cssi/SciSciGPT-SciSciNet huggingface dataset:
Crawford/Davis "Testimonial" Interpreted, Removing the Clutter: Application Summary

This article argues that as a result of Davis v. Washington, U.S., 126 S.Ct. 266 (2006), the references in Crawford v. Washington, 541 U.S. 36 (2004) to concepts of interrogation, formality, solemnity, structured, the summary term bear testimony, and finally, and very importantly, the mental state of the declarant, objectively or subjectively viewed, i.e., would the declarant reasonably expect or believe his statement to be used or available for use by the prosecution at a later trial, are now simply clutter, clutter totally irrelevant in practice and in theory in determining whether an out of court hearsay statement offered against the criminal defendant is testimonial under the confrontation clause thus barring admissibility absent an opportunity for cross-examination of the hearsay declarant.The article further suggests that pursuant to Crawford/Davis an out-of-court hearsay statement should be found testimonial only when it is an accusation of criminal conduct by an identified or identifiable accused elicited or received by a government official under circumstances objectively indicating that at the same time elicited or received the primary purpose for which the statement will be used by the government is to establish or prove past events potentially relevant to a later criminal prosecution of the identified or identifiable perpetrator. Adoption of an accusatory requirement with respect to determining testimonial would result in reports of unavailable forensic laboratory technicians being declared nontestimonial. Obviously, forensic laboratory reports such as DNA test results and a finding whether a substance is cocaine, do not themselves accuse an identified or identifiable person of having committed a crime.
Ex Post Modernism: How the First Amendment Framed Nonrepresentational Art

Postmodernism’s conceptual orientation and dissolution of boundaries might First Amendment law’s broadly inclusive marketplace of ideas, but instead art and law speak past one another. The result of Jackson Pollock as the exemplar of constitutionally covered visual art is not simply a matter of over- or underinclusion, but a doctrine and discourse that is reductive, anachronistic, and culturally alienated.2
Defining recklessness: A doctrinal approach to deterrence of secondary market securities fraud

Little has been written about recklessness as a level of intent sufficient to impose civil liability, even less in the context of the federally implied cause of action for securities fraud. This article engages the concept of recklessness in the setting of class action, fraud-on-the-market lawsuits against securities issuers and their executives. Extending prior work, the author demonstrates the utility of contextual factors in an assessment of an individual corporate actor’s recklessness at the crucial pleading stage. The proposed rubric—based on magnitude, atypicality, and timing of the information misrepresented—is informed by recent Supreme Court pronouncements on scienter, by established 10(b) case law attempting to define recklessness as a level of intent producing fraud, and by the Third Restatement’s recent adoption of a fundamentally objective approach to recklessness in tort law more generally. By providing an intellectually grounded prescription for the evaluation of inferences of recklessness in 10(b) cases, this work both harmonizes the federal common law of securities fraud and reinforces its normative power. At the same time, the author’s conception of recklessness revives largely moribund legislative efforts to increase executive accountability and to improve the quality of corporate disclosure for the benefit of shareholders. Thus, it adds meaningfully to the literature seeking to establish and put into service an optimal level of securities fraud deterrence.
Effect of Added Salt on Disordered Poly(ethylene oxide)-Block-Poly(methyl methacrylate) Copolymer Electrolytes

We studied the effect of salt addition on a diblock copolymer system with a negative Flory–Huggins interaction parameter, χ, indicative of attractive interactions between the two blocks. The system studied is poly(ethylene oxide)-block-poly(methyl methacrylate) (PEO-PMMA) with added lithium bis(trifluoromethanesulfonyl)imide (LiTFSI) salt. We studied two asymmetric block copolymers, PEO-PMMA(10–33) and PEO-PMMA(10–64), where the numbers refer to the molar masses of the blocks in kg mol–¹. The small-angle X-ray scattering (SAXS) profiles for PEO-PMMA(10–33) were featureless at all salt concentrations. In contrast, PEO-PMMA(10–64) exhibited SAXS peaks when the salt concentration was between 0.22 ≤ m (mol Li/kg polymer) ≤ 0.44. The appearance of SAXS peaks only in PEO-PMMA(10–64) is consistent with the predictions of ionic self-consistent field theory developed by de la Cruz and co-workers, which predicts that in systems with negative χ, ordered phases are only found when the volume fraction of the ionic block is about 10%.
Getting Interventions Right: How South Korea and Taiwan Grew Rich

