade essay exams and the resultant delay in the posting of grades, "irritat[es]" them and makes them cynical about "the professional standards of the faculty." Finally, Redlich and Friedland point to the "proven track record" of objective tests, describe again certain well-known failings of essay exams, and claim that the objective law school exam is methodologically superior to the essay variety."In the following sections of this Essay, I shall deal in turn with the various assumptions, arguments, and criticisms raised by Professors Redlich and Friedland. Their theses, and the traditional arguments in favor of objective testing that they mirror, are not persuasive. The existing empirical data on the matter-data that has not changed significantly in the past fifteen years-is inconclusive at best. When examined empirically, the assumptions about faculty and student perspectives broadly described by Redlich and Friedland appear to be atypical. And more importantly, without a clear sense of the role that examinations are to play in the larger process of law school education-a process not really discussed by Redlich and Friedland - there can be no clear mandate either for replacing the essay examination with an objective one or for adding an objective component to every essay exam.
Counterparty Risk and the Impact of Collateralization in CDS Contracts

We analyze the counterparty risk embedded in CDS contracts, in presence of a bilateral margin agreement. First, we investigate the pricing of collateralized counterparty risk and we derive the bilateral Credit Valuation Adjustment (CVA), unilateral Credit Valuation Adjustment (UCVA) and Debt Valuation Adjustment (DVA). We propose a model for the collateral by incorporating all related factors such as the thresholds, haircuts and margin period of risk. We derive the dynamics of the bilateral CVA in a general form with related jump martingales. We also introduce the Spread Value Adjustment (SVA) indicating the counterparty risk adjusted spread. Counterparty risky and the counterparty risk-free spread dynamics are derived and the dynamics of the SVA is found as a consequence. We nally employ a Markovian copula model for de
Popularity functions for the Portuguese Prime Minister, Government, Parliament and President

The purpose of this paper is to estimate popularity functions for the Portuguese Prime Minister, Government, Parliament and President using the ordinary least squares (OLS) and seemingly unrelated regressions (SUR) methods. The results indicate that: (1) popularity polls for the Prime Minister and Government are better explained by economic conditions than are similar polls for the Parliament and President; (2) unemployment is a significant variable determining popularity while inflation is not; (3) honeymoon effects are significant; (4) popularity deteriorates over consecutive terms.
Substance, Procedure, and the Divided Patent Power

* Professor, Lewis & Clark Law School. Participants at the George Washington University Law School's Fall 2009 IP Workshop Series offered insightful, challenging comments that helped me improve the piece. Lydia Loren and Jan Neuman highlighted weak spots in an early version that helped me focus my efforts. Bill Funk, Tom Merrill, and Jim Speta helped with administrative law, and Ed Brunet and Juliet Stumpf helped with civil procedure. Connie Trela gave a welcome critical read.
Cultivating Dialogue: From Fragmentation to Relationality in Conflict Interaction

This article builds on the tendency in recent decades in the field of alternative dispute resolution (ADR) to analyze conflict and its transformation from a relational perspective. It surveys developments in twentieth-century philosophy that support the ongoing quest to explore the self in ADR from a relational perspective. It then shows how the concept of dialogue provides a framework for understanding conflict transformation from a relational perspective, by exploring the relational foundations of dialogue. It also draws a connection between the growing use of mindfulness practices in conflict settings and the practice of dialogue, suggesting that Buddhist philosophy and practices can help cultivate relational awareness and dialogue. The article therefore suggests that incorporating dialogue and exploring its relational characteristics can assist ADR scholars and practitioners to develop further practices that can promote collaboration by shifting disputants from adversarial and fragmented orientations to more relational mindsets.
A new multivariate count data model to study multi-category physician prescription behavior

