cssi/SciSciGPT-SciSciNet huggingface dataset:
Timely Detection and Mitigation of Stealthy DDoS Attacks Via IoT Networks

Internet of Things (IoT) networks consist of sensors, actuators, mobile and wearable devices that can connect to the Internet. With billions of such devices already in the market which have significant vulnerabilities, there is a dangerous threat to the Internet services and also some cyber-physical systems that are also connected to the Internet. Specifically, due to their existing vulnerabilities IoT devices are susceptible to being compromised and being part of a new type of stealthy Distributed Denial of Service (DDoS) attack, called Mongolian DDoS, which is characterized by its widely distributed nature and small attack size from each source. This article proposes a novel anomaly-based Intrusion Detection System (IDS) that is capable of timely detecting and mitigating this emerging type of DDoS attacks. The proposed IDS’s capability of detecting and mitigating stealthy DDoS attacks with even very low attack size per source is demonstrated through numerical and testbed experiments.
TopologyGAN: Topology Optimization Using Generative Adversarial Networks Based on Physical Fields Over the Initial Domain

In topology optimization using deep learning, load and boundary conditions represented as vectors or sparse matrices often miss the opportunity to encode a rich view of the design problem, leading to less than ideal generalization results. We propose a new data-driven topology optimization model called TopologyGAN that takes advantage of various physical fields computed on the original, unoptimized material domain, as inputs to the generator of a conditional generative adversarial network (cGAN). Compared to a baseline cGAN, TopologyGAN achieves a nearly $3\times$ reduction in the mean squared error and a $2.5\times$ reduction in the mean absolute error on test problems involving previously unseen boundary conditions. Built on several existing network models, we also introduce a hybrid network called U-SE(Squeeze-and-Excitation)-ResNet for the generator that further increases the overall accuracy. We publicly share our full implementation and trained network.
Mean Reversion and Consumption Smoothing

Most models of the evolution of wealth and consumption assume that wealth volatility and risk premium are constant. But in fact, volatility declines, and risk premium seems to decline, as wealth rises. A model that allows mean reversion in the sense that the risk premium declines as wealth rises can help explain both the "consumption smoothing puzzle" and the "equity premium puzzle." In an example of such a model that gives us an analytic solution, direct and derived risk aversion are both constant, but differ. Article published by Oxford University Press on behalf of the Society for Financial Studies in its journal, The Review of Financial Studies.
Induction: From Kolmogorov and Solomonoff to De Finetti and Back to Kolmogorov

This paper compares the solutions to “the induction problem” by Kolmogorov, de Finetti, and Solomonoff. Brief sketches of the intellectual history of de Finetti and Kolmogorov are also composed. Kolmogorov's contributions to information theory culminated in his notion of algorithmic complexity. The development of algorithmic complexity was inspired by information theory and randomness. Kolmogorov's best-known contribution was the axiomatization of probability in 1933. Its influence on probability and statistics was swift, dramatic, and fundamental. However, Kolmogorov was not satisfied by his treatment of the frequency aspect of his creation. This in time gave rise to Kolmogorov complexity. De Finetti, on the other hand, had a profound vision early in his life which was encapsulated in his exchangeability theorem. This insight simultaneously resolved a fundamental philosophical conundrum—Hume's problem, and provided the bricks and mortar for de Finetti's constructive probabilistic theory. Most of his subsequent research involved extensions of his representation theorem. De Finetti was against determinism and celebrated quantum theory, while Kolmogorov was convinced that in every seemingly indeterministic manifestation there lurked a hidden deterministic mechanism. Solomonoff introduced algorithmic complexity independently of Kolmogorov and Chaitin. Solomonoff's motivation was firmly focused on induction. His interest in induction was to a marked extent sparked by Keynes’ 1921 seminal book. This interest in induction has never faltered, remaining prominent in his most recent research. The decisive connection between de Finetti and Kolmogorov was their lifelong interest in the frequency aspect of induction. Kolmogorov's solution to the problem was algorithmic complexity. De Finetti's solution to his frequency problem occurred early in his career with the discovery of the representation theorem. In this paper, we try to explain these solutions and mention related topics which captured the interest of these giants.
The Agency Class Action

