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Inter-Judge Sentencing Disparity on the Federal Bench: An Examination of Drug Smuggling Cases in the Southern District of California 联邦法院法官之间的量刑差异:加利福尼亚南区毒品走私案件的审查
Claremont McKenna College Robert Day School of Economics & Finance Research Paper Series Pub Date : 2013-04-01 DOI: 10.1525/FSR.2013.25.3.190
C. Mason, David Bjerk
{"title":"Inter-Judge Sentencing Disparity on the Federal Bench: An Examination of Drug Smuggling Cases in the Southern District of California","authors":"C. Mason, David Bjerk","doi":"10.1525/FSR.2013.25.3.190","DOIUrl":"https://doi.org/10.1525/FSR.2013.25.3.190","url":null,"abstract":"In this paper we exploit a unique dataset we collected directly from the arrest narratives filed in \"border bust\" drug smuggling cases to analyze inter-judge sentencing disparity. The comprehensiveness of our data combined with the specific sentencing laws that apply to drug trafficking allow us to control very precisely for variations in offense conduct, offender characteristics, and criminal history. We develop a new statistical model of sentencing disparity that we believe is more accurate than previous attempts.","PeriodicalId":407431,"journal":{"name":"Claremont McKenna College Robert Day School of Economics & Finance Research Paper Series","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125007122","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: 7
Liquidity Preference and Interest-Bearing Money: The Ottoman Empire, 1840-1851 流动性偏好和有息货币:奥斯曼帝国，1840-1851
Claremont McKenna College Robert Day School of Economics & Finance Research Paper Series Pub Date : 2012-12-20 DOI: 10.2139/ssrn.2199073
R. Burdekin, Meric Keskinel
{"title":"Liquidity Preference and Interest-Bearing Money: The Ottoman Empire, 1840-1851","authors":"R. Burdekin, Meric Keskinel","doi":"10.2139/ssrn.2199073","DOIUrl":"https://doi.org/10.2139/ssrn.2199073","url":null,"abstract":"Legal restrictions theory suggests that interest-bearing money would dominate if there were no legal impediments precluding competition with non-interest-bearing currency. There are very few historical examples with meaningful issues of interest-bearing currency, however, and these tend to occur during extreme circumstances like civil war. The Ottoman Empire in the 1840s offers an unusual opportunity to observe large-scale issuance of interest-bearing notes under stable conditions over an extended period of time. This experience features government-issued interest-bearing money circulating in the absence of legal restrictions – with the data pointing to a liquidity preference favoring the smaller denominations most useful in daily transactions.","PeriodicalId":407431,"journal":{"name":"Claremont McKenna College Robert Day School of Economics & Finance Research Paper Series","volume":"83 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132440440","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
Does Government Debt Promote Economic Growth? An Empirical Analysis with Structural Breaks for the Economy of China 政府债务促进经济增长吗?中国经济结构断裂的实证分析
Claremont McKenna College Robert Day School of Economics & Finance Research Paper Series Pub Date : 2012-12-01 DOI: 10.2139/ssrn.2340385
T. Stylianou
{"title":"Does Government Debt Promote Economic Growth? An Empirical Analysis with Structural Breaks for the Economy of China","authors":"T. Stylianou","doi":"10.2139/ssrn.2340385","DOIUrl":"https://doi.org/10.2139/ssrn.2340385","url":null,"abstract":"This paper investigates the relationship between economic growth and government debt for one of the biggest economies in the world, the economy of China. The data were fitted into a regression equation using econometric techniques such as unit root tests and Granger causality. Regarding unit root tests we are using three kind of tests: i) The conventional unit tests, which do not take into account structural breaks, ii) the unit root tests that take into account one structural break and iii) tests that take into account multiple structural breaks. The analysis is based on data over the period 1984 to 2011 for China. The results reveal that there are structural breaks in the economy of China but no Granger causality between the variables.","PeriodicalId":407431,"journal":{"name":"Claremont McKenna College Robert Day School of Economics & Finance Research Paper Series","volume":"460 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122725525","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 Micro Credit Activity and Human Development 小额信贷活动与人的发展
Claremont McKenna College Robert Day School of Economics & Finance Research Paper Series Pub Date : 2011-08-15 DOI: 10.2139/ssrn.1909817
Nahla Dhib, Y. Boujelbene
{"title":"The Micro Credit Activity and Human Development","authors":"Nahla Dhib, Y. Boujelbene","doi":"10.2139/ssrn.1909817","DOIUrl":"https://doi.org/10.2139/ssrn.1909817","url":null,"abstract":"The article leads to explain the impact of micro credit activity on human development. This issue presents an indispensable social asset to society. It reflects the employment status and quality of life. Econometric modeling helps us' to estimate the impact of micro credit on the standard of living. Otherwise, we will develop the outcome of the small loan on the social and financial well-being. Based on logistic regression, we will deal with access to the service of micro finance on poverty. Through a database collected in a region of southern Tunisia, we discussed the behavior of the recipient of a micro credit institution Enda inter Arabic. We presented that micro credit helps to improve the living standards of poor and excluded the recipient. Tl has a qualitative change in social welfare.","PeriodicalId":407431,"journal":{"name":"Claremont McKenna College Robert Day School of Economics & Finance Research Paper Series","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131734048","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
