cssi/SciSciGPT-SciSciNet huggingface dataset:
Red Owl's Legacy

In the early 1960s, Joseph Hoffman, a high school graduate, baker and father of seven, sought to obtain a Red Owl grocery store franchise in Wisconsin. He entered into negotiations with Red Owl Stores, Inc. after the franchisor assured him that the $18,000 he had to invest in the franchise was sufficient. Over the course of the negotiations, Red Owl encouraged Hoffman to sell his bakery, buy a small grocery store to gain experience in the grocery business, sell his grocery store three months later, and move his family to the desired location for his Red Owl franchise. The negotiations fell apart after Red Owl raised the amount of the investment required of Hoffman beyond what he could afford. Hoffman lost his bakery business and lost the franchise that he coveted. Despite the fact that Hoffman and Red Owl had yet to enter into a contract, the Supreme Court of Wisconsin in Hoffman v. Red Owl Stores, Inc. fashioned liability for Hoffman around the doctrine of promissory estoppel. That Supreme Court decision and its aftermath are Red Owl's legacy.
Takeovers and Divergence of Investor Opinion

We test several hypotheses on how takeover premium is related to investors' divergence of opinion on a target's equity value. We show that the total takeover premium, the pre-announcement target stock price run-up, and the post-announcement stock price markup are all higher when investors have higher divergence of opinion. We obtain identical results with higher market-level investor sentiment. When divergence of opinion is higher, a firm is less likely to be a takeover target, although takeover synergy in successful takeovers is higher. Our results suggest that takeovers may play a role in explaining high contemporaneous stock prices in the presence of high divergence of investor opinion. The Author 2011. 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.
“On a Level with Dentists?” Reflections on the Evolution of Industrial Organization

This essay provides a brief overview of the evolution of the field of industrial organization from its emergence to the present, and it offers some observations about the present state of the field. While there has been considerable progress in industrial organization over time, its uphill path has not been straight.
Using IRS data to identify income shifting to foreign affiliates

Income shifting is a significant source of tax planning for U.S. corporations. We use confidential Internal Revenue Service (IRS) data to develop a firm-year measure of income shifting. Our measure captures the relative extent of U.S. multinational entity (MNE) net intercompany payments out of the United States to CFCs. Our data show that the majority of sample firms report net inbound intercompany payments on average. Sample firms report nearly $830 billion of outbound payments and over $1 trillion of inbound payments in total. Companies reporting net outbound payments are smaller and operate in high-tech industries. Supplemental analyses show that firms with outbound intercompany payments have a lower rate of IRS audit and are no more likely to be assessed additional taxes upon audit. Our study provides a measure based on publicly available data that researchers, investors, and policymakers can use to infer outbound income shifting.
From Facebook to Mug Shot: How the Dearth of Social Networking Privacy Rights Revolutionized Online Government Surveillance

Each month, Facebook‘s half billion active users disseminate over 30 billion pieces of content. In this complex digital ecosystem, they live a parallel life that, for many, involves more frequent, fulfilling, and compelling communication than any other offline or online forum. But even though Facebook users have privacy options to control who sees what content, this Article concludes that every single one of Facebook‘s 133 million active users in the United States lack a reasonable expectation of privacy from government surveillance of virtually all of their online activity. Based on Facebook‘s own interpretations of federal privacy laws, a warrant is only necessary to compel disclosure of inbox and outbox messages less than 181 days old. Everything else can be obtained with subpoenas that do not even require reasonable suspicion. Accordingly, over the last six years, government agents have ―worked the beat‖ by mining the * Professor Semitsu teaches at the University of San Diego School of Law and welcomes your feedback at semitsu@sandiego.edu. Once this Article is published, he is very unlikely to accept any friendship requests through Facebook, so please do not be offended if he refuses to give you an opportunity to poke him. He would like to thank the editors of the Pace Law Review, USD Law School Dean Kevin Cole, Kirstin Ault, and the following all-star USD Law School students for their invaluable assistance with this Article: Renee Keen, Breehan Carreon, Katherine Carlson, Michael Gilberg, Erik Johnson, and Andrew Gil. He is also grateful to the students in his Fall 2010 Media Law course, who provided some sources and feedback. Finally, he would like to thank his wife and son for their patience.
A Rage Shared by Law: Post-September 11 Racial Violence as Crimes of Passion

