cssi/SciSciGPT-SciSciNet huggingface dataset:
THE WAY WE PAY NOW: UNDERSTANDING AND EVALUATING PERFORMANCE-BASED EXECUTIVE PAY

Over the last ten years, performance-based equity pay, and particularly performance shares, have displaced stock options as the primary instruments for compensating executives of large, public companies in the U.S. This article examines that transformation, analyzing the structure and incentive properties of these newly important instruments and evaluating the benefits and risks from an investorâ€™s perspective. Although technically â€œstockâ€ instruments, performance shares mimic the incentive characteristics of options. But performance shares avoid the tax, accounting, and other constraints that have led to uniform grants of non-indexed, at-the-money options. Performance share plans can be designed to be effectively in, at, or out of the money and these plans often employ relative performance measurement that makes them analogous to rarely observed indexed stock options. But the opacity of performance share plans creates risks for investors, and the two accounting approaches applicable to these instruments both result in systematic undervaluation for executive pay disclosure and financial reporting purposes. Given the growing dominance of these instruments, this article advocates the ado ption of a mark-to-market accounting regime for all equity compensation.
Are Investors Influenced by Pro Forma Emphasis and Reconciliations in Earnings Announcements

This study presents the results of an experiment that examines how two underlying characteristics of pro forma earnings announcements, pro forma emphasis and the presence of a quantitative reconciliation, influence nonprofessional investors' and analysts' reliance on pro forma disclosures. The results indicate that the emphasis management places on pro forma earnings, not the mere presence of pro forma earnings, influences nonprofessional investors' judgments and decisions, but that this influence is mitigated by the presence of a quantitative reconciliation. Further analysis reveals that the influence of pro forma emphasis on nonprofessional investors' judgments and decisions seems to be the result of an unintentional cognitive effect as opposed to the perceived informativeness of the earnings figure emphasized by management. Analysts' judgments and decisions were also affected by the presence of reconciliation, but in the opposite direction to those of nonprofessional investors. Specifically, the presen...
What is Financial Contagion

The phrase financial contagion draws on a concept whose root meaning lies in the field of epidemiology. Like almost all metaphors, this one has the power to illuminate and to mislead. Its referent is the spread of financial distress from one firm, market, asset class, nation, or geographical region to others. But, contagion carries with it other burdens of meaning. First, to refer to contagion, instead of merely to an epidemic, is to implicitly assert that there is a mechanism of transmission from one infected victim to other potential victims. For example, bubonic plague and malaria may give rise to epidemics, but these diseases are not contagious, being transmitted by the bite of a flea and the sting of a mosquito, rather than being spread fromone infected party to another. By contrast, some epidemics may be the result of truly contagious diseases in which the disease spreads directly from one victim to another through the direct transmittal of a pathogen, such as is the case with tuberculosis and AIDS. Second, because a contagious disease spreads from one infected host to others by some mechanism, the key to understanding such a malady is to comprehend the method of transmission. Finally, by invoking a metaphor of illness, financial contagion implies an economic disorder, dislocation, or disease.
Do state regulations affect payday lender concentration

Abstract Ten states and the District of Columbia prohibit payday loan stores, and thirty-one other states have imposed regulatory restraints on their operations, ranging from limits on fees and loan amounts to the number of rollovers and renewals allowed a borrower. Given the importance of payday lenders to significant segments of the population and the wide variation among state regulatory regimes, our paper examines the extent to which the concentration of payday lenders in counties throughout the country is related to the regulatory environment as well as to various financial and demographic factors. The analysis is based on a unique dataset that has been obtained directly from each state's appropriate regulatory authority.
The Case for a Multiple-Utility Conception

In recent decades, neoclassical economists have made heroic efforts to accommodate within the confines of the concept of rational utility maximization the fact that individual behavior is significantly affected by moral considerations. This article argues the merits of using an alternative approach: recognizing that individuals pursue at least two irreducible sources of value or “utility”, pleasure and morality. The possibility that some additional utilities may have to be recognized is explored. This raises the concern that conceptual anarchy will break out, which in turn will force a search for a common denominator, and thus a return to one overarching utility. Arguments are presented to show that this concern is unfounded. The main focus of the article is a criticism of the monoutility conception and a brief for separating the sense of discharging one’s moral obligations from all other satisfactions. The article first deals with general conceptual points, and then cites both everyday observations and empirical evidence in support of this position.
Originalism, abortion, and the Thirteenth Amendment

Does an originalist reading of the Thirteenth Amendment support a right to abortion? Not long ago a negative answer seemed obvious enough to make the question silly. Since then, however, originalism has become more sophisticated. It is now understood that original meaning, not original intent, is the most appropriate originalist source of constitutional law. The original meaning of constitutional language sometimes focuses on paradigm cases: specific evils that the Constitution aims to keep from recurring. The Thirteenth Amendment’s purpose is to end the specific institution of antebellum slavery. A ban on abortion would do to women what slavery did to the women who were enslaved: compel them to bear children against their will.
Conflicts of Interest in Criminal Cases: Should the Prosecution Have a Duty to Disclose?