Growth policy Getting interventions right: how South Korea and Taiwan grew rich Most explanations of Korea's and Taiwan's economic growth since the early 1960s place heavy emphasis on export orientation. However, it is difficult to see how export orientation could have played a significant causal role in these countries' growth. The measured increase in the relative profitability of exports durring the 1960s is too insignificant to account for the phenomenal export boom that ensued. Moreover, exports were initially too small to have a significant effect on aggregate economic performance. A more plausible story focuses on the investment boom that took place in both countries. In the early 1960s both economies had an extremely well-educated labour force relative to their physical capital stock, rendering the latent return to capital quite high. By subsidizing and coordinating investment decisions, government policy managed to engineer a significant increase in the private return to capital. An exceptional degree of equality in income and wealth helped by rendering government intervention effective and keeping it free of rent seeking. The outward orientation of the economy was the result of the increase in demand for imported capital goods. — Dani Rodrik
How Neural Circuits Achieve and Use Stable Dynamics

The brain consists of many interconnected networks with time-varying activity. There are multiple sources of noise and variation yet activity has to eventually converge to a stable state for its computations to make sense. We approached this from a control-theory perspective by applying contraction analysis to recurrent neural networks. This allowed us to find mechanisms for achieving stability in multiple connected networks with biologically realistic dynamics, including synaptic plasticity and time-varying inputs. These mechanisms included anti-Hebbian plasticity, synaptic sparsity and excitatory-inhibitory balance. We leveraged these findings to construct networks that could perform functionally relevant computations in the presence of noise and disturbance. Our work provides a blueprint for how to construct stable plastic and distributed networks.
The structure of interdependence in international stock markets

Abstract This study investigates the dynamic structure of nine major stock markets using an error correction model and directed acyclic graphs (DAG). The DAG representation provides a structure of causality among these markets in contemporaneous time. Building on this contemporaneous structure and the estimated error correction model, innovation accounting techniques are applied. The results show that the Japanese market is among the most highly exogenous and the Canadian and French markets among the least exogenous in our nine-market study. The US market is highly influenced by its own historical innovations, but it is also influenced by market innovations from the UK, Switzerland, Hong Kong, France and Germany. The US market is the only market that has a consistently strong impact on price movements in other major stock markets in the longer-run.
Heterogeneous Response to Marine Reserve Formation: A Sorting Model approach

The bioeconomic impacts of spatial fisheries management hinge on how fishing vessels reallocate their effort over space. However, empirical studies face two challenges: heterogeneous behavioral responses and unobservable resource abundance. This paper addresses these two problems simultaneously by using an unusual data set and an estimation technique developed in the industrial organization literature. We apply the methods to location and species choices in the Gulf of Mexico reef-fish fishery. The models are used to explore spatial effort substitution in response to two marine reserves. Individual attributes from a survey of vessel captains are linked to each fisherman’s observed daily trip information to control for observable heterogeneity. Some unobservable abundance information is captured by location- and species-specific constants and estimated by contraction mapping. The empirical results confirm that there is significant heterogeneity in fishermen’s response to the formation of marine reserves. They also show that ignoring unobservable abundance information will lead to significant bias in predicting spatial fishing effort.
Interpreting the Wisconsin Constitution

When the Wisconsin Supreme Court interprets state statutes, it follows a methodology first set in State ex rel. Kalal v. Dane County Circuit Court (2004). This method focuses primarily on the text of the statute, and circumscribes reference to legislative history and other secondary sources.Yet when the Wisconsin Supreme Court interprets the state constitution, it follows a different methodology, first set in Buse v. Smith (1976). This method looks at text, legislative and popular history, and contemporaneous legislative enactments. For amendments to the state constitution, legislative and popular history covers two sessions of the Legislature and the statewide discussion of the amendment in advance of its ratification by the people at the polls.In the first half of this paper, I outline the Court's interpretation of the state constitution through history, both from 1848 to 1976 and 1976 to present. In the second half, I critique the Court's current method, and decide that it is an unreliable guide for judicial interpretation of the state constitution. Additionally, I suggest that Kalal advanced certain rule of law values which make its method preferable. Thus, I conclude by recommending that the Court adopt the methodology of Kalal for interpreting both statutes and the state constitution.
Preliminary Injunctions: The Varying Standards

The Author undertakes a survey in this Article which shows that the Supreme Court and the courts of appeals have not articulated or applied consistent criteria for preliminary injunctive relief. Their decisions have described a sinuous path through primary standards, alternative tests, and sliding scale variations. Part of the difficulty may be because the Supreme Court has not taken a firm hand in resolving conflicts between and among the circuits on critical issues involving interlocutory injunctions. In addition while the courts of appeals make reference to each others' opinions, they have not demonstrated a desire to achieve uniformity in their approaches to interim relief. In some cases, the non-uniformity is intra-circuit as well as inter-circuit. Because there are so many currently applicable tests and variations, a moving party asserting the same facts and legal principles in different circuits could easily secure different results on motions for preliminary relief. While non-uniformity of decisions may serve a creative purpose in the short run, over time it tends to breed disrespect for and discontent of the law and advance the perception that judicial decision making is largely arbitrary. Furthermore from a practical perspective, non-uniformity, especially of the intra-circuit variety, tends to undermine the goal of predictability which is vital for lawyer and client in ordering their affairs to conform with established legal norms. If the principles are uncertain, both counseling and compliance become chancy at best.
Do higher minimum wages benefit health? Evidence From the UK

