cssi/SciSciGPT-SciSciNet huggingface dataset:
Broadcast Regulation and the Irrelevant Logic of Strict Scrutiny

This Article focuses on traditional FCC regulation of the content of broadcast entertainment television. Recent litigation involving Fox Television and other broadcasters has raised a number of constitutional issues. This Article, however, makes a fundamental and largely practical point: the basic assumptions underlying traditional FCC regulatory policies have been rendered technologically obsolete. The Article simply assumes, for the sake of argument, that the basic FCC policies are in some respects constitutionally sound. In particular, the Article assumes that the federal government has a sufficient interest in regulating the broadcast entertainment material to which children and young adults are exposed, and in supporting parents’ efforts to control their child’s exposure to such material. The crucial constitutional problem, though, is that the FCC must show that its regulations sufficiently advance the cited interests. This, it turns out, the FCC can no longer do, in light of recent widespread technological developments. Realistically, children and young adults now have convenient alternative forms of access to the sorts of content the FCC continues to seek to regulate. Typically, alternative access can be gained through time-shifted viewing, or through an increasing variety of mainly Internet-based alternatives to real-time television broadcasting received on a TV set. Typical FCC regulations thus now burden broadcaster speech without adequately promoting any sufficient government interest, and are thus in at least this respect unconstitutional.
The Declaration of Independence as Canon Fodder

Reviewing Alexander Tsesis, For Liberty and Equality: The Life and Times of the Declaration of Independence (2012); Justin Buckley Dyer, Natural Law and the Antislavery Constitutional Tradition (2012); Nicholas Buccola, The Political Thought of Frederick Douglass (2012); and Brian R. Dirck, Lincoln and the Constitution (2012).
Public pension funding in practice

Public pension funding has recently become a front-burner policy issue in the wake of the financial crisis and given the pending retirement of large numbers of baby boomers. This paper examines the current funding of state and local pensions using a sample of 126 plans, estimating an aggregate funded ratio in 2009 of 78% using GASB accounting methods. Projections for 2010–2013 suggest that some continued deterioration is likely. Funded status can vary significantly among plans, and so the paper explores the influence of four types of factors: funding discipline, plan governance, plan characteristics, and the fiscal situation of the state. Judging the long-term health of plans requires more than just a snapshot of assets and liabilities, and so the paper examines how well plans are meeting their Annual Required Contributions and what factors influence whether they make them. The paper also addresses the controversy over what discount rate to use for valuing liabilities, concluding that using a riskless rate of return could help improve funding discipline but would need to be implemented in a manageable way. Finally, the paper assesses whether plans face a near-term liquidity crisis and finds that most have assets on hand to cover benefits over the next 15–20 years. The bottom line is that, like private investors, public plans have been hit hard by the financial crisis and their full recovery is dependent on the rebound of the economy and the stock market.
Three Sides of Smoothing: Categorical Data Smoothing, Nonparametric Regression, and Density Estimation

Summary The past forty years have seen a great deal of research into the construction and properties of nonparametric estimates of smooth functions. This research has focused primarily on two sides of the smoothing problem: nonparametric regression and density estimation. Theoretical results for these two situations are similar, and multivariate density estimation was an early justification for the Nadaraya-Watson kernel regression estimator. A third, less well-explored, strand of applications of smoothing is to the estimation of probabilities in categorical data. In this paper the position of categorical data smoothing as a bridge between nonparametric regression and density estimation is explored. Nonparametric regression provides a paradigm for the construction of effective categorical smoothing estimates, and use of an appropriate likelihood function yields cell probability estimates with many desirable properties. Such estimates can be used to construct regression estimates when one or more of the categorical variables are viewed as response variables. They also lead naturally to the construction of well-behaved density estimates using local or penalized likelihood estimation, which can then be used in a regression context. Several real data sets are used to illustrate these points. Resume Durant les quarantes derni1eres annees, I'estimation fonctionnelle nonparametrique a connuun developpement considerable ce travail presente, un bilan des recherches portant sur l'estimation des fonctions de densites et de regression. les regression. Les resultats theoriques associee ces deux problemes d'estimation sont tres similaires. De plus, l'estimateur de Nadaray-watson d'une fonction de regression trouve se racines dans I'estimation de densites multivariees. Un troisieme volet de I'estimation fonctionnelle, moins exploite, est celui de l'estimation par lissage de lois de probabilite de donnees categoriques. Ce travail explore le fait que ce type d'estimation constitue un pont entre I'estimation nonparametrique de densites et de estimateurs de lois de probabilites de donnees categoriques. Un choix adequat de la fonction de vraisemblance permet de construire des estimateurs possedant de nombreuses proprietes interessantes. les estimateurs ainsi obtenus peuvent âtre utilises en estimation de regression aussi bien dans le cas de variables reoibses categiruques ou dans le cas d'une estimation prealable de densites par le biais de la vraisemblance locale ou penalisee. les divers problemes abordes dans ce travauk sont illustres par l'entremise de plusieurs jeux de donneelles.
Smart Monte Carlo: Various tricks using Malliavin calculus