This article addresses two types of conflicts of interests that arise in criminal cases: 1) when defense counsel has an employment relation to the prosecutor’s office, and 2) when defense counsel faces criminal investigation or charges. Both these situations threaten both the defendant’s representation and the actual as well as apparent fairness of the proceeding. Yet, only in extreme cases are these conflicts likely to result in a reversal of the defendant’s conviction. As a result, protection of the defendant and the fairness of the process often depends on early intervention, which allows the court to advise the defendant of the risks inherent in counsel’s situation and possibly accept a waiver from the defendant or disqualify counsel if
Institutional versus Individual Investment in IPOs: The Importance of Firm Fundamentals

Consistent with institutions having an advantage over individuals, wefind that newly public firms with the highest levels of institutional investment significantly outperform those with the lowest levels. While prior literature has attributed much of institutions’ higher returns around various corporate events to private information, we find that much of the difference simply reflects better interpretation of readily available public information. Individuals disproportionately invest in the types of firms that earn significantly lower abnormal returns over the long run. Individuals either disregard or misinterpret the relevance of readily available public information, and as a result, they bear the brunt of IPO underperformance.
Does Public Financial News Resolve Asymmetric Information

I use uniquely comprehensive data on financial news events to test four predictions from an asymmetric information model of a firm's stock price. Certain investors trade on information before it becomes public; then, public news levels the playing field for other investors, increasing their willingness to accommodate a persistent liquidity shock. Empirically, I measure public information using firms' stock returns on news days in the Dow Jones archive. I find four patterns in postnews returns and trading volume that are consistent with the asymmetric information model's predictions. Some evidence is, moreover, inconsistent with alternative theories in which traders interpret news differently for rational or behavioral reasons. The Author 2010. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oxfordjournals.org., Oxford University Press.
Monopoly Bundling in Cyberspace: How Many Products Does Microsoft Sell?:

The United States charged Microsoft with tying its internet browser to its operating system (OS). This claim, of course, depended upon the government's assertion that Microsoft's browser and OS were separate products that can be tied together. Under current law, two items are deemed distinct products if there is a separate demand for each item, that is, if some sellers of the tying product offer purchasers the option of selecting the source of the tied item. This essay examines the assertion, apparently endorsed by the D.C. Circuit when interpreting a consent decree, that Microsoft is sold a single product that combines browser and OS functionality, despite the seeming existence of a separate demand for browsers and operating systems. The essay argues that the separate demand standard, a product of the applied price theory tradition of industrial organization, is unduly biased in favor of certain efficiencies, i.e., those realized by all market participants. Efficiencies not universally realized, therefore, are judged, if at all, under the harsh standards applicable to the assertion of business justifications for otherwise invalid tying arrangements. The shortcomings of the separate demand test, however, do not justify the approach suggested by the D.C. Circuit. Under that approach, proof that an innovative combination creates benefits establishes that the combination is a single product, even if there is a separate demand for the two items. Such an approach, it is argued, is unduly generous, immunizing, as it does, even anticompetitive arrangements simply because they generate some benefits. Traditional Rule of Reason treatment, it is asserted, is preferable, and can be conducted without hampering innovation.
The Information Content of Bank Loan Covenants

This article examines the determinants of financial covenant thresholds in bank loan agreements and information conveyed through the selection of tight financial covenants. We find that riskier firms and firms with fewer investment opportunities select tighter financial covenants. We also find that selection of tight covenants is associated with improvements in the covenant variable and declines in investment spending and net debt issuance. We observe these changes also for borrowers that do not breach their covenants, suggesting that they are not simply the result of creditor influence conditional on a technical default. Furthermore, we find that violations of tightly set covenants have significantly less of an impact on the borrower's investment spending and net debt issuance than violations of loosely set covenants. Overall, our results suggest that the selection of tight covenants conveys information concerning future changes in covenant variables, investment and financial policies, and the outcome of covenant violations. The Author 2010. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oxfordjournals.org., Oxford University Press.
Modeling the Dynamics of Correlations among Implied Volatilities

