Digital Commons Network^™

Differences Of Opinion And The Cross Section Of Stock Returns, Karl B. Diether, Christopher J. Malloy, Anna Scherbina

Faculty Publications

We provide evidence that stocks with higher dispersion in analysts' earnings forecasts earn lower future returns than otherwise similar stocks. This effect is most pronounced in small stocks and stocks that have performed poorly over the past year. Interpreting dispersion in analysts' forecasts as a proxy for differences in opinion about a stock, we show that this evidence is consistent with the hypothesis that prices will reflect the optimistic view whenever investors with the lowest valuations do not trade. By contrast, our evidence is inconsistent with a view that dispersion in analysts' forecasts proxies for risk.

Testing The Capital Asset Pricing Model Efficiently Under Elliptical Symmetry: A Semiparametric Approach, Douglas J. Hodgson, Oliver Linton, Keith Vorkink

Faculty Publications

We develop new tests of the capital asset pricing model that take account of and are valid under the assumption that the distribution generating returns is elliptically symmetric; this assumption is necessary and sufficient for the validity of the CAPM. Our test is based on semiparametric efficient estimation procedures for a seemingly unrelated regression model where the multivariate error density is elliptically symmetric, but otherwise unrestricted. The elliptical symmetry assumption allows us to avoid the curse of dimensionality problem that typically arises in multivariate semiparametric estimation procedures, because the multivariate elliptically symmetric density function can be written as a function …

A Cross-Firm Analysis Of The Impact Of Corporate Governance On The East Asian Financial Crisis, Todd Mitton

Faculty Publications

In a sample of 398 firms from Indonesia, Korea, Malaysia, the Philippines, and Thailand, firm-level differences in variables related to corporate governance had a strong impact on firm performance duringthe East Asian financial crisis of 1997–1998. Significantly better stock price performance is associated with firms that had indicators of higher disclosure quality (ADRs and auditors from Big Six accounting firms), with firms that had higher outside ownership concentration, and with firms that were focused rather than diversified. The results suggest that individual firms have some power to preclude expropriation of minority shareholders if legal protection is inadequate.

Legal Theory And The Rule Of Law, Noel B. Reynolds

Faculty Publications

This article proposes that the rule of law can be understood as a set of conditions that rational actors would impose on any authority they would create to act in their stead in creating and administering legally binding rules. The authority and obligation associated with law derive from this fundamental convention, and the principles of the rule of law are the conditions of that agreement, which become thereby governing principles to which legislatures, judges, and enforcement agencies can be held in their official actions. These generally recognized standards are inherent in this conventionalist concept of law in the sense that …

Expanding The Study And Understanding Of Psychological Control, Brian K. Barber, Roy A. Bean, Lance D. Erickson

Faculty Publications

The two central purposes of this volume are to review the historical, conceptual, and empirical literatures on parental psychological control and to advance the rapidly growing scientific literature Ono this aspect of the parent-child relationship. Chapter 2 addressed the first task with a review of published material that has specifically investigated psychological control or variables that are conceptually similar to it. From this review of the historical conceptualizations of parental psychological control, we concluded that psychological control is a psychologically oriented, intrusive, constraining, and manipulating form of parental control in which parents appear to maintain their own psychological status at …

Ya Boundary Breakers And Makers, Chris Crowe

Faculty Publications

Vincent van Gogh. Pablo Picasso. Georgia O'Keefe. Jackson Pollock. Andy Warhol. These painters, all incredibly famous now, were at one time on the fringe of the art world, creating their own kind of art, work that pushed back the boundaries of artistic conventions, broke traditional rules, and produced paintings that redefined "art." Their paintings are so well known now that it's easy to take for granted the impact these artists had on the art world, but their challenges to existing standards and forms have had a lasting impact on modem art.

Young adult literature has also had its share of …

Are Plurals Derived Or Stored?, David Eddington, Patricia Lestrade

Faculty Publications

The ability to produce and comprehend human language involves at least two processes: the storage of units and the computations performed on those units. The role that storage and computation play in the processing of inflectional morphology is highly debated. At one end of the spectrum is the full storage model, which holds that all known words, whether morphologically complex or not, have separate entries in the mental lexicon (Jackendoff 1975, Manelis and Tharp 1977, Butterworth 1983, Bybee 1985, 1988, Rumelhart and McClelland 1986, McClelland 1988, Stemberger 1994, Rueckl, Mikolinski, Raveh, Miner, and Mars 1997). This position puts an enormous …

Maternal Psychological Control And Preschool Children’S Behavioral Outcomes In China, Russia, And The United States, Susanne Frost Olsen, Chongming Yang, Craig H. Hart, Clyde C. Robinson, Peixia Wu, David A. Nelson, Larry J. Nelson, Shenghua Jin, Jianzhong Wo

Faculty Publications

A growing body of Western literature has demonstrated the importance of three domains of socialization—connection with significant others, regulation of behavior, and the facilitation of psychological autonomy—in predicting outcomes in adolescents and children (Barber, 1997a, 1997b; Gray & Steinberg, 1999; Hart, Newell, & Olsen, in press; Nelson, 1997; Steinberg, Dornbusch, & Brown, 1992). Psychological control—parenting that does not allow children psychological autonomy, as has been defined elsewhere in this volume, has received increased attention in the past decade (for a discussion of definitions and research, see chapter 2, this volume).

