cssi/SciSciGPT-SciSciNet huggingface dataset:
A Reply to Women Denied Partnerships Revisited

This article is in the form of a response to one of the scholars who wrote about our work. One year earlier, we published an article that generated a tremendous amount of interest. In this response to that author's points, I agree that while the Hopkins decision stands as a remarkable milestone, the decision possibly raised as many questions as it answered that will require resolution through the courts or Congress.
Environmental risk management and the cost of capital

Our study of 267 U.S. firms shows that improved environmental risk management is associated with a lower cost of capital. Our findings provide an alternative perspective on the environmental-economic performance relationship, which has been dominated by the view that improvements in economic performance stem from better resource utilization. Firms also benefit from improved environmental risk management through a reduction in their cost of equity capital, a shift from equity to debt financing, and higher tax benefits associated with the ability to add debt. These findings help build better theory regarding the outcomes of strategic improvements in environmental risk management. Copyright © 2008 John Wiley & Sons, Ltd.
Does Diversification Create Value in the Presence of External Financing Constraints? Evidence from the 2007–2009 Financial Crisis

We show that the value of corporate diversification increased during the 2007–2009 financial crisis. Diversification gave firms both financing and investment advantages. First, conglomerates became significantly more leveraged relative to comparable focused firms. Second, conglomerates’ access to internal capital markets became more valuable, not just because external capital markets became more costly but also because the efficiency of internal capital allocation increased significantly during the crisis. Our analysis provides new evidence on how and why the value of diversification varies with financial constraints and economic conditions, and it suggests that corporate diversification can serve an important insurance function for investors. This paper was accepted by Amit Seru, finance.
It’s Not a Small World After All: Regulating Obesity Globally

It’s Not a Small World After All: Regulating Obesity Globally explores the prevalent problems of overweight and obesity among adults in various countries and the creative measures local and national governments are implementing to curtail this costly and life-threatening epidemic. Extreme measures include the Chinese government denying the obese adoption rights and Japan mandating that employers measure employees’ waist lines. Less drastic measures can be found in the City of Jerusalem, which placed solar-powered scales in select locations and is considering making walking paths with exercise machines. New York City’s calorie counting legislation is on the front line of the battle against obesity, requiring restaurants to display calorie information on menus. Following New York City’s lead, over half of the states have considered or implemented laws with various applicability limiting trans-fat in restaurant food. The European nations, through voluntary programs, have attempted to attack advertising techniques aimed at over-eating. South Los Angeles has even tried temporarily banning new fast-food establishments. However, some measures seem to tip the scales, such as Mississippi’s proposed legislation to prohibit restaurants from serving the obese, a bill that was quickly denied. Critics are in abundance, arguing that the government should not intrude on such a private choice as overeating. They question whether these governmental measures actually lower the obesity and overweight rates. Preemption-based lawsuits have depicted the issue of which level of government should be allowed to regulate. Yet another source of disagreement is exactly how a government should combat obesity, considering this problem hinges on such a personal choice; this article explores zoning restrictions, education-enhancing legislation, penalizing individuals and entities, voluntary programs, and financial incentives. The author explains that legislation aimed at educating the public, through information or wellness programs, seems to be the least costly and seemingly most effective way to curb obesity.
Alien Invasion! An Ocean Picture Coming to a Sea Near You: An Analysis of International Frameworks for Aquatic Invasive Species Control

Aquatic invasive species are marine, estuarine, or freshwater organisms that adversely impact ecosystems they are not native to. Such impacts include long-lasting or permanent damage to habitats, ecosystem balance, and biodiversity. These impacts have a cascading effect on local economies dependent on these natural resources by impeding recreational and commercial activities. Moreover, aquatic invasive species control and management is both complex and challenging due to the lack of physical barriers in aquatic environments to abate or contain the spread of these nuisance species. The Wider Caribbean Region has been notably impacted by the introduction of the non-native lionfish (Pterois volitans) which has devastated native fish populations and reef communities. Because of the regional nature of this issue, several international frameworks have sought to address the aquatic invasive species problem. This article conducts a comparative analysis of the provisions employed to address aquatic invasive species within the Convention on Biological Diversity, the International Maritime Organization's Ballast Water Management Convention, and the Cartagena Convention's Specially Protected Areas and Wildlife Protocol. Further, this article assesses the efficacy of these international legal frameworks and the various control and enforcement mechanisms they require. Climate change is dynamically impacting the distribution of native species and fundamentally altering important aquatic ecosystem components such as temperature, rainfall, sea level, and salinity. These changing conditions coupled with the introduction of dominant and aggressive invasive species are changing the face of aquatic ecosystems. It is more important than ever to discuss the future of these ecosystems and how we can protect them.
Securitization and Insider Trading