Multivariate count models represent a natural way of accommodating data from multiple product categories when the dependent variable in each category is represented by a positive integer. In this paper, we propose a new simultaneous equation multi-category count data model–the Poisson-lognormal simultaneous equation model–that allows for the Poisson parameter in one equation to be a function of the Poisson parameters in other equations. While generally applicable to any situation where simultaneity is an issue and the dependent variables are measured as counts, such a specification is particularly useful for our empirical application where physicians prescribe drugs in multiple categories. Accounting for the endogeneity of detailing in such situations requires us to explicitly allow for pharmaceutical firms’ detailing activities in one category to be influenced by their activities in other categories. Estimation of such a system of equations using traditional maximum likelihood method is cumbersome, so we propose a simple solution based on using Markov Chain Monte Carlo methods. Our simulation study demonstrates the validity of the solution algorithm and the biases that would result if such simultaneity is ignored in the estimation process. We apply our methodology to study multi-category physician prescription behavior, while accounting for the endogeneity and simultaneity of firms’ detailing efforts within and across categories, at individual physician level. Substantively, we show that detailing responsiveness estimates, as well as their implications for physician segmentation and firms’ profits are significantly affected when we leverage data from multiple categories to account for endogeneity in detailing decisions.
The Constitutionality of Civil Commitment and the Requirement of Adequate Treatment

This Article examines the constitutional concerns raised by, and compares the costs and benefits associated with, the civil commitment of sexually violent predators. Specifically, it focuses on the State of Washington's civil commitment program, the oldest such program in the United States and the only program in the nation to have its constitutional parameters fully litigated. In large measure, the litigation surrounding Washington's civil commitment program has defined the scope of the constitutional rights of civilly committed individuals to constitutionally adequate treatment. At the same time, it has demonstrated many of the problems associated with such programs and provides an important case study in assessing their costs and benefits. This Article concludes that, in addition to the potential constitutional concerns regarding civil commitment, the costs of civil conunitment appear to outweigh its benefits. As a result, increasing criminal penalties for crimes of sexual violence may be a superior alternative.
Designing the Supply Chain for Success at the Bottom of the Pyramid

The bottom of the pyramid—that is, the world's four billion consumers who live on $5 or less per day—is one of the last untapped markets for multinational companies (MNCs) to drive revenue and profit growth. However, most MNCs have found it difficult to make money “solving the pressing needs of low-income communities.” We explore why the bottom of the pyramid has become a strategic focal point. We also identify and discuss fundamental differences and trade-offs MNCs encounter in meeting the demands of the world's lowest-income consumers. Drawing on the experience of exemplar case studies, we describe how MNCs can leverage resources to build the infrastructures needed to think differently about how to measure financial performance, design products differently to leverage both customization and standardization, and deliver differently to compensate for infrastructural deficiencies. Finally, given much of the product acceptance-and-profitability challenge falls under the purview of supply chain decision makers, we call for research in specific operational and relational domains to help companies design supply chain networks and processes for success at the bottom of the pyramid.
The Impact of Regulation on Auditor Fees: Evidence from the Sarbanes‐Oxley Act

SUMMARY: We examine changes in auditor fees around the Sarbanes‐Oxley Act (SOX). Audit fees are expected to increase after SOX due to an increase in both audit effort and auditors' expected legal liability. Our results indicate an economically large increase in audit fees following the enactment of SOX. Controlling for audit and client characteristics, we find that audit fee levels rose approximately 74 percent in the post‐SOX period. Nonaudit fees fell significantly over the same period, but total fees paid to auditors rose because the increase in audit fees more than offset the decline in nonaudit fees. Additionally, we find that the Big 4 audit firms increased audit fees by 42 percent more than their smaller counterparts. Finally, we find that while small and large audit firms discount fees on initial engagements to attract new clients in the pre‐SOX period, only small audit firms continue to offer fee discounts for the post‐SOX years. Our findings are robust to a host of sensitivity tests.
Management forecasts of volatility

We examine the predictive information content of the management forecasts of stock return volatility (i.e., expected volatility) that are disclosed in annual reports. We find that expected volatility predicts near-term and longer-term stock return volatility and earnings volatility incremental to implied volatility, historical volatility, firm characteristics, and alternative measures of uncertainty. We also find that expected volatility reflects managers’ private information about their firms’ future investment activities, such as mergers and acquisitions and R&D intensity. Finally, we find that the predictive power of expected volatility shrinks when managers have stronger incentives to manage earnings. Overall, we provide novel evidence that management forecasts of volatility contain private information about future uncertainty that can help forecast volatility.
Entanglement is Necessary for Optimal Quantum Property Testing