This study examines the link between minimum wages and health outcomes by using the introduction of the National Minimum Wage (NMW) in the United Kingdom in 1999 as an exogenous variation of earned income. A test for health effects by using longitudinal data from the British Household Panel Survey for a period of ten years was conducted. It was found that the NMW significantly improved several measures of health, including self-reported health status and the presence of health conditions. When examining potential mechanisms, it was shown that changes in health behaviors, leisure expenditures, and financial stress can explain the observed improvements in health.
ASYMPTOTIC DISTRIBUTION-FREE DIAGNOSTIC TESTS FOR HETEROSKEDASTIC TIME SERIES MODELS

This article investigates model checks for a class of possibly nonlinear heteroskedastic time series models, including but not restricted to ARMA-GARCH models. We propose omnibus tests based on functionals of certain weighted standardized residual empirical processes. The new tests are asymptotically distribution-free, suitable when the conditioning set is infinite-dimensional, and consistent against a class of Pitman’s local alternatives converging at the parametric rate n −1/2 , with n the sample size. A Monte Carlo study shows that the simulated level of the proposed tests is close to the asymptotic level already for moderate sample sizes and that tests have a satisfactory power performance. Finally, we illustrate our methodology with an application to the well-known S&P 500 daily stock index. The paper also contains an asymptotic uniform expansion for weighted residual empirical processes when initial conditions are considered, a result of independent interest.
A Tale of Two Lochners: The Untold History of Substantive Due Process and the Idea of Fundamental Rights

To say that the Supreme Court’s decision in Lochner v. New York is infamous is an understatement. Scholars remember Lochner for its strong right to contract and laissez-faire ideals—at least that is the conventional account of the case. Whether one concludes that Lochner leads to the judicial activism of Roe v. Wade, or foreshadows strong property rights, the standard account depends upon an important assumption: that the Lochner era’s conception of fundamental rights parallels that of today. From that assumption, it appears to follow that Lochner symbolizes the grave political dangers of substantive due
A Theoretical Note on the Optimal Dependability and Speed of Container Inspections in Invasive Species Management

The extant literature tells us that a seaport inspector who places a large (small) weight on biological invasion damage control relative to economic cost reduction will, ceteris paribus, inspect ships with containers more (less) stringently. Therefore, in this theoretical note we analyze the decision problem faced by a seaport inspector who places equal weight on the above two objectives. Specifically, we first present a stylized model of biological invasions. Next, we derive an expression for the long run expected net cost (LRENC) of inspections. Finally, we show that the optimal dependability and speed of inspections is the solution to this LRENC minimization problem.JEL Classification: Q580, L510
Taking Strickland Claims Seriously

Every criminal defendant is promised the right to the effective assistance of counsel. Whether at trial or on first appeal of right, due process is violated when attorney negligence undermines the fairness and reliability of judicial proceedings. That, at least, is the black-letter law articulated in Strickland v. Washington, 466 U.S. 668 (1984). In practice, however, the right to effective representation has meant surprisingly little over the last two decades. Under the standards that emerged from Strickland, scores of defendants have received prison or death sentences by virtue of serious unprofessional errors committed by their attorneys.This Essay canvasses a line of recent Supreme Court cases that have breathed new life into Strickland as a meaningful guarantee of effective defense representation. These cases - all of which involved sentences of death - pointedly reject the understanding of Strickland that made it exceedingly difficult to prevail on ineffective-assistance claims. Although the new line of Strickland cases were undoubtedly motivated by concerns about the proper administration of the death penalty, the more rigorous understanding of Strickland should not be limited to capital cases. Whether or not the death penalty is at stake, appellate courts should be vigilant in policing the effectiveness of defense attorneys so that the determinative factor in criminal proceedings will be the strength of the government’s case on the merits, not the weakness of the defense put forth by the lawyers for the defendants.
What Ended the Great Depression