Homo Oeconomicus vs. Homo Academicus - Challenges and Dilemmas in the Metamorphosis from the Concepts to the Realities of Contemporary Global Society 经济人与学院派——当代全球社会从概念到现实的蜕变中的挑战与困境
Claremont McKenna College Robert Day School of Economics & Finance Research Paper Series Pub Date : 2011-07-11 DOI: 10.2139/ssrn.1925354
C. Hălăngescu
{"title":"Homo Oeconomicus vs. Homo Academicus - Challenges and Dilemmas in the Metamorphosis from the Concepts to the Realities of Contemporary Global Society","authors":"C. Hălăngescu","doi":"10.2139/ssrn.1925354","DOIUrl":"https://doi.org/10.2139/ssrn.1925354","url":null,"abstract":"This workpaper aims to present sui generis one point of view on the relationship between two models of the social-human typology in the context of globalization: homo oeconomicus and homo academicus. Being only a starting point for further research into a tripartite structure, the paper preliminary presents views on views of MAN’s multivalent positions between vocation and the adaptation to globalization flows, the dilemmas and paradoxes between the oeconomicus and academicus models which I consider inherent into a higher education’s biography in a globalized world. Developed from hypothesis to conclusion, the assertion that homo academicus is deeply involved in mundus academicus, while homo oeconomicus stimulates in a global manner the whole mundus academicus, generates various approaches in which the economic and the academic either mingle or dissociate, but the conjunction or disjunction cases unavoidably lead to outlining the postulate that no architecture on a world academic map is built without „Development through Innovation and Innovation through Education” and that leads to an absolutely justified interrogation in the globalized present: Will homo academicus be able to adapt to the values of homo oeconomicus, sell its know-how and produce conveniently?","PeriodicalId":407431,"journal":{"name":"Claremont McKenna College Robert Day School of Economics & Finance Research Paper Series","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116741699","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
Cross-Market Trading in China’s Large State-Owned Commercial Banks 中国大型国有商业银行的跨市场交易
Claremont McKenna College Robert Day School of Economics & Finance Research Paper Series Pub Date : 2010-09-01 DOI: 10.2139/ssrn.1692913
R. Burdekin, Yang Yang
{"title":"Cross-Market Trading in China’s Large State-Owned Commercial Banks","authors":"R. Burdekin, Yang Yang","doi":"10.2139/ssrn.1692913","DOIUrl":"https://doi.org/10.2139/ssrn.1692913","url":null,"abstract":"This paper examines the differential between the share prices of China’s large state-owned commercial banks traded in Shanghai vs. prices observed in Hong Kong. We find a significant role for investor sentiment, as reflected in relative price-earnings ratios, in explaining these price differentials for all four banks. The share price in Shanghai tends to move ahead of the share price in Hong Kong when rising local sentiment makes investors in Shanghai willing to pay more for the same predicted earnings. We also identify co-movement in relative bank price-earnings ratios across the two markets plus some co-determination in the price differentials.","PeriodicalId":407431,"journal":{"name":"Claremont McKenna College Robert Day School of Economics & Finance Research Paper Series","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130500296","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: 4
The Effect of Different Reserve Prices on Auction Outcomes 不同保留价格对拍卖结果的影响
Claremont McKenna College Robert Day School of Economics & Finance Research Paper Series Pub Date : 2009-07-09 DOI: 10.2139/ssrn.1432283
Nathan Barrymore, Y. Raviv
{"title":"The Effect of Different Reserve Prices on Auction Outcomes","authors":"Nathan Barrymore, Y. Raviv","doi":"10.2139/ssrn.1432283","DOIUrl":"https://doi.org/10.2139/ssrn.1432283","url":null,"abstract":"To ensure that their item does not sell below a minimum value, auction sellers can set a reserve price or insert their own 'shill' bids. We present results from a controlled experiment in which we auctioned identical $20 Starbucks gift cards in order to test different price floors’ effects on sale prices and bidding activity. We find that all price floors decrease the number of bids and the number of bidders in an auction. Higher price floors increase the average sale price, but compared to a control group the difference is only significant at a binding level. In contrast, seller profits are maximized by setting no price floor, but we predict that the advantage of price floors will intensify with higher value items or items in thinner markets. We explain our results using the anchoring effect, selection effects and the eBay setup.","PeriodicalId":407431,"journal":{"name":"Claremont McKenna College Robert Day School of Economics & Finance Research Paper Series","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127451191","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: 7