There has been a surge of progress in recent years in developing algorithms for testing and learning quantum states that achieve optimal copy complexity [1]–[6]. Unfortunately, they require the use of entangled measurements across many copies of the underlying state and thus remain outside the realm of what is currently experimentally feasible. A natural question is whether one can match the copy complexity of such algorithms using only independent-but possibly adaptively chosen-measurements on individual copies. We answer this in the negative for arguably the most basic quantum testing problem: deciding whether a given $d$ -dimensional quantum state is equal to or $\epsilon$ -far in trace distance from the maximally mixed state. While it is known how to achieve optimal $O(d/\epsilon^{2})$ copy complexity using entangled measurements, we show that with independent measurements, $\Omega(d^{4/3}/\epsilon^{2})$ is necessary, even if the measurements are chosen adaptively. This resolves a question posed in [7]. To obtain this lower bound, we develop several new techniques, including a chain-rule style proof of Paninski's lower bound for classical uniformity testing, which may be of independent interest.
In-N-Out: Pre-Training and Self-Training using Auxiliary Information for Out-of-Distribution Robustness

Consider a prediction setting where a few inputs (e.g., satelite images) are expensively annotated with the prediction targets (e.g., crop types), and many inputs are cheaply annotated with auxiliary information (e.g., climate information). How should we best leverage this auxiliary information for the prediction task? Empirically across three image and time-series datasets, and theoretically in a multi-task linear regression setting, we show that (i) using auxiliary information as input features improves in-distribution error but can hurt out-of-distribution (OOD) error; while (ii) using auxiliary information as outputs of auxiliary tasks to pre-train a model improves OOD error. To get the best of both worlds, we introduce In-N-Out, which first trains a model with auxiliary inputs and uses it to pseudolabel all the in-distribution inputs, then pre-trains a model on OOD auxiliary outputs and fine-tunes this model with the pseudolabels (self-training). We show both theoretically and empirically that In-N-Out outperforms auxiliary inputs or outputs alone on both in-distribution and OOD error.
Reaction rates and the noisy saddle-node bifurcation: Renormalization group for barrier crossing

The authors introduce a renormalization-group and scaling framework for barrier crossing problems, which unifies Kramers' theory for chemical reaction rates with the dynamical systems theory of a noisy saddle-node bifurcation.
FeatGraph: A Flexible and Efficient Backend for Graph Neural Network Systems

Graph neural networks (GNNs) are gaining popularity as a promising approach to machine learning on graphs. Unlike traditional graph workloads where each vertex/edge is associated with a scalar, GNNs attach a feature tensor to each vertex/edge. This additional feature dimension, along with consequently more complex vertex- and edge-wise computations, has enormous implications on locality and parallelism, which existing graph processing systems fail to exploit. This paper proposes FeatGraph to accelerate GNN workloads by co-optimizing graph traversal and feature dimension computation. FeatGraph provides a flexible programming interface to express diverse GNN models by composing coarse-grained sparse templates with fine-grained user-defined functions (UDFs) on each vertex/edge. FeatGraph incorporates optimizations for graph traversal into the sparse templates and allows users to specify optimizations for UDFs with a feature dimension schedule (FDS). FeatGraph speeds up end-to-end GNN training and inference by up to 32$\times$ on CPU and 7$\times$ on GPU.
The Index Theorem for Toeplitz Operators as a Corollary of Bott Periodicity

This is an expository paper about the index of Toeplitz operators, and in particular Boutet de Monvel's theorem. We prove Boutet de Monvel's theorem as a corollary of Bott periodicity, and independently of the Atiyah-Singer index theorem.
Fairness, Welfare, and Equity in Personalized Pricing