ABSTRACT Securitizations are complex and opaque transactions. We hypothesize that bank insiders trade on private information about banks': (1) securitization-related recourse risks, (2) not-yet-reported current-quarter securitization income, and (3) securitization-based business model sustainability. We provide evidence that proxies for each of these types of insider information are positively associated with insider trading. Specifically, we find that net insider sales in the 2001Q2–2007Q2 pre-financial crisis quarters predict not-yet-reported non-performing securitized loans and securitization income for those quarters, and that net insider sales during 2006Q4 predict write-downs of securitization-related assets during the 2007Q3–2008Q4 crisis period. We find that net insider sales are more negatively associated with banks' subsequent stock returns in their securitization quarters than in other quarters. In supplemental analysis, we show that the above findings are driven by trades by banks' CEOs and CF...
The Effects of Expected and Actual Accounting Choices on Judgments and Decisions

ABSTRACT: This research investigates how financial statement users' judgments and decisions are affected by the extent to which a firm's actual accounting choices match users' expectations. Based on prior communications research, I predict and find that users' credibility judgments are more extreme when a firm's actual accounting choices do not match expectations. Experiment 1 supports this prediction in a stock‐based compensation context, and Experiment 2 supports it in an accounting estimate context. Further, evidence from Experiment 1 supports the prediction that credibility judgments mediate the effect of a mismatch on investment decisions. Finally, evidence from Experiment 2 partially supports the prediction that users who encounter a mismatch between actual and expected accounting choices are more likely to search for additional information than are users who encounter a match. The results have implications for accounting researchers, regulators, and managers interested in understanding how firms' a...
The division of labor and the growth of government

Abstract This paper develops a dynamic, general equilibrium model of specialization-driven growth in which private coordination costs are decreasing in public expenditure on physical and institutional infrastructure. The model provides an explicitly economic explanation of the secular rise of government. In addition, endogenous specialization decisions imply the existence of four development stages, characterized by distinct outcomes regarding the division of labor, the role of government and the return to capital. Growth is characterized by capital accumulation, market integration, the division of labor and the growth of government. The effectiveness of government plays a central role in determining whether an economy converges to a high or low level equilibrium.
Is There News in the Timing of Earnings Announcements

This study examines the value relevance of the timing of earnings announcement dates relative to prior expectations. It shows that when firms advance their earnings announcements at least four days prior to expectations, the earnings surprises in those quarters tend to be positive and the abnormal returns from two days after the earnings release date was announced through one day after earnings are actually announced are positive and significant. The converse is true for firms that delay their earnings announcement at least four days relative to prior expectations. The study also shows that firms that delay their earnings release date at least four days after previously setting the date earlier are characterized by both negative earnings surprises and abnormal returns from the delay announcement through one day after the actual earnings announcement date. These results can be used by investors to earn abnormal returns, by security analysts in revising their forecasts and by option traders when earnings announcement dates cross option expiration dates.
Why the Catholic Majority on the Supreme Court May Be Unconstitutional

In this essay, Professor Michael Gerhardt ponders two possible problems with how presidents may have assembled the current Catholic majority on the Supreme Court. The first is that they may have unwittingly demonstrated their agreement with social scientists who believe that neither the rule of law nor Supreme Court precedent constrain justices, and the second is that they may have violated constitutional prohibitions on religious tests for federal office. After showing how both these problems may have occurred, Gerhardt demonstrates how they were avoidable at the time the current majority was assembled and in future judicial selection.
Improving urban newborn health: Challenges and the way forward

One-third of India’s urban population resides in slums and squatters, their vulnerability being characterized by poverty and powerlessness. Newborn care is sub-optimal among India’s urban poor, yet scarcely documented. Neonates born in urban poor settings are at high risk of death owing to multitudinous factors. This paper discusses the situation of neonatal care and survival among the urban poor across states which are at different levels of social development. Challenges in addressing needs of the newborns in urban poor settings operate at community as well as program level and need to be addressed simultaneously. The paper describes these challenges and suggests a way forward in light of the existing opportunities and lessons from successful experiences. The following emerge imperative for improving newborn care among the urban poor in India: i) development of comprehensive lead programs through close partnership among academic agencies like National Neonatology Forum, NGOs, socially committed private doctors, hospitals and city governments; ii) improving demand, promoting household practices, service outreach through trained slum-based health volunteers and women group and encouraging slum-level health funds as a community risk pooling measure; iii) enhancing competence of slum-based TBAs to improve home delivery practices and encourage hospital deliveries by linking them to affordable facilities; iv) investment in building human resource capacity at all levels for providing improved newborn healthcare; v) partnership with the private sector (private/charitable health facilities and non-government organizations) and academia for enhancing service delivery and for advocating for greater attention to the urban poor newborn; vi) making the invisible visible and reaching the unreached and more vulnerable clusters.
Mental health advance directives: having one's say?

