Digital Commons Network^™

Methodological Variation In Empirical Corporate Finance, Todd Mitton

Faculty Publications

I document large variation in empirical methodology in corporate finance regressions in top finance journals. Although methodological variation allows for customization of empirical tests to fit specific theories, it can also enable excessive reporting of statistically significant results. For example, given discretion over ten routine methodological decisions, a researcher could report that over 70% of randomly generated variables are statistically significant determinants of leverage at the 5% level. The methodological decisions that impact statistical significance the most are dependent variable selection, variable transformation, and outlier treatment. I discuss remedies that can mitigate the negative effects of methodological variation.

Being Satisfied And Serving Communities As Outcomes Of Servant Leadership In The Academic Context: Policies Based On A Multi‑Level Structural Equation Model, Majid Ghasemy, Mahdi Akbarzadeh, James Eric Gaskin

Faculty Publications

There is a great emphasis on the importance of serving communities and the need to study servant leadership in recent higher education literature. Yet, academics’ community citizenship behavior has not been examined through applied research. To address these issues, our study aims at investigating the effects of two dimensions of servant leadership (behaving ethically and helping subordinates grow and succeed) on job satisfaction and community citizenship behavior. The context of our multi-level study is the Malaysian higher education. To estimate our theoretical model, we employed the EQS 6.4 statistical package and analyzed the data collected from 1876 lecturers from 120 …

Measuring Credit Risk Using Qualitative Disclosure*, John Donovan, Jared Jennings, Kevin Koharki, Joshua A. Lee

Faculty Publications

We use machine learning methods to create a comprehensive measure of credit risk based on qualitative information disclosed in conference calls and in management’s discussion and analysis section of the 10- K. In out-of-sample tests, we find that our measure improves our ability to predict future credit events (future bankruptcies, future interest spreads, and future credit rating downgrades) relative to existing credit risk measures developed by prior research (e.g., z-score). We also find our measure based on conference calls explains within-firm variation in future credit events; however, we find little evidence that the existing measures of credit risk developed by …

Perceptions Of Tone At The Top From The Inside: Insights Into Audit Pricing, Jace Garrett, Rani Hoitash, Douglas F. Prawitt

Faculty Publications

Tone at the top plays an important role in entities’ internal control over financial reporting (ICFR) and in auditors’ planning and risk assessment decisions. Using a novel measure based on employee perceptions, we find that strong tone at the top is associated with reduced audit pricing and that this relation holds even for firms that report effective ICFR. This relation is stronger when employees’ tone perceptions are more consistent throughout the organization, when accounting is more complex, and when earnings manipulation risk is higher. We also find that strong tone is negatively associated with the incidence of reported material weaknesses …

Simulating Municipal Cybersecurity Incidents: Recommendations From Expert Interviews, Kira Gedris, Kayla Bowman, Aatish Neupane, Amanda Lee Hughes, Elizabeth Bonsignore, Ryan W. West, Jon Balzotti, Derek L. Hansen

Faculty Publications

As cyberattacks on city and public infrastructures become increasingly common and harmful, it is critical that we train the professional workforce to prepare and respond appropriately. This paper supports the development of educational simulations and related experiential learning exercises that help prepare city and public infrastructure personnel to effectively respond to cybersecurity attacks. Specifically, it synthesizes the findings from 8 expert interviews including 12 cybersecurity experts from federal, state, city organizations, as well as academics with relevant expertise. We organize the findings into key learning outcomes, scenarios, roles, and issues that simulation designers should consider. The result paints a vivid …

Integrated Learning In Elementary Arts Education: Promising Possibilities, Tara L. Carpenter, Mark A. Graham

Faculty Publications

Arts education can be a vital part of the elementary child’s learning experience. How-ever, keeping the arts in schools is often a challenge because of other competing academic priorities. Thus, arts integration is a valuable curriculum strategy as it merges arts disciplines with other subject areas in order to open up new ways of experiencing or gaining knowledge. Through a combination of a generous endowment and legislative appropriations, Utah elementary schools have the opportunity to employ arts specialists through the Beverley Taylor Sorenson Arts Learning Pro-gram. The program is designed to provide arts education to elementary-age students through a collaboration …

The Effects Of Metacognitive Listening Strategy Instruction On Esl Learners’ Listening Motivation, Grant Eckstein, Corbin Kalanikiakahi Rivera, Benjamin L. Mcmurry, David Eddington

Faculty Publications

Prior studies examining the effects of listening strategy instruction on motivation have shown a positive correlation between the two. However, the participants of these studies all shared a first language (L1) and were not enrolled in an intensive English program (IEP). This study aims to investigate the correlation between listening strategy instruction and listening motivation in an IEP classroom for students from different L1s. Listening motivation was recorded utilizing the English Listening Comprehension Motivation Scale (ELCMS), and strategy use was tracked with the Metacognitive Awareness Listening Questionnaire (MALQ). Pre- and post-test scores of 56 participants (control group, n=30; experiment group, …

Sample Size Matters When Calculating Pillai Scores, Joseph A. Stanley, Betsy Sneller

Faculty Publications

Pillai Scores

Are they good measures?