Implied volatility (IV) reflects both expected empirical volatility and also risk premia. Stochastic variation in either creates unhedged risk in a delta hedged options position. We develop EGARCH/DCC models for the dynamics of volatilities and correlations among daily IVs from options on twenty-eight large cap stocks. The data strongly support a general correlation structure and also a one-factor model with the VIX index as the common factor. Using IVs from stocks that are either highly correlated with the target stock’s IV or in the same industry together with the VIX can significantly improve hedging of individual IV changes.
Can Urban Solar Become a "Disruptive" Technology?: The Case For Solar Utilities

Argues for government chartered "solar utilities" to take over the legal, financial, and construction/installation tasks of bringing solar energy to American homes.
Assessing the value of demand sharing in supply chains

We consider the problem of assessing the value of demand sharing in a multistage supply chain in which the retailer observes stationary autoregressive moving average demand with Gaussian white noise (shocks). Similar to previous research, we assume each supply chain player constructs its best linear forecast of the leadtime demand and uses it to determine the order quantity via a periodic review myopic order-up-to policy. We demonstrate how a typical supply chain player can determine the extent of its available information in the presence of demand sharing by studying the properties of the moving average polynomials of adjacent supply chain players. The retailer's demand is driven by the random shocks appearing in the autoregressive moving average representation for its demand. Under the assumptions we will make in this article, to the retailer, knowing the shock information is equivalent to knowing the demand process (assuming that the model parameters are also known). Thus (in the event of sharing) the retailer's demand sequence and shock sequence would contain the same information to the retailer's supplier. We will show that, once we consider the dynamics of demand propagation further up the chain, it may be that a player's demand and shock sequences will contain different levels of information for an upstream player. Hence, we study how a player can determine its available information under demand sharing, and use this information to forecast leadtime demand. We characterize the value of demand sharing for a typical supply chain player. Furthermore, we show conditions under which (i) it is equivalent to no sharing, (ii) it is equivalent to full information shock sharing, and (iii) it is intermediate in value to the two previously described arrangements. Although it follows from existing literature that demand sharing is equivalent to full information shock sharing between a retailer and supplier, we demonstrate and characterize when this result does not generalize to upstream supply chain players. We then show that demand propagates through a supply chain where any player may share nothing, its demand, or its full information shocks (FIS) with an adjacent upstream player as quasi-ARMA in—quasi-ARMA out. We also provide a convenient form for the propagation of demand in a supply chain that will lend itself to future research applications. © 2014 Wiley Periodicals, Inc. Naval Research Logistics 61: 515–531, 2014
Soft Strategic Information and IPO Underpricing

ABSTRACTUsing content analysis, we measure the impact of soft information, derived from words in initial public offering (IPO) registration documents, on IPO pricing efficiency. First, using 2,298 U.S. IPOs from 1996–2008, we find that an IPO document's strategic tone correlates positively with the stock's first-day return; more frequent usage of positive and/or less frequent usage of negative strategic words leads to more IPO underpricing. Second, we find that an IPO document's strategic tone is negatively correlated with the stock's long-run return. Together, these findings imply that investors initially misprice soft information in registration statements, which mispricing is eventually corrected. Additionally, we create new content-analysis libraries for strategic words and introduce a survey-based library creation method and word-weighting system.
The politics of promoting social protection in Zambia

The rise of the social protection agenda in Zambia over the past few years seems in some ways to fit with mainstream accounts of how welfare states are likely to emerge in developing countries, particularly in terms of the links to elections and pro-poor political parties. However, we demonstrate that this (still incipient) policy shift flows more directly from two alternative sources, namely shifting dynamics within Zambia’s political settlement and the promotional efforts of a transnational policy coalition. Adopting a process tracing approach, the paper compares the progress made on social cash transfers and social health insurance in Zambia. We investigate how the interplay of domestic political economy and transnational factors shaped the commitment of government to formulate and deliver the respective policies in the context of competing demands and priorities within the wider distributional regime. Despite some progress made in both policy areas, social protection has not as yet displaced certain interests, ideas and rent-allocation practices that are more deeply embedded within Zambia’s political settlement. However, given that it would be politically dangerous to remove social cash transfers from communities that have become used to receiving them, what matters now is the way in which such transfers become integrated within Zambia’s distributional regime, including whether they simply deepen its clientelist nature or start to form the basis of a new citizenship-based social contract.
Regional Minorities, Immigrants, and Migrants: The Reframing of Minority Language Rights in Europe