First, this Article traces the extension of the right to refuse treatment to the psychiatric realm. Next, the Article addresses advance directives for health care and their utility for mental health issues. Then, the Article examines state statutory and judicial responses to mental health advance directives. Finally, the Article analyzes why the right to control future psychiatric treatment, including the right to refuse treatment, has been slow to gain acceptance. Although mental health advance directives present real challenges, legally and otherwise, this Article concludes that they are firmly rooted in the law and their rejection is, more often than not, based on illegitimate grounds.
Political Influence and TARP Investments in Credit Unions

About 48 credit unions received capital injections as part of the financial sector bailout. The predicted probability of receiving bailout funds jumps from 29% to 81% for the typical credit union, if the institution's headquarters was in the district of a member of the U. S. House Financial Services Committee (HFS). The credit unions receiving funds were significantly less likely to lend, contrary to the goals of the program. These results indicate that political influence may be an important determinant of which institutions receive taxpayer funds.
Hedge Funds as Investors of Last Resort

Hedge funds have become important investors in public companies raising equity privately. Hedge funds tend to finance companies that have poor fundamentals and pronounced information asymmetries. To compensate for these shortcomings, hedge funds protect themselves by requiring substantial discounts, negotiating repricing rights, and entering into short positions of the underlying stocks. We find that companies that obtain financing from hedge funds significantly underperform companies that obtain financing from other investors during the following two years. We argue that hedge funds are investors of last resort and provide funding for companies that are otherwise constrained from raising equity capital. (JEL G14, G23, G32) Hedgefundshaverecentlybecomeanimportantsourceoffundingforpublic companies raising equity privately. Financing young companies with severe information asymmetries is an important investment strategy for some hedge funds. Since 1995, hedge funds have participated in more than 50% of the private placements of equity securities and have contributed about one-quarter of the capital raised in such equity issuances, a total investment that has exceeded the contributions of other investor classes. Thispapershedslightontheroleofhedgefundsinsuchprivateplacements. In perfect financial markets it should be irrelevant whether a firm obtains funding from hedge funds or from other investors. To investigate whether the identity of the investors matters, we use a unique dataset that
Uniqueness of asset prices in an exchange economy with unbounded utility

This paper studies conditions under which the price of an asset is uniquely determined by its fundamental value – i.e., no bubbles can arise – in Lucas-type asset pricing models with unbounded utility. After discussing Gilles and LeRoy's (1992) example, we construct an example of a two-period, representative agent economy to demonstrate that bubbles can arise in a standard model if utility is unbounded below, in which case the stochastic Euler equation may be violated. In an infinite horizon framework, we show that bubbles cannot arise if the optimal sequence of asset holdings can be lowered uniformly without incurring an infinite utility loss. Using this result, we develop conditions for the nonexistence of bubbles. The conditions depend exclusively on the asymptotic behavior of marginal utility at zero and infinity. They are satisfied by many unbounded utility functions, including the entire CRRA (constant relative risk aversion) class. The Appendix provides a complete market version of our two-period example.
Do School Entry Laws Affect Educational Attainment and Labor Market Outcomes

Age based school entry laws force parents and educators to consider an important tradeoff: though students who are the youngest in their school cohort typically have poorer academic performance, on average, they have slightly higher educational attainment. In this paper we document that for a large cohort of California and Texas natives the school entry laws increased educational attainment of students who enter school early, but also lowered their academic performance while in school. However, we find no evidence that the age at which children enter school effects job market outcomes, such as wages or the probability of employment. This suggests that the net effect on adult labor market outcomes of the increased educational attainment and poorer academic performance is close to zero.
Trade Reform Diagnostics with Many Households, Quotas, and Tariffs

Revenue-neutral trade reform is desirable if revenues are made up from less costly distortions. With a particular computable general-equilibrium model, reforms can be evaluated, but the robustness of conclusions is suspect; they depend on a particular specification and parameterization of the model economy. This paper provides a diagnostic toolkit which permits sensitivity analysis across model specifications and parameterizations, notably allowing for heterogeneous households. Novel elements include emphasis on the concept of compensated marginal cost of funds (MCF) necessary to sensitivity analysis, development of the MCF of quotas, and analysis of the relationship between aggregate MCF and social welfare.
REIT Going Private Decisions