The number of claims languishing on administrative dockets has become a new “crisis” — producing significant backlogs, arbitrary outcomes and new barriers to justice. Coal miners, disabled employees, and wounded soldiers sit on endless waitlists to appeal the same kinds of administrative decisions that frequently result in reversal. Refugees seeking asylum from the same country play a dangerous game of “roulette” before arbitrary decisionmakers. Defrauded consumers and investors miss out on fair compensation, as agencies settle the same claims with wrongdoers without victim participation or meaningful judicial oversight. Reformers have called for new resources, more administrative law judges and improved attorney fee arrangements. But surprisingly, commentators have largely ignored tools long used by courts to resolve common claims raised by large groups of people: the class action and other complex litigation procedures. Almost no administrative law process allows groups to aggregate and resolve common claims for relief. As a result, in a wide variety adjudicatory proceedings, administrative agencies routinely (1) waste resources on repetitive cases, (2) reach inconsistent decisions for the same kinds of claims, and (3) deny individuals access to the affordable representation that aggregate procedures otherwise promise. Moreover, procedural and substantive hurdles — including exhaustion of administrative remedies and judicial deference to agency expertise — often prevent federal courts from providing class-wide relief to parties in agency adjudications.We argue that agencies themselves should adopt aggregation procedures, like those under Rule 23 of the Federal Rules of Civil Procedure, to adjudicate common claims raised by large groups of people. After surveying the current tools by which agencies could promote more efficiency, consistency and legal access — including rulemaking, stare decisis, attorneys fees and federal court class actions — we find agency class action rules more effectively resolve common disputes by: (1) efficiently creating ways to pool information about recurring problems and enjoin systemic harms; (2) achieving greater equality in outcomes than individual adjudication; and (3) securing legal and expert assistance at a critical stage in the process. In this way, The Agency Class Action represents a new kind of decision-making for administrative agencies — a blend of adjudication and rulemaking for large groups of people who similarly depend upon the administrative state for relief.
Measuring the market response to going concern modifications: the importance of disclosure timing

Auditor going concern modifications (GCMs) are intended to provide market participants with information related to financial distress, and prior research suggests that the disclosure of a GCM elicits a substantial negative market reaction from investors. In this study, we investigate the market reaction to GCMs in a contemporary disclosure regime and consider whether the observed market reaction is confounded by other material disclosures. We find that the majority of GCMs are issued concurrently with earnings announcements (EAs) and that EAs in the year of new GCMs elicit large negative cumulative abnormal returns (CARs). We also find that CARs surrounding GCMs are significantly more negative when GCMs are disclosed with EAs versus following EAs. We then evaluate whether GCMs convey distress that is incremental to EA disclosures by measuring i) the market reaction to GCMs disclosed following EAs, and ii) whether EA CARs are substantially more negative for companies disclosing GCMs with EAs as opposed to after EAs. In both cases, we find that the incremental market response to GCMs is statistically weak and much smaller in economic magnitude than is suggested by prior research. Finally, we find that management disclosures in EAs, rather than the presence of a GCM, appear to convey information that investors use to anticipate bankruptcy. Taken together, these findings suggest that GCMs are confounded by other significant disclosures and that the informational benefits of GCM reporting are significantly smaller than previously thought.
Optimal Equity Stakes and Corporate Control

I show that firms may optimally sell blocks of their own equity to other firms in anticipation of future corporate control activity. In the model, a target and one potential acquirer, who may also be an alliance partner, can negotiate before synergy values are learned. I find that equity implements an optimal mechanism, allowing the partners to extract surplus from outside bidders who may arrive later. The stake is limited by the outsiders' willingness to investigate. The results imply that corporate control may motivate an equity sale even when no takeover activity is apparent at the time or occurs ex post.
Cattle cycles, heterogeneous expectations and the age distribution of capital

Abstract This paper builds a dynamic forward-looking model describing the approximate 10-year cattle cycle. The theoretical model improves on existing models by (1) keeping track of the age distribution of the capital stock, (2) allowing for heterogeneous expectations, and (3) recognizing that cow–calf operators make investment decisions on both the cow and calf margins. The structural parameters are estimated with GMM techniques and used to produce impulse response functions which show that the model endogenously propagates shocks to produce 10-year cattle cycles without relying on shocks that hit every 10 years. Focusing solely on several major macroeconomic shocks, I also show that the model is capable of matching the timing and amplitude of the U.S. cattle cycle.
Aid to the Services Sector : Does It Affect Manufacturing Exports?

This paper evaluates the impact of foreign aid to five service sectors (transportation, information and communications technologies, energy, banking/financial services, and business services) on exports of downstream manufacturing sectors in developing countries. To address the reverse causality between aid and exports, the analysis relies on an original identification strategy that exploits (i) the variation of aid flows to service sectors, and (ii) the variation of service-intensities across industrial sectors and countries using input-output data. The authors find a positive effect of aid to services, in general, on downstream manufacturing exports of developing countries across regions and income-level groups.
American Exceptionalism and National Identity

Historians are generally hostile to the idea of “American exceptionalism.” The history of American exceptionalist discourse, however, illuminates an ongoing process of identity formation as Americans have sought to determine the place of their nation in the larger world. This article focuses on the provincial Anglo-American sources of exceptionalist discourse and emphasizes Britain’s continuing centrality to national identity through the nineteenth century. Although the debate over who “we” are will never be definitively resolved, the debate itself is vitally important in sustaining the legitimacy and capacity of the regime.
The Challenge of Comparative Civil Procedure