Scholarly debate about minority language rights in Europe is usually framed in terms of concern with either "regional" language minorities (such as Basque speakers in Spain) or concern with "immigrant" language minorities (such as Turkish speakers in Germany), with the interests of the two groups being seen as distinct, or even opposed. As a consequence, scholarship in this area has thus far focused upon the fact that a two-tier system of rights exists, with both nation state governments and trans-European institutions privileging "regional" groupings, rather than "immigrant” groups, with little exploration of the relationship between the rights of the two different groupings. This Essay argues, in contrast, that in recent years, national governments and pan-European organizations have fundamentally altered their approach to the language rights of both national minorities and immigrant minorities—in part due to the role played by transnational language communities and European migrants—so that the rights of regional and immigrant language minorities may actually be converging. The Essay proposes that a close analysis of the recent recommendations of the Advisory Committee to the Committee of Ministers on the Framework Convention on National Minorities and the Committee of Experts on the European Charter for Regional and Minority Languages, combined with the jurisprudence of the European Court of Justice, reveals an emerging trend toward this fundamental reframing of minority language rights. The treaty bodies and the ECJ appear to be departing from the traditionally held view of language rights as inherently preservationist and only applicable to members of certain indigenous, territorially anchored minority communities, and are instead adopting a broader, more expansive, human-rights based interpretation of language laws. Treaty bodies and transnational courts also appear to be moving away from treating language groups as collective holders of language rights, to treating individual language speakers as the primary rights-holders. In line with this reframing, this Essay argues that the very instruments originally constructed to protect the rights of the hitherto privileged “regional” minority groups may also ultimately be employed to promote the rights of individual speakers of the as-yet less favored “immigrant” languages. † J.D. expected, Yale Law School, 2009. I am extremely grateful to Judith Resnik for her guidance and supervision of this Essay, and to Reva Siegel, Mitchel Lasser, James Whitman, Adam Banks, Jesse Townsend, and, above all, Bram Elias for their helpful comments on earlier drafts. STELLA JANE BURCH DRAFT 1/19/09 1/22/2009 10:19:28 AM
Political Agency, Oversight, and Bias: The Instrumental Value of Politicized Policymaking

We develop a theory of policymaking between a principal, an agent, and an overseer. The agent increases the overall quality of policy outcomes through costly effort investments. Oversight impacts agent effort incentives, but only if the policy bias of the agent does as well. The principal chooses whether or not to authorize the agent to make policy on her behalf in light of oversight dynamics. We show that anytime oversight is not an effective means of political control, the principal never benefits from a biased agent relative to an ally. When oversight is effective, the principal almost always benefits from agent bias. Based on the dynamics of policymaking oversight the ally principle fails for instrumental reasons. The principal benefits from trading off agent bias in the substance of policy for reduced slack in implementation. The results have implications for bureaucratic personnel politics, political appointments, and the efficacy of managerial strategies. Word count: 9141 (in-text); 2184 (supplemental appendix); (total=in-text+appendix) ∗Assistant Professor, Department of Political Science, Texas A&M University, Email: irturner@tamu.edu.
Cloning and the preservation of family integrity.

Cloning turns on its head our view of reproduction. Instead of creating a new person by mixing the genetic material of two different parents, cloning permits the creation of a new person with the genetic material of just one parent.' Because of this reconfiguration of reproduction, many scholars and other members of the public oppose the cloning of humans. What I will argue is that this reconfiguration is in fact one of the most compelling reasons to permit cloning. Cloning not only turns on its head the way people can reproduce, it also turns on its head one of the chief objections to other artificial methods of reproduction. Specifically, cloning very directly addresses the concern that, when an infertile couple turns to artificial insemination, egg donation or surrogate motherhood, the couple must bring a third party into their procreative relationship. For some commentators, this is sufficient reason to condemn artificial methods of reproduction. They see serious harm to the marital relationship if its sanctity is violated by the inclusion of other persons.' Even if one would not reject artificial methods of reproduction just because of their implications for marital and procreative relationships, the role of other persons raises important concerns. Sometimes, the other people want to stay involved in the lives of their genetic children, and the couple does not want the involvement. In all cases of artificial reproduction with another
The cyclical properties of disaggregated capital flows