We study the interplay of fairness, welfare, and equity considerations in personalized pricing based on customer features. Sellers are increasingly able to conduct price personalization based on predictive modeling of demand conditional on covariates: setting customized interest rates, targeted discounts of consumer goods, and personalized subsidies of scarce resources with positive externalities like vaccines and bed nets. These different application areas may lead to different concerns around fairness, welfare, and equity on different objectives: price burdens on consumers, price envy, firm revenue, access to a good, equal access, and distributional consequences when the good in question further impacts downstream outcomes of interest. We conduct a comprehensive literature review in order to disentangle these different normative considerations and propose a taxonomy of different objectives with mathematical definitions. We focus on observational metrics that do not assume access to an underlying valuation distribution which is either unobserved due to binary feedback or ill-defined due to overriding behavioral concerns regarding interpreting revealed preferences. In the setting of personalized pricing for the provision of goods with positive benefits, we discuss how price optimization may provide unambiguous benefit by achieving a "triple bottom line": personalized pricing enables expanding access, which in turn may lead to gains in welfare due to heterogeneous utility, and improve revenue or budget utilization. We empirically demonstrate the potential benefits of personalized pricing in two settings: pricing subsidies for an elective vaccine, and the effects of personalized interest rates on downstream outcomes in microcredit.
Control of spontaneous emission dynamics in microcavities with chiral exceptional surfaces

The authors show how chiral exceptional surfaces can be used to tune the spontaneous emission rate from a single quantum emitter inside an optical microcavity, from total suppression to a two fold enhancement compared to a similar cavity operating at a diabolic point.
On concentration inequalities for vector-valued Lipschitz functions

Abstract We derive two upper bounds for the probability of deviation of a vector-valued Lipschitz function of a collection of random variables from its expected value. The resulting upper bounds can be tighter than bounds obtained by a direct application of a classical theorem due to Bobkov and Gotze.
Suppression of aggregate and amyloid formation by a novel intrinsically disordered region in metazoan Hsp110 chaperones

Molecular chaperones maintain proteostasis by ensuring the proper folding of polypeptides. Loss of proteostasis has been linked to numerous neurodegenerative disorders including Alzheimer's, Parkinson's, and Huntington's disease. Hsp110 is related to the canonical Hsp70 class of protein-folding molecular chaperones and interacts with Hsp70 as a nucleotide exchange factor (NEF). In addition to its NEF activity, Hsp110 possesses an Hsp70-like substrate-binding domain (SBD) whose biological roles remain undefined. Previous work in Drosophila melanogaster has implicated the sole Hsp110 gene (Hsc70cb) in proteinopathic neurodegeneration. We hypothesize that in addition to its role as an Hsp70 NEF, Drosophila Hsp110 may function as a protective protein "holdase," preventing the aggregation of unfolded polypeptides via the SBD-β subdomain. We demonstrate for the first time that Drosophila Hsp110 effectively prevents aggregation of the model substrate citrate synthase. We also report the discovery of a redundant and heretofore unknown potent holdase capacity in a 138-amino-acid region of Hsp110 carboxyl terminal to both SBD-β and SBD-α (henceforth called the C-terminal extension). This sequence is highly conserved in metazoan Hsp110 genes, completely absent from fungal representatives, and is computationally predicted to contain an intrinsically disordered region (IDR). We demonstrate that this IDR sequence within the human Hsp110s, Apg-1 and Hsp105α, inhibits the formation of amyloid Aβ-42 and α-synuclein fibrils in vitro but cannot mediate fibril disassembly. Together these findings establish capacity for metazoan Hsp110 chaperones to suppress both general protein aggregation and amyloidogenesis, raising the possibility of exploitation of this IDR for therapeutic benefit.
gazel: supporting source code edits in eye-tracking studies

Eye tracking tools are used in software engineering research to study various software development activities. However, a major limitation of these tools is their inability to track gaze data for activities that involve source code editing. We present a novel solution to support eye tracking experiments for tasks involving source code edits as an extension of the iTrace [9] community infrastructure. We introduce the iTrace-Atom plugin and gazel [gǝ'zel]---a Python data processing pipeline that maps gaze information to changing source code elements and provides researchers with a way to query this dynamic data. iTrace-Atom is evaluated via a series of simulations and is over 99% accurate at high eye-tracking speeds of over 1,000Hz. iTrace and gazel completely revolutionize the way eye tracking studies are conducted in realistic settings with the presence of scrolling, context switching, and now editing. This opens the doors to support many day-to-day software engineering tasks such as bug fixing, adding new features, and refactoring.
Frequency connectedness and cross-quantile dependence between green bond and green equity markets