Measurement Of The Q2 And Energy Dependence Of Diffractive Dnteractions At Hera: The Zeus Collaboration, S. Chekanov, D. Krakauer, S. Magill, B. Musgrave, A. Pellegrino, J. Repond, R. Yoshida, Margarita C. K. Mattingly, P. Antonioli, G. Anzivino, G. Bari, M. Basile, L. Bellagamba, D. Boscherini, A. Bruni, G. Bruni, G. Cara Romeo, M. Chiarini, L. Cifarelli, F. Cindolo, A. Contin, M. Corradi, S. De Pasquale, P. Giusti, G. Iacobucci, G. Levi, A. Margotti, T. Massam, R. Nania, C. Nemoz, F. Palmonari

Faculty Publications

Diffractive dissociation of virtual photons, γ*p → Xp, has been studied in ep interactions with the ZEUS detector at HERA. The data cover photon virtualities 0.17 < Q2 < 0.70 GeV2 and 3 < Q2 < 80 GeV2 with 3 < MX < 38 GeV, where MX is the mass of the hadronic final state. Diffractive events were selected by two methods: the first required the detection of the scattered proton in the ZEUS leading proton spectrometer (LPS); the second was based on the distribution of MX. The integrated luminosities of the low- and high-Q2 samples used in the LPS-based analysis are ≃ 0.9 pb-1 and ≃ 3.3 pb-1, respectively. The sample used for the MX-based analysis corresponds to an integrated luminosity of ≃ 6.2 pb-1. The dependence of the diffractive cross section on W, the virtual photon-proton centre-of-mass energy, and on Q2 is studied. In the low-Q2 range, the energy dependence is compatible with Regge theory and is used to determine the intercept of the Pomeron trajectory. The W dependence of the diffractive cross section exhibits no significant change from the low-Q2 to the high-Q2 region. In the low-Q2 range, little Q2 dependence is found, a significantly different behaviour from the rapidly falling cross section measured for Q2 > 3 GeV2. The ratio of the diffractive to the virtual photon-proton total cross section is studied as a function of W and Q2. Comparisons are made with a model based on perturbative QCD.

Is There Such A Thing As "Christian" Sex?, John M. Berecz

Faculty Publications

It is challenging for Christian pastors and counselors to discuss human sexuality in ways which do not alienate liberals on the left, conservatives on the right, or biologists in the middle. Feminists frequently see males as dominating or insensitive, and conservative Christians sometimes feed into this by emphasizing patriarchal models of marriage as if this were the biblical paradigm for all time. Evolutionary biologists view sexuality primarily as a means of propagating the species. Into this cacophony of strident voices the Christian seeks to inject a calm but clear message: Christian sexuality is primarily a search for intimacy. In a …

Semiparametric Maximum Likelihood Estimates Of Spatial Dependence, R. Kelley Pace, James P. Lesage

Faculty Publications

We semiparametrically model spatial dependence via a combination of simpler weight matrices (termed spatial basis matrices) and fit this model via maximum likelihood. Estimation of the model relies on the intuition that bounds to the log-determinant term in the log-likelihood can provide penalties to overfitting both the level and pattern of spatial dependence. By relying on symmetric and doubly stochastic spatial basis matrices that reflect different weight specifications assigned to neighboring observations, we are able to derive a mathematical expression for bounds on the log-determinant term that appears in the likelihood function. These bounds can be conveniently calculated allowing us …

The Festo Decision And The Return Of The Supreme Court To The Bar Of Patents, John F. Duffy

Faculty Publications

No abstract provided.

Misunderstood, Neal Devins

Faculty Publications

No abstract provided.

The Myths And Truths That Ended The 2000 Tmdl Program, Linda A. Malone

Faculty Publications

No abstract provided.

The Form And Substance Of Environmental Justice: The Challenge Of Title Vi Of The Civil Rights Act Of 1964 For Environmental Regulation, Tseming Yang

Faculty Publications

No abstract provided.

Melding Civil Rights And Environmentalism: Finding Environmental Justice's Place In Environmental Regulation, Tseming Yang

Faculty Publications

No abstract provided.