This paper examines the role of aggregate-demand stimulus in ending the Great Depression. Plausible estimates of the effects of fiscal and monetary changes indicate that nearly all the observed recovery of the U.S. economy prior to 1942 was due to monetary expansion. A huge gold inflow in the mid- and late 1930s swelled the money stock and stimulated the economy by lowering real interest rates and encouraging investment spending and purchases of durable goods. That monetary developments were crucial to the recovery implies that self-correction played little role in the growth of real output between 1933 and 1942. Between 1933 and 1937 real GNP in the United States grew at an average rate of over 8 percent per year; between 1938 and, 1941 it grew over 10 percent per year. These rates of growth are spectacular, even for an economy pulling out of a severe depression. Yet the recovery from the collapse of 1929 to 1933 has received little of the attention that economists have lavished on the Great Depression. Perhaps because the cataclysm of the early 1930s was so severe, modem economists have focused on the causes of the downturn and of the turning point in 1933. Once the end of the precipitous decline in output has been explained, there has been a tendency to let the story drop.1 The eventual return to full employment is simply characterized as slow and incomplete until the outbreak of World War II. In this article I examine in detail the source of the recovery from the Great Depression. I argue that the rapid rates of growth of real output in the mid- and late 1930s were largely due to conventional aggregatedemand stimulus, primarily in the form of monetary expansion. My calculations suggest that in the absence of these stimuli the economy
Bayesian genome‐ and epigenome‐wide association studies with gene level dependence

High-throughput genetic and epigenetic data are often screened for associations with an observed phenotype. For example, one may wish to test hundreds of thousands of genetic variants, or DNA methylation sites, for an association with disease status. These genomic variables can naturally be grouped by the gene they encode, among other criteria. However, standard practice in such applications is independent screening with a universal correction for multiplicity. We propose a Bayesian approach in which the prior probability of an association for a given genomic variable depends on its gene, and the gene-specific probabilities are modeled nonparametrically. This hierarchical model allows for appropriate gene and genome-wide multiplicity adjustments, and can be incorporated into a variety of Bayesian association screening methodologies with negligible increase in computational complexity. We describe an application to screening for differences in DNA methylation between lower grade glioma and glioblastoma multiforme tumor samples from The Cancer Genome Atlas. Software is available via the package BayesianScreening for R: github.com/lockEF/BayesianScreening.
Do improvements in government quality necessarily reduce the incidence of costly sudden stops

Abstract Sudden stops have been linked to a number of financial crises in emerging market countries. While a large literature has developed emphasizing the importance of institutions and governance in reducing economic volatility, this paper finds that the effect of government quality on the incidence of sudden stops is non-linear. Initial improvements in governance actually increase the incidence of costly sudden stops. A possible explanation is that improved governance encourages capital inflows that can overwhelm banking systems in countries with weak institutions. What is striking is that this result holds for a large number of countries including those with average levels of institutional quality that already receive considerable inflows. Eventually, however, improving institutions does reduce the frequency of sudden stops, allowing countries to enjoy the benefits of financial globalization with fewer risks.
Corporate Governance and the Information Content of Insider Trades

Most corporate governance research focuses on the behavior of chief executive officers, board members, institutional shareholders, and other similar parties. Little research focuses on the impact of executives whose primary responsibility is to enforce and shape corporate governance inside the firm. This study examines the role of the general counsel (GC) in mitigating informed trading by corporate insiders. We find that insider trading profits and the predictive ability of insider trades for future operating performance are generally higher when insiders trade within firm-imposed restricted trade windows. However, when GC approval is required to execute a trade, insiders’ trading profits and the predictive ability of insider trades for future operating performance are substantively lower. Thus, when given the authority, it appears the GC can effectively limit the extent to which corporate insiders use their private information to extract rents from shareholders.
Innocence Protection in the Appellate Process

To both lay and professional observers, the most fundamental purpose of the appellate process in criminal cases is to guard against erroneous outcomes and, in particular, to guard against wrongful conviction of the innocent. 1 Lay participants in the justice system naturally expect that the appeal is the mechanism for vindicating claims of factual error in the trial courts. While lawyers and judges understand that appeals evaluate cases for procedural fairness and regularity more than factual accuracy, legal doctrine also establishes that direct appeals are indeed an integral part of the system for finally adjudicating guilt or innocence. 2 Indeed, over the past several decades the Supreme Court has increasingly emphasized that our elaborate system for appeals is intended to guard against wrongful conviction of the innocent. 3
Treaties and Public Lawmaking: A Textual and Structural Defense of Non-Self-Execution

This article advances textual and structural constitutional arguments in defense of the doctrine of non-self-executing treaties. Requiring congressional implementation of treaties that regulate matters within Congress's Article I, Section 8 powers respects the Constitution's basic separation of the legislative and executive powers. It also ensures that treaties, which are asserted to be free from the Constitution's federalism and the separation of powers limitations, will not assume an unbounded legislative power, and it promotes the Constitution's principle that domestic legislation be made by democratic processes. The paper criticizes the position that the Supremacy Clause's text requires automatic judicial enforcement of treaties as too simple and inconsistent with practice both in the treaty area and in the enforcement of federal statutory and constitutional provisions. The paper also replies to responses to Globalism and the Constitution.
On the Hicks–Allen Definition of Complements and Substitutes with Discrete Changes in Prices