September 11 will long be associated with unthinkable violence. The sheer magnitude of the terrorist attacks, the visual imagery of the collapsing towers of the World Trade Center, and the extensive media attention given to the victims have defined the violence of September 11 in unitary terms. But in the aftermath of the terrorist attacks, another form of violence spread across the country: in the days and weeks after September 11, over one thousand bias incidents against Arabs, Muslims, and South Asians were reported. These incidents, including the murders of as many as *1262 nineteen people, assaults of scores of others, vandalism of homes, businesses and places of worship, and verbal harassment of countless individuals, form part of the subterranean history of September 11. While the violence of September 11 itself is largely thought to have been incomprehensible, post-September 11 hate violence is remarkable precisely because it is something we can understand. Although condemned as individual acts of criminality, the phenomenon of hate violence toward Arabs, Muslims, and South Asians is one that appeared to need little explanation; it was accepted as a regrettable, but expected, response to the terrorist attacks. As early as September 12, 2001, major newspapers reported predictions of the violence against these communities. The physical violence exercised upon the bodies of Arabs, Muslims, and South Asians has been accompanied by a legal and political violence toward these communities. In the first two years after September 11, the United States has developed a corpus of immigration law and law enforcement policy that by design or effect applies almost exclusively to Arabs, Muslims, and South Asians. These laws operate in tandem with the individual acts of physical violence that have been carried out against these same communities, thereby aiding and abetting hate violence. Taken together, the multiple assaults on the bodies and rights of Arabs, Muslims, and South Asians produce a psychological violence as well and reracialize the communities they target as "Muslim-looking" foreigners unworthy of membership in the national polity.Having occurred in a time of national tragedy, and in the wake of a far grander spectacle of violence, it is perhaps inevitable that the hate violence against Arabs, Muslims, and South Asians would receive short shrift in governmental, media, or public attention. This Article attempts to trace a genealogy of the racial violence in the aftermath of September 11, with three purposes in mind: (1) to explicate the mutually reinforcing relationship between individual hate crimes and governmental racial profiling, and the racialization they jointly effect; (2) to explore the psychological motivations for individual hate crimes against Arabs, Muslims, and South *1263 Asians, and how state-sponsored violence against these communities has reflected that psychology; and (3) to illuminate how the interrelationship among different systems of subordination serves to normalize such violence.
Measuring the returns to education nonparametrically

This article uses a nonparametric model of earnings to measure the returns to education. Under very general smoothness conditions, a nonparametric estimator reveals the true shape of the earnings profiles up to random sampling error. Thus, the nonparametric model should provide better predictions than its parametric counterpart. We find that the nonparametric model predicts very different estimated returns than standard Mincer formulations. Depending on the experience and education level, returns measured in log earnings estimated from nonparametric model can be nearly twice those obtained from the Mincer model. Finally, this article examines what structural features parametric models should include.
The Time-Varying NAIRU and its Implications for Economic Policy

The NAIRU, the unemployment rate consistent with a constant rate of inflation, is estimated, in this paper, as a parameter allowed to vary over time. Value is determined in an econometric model where the inflation rate depends on its past values, demand and supply shocks. The NAIRU estimated for the GDP deflator varies over the past forty years within 5.4 to 6.5 percent; its estimated value for the most recent quarter (1996:Q2) is 5.6 percent. The NAIRU has declined in recent years in response to global competition, immigration, other factors weakening labor's bargaining position, and the rapidly declining prices of computers and other electronics.
A Monetary Explanation for the Recession of 1797

Credit expansion by Bank of the United States in the early 1790s unleashed an investment bubble in real estate, manufacturing, and infrastructure projects. Domestic inflation created a disparity in international prices that led to a reduction in net exports and eventual specie outflow and deflation. An ensuing credit crunch brought a recession involving declines in prices and nominal GDP, the bursting of the land bubble, and a cluster of business and personal bankruptcies. We detail changes in credit, the price level, and interest rates caused by this expansion, as well investment errors that these conditions spawned.
Free Distribution or Cost-Sharing? Evidence from a Randomized Malaria Prevention Experiment

It is often argued that cost-sharing—charging a subsidized, positive price—for a health product is necessary to avoid wasting resources on those who will not use or do not need the product. We explore this argument through a field experiment in Kenya, in which we randomized the price at which prenatal clinics could sell long lasting anti-malarial insecticide-treated nets (ITNs) to pregnant women. We find no evidence that costsharing reduces wastage on those that will not use the product: women who received free ITNs are not less likely to use them than those who paid subsidized positive prices. We also find no evidence that costsharing induces selection of women who need the net more: those who pay higher prices appear no sicker than the average prenatal client in the area in terms of measured anemia (an important indicator of malaria). Cost-sharing does, however, considerably dampen demand. We find that uptake drops by 75 percent when the price of ITNs increases from zero to $0.75 (i.e. from 100 to 87.5 percent subsidy), the price at which ITNs are currently sold to pregnant women in Kenya. We combine our estimates in a cost-effectiveness analysis of ITN prices on child mortality that incorporates both private and social returns to ITN usage. Overall, our results suggest that free distribution of ITNs could save many more lives than cost-sharing programs have achieved so far, and, given the large positive externality associated with widespread usage of ITNs, it would likely do so at a lesser cost per life saved.
The shareholder wealth effects of voluntary foreign delistings: an empirical analysis

