The effects of state and Federal gun control laws on school shootings

School shootings are the highest profile type of murder in the United States. They are also the rarest type of murder. In 2014, there were only 17 firearm murders that were perpetrated in schools and colleges. The purpose of the present study is to determine the relationship between school shootings and state and Federal gun control laws. Using a Poisson, two-way fixed effects model, it was found that assault weapons bans reduced the number of school shooting victims by 54.4%. All other gun control laws (concealed carry laws, private sale background checks and Federal dealer background checks) had no statistically significant effects on school shootings. Although assault weapons bans may reduce the overall number of school shooting victims, the average reduction in murder victims may be less than 10 per year. Hence, it is unclear if gun control is the most appropriate policy to use to reduce the number school shooting victims.     

Analyst coverage and lawsuit risk

In this study, we use a unique, hand-collected dataset of employee lawsuits and study the impact of analyst coverage on labour relations. We find that an increase in analyst coverage lowers the work-related litigations. In addition, we show that an increased number of analysts lowers the litigation cost, measured by settlement fees and attorney fees. Our results suggest analysts have an important impact on employee relations. Our research enriches the literature on employment practices and analyst coverage.     

Data breaches and corporate liquidity management

This paper investigates the effects of data breach disclosure laws and the subsequent disclosure of data breaches on the cash policies of corporations in the United States. Exploiting a series of natural experiments regarding staggered state-level data breach disclosure laws, we find that the passage of mandatory disclosure laws leads to an increase in cash holdings. Our finding suggests that mandatory data breach disclosure laws increase the risks related to data breaches. Further, we find firms that suffer data breaches adjust their financial policies by holding more cash as well as decreasing external finance and investment.     

改革开放30年来中国票据市场发展历程回顾

该文首先回顾我国票据市场所经历的推广使用、制度建设和快速发展三个阶段,以及1994年以来我国票据市场发展的主要特征;在此基础上文童进一步分析了我国票据市场发展中存在的主要问题,认为我国票据市场的发展还存在信用基础薄弱、市场主体缺位、品种单一、法规滞后、市场分割明显等问题;进而指出我国票据市场的发展可借鉴英国、日本的市场模式,发挥政府引导和市场调节的各自优势,逐步形成一个稳健有序的票据市场,传递中央银行货币政策。     

Marx's critique of “eternal” political economy: how Mill is alien to Marx's attacks

Marx deplored political economy's claims to establish “eternal” – or “natural” – laws. This paper seeks to defend John Stuart Mill from his critique. It argues that, contrary to what Marx alleged, these two economists have a great deal more in common on this topic than is frequently realised. Both on the theoretical level and on the political one, Mill's views about the relativity of capitalism seem very close to Marx's. This paper also suggests that Marx may have ignored Mill's insistence on the relativity of economic theories because it may have challenged his own “scientific socialism”.     

Building multivariate Sato models with linear dependence

The increased trading in multi-name financial products has required the development of state-of-the-art multivariate models. These models should be computationally tractable and, at the same time, flexible enough to explain the stylized facts of asset log-returns and of their dependence structure. The popular class of multivariate Lévy models provides a variety of tractable models, but suffers from one major shortcoming: Lévy models can replicate single-name derivative prices for a given time-to-maturity, but not for the whole range of quoted strikes and maturities, especially during periods of market turmoil. Moreover, there is a significant discrepancy between the moment term structure of Lévy models and the one observed in the market. Sato processes on the other hand exhibit a moment term structure that is more in line with empirical evidence and allow for a better replication of single-name option price surfaces. In this paper, we propose a general framework for multivariate models characterized by independent and time-inhomogeneous increments, where the asset log-return processes at unit time are modeled as linear combinations of independent self-decomposable random variables, where at least one self-decomposable random variable is shared by all the assets. As examples, we consider two general subclasses within this new framework, where we assume a normal variance-mean mixture with a one-sided tempered stable mixing density or a difference of one-sided tempered stable laws for the distribution of the risk factors. Particular attention is given to the models' ability to explain the asset dependence structure. A numerical study reveals the advantages of these new types of models.     

Determinants of Mortgage Default and Consumer Credit Use: The Effects of Foreclosure Laws and Foreclosure Delays

The mortgage default decision is part of a complex household credit management problem. We examine how factors affecting mortgage default spill over to other credit markets. As home equity turns negative, homeowners default on mortgages and home equity lines of credit at higher rates, whereas they prioritize repaying credit cards and auto loans. Larger unused credit card limits intensify the preservation of credit cards over housing debt. Although mortgage nonrecourse statutes increase default on all types of housing debt, they reduce credit card defaults. Foreclosure delays increase default rates for housing and nonhousing debts. Our analysis highlights the interconnectedness of debt repayment decisions.     

纵向限制的经济学和法学意义

纵向限制措施是企业在市场实践,尤其是企业的渠道建设中广泛采取的对下游企业的各种限制性做法的总称,包括转售价格维持,区域市场圈定等。西方经济学界和法学界多年来在这个领域中做了广泛深入的研究,对其性质和效果有了较为清楚的认识,这些成果对我国的企业和政策制定者有重要的参考价值。本文是对这些研究成果的一个全面综述。     

英国近代自由主义的济贫法批判

本文在介绍济贫法与工业革命历程的基础上,阐述了英国四位自由主义思想家对于济贫法的批判思想。亚当.斯密认为济贫法阻碍了劳动力和资本的自由流动;在马尔萨斯看来,人为的济贫法干扰了大自然的人口抑制法则;斯宾塞则指出,济贫法不仅扰乱了优胜劣汰的进化法则,而且扼杀了人类的美好天性;霍布豪斯赞同社会救助,但认为传统的济贫法不足以促进个人自立与发展。最后,笔者提出,自由主义济贫法批判思想具有体现并满足近代资产阶级需要的双重功效,但是这种批判不足以掩盖济贫法制度的正向功能。     

如何保障食品安全

食品质量安全是一个国家经济发展水平和人民生活质量的重要标志。近年来,由于人们生活水平的提高,科技的进步,人们积累的生活、生命与营养方面的知识更加丰富,质量安全意识更强。当前,我国的食品安全状况不容乐观,其原臣是多方面的,最主要的一点就是我国的食品安全法律法规体系不完善,与发达国家相比还存在不小的差距,迫切需要与国际接轨,逐步加以完善,而只有这样,才能保证我国人民身体健康和促进对外贸易的发展。