Abstract We analyze the second-moment properties of the components of international capital flows and their relationship to business cycle variables (output, investment, and the real interest rate) in 22 industrial and emerging countries. Total inward flows are procyclical with respect to all three macro variables. Net outward flows are countercyclical with respect to output and investment in most industrial and emerging countries. Disaggregated inward flows positively comove with output in industrial countries and with investment and the real interest rate in the G7 economies. Inward foreign direct investment is the only non-procyclical type of inward capital flows (with respect to output) in the developing economies. Formal statistical tests based on nonparametric bootstrap techniques detect significant variance increases in all G7 countries' disaggregated capital flows over exogenous and endogenously estimated breaks.
Optimal consumption under uncertainty, liquidity constraints, and bounded rationality

Abstract I study how boundedly rational agents can learn a “good” solution to an infinite horizon optimal consumption problem under uncertainty and liquidity constraints. Using an empirically plausible theory of learning I propose a class of adaptive learning algorithms that agents might use to choose a consumption rule. I show that the algorithm always has a globally asymptotically stable consumption rule, which is optimal. Additionally, I present extensions of the model to finite horizon settings, where agents have finite lives and life-cycle income patterns. This provides a simple and parsimonious model of consumption for large agent based models.
WHY ISSUE TRACKING STOCK? INSIGHTS FROM A COMPARISON WITH SPIN‐OFFS AND CARVE‐OUTS

In recent years, tracking stocks, which amount to a new form of corporate restructuring, have been gaining in popularity. In 1999 alone, 17 companies announced new tracking stock issues, and by February 2000 there were 40 tracking stocks trading in the U.S. equity markets. Why have tracking stocks become so popular in recent years? In this article, the authors present new evidence on the effectiveness of tracking stock issues in creating shareholder value as compared to the record of two other closely related forms of corporate restructuring—spin-offs and equity carve-outs. The authors find that the parents and subsidiaries of tracking-stock firms are more “related” than those that undertake the other two forms of corporate restructuring, that there is a positive announcement effect (similar in size to that of spin-offs but greater than that of equity carve-outs) on stock prices, and that the number of analysts following the firm increases following the issuance of tracking stock. These findings are interpreted as suggesting that the main corporate motives for issuing tracking stock are the valuation benefits from providing investors with more information about the newly listed subsidiary, while at the same time preserving the existing synergies between the business units involved. This maintenance of existing synergies, however, appears to have come at a significant price. Under the tracking stock structure, there seem to be no benefits attributable, as in the case of spin-offs, to improvements in corporate governance. While spinoffs significantly increase the probability that the parents or subsidiaries will later be taken over (with its disciplining effect on management), there is no such increase in takeover probability for firms issuing tracking stock. Consistent with this difference, the authors find that the market-adjusted two-year holding period return for tracking stock parents and subsidiaries is significantly lower than the corresponding return for spinoffs and their corporate parents.
The Influence of Analysts, Institutional Investors, and Insiders on the Incorporation of Market, Industry, and Firm‐Specific Information into Stock Prices

We investigate the extent to which the trading and trade‐generating activities of three informed market participants—financial analysts, institutional investors, and insiders—influence the relative amount of firm‐specific, industry‐level, and market‐level information impounded into stock prices, as measured by stock return synchronicity. We find that stock return synchronicity is positively associated with analyst forecasting activities, consistent with analysts increasing the amount of industry‐level information in prices through intra‐industry information transfers. In contrast, stock return synchronicity is inversely related to insider trades, consistent with these transactions conveying firm‐specific information. Supplemental tests show that insider and institutional trading accelerate the incorporation of the firm‐specific component of future earnings news into prices alone, while analyst forecasting activity accelerates both the industry and firm‐specific component of future earnings news. Our resul...
Policy Uncertainty, Electoral Securities and Redistribution

This paper investigates how uncertainty about the adoption of a redistribution policy affects political support for redistribution when individuals can trade policy contingent securities in the stock market. We show that the demand for redistribution is always smaller than in the case where no “policy-insurance market” is available. Consistent with the empirical evidence, our analysis implies that in economies with well-developed financial markets the level of redistribution decreases with the level of participation in these markets and with income inequality. We show that the existence of a policy insurance market may increase future expected inequality even if a majority of individuals are redistributing resources through private transfers.
Sector Switching in Good Times and in Bad: Are Public Sector Employees Less Likely to Change Sectors?:

With the retirement of the baby boomers looming and the growing number of opportunities to serve the public interest in broader ways than working in government, how dedicated are today’s public employees? This study examines the job sector changes of nonprofit and government employees compared with for-profit employees during both stable and unstable economic conditions. Sector switching within the government sector across federal, state, and local government employees is also examined. Findings show no sector differences during stable economic conditions, but illustrate federal government and nonprofit employees are more likely to move into the for-profit sector during times of economic instability. This study highlights the impact of tough labor market conditions on employment decisions. Nonprofits’ reliance on labor donations may no longer be sufficient, and public managers should tailor their recruitment and retention strategies to suit the level of government.
Asset Pricing Models: Implications for Expected Returns and Portfolio Selection

