{"title":"What Do Alternative Sanctions Mean?","authors":"D. Kahan","doi":"10.2307/1600237","DOIUrl":"https://doi.org/10.2307/1600237","url":null,"abstract":"American jurisdictions have traditionally resisted fines and community service as alternatives to imprisonment, notwithstanding strong support for these sanctions among academics and reformers. Why? The answer, this article contends, is that these forms of punishment are expressively inferior to incarceration. The public expects punishment not only to deter crime and to impose deserved suffering, but also to make accurate statements about what the community values. Imprisonment has been and continues to be Americans' punishment of choice for serious offenses because of the resonance of liberty deprivation as a symbol of condemnation in our culture. Fines and community service either don't express condemnation as unambiguously as imprisonment, or express other valuations that Americans reject as false. The article also uses expressive theory to explain why the American public has consistently rejected proposals to restore corporal punishment, a form of discipline that offends egalitarian moral sensibilities; and why the public is now growing increasingly receptive to shaming punishments, which unlike conventional alternative sanctions signal condemnation unambiguously.","PeriodicalId":315164,"journal":{"name":"Edmond J. Safra Research Lab Working Paper Series","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134614928","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}
{"title":"Informed Short Selling, Fails-to-Deliver, and Abnormal Returns","authors":"Thomas Stratmann, John W. Welborn","doi":"10.2139/ssrn.2461088","DOIUrl":"https://doi.org/10.2139/ssrn.2461088","url":null,"abstract":"We find that stocks with fails-to-deliver (FTDs) experience negative abnormal returns that are proportional to their FTD levels. These findings come from both an event study and a portfolio returns analysis using Fama-French factors. Using proprietary data on stock borrow costs, we also show that short sellers of low and high FTD stocks obtain positive estimated profits. Our findings support the hypothesis that FTDs reflect nonbinding short sale constraints which do not restrict informed short selling.","PeriodicalId":315164,"journal":{"name":"Edmond J. Safra Research Lab Working Paper Series","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-05-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129566744","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}
{"title":"Measuring Illegal and Legal Corruption in American States: Some Results from the Edmond J. Safra Center for Ethics Corruption in America Survey","authors":"Oguzhan Dincer, Michael Johnston","doi":"10.2139/SSRN.2579300","DOIUrl":"https://doi.org/10.2139/SSRN.2579300","url":null,"abstract":"Using data from the \"Edmond J. Safra Center for Ethics Corruption in America Survey\", we construct indices measuring two specific forms of corruption across American states: illegal and legal. We define illegal corruption as the private gains in the form of cash or gifts by a government official, in exchange for providing specific benefits to private individuals or groups, and legal corruption as the political gains in the form of campaign contributions or endorsements by a government official, in exchange for providing specific benefits to private individuals or groups, be it by explicit or implicit understanding. We then put our indices to work and investigate why some states are more corrupt than the others. In addition to demographic and economic variables we also investigate how political participation effects corruption depending on how well it is covered by the media. Our results suggest that we have a lot to learn about the politics of corruption control.","PeriodicalId":315164,"journal":{"name":"Edmond J. Safra Research Lab Working Paper Series","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-03-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128442547","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}
{"title":"Lost Opportunity: How Institutional Corruption Hampered Efforts to Protect Worker Health in America","authors":"Jim Morris","doi":"10.2139/SSRN.2572434","DOIUrl":"https://doi.org/10.2139/SSRN.2572434","url":null,"abstract":"After a fitful but ultimately promising start in the 1970s, the Occupational Safety and Health Administration has been severely limited in its ability to regulate toxic chemicals in the workplace. Restrained by court rulings and bullied by powerful corporate interests, OSHA issues health standards at a glacial pace at a time when more than 80,000 chemicals are on the market in the United States. The agency and employers must find creative ways to control or eliminate the worst of these substances to reduce the human and economic burdens of work-related disease, which takes an estimated 50,000 American lives each year.","PeriodicalId":315164,"journal":{"name":"Edmond J. Safra Research Lab Working Paper Series","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-03-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132272169","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}
{"title":"Crony Capitalism, American Style: What are We Talking About Here?","authors":"Malcolm S. Salter","doi":"10.2139/SSRN.2513490","DOIUrl":"https://doi.org/10.2139/SSRN.2513490","url":null,"abstract":"This paper seeks to reduce the ambiguity surrounding our understanding of what crony capitalism is, what it is not, what costs crony capitalism leaves in its wake, and how we might contain it.","PeriodicalId":315164,"journal":{"name":"Edmond J. Safra Research Lab Working Paper Series","volume":"75 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121630659","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}
{"title":"Tactical Asset Allocation Using Investors’ Sentiment","authors":"Soohun Kim, Hyoung-Goo Kang","doi":"10.2139/ssrn.1738946","DOIUrl":"https://doi.org/10.2139/ssrn.1738946","url":null,"abstract":"We extend investor sentiment literature and apply it to tactical portfolio allocation in the Korean stock market. We first construct a Korean investors' sentiment index by considering prior literature and expert opinions. Second, we investigate whether the index can predict both time series and cross sectional variations of stock returns. Third, we attempt tactical asset allocation using the index. Our sentiment index predicts both time series and cross sectional variations of stock returns. In addition, the tactical asset allocation generates significant excess return after adjusting risks and transaction costs.","PeriodicalId":315164,"journal":{"name":"Edmond J. Safra Research Lab Working Paper Series","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-01-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124667186","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}