Over the recent decade there was a wave of REITs going private, from an average of about three per year to 40 between 2005 and 2007. Standard corporate finance theory posits that firms go private when there is no longer a positive tradeoff between the expected benefits and the costs of being public, and it provides empirical evidence that going private decisions are motivated by potential gains from leverage, tax benefits, and expected improvements in corporate governance. Given the unique institutional environment for the REIT industry, this paper sheds new light on the going-private decision. Specifically, we examine the determinants of the going-private decision and document announcement wealth changes using a sample of 160 REITs from 1985 to 2009. We find firm performance and agency-related factors significantly impact the probability that a REIT announces to go private. We find that the passage of Sarbanes-Oxley and a proxy for differential performance in the private and public markets have no significant impact on the decision. The announcement day abnormal return is almost 12% and the three-day abnormal return is 15%, magnitudes that are both statistically and economically significant. Variations in the market reaction are associated with lower levels of cash and higher stock price volatility. Overall, we document a new set of going-private factors and wealth impacts for the REIT industry that are unique from those of previous corporate finance literature.
Efficiency and synergy in a multi-unit auction with and without package bidding: An experimental study

Abstract We study, theoretically and experimentally, sealed-bid first-price auctions with and without package bidding. In the model, a global bidder bids for multiple items and can benefit from synergies, while local bidders bid for a single item. In the equilibrium, package bidding improves (hurts) efficiency at high (low) levels of synergies. Package bidding introduces free-riding incentives for local bidders resulting in asymmetric bidding that reduces efficiency when synergies are low but increases it with high synergies. The free ridding incentive lowers bidding of local and global bidders reducing revenues at all levels of synergies. We conduct experiments varying auction rules and the degree of synergies. Observed efficiencies are qualitatively consistent with the theory. The effect of package bidding on revenues is negative when global bidders are not allowed to bid on single items (a feature of the equilibrium) and positive when the restriction is relaxed and synergies are high.
Small Differences that Matter: Mistakes in Applying to College

In 1997, the ACT increased the number of free score reports it provided to students from three to four, maintaining a $6 marginal cost for each additional report. In response to this $6 cost change, ACT-takers sent many more score reports and applications relative to SAT-takers. They widened the range of colleges they sent scores to, and low-income ACT-takers attended more-selective colleges. Back-of-the-envelope calculations suggest that the policy substantially increased low-income students’ expected earnings. This sizable behavioral change in response to such a small cost change suggests that in this setting, small policy perturbations can have large effects on welfare.
Crowdsourcing New Product Ideas Under Consumer Learning

We propose a dynamic structural model that illuminates the economic mechanisms shaping individual behavior and outcomes on crowdsourced ideation platforms. We estimate the model using a rich data set obtained from IdeaStorm.com, a crowdsourced ideation initiative affiliated with Dell. We find that, on IdeaStorm.com, individuals tend to significantly underestimate the costs to the firm for implementing their ideas but overestimate the potential of their ideas in the initial stages of the crowdsourcing process. Therefore, the “idea market” is initially overcrowded with ideas that are less likely to be implemented. However, individuals learn about both their abilities to come up with high-potential ideas as well as the cost structure of the firm from peer voting on their ideas and the firm's response to contributed ideas. We find that individuals learn rather quickly about their abilities to come up with high-potential ideas, but the learning regarding the firm's cost structure is quite slow. Contributors of low-potential ideas eventually become inactive, whereas the high-potential idea contributors remain active. As a result, over time, the average potential of generated ideas increases while the number of ideas contributed decreases. Hence, the decrease in the number of ideas generated represents market efficiency through self-selection rather than its failure. Through counterfactuals, we show that providing more precise cost signals to individuals can accelerate the filtering process. Increasing the total number of ideas to respond to and improving the response speed will lead to more idea contributions. However, failure to distinguish between high-and low-potential ideas and between high-and low-ability idea generators leads to the overall potential of the ideas generated to drop significantly. This paper was accepted by Sandra Slaughter, information systems.
Ionospheric observations of underground nuclear explosions (UNE) using GPS and the Very Large Array