• Often supported in meta-analyses (Nycz & Hall-Lew 2013, Kelley & Tucker 2020)
• Appear to be better than Euclidean distance, mixed-effects regression, spectral overlap, SOAM, VOACH, APP, etc.
• However, Bhattacharyya’s Affinity may be better suited for vowel data since it’s robust to skewed data. (Johnson 2015)

Implications:

Mergers are probably underreported and separation is probably overreported

• It takes a lot of data (more than many studies use) to get reliably low Pillai scores
• Mergers may be more common previously reported

Statistical significance should be reported

• Reporting p -values from MANOVA tests removes the need for …

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Untangling Attorney Retainers From Creditor Claims, Cassandra Burke Robertson, Jesse Wynn

Faculty Publications

Clients will often use a retainer to secure an attorney’s representation. But clients in economic distress may have creditors that are eager to access the client’s funds in the attorney’s hands. Attorneys, clients, courts, and regulators have struggled to understand who has the best claim to such retainer funds. In this Article, we attempt to untangle the most common areas of confusion. We conclude that Article 9 of the Uniform Commercial Code (UCC) offers strong protection for an attorney’s interest in client retainers through security interests, even though some courts have misapplied the UCC in this context. Further, we recommend …

Spectral Extremal Results For Hypergraphs, Yuan Hou, An Chang, Joshua Cooper

Faculty Publications

Let F be a graph. A hypergraph is called Berge F if it can be obtained by replacing each edge in F by a hyperedge containing it. Given a family of graphs F, we say that a hypergraph H is Berge F-free if for every F ∈ F, the hypergraph H does not contain a Berge F as a subhypergraph. In this paper we investigate on the connections between spectral radius of the adjacency tensor and structural properties of a linear hypergraph. In particular, we obtain a spectral version of Turán-type problems over linear k-uniform hypergraphs by using spectral methods.

Creating Connections: Engaging Student Library Employees Through Experiential Learning, Joseph B. Everett, Marissa Bischoff

Faculty Publications

Academic libraries are finding that involving student employees in collaborative projects fosters student development while increasing library capability and impact. This article validates and builds on Denda and Hunter’s team-based engagement framework. The authors expound on that model with principles of experiential learning that apply to a broad scope of student library work. They demonstrate this approach through creative project examples, including the exhibit “Connection.” Engaging student library employees through workplace experiential learning connects them to people and purpose, fostering skill development and a service mindset for their library roles and future careers.

Environmental Crimes And Green Victimization, Averi R. Fegadel

Faculty Publications

The field of criminology continues to give little attention to the behaviors and crimes that adversely impact the environment although decades of research has highlighted these crimes result in greater social harms, losses, and deaths compared to traditional street crimes. Moreover, these crimes are met with little consequences despite several laws and regulations charged with protecting the environment and public welfare. As a result, residents of minority and poor communities are faced with social, racial, and economic inequalities. This draws attention to the green victimization of marginalized groups and underrepresented populations worldwide. In the United States, these groups include Native …

An Evaluation And Performance Measure Framework For Online Dispute Resolution Programs: Assessing Improvements In Access To Justice, Andrea L. Miller, Paula Hannaford-Agor, Kathryn Genthon

Faculty Publications

One type of programming designed to improve access to justice for civil litigants is online dispute resolution (ODR). ODR generally consists of an internet-based software platform on which litigants can resolve legal problems, including negotiating settlements or exchanging information to narrow the factual and legal issues in a formal court hearing. ODR programs were first developed by online commercial businesses such as PayPal, eBay, and Amazon to resolve disputes more effectively between buyers and sellers, but they are still a relatively new innovation in courts, with most programs launching within the past three years.

ODR programs are intended to increase …

The Road To Free-Market Family Policy, Maxine Eichner

Faculty Publications

This essay investigates and ultimately rejects the claim that the United States’ comparatively heavily reliance on markets over government to provide the resources that families need is a natural outgrowth of the country’s longstanding veneration of capitalism. In tracing the nation’s economic ideology over time, it demonstrates that, at least until the end of the twentieth century, the constant in US history has not been the expectation of a free-market economy, but rather a commitment to ensuring that the economy, however structured, will enable families to thrive. The dramatic recent shift in economic ideology, when the prevailing commitment to government …

An Empirical Study Of Gender And Race In Trademark Prosecution, William Michael Schuster, Miriam Marcowitz-Bitton, Deborah R. Gerhardt

Faculty Publications

This Article is the first to empirically examine the extent to which women and minorities succeed in prosecuting trademark applications before the United States Patent and Trademark Office (“USPTO”). Trademark registration is an important measure of entrepreneurial activity and progress in business, education, and the arts. To explore how women and minorities are succeeding in this domain, we compared 1.2 million trademark applications over thirty years with demographic information on race and gender.