This Review Essay, solicited by the Alabama Law Review, reviews "Civil Litigation in Comparative Context" (West 2007), by Oscar G. Chase, Helen Hershkoff, Linda Silberman, Yasuhei Taniguchi, Vincenzo Varano, and Adrian Zuckerman. It also identifies some areas of exceptionalist American civil procedure that recently have been converging towards global norms and argues that those convergences, if they continue, could render comparative studies particularly meaningful.
Urban Enterprise Zones: Do They Work? Evidence From New Jersey

Budgetary pressures have made it necessary to consider the effectiveness of urban enterprise zones. These geographically targeted tax incentives programs are widespread. But whether and to what extent these programs spur economic development is not known. The article presents an evaluation of urban enterprise zones in New Jersey in terms of costs and economic impacts, including industrial output, tax revenue, and job creation.
Capital controls, competitive depreciation, and the technological frontier

Abstract This paper considers the internal and external welfare effects of international capital controls and real exchange rate undervaluation in a multi-country setting. I present a dynamic open-economy macro model with an endogenously determined rate of interest on internationally traded assets. All countries produce tradable and nontradable goods using technology that converges over time to a global frontier. The model quantifies the welfare effects of the unilateral implementation of capital controls that depreciate the real exchange rate in economies both already at and converging to the technological frontier. For developing economies, I demonstrate that such government interventions may constitute “beggar-thy-neighbor” policies.
Prejudicial Character Evidence: How the Circuits Apply Old Chief to Federal Rule of Evidence 403

It is a fundamental principle of the American justice system that a defendant should be judged on the facts of the case at issue and not for the defendant’s general character or past discretions. Federal Rule of Evidence 404, which prohibits character evidence, addresses this issue. Rule 403 represents another principle of the justice system: the legal system favors admissibility of evidence over its exclusion. There are some exceptions to this principle, including when evidence is so highly prejudicial that it outweighs the benefits of its admission. Since 404(b) character evidence is almost always highly prejudicial to the defendant, trial judges are often asked to use their discretion to decide when to admit 404(b) evidence. The lower courts have often been inconsistent when applying Rule 403 to 404(b) evidence. Understanding when to admit or exclude 404(b) evidence becomes more complicated when the defendant offers to concede to a point so that the prosecution does not need to introduce 404(b) evidence in order to prove it. In Old Chief v. United States, the U.S. Supreme Court addressed this issue. The holding, however, was narrowly tailored to its facts and provided little guidance in other cases. In addition, the Court introduced new concepts for trial judges to consider when deciding whether to admit 404(b) evidence. This Note examines the discrepancies in lower courts’ methods for admitting 404(b) evidence in light of Old Chief and offers a unifying and comprehensive test for trial judges to use when faced with this issue.
Multiparty Government, Fiscal Institutions, and Public Spending

A large body of research has claimed that budget making by multiparty governments constitutes a “common pool resource” (CPR) problem that leads them to engage in higher levels of spending than single-party governments and, further, that this upwards fiscal pressure increases with the number of parties in the coalition. We offer a significant modification of the conventional wisdom. Drawing on recent developments in the literature on coalition governance, as well as research on fiscal institutions, we argue that budgetary rules can mitigate the CPR logic provided that they (1) reduce the influence of individual parties in the budget process and (2) generate endogenous incentives to resist spending demands by coalition partners. Our empirical evaluation, based on spending patterns in 15 European democracies over nearly 40 years, provides clear support for this contention. Restrictive budgetary procedures can eliminate the expansionary fiscal pressures associated with growing coalition size. Our conclusions ...
From Aiding Pirates to Aiding Human Rights Abusers: Translating the Eighteenth-Century Paradigm of the Law of Nations for the Alien Tort Statute

The Alien Tort Statute [ATS], alternately hailed as a potent weapon for human rights and a threat to developing nations and American corporate interests alike, was secured a second act by the Supreme Court's 2004 decision in Sosa v. Alvarez-Machain. The Sosa decision confirmed the ATS as actionable, but restricted its application to offenses comparable to the features of the eighteenth-century paradigms, offenses against ambassadors, violations of safe conduct and piracy, that Congress had in mind when it enacted the ATS. Whether aiding and abetting liability is available under the ATS remains a live issue. This Note analyzes Sosa's historical paradigm, examining whether aiding and abetting liability was available for the archetypical violation of the law of nations: piracy. It concludes that aiding and abetting liability for piracy was available and common in English and American law from the sixteenth century to the eighteenth century. The Note outlines the theories of aiding and abetting piracy and applies those theories to contemporary human rights problems. This Note is in draft form and is forthcoming in the Yale Human Rights and Development Law Journal, 2009. Please consult with the Yale Human Rights & Development Law Journal for the final version.
Factor-Loading Uncertainty and Expected Returns