A Facility-Level Analysis of the Long-Term Consequences of Environmental Auditing Among Hazardous Waste Generators 危险废物产生者环境审计长期后果的厂级分析
Claremont McKenna College Robert Day School of Economics & Finance Research Paper Series Pub Date : 2009-06-17 DOI: 10.2139/ssrn.1479836
Lirong Liu, Sarah Stafford, Mary F. Evans
{"title":"A Facility-Level Analysis of the Long-Term Consequences of Environmental Auditing Among Hazardous Waste Generators","authors":"Lirong Liu, Sarah Stafford, Mary F. Evans","doi":"10.2139/ssrn.1479836","DOIUrl":"https://doi.org/10.2139/ssrn.1479836","url":null,"abstract":"Several rationales recently proposed to explain the willingness of firms to voluntarily conduct environmental audits suggest the potential for environmental audits to impact compliance outcomes in the long run. Using a unique facility-level dataset from Michigan, we examine the determinants of environmental auditing and the effects of environmental auditing on inspection frequency and long-term compliance with the U.S. Resource Conservation and Recovery Act (RCRA) among hazardous waste generators. Our empirical methodology accounts for the potential endogeneity of the audit outcome and censoring of the future compliance measure. We find that larger facilities and those subject to more stringent regulations are more likely to audit. We also find that facilities with poor compliance records are less likely to audit. However, we find no significant long-run impact of auditing on inspection frequency or RCRA compliance among these Michigan facilities.","PeriodicalId":407431,"journal":{"name":"Claremont McKenna College Robert Day School of Economics & Finance Research Paper Series","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-06-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126167316","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
Director Networks 网络主管
Claremont McKenna College Robert Day School of Economics & Finance Research Paper Series Pub Date : 2009-01-01 DOI: 10.2139/ssrn.966555
Ilan Guedj, A. Barnea
{"title":"Director Networks","authors":"Ilan Guedj, A. Barnea","doi":"10.2139/ssrn.966555","DOIUrl":"https://doi.org/10.2139/ssrn.966555","url":null,"abstract":"This paper investigates the role of director networks in firms' decision-making. Using data on 25,621 unique directors who served on the boards of S&P 1,500 firms between the years 1996-2004, we map the entire network of directors and generate measures that account for each director's importance in the network. We find strong evidence that in firms whose directors are more central in the network, CEO pay is higher, CEO pay is less sensitive to firm performance, CEO turnover is less sensitive to firm performance, and forced CEO turnover is less likely to occur. Moreover, well-connected directors are more likely to be awarded more directorships in the future. These results continue to hold when we look only at the connectedness level of independent directors. Our results support what we refer to as the reputation hypothesis - when directors are not connected they build their reputation by providing superior monitoring but when they are highly connected they provide softer monitoring of the CEO as they feel that their status in the network is secure.","PeriodicalId":407431,"journal":{"name":"Claremont McKenna College Robert Day School of Economics & Finance Research Paper Series","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126186130","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: 43
A Simple-But-Powerful Test for Long-Run Event Studies 一个简单而有力的长期赛事研究测试
Claremont McKenna College Robert Day School of Economics & Finance Research Paper Series Pub Date : 2008-10-02 DOI: 10.2139/ssrn.847791
G. Gur-Gershgoren, Jaime F. Zender, Eric N. Hughson
{"title":"A Simple-But-Powerful Test for Long-Run Event Studies","authors":"G. Gur-Gershgoren, Jaime F. Zender, Eric N. Hughson","doi":"10.2139/ssrn.847791","DOIUrl":"https://doi.org/10.2139/ssrn.847791","url":null,"abstract":"Testing for long-run abnormal performance has become an increasingly important part of the finance literature. We propose a test for abnormal performance in long-run event studies using the buy and hold abnormal return (BHAR). We augment the control firm approach of Barber and Lyon (1997) by using multiple control firms to create multiple correlated BHARs for each sample firm. Using the control firm structure allows us to avoid the new listing, rebalancing, and skewness biases. Further, despite the correlation amongst the BHARs, using multiple control firms allows us to increase the power of the test beyond that of existing tests. Finally, we show that our test is well-specified in both random and nonrandom samples.","PeriodicalId":407431,"journal":{"name":"Claremont McKenna College Robert Day School of Economics & Finance Research Paper Series","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124935421","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: 12
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