For discrete price changes, compensated cross-price effects for two goods need not be equal if the household consumes three or more goods. In this paper I ask whether compensated cross-price effects must have the same sign even if they differ in magnitude. I show that with three or more goods, the answer to this question is ‘no’. For discrete price changes, with more than two goods, the signs of the compensated cross-price effects for two goods can differ depending on which price changes. Hence, the Hicks–Allen definition of complements and substitutes can also differ depending on which price changes.
Property Assessments and Information Asymmetry in Residential Real Estate

This paper presents a game theoretic model of property tax assessment that allows a tax appraiser to either choose a high or a low assessment. The owner either accepts or challenges this assessment...
Does the Statutory Overtime Premium Discourage Long Workweeks

Using a pooled data set consisting of 20 annual observations on each of 11 major industry groups, the author estimates the effects of overtime pay regulation on weekly work schedules. In an analysis that controls for workweek trends within industries, the sharp expansions in overtime pay coverage resulting from legislative amendments and Supreme Court decisions are found to have had no discernible impact on overtime hours. This finding is consistent with a model of labor market equilibrium in which straight-time hourly wages adjust to neutralize the statutory overtime premium.
Justice for Janitors in Los Angeles: Lessons from three rounds of negotiations

We examine an important recent organizing success of the US labour movement: the ‘Justice for Janitors’ campaign in Los Angeles. This campaign has spanned a complete business cycle and shows the union’s capacity for growth over time. It illustrates the potential for unions to overcome pro–employer bias of labour laws, as well as their efficacy in appealing to the wider public. It exposes the importance of building coalitions, as well as the value of union analysis of legal, industrial, and political conditions. Our analysis suggests conditions under which unions might survive and thrive in the service sector in the twenty–first century.
The New Industrial Organization and Small Business

The small business sector is an important part of the American economic landscape, in both absolute and relative terms. Despite its absolute growth, however, the sector accounts for a diminishing share of private sector activity. But its importance, and changes in importance, vary across industrial sectors of the economy. Drawing on the theoretical and empirical insights developed in recent books by John Sutton, we suggest that the presence or absence of endogenous strategic behaviors of the larger firms with respect to advertising, promotion, research and development, and other sunk cost expenditures may well play an important role in explaining the differing levels of small business importance, both cross-sectionally and over time. We conclude the paper with suggestions for research directions that could shed further light on these ideas.
Toward a "New" New Haven School of International Law?

We are currently in an era when the divergent methodologies of international law scholarship and the very idea that international norms might play a useful role are hotly contested. The debate about international law's impact, relevance, and role in the world has become increasingly intense as a particular version of rational choice theory, dressed up as non-normative empirical political science, has sought to advance a crabbed view of international law and to limit its influence. Scholars adhering to this view have argued that nation-state self-interest both is and should be the primary reason for forming and enforcing international law; that executive branches within states are the most legitimate agents for making and interpreting this law; and that international law has limited impact in the world. Against this backdrop, the need to define an alternative approach and call it a school becomes important because ideas advanced as part of a broader collective framework may wield more power and have greater impact. Many scholars seek to defend international law and have used a variety of methodological approaches to do so. A younger generation of international law scholars educated at Yale Law School or deeply engaged with ideas developed in New Haven have been at the forefront of these efforts. This Commentary suggests that the work of this younger generation share a number of important features that might qualify it as a new school of thought about international law - and interestingly, these features echo aspects of the original New Haven School.
The Revealed Preference Theory of Stable and Extremal Stable Matchings

We investigate the testable implications of the theory of stable matchings. We provide a characterization of the matchings that are rationalizable as stable matchings when agents' preferences are unobserved. The characterization is a simple nonparametric test for stability, in the tradition of revealed preference tests. We also characterize the observed stable matchings when monetary transfers are allowed and the stable matchings that are best for one side of the market: extremal stable matchings. We find that the theory of extremal stable matchings is observationally equivalent to requiring that there be a unique stable matching or that the matching be consistent with unrestricted monetary transfers.
Fixing Section 409A: Legislative and Administrative Options