Firm-specific information can affect expected returns if it affects investor uncertainty about risk-factor loadings. We show that a stock's expected return is decreasing in factor-loading uncertainty, controlling for the average level of its factor loading. When loadings are persistent, learning by investors can induce time-series variation in price-dividend ratios, expected returns, and idiosyncratic volatility, even when the aggregate risk-premium is constant and fundamental shocks are homoscedastic. Consistent with our predictions, we estimate that average annual returns of a firm with the median level of factor-loading uncertainty are 400 to 525 basis points lower than a comparable firm without factor-loading uncertainty. The Author 2012. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oup.com., Oxford University Press.
Disrupting Education Federalism

The ongoing expansion of federal influence over education in the United States provides a particularly salient time to consider how education federalism should be structured to achieve the nation’s education goals. One of the nation’s unfulfilled and yet essential education goals is to ensure that all students receive equal access to an excellent education. A variety of scholars and, most recently, the federal Equity and Excellence Commission have offered proposals for advancing this goal. By building on this growing momentum for reform, I argue that disrupting the nation’s longstanding approach to education federalism—which I define as the balance of power between federal, state, and local governments that emphasizes substantial state autonomy over education— is necessary for a successful national effort to achieve this goal. I then provide a foundational theory for strengthening the federal role in education by analyzing the essential elements of a successful reform effort based upon research regarding the strengths of federal education policymaking and upon identification of the missing elements of current reforms. Finally, I respond to many of the potential arguments against disrupting education federalism. For instance, I argue that National Federation of Independent Business v. Sebelius continues to provide ample room for Congress to expand the federal role in education in ways that are needed to build a more equitable education system. I also explain that although strengthening the federal role in education will reduce some forms of state and local control over education, it also will provide states and localities new forms of control.  Professor of Law, University of Richmond School of Law. I am thankful for the insightful comments from Margaret Bacigal, Tara Casey, Jessica Erickson, Jim Gibson, Meredith Harbach, Joyce Janto, William Koski, Corinna Lain, Martha Minow, Daniel Murphy, Eloise Pasachoff, Wendy Perdue, James Ryan, and Kevin Walsh. I also received excellent research assistance from Nick Dantonio, Adam Pratt, Jon Phenix, and Kathleen Travis. Many thanks also to Dean Wendy Perdue for her support of research assistance for this project. Washington University Open Scholarship 960 WASHINGTON UNIVERSITY LAW REVIEW [VOL. 92:959
Standing on the Shoulders of Giants: The Effect of Passive Investors on Activism

We analyze whether the growing importance of passive investors has influenced the campaigns, tactics, and successes of activists. We find activists are more likely to pursue changes to corporate control or influence (e.g., via board representation) and to forego more incremental changes to corporate policies when a larger share of the target company’s stock is held by passively managed mutual funds. Furthermore, higher passive ownership is associated with increased use of proxy fights and a higher likelihood the activist obtains board representation or the sale of the targeted company. Overall, our findings suggest that the increasingly large ownership stakes of passive institutional investors mitigate free-rider problems associated with certain forms of intervention and ultimately increase the likelihood of success by activists.
Testing Asymmetric-Information Asset Pricing Models

We provide evidence for the importance of information asymmetry in asset pricing by using three natural experiments. Consistent with rational expectations models with multiple assets and multiple signals, we find that prices and uninformed demand fall as asymmetry increases. These falls are larger when more investors are uninformed, turnover is larger and more variable, payoffs are more uncertain, and the lost signal is more precise. Prices fall partly because expected returns become more sensitive to liquidity risk. Our results confirm that information asymmetry is priced and imply that a primary channel that links asymmetry to prices is liquidity. (JEL G12, G14, G17, G24) Theoretical asset pricing models routinely assume that investors have heterogeneous information. The goal of this article is to establish the empirical relevance of this assumption for equilibrium asset prices and investor demands. To do so, we exploit a novel identification strategy that allows us to infer changes in the distribution of information among investors and hence to quantify the effect of information asymmetry on prices and demands. Our results suggest that information asymmetry has a substantial effect on prices and demands and affects assets through a liquidity channel. Asymmetric-information asset pricing models typically rely on a noisy rational expectations equilibrium (REE) in which prices, due to randomness in the risky asset’s supply, only partially reveal the better-informed investors’ information. Random supply might reflect the presence of “noise traders” whose demands are independent of information. Prominent examples of such models include Grossman and Stiglitz (1980), Hellwig (1980), Admati (1985), Wang (1993), and Easley and O’Hara (2004).
Protecting a Hidden Treasure: The U.N. International Law Commission and the International Law of Transboundary Ground Water Resources

