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University of Southern California Center for Law & Social Science (CLASS) Research Paper Series最新文献

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The Currency Board in Bulgaria: Theoretical Reflections and Empirical Results 保加利亚货币发行局:理论反思与实证结果
University of Southern California Center for Law & Social Science (CLASS) Research Paper Series Pub Date : 2016-08-26 DOI: 10.2139/ssrn.2830417
R. Radkov, A. Zahariev
{"title":"The Currency Board in Bulgaria: Theoretical Reflections and Empirical Results","authors":"R. Radkov, A. Zahariev","doi":"10.2139/ssrn.2830417","DOIUrl":"https://doi.org/10.2139/ssrn.2830417","url":null,"abstract":"The aim of the authors is to, via this article, further develop viewpoints regarding the point of intersection between theoretical views on the currency board and the empirical results reported in Bulgaria. In order to achieve this objective, the article has been structured as follows: part one – clarification of the nature of a currency board in light of leading theoretical research on this issue; part two – critical analysis and assessment of the specific features of the currency board in Bulgaria; part three – the rationale behind the authors’ view regarding the fundamental issue of the end of the currency board regime in Bulgaria and its replacement with another system; part four – econometric analysis and assessment of the impact of the external sector of economy on the GDP in Bulgaria under a fixed exchange rate and a high relative volume of foreign trade exchange of goods and services in terms of the GDP; part five – an investigation into the impact of the currency board on Bulgaria’s economic convergence with leading EU economies in the period between 1998 and 2012.","PeriodicalId":222637,"journal":{"name":"University of Southern California Center for Law & Social Science (CLASS) Research Paper Series","volume":"51 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-08-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121863521","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Takings, Fiscal Illusion, and the Median Voter 收入、财政错觉和中间选民
University of Southern California Center for Law & Social Science (CLASS) Research Paper Series Pub Date : 2016-08-02 DOI: 10.1628/093245616X14743741664872
Daniel Klerman
{"title":"Takings, Fiscal Illusion, and the Median Voter","authors":"Daniel Klerman","doi":"10.1628/093245616X14743741664872","DOIUrl":"https://doi.org/10.1628/093245616X14743741664872","url":null,"abstract":"Schweizer (2017) provides a powerful and general way of using compensation payments to induce efficient actions. Its application to takings under fiscal illusion, however, is problematic. A better model would assume that the government decides to take property by considering effects on the median voter. Under that assumption, payments based on the market value of land, assuming non-excessive investment, induce efficient action by both landowners and the government.","PeriodicalId":222637,"journal":{"name":"University of Southern California Center for Law & Social Science (CLASS) Research Paper Series","volume":"156 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121393926","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
Social Network and in Kinship International Migration 社会网络与亲属国际移民
University of Southern California Center for Law & Social Science (CLASS) Research Paper Series Pub Date : 2016-01-17 DOI: 10.2139/ssrn.3767714
L. Christidis
{"title":"Social Network and in Kinship International Migration","authors":"L. Christidis","doi":"10.2139/ssrn.3767714","DOIUrl":"https://doi.org/10.2139/ssrn.3767714","url":null,"abstract":"Kinship, religious and other social networks play a key role in the decision to migrate, and in determining migration journeys and return. This includes the role of family members in host countries, who may encourage prospective migrants through remittances and information. Migrants proactively seek information from broader networks and are exposed to information through mass media, word of mouth and social media. Technology has changed the ways in which social networks operate in relation to migration. TV and mobile technology remain a main source of information for migrants, but recent evidence points to the increasing role of online and social media. Internet-based technology and social media are putting different groups of migrants and non-migrant populations in direct contact. However, the documentation on the use of mobile social media is almost exclusively confined to Syrians. Local social networks often involve ties with other migrants, and with smugglers. Migrants often provide each other with reciprocal support for day-to-day subsistence, sharing food and accommodation, as well as information on travel routes and destinations. These local networks are often informal and kept ‘under the radar’.","PeriodicalId":222637,"journal":{"name":"University of Southern California Center for Law & Social Science (CLASS) Research Paper Series","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-01-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126964908","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Rethinking Personal Jurisdiction 重新思考属人管辖权
University of Southern California Center for Law & Social Science (CLASS) Research Paper Series Pub Date : 2016-01-04 DOI: 10.2139/ssrn.2422524
Daniel Klerman