This study investigates the shareholder wealth effects of voluntary foreign delistings for the first time using a sample of US firms delisted voluntarily from Japan. Using conventional event study methodology, no significant price changes are found following the delisting events, consistent with the voluntary nature of the delistings and the public information nature of the delisting reasons cited, i.e., small number of shareholders and low trading volume for the dually-listed stocks in the host market. Nonetheless, stock prices, on average, do seem to drop gradually over time, in line with possible liquidation of the to-be-delisted stocks around the events.
Arbitrage Trading: The Long and the Short of It

We examine net arbitrage trading (NAT) measured by the difference between quarterly abnormal hedge fund holdings and abnormal short interest. NAT strongly predicts stock returns in the cross-section. Across ten well-known stock anomalies, abnormal returns are realized only among stocks experiencing large NAT. Exploiting Regulation SHO, which facilitated short selling for a random group of stocks, we present causal evidence that NAT has stronger return predictability among stocks facing greater limits to arbitrage. We also find large returns for anomalies that arbitrageurs chose to exploit despite capital constraints during the 2007–09 financial crisis. We confirm our findings using daily data.Received September 1, 2016; editorial decision May 28, 2018 by Editor Andrew Karolyi. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.
Uncertainty In Environmental Economics

AbstractIn a world of certainty, the design of environmental policy is relatively straightforward, and boils down to maximizing the present value of the flow of social benefits minus costs. But the...
Long‐Run Risk and Its Implications for the Equity Premium Puzzle: New Evidence from a Multivariate Framework

This paper investigates the empirical evidence of long-run risk and its implications for the equity premium puzzle. We find that the long-run risk model is generally weakly identified and that standard inferences tend to underestimate the uncertainty of long-run risk. We extend the LM-type test of Ma and Nelson (2010) that remains valid under weak identification to the bivariate VARMA-GARCH model of consumption and dividend growth. The results cast doubt on the validity of long-run risk as an explanation for the equity premium puzzle. We also evaluate the approach of Bansal, Kiku, and Yaron (2007a), which extracts long-run risk by regressing consumption growth and its volatility on predictive variables. The results using the Bonferroni Q-test of Campbell and Yogo (2006) suggest that consumption and dividend growth are generally unpredictable by the price-dividend ratio and risk-free rate. This casts doubt on the validity of the BKY approach.
Remittances, financial development, and growth

Abstract Despite the increasing importance of remittances in total international capital flows, the relationship between remittances and growth has not been adequately studied. This paper studies one of the links between remittances and growth, in particular how local financial sector development influences a country's capacity to take advantage of remittances. Using a newly-constructed dataset for remittances covering about 100 developing countries, we find that remittances boost growth in countries with less developed financial systems by providing an alternative way to finance investment and helping overcome liquidity constraints. This finding controls for the endogeneity of remittances and financial development, does not depend on the particular measure of financial sector development used, and is robust to a number of robustness tests, including threshold estimation. We also provide evidence that there could be an investment channel trough which remittances can promote growth especially when the financial sector does not meet the credit needs of the population.
The Dispute Settlement Mechanism of the WTO: A Brief History and an Evaluation from Economic, Contractarian and Legal Perspectives

rule-based system has to include a mechanism for the enforcement of its rules and a means for settlement of disputes about alleged violation of rules.
James Buchanan's public debt theory: a rational reconstruction

James Buchanan’s Public Principles of Public Debt is universally associated with the claim that debt allows the cost of public activity to be shifted onto future generations. This claim treats a generation as a unitary and acting entity. Such treatment is standard fare for those macro theorists who work with representative agents and societal averages in place of the actual individuals who constitute a society. This treatment, however, conflicts with the central tenor of Buchanan’s scholarly oeuvre. This essay undertakes a rational reconstruction to render reasonable his claim about debt shifting, while also rendering it consistent with his oft-repeated claim that cost can be experienced only by individuals and never by such aggregates as generations. This reconstruction reveals a cleavage between approaching public debt through macro theory and approaching it through public finance.
Measure twice and cut once: the carpenter’s rule still applies