Abstract Current Monte Carlo pricing engines may face a computational challenge for the Greeks, not only because of their time consumption but also their poor convergence when using a finite difference estimate with a brute force perturbation. The same story may apply to conditional expectation. In this short paper, following Fournie et al (Fournie E, Lasry J M, Lebuchoux J, Lions P L and Touzi N 1999 Finance Stochastics 3 391-412), we explain how to tackle this issue using Malliavin calculus to smoothen the payoff to estimate. We discuss the relationship with the likelihood ratio method of Broadie and Glasserman (Broadie M and Glasserman P 1996 Manag. Sci. 42 269-85). We show by numerical results the efficiency of this method and discuss when it is appropriate or not to use it. We see how to apply this method to the Heston model. 1The views herein are the authors' own and do not necessarily reflect those of Goldman Sachs.
Medical Product Information Incentives and the Transparency Paradox

Recent allegations that essential safety and efficacy information is often suppressed by medical product manufacturers or poorly evaluated by regulators have led to calls for greater information transparency. The public is justifiably concerned that its ability to conduct an informed risk-benefit assessment of drugs and medical devices is compromised. Several changes have already been made to federal regulatory law and medical research policy to mandate greater disclosure, and more are being considered. However, it is possible that these measures may backfire by enhancing significant tort-based economic disincentives for generating new information. In other words, greater disclosure could paradoxically lead to less information. The resulting shortfall could be extremely dangerous and have a detrimental effect on health care for years to come. This paper addresses the crisis on the horizon and proposes a unique solution that connects tort law disincentives to information production incentives. It explains why an economically rational company would be expected to respond to transparency with less information, and proposes a tort liability limitation as a solution that will encourage a cost-internalizing company to increase information production. The paper also considers the impact of the FDA's recent position on preemption along with other regulatory enhancements, and concludes that these are effective, but second-best solutions.
TgIF2K-B Is an eIF2α Kinase in Toxoplasma gondii That Responds to Oxidative Stress and Optimizes Pathogenicity

ABSTRACT Toxoplasma gondii is an obligate intracellular parasite that persists in its vertebrate hosts in the form of dormant tissue cysts, which facilitate transmission through predation. The parasite must strike a balance that allows it to disseminate throughout its host without killing it, which requires the ability to properly counter host cell defenses. For example, oxidative stress encountered by Toxoplasma is suggested to impair parasite replication and dissemination. However, the strategies by which Toxoplasma mitigates oxidative stress are not yet clear. Among eukaryotes, environmental stresses induce the integrated stress response via phosphorylation of a translation initiation factor, eukaryotic initiation factor 2 (eIF2). Here, we show that the Toxoplasma eIF2 kinase TgIF2K-B is activated in response to oxidative stress and affords protection. Knockout of the TgIF2K-B gene, Δtgif2k-b, disrupted parasite responses to oxidative stresses and enhanced replication, diminishing the ability of the parasite to differentiate into tissue cysts. In addition, parasites lacking TgIF2K-B exhibited resistance to activated macrophages and showed greater virulence in an in vivo model of infection. Our results establish that TgIF2K-B is essential for Toxoplasma responses to oxidative stress, which are important for the parasite’s ability to establish persistent infection in its host. IMPORTANCEToxoplasma gondii is a single-celled parasite that infects nucleated cells of warm-blooded vertebrates, including one-third of the human population. The parasites are not cleared by the immune response and persist in the host by converting into a latent tissue cyst form. Development of tissue cysts can be triggered by cellular stresses, which activate a family of TgIF2 kinases to phosphorylate the eukaryotic translation initiation factor TgIF2α. Here, we establish that the TgIF2 kinase TgIF2K-B is activated by oxidative stress and is critical for maintaining oxidative balance in the parasite. Depletion of TgIF2K-B alters gene expression, leading to accelerated growth and a diminished ability to convert into tissue cysts. This study establishes that TgIF2K-B is essential for the parasite’s oxidative stress response and its ability to persist in the host as a latent infection.
Democracy on Display: A Case for Public Sanctions