Ground water is the most extracted natural resource in the world. It provides more than half of humanity's freshwater for everyday uses such as drinking, cooking, and hygiene, as well as twenty percent of irrigated agriculture. Given the world's considerable reliance on this precious resource, it is reasonable to assume that international attention to, and especially legal consideration of, ground water would be substantial. Nothing is further from the truth. Despite the growing dependence, legal and regulatory attention to ground water resources have long been secondary to surface water, especially among legislatures and policymakers and above all in the international arena. Today, while there are hundreds of treaties governing transboundary rivers and lakes, there is only one international agreement that directly addresses a transboundary aquifer. Recently, the United Nations International Law Commission embarked on an effort to address this shortcoming and to consider the international law applicable to transboundary ground water resources. This undertaking follows and builds on the Commission's work on international watercourses, which culminated in 1997 in the U.N. Convention on the Non-Navigational Uses of International Watercourses. This paper reviews the work of the Commission in its present effort to codify and progressively develop the international law applicable to transboundary ground water resources. It begins with a short background of the present work and briefly considers the applicability of the 1997 Watercourse Convention to transboundary ground water resources. It then reviews the relevant issues facing the Commission and offers commentary and analysis as appropriate.
A Tale of Two Bloggers: Free Speech and Privacy in the Blogosphere

This short essay was written for the symposium, Bloggership: How Blogs are Transforming Legal Scholarship, held at Harvard Law School on April 27-28, 2006. In this essay, Professor Solove examines Glenn Reynold's new book, An Army of Davids, which champions little guy bloggers (the Davids) who are taking on mainstream media entities (the Goliaths). Who exactly is David? We have a rather romantic conception of bloggers; we envision Eugene Volokh, but most bloggers are probably more akin to Jessica Cutler, the U.S. Senate staffer who blogged about sex gossip. The average blogger is a teenager writing an online diary, not a scholar or amateur journalist. We see blogging as something that enhances freedom, expression, and self-development. But when blogging places gossip online, gossip transforms from being localized and forgettable to being permanent and widespread. We might find it harder to engage in self-exploration if every false step and foolish act is chronicled forever in a permanent record. Ironically, the unconstrained flow of information on the Internet might impede our self-development and freedom. Solove argues that the law should hold bloggers to a reasonable standard of care to avoid revealing private information about others.
STRATEGIC ASSET ALLOCATION IN A CONTINUOUS-TIME VAR MODEL

Abstract This paper derives an approximate solution to a continuous-time intertemporal portfolio and consumption choice problem. The problem is the continuous-time equivalent of the discrete-time problem studied by Campbell and Viceira (Q. J. Econ. 114 (1999) 433) in which the expected excess return on a risky asset follows an AR(1) process, while the riskless interest rate is constant. The paper also shows how to obtain continuous-time parameters that are consistent with discrete-time econometric estimates. The continuous-time solution is the limit of that of Campbell and Viceira and has the property that conservative long-term investors have a large positive intertemporal hedging demand for stocks.
Trade reforms, market access, and poverty in Argentina

Much of the literature that studies the relationship between trade and poverty in developing countries focuses on the effects of national trade reforms, such as own tariff reductions. In contrast, the World Trade Organization negotiations at the Doha Round were more concerned with the poverty effects on low-income countries, and of foreign reforms, such as the elimination of agricultural subsidies in industrial economies. The author empirically compares the relative poverty impacts of national and foreign trade reforms in Argentina. The author investigates national trade reforms, including tariff cuts on consumption goods and capital goods in Argentina. Foreign trade reforms include the elimination, in industrial countries, of agricultural subsidies and trade barriers on agricultural manufactures and industrial manufactures. These policies enhance the market access of Argentine exports. Overall, a combination of own reforms and enhanced market access would cause poverty to decline by between 1.7 and 4.6 percentage points. This evidence suggests that trade policies can be important poverty-reducing instruments in Argentina.
The Epistemic Sense of the Pedigree Thesis

Jules Coleman has shown that positivism’s pedigree thesis has a semantic sense and an epistemic sense. The semantic sense states the conditions a proposition must satisfy in order to be law. The epistemic sense constitutes a standard that can be used to identify the community’s law. In this article, I argue the epistemic sense is considerably more modest than has often been supposed. At most, it provides a means for conclusively identifying those legislative utterances that give rise to statutory law. Accordingly, it is false that the pedigree thesis provides a test for deciding even questions of settled law.
The Inclusiveness of the New Originalism