This symposium contribution to the Villanova Law Review describes the legislative calamity that is section 409A of the Internal Revenue Code. Section 409A manages, all at once, to (i) fail to better neutralize the tax treatment of deferred compensation with that of current compensation, (ii) impose significant compliance costs on sophisticated taxpayers, and (iii) provide a dangerous trap for unsophisticated taxpayers. Ideally, Congress should repeal section 409A and replace it with a system that taxes deferred compensation more neutrally vis-a-vis current compensation. Failing that, Congress should either replace section 409A with a broad grant of authority to the Treasury and IRS to strengthen the constructive receipt and economic benefit doctrines or amend section 409A to limit its scope to employee compensation paid by public companies. If Congress fails to act, the Treasury should interpret the term “compensation” as used in section 409A to include only compensation paid by public companies to their employees or directors. This arguably counter-textual interpretation of the statute creates the potential for whipsaw of the IRS by nonpublic companies and their employees, but this problem is outweighed by the benefits from cleaning up section 409A.
Saving Biodiversity at the Crossroads of the Americas

This article (produced following the December 2007 Study Space workshop in Panama City, Panama) examines the status of the so-called "reverted areas" in Panama, meaning the lands that reverted to the Panamanian nation when it assumed control over the Panama Canal. The reverted areas are biological hot spots and until were relatively untouched while under US military control. New development pressures threaten their biological and environmental integrity, however. The article therefore looks at international and domestic legal instruments that might be used to assure their long-term biological integrity and environmental health.
Large-sample, quantitative research designs for comparative law?

A substantial body of comparative legal scholarship considers statements applicable to large, conceptually infinite numbers of countries. Such statements gain in credibility if they are supported by evidence from large samples of countries. Processing such vast evidence requires quantitative methods. Designing the requisite numerical measures of law is not straightforward, but an important insight from statistics suggests that this problem can be overcome by appropriate research design. While in practice considering more countries comes at the expense of less information per country, on balance large sample, quantitative research designs promise to yield interesting insights for comparative law.
Commitment, Risk, and Consumption: Do Birds of a Feather Have Bigger Nests?

Abstract Consumption commitments—goods like housing for which adjustment is costly—change the relationship between risk and consumption. Commitment provides a motive to reduce consumption when possible future losses are too small to warrant adjustment but not when losses are large enough that adjustment would be worthwhile. This implies conditions under which mean-preserving increases in risk can increase housing consumption. Our empirical evidence exploits the interaction of these conditions with a novel proxy for unemployment risk: couples sharing an occupation. Consistent with our model, same-occupation couples consume more housing only when adjustment costs are high and potential losses are sufficiently large.
Oligopoly, Disclosure, and Earnings Management

ABSTRACT: We examine how biased financial reports (managed earnings) affect product market competition and how product market competition affects incentives to bias financial reports in a model with fully rational firms. We find that Cournot competitors bias their reports to create the impression that their costs are lower than they actually are. This bias leads to lower total production and a higher product price, even though each firm fully understands its rival’s incentives to bias its financial reports. The magnitude of the bias is larger when firms compete in more profitable product markets and smaller when the firm can extract more information about its rival’s costs from its own. When the costs of misreporting are asymmetric, the lower-cost firm engages in more earnings management than its rival, produces more than it would in a full-information environment, and earns greater profits. Our analysis leads to new, testable relations among earnings management, reported and actual earnings, and industry...
Envisioning the Modern American Fiscal State: Progressive-Era Economists and the Intellectual Foundations of the U.S. Income Tax

At the turn of the twentieth century, the U.S. system of public finance underwent a dramatic, structural transformation. The late nineteenth-century system of indirect taxes, associated mainly with the tariff, was eclipsed in the early decades of the twentieth century by a progressive income tax. This shift in U.S. tax policy marked the emergence of a new fiscal polity - one that was guided not simply by the functional and structural need for government revenue but by concerns for equity and economic and social justice. This Article explores the paradigm shift in legal and economic theories that undergirded this dramatic shift in U.S. tax policy. More specifically, this Article contends that a particular group of academic economists played a pivotal role in supplanting the benefits theory of taxation, and its concomitant vision of the state as a passive protector of private property, with a more equitable principle of taxation based on one's ability to pay - a principle that promoted a more active role for the state in the distribution of fiscal burdens. In facilitating this structural transformation, these theorists were able to use the growing concentration of wealth and the ascendancy of new economic ideas as justifications for using a progressive income tax to reallocate the burdens of financing the burgeoning American regulatory, administrative, and welfare state.
Are Voluntary Agreements Better? Evidence from Baseball Arbitration

This study empirically examines the widespread belief that voluntarily negotiated agreements produce better long-run relationships than do third-party imposed resolutions, such as arbitrator decisions or court judgments. Major League Baseball provides a compelling setting for these analyses because individual performance is well measured, there is the possibility of relationship breakdown, and both voluntary and arbitrator-imposed resolutions routinely occur. Two key outcomes are analyzed: post-resolution player performance and the durability of the club–player relationship. Multivariate analyses of 1,424 salary renegotiations fail to find significant differences in subsequent player performance, but voluntary resolutions are associated with more durable post-resolution club–player relationships.
The Effects of Succession Choice Surrounding CEO Turnover Announcements: Evidence from Marathon Successions