This article begins by discussing the work of Jason Brennan, who argues that voter ignorance is inherently and instrumentally problematic to democratic governance. I then apply this point to the contemporary criminal justice system and penology. I argue that voters' lack of knowledge here is both unjust on those punished and, using the recent work of William J. Stuntz and others, has resulted in egregious consequences. The majority of the article focuses on the advantages and disadvantages of public punishments, concluding that such sanctions have great potential to challenge citizens' ignorance of our penal system. Ultimately, the goal is not to offer any sort of definitive conclusion, but to begin a long-overdue discussion on the role of public ignorance in our broken prison system, and one way in which such ignorance might be dispelled.
Shields, Swords, and Fulfilling the Exclusionary Rule's Deterrent Function

INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59 I. THE FLIGHT OF THE EXCLUSIONARY RULE . . . . . . . . . . . . . . . . . . . . 62 II. ACCURATE FACTFINDING AND SUPPRESSED EVIDENCE . . . . . . . . . . . . 69 A. Opening the Door to Suppressed Evidence . . . . . . . . . . . . . . 70 B. Contradicted Inferences or Proof . . . . . . . . . . . . . . . . . . . . . 73 C. The Inference That Suppressed Evidence Does Not Exist . . . . 82 D. When Defendants Waive Protection Against Suppressed Proof . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90 III. THE INTEGRITY OF THE TRIAL PROCESS AND ETHICAL RULES . . . . . . . 98 CONCLUSION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107
Historical Perspective on the Corporate Interest Deduction

One of the so-called “Pillars of Sand” in the American business tax structure is the differential treatment of debt and equity.1 Corporations may deduct interest payments on their debt, but may not deduct dividend payments on their equity. This “ancient and pernicious” feature is criticized because it distorts corporate financing choices and inevitably leads to line drawing problems as the government engages in a futile chase to catch up with the latest financial innovation.2 In the past few years, both the Obama administration and new Senate Finance Committee Chairman Ron Wyden have proposed capping or substantially reshaping the deductibility of corporate interest to “reduce incentives to overleverage and produce more stable business finances.”
Pay Now or Pay Later?: The Economics within the Private Equity Partnership

Abstract The economics of partnerships have been of enduring interest to economists, yet it is not clear what profit sharing within a private partnership should look like. We examine over 700 private equity partnerships and show that the allocation of fund economics to individual partners varies drastically, even among the most senior partners, and appears divorced from past success as an investor, being instead related to status as a founder. A smaller share of carried interest and ownership—and inequality in fund economics more generally—is associated with departures of senior partners which, in turn is negatively related to the funds’ ability to raise additional capital.
The State of Legal Research Education: A Survey of First-Year Legal Research Programs, or “Why Johnny and Jane Cannot Research”

Prof. Osborne reviews the state of legal research education at U.S. News & World Report’s 200 rated law schools, and explores whether or not legal research is a required first-year class, the number of semesters of research instruction, the expertise of the instructor, the number of credits awarded for legal research, the scope of the legal research curriculum, areas of observed difficulties and challenges in instruction, and the type of grade assigned.
Forward-looking monetary policy and anticipated shocks to inflation

Abstract This paper extends a standard New Keynesian model to describe the effects of anticipated shocks to inflation and forward-looking monetary policy. Using the data generated from this modified model suggests that overlooking these two factors in the standard Cholesky structural vector autoregressive identification scheme will generate a price puzzle. Furthermore, this paper demonstrates that failing to account for these two factors may result in significant estimates of two other explanations of the price puzzle—the cost channel of transmission of monetary policy and indeterminacy due to violation of the Taylor principle—even though neither features in the data generating process.
Discontinuous Behavioral Responses to Recycling Laws and Plastic Water Bottle Deposits

Using a nationally representative sample of 3,158 bottled water users, this article finds that both water bottle deposits and recycling laws foster recycling through a discontinuous effect that converts reluctant recyclers into diligent recyclers. The impact of the warm glow from being an environmentalist and an environmental group member is about equal to that of a 5-cent bottle deposit. Respondents from states with stringent recycling laws and bottle deposits have greater recycling rates. The efficacy of these policy interventions is greater for those who do not already recycle, have lower income, and do not consider themselves to be environmentalists. (JEL: K32, Q28)
The Term Structure of Simple Forward Rates with Jump Risk