This Symposium on The New Originalism in Constitutional Law is an excellent sequel to the 1996 Fordham Law Review Symposium on Fidelity in Constitutional Theory.1 I was privileged to be a co-organizer of that conference—together with Abner Greene as well as Martin Flaherty, Robert Kaczorowski, and William Treanor—as Dean Michael Martin and Associate Dean Benjamin Zipursky have graciously recalled in their opening remarks. I also wrote an article for it.2 I want to begin by acknowledging how much the landscape of constitutional theory has changed since the Fordham Symposium on Fidelity. In 1996, it was common for originalists such as Robert Bork and Antonin Scalia to assert a monopoly on concern for fidelity in constitutional interpretation, claiming that fidelity requires following the rules laid down by, or giving effect to the relatively specific original understanding or meaning of, the Framers and ratifiers of the Constitution.3 Bork and Scalia said that the originalists are the ones who care about fidelity in constitutional interpretation, and all those other folks—the “revisionists” and “nonoriginalists”—don’t.4 The Fordham Symposium on Fidelity implicitly challenged this narrow originalist claim to a monopoly on fidelity, for it featured several competing conceptions of fidelity that were decidedly not conventional originalist conceptions: (1) Ronald Dworkin’s understanding of fidelity as pursuing
Boardroom Centrality and Firm Performance

Firms with central boards of directors earn superior risk-adjusted stock returns. A long (short) position in the most (least) central firms earns average annual returns of 4.68%. Firms with central boards also experience higher future return-on-assets growth and more positive analyst forecast errors. Return prediction, return-on-assets growth, and analyst errors are concentrated among high growth opportunity firms or firms confronting adverse circumstances, consistent with boardroom connections mattering most for firms standing to benefit most from information and resources exchanged through boardroom networks. Overall, our results suggest that director networks provide economic benefits that are not immediately reflected in stock prices.
Hedonic Wage Equilibrium: Theory, Evidence and Policy

We examine theoretically and empirically the properties of the equilibrium wage function and its implications for policy. Our emphasis is on how the researcher approaches economic and policy questions when there is labor market heterogeneity leading to a set of wages. We focus on the application where hedonic models have been most successful at clarifying policy relevant outcomes and policy effects that of the wage premia for fatal injury risk.
Say-on-Pay and the Differential Effects of Voluntary versus Mandatory Regimes on Investor Perceptions and Behavior

ABSTRACT Say-on-pay is a corporate governance mechanism through which investors cast a non-binding vote on executive compensation. The Dodd-Frank Act mandates say-on-pay for U.S. firms. Congress is...
Opening of China's Trade, Labour Market Reform and Impact on Rural Wages

Government policy in China supports urban wages at the expense of returns to farm labour. A model is developed to estimate how WTO accession and complementary labour market reform will influence factor returns in China. With WTO membership, a larger cut in manufacturing tariffs compared to agriculture will improve agriculture's terms of trade and will raise the agricultural wage. Complementary labour market reforms will further boost farm wages as labour exits agriculture in large numbers. We estimate that WTO membership and complementary labour market reforms will result in a decline in the agricultural labour force by about 25 per cent.
NFIB ’s New Spending Clause: Congress’ Limited Authority to Prevent Campus Sexual Assault Under Title IX

“Too many girls and women still confront ‘No Trespassing’ signs throughout educational institutions,” read the introduction to the Report Card of Gender Equity written twentyfive years after the passing of Title IX.1 Now, forty-three years after the passing of Title IX of the Education Amendment Act, the ‘No Trespassing’ signs have not been removed. As of 1972, females can participate in federally funded education programs—but it comes at a cost.2 A 2007 study revealed that one out of every five female college students is sexually assaulted.3 The alarming rate of sexual assault on college campuses interferes with students’ autonomy to attend a university in a non-hostile environment.
Automation and jobs: when technology boosts employment

SUMMARYWill new technologies cause industries to shed jobs, requiring novel policies to address mass unemployment? Sometimes productivity-enhancing technology increases industry employment instead. In manufacturing, jobs grew along with productivity for a century or more; only later did productivity gains bring declining employment. What changed? The elasticity of demand. Using data over two centuries for US textile, steel and auto industries, this paper shows that automation initially spurred job growth because demand was highly elastic. But demand later became satiated, leading to job losses. A simple model explains why this pattern might be common, suggesting that today’s technologies may cause some industries to decline and others to grow. Automation might not cause mass unemployment, but it may well require workers to make disruptive transitions to new industries, requiring new skills and occupations.
Reading, Writing, and Questions in Advance: Teaching English Legal History

This short essay describes and explains a teaching method with four key elements: (1) telling students in advance the questions to be discussed in the next class, (2) requiring some students to submit written answers to the questions before class, (3) assigning only short, primary source readings, (4) banning laptops, recording classes, and distributing PowerPoint slides. This method enhances the quality of class discussion and helps students appreciate the importance of careful reading of primary sources. With minor modifications, this method can also be used for modern law classes.
When Voters Pull the Trigger: Can Direct Democracy Restrain Legislative Excesses?

