War and peace: Third-party intervention in conflict

This paper develops a simple sequential-move game to characterize the endogeneity of third-party intervention in conflict. We show how a third party's “intervention technology” interacts with the canonical “conflict technologies” of two rival parties in affecting the sub-game perfect Nash equilibrium outcome. From the perspective of deterrence strategy, we find that it is more costly for a third party to support an ally to deter a challenger from attacking (i.e., to maintain peace or acquiescence), as compared to the alternative case when the third party supports the ally to gain a disputed territory by attacking (i.e., to create war), ceteris paribus. However, an optimally intervening third party can be either “peace-making”, “peace-breaking”, or neither depending on the characteristics of the conflict and the stakes the third party holds with each of the rival parties.     

EVIDENCE ON THE EFFECT OF TAXES ON FIRMS' DECISIONS TO RETIRE DEBT EARLY

We examine the effect of marginal tax rates on the decision to retire debt early. Other factors that have been linked to the debt retirement decision are also investigated, including leverage adjustment and the value associated with the immediate recognition of a loss for tax purposes on early retirement. Results indicate that firms that retire debt early have lower marginal tax rates than firms that do not retire debt early. This finding is consistent with the proposition that firms are motivated to retire debt early by an incentive to reduce tax shields that cannot be used efficiently. Further, firms that retire debt early are more highly leveraged than firms that do not retire debt early. Evidence also suggests that some firms retire debt early at a loss to reduce currently taxable income.     

Same-Sex Couples in Advertisements: An Investigation of the Role of Implicit Attitudes on Cognitive Processing and Evaluation

This research examined how implicit attitudes are associated with cognitive processing and self-reported evaluation of advertisements featuring same-sex couples. Hypotheses were posited using the theoretical framework of social identity theory (Tajfel and Turner 1986) and perspectives on implicit attitudes. In Study 1, participants watched and evaluated 10 television advertisements while physiological measures of cognitive and affective processing were collected. Ads varied such that half used same-sex couples as protagonists while the other half used other-sex couples. Participants demonstrated less positive responses to ads featuring same-sex couples. Physiological and self-reported responses were associated with implicit attitudes toward homosexuality Negative implicit attitudes toward homosexuality were associated with more negative affect, less attention, less positivity, and less liking for ads featuring same-sex couples. Two subsequent studies replicated these findings in nonstudent samples, indicating that participants preferred ads with other-sex couples (Study 2) and that implicit attitudes were associated with this response (Study 3). This research suggests that implicit attitudes affect processing and evaluation of ads featuring same-sex couples in ways unaccounted for by explicitly measured attitudes. Results are discussed in terms of advancing theory, furthering understanding of the dynamic processing of ads featuring in-group and out-group members, and practical implications.