This paper characterizes the arbitrage-free dynamics of interest rates, in the presence of both jumps and diffusion, when the term structure is modeled through simple forward rates (i.e., through discretely compounded forward rates evolving continuously in time) or forward swap rates. Whereas instantaneous continuously compounded rates form the basis of most traditional interest rate models, simply compounded rates and their parameters are more directly observable in practice and are the basis of recent researchon “market models.” We consider very general types of jump processes, modeled through marked point processes, allowing randomness in jump sizes and dependence between jump sizes, jump times, and interest rates. We make explicit how jump and diffusion risk premia enter into the dynamics of simple forward rates. We also formulate reasonably tractable subclasses of models and provide pricing formulas for some derivative securities, including interest rate caps and options on swaps. Through these formulas, we illustrate the effect of jumps on implied volatilities in interest rate derivatives. This paper characterizes the arbitrage-free dynamics of interest rates, in the presence of both jumps and diffusion, when the term structure is modeled through simple forward rates—that is, through discretely compounded forward rates evolving continuously in time—or through forward swap rates. We consider very general types of jump processes (allowing randomness in jump sizes and dependence between jump sizes, jump times, and interest rates) and identify how jump and diffusion risk premia enter into the dynamics of simple forward rates. We also formulate a reasonably tractable subclass of models and provide pricing formulas for some term structure derivatives. Our investigation builds on several strands of research, in particular on the dynamics of instantaneous continuously compounded rates (as in Heath, Jarrow, and Morton 1992), option pricing withjumps (as in Merton 1976), LIBOR and swap rate market models (including Brace, Gatarek, and Musiela 1997; Jamshidian 1997; Miltersen,
Credit Card Accountability

Unsolicited credit card mailings are on the rise,2 and consumer indebtedness has been increasing apace. Alongside the mounting levels of debt are fears that consumers misapprehend the consequences of cheap credit and that the marketing of credit cards preys on the inability of consumers to assess properly the likelihood that they will become prisoners of a compounding spiral of debt.3 A great deal of the critical commentary has focused on the initial inducement of consumers into dependence on credit cards through liberal solicitations, no annual charges on the cards, and initial low rates of interest. The primary claim here, as articulated by Professor Oren Bar-Gill, has focused on the pricing mechanisms used by credit card companies to lure consumers into a haven of debt, one whose back-end charges make it all too likely that debt levels will become all-consuming.' In this Essay, we shift the focus from the mechanisms by which consumers are drawn to the world of credit cards to the perils that await them in the land of plastic. A survey of reported cases dealing
Autonomy and Independence: The Normative Face of Transaction Costs

Not everyone believes in the desirability of Intellectual Property (IP) rights for individual creators, but almost everyone believes that even when these rights make sense the cost of moving them around is a major headache. One aspect of anti-commons theory is the observation that the cost of assembling and aggregating property rights (including IP) is an important and often hidden downside of the logic of individual ownership. Put simply, no one has much of a good word to say about transaction costs. I begin with the conventional point that sometimes the benefits of disaggregated production of IP-covered works are worth the cost. But then I go further and argue that the benefits of individual autonomy and small team production are substantial enough that, in some cases, society ought to encourage this type of production even when the net measurable costs of this arrangement are slightly negative. Transaction costs, in other words, are sometimes the byproduct of production arrangements that serve important normative values (autonomy and independence, for example), and when this is so they ought to be tolerated.
Escaping the Great Recession

While high uncertainty is an inherent implication of the economy entering the zero lower bound, de‡ation is not, because agents are likely to be uncertain about the way policymakers will deal with the large stock of debt arising from a severe recession. We draw this conclusion based on a new-Keynesian model in which the monetary/…scal policy mix can change over time and zero-lower-bound episodes are recurrent. Given that policymakers’behavior is constrained at the zero lower bound, beliefs about the exit strategy play a key role. Announcing a period of austerity is detrimental in the short run, but it preserves macroeconomic stability in the long run. A large recession can be avoided by abandoning …scal discipline, but this results in a sharp increase in macroeconomic instability once the economy is out of the recession. Contradictory announcements by the …scal and monetary authorities can lead to high in‡ation and large output losses. The
A Substantive Right to Class Proceedings: The False Conflict Between the FAA and NLRA

In recent decades, the U.S. Supreme Court’s Federal Arbitration Act jurisprudence has greatly expanded the scope of enforceable arbitration agreements. In AT&T Mobility LLC v. Concepcion, decided in 2011, the Court held that a class arbitration waiver in a consumer contract was enforceable, despite state law to the contrary. In January 2012, the National Labor Relations Board ruled that, despite the Court’s holding in Concepcion, class waivers in employment arbitration agreements are unenforceable due to employees’ right under the National Labor Relations Act to engage in concerted activity. However, nearly all federal and state courts that have subsequently considered this question have declined to follow the NLRB and have enforced similar class waivers. This Note argues that the NLRB was correct in declaring unenforceable class waivers in employment arbitration agreements. It concludes that because employees’ right to invoke class proceedings under the NLRA is a substantive rather than procedural right, the unwaivability of this right creates no conflict with the FAA, even under the Supreme Court’s broad interpretation of the statute.
The Continuity Principle, Administrative Constraint, and the Fourth Amendment