When a risk factor is missing from an asset pricing model, the resulting mispricing is embedded within the residual covariance matrix. Exploiting this phenomenon leads to expected return estimates that are more stable and precise than estimates delivered by standard methods. Portfolio selection can also be improved. At an extreme, optimal portfolio weights are proportional to expected returns when no factors are observable. We find that such portfolios perform well in simulations and in out-of-sample comparisons. Article published by Oxford University Press on behalf of the Society for Financial Studies in its journal, The Review of Financial Studies.
Demutualization and Public Offerings of Financial Exchanges

The recent merger of the New York Stock Exchange with Archipelago, a publicly listed electronic exchange, can be viewed as the final phase of a wave of organizational transformation that has swept across most of the world's major financial exchanges in the last ten years. Until the early 1990s, almost all stock and derivatives exchanges were organized as non-profit, mutual organizations owned by their members. But starting with the demutualization of the Stockholm Stock Exchange in 1993, the number of stock exchanges that have adopted a for-profit, publicly listed organizational form has grown steadily. At the same time, the largest derivative exchanges such as the Chicago Mercantile Exchange, the London International Financial Futures and Options Exchange, the Chicago Board of Trade, and Eurex are either already publicly listed or are part of publicly listed parent companies. In this article, after discussing the forces that are driving such change, the authors offer some early evidence on the profitability and stock market performance of listed exchanges. As the authors note, deregulation together with new developments in information technology have caused latent conflicts of interest within the mutual form of organization to become debilitating ones. And, as if to confirm the superiority of the new organizational form, the authors report that conversions to for-profit status and public ownership have led to significant increases in operating performance and share values. But, as the authors also note, these results are preliminary, and the demutualization and listing of exchanges creates a new challenge for exchanges as self-regulating institutions: managing the conflicts that may arise between the owners and those who transact on the exchange. The authors expect the next wave of transformation to produce both geographical consolidation as well as mergers/acquisitions across product lines (e.g. merger of leading equities and derivatives exchanges). In equities trading, given that North America is already dominated by the NYSE and Nasdaq, the most interesting arena will continue to be Europe, where one or two large exchanges are likely to emerge. The emergence of such megaexchanges, with scale comparable to that of U.S. exchanges, could have a significant impact on the corporate capital-raising process and cost of capital.
Early Release in International Criminal Law

Modern international tribunals have developed a presumption of unconditional early release after prisoners serve two thirds of their sentences, which decreases transparency and is generally out of line with the goals of international criminal law. I trace the development of this doctrine to a false analogy with the law of domestic parole. I then suggest an alternative approach based on prisoners’ changed circumstances and enumerate criteria for tribunals to use in future early release decisions. author. Yale Law School, J.D. 2014; Dartmouth College, B.A. 2011. Thanks to Professor Mirjan Damaska for supervising this Note, to Alexandros Zervos, Willow Crystal, and Judge Theodor Meron for their mentorship, to Carlton Forbes, Matthew Letten, and the Notes Committee of the Yale Law Journal for their editorial advice, and to Emad Atiq and Lilai Guo for their comments on early drafts. All opinions and errors are my own. early release in international criminal law
Is It a Home Run? Measuring Relative Citation Rates in Accounting Research

SYNOPSIS We propose a new set of citation metrics for evaluating the relative impact of scholarly research in accounting. Our metrics are based on current practices in bibliometrics and normalize c...
Federalization in Information Privacy Law

In Preemption and Privacy, Professor Paul Schwartz argues that it would be unwise for Congress to adopt a unitary federal information privacy statute that both eliminates the sector-specific distinctions in federal information privacy law and blocks the development of stronger state regulation. That conclusion, though narrow, rests on descriptive and normative claims with broad implications for the state-federal balance in information privacy law. Descriptively, Professor Schwartz sees the current information privacy law landscape as the product of successful experimentation at the state level. That account, in turn, fuels his normative claims, and in particular his sympathy with theories of competitive federalism. As I will argue, however, we cannot ignore the federal inputsjudicial and legislative -that shape significant segments of state information privacy law. The story of information privacy law is one of federal leadership as well as state experimentation, and we should be warywhether on the basis of observable practice or theoretical perspectiveof disabling Congress from articulating and federalizing privacy norms. Moreover, even from the perspective of competitive federalism, the arguments for federal regulation of information privacy law are stronger than Professor Schwartz suggests. AUTHOR. Professor of Law and Notre Dame Presidential Fellow, Notre Dame Law School. I thank A.J. Bellia, Susan Freiwald, Nicole Garnett, John Nagle, and Paul Schwartz for helpful comments, and research librarian Dwight King and law student Jeffery Houin for excellent research assistance.
Petitions, Privacy, and Political Obscurity