[1] Observations from Global Positioning System (GPS) receivers and the Very Large Array (VLA) radio telescope recorded traveling ionospheric disturbances (TID) from underground nuclear explosions (UNEs), detonated in September 1992. The slant TEC (STEC) data derived from GPS observations were processed for all ray paths to isolate TIDs. For the TIDs from the Hunters Trophy test on 18 September 1992 and the Divider test on 23 September 1992, the propagated mean velocities of the TIDs were about 573 m/s and 740 m/s with standard deviations of 85 m/s and 135 m/s, respectively. For the VLA observations, the spectral analysis produced three-dimensional fluctuation spectral cubes for the Hunters Trophy event. The arrival time of the TID at the VLA implied a propagation speed of 570–710 m/s. This study suggests the global availability of GNSS tracking networks and new low-frequency (VHF) radio telescopes may offer a method of UNE detection and characterization, which could complement the International Monitoring System (IMS).
Monetary Policy Implementation at Different Stages of Market Development

The most salient trend in monetary policy over the past two decades has been increasing reliance on money market operations, which reflects the belief that allowing market forces to allocate financial resources brings about increased economic efficiency and growth. However, small economies and countries with undeveloped financial markets have found that a lack of competition in their financial markets complicates their efforts to rely on money market operations, at times forcing them to rely instead on direct instruments or moral suasion. In some larger countries, the shift toward a reliance on money market operations has been gradual and, at times, fraught with difficulty. This report draws on a variety of country experiences to analyze the reasons for such difficulties and proposes a stylized sequencing of reforms that enables countries to tailor the introduction of money market operations to their particular circumstances.
Reunifying Privacy Law

In the years since Samuel Warren and Louis Brandeis proposed a unified theory of invasion of privacy tort liability, American information privacy law became increasingly fragmented and decreasingly coherent. William Prosser's I960 article, Privacy, which heavily influenced the Restatement of Torts, endorsed and hastened this trend toward fragmentation, which spread from tort law to the various statutory branches of information privacy law. This Article argues for the reunification of information privacy law in two connected ways. First, Prosser's fragmented privacy tort should be replaced with a unitary tort for invasion of privacy that looks to the private or public nature of the information, the degree to which a defendant's conduct violates existing social norms, and the social welfare implications of the defendant's conduct. Second, the reunified common law of torts should become the model for judicial interpretation of various other branches of information privacy law, such as the Freedom of Information Act's privacy provisions, the Privacy Act, and the constitutional right of information privacy. The Article examines how this reunification project can be accomplished, why it is desirable, and whether it is consistent with the U.S. Supreme Court's methodological guidance in privacy controversies.
Asset Prices and Risk Sharing in Open Economies

This paper proposes a two-good, two-country general equilibrium model with external habits and home-biased preferences that addresses a number of international …nance puzzles. Speci…cally, the model reconciles the high degree of international risk sharing implied by relatively smooth exchange rates with the modest cross-country consumption growth correlations seen in the data, resolving the Brandt, Cochrane and Santa-Clara (2006) puzzle. Furthermore, the model matches the empirically observed low correlation between exchange
Control over What? Individual Differences in General Versus Eating and Spending Self-Control

AbstractPublic policy research is often directed at inducing welfare-enhancing behavioral change using interventions that provide consumers with helpful information and tools. The authors suggest that the effectiveness of such public policy interventions for relevant outcomes depend on individual differences in consumer self-control. The present research examines how healthy eating and responsible spending outcomes are influenced by low (vs. high) self-control at general and domain-specific levels. Important questions pertain to the theoretical basis of self-control individual differences and the relative efficacy of general and domain-specific measures in predicting eating and spending outcomes. The authors propose a new measurement approach to increase measurement standardization and the comparability of results in self-control studies and empirically demonstrate its value. Recommendations for public policy researchers and practitioners reflect the role of general and domain-specific individual differen...
Functionings, Capabilities and the 2010 Human Development Index

In 2010 the UNDP unveiled a new methodology for the calculation of the Human Development Index (HDI). In this paper I investigate the merits of this change by evaluating the tradeoffs between the core dimensions of wellbeing implied by the index and try to understand the extent to which those tradeoffs are problematic in light of the normative principles that the 2010 HDI is designed to satisfy. I also compare the rankings that ensue to those produced by alternatives brought forth by Ravallion (2010) building on work by Chakravarty (2003). In practice, all methodologies agree considerably in terms of how they rank countries, but when they differ, the 2010 HDI arguably produces results more consistent with what the HDI is intended to measure: human development and capabilities, as conceptualized by Sen (1985).
Positivism, naturalism, and the obligation to obey law

Rejetant la these positiviste de la separabilite de la forme et du contenu de la loi, ainsi que la these naturaliste de la contrainte naturelle de la loi morale, l'A. montre que l'obligation morale d'obeir a la loi ne depend ni de l'une ni de l'autre, toutes s'averant fausses. Denoncant l'idee meme d'une obligation de la loi en tant que loi, l'A. montre que la contrainte d'obeissance est liee a certaines caracteristiques contigentes de systeme juridique dans lequel s'inscrit la loi, relevant de la problematique de la legitimite morale de ce systeme
International Tribunals: A Rational Choice Analysis