{"title":"Rethinking Personal Jurisdiction","authors":"Daniel Klerman","doi":"10.2139/ssrn.2422524","DOIUrl":"https://doi.org/10.2139/ssrn.2422524","url":null,"abstract":"This article sets out a pragmatic justification for the main features of current personal jurisdiction doctrine. According to that justification, personal jurisdiction rules minimize litigation costs and bias. This approach to personal jurisdiction helps resolve difficult and open jurisdictional issues, such as the scope of general jurisdiction and the validity of jurisdiction based on the stream-of-commerce theory. This article then explores the empirical assumptions underlying this pragmatic explanation for current doctrine and shows how doctrine should change if those empirical assumptions were incorrect. For example, the Supreme Court’s “purposeful availment” requirement is justified only if the danger of bias against out-of-state litigants is high. If that danger were low, it would make sense to allow plaintiffs to sue in their home states, even if defendants had not purposefully availed themselves of the benefits of that state.","PeriodicalId":222637,"journal":{"name":"University of Southern California Center for Law & Social Science (CLASS) Research Paper Series","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-01-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133456096","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 9
Government Failure in Disaster Management: Evidence from Nepal Earthquake 2015 灾害管理中的政府失灵:来自2015年尼泊尔地震的证据
University of Southern California Center for Law & Social Science (CLASS) Research Paper Series Pub Date : 2015-12-24 DOI: 10.2139/SSRN.2707995
Jyoti Koirala
{"title":"Government Failure in Disaster Management: Evidence from Nepal Earthquake 2015","authors":"Jyoti Koirala","doi":"10.2139/SSRN.2707995","DOIUrl":"https://doi.org/10.2139/SSRN.2707995","url":null,"abstract":"The direct cost of the Nepalese Earthquake is estimated to be somewhere between USD $5 billion to USD 10 billion however if we consider the psychological cost then it will be far behind. In spite of strict controls of prices of commodity and wages by Nepal government, the price of the food and vegetables are much higher and due to the blockade of India Nepalese are even suffering more in the aftermath of the earthquake. The earthquake affected peoples in the country who are living in temporary shelters and awaiting for rehabilitation have started suffering from cold. More than 100s of people have started suffering from cold related diseases and 8 numbers of people have already died and numbers are rising. Government has initially committed to give Nepalese Rupees 15,000, Rupees 0.2 Million and Soft Loan at 2% interest rate, however Reconstruction Authority is yet to be formalized. This is the pure example of failure of Nepalese Government in management of post-earthquake. Government should understand that the economic impact will be higher if it takes too many months and years to address the earthquake affected people.","PeriodicalId":222637,"journal":{"name":"University of Southern California Center for Law & Social Science (CLASS) Research Paper Series","volume":"46 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-12-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115511180","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
The Bank-Centered View of the Money Market - Part 1: Why Banks Are Different 以银行为中心的货币市场观点-第1部分:银行为何不同
University of Southern California Center for Law & Social Science (CLASS) Research Paper Series Pub Date : 2015-01-20 DOI: 10.2139/ssrn.2544733
Carolyn Sissoko
{"title":"The Bank-Centered View of the Money Market - Part 1: Why Banks Are Different","authors":"Carolyn Sissoko","doi":"10.2139/ssrn.2544733","DOIUrl":"https://doi.org/10.2139/ssrn.2544733","url":null,"abstract":"This paper introduces modern readers to the basic understanding of the banking system that was held by academics and practitioners in the early years of the 20th century – that is, to traditional banking theory. This theory is completely inconsistent with the theoretic framework that views banks as financial intermediaries that receive deposits and invest those deposits in assets. Thus, this paper first sets forth in detail the basic elements of traditional banking theory and then relates those elements to the modern network effects literature. From this a bank-centered view of the money market is derived: all demand and short-term bank liabilities, including contingent liabilities, are potential money and near-money assets, and any non-bank liabilities that have monetary properties will derive them from their relationship with the banking system. This framework is then used to evaluate modern money markets, and this paper finds that indeed the so-called market-based money market in fact functions as a means of reallocating the bank liabilities held (indirectly) by the public from deposits to wholesale and contingent bank liabilities. This paper proposes that bank liability-based measures of the money supply be developed, and that regulators recognize that contingent bank liabilities often function as a substitute for deposits and should be regulated similarly.","PeriodicalId":222637,"journal":{"name":"University of Southern California Center for Law & Social Science (CLASS) Research Paper Series","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-01-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134107237","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
The 2013 Home Mortgage Disclosure Act Data 2013年住房抵押贷款披露法案数据
University of Southern California Center for Law & Social Science (CLASS) Research Paper Series Pub Date : 2014-11-25 DOI: 10.17016/bulletin.2014.100-6
Neil Bhutta, Daniel R. Ringo