This study examines marathon successions, which I define as top executive searches that are extended past the formal departure notice of the incumbent chief executive officer (CEO). Marathons should be used when search costs are high and when little time passes from when the incumbent steps down to when they leave the firm. Consistent with these predictions, marathons primarily follow surprise departures and forced turnovers. Marathons are also likely for firms operating in heterogeneous industries that face early tenure incumbent departures. These findings shed light on an increasingly prevalent form of succession and provide insight into the rationale and implications behind the announcement.
Future directions in the treatment of anxiety disorders: an examination of theory, basic science, public policy, psychotherapy research, clinical training, and practice

This article represents a transcribed roundtable discussion on anxiety disorders that took place at the 1998 Society for Psychotherapy Research in Snowbird, Utah. Eminent experts in the field of anxiety disorders took part in a discussion that focused on issues related to theory, basic science, public policy, therapy research, clinical training, and practice. Important topics addressed by the panel included the role of theory in research and clinical practice, the importance of psychopharmacological interventions, efficacy versus effectiveness research, the impact of public policy on research advancement, and the interface between basic science, research, and clinical practice.
Superfluid 3He in Aerogel

Superfluid 3He is an unconventional neutral superfluid in a p-wave state with three different superfluid phases, each identified by a unique set of characteristic broken symmetries and nontrivial t...
The notion of ‘objects’ during cyber operations: a riposte in defence of interpretive and applicative precision

This article responds to the two articles published in this journal that criticise the approach taken by the International Group of Experts (IGE) who prepared the Tallinn Manual on the International Law Applicable to Cyber Warfare. Their authors took issue with the approach of the majority of the IGE over the question of whether data qualifies as an ‘object’ under international humanitarian law such that, for instance, cyber operations that target civilian data violate the prohibition on attacking civilian objects. The majority of the experts took the position that the law had not advanced that far and that pre-existing law could not be definitively interpreted to encompass data within the meaning of ‘objects’. In this article, the Director of the Tallinn Manual Project responds to the authors' criticism of the majority view by explaining and clarifying its reasoning.
The Politically Active Church

Churches that exist as 501(c)(3) tax-exempt entities are prohibited by the Internal Revenue Code from engaging in political candidate support activities. This article proposes that a church could form a sister 501(c)(4) organization to engage in those candidate activities.
Personalized Disclosure by Information-on-Demand: Attending to Patients' Needs in the Informed Consent Process:

Obtaining informed consent has typically become a stylized ritual of presenting and signing a form, in which physicians are acting defensively and patients lack control over the content and flow of information. This leaves patients at risk both for being under-informed relative to their decisional needs and of receiving more information than they need or desire. By personalizing the process of seeking and receiving information and allowing patients to specify their desire for information in a prospective manner, we aim to shift genuine control over the informational process to patients. A new paradigm of Information on Demand, such as we suggest, would also enhance legal certainty, achieve greater congruence between the information patients want and the information they receive, and promote more meaningful patient-physician interactions, a desirable outcome that has been difficult to achieve by other means.
Out-Beale-ing Beale

In response to the 1991 Supreme Court decision resuscitating the presumption against extraterritoriality [hereinafter “PAE” or “presumption”], EEOC v. Arabian American Oil Co. (Aramco), Larry Kramer described the presumption as an anachronism—a throwback to the strict territorialist approach to choice of law that prevailed before the mid-Twentieth Century but has been mostly abandoned since then. The title of his scathing article, Vestiges of Beale, referred to Joseph Beale, the Harvard Law professor and reporter of the First Restatement of Conflict of Laws, whose since-discredited theories underlay that Restatement’s approach to choice of law. In the cases since Aramco, the Court has strengthened and expanded the presumption. With its decision in RJR Nabisco v. European Community, it is fair to say, the Court has out-Beale’d Beale.
FOREWORD: THE POLITICS OF HEALTH LAW: ANY TIPPING POINTS IN VIEW?