Author(s): Guzman, Andrew T. | Abstract: In well-functioning domestic legal systems, courts provide a mechanism through which commitments and obligations are enforced. A party that fails to honor its obligations can be hauled before a court and sanctioned through seizure of person or property. The international arena also has courts or, to expand the category somewhat, tribunals. These institutions, however, lack the enforcement powers of domestic courts. How, then, do they work, and how might they work better or worse? The first objective of this Article is to establish that the role of the tribunal is to promote compliance with some underlying substantive legal rule. This simple yet often overlooked point provides a metric by which to measure the effectiveness of tribunals. But a tribunal does not operate in isolation. The use of a tribunal is one way to resolve a dispute, but reliance on diplomacy and other traditional tools of international relations is another. Furthermore, even if a case is filed with a tribunal, there may be settlement prior to a ruling and, even if there is a ruling the losing party may refuse to comply. To properly understand international tribunals, then, requires consideration of the entire range of possible outcomes to a dispute, including those that do not involve formal litigation. The second goal of the Article is develop a rational choice model of dispute resolution and tribunals that takes this reality into account. The third goal is to explore, based on the above model, various features of international tribunals and identify those that increase effectiveness and those that reduce it. Finally, the article applies the analysis to help us understand two prominent tribunals, the World Trade Organization’s Appellate Body and the United Nations Human Rights Committee.
The Angel is in the Big Picture: A Response to Lemley

Under current law, independent invention is no defense to patent infringement. In another paper, the author proposes that independent invention be recognized as such a defense. Mark Lemley, in his Comment about that paper, expresses three reservations concerning the author's proposed reform and also suggests four alternative reforms that are less ambitious than the author's. The instant paper responds to Lemley's Comment, conceding that two of his reservations are more or less valid and that two of his alternative reforms are viable. More work is needed to determine whether either of these alternative reforms is superior to the author's proposed reform. Which reform is superior depends ultimately on the extent to which independent invention is a function of forces exogenous to the patent system.
Econometric modeling of fisheries with complex life histories: Avoiding biological management failures

Abstract Economics of the fishery has focused on the wastefulness of common pool resource exploitation. Pure open access fisheries dissipate economic rents and degrade biological stocks. Biologically managed fisheries also dissipate rents but are thought to hold biological stocks at desired levels. We develop and estimate an empirical bioeconomic model of the Gulf of Mexico gag fishery that questions the presumptive success of biological management. Unlike previous bioeconomic life history studies, we provide a way to circumvent calibration problems by embedding our estimation routine directly in the dynamic bioeconomic model. We nest a standard biological management model that accounts for complex life history characteristics of the gag. Biological intuition suggests that a spawning season closure will reduce fishing pressure and increase stocks, and simulations of the biological management model confirm this finding. However, simulations of the empirical bioeconomic model suggest that these intended outcomes of the spawning closure do not materialize. The behavioral response to the closure appears to be so pronounced that it offsets the restriction in allowable fishing days. Our results indicate that failure to account for fishing behavior may play an important role in fishery management failures.
The Operation of Entrepreneurial Intentions

Entrepreneurial intentions are conceived as a link between the entrepreneur as an individual and the context within which a venture is created. A model of intentional action is presented. Five face...
The effect of transaction structure on price: Evidence from subsidiary sales

Abstract We analyze the effect of tax-based transaction structure on the acquisition price of corporate subsidiaries. For a sample of 200 subsidiary stock acquisitions, the evidence weakly supports the conclusion that acquisition premiums are higher in transactions accompanied by an I.R.C. §338(h)(10) election. We find that the tax benefits generated by the §338(h)(10) election are positively correlated with acquisition premiums. Overall, this study indicates that the tax structure of a subsidiary sale influences the price paid in the transaction, and the tax structure selected is a function of a divesting parent's tax basis in the subsidiary's stock and net assets.
The Limits of Religious Values in Judicial Decisionmaking

A number of scholars in recent years have advanced the normative position that judicial decisionmaking may, under certain circumstances, be legitimately informed by religious values. This article delineates the limits of this position. After first addressing a number conceptual matters, the article sequentially explores the possible constraints imposed by the U.S. Constitution (such as the Establishment, Free Exercise, and Due Process Clauses), certain philosophical and jurisprudential norms (such as the need for judges to provide public accessible reasons), the professional ethics of the judicial office (such as the mandate of judicial impartiality), and various prudential norms that informally constrain judicial decisionmaking.
Access to justice: Classical approaches and new directions