{"title":"The 2013 Home Mortgage Disclosure Act Data","authors":"Neil Bhutta, Daniel R. Ringo","doi":"10.17016/bulletin.2014.100-6","DOIUrl":"https://doi.org/10.17016/bulletin.2014.100-6","url":null,"abstract":"This article provides an overview of the 2013 data reported under the Home Mortgage Disclosure Act of 1975 (HMDA) and documents mortgage market activity over time as well as lending patterns across different demographic groups and lender types. In addition, we use a unique data set composed of HMDA records matched to borrowers' credit records to reexamine the factors that might help explain the large differences in the incidence of higher-priced lending across borrowers of different races and ethnicities during the housing boom. The HMDA data alone explain very little of these differences. The matched data provide information on borrowers' credit scores, and differences in scores across groups help explain a large portion, but not all, of the differences in higher-priced lending.","PeriodicalId":222637,"journal":{"name":"University of Southern California Center for Law & Social Science (CLASS) Research Paper Series","volume":"102 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-11-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115745666","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 44
SEC Rules, Stakeholder Interests, and Cost-Benefit Analysis 证券交易委员会规则、利益相关者利益和成本效益分析
University of Southern California Center for Law & Social Science (CLASS) Research Paper Series Pub Date : 2014-11-20 DOI: 10.1093/CMLJ/KMV026
Yoon-Ho Alex Lee
{"title":"SEC Rules, Stakeholder Interests, and Cost-Benefit Analysis","authors":"Yoon-Ho Alex Lee","doi":"10.1093/CMLJ/KMV026","DOIUrl":"https://doi.org/10.1093/CMLJ/KMV026","url":null,"abstract":"Rules designed to regulate capital markets and protect investors often have spillover effects, either negative or positive, on stakeholders other than investors. These stakeholders can include managers, employees, consumers, taxpayers, gatekeepers, vendors, and others. This raises a question as to whether cost-benefit analyses of such investor protection rules -- to the extent that the regulator is expected to conduct them -- should take account of these spillover effects. One dilemma is that a rule may potentially be net beneficial to investors while net costly to society at large, or alternatively, it may be net beneficial to society at large but net costly to investors. An examination of several SEC rules indeed suggests that this type of discrepancy can indeed arise routinely. Therefore, current calls in the U.S. to have the SEC conduct more rigorous cost-benefit analyses of its rules should be preceded by a more candid discussion as to the appropriate criterion for determining the efficiency of SEC rules.","PeriodicalId":222637,"journal":{"name":"University of Southern California Center for Law & Social Science (CLASS) Research Paper Series","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-11-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130293194","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Diversity of Empirical Design - Review of Studies on the Cross-Section of Common Stocks 实证设计的多样性——普通股横截面研究综述
University of Southern California Center for Law & Social Science (CLASS) Research Paper Series Pub Date : 2014-04-23 DOI: 10.2139/ssrn.2428054
A. Waszczuk
{"title":"Diversity of Empirical Design - Review of Studies on the Cross-Section of Common Stocks","authors":"A. Waszczuk","doi":"10.2139/ssrn.2428054","DOIUrl":"https://doi.org/10.2139/ssrn.2428054","url":null,"abstract":"International studies on the cross-section of returns diff er strongly in respect to the empirical design. In this paper I cover wide range of international papers to give an overview of methodological variations applied by researchers. Construction of stock characteristics and risk mimicking factors underlying the Capital Asset Pricing Model (CAPM) and three- and four-factor pricing models give authors much degrees of freedom resulting in a wide set of alternative measurement methodologies. Also statistical tests on both cross-section and time-series of returns show methodological differences that might be influential on results and inferences from the analysis. Increasing exploration of international data sets puts new challenges on empirical studies that emerge from market and data characteristics. As a consequence, original methodology applied for U.S. market requires adjustments depending on coverage and scope of the analysis. This paper provides the summary of proposed adjustments and might serve as a starting point for the analysis of international equity data.","PeriodicalId":222637,"journal":{"name":"University of Southern California Center for Law & Social Science (CLASS) Research Paper Series","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-04-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126351335","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 15
A Difficult Conversation: Corporate Directors on Race and Gender 一个艰难的对话:公司董事的种族和性别
University of Southern California Center for Law & Social Science (CLASS) Research Paper Series Pub Date : 2014-03-29 DOI: 10.58948/2331-3536.1334
K. Krawiec, John M. Conley, L. Broome
{"title":"A Difficult Conversation: Corporate Directors on Race and Gender","authors":"K. Krawiec, John M. Conley, L. Broome","doi":"10.58948/2331-3536.1334","DOIUrl":"https://doi.org/10.58948/2331-3536.1334","url":null,"abstract":"This symposium essay summarizes our ongoing ethnographic research on corporate board diversity, discussing the central tension in our respondents’ views – their overwhelmingly enthusiastic support of board diversity coupled with an inability to articulate coherent accounts of board diversity benefits that might rationalize that enthusiasm. As their reactions make clear, frank dialogue about race and gender – even a seemingly benign discussion of diversity’s benefits – can be a difficult conversation.","PeriodicalId":222637,"journal":{"name":"University of Southern California Center for Law & Social Science (CLASS) Research Paper Series","volume":"66 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-03-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130434912","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
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