This Article uses three Supreme Court decisions from the past term, Illinois v. Caballes,1 Muehler v. Mena,2 and Devenpeck v. Alford,3 to explore the role of administrative restraint in Fourth Amendment analysis. The Warrant Clause embraces a principle of continuity, mandating that law enforcement authorities in conducting searches and seizures adhere to the goals previously articulated in the warrant. I argue that the principle should apply as well when warrants are not practicable as the Court seemed to suggest in Terry v. Ohio.4 Once the objectives of the underlying warrantless search or seizure are satisfied, no further interference with liberty should be permitted. For instance, a pat down search to find weapons under Terry must stop once no weapons are found, and a legitimate effort to arrest a suspect in his or her home should not provide justification for a full scale search of the premises. The continuity principle reflects the long-held fear that governmental officials may be tempted to expand searches and seizures once they are given a green light to start. In Caballes and Muehler, therefore, questioning of the suspects should have stopped after the underlying purpose of the detention ended. The Article then suggests more generally that Fourth Amendment balancing should include systematic consideration of whether sufficient constraints are imposed on law enforcement officials. From that vantage point, courts have both over and under protected privacy under the Fourth Amendment, overemphasizing the threat to privacy in cases such as Indianapolis v. Edmond,5 in which there was little risk of administrative abuse but slighting the threat in Caballes and others. * Dean and Professor, Chicago-Kent College of Law. 1 125 S. Ct. 834 (2005). 2 125 S. Ct. 465 (2005). 3 125 S. Ct. 588 (2004). 4 392 U.S. 1 (1968). 5 531 U.S. 32 (2000).
CROSS-COUNTRY INEQUALITY TRENDS*

I review the two most popular explanations for the differential trends in wage inequality in US/UK and Europe: that relative supply of skills increased faster in Europe, and that European labour market institutions prevented inequality from increasing. Although these explanations go some way towards accounting for the differential cross-country inequality trends, it also appears that relative demand for skills increased differentially across countries. I develop a simple theory where labour market institutions creating wage compression in Europe also encourage more investment in technologies increasing the productivity of less-skilled workers, implying less skill-biased technical change in Europe than the US.
Climate Contracts: A Game of Emissions, Investments, Negotiations, and Renegotiations

The paper presents a dynamic game where players can contribute to a public bad, invest in technologies, and write incomplete contracts. Despite the n + 1 stocks in the model, the analysis is tractable and the symmetric Markov perfect equilibrium unique. The framework helps to analyze emissions, investments, and international environmental agreements. If only the emission levels are contractible, then investments are suboptimally small if the contract is short-term or close to its expiration date. To encourage investments, the optimal contract is more ambitious if it is short-term, and it is tougher to satisfy close to its expiration date and for countries with small investment costs. If renegotiation is possible, such an incomplete contract implements the …rst-best. The results have important lessons for how to design a climate treaty.
Binding Authority: Unamendability in the United States Constitution—A Textual and Historical Analysis

Through an examination of the text of the original Constitution and the history of its framing, this article demonstrates the framers understood the difficulties — logical, syntactic, and political — involved in creating unamendable constitutional provisions, yet did create two such provisions. One provision expired by its own terms in 1808, but while it was in force it barred amendment of several other provisions. The other is the ban on religious tests in Article VI, which is permanent — it may never, ever be removed. Additionally, this article demonstrates it is possible for a present-day amendment to be permanently unalterable and for such an amendment to make a part of the existing Constitution similarly unalterable. In the past, the possibility of such unalterable amendments was accepted. Indeed, an amendment proposal sent by Congress to the states for ratification in 1861 was an attempt to avoid the Civil War by prohibiting forever any federal interference with slavery in the states. Each of these permanent limitations (or attempted limitation) on amendment was aimed at compromise to avert a serious national crisis. Despite its usefulness as a tool for binding compromises, unamendability is a dangerous device, so the article also addresses whether the power to create permanent provisions should be permanently removed, and how that may be accomplished.
Board interlocks and the diffusion of disclosure policy

We examine whether board connections through shared directors influence firm disclosure policies. To overcome endogeneity challenges, we focus on an event that represents a significant change in firm disclosure policy: the cessation of quarterly earnings guidance. Our research design allows us to exploit the timing of director interlocks and therefore differentiate the director interlock effect on disclosure policy contagion from alternative explanations, such as endogenous director-firm matching or strategic board stacking. We find that firms are more likely to stop providing quarterly earnings guidance if they share directors with previous guidance stoppers. We also find that director-specific experience from prior guidance cessations matters for disclosure policy contagion. The positive effect of interlocked directors on the likelihood of quarterly earnings guidance cessation is particularly strong for firms with interlocked directors who experienced positive outcomes from prior guidance cessation decisions. Overall, our evidence is consistent with interlocked directors serving as conduits for information sharing that leads to the spread of corporate disclosure policies.
Supply Diversification with Responsive Pricing