Direct democracy is sometimes described as a “gun behind the door,” but how do legislators react when voters pull the trigger? Leveraging the high-profile referendum defeat of a controversial law passed by the Ohio legislature, I examine how legislators respond to voter disaffection. Using interest groups to “bridge” votes before and after the election, I show that the measure's defeat induced moderation on the part of the Republican legislative majority, while leaving the behavior of opposition Democrats largely unchanged. The results suggest that direct democracy has the potential to restrain legislative excesses and alleviate polarization in state legislatures.
Sources of U.S. Economic Growth in a World of Ideas

Rising educational attainment and research intensity in recent decades suggest that the U.S. economy is far from its steady state. This paper develops a model reconciling these facts with the stability of U.S. growth rates. In the model, long-run growth arises from the worldwide discovery of ideas, which depends on population growth. Nevertheless, constant growth can temporarily proceed at a faster rate, provided research intensity and educational attainment rise steadily over time. Growth accounting reveals that these factors explain 80 percent of recent U.S. growth, with less than 20 percent coming from world population growth. (JEL O40, E10)
Beyond Self-Interest: Integrating Social Responsibility and Supply Chain Management With Human Resource Development

This article integrates concepts of social responsibility and supply chain management with human resource development. Previous research has taken a comparatively narrow view, restricted to bridging two of these three disciplines and focused only on a one-way exchange. The present article seeks a new way of thinking about human resources for supply chains, incorporating social responsibility and sustainability into a flexible model that allows organizations to respond quickly to changing conditions while attending to the “people factors” in supply chains. The authors provide practical examples demonstrating the need for the integration they propose. As such, this article not only provides valuable cross-functional insight but importantly suggests a novel approach to human resource development for supply chains.
What's So Bad About Stealing?

The moral prohibition against theft, and legal causes of action against trespass and like activities, are usually stated in absolutist terms that admit few exceptions. But application of the theft prohibition to creative goods is incomplete and unstable across industries, regions and periods. Existing economic explanations for the theft prohibition either overestimate its scope of application in creative environments or fail to specify a mechanism by which adjustments in its scope are implemented. A “power” approach that ties changes in the moral and legal treatment of “creative theft” to the distribution of formal and informal “influence capacities” across affected populations may have greater explanatory force. This broadly-applied political-economic approach derives changes in the tolerance of creative theft from the full range of formal and informal actions that may be taken by net users and net producers to facilitate or constrain the unconsented use of creative goods. Unlike conventional political-economic accounts in the copyright literature, this approach anticipates the substantial influence that dispersed net users (and allied corporate interests) have exerted historically over the development of copyright law and the especially powerful influence that net users (and allied corporate interests) currently exert over the partial demise of copyright law and associated norms in leading content markets.
Corporate Fraud and Liquidity

This article examines the implications of corporate fraud on stock liquidity. The author finds that the revelation of corporate fraud has an adverse effect on liquidity not only in the short term but also in the long term. He also finds that the complexity and severity of fraudulent activities do not further reduce liquidity; rather, the existence of fraud is what matters to investors.
A Flexible Mathematical Programming Model to Estimate Interregional Input-Output Accounts

This study implements and tests a mathematical programming model to estimate interregional, interindustry transaction flows in a national system of economic regions based on an interregional accounting framework and initial information of interregional shipments. A national input-output (IO) table, regional data on gross output, value-added, exports, imports and final demand at sector level are used as inputs to generate an interregional IO account that reconciles regional economic statistics and interregional transaction data. The model is tested using data from a multi-regional global input-output database and shows remarkable capacity to discover true interregional trade patterns from highly distorted initial estimates.
Who “Won” Libya? The Force-Diplomacy Debate and Its Implications for Theory and Policy

The debate over credit for Libya's shift away from “rogue state” policies, most especially by settling the Pan Am 103 Lockerbie terrorism case and abandoning its weapons of mass destruction (WMD) programs, is lively politically and challenging analytically. It has important implications for theories of force and diplomacy, particularly coercive diplomacy, and policy debates including such cases as Iran and North Korea. U.S. coercive diplomacy against Libya can be divided into three phases: the Reagan strategy of unilateral sanctions and military force, which largely failed; the mixed results from the more multilateral strategy of the George H.W. Bush and Bill Clinton administrations; and the substantial success achieved through the secret direct negotiations initiated along with Britain in the latter Clinton years and furthered under George W. Bush, which culminated in Libya closing down its WMD programs. These differences in success and failure are principally explained by (1) the extent of “balance” in ...
Shoaling (School of Fish) As Competitive Strategy