In a lead article published by the Journal of Marketing Research in 2007, Bergkvist and Rossiter (Journal of Marketing Research 44:175–84, 2007) recommend that “for the many constructs in marketing that consist of a concrete singular object and a concrete attribute, such as AAd or ABrand, single-item measures should be used (page 175).” This conclusion is based on empirical analyses correlating single-item and multiple-item scales measuring attitudes towards advertisements and the advertised brands, collected simultaneously in a single survey instrument. Finding no statistically significant differences between the correlations obtained with the single and multiple items, the authors conclude that there is no loss in predictive validity with the use of single items, which is the basis for their recommendation. Obviously, their recommendation produces substantial savings in data-gathering costs. Consequently, their article has been highly cited (over 600 cites as of September 2013), by authors justifying their use of single-item measures. In this note, I revisit well-known concepts of psychometric theory to demonstrate that this practice is ill-advised. First, I argue that repeated measures are necessary not only to improve the validity of some measurement instruments but also, more importantly, to make it possible to assess and correct measurement instruments for random (non-systematic) measurement errors. Second, I argue that rather than testing for predictive validity, the authors actually tested for concurrent validity, using a common survey instrument, thereby confounding their results with spurious correlations due to common-methods biases. Third, I conduct a true predictive validity test using two attitudinal scales and consumption behavior as a predictive criterion to show that, once corrected for measurement errors, multiple-item scales consistently outperform their single-item equivalents.
A Hayekian Explanation of Hayek's 'Epistemic Turn'

The present essay aims to account for F.A. Hayek’s oft-noted ‘turn’ away from technical economics to concerns of a more philosophical nature. In particular, the paper seeks an explanatory principle that reconciles various elements of both continuity and discontinuity in Hayek’s intellectual development, especially with respect to the evolution of his arguments concerning economic fluctuations. The essay uncovers such an explanatory principle in Hayek’s own methodology of sciences of complex phenomena. According to this principle, an inquirer who confronts phenomena too complex for adequate explanation on the basis of current knowledge must move to a more general, albeit less testable, explanation. This is precisely what occurred in the evolution of Hayek’s thought concerning trade cycles. The concluding section considers the implications of the argument for the extensive secondary literature on Hayek’s ‘transformation’.
SCALE BARRIERS AND GROWTH OPPORTUNITIES: A RESOURCE-BASED MODEL OF NEW VENTURE EXPANSION

The concept of scale barriers is introduced to shed light on new venture growth. Growth is a process of overcoming resource deficiencies, or scale barriers, resulting from the liabilities of newness and smallness. New ventures employ a variety of resource accumulation strategies to surmount three types of barriers - competitive deficiencies, management and organizational deficiencies, and financial deficiencies. A theoretical model shows how environmental munificence and industry conditions influence barrier size while resource accumulation strategies and initial venture endowments determine a venture's ability to overcome these barriers. The difficulties of growth are illustrated as an extension of the difficulties of survival.
How Not to Apply the Rule of Reason: The O’Bannon Case

The case of O’Bannon v. NCAA has received significant attention. On behalf of a class of student-athletes, former college basketball star Ed O’Bannon sued the NCAA, challenging rules that prohibited payment for the use of names, images, and likenesses (NILs) in videogames, live game telecasts, and other footage. A Ninth Circuit panel, in a 2-1 decision, found that this restraint had anticompetitive effects and procompetitive justifications. And it considered “less restrictive alternatives,” upholding payment for incidental educational expenses beyond tuition and fees, room and board, and required books, but rejecting a deferred $5,000 payment for NILs. Straddling the intersection of antitrust, intellectual property, and sports law, the O’Bannon case presents engaging and complex issues. Much of the complexity, however, is unnecessary. For it stems from a ruling that misconstrued antitrust law. In particular, the Ninth Circuit applied a version of the Rule of Reason that short-circuited the analysis and insufficiently deferred to a district court judge who presided over an exhaustive trial on amateurism.
Household Regulation and European Integration: The Family Portrait of a Crisis

This Article develops a theoretical framework for analyzing the regulation of the household and its effects on the economy. Incorporating insights from family economics, comparative family law, legal realism, political economy, and feminism, it describes the array of different legal regimes that can affect household composition and function. The Article then analyzes the case of Greece using this framework. It argues that the role of households organized as families was a central element in the Greek debt crisis, overlooked by scholars and policymakers alike. It identifies the host of legal regimes that helped consolidate families as the main providers of both welfare and employment, and analyzes the consequences of this organization for Greece's economy. Finally, the Article argues that a household-based analysis offers useful comparative insights in the context of the euro crisis and its management. More specifically, it elucidates how the structural reforms now required through the European Semester necessitate a dramatic transformation of basic schemes of welfare provision. It argues that without additional support these transformations are likely to fail or have dramatic unintended consequences.
The blazar sequence revised