We study sourcing and pricing decisions of a firm with correlated suppliers and a price-dependent demand. With two suppliers, the insight—cost is the order qualifier while reliability is the order winner—derived in the literature for the case of exogenously determined price and independent suppliers, continues to hold when the suppliers' capacities are correlated. Moreover, a firm orders only from one supplier if the effective purchase cost from him, which includes the imputed cost of his unreliability, is lower than the wholesale price charged by his rival. Otherwise, the firm orders from both. Furthermore, the firm's diversification decision does not depend on the correlation between the two suppliers' random capacities. However, its order quantities do depend on the capacity correlation, and, if the firm's objective function is unimodal, the total order quantity decreases as the capacity correlation increases in the sense of the supermodular order. With more than two suppliers, the insight no longer holds. That is, when ordering from two or more suppliers, one is the lowest-cost supplier and the others are not selected on the basis of their costs. We conclude the paper by developing a solution algorithm for the firm's optimal diversification problem.
Policy Uncertainty, Persistence and Growth

This paper explores links between policy uncertainty and growth. Using an endogenous growth model in which domestic investment is characterized by irreversibilities and policy fluctuates between a high- and a low-tax regime, it shows that the magnitude of policy fluctuation and the persistence of policy jointly determine the pattern of investment and growth. Cross-section regressions confirm that for 46 developing countries over the 1970-85 period, policy uncertainty is negatively correlated with both investment and growth. Policy persistence also plays an important role.
The Domestic Fourth Amendment Rights of Undocumented Immigrants: On Guitterez and the Tort Law/Immigration Law Parallel

This Article is composed of three parts. Part I examines the problems raised by the Gutierrez I regime, including the collapse of the protective constitutional floor of immigrants' rights portended by that decision. Part II contends that the current plenary power approach to immigration and immigrants' rights issues would likely support, rather than dismantle, the Gutierrez I approach to undocumented immigrants' Fourth Amendment rights. Part III provides an alternative to the plenary power regime by drawing a parallel between domestic tort law for premises liability and immigrants' rights law. This part concludes by showing that Rowland and its progeny could serve as the proper basis for rebuilding the floor of constitutional protection for immigrants charged with violating U.S. law.
On International Accounting Valuation

This paper develops an accounting‐based equity valuation model for multinational firms, and uses the model to examine the forecasting and valuation properties of foreign currency translation gains and losses (TGL). It shows that TGL can be systematically decomposed into a core component and a transitory component; and because the two components are negatively correlated, the combined effect is that TGL is “more transitory” than transitory earnings, mapping into value with a weight between zero and one. The analysis helps to resolve the classical debate on the value relevance of TGL by showing that the opposing views are special cases of a more general framework.
Universal Conservationism: A Proposal to Establish World Heritage Sites Beyond Earth

This paper proposes that member States of the World Heritage Centre —an organ of the United Nat ions Education, Scientific and Cultural Organization —designate and include certain sites and artifacts in the Solar System on the World Heritage sites list . It considers the use of environmental ethic s as a means to justify the establishment of World Herit age sites in the Solar System . I t evaluate s three paradigms as the basis for an environmental ethic : utilitarian, conservationist and preservationist. I t also discuss es the legal and policy dimensions related to protecting important historical and cultural sites and artifact s in the Solar System. Lastly, twenty recommendations of sites in the Solar System are proposed for inclusion on the World Heritage sites list . These include: Apollo 11 -17 landing sites and/or impact sites of Saturn IV -B boosters on the Moon, Luna 2, 5, 7 -9, 13, 15 -18, 20, 23 -24 impact sites, Lunar Orbiter 1 -3 and 5 impact sites, Rangers 6 -9 impact sites, Lunok hod 2 impact site, Surveyors 1 -7 impact sites, Olympus Mons on Mars , Mar s Expedition Rover Opportunity landing s ite , Viking 1 land ing site, Viking 2 landing site, Mars Pathfinder l anding site , “Face on Mars ”, Mars Expedition Rover Spirit landing site , Mars Polar Lander s ite , Hellas Basin on Mars, Victoria Crater on Mars, Vellas Marineris on Mars , Chryse Planitia on Mars , Syrtis Major on Mars , and Martian North and South Poles . A complete list of sites requires input from the general public and governments that have launched artifacts into space . As such, t hese recommendations should not be considered exhaustive .
The Corporate Value of (Corrupt) Lobbying