Around the world today, access to justice enjoys an energetic and passionate resurgence. It is an object both of scholarly inquiry and political contest, and both a social movement and a value commitment that motivates study and action. Though the recent resurgence makes much seem new, in fact access to justice has been a topic of policy advocacy and empirical research since the early 20th century (e.g., Smith, 1919). One legacy of early work is scholars’ and practitioners’ tendency to conceptualize access as a social problem that is faced by lower status groups, such as poor people. Another legacy is a penchant for reducing, in a whole variety of ways, questions of justice to matters of law. Given this orienting framework, classical access to justice research focuses heavily on empirically documenting how law falls short of its supposed promise. At the same time, classical research often relied on an expansion of law – more or more affordable lawyers, more or more welcoming courts and hearing tribunals, wider participation on juries, new and better rights – as the policy solution to injustice or inequality.
Asset Pricing with Heterogeneous Consumers and Limited Participation: Empirical Evidence

We present evidence that the equity premium and the premium of value stocks over growth stocks are consistent in the 1982–96 period with a stochastic discount factor calculated as the weighted average of individual households’ marginal rate of substitution with low and economically plausible values of the relative risk aversion coefficient. Since these premia are not explained with an SDF calculated as the per capita marginal rate of substitution with a low value of the RRA coefficient, the evidence supports the hypothesis of incomplete consumption insurance. We also present evidence that an SDF calculated as the per capita marginal rate of substitution is better able to explain the equity premium and does so with a lower value of the RRA coefficient, as the definition of asset holders is tightened to recognize the limited participation of households in the capital market.
The macroecology and evolution of avian competence for Borrelia burgdorferi

Aim: Predicting novel reservoirs of zoonotic pathogens would be improved by identifying inter-specific drivers of host competence, the ability to transmit pathogens to new hosts or vectors. Tick-borne pathogens can provide a useful model system, as larvae become infected only when feeding on a competent host during their first bloodmeal. For tick-borne diseases, competence has been best studied for Borrelia burgdorferi sensu lato (Bbsl), which causes Lyme borreliosis. Major reservoirs include several small mammal species, but birds may play an underrecognized role in human risk given their ability to disperse infected ticks across large spatial scales. Here, we provide a global synthesis of the ecological and evolutionary factors that determine the ability of bird species to infect larval ticks with Bbsl. Location: Global. Time period: 1983 to 2019. Major taxa studied: Birds. Methods: We compiled a dataset of Bbsl competence across 183 bird species and applied meta-analysis, phylogenetic factorization, and boosted regression trees to describe spatial and temporal patterns in competence, characterize its phylogenetic distribution across birds, reconstruct its evolution, and evaluate the trait profiles associated with competent avian species. Results: Half of sampled bird species show evidence of competence for Bbsl. Competence displays moderate phylogenetic signal, has evolved multiple times across bird species, and is pronounced in the genus Turdus. Trait-based analyses distinguished competent birds with 80% accuracy and show that such species have low baseline corticosterone, exist on both ends of the pace-of-life continuum, breed and winter at high latitudes, and have broad migratory movements into their breeding range. We use these trait profiles to predict various likely but unsampled competent species, including novel concentrations of avian reservoirs within the Neotropics. Main conclusion: Our results can generate new hypotheses for how birds contribute to the dynamics of tick-borne pathogens and help prioritize surveillance of likely but unsampled competent birds. Our findings further emphasize that birds display underrecognized variation in their contributions to enzootic cycles of Bbsl and the broader need to better consider competence in ecological and predictive studies of multi-host pathogens.
Pathologies At The Intersection Of The Budget and Tax Legislative Processes

Recently, Congress utilized a new gimmick in its budget legislative process. Under "pay as you go" (PAYGO) budget rules, Congress had used the repeal of installment sale reporting for certain taxpayers to "pay for" revenue-losing provisions in its budget deal with the administration; the following year, however, Congress "repealed the repeal" of the installment sale provision, enabling new spending and tax cuts not included in the earlier budget deal and not paid for with appropriate offsets. Although such gimmicks are not UlICOI11111011, the installment sale episode reflected pathologies engrained at the intersection of the current federal budget and tax legislative processes. This Article examines those pathologies, their origins, and their effects on federal tax and budget policy. The Article then reviews the installment sale episode as a breach of Congress's contract with itself, emblematic of the pathologies and the harm they cause to genuine policy considerations. As Congress considers the future of its budget offset rules, this Article also suggests reforms that would re-emphasize the democracy-oriented goals of the budget legislative process.
Do Doctors Undertreat Pain