We propose and test a fairly simple idea that could account for the blazar sequence: all jets are launched with similar energy per baryon, independently of their power. For instance, flat-spectrum radio quasars (FSRQs), the most powerful jets, manage to accelerate to high bulk Lorentz factor, as observed in the radio. As a result, the emission region will have a rather modest magnetization which will induce a steep particle spectra therein and a rather steep emission spectra in the gamma-rays; particularly in the \textit{Fermi}-LAT band. For the weaker jets, namely BL Lacertae objects (BL Lacs), the opposite holds true; i.e., the jet does not achieve a very high bulk Lorentz factor, leading to more magnetic energy available for non-thermal particle acceleration and harder emission spectra. Moreover, this model requires but a handful of parameters. By means of numerical simulations we have accomplished to reproduce the spectral energy distributions and light-curves from fiducial sources following the aforementioned model. With the a complete evolution of the broadband spectra we were able to study in detail the spectral features at any particular frequency band at any given stage. Finally numerical results are compared and contrasted with observations.
Signs of the Times: Dale v. Boy Scouts of America and the Changing Meaning of Nondiscrimination

All antidiscrimination laws are unconstitutional in all their applications. Citizens are allowed to disobey laws whenever obedience would be perceived as endorsing some message. Both of these propositions are absurd. However, the Supreme Court's opinion in Dale v. Boy Scouts of America stands for at least one of them, and perhaps both. The already voluminous commentary on Dale is too polite, because almost all of it fails to notice the sheer lunacy of what the Court said. The Court's disastrous opinion offers a useful cautionary lesson in First Amendment jurisprudence: determinations of what is protected speech cannot defer either to individual speakers or to the culture as a whole, because such deference produces bizarre results.
An Empirical Analysis of Case Outcomes Under the ADA Amendments Act

Congress enacted the ADA Amendments Act (ADAAA) in order to override four Supreme Court decisions that had narrowly restricted the scope of those protected by the Americans with Disabilities Act (ADA) and to provide "a national mandate for the elimination of discrimination." This Article undertakes an empirical examination of the impact of the ADAA on case outcomes. The recent reported cases provide a unique opportunity for such an examination because, with the ADAAA not retroactively applicable to cases pending prior to its effective date, courts have been simultaneously deciding cases under both the pre-amendment and post-amendment standards. This study examines all reported federal court summary judgment decisions arising under Title I of the ADA for a forty-month period extending from January 1, 2010, to April 30, 2013. The study coded the pre-ADAAA and post-ADAAA decisions for both disability standing determinations and for rulings on whether the plaintiff was qualified for the job in question. These preliminary data show that the federal courts are granting employers a significantly smaller proportion of summary judgment rulings under the ADAAA on the basis of a lack of disability status. In addition, the ADAAA decisions exhibit a greater prevalence of rulings on the issue of whether the plaintiff is a qualified individual. On the other hand, the post-amendment decisions show an increased tendency for the courts to find that the plaintiff is not qualified. While the rate of increase in plaintiff victories on * Gray, Plant, Mooty, Mooty, & Bennett Professor of Law, University of Minnesota Law School. The author thanks Jillian Pearson for her assistance in the preparation of this Article.
ON THE LOG PERIODOGRAM REGRESSION ESTIMATOR OF THE MEMORY PARAMETER IN LONG MEMORY STOCHASTIC VOLATILITY MODELS

We consider semiparametric estimation of the memory parameter in a long memory stochastic volatility model. We study the estimator based on a log periodogram regression as originally proposed by Geweke and Porter-Hudak (1983, Journal of Time Series Analysis 4, 221–238). Expressions for the asymptotic bias and variance of the estimator are obtained, and the asymptotic distribution is shown to be the same as that obtained in recent literature for a Gaussian long memory series. The theoretical result does not require omission of a block of frequencies near the origin. We show that this ability to use the lowest frequencies is particularly desirable in the context of the long memory stochastic volatility model.
State Courts and Transitory Torts in Transnational Human Rights Cases

Introduction 81 I. Jurisdiction over Transitory Torts in Early U.S. Cases 83 II. The ATS and Federal Courts 87 III. Transitory Torts and International Law 92 Conclusions 93
Income maximization and the selection and sorting of international migrants

Abstract Two prominent features of international labor movements are that the more educated are more likely to emigrate (positive selection) and more educated migrants are more likely to settle in destination countries with high rewards to skill (positive sorting). Using data on emigrant stocks by schooling level and source country in OECD destinations, we find that a simple model of income maximization can account for both phenomena. Results on selection show that migrants for a source-destination pair are more educated relative to non-migrants the larger is the absolute skill-related difference in earnings between the destination country and the source. Results on sorting indicate that the relative stock of more educated migrants in a destination is increasing in the absolute earnings difference between high and low-skilled workers. We use our framework to compare alternative specifications of international migration, estimate the magnitude of migration costs by source-destination pair, and assess the contribution of wage differences to how migrants sort themselves across destination countries.
Should "Un-American" Foreign Judgments Be Enforced?