People who sign petitions must accept disclosure of their political views. This conclusion rests on the seemingly uncontroversial (if circular) premise that petition signing is a public activity. Courts have thus far shown little sympathy for individuals who take a public stand on an issue by signing a petition and then assert privacy claims after the fact. Democracy, after all, takes courage, as Justice Scalia wrote in the petitioning disclosure case Doe v. Reed. But signing a petition today brings consequences beyond public criticism. The real threat of disclosure for modern petition signers is not tangible harassment, but the loss of “political obscurity” in a modern data architecture that exposes citizens to indelible Internet scrutiny and rampant political preference cataloguing. This Article argues that political obscurity is an important, unarticulated interest in the current discourse about privacy and petitioning. Courts and state administrators must take steps to protect it or risk drastically diminished participation in petition signing. Finally, this Article suggests that political obscurity has important implications in other areas of political participation. For example, those who contribute small amounts to political campaigns and petition signers may share a similar privacy interest. “Drop-in-the-bucket” political gestures ought not extinguish political obscurity.
Jobs Lost, Jobs Regained: An Analysis of Black/White Differences in Job Displacement in the 1980s

Over the period 1982‐1991, black men were considerably more likely to experience job displacement than were white men, and following displacement, the likelihood of reemployment was substantially lower for black men. Using data from the 1984‐1992 Displaced Worker Surveys, we find that black men experienced rates of job displacement that were 30 percent higher, and reemployment rates that were 30 percent lower than the corresponding rates for white men. We find that racial differences in education levels and occupational distributions explain part of these racial gaps in job displacement and reemployment, whereas racial differences in industry distributions worked to narrow these gaps. DURING THE 1980S, millions of workers lost their jobs due to plant closings or large-scale employment reductions. For many of these workers, job displacement was a costly event. 1 Very few studies in the job displacement literature examine whether the incidence and consequences of job displacement differ by race. The importance of studying racial differences in displacement and its consequences is suggested by the nature of changes in the economy since the late 1970s. In particular, there exists a large body of evidence indicating that the demand for labor has shifted away from the skill levels, industries, and geographic loca tions with relatively large concentrations of black workers (see Holzer, 1994). This economic restructuring that occurred in the 1980s displaced
This Logo Moves Me: Dynamic Imagery from Static Images

The authors propose that static visuals can evoke a perception of movement (i.e., dynamic imagery) and thereby affect consumer engagement and attitudes. Focusing on brand logos as the static visual element, the authors measure the perceived movement evoked by the logo and demonstrate that the evoked dynamic imagery affects the level of consumer engagement with the brand logo. They measure consumer engagement through both self-report measures and eye-tracking technology and find that engagement affects consumer attitudes toward the brand. The authors also show that the perceived movement–engagement–attitude effect is moderated by the congruence between perceived movement and brand characteristics. These findings suggest that dynamic imagery is an important aspect of logo design, and if used carefully, it can enhance brand attitudes.
Race, Ethnicity, and Education Policy

Race and ethnicity are deeply and intricately entwined with the policies, politics, and outcomes of schooling in the United States. But scholars surprisingly seldom agree on just what the problems are with regard to race in schooling, or on explanations for and solutions to these problems. This chapter reviews many of the ways in which race and ethnicity are connected to education -- including attainment, achievement, desegregation, school choice, the distinctive issues in urban schools, and other domains. We offer no new solutions of our own, but conclude by noting the importance of reconsidering the boundaries around racial groups and reconsidering the common assumption that there is a unified group interest among blacks, Latinos, or Asian Americans.
A price index for Canada, 1688 to 1850