{"title":"Blinding as a Solution to Institutional Corruption","authors":"C. Robertson","doi":"10.2139/ssrn.2321353","DOIUrl":"https://doi.org/10.2139/ssrn.2321353","url":null,"abstract":"This Working Paper provides a framework for understanding how blinding may be a solution for institutional corruption, a situation where a funding dependency causes biased outcomes and thus a lack of trust. A funding dependency can be disaggregated into three functions: a subsidy, a selection of the decision maker, and an identification between the funder and the decision maker. These dynamics are shown in the settings of litigation witnesses, biomedical scientists, and candidates for public offices, all of whom may be biased by funding dependencies. Drawing from a long history of blinding in the biomedical sciences, blinding operates by allowing the subsidy function, while eliminating the selection and identification functions, which cause bias. In some settings, even the funders themselves will have self-interested reasons to prefer blinding over the status quo, which suggests the potential for market-based solutions to institutional corruption. Blinding is motivated by a recognition that a subsidy-dependency is sometimes unavoidable for practical reasons (including constitutional, political, economic realities), making a ban on conflicting interests unattainable. Blinding is also motivated by a recognition that other solutions to institutional corruption, such as professionalism and mandatory disclosure of conflicting interests, require strong assumptions about psychological capacities, which often fail. Blinding has its own limitations: some biasing functions cannot be disaggregated from the subsidy, and even if blinding works to eliminate bias, it may fail to rescue a dependent institution from perceptions of illegitimacy. Still, blinding should be understood as a primary tool in the fight against institutional corruption. The Working Paper concludes by showing how blinding strategies are a primary mechanism of the civil and criminal jury trial institution, which suggests other similar applications to minimize bias in other institutions.","PeriodicalId":315164,"journal":{"name":"Edmond J. Safra Research Lab Working Paper Series","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-09-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127511258","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}
{"title":"Political Finance in the United Kingdom","authors":"Timothy Winters","doi":"10.2139/ssrn.2317505","DOIUrl":"https://doi.org/10.2139/ssrn.2317505","url":null,"abstract":"This paper considers the topic of political finance in the United Kingdom through the lens of institutional corruption. It gives an introduction to two core principles, spending limits and transparency, which underpin current legislation surrounding political finance in the UK. It then addresses the possibility of a cap on donations, as recommended by the British government’s Committee on Standards in Public Life. Finally, it reflects on the roles of trade unions, the media and other third parties as aspects of the British establishment which are of particular relevance to the subject of institutional corruption. Through this brief overview of the system of political finance in the United Kingdom, it will be seen that the concept of institutional corruption is as relevant to the British context as it is to the US. Despite differences, particularly with regard to the specific roles of various stakeholders, it is apparent that there are similarities between the two systems, for instance with regard to the role of third-party funders, the debate between ensuring freedom of speech and leveling the electoral playing field, and the importance of transparency, not only in law but also in practice.","PeriodicalId":315164,"journal":{"name":"Edmond J. Safra Research Lab Working Paper Series","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125249096","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}
{"title":"What's the Big Deal?: The Ethics of Public-Private Partnerships Related to Food and Health","authors":"J. Marks","doi":"10.2139/SSRN.2268079","DOIUrl":"https://doi.org/10.2139/SSRN.2268079","url":null,"abstract":"Public-private partnerships have become increasingly attractive to public sector entities (including government agencies and academic research institutions), particularly in the wake of diminishing public funds to support health research and public health interventions. When such partnerships are formulated, the participants tend to emphasize synergies between the missions or goals of the public and private partners. However, the missions of public and private sector actors usually diverge in significant ways. Consequently, these partnerships can have serious implications for the integrity and trustworthiness of public officials and institutions, and for trust and confidence in those officials and institutions. In this article, I employ the institutional corruption framework to highlight systemic concerns presented by public-private partnerships related to food and health. I argue that prevailing analytical approaches to such partnerships tend to downplay or ignore these systemic effects and their ethical implications. I offer some guidance for public sector actors wishing to think more critically and systemically about public-private partnerships. Public sector actors need to reconsider partnership as a default paradigm for engagement with the private sector. They also need to be more vocal about which goals they can and cannot achieve given limitations in the available sources of public funding.","PeriodicalId":315164,"journal":{"name":"Edmond J. Safra Research Lab Working Paper Series","volume":"58 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-05-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126640128","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}
{"title":"The Effects of Earmarks on the Likelihood of Reelection","authors":"Thomas Stratmann","doi":"10.2139/ssrn.1608230","DOIUrl":"https://doi.org/10.2139/ssrn.1608230","url":null,"abstract":"Many models predict that incumbent legislators use government spending – “pork barrel” spending – to increase their vote shares in elections. To date, however, evidence for this hypothesis is scarce. Using recently available data on the sponsorship of earmarks in U.S. appropriations legislation, this paper tests the effects of earmarks on the likelihood of legislators' reelection. The results show that secured earmarks lead to higher vote shares. The analysis demonstrates that a $10million increase in earmarks leads to as much as a one percentage point increase in vote share on election day. Furthermore, the paper tests for voter responses to earmarks when earmarks have few or many sponsors.","PeriodicalId":315164,"journal":{"name":"Edmond J. Safra Research Lab Working Paper Series","volume":"84 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131676078","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}