In an earlier article I demonstrated that American courts are not constitutionally precluded from enforcing foreign judgments based on foreign laws that the Constitution prevents American governments from enacting. (Exporting the Constitution, 53 Emory L. J. 171 (2004)). Consider, for instance, an English defamation judgment based on English law, which is more pro-plaintiff than the First Amendment permits American law to be. I showed that although the English judgment may well be un-American insofar as it come from a non-American polity and reflects political values that are at variance with American constitutional law, neither the judgment itself nor its enforcement by an American court is unconstitutional. This Article addresses the question of whether such un-American foreign judgments should be enforced as a matter of policy. By comparing the different analyses that result from game theoretic and Rawlsian approaches to foreign relations, the Article shows that determining whether un-American judgments should be enforced invariably requires a tradeoff among competing interests that is an inherently subjective process informed by the decisionmaker's pre-legal commitments. Notwithstanding the fundamental differences between game theoretic and Rawlsian approaches, both agree that un-American foreign judgments should be enforced under certain conditions. This common conclusion highlights the practical costs of American courts' mistaken conclusion that un-American judgments categorically cannot be enforced as a matter of constitutional law. The game theoretic and Rawlsian analyses also have important institutional implications. Both suggest that the political branches of government are better suited than courts to formulate a policy regarding the enforcement of un-American judgments. Game theory and Rawlsian analysis also support the conclusion that international treaties and executive agreements are particularly promising vehicles for generating rules of enforcement. Although the Article does not champion any one of the competing plausible normative approaches that could be taken to foreign relations, the Article's identification of all the interests that are implicated by the enforcement of un-American judgments enables informed tradeoffs. In the process, the Article shows that many of the standard policy objections to enforcing un-American foreign judgments fall away upon careful analysis.
Partisan Bias in Fund Portfolios

We document that fund managers are more likely to allocate assets to firms managed by executives and directors with whom they share a similar political partisan affiliation. We find that this bias is not associated with improved fund performance. Funds with more partisan bias suffer from higher levels of idiosyncratic volatility than those with less bias. Partisan bias is more evident when fund managers are less experienced, in more informationally opaque firms, and when the U.S. president comes from fund managers’ own party. These findings suggest that political partisan bias among fund managers may be due to in-group favoritism.
DERIVATIVES AND COLLATERAL: BALANCING REMEDIES AND SYSTEMIC RISK

†U.S. bankruptcy law grants special rights and immunities to creditors in derivatives transactions, including virtually unlimited enforcement rights. This Article examines whether exempting those transactions from bankruptcy’s automatic stay, including the stay of foreclosure actions against collateral, is necessary or appropriate in order to minimize systemic risk. TABLE OF CONTENTS
Disagreement, speculation, and aggregate investment

Abstract When investors disagree, speculation between them alters equilibrium prices in financial markets. Because managers maximize firm value given financial market prices, disagreement alters firms' value-maximizing investment policies. Disagreement therefore impacts aggregate investment, consumption, and output. In a production economy with recursive preferences and disasters, we demonstrate that static disagreement among investors generates dynamic aggregate investment that is positively correlated with capital shocks, leading to stochastic volatility in aggregate consumption, investment, and equity returns. The direction of these effects is consistent with business cycle facts, and with several features of the 2008 financial crisis.
Financial advice and discretion limits

Biased recommendations from financial advisors often lead to suboptimal portfolios and unnecessary fees. The compensation contracts used in practice lack high-powered incentive alignment and are incapable of mitigating conflicts of interest. However, all is not lost; individuals can attenuate the agency cost by limiting their advisors' choices via discretion limits. In this paper, I characterize optimal discretion limits. I show that discretion limits resolve much of the agency conflict and that the mechanism is robust. The analysis provides novel recommendations for policy and practice.
The accidental entrepreneur: the emergent and collective process of user entrepreneurship

We develop a process model of how users, an understudied source of entrepreneurship, create, evaluate, share, and commercialize their ideas. We compare and contrast our model to the classic model of the entrepreneurial process, highlighting the emergent and collective nature of the user's entrepreneurial process. Users are often ‘accidental’ entrepreneurs who happen upon an idea through their own use and then share it with others; more specifically, the development of an idea and subsequent experimentation, adaptation, and preliminary adoption often occur before that idea is formally evaluated as the basis of a commercial venture. Users also tend to engage in collective creative activity prior to firm formation—often within the social context provided by user communities—that results in the improvement of ideas. Finally, we provide detailed data on the prevalence of user entrepreneurship in the juvenile products industry. Copyright © 2007 Strategic Management Society.
Risk and risk management in the credit card industry