Routinely, physicians discount patients' pain reports and provide too little analgesia too late. Critics call them callous, sadistic, and Puritanical, but the causes of these clinical pratices are different -- namely, a psychological need to distance themselves from the pain they encounter and inflict, and more subtly, a peculiar concept of pain acquired in medical training. Physicians learn to think of pain as a symptom to observe and explore in diagnosing and monitoring disease -- not as a complaint to relieve quickly or fully. Moreover, pain-relief is regarded as subordinate to, and competing with, efforts to cure or maintain the life of a patient. This training, I suggest, gives physicians a new, clinical concept of pain at odds with their prior, lay concept of pain whose manifestations standardly call for sympathetic efforts at relief. The conceptual nature of this difference is obscured by thinking of pain as a solely private sensation, rather than as a sensation with public and social aspects (a la Wittgenstein). Although suppressed in certain clinical circumstances, these standard public and social aspects are shown in the very tests used in clinical pain research. This clinical pain concept is rooted in Medicine conceived as preeminently curative and life-prolonging. Physicians are, however, themselves undermining this professional self-definition (by treating AIDS and Alzheimer's patients; by no longer pressing their patients to 'fight to the end'; by collaborating with non-medical healers). Accordingly, pain-relief may gain greater therapeutic status, and, so too, the ordinary concept of pain that medical training has suppressed.
Student Inquiries into Neglected Research for a Sustainable Society: Communication and Application

By applying the interdisciplinary approach of science, technology, and society, students can solve often-neglected research problems of shifting society's operation toward a sustainable state. A recent Penn State University student research report titled The Mueller Report: Moving Beyond Sustainability Indicators to Sustainability Action contained a detailed ecological analysis of one campus building and addressed methods to optimize its ecological performance in terms of sustainability by using both behavioral and technological improvements. This article analyzes the factors that affected the successful implementation of sustainable practices generated by student research: (a) choosing a receptive primary audience, (b) establishing interpersonal relationships with decision makers, (c) saturating the local media, (d) making sustainability convenient, and (e) demonstrating fiscal responsibility.
Coordination of Science and Technology in the first Bush Administration

Abstract This case study examines the functioning of the Federal Coordinating Council for Science, Engineering and Technology (FCCSET) during the 1989–1993 Bush administration and the transition to the subsequent Clinton administration. In addition to the traditional elements discussed in the literature as essential to effective cooperation in complex, multi-participant initiatives, several new elements have been identified. We have found that among the traditional elements the expectation of increased resources and the satisfaction of legal requirements were of greatest importance. Among the new elements are the maintenance of institutional autonomy, peer pressure, empowerment of individual participants, a common analytic measure of success and strong centralized leadership for the overall process.
Revealing Shorts An Examination of Large Short Position Disclosures

As a policy response to the recent financial crisis, France, Spain and the United Kingdom now require the disclosure of large short positions. We analyze these disclosures and the possibility of a triggering effect where one disclosure is followed by further disclosures in the same stock. The results are nuanced, but the bulk of the evidence suggests that short sale disclosures do not, in themselves, have unintended negative consequences. In our analysis, we find significant cumulative abnormal returns of -1.78% immediately following a short position disclosure. When the short position is associated with a rights issue, cumulative abnormal returns over the 30 days following a short position disclosure are -10.23%. This stock price effect is permanent, suggesting that disclosers are not manipulative but are simply well-informed, a finding consistent with Diamond and Verrecchia (1987). Outside of rights issues, we find that short position disclosures have little effect on share prices. Across the board, we find significant follow-on shorting activity: a large short position disclosure makes it much more likely that there will be another disclosure within a month in the same stock by a different short seller. Follow-on shorting is more likely when the initial discloser is large, and when follow-on disclosers are geographically close to the initial discloser. However, we find no evidence that total short interest increases after a disclosure, and we conclude that disclosures are not used as a signal for shorts to start piling on to drive down share prices. These findings shed light on the potential effects of short-sale disclosure regulation under consideration by the US Securities and Exchange Commission and by European regulators.
Compensation Peer Groups and Their Relation with CEO Pay

ABSTRACT: Using a sample of S&P 1500 firms, we examine the selection of peer groups to set executive compensation. We document that the researcher-defined pool of potential peers significantly influences whether one concludes that the selection of peers is opportunistically biased to increase sample firm pay. With a broad pool of potential peers, opportunism seems more evident but when the potential peers are culled to a group that might better reflect the CEO labor market, selection appears less opportunistic. This finding is reinforced when we examine and find that differences in economic or compensation characteristics are largely unrelated to sample firm pay, even in settings in which we would most expect opportunism.