We analyze whether trademark prosecution reflects systematic underrepresentation of women and minorities similar to those reported in patent and copyright prosecution. We found that trademark data showed …

Standing And Contracts, F. Andrew Hessick

Faculty Publications

In Spokeo v. Robbins, the Supreme Court held that, to establish Article III standing to bring suit in federal court, a plaintiff cannot simply allege the violation of a legal right. Instead, the plaintiff must allege an injury in fact. Although it addressed standing to bring suit for statutory violations, Spokeo raises serious questions about limits on the ability to bring breach of contract actions in federal court. After all, contracts simply create legal rights. Under Spokeo’s logic, the breach of contractual rights should not support standing; instead, standing exists only if the breach results in factual harm. …

The New Skill On The Block: Using Social Media In The Law School Classroom To Facilitate Learning, Rosa Castello

Faculty Publications

(Excerpt)

The emergence and rapid growth of technology has dramatically changed society, including the way we communicate and interact. People are gravitating toward shorter forms of written communication, like blogs and tweets. And it seems everyone interacts with others in some way on an online social media platform, exchanging ideas, connecting with friends and colleagues, and offering support.

As a Legal Writing professor, I wonder how this change in written communication will impact legal education and the profession and how I can better prepare my students for a professional environment that embraces these changes. Communication is an essential lawyering skill. …

Chopped & Screwed: Hip Hop From Cultural Expression To A Means Of Criminal Enforcement, Taifha Natalee Alexander

Faculty Publications

Take the word “overseer” like a sample. Repeat it very quickly in a crew, for example. Overseer, overseer, overseer, overseer. Officer, officer, officer, officer. Yeah, officer from overseer. You need a little clarity? Check the similarity! The overseer rode around the plantation. The officer is off, patrollin’ all the nation. The overseer could stop you, “what you’re doing?” The officer will pull you over just when he’s pursuing. The overseer had the right to get ill. And if you fought back, the overseer had the right to kill. The officer has the right to arrest. And if you fight back …

A Love Letter To My Unborn Black Daughter, Taifha Natalee Alexander

Faculty Publications

(Excerpt)

It is difficult to imagine that my life has led me to this point because, honestly, I was not supposed to make it this far. And unfortunately, darling, neither are you.

By the time we meet, I will have earned my law degree from Georgetown University Law Center and joined the ranks of the most educated group in the country, Black women. At the same time, I will have invited you into the same world where Black girls are criminalized, under protected, and overlooked in schools.

Thoughts of what can happen to you during school hours when I am …

Reconstruction Sentencing: Reimagining Drug Sentencing In The Aftermath Of The War On Drugs, Jelani Jefferson Exum

Faculty Publications

(Excerpt)

The year is 2020, and the world has been consumed by a viral pandemic, social unrest, increased political activism, and a history-changing presidential election. In this moment, anti-racism rhetoric has been adopted by many, with individuals and institutions pledging themselves to the work of dismantling systemic racism. If we are going to be true to that mission, then addressing the carnage of the failed War on Drugs has to be among the top priorities. The forty years of treating drug law offenders as enemies of society have left us with decimated communities and have perpetuated a biased view of …

Discovery In Federal Courts In Support Of Foreign Litigation: Lending A Helping Hand Or Legal Imperialism?, Edward D. Cavanagh

Faculty Publications

(Excerpt)

For over a century and a half, Congress has authorized the federal courts to assist in the production of evidence for use in foreign tribunals. In 1948, these provisions were codified at 28 U.S.C. § 1782, which currently provides:

The district court of the district in which a person resides or is found may order him to give his testimony or statement or to produce a document or other thing for use in a proceeding in a foreign or international tribunal . . . upon the application of any interested person . . . .”

Historically, invocations for assistance …

Enterprise Group Restructuring: Dutch Options And United States Enforcement, G. Ray Warner, Michael Veder

Faculty Publications

On 1 January 2021 the Dutch Wet Homologatie Onderhands Akoord, also referred to as the Dutch scheme, entered into force. The Dutch scheme represents a robust restructuring framework that incorporates many of the main restructuring concepts from both the English scheme of arrangement and US chapter 11. It also adds a few new restructuring tools that will make it easier to restructure enterprise group debt by expressly providing that a restructuring plan may include the release of group guarantees and by adopting liberal jurisdictional rules that should permit proceedings to be opened in the Netherlands for all members of …

No More Old Boys’ Club: Institutional Investors’ Fiduciary Duty To Advance Board Gender Diversity, Anat Alon-Beck, Michal Agmon-Gonnen, Darren Rosenblum

Faculty Publications

As the benefits of gender equality for governance become more apparent, boardroom diversity initiatives abound. At the same time, institutional investors play an increasingly central role in the corporate world. This Article takes a novel approach to achieve this necessary change. Institutional investors already oversee firm leadership quite closely. This Article suggests that institutional investors hold a fiduciary duty to ensure there is gender diversity in leadership. As objections to state mandates persist, institutional investors can bring the benefits of private ordering to play a central role in ensuring equality.