We examine whether the stock market considers corporate lobbying to be value enhancing, using an event that potentially limited the ability of firms to lobby but was exogenous to their characteristics and prior lobbying decisions. The results show that this exogenous shock negatively affects the value of firms that lobby. In particular, we estimate that a firm that spends $100,000 more on lobbying in the 3 years before the shock (where sample average lobbying expenses are about $4 million), experiences a loss of about $1.2 million in shareholder value on average. We also examine the channels through which lobbying may create value for firms.
Investor Sentiment and Corporate Disclosure

This paper investigates how firms react strategically to investor sentiment via their disclosure policies in an attempt to influence the sentiment-induced biases in expectations. Proxying for sentiment using the Michigan Consumer Confidence Index, we show that during low-sentiment periods, managers increase forecasts to “walk up” current estimates of future earnings over long horizons. In contrast, during periods of high sentiment, managers reduce their long-horizon forecasting activity. Further, while there is an association between sentiment and the biases in analysts' estimates of future earnings, management disclosures vary with sentiment even after controlling for analyst pessimism, indicating that managers attempt to communicate with investors at large, and not just analysts. Our study provides evidence that firms' long-horizon disclosure choices reflect managers' desire to maintain optimistic earnings valuations.
Adaptive Influence Maximization in Dynamic Social Networks

For the purpose of propagating information and ideas through a social network, a seeding strategy aims to find a small set of seed users that are able to maximize the spread of the influence, which is termed influence maximization problem. Despite a large number of works have studied this problem, the existing seeding strategies are limited to the models that cannot fully capture the characteristics of real-world social networks. In fact, due to high-speed data transmission and large population of participants, the diffusion processes in real-world social networks have many aspects of uncertainness. As shown in the experiments, when taking such uncertainness into account, the state-of-the-art seeding strategies are pessimistic as they fail to trace the influence diffusion. In this paper, we study the strategies that select seed users in an adaptive manner. We first formally model the dynamic independent Cascade model and introduce the concept of adaptive seeding strategy. Then, based on the proposed model, we show that a simple greedy adaptive seeding strategy finds an effective solution with a provable performance guarantee. Besides the greedy algorithm, an efficient heuristic algorithm is provided for better scalability. Extensive experiments have been performed on both the real-world networks and synthetic power-law networks. The results herein demonstrate the superiority of the adaptive seeding strategies to other baseline methods.
Investment in education: do economic volatility and credit constraints matter?

Abstract Recent research has focused on the effects of economic volatility on the investment in physical capital; this paper shows that economic volatility and the lack of financial markets have a negative effect also on the accumulation of human capital. Our evidence, drawn from cross-country and panel regressions is that average secondary enrollment in the period 1970–1972 is negatively affected by: the lack of financial markets, income or employment volatility, and income inequality. Our results are robust to: different specifications of volatility, the inclusion of public expenditure in education, country specific effects, and different sets of regressors.
Trading activity in the equity market and its contingent claims: An empirical investigation

Abstract Little is known about the joint dynamics of volume across the various contingent claims on the equity market. We study the time-series of trading activity in the cash S&P 500 index and its derivatives (options, the legacy and E-mini futures contracts, and the ETF), and consider their dynamic relation with the macroeconomy, over more than 3000 trading days during 1997–2009. Legacy futures volume has trended downward while other series have trended upward. Total futures volume has increased, suggesting that the trading in the legacy contract has been at least partially supplanted by trading in the E-mini contract. All series are highly cross-correlated and jointly dependent. Signed and absolute trading activity in contingent claims (most prominently, options) predicts shifts in aggregate state variables such as the short interest rate, and the term and credit spreads, as well as signed and absolute returns around major macroeconomic announcements. Overall, consistent with the informational role of options, their volume innovations have the strongest forecasting ability for fluctuations in the macroeconomic environment.
Caught Telling the Truth: Effects of Honesty and Communication Media in Distributive Negotiations

In the present research, the authors varied the presence versus absence of an honest disclosure in two-party negotiations. Confederates who posed as participants and followed a script carried out the disclosure manipulation. In Experiment 1, communication mode (face-to-face vs. telephone vs. electronic mail) was crossed with disclosure, and an interaction was observed. Specifically, the remote media (phone and e-mail) were found to induce competitive negotiation behavior, but only when there was no honest disclosure; that is, the honest disclosure suppressed the competitive behavior that was otherwise induced by the remote media. Experiment 2 replicated the e-mail condition of Experiment 1, with the only difference being that negotiators were anonymous to one another. Despite the anonymity, the honest disclosure continued to have the same cooperation-inducing effect. Implications of these results and future research directions are discussed.
Neglected Effects on the Uses Side: Even a Uniform Tax Would Change Relative Goods Prices