Abstract Using account-level credit card data from six major commercial banks from January 2009 to December 2013, we apply machine-learning techniques to combined consumer tradeline, credit bureau, and macroeconomic variables to predict delinquency. In addition to providing accurate measures of loss probabilities and credit risk, our models can also be used to analyze and compare risk management practices and the drivers of delinquency across banks. We find substantial heterogeneity in risk factors, sensitivities, and predictability of delinquency across banks, implying that no single model applies to all six institutions. We measure the efficacy of a bank's risk management process by the percentage of delinquent accounts that a bank manages effectively, and find that efficacy also varies widely across institutions. These results suggest the need for a more customized approached to the supervision and regulation of financial institutions, in which capital ratios, loss reserves, and other parameters are specified individually for each institution according to its credit risk model exposures and forecasts.
The Persistence of Corruption and Slow Economic Growth

There is increasing recognition that corruption has substantial, adverse effects on economic growth. But if the costs of corruption are so high, why don’t countries strive to improve their institutions and root out corruption? Why do many countries appear to be stuck in a vicious circle of widespread corruption and low economic growth, often accompanied by ever-changing governments through revolutions and coups? A possible explanation is that when corruption is widespread, individuals do not have incentives to fight it even if everybody would be better off without it. Two models involving strategic complementarities and multiple equilibria attempt to illustrate this formally.
Model checking for design and assurance of e-business processes

Use of the Internet for electronic business has the potential to revolutionize the way many businesses are conducted. Yet, several businesses have fallen victim to problems in information systems that facilitate e-Business. These problems are characterized by uncertainties due to system complexity, rapid development, interconnectivity, and a lack of familiarity with the new technologically based economy. This paper demonstrates how model checking can aid in the design and assurance of e-Business processes in environments characterized by distributed processing, parallelism, concurrency, communication uncertainties, and continuous operations.
Reforming Property Law to Address Devastating Land Loss

Tenancy-in-common ownership represents the most widespread form of common ownership of real property in the United States. Such ownership under the default rules also represents the most unstable ownership of real property in this country. Thousands of tenancy-in-common property owners, including members of many poor and minority families, have lost their commonly-owned property due to court-ordered, forced partition sales as well as much of their real estate wealth associated with such ownership as a result ofsuch sales. This Article reviews and analyzes the Uniform Partition of Heirs Property Act (UPHPA), a uniform act that represents the most significant reform to partition law in modern times. I served as the Reporter, the person charged with principal responsibility for drafting a uniform act promulgated by the National Conference of Commissioners on Uniform State Laws, for the UPHPA. The Article summarizes those aspects of partition law that have resulted in thousands of property owners losing millions of acres of property and the real estate wealth associated with such property. The Article also provides an analysis of key sections of the UPHPA, and this analysis makes clear that the UPHPA represents a very comprehensive and innovative reform to what heretofore had long been perceived to be the intractable problem of tenancy-in-common land loss. To this end, the Council of State Governments selected the UPHPA as one of thirty-five newly enacted statutes or uniform acts for inclusion in its 2013 Suggested State Legislation publication (from hundreds of submissions by state officials from across the country) to encourage states to consider it as a model. The UPHPA has been enacted into law in four states, it was introduced for consideration in four other jurisdictions in 2014, and a number of states are on the cusp of introducing it for consideration in 2015. ABSTRACT 1 1 INTRODUCTION 3
Derivative-Based Koopman Operators for Real-Time Control of Robotic Systems

This article presents a generalizable methodology for data-driven identification of nonlinear dynamics that bounds the model error in terms of the prediction horizon and the magnitude of the derivatives of the system states. Using higher order derivatives of general nonlinear dynamics that need not be known, we construct a Koopman-operator-based linear representation and utilize Taylor series accuracy analysis to derive an error bound. The resulting error formula is used to choose the order of derivatives in the basis functions and obtain a data-driven Koopman model using a closed-form expression that can be computed in real time. Using the inverted pendulum system, we illustrate the robustness of the error bounds given noisy measurements of unknown dynamics, where the derivatives are estimated numerically. When combined with control, the Koopman representation of the nonlinear system has marginally better performance than competing nonlinear modeling methods, such as SINDy and NARX. In addition, as a linear model, the Koopman approach lends itself readily to efficient control design tools, such as linear–quadratic regulator, whereas the other modeling approaches require nonlinear control methods. The efficacy of the approach is further demonstrated with simulation and experimental results on the control of a tail-actuated robotic fish. Experimental results show that the proposed data-driven control approach outperforms a tuned proportional–integral–derivative controller and that updating the data-driven model online significantly improves performance in the presence of unmodeled fluid disturbance. This article is complemented with a video available at https://youtu.be/9_wx0tdDta0.
Food and nutrient intake and diet quality among older Americans.