Abstract This paper aims at investigating the frequency connectedness and cross-quantile dependence between green bond and green equity markets. By decomposing green bond and green equity time series data into different frequency bands, we first identify how the connectedness between green bond and green equity varies between the short-term, medium-term and long-term investment horizons. Next, we employ a cross-quantilogram framework to investigate the cross-quantile dependence between green bond and green equity and to capture the spillovers between these markets across a wide range of market conditions. Our empirical results suggest that after controlling for movements in the general stock, energy and fixed-income markets, the dependence between green bond and green equity during normal market conditions is relatively small. On the other hand, green bond and green equity are more connected during extreme market movements, where they boom and bust together. We also find that across all market conditions, the spillover effects between green bond and green equity are short-lived, as the degree of connectedness dissipates in the medium- and long-term investment horizons. Our results have important implications for environmentally conscious investors and policymakers.
Scalable and QoS capable MPLS-based micro-mobility management

This paper presents a novel MPLS-based micro-mobility scheme by integrating MPLS and hierarchical mobile IPv6 (HMIPv6). It exploits the scalable QoS support capability of DiffServ-aware MPLS traffic engineering. Aggregated traffic of mobile users is forwarded through traffic engineered LSPs established along links with available resources. Moreover, traffic flows of different priority receive differentiated services. In order to eliminate the data transfer between the IP and MPLS software modules at the LSPs connecting two LSPs, the virtual LSP scheme is introduced, which improves the forwarding scalability. The basic idea is to establish virtual routes upon the pre-established traffic engineering LSPs. The proposed scheme is evaluated by simulations
Sidelobe Modification for Reflector Antennas by Electronically Reconfigurable Rim Scattering

Dynamic modification of the pattern of a reflector antenna system traditionally requires an array of feeds. This letter presents an alternative approach in which the scattering from a fraction of the reflector around the rim is passively modified using, for example, an electronically reconfigurable reflectarray. This facilitates flexible sidelobe modification, including sidelobe canceling, for systems employing a single feed. Applications for such a system include radio astronomy, where deleterious levels of interference from satellites enter through sidelobes. We show that an efficient reconfigurable surface occupying about 11% of the area of an axisymmetric circular paraboloidal reflector antenna fed from the prime focus is sufficient to null interference arriving from any direction outside the main lobe with little change in the main lobe characteristics. We further show that the required surface area is independent of frequency and that the same performance can be obtained using 1 b phase control of the constituent unit cells for a reconfigurable surface occupying an additional 6% of the reflector surface.
Patterns of population genomic diversity in the invasive Japanese knotweed species complex.

Premise Invasive species are expected to undergo a reduction in genetic diversity due to founder effects, which should limit their ability to adapt to new habitats. Still, many invasive species achieve widespread distributions and dense populations. This paradox of invasions could potentially be overcome through multiple introductions or hybridization, both of which increase genetic diversity. We conducted a population genomics study of Japanese knotweed (Reynoutria japonica), which is a polyploid, clonally reproducing invasive species that has been notoriously successful worldwide despite supposedly low genetic diversity. Methods We used genotyping by sequencing to collect 12,912 SNP markers from 88 samples collected at 38 locations across North America for the species complex. We used alignment-free k-mer hashing analysis in addition to traditional population genetic analyses to account for the challenges of genotyping polyploids. Results Genotypes conformed to three genetic clusters, likely representing Japanese knotweed, giant knotweed, and hybrid bohemian knotweed. We found that, contrary to previous findings, the Japanese knotweed cluster had substantial genetic diversity, though it had no apparent genetic structure across the landscape. In contrast, giant knotweed and hybrids showed distinct population groups. We did not find evidence of isolation by distance in the species complex, likely reflecting the stochastic introduction history of this species complex. Conclusions The results indicate that clonal invasive species can show substantial genetic diversity and can be successful at colonizing a variety of habitats without showing evidence of local adaptation or genetic structure.
Scattering for critical wave equations with variable coefficients

We prove that solutions to the quintic semilinear wave equation with variable coefficients in .