This paper presents the first price index for any region of Canada that spans from the colonial era to the mid‐19th century. I constructed it using prices from the account books of religious congregations with estates throughout modern‐day Quebec. It represents a substantial improvement over previous indexes thanks to the consistent price quotations in the source material, the high frequency of observations for many goods, the vast number of goods and the inclusion of numerous non‐agricultural and non‐food goods. Its price trends differ mildly from those of existing but less‐comprehensive price indexes. I link this new index with post‐1850 indexes to create a 328‐year price index for Canada. Un indice des prix au Canada de 1688 a 1850. Cet article presente le premier indice des prix pour n’importe quelle region du Canada depuis la periode coloniale jusqu’au milieu du 19e siecle. J’ai elabore cet indice en utilisant les livres de comptes des congregations religieuses possedant des terres dans l’actuelle province du Quebec. Cet indice presente des ameliorations importantes par rapport aux autres indices grâce a la coherence des prix releves a partir des documents sources, la frequence elevee des observations pour de nombreux produits, la vaste gamme de produits et la prise en compte de nombreux produits non‐agricoles et non‐alimentaires. Les courbes de prix dans cet indice different legerement des autres indices des prix existants, ces derniers s’averant moins complets. J’articule ce nouvel indice des prix aux indices des prix etablis apres 1850 pour constituer un indice des prix au Canada s’etalant sur 328 ans.
Enrolment in Higher Education and Changes in Income Inequality

Using a cross-section of countries, this paper empirically examines whether greater enrolment rates in higher education are associated with increases or decreases in subsequent income inequality as measured by the Gini coefficient. It finds a negative association between the two, suggesting that countries with larger enrolment rates saw their income inequality decrease relative to other countries. These findings are robust to the inclusion of several control variables and to limiting the sample to non-OECD countries.
Transnational Legal Process and State Change

This article applies a sociolegal approach to the study of transnational legal processes and their effects within countries. First, we clarify the concepts of transnational law, transnational legal process, and transnational legal order. Second, we provide a typology of five dimensions of state change that we can assess empirically. Third, we explain the factors that determine the variable effects of transnational legal processes and organize these factors into three clusters. Fourth, we introduce four empirical studies of transnational legal processes' differential effects in five regulatory areas in Asia, Africa, and South America that illustrate these points. Together, they provide a guide of how to study the interaction of transnational and national legal processes, and the extent and limits of transnational legal processes' effects.
Did going public impair Moody׳s credit ratings? ☆

Abstract We investigate a prominent allegation in congressional hearings that Moody׳s loosened its rating standards to chase revenue after it went public in 2000. Consistent with this allegation, Moody׳s ratings for both corporate bonds and structured finance products are significantly more favorable to issuers, relative to S&P׳s, after Moody׳s IPO. Moreover, Moody׳s ratings are more favorable for clients subject to greater conflict of interest. There is little evidence that Moody׳s higher ratings, post-IPO, are more informative, measured as expected default frequencies (EDFs) or as the probability of default. Our findings inform the debate on whether financial gatekeepers should be publicly traded.
Perennial Budget Reform Proposals: Budget Staff versus Elected Officials

This article defines budget reform perennials at the national level as those that reoccur multiple times, with little chance of passage and little change from one iteration to the next. The literature has seldom examined proposals that do not pass or the staff effort that goes into keeping flawed proposals from passing. The article describes the sources of such proposals and what can conceivably be done to lessen the tension they cause. The research is based primarily on qualitative interviews and legislative testimony. Examples of reform perennials include biennial and capital budgeting.
Transcending Frontiers: Indian Child Welfare in the United States

These words were spoken by Sitting Bull, a Hunkpapa Lakota leader, following his peoples' victory over the army of the United States at the Battle of Little Big Horn in 1876. In the struggle to protect the Lakota lands against colonial expansion, Sitting Bull recognized that the gravest danger facing his tribe was the distinct possibility of their extermination. In the almost one hundred twenty years since these words were spoken, Indian people have learned to defend themselves by waging battles through means other than armed struggle. Indian tribes have since fought to maintain their right to govern their own people; they have fought for their sovereignty, a principle which is, as one noted Indian scholar has argued, “the most basic principle of all Indian law.” Tribal sovereignty is the force that binds a community together and represents the will of a people to act together as a single political entity. Tribal sovereignty is also a barrier against intrusion into tribal affairs. If left unguarded, tribal sovereignty faces two dangers, either of which could severely limit its scope or even destroy it. The first danger emanates from external forces-specifically, federal and state government interference with tribal governmental authority or tribal affairs. The second danger to tribal sovereignty is the failure of the tribes themselves to internally organize their own governments in order to fully and fairly exercise their powers of self-government in a manner which is responsive to the welfare of their people.
How Do Recommender Systems Affect Sales Diversity? A Cross-Category Investigation via Randomized Field Experiment

Recommender systems appear all across the internet. For e-retailers, this represents an opportunity to get more and niche products before customers’ eyes. However, we find that while implementing r...