Malcolm Gladwell explored the way ideas and behaviors can proliferate "just like viruses do" once they achieve a critical mass in The Tipping Point, his best-seller about widespread and rapidly-adopted social phenomena he labels epidemics. Gladwell's subtitle, "How Little Things Can Make a Big Difference," indicates that he does not think it has to take much to get one of these social epidemics rolling. He does believe, however, that three factors are essential: getting "people with a particular and rare set of social gifts" involved, packaging the ideas so they are "irresistible" under the circumstances, and making sure that both the right people and the right presentation can be deployed in the perfect context for change. That usually means inheriting or creating a situation where one can "tinker with the smallest details of the immediate environment" to unleash the idea's potential for reaching a tipping point, and thus morphing into an epidemic leading to change. This Foreword analyzes the six articles in this Symposium on The Politics of Health Law in light of Tipping Point Theory, concluding that only the Schiavo controversy, among articles also dealing with palliative care, organ and tissue donation from children, structural change in the health sector, medical tourism and outsourcing, and The Health Care Choice Act of 2005, seems near to achieving Tipping Point momentum at the present time.
Ambivalence About Interpersonal Problems and Traits Predicts Cross-Situational Variability of Social Behavior.

Multiple theoretical perspectives suggest that maladjusted personality is characterized by not only distress, but also opposing or "ambivalent" self-perceptions and behavioral lability across social interactions. However, the degree to which ambivalence about oneself predicts cross-situational variability in social behavior has not been examined empirically. Using the interpersonal circumplex (IPC) as a nomological framework, the present study investigated the extent to which endorsing opposing or "ambivalent" tendencies on IPC measures predicted variability in social behavior across a range of hypothetical interpersonal scenarios (Part 1; N = 288) and naturalistic social interactions (Part 2; N = 192). Ambivalent responding for interpersonal problems and traits was associated with measures of distress, maladaptive interpersonal tendencies, and greater variability of social behavior across both hypothetical and daily social interactions, though more consistently for interpersonal problems. More conservative tests suggested that ambivalence predicted some indexes of behavioral variability even when accounting for mean levels and squared means of social behaviors, vector length, gender, and depressive symptoms. Results suggest that processes theorized as typifying personality disorder may apply more broadly to personality maladjustment occurring outside of clinical samples.
Differential Investors’ Response to Restatement Announcements: An Empirical Investigation

When firms announce a restatement of their financial reports, they inform investors that their prior announcements were faulty. Not only do companies lose credibility at times such as this but also their securities are revalued as investors respond to the substance of the announcement. We investigate investor size to understand how large and small investors differ in their responses to restatement announcements. Our results indicate that large investors seemingly anticipate the announcement; their holdings decrease before restatement announcements; consequently large investors trading after announcements is less pronounced than for smaller investors. The response of small investors depends on who has prompted the restatement: the company itself, FASB or the SEC and not on the reason for the restatement such as problems with revenue recognition, restructuring or cost/expense. Large investor trading volume is affected by both the source of the restatement and the reason for it. Large investors seem to anticipate potential problems, and sell securities before restatement announcements.
Intra-Jurisdictional Tax Competition

While much has been written about inter-jurisdictional competition for tax revenues, especially concerning the choice between harmonization and competition, the literature has largely ignored intra-jurisdiction issues. The few articles examining this issue focus on how lower level governmental entities react to the tax decisions of a national government. However, in some instances, multiple co-equal taxing authorities might share the same base. These bodies face a dilemma over whether to harmonize their policies or to compete. We present a simple model of revenue maximizing tax authorities and derive the conditions under which harmonization dominates competition.
Rule Selection in the Case of Israel's Naval Blockade of Gaza: Law of Naval Warfare or Law of the Sea?

The Israeli Navy enforcement of a blockade against Gaza, and the interdiction of the Mavi Marmara on 31 May 2010, raises the issue of whether or how the law of naval warfare applies in the struggle between Israel and Gaza. The law of blockade arose originally as a feature of international armed conflicts (IACs). If the Gaza conflict constitutes IAC, then the law of blockade applies. If, however, the Gaza conflict constitutes a non-international armed conflict (NIAC), the application of the law of blockade is less clear. While blockade originated as a legal concept in IAC, usage, state practice and opinio juris have caused it to migrate into NIAC. The analogy of the American Civil War offers clues for solving this riddle. The US experience suggests that if Gaza were regarded as a sovereign state, then a state of war—IAC—would exist between Israel and Gaza. In such case, there is no doubt that the imposition of blockade is lawful. But this determination places Israel in the same dilemma experienced by the Union during the Civil War. If Israel avails itself of the right to blockade Hamas, is it also willing to grant Hamas lawful belligerent status? If the law of blockade does not apply in the case of the Israeli armed struggle with Gaza because Gaza is not a ‘state’, then this determination produces the absurd result that a nation may defend itself using a lawful instrument recognized by the law of armed conflict in fighting another state, but must voluntarily forgo the option if confronted with an equally powerful entity that does not meet the legal definition. Consequently, the law of blockade applies in the case of Gaza because there is no other rule set that appropriately balances the interests of the belligerents and neutrals.