Fundamental tax reform may change relative prices of consumption goods and may therefore have important effects on the uses side that are ignored by most general equilibrium simulation models. For a uniform rate of tax, in our model, results on the uses side are driven by the nonuniform tax system being replaced. Similar effects occur under any uniform and comprehensive tax reform, whether the current system is replaced by a consumption tax, a wage tax, or a pure income tax. Any such reform that eliminates the current preferential treatment of housing would impose an additional one-time levy on the elderly, and any reform that eliminates the current double taxation of corporate capital would reduce the relative prices of corporate-capital-intensive goods bought by the poor.
Motivating revisions of management accounting systems: An examination of organizational goals and accounting feedback

Successful revisions of management accounting systems (MAS) require substantial effort, and it has been suggested that providing feedback about the success of short-run MAS changes can motivate continued change efforts. Based on psychology theories of goal priming, I predict that such feedback can either increase or decrease continued effort, depending on whether it activates a high-level goal (i.e., an overarching long-term project goal) in individuals' minds. Activation of a high-level goal via a slogan in an accounting report leads participants in my experiment to interpret feedback in terms of their commitment to the goal, and thus to exert more effort toward MAS revision after success than failure. In the absence of high-level goal activation, however, participants interpret feedback in terms of whether sufficient progress has yet been made, and thus they exert more effort after failure than success. These findings not only provide insight into the effects of accounting feedback on individual effort; they also expand our understanding of the effects of accounting-report design by providing evidence of motivational effects in addition to the cognitive effects addressed in prior studies.
Revenue Adequacy: The Good, the Bad and the Ugly

This article describes the idea of revenue adequacy, a component of United States railroad firms' financial performance calculated annually by regulatory oversight bodies. The authors examine revenue adequacy in five areas: the origin of revenue adequacy; how regulators have chosen to measure revenue adequacy; how revenue adequacy relates to other relevant economic metrics that guide policy governance decisions; how revenue adequacy measures economic value in either concept or practice; and the use of revenue adequacy in policy oversight. They also consider the historical origins, measurement, and informational provisions of revenue adequacy. The article presents a financial benchmarking exercise to assess revenue adequacy in the rail industry, compared to comparable industries and to publicly-traded non-financial companies. The authors also assess whether the railroad industry has made continued rail transportation system improvements given its regulatory governance structure. They conclude that significant strides toward the goal of achieving a “safe, adequate, economical, efficient, and financially stable Rail transportation system” (as established in the 1980 Staggers Rail Act) have been made. A final section considers the implications of their findings for policy makers.
Competition and Cooperation

When do competitors share assets and other opportunities for mutual gain? Conversely, when do they prefer to distinguish themselves by establishing firm boundaries that produce a minimum of sharing or cooperation despite potential gains from trade? Why, for example, do competing law schools in a single city cooperate so little in offering joint programs and economizing on certain costs even as they use the same casebooks in their courses and borrow from one another's libraries? Why do two competing auto makers rarely sell one another components or use the same expert advertising agency or law firm but then quite often equip their cars with identical tires or consider the same architect when planning new office buildings? The literatures on the boundaries of the firm and on conflicts of interest do not much investigate these fundamental questions, and other literatures, such as that which explores exclusive dealing arrangements, touch on the puzzles associated with these questions in but passing fashion. My focus in this Essay on the nature of the relationship between cooperation and competition is in many ways an attempt to interest those who work in law in what economists think of as the "make-or-
The Impact of Living Wages on Employers: A Control Group Analysis of the Los Angeles Ordinance*

This paper analyzes the impact of the Los Angeles Living Wage Ordinance on employers using two original data sets and a quasi-experimental research design. Relative to a control group of establishments, the starting pay of low-wage workers has risen by $1.74 per hour, paid days off have risen by two days, and employer-paid health benefits have not significantly changed among establishments covered by the living wage ordinance. Living wage establishments have witnessed a sizeable reduction in low-wage worker turnover, a drop in absenteeism, reduced overtime hours, and reduced job training relative to the control group of establishments. The ordinance appears to have had no significant impact on the use of part-time workers, the intensity of supervision, or the tendency of living wage firms to fill vacancies from within.
The Georgia Lottery and State Appropriations for Education: Substitution or Additional Funding?

This article examines the use of lottery proceeds for funding public education in Georgia, with specific focus on the state’s effort to guard against fungibility of lottery proceeds. The Georgia lottery earmarks proceeds for education and Georgia is among the states requiring a high level of transparency at each stage of the budget and appropriations process. Based upon comparisons of spending before and after the lottery was put in place, we conclude that lottery spending has not been completely offset by substitution. Lottery funds appear to have stimulated additional spending in the target areas. Budget fungibility has been constrained by the transparency of the budget and appropriations process, gubernatorial commitment to supplement not supplant, the policy architecture of the lottery–for–education program, and a relatively strong state economy that renders substitution unnecessary.