Objective: A suboptimal diet and nutritional deficiencies can have important influences on health with significant impact among older adults. This study aims to assess the presence of suboptimal dietary intake among older Americans and identify risk and protective factors influencing diet quality. Design: Cross-sectional secondary analysis. Setting: USA. Participants: A nationally representative sample of 5614 community-dwelling older adults over age 54 in the Health and Retirement Study – Health Care and Nutrition Survey. Results: Overall, only 10·7 % of respondents had a good quality diet (Healthy Eating Index score 81 and above); the majority had diets considered poor or needing improvement. Less than 50 % of respondents met dietary guidelines and nutritional goals for most individual food groups and nutrients. Respondents with low socio-economic status, fewer psychosocial resources and those who had limited access to healthy food outlets were more likely to have a diet of suboptimal quality. Conclusions: Efforts to remove identified barriers that put older adults at risk for poor nutrition and to provide resources that increase access to healthy food should be made to encourage healthy eating and enhance diet quality.
Systematic Mutation-Based Evaluation of the Soundness of Security-Focused Android Static Analysis Techniques

Mobile application security has been a major area of focus for security research over the course of the last decade. Numerous application analysis tools have been proposed in response to malicious, curious, or vulnerable apps. However, existing tools, and specifically, static analysis tools, trade soundness of the analysis for precision and performance and are hence soundy. Unfortunately, the specific unsound choices or flaws in the design of these tools is often not known or well documented, leading to misplaced confidence among researchers, developers, and users. This article describes the Mutation-Based Soundness Evaluation (μSE) framework, which systematically evaluates Android static analysis tools to discover, document, and fix flaws, by leveraging the well-founded practice of mutation analysis. We implemented μSE and applied it to a set of prominent Android static analysis tools that detect private data leaks in apps. In a study conducted previously, we used μSE to discover 13 previously undocumented flaws in FlowDroid, one of the most prominent data leak detectors for Android apps. Moreover, we discovered that flaws also propagated to other tools that build upon the design or implementation of FlowDroid or its components. This article substantially extends our μSE framework and offers a new in-depth analysis of two more major tools in our 2020 study; we find 12 new, undocumented flaws and demonstrate that all 25 flaws are found in more than one tool, regardless of any inheritance-relation among the tools. Our results motivate the need for systematic discovery and documentation of unsound choices in soundy tools and demonstrate the opportunities in leveraging mutation testing in achieving this goal.
Corticostriatal Plasticity Established by Initial Learning Persists after Behavioral Reversal

The neural mechanisms that allow animals to adapt their previously learned associations in response to changes in the environment remain poorly understood. To probe the synaptic mechanisms that mediate such adaptive behavior, we trained mice on an auditory-motor reversal task, and tracked changes in the strength of corticostriatal synapses associated with the formation of learned associations. Using a ChR2-based electrophysiological assay in acute striatal slices, we measured the strength of these synapses after animals learned to pair auditory stimuli with specific actions. Here, we report that the pattern of synaptic strength initially established by learning remains unchanged even when the task contingencies are reversed. Our findings reveal that synaptic changes associated with the initial acquisition of this task are not erased or overwritten, and that behavioral reversal of learned associations may recruit a separate neural circuit. These results suggest a more complex role of the striatum in regulating flexible behaviors where activity of striatal neurons may vary given the behavioral contexts of specific stimulus-action associations.
Private Eyes in the Sky: Emerging Technology and the Political Consequences of Eroding Government Secrecy:

How do emerging technologies that erode governments’ near-monopolies on intelligence information affect public support for leaders and their foreign policies? Technologies—like imagery satellites—t...
Roboat II: A Novel Autonomous Surface Vessel for Urban Environments

This paper presents a novel autonomous surface vessel (ASV), called Roboat II for urban transportation. Roboat II is capable of accurate simultaneous localization and mapping (SLAM), receding horizon tracking control and estimation, and path planning. Roboat II is designed to maximize the internal space for transport, and can carry payloads several times of its own weight. Moreover, it is capable of holonomic motions to facilitate transporting, docking, and inter-connectivity between boats. The proposed SLAM system receives sensor data from a 3D LiDAR, an IMU, and a GPS, and utilizes a factor graph to tackle the multi-sensor fusion problem. To cope with the complex dynamics in the water, Roboat II employs an online nonlinear model predictive controller (NMPC), where we experimentally estimated the dynamical model of the vessel in order to achieve superior performance for tracking control. The states of Roboat II are simultaneously estimated using a nonlinear moving horizon estimation (NMHE) algorithm. Experiments demonstrate that Roboat II is able to successfully perform online mapping and localization, plan its path and robustly track the planned trajectory in the confined river, implying that this autonomous vessel holds the promise on potential applications in transporting humans and goods in many of the waterways nowadays.