As firms are witnessing uncertain business conditions and more thrust is being given to agility, speed, and market responsiveness rather than scale and size, operating in a shoaling form is a desired strategy across many industries.
Sustainability, Complexity, and the Negotiation of Constraint

We are living in a moment of unprecedented complexity, when things are changing faster than our ability to comprehend them. This is a time of transition betwixt and between a period that seemed more stable and secure and a time when, many people hope, equilibrium will be restored. Awash in a sea of information that seems to have no meaning and bombarded by images and sounds transmitted by new media, many people have lost a sense of direction and purpose and long for security and stability. Stability, security, and equilibrium, however, can be deceptive, for they are but momentary eddies in an endlessly complex and turbulent flux. In the world that is emerging, the condition of complexity is as irreducible as it is inescapable. While the moment of complexity inevitably generates confusion and uncertainty, today's social, economic, political, and cultural transformations are also creating possibilities for apprehending ourselves in new ways. To understand our time, we must comprehend complexity, and to comprehend complexity, we must understand what makes this moment different from every other.
Supple networks: Preferential attachment by diversity in nascent social graphs

A preference for diversity has been identified as an important predictor of tie formation in certain networks, both social and organizational, that also exhibit a high degree of suppleness–the ability to retain their general form and character under stress (Durkheim, 1893/1997. The division of labor in society; Powell et al., 1996. Administrative Science Quarterly 116–145; Powell et al., 2005. American Journal of Sociology, 110(4), 1132–1205; Koput & Gutek, 2010. Gender stratification in the IT industry: Sex, status and social capital. Edward Elgar Publishing). Extant models of preferential attachment, based on popularity, similarity, and cohesion, meanwhile, produce exceedingly brittle networks (Albert et al., 2000. Nature, 406(6794), 378–382; Callaway et al., 2000. Physical Review Letters, 85(25), 5468–5471; Holme et al., 2002. Physical Review E, 65(2), 026107; Shore et al., 2013 Social Networks, 35(1), 116–123). A model of preferential attachment based on diversity is introduced and simulated, demonstrating that a preference for diversity can create a structure characterized by suppleness. This occurs because a preference for diversity promotes overlapping and redundant weak ties during the early stages of network formation.
A Cost-Benefit Approach to Patent Obviousness

but to encourage innovations that create more benefit to society than the cost of a patent. Whether the patent creates more benefits than costs depends on what the alternative iswhether, if the patent were not available from the very beginning, society would nonetheless have received the same invention. More precisely, because virtually every invention will eventually be independently created without a patent, the inquiry is when society would have received the same invention had a patent never been available. Before such independent invention would have offered the same invention to society, the patent reward creates benefits in the form of consumer surplus. After the time of such independent invention, the patent exacts monopoly costs in the form of deadweight loss and dissipated surplus. Determining when independent invention would have occurred, however, is a tricky inquiry because it must reconstruct a hypothetical world that entirely removes the incentives of the patent reward. If the patent had never been available, rival inventors in the patent race would not exist, and competitors holding trade secrets would not disclose them to preempt future patents. Removing these influences from the determination results in the requirements that an independent invention must be independent of the patentee, independent of the patent system, and result in a dedication of the invention to the public domain. This Article redefines the patentability standard, offering determinable criteria for courts to determine whether the availability of a patent for an invention creates more consumer benefit than the patent exacts in monopoly costs. Because patents are ultimately offered for the purpose of enhancing overall social welfare, the obviousness standard should be reconsidered to incorporate these economic calculations. Even without a change in the statute, however, many of the economic policy objectives can be incorporated through greater consideration of independent invention as a secondary consideration, reinvigorating a dormant doctrine that courts have overlooked and underutilized. 20081 ST. JOHN'S LAW REVIEW
The Outside Investor: Citizen Shareholders & Corporate Alienation

This Article explores the creation and conundrum of citizen shareholders—investors who enter the securities market primarily through employersponsored defined-contribution plans, invest in mutual or index funds, and are saving for long-term goals like retirement. Citizen shareholders are a consequence of a retirement revolution, and are the fastest growing group
Doing well by doing good—case study: ‘Fair & Lovely’ whitening cream

According to the ‘doing well by doing good’ proposition, firms have a corporate social responsibility to achieve some larger social goals, and can do so without a financial sacrifice. This research note empirically examines this proposition by studying in depth the case of ‘Fair & Lovely,’ a skin whitening cream marketed by Unilever in many countries in Asia and Africa, and, in particular, India. Fair & Lovely is indeed doing well; it is a profitable and fast-growing brand. It is, however, not doing good, and I demonstrate its negative implications for public welfare. I conclude with thoughts on how to reconcile this divergence between private profits and public welfare. Copyright © 2007 John Wiley & Sons, Ltd.