A Moment In The The Times: Law Professors And The Court-Packing Plan, Kyle Graham

Faculty Publications

When Franklin Roosevelt unveiled his "court-packing" plan, law professors found themselves in an unfamiliar position. For perhaps the first time ever, their professional opinions were being sought by journalists and politicians, for consumption by the general public. In faculty meetings and private correspondence, law professors considered the propriety of taking a stand for or against the President's plan. Ultimately, some professors chose to go public with their support (or opposition); others considered such commentary as a form of advocacy that was incompatible with their job descriptions. This article relates and examines the debate among law professors over both the court-packing …

Non-Self-Executing Treaties: Exposing A Constitutional Fallacy, David Sloss

Faculty Publications

No abstract provided.

Cleansing Moments And Retrospective Justice, Margaret M. Russell

Faculty Publications

No abstract provided.

The Meaning Of Fair Apportionment And The Prohibition On Extraterritorial State Taxation, Bradley W. Joondeph

Faculty Publications

No abstract provided.

Uncertain Justice: Liability Of Multinationals Under The Alien Tort Claims Act, Courtney Huizar

Faculty Publications

No abstract provided.

Making Sense Of Bush V. Gore, Jonathan Van Patten

Faculty Publications

No abstract provided.

Water Transport In Polymer Electrolyte Membrane Electrolyzers Used To Recycle Anhydrous Hcl: I. Characterization Of Diffusion And Electro-Osmotic Drag, Sathya Motupally, Aaron J. Becker, John W. Weidner

Faculty Publications

In this paper, diffusion and electro-osmotic drag of water across Nafion® membranes in the presence of HCl are characterized. For all the measurements, one side of the Nafion membrane was in contact with liquid water and the other side with gaseous anhydrous HCl. To characterize diffusion of water, the open-circuit flux of water across a catalyst-coated Nafion 115 membrane was measured as a function of HCl flow rate and temperature at a constant cell pressure of 1 atm. Due to the nature of varying driving force for diffusion as a function of HCl flow rate, the experimental data was analyzed …

Robust Software, Michael N. Huhns, Vance T. Holderfield

Faculty Publications

Agents offer a convenient level of granularity at which to add redundancy a key factor in developing robust software. Blindly adding code introduces more errors, makes the system more complex, and renders it harder to understand. However, adding more code can make software better, if it is added in the right way. As this article describes, the key concepts appear to be redundancy and the appropriate granularity.

Activism, Fly Fishing, And Fiction: A Conversation With David James Duncan, David Thomas Sumner

Faculty Publications

This interview with David James Duncan is part of a series of conversations with contemporary western writers about the ethical and cultural implications of nature writing.

Testimony, Refuge, And The Sense Of Place: A Conversation With Terry Tempest Williams, David Thomas Sumner

Faculty Publications

This interview with Terry Tempest Williams is part of a series of conversations with contemporary western writers about the ethical and cultural implications of nature writing.

Valley Floor Climate Observations From The Mcmurdo Dry Valleys, Antarctica, 1986-2000, Peter T. Doran, Christopher P. Mckay, Gary D. Clow, Gayle L. Dana, Andrew G. Fountain, Thomas Nylen, W. Berry Lyons

Faculty Publications

Climate observations from the McMurdo dry valleys, East Antarctica are presented from a network of seven valley floor automatic meteorological stations during the period 1986 to 2000. Mean annual temperatures ranged from -14.8°C to -30.0°C, depending on the site and period of measurement. Mean annual relative humidity is generally highest near the coast. Mean annual wind speed increases with proximity to the polar plateau. Site-to-site variation in mean annual solar flux and PAR is due to exposure of each station and changes over time are likely related to changes in cloudiness. During the nonsummer months, strong katabatic winds are frequent …

Longitudinal Dispersion Coefficient In Single-Channel Streams, Z. Q. Deng, L. Bengtsson, V. P. Singh, D. D. Adrian

Faculty Publications

Using a new channel shape equation for straight channels and a more versatile channel shape or local flow depth equation for natural streams a method is developed for prediction of the longitudinal dispersion coefficient in single-channel natural streams, including straight and meandering ones. The method involves derivation of a new triple integral expression for the longitudinal dispersion coefficient and development of an analytical method for prediction of this coefficient in natural streams. The proposed method is verified using 70 sets of field data collected from 30 streams in the United States ranging from straight manmade canals to sinuous natural rivers. …

Are Employee Appraisals Making The Grade? A Basic Primer And Illustrative Application Of Federal Private Employment Discrimination Law, Thomas Geu

Faculty Publications

No abstract provided.

Toward A Great Sioux Nation Judicial Support Center And Supreme Court: An Interim Planning And Recommendation Report For The Wakpa Sica Historical Society’S Reconciliation Place Project, Frank Pommersheim, John Lavelle

Faculty Publications

No abstract provided.