Institutional investors play a dominant role over firms as principal …

Power And Pay In The C-Suite, Afra Afsharipour, Darren Rosenblum

Faculty Publications

(Excerpt)

The debate over executive pay has gripped corporate law scholars, regulators, and the national public for decades. A C-Suite position provides uniquely lucrative financial benefits to executives, especially to Chief Executive Officers (CEOs). Over the past few decades, CEO pay has risen spectacularly, as has debate regarding why this has occurred and whether policy should or can correct it. The reasons why CEO pay has increased exponentially in the last 30 years are complex, and the solutions for reigning in executive compensation have been incomplete at best.

Yet one glaring fact about the C-Suite eludes much of the corporate …

The Canada Trademarks Dataset, Jeremy N. Sheff

Faculty Publications

This article discloses and describes a new research dataset representing the Canadian Intellectual Property Office's historical archive of trademark applications. This individual-application-level dataset includes all applications since approximately 1980, and many preserved applications and registrations dating back to the beginning of Canada's trademark registry in 1865, totaling over 1.6 million application records. It includes comprehensive bibliographic and lifecycle data; trademark characteristics; goods and services claims; identification of applicants, attorneys, and other interested parties (including address data); detailed prosecution history event data; and data on application, registration, and use claims in countries other than Canada. Both the dataset and the code …

Meta Rules For Ordinary Meaning, Anita S. Krishnakumar

Faculty Publications

(Excerpt)

“Ordinary meaning” is a notoriously undefined concept in statutory interpretation theory. Courts and scholars sometimes describe ordinary meaning as the meaning that a “reasonable reader” would ascribe to the statutory language at issue, but it remains unclear how judges and lawyers should go about identifying such meaning. Over the past few decades, as textualism has come to dominate statutory interpretation, courts increasingly have employed dictionary definitions as (purportedly) neutral, and sometimes dispositive, evidence of ordinary meaning. And in the past few years especially, some judges and scholars have advocated using corpus linguistics — patterns of usage across various English …

The Cognitive Power Of Analogies In The Legal Writing Classroom, Patricia G. Montana

Faculty Publications

(Excerpt)

New law students traditionally learn better when they can connect what they are learning to a familiar non-legal experience. Therefore, the use of an analogy, which can be defined as a comparison showing the similarities of two otherwise unlike things to help explain an idea or concept, is an obvious way to facilitate a student’s connection between the new and what is already known. An analogy is a logical step in introducing the complex processes of legal research and analysis by attempting to simplify the alien structure of summarizing that legal research and analysis into a coherent piece of …

Charles Reich, New Dealer, John Q. Barrett

Faculty Publications

(Excerpt)

My encounters with Charles Reich began long before I had any personal contact with him. I read his 1970 bestseller The Greening of America late in that decade, when I was in high school. From then on, I always owned a copy of that book, until it would disappear in a move or on "loan" to some friend.

Luckily so many copies of Greening are in print that I easily would find it anew in used bookstores. So, I often restocked, reread in the book, and got to feel afresh the lift of Reich's spirit and his words.

Consider, …

From Academic Freedom To Cancel Culture: Silencing Black Women In The Legal Academy, Renee Nicole Allen

Faculty Publications

In 1988, Black women law professors formed the Northeast Corridor Collective of Black Women Law Professors, a network of Black women in the legal academy. They supported one another’s scholarship, shared personal experiences of systemic gendered racism, and helped one another navigate the law school white space. A few years later, their stories were transformed into articles that appeared in a symposium edition of the Berkeley Women’s Law Journal. Since then, Black women and women of color have published articles and books about their experiences with presumed incompetence, outsider status, and silence. The story of Black women in the legal …

When Public Defenders And Prosecutors Plea Bargain Race – A More Truthful Narrative, Elayne E. Greenberg

Faculty Publications

(Excerpt)

This paper challenges prevailing stereotypes about public defenders and prosecutors and updates those stereotypes with a more accurate narrative about how reform-minded public defenders and prosecutors can plea bargain race to yield more equitable justice outcomes.

I was invited to the discussion about criminal justice reform in plea bargaining, because of my work in dispute resolution, dispute system design, and discrimination. Plea bargaining is a justice system negotiation that is used in upwards of 97% of criminal case dispositions. Unlike many of my colleagues in criminal justice reform who have also had years of experience working in the criminal …