Buying Fertility: The Constitutionality of Welfare Bonuses for Welfare Mothers Who Submit to Norplant Insertion

In 1990, Wyeth-Ayerst Laboratories introduced Norplant, a five- year contraceptive consisting of six capsules that release contraceptive hormones when inserted in a woman\u27s arm. Soon after the introduction of Norplant, a Philadelphia Inquirer editorial column stirred tremendous controversy when the author suggested that Norplant could solve the welfare problem if states would offer welfare mothers incentives to use the device.\u27 Tremendous outrage and cries of racism, fascism and genocide prompted the Inquirer\u27s Editor, Maxwell King, to apologize publicly and retract the editorial.\u27 Despite the fury, some states have introduced welfare reform bills that would do exactly what the Inquirer editorial so boldly suggested.\u27 In a nutshell, the typical law would offer female welfare recipients a cash incentive of $500 if they allow the state to insert Norplant at its own expense. If passed, such a law would not only generate a wave of criticism but also would present a most perplexing constitutional antimony. Essentially, a law offering cash for Norplant insertion would bring two unresolved and arguably unsolvable constitutional doctrines-the doctrine of unconstitutional conditions and the doctrine of certain privacy rights as fundamental constitutional rights-to bear on the same issue. The unconstitutional conditions doctrine states that the government cannot bribe people with benefits and privileges to forego rights with which the government could not interfere directly. For example, the government could not pay people$100 a week not to go to church or pay them to worship one religion but not another. The counterargument, based on the premise that the government has no duty to give benefits, suggests that the right not to give a benefit includes the lesser right to offer it conditionally. In addition to this inquiry, the next challenge is to define the right with which the government is interfering and to determine whether that right is fundamental

A reinvestigation of the stock price reactions to announcements of Black top executive appointments

We investigate the stock market reactions to the announcements of Black CEO and top management team (TMT) appointments in light of two conflicting studies that advance competing and opposite theories. In 2021, Gligor and colleagues theorized that reactions will be negative due to racial stereotyping, and found negative mean stock price reactions for both Black CEOs and TMTs. Conversely, in 2023, Jeong and colleagues theorized that the stock market will respond positively to the appointment of Black CEOs, because these CEOs have to meet a “higher bar” to be appointed. They reported a positive mean reaction to such appointments. In our quasi-replication of these two prior studies, we find a reliably positive mean reaction for Black CEOs but an immaterial median reaction, and no marginal stock price impact to the announcement of the appointment of a Black CEO and TMT executives after controlling for explanatory factors that go outside the racial bias and higher bar theories. In light of the fragility and lack of robustness in these results, we recommend that future research in the area of Black top executives and the stock market be cautious when presenting and interpreting results

Determinants of the round-to-round returns to pre-IPO venture capital investments in U.S. biotechnology companies

I propose that pre-IPO venture-backed biotech companies offer a useful new setting through which to evaluate the relative merits of theories for why firm size and book-to-market explain variation in stock returns. This is because pre-IPO biotech firms have large and rapidly evolving growth options relative to assets-in-place. Such attributes align closely with the key features of Berk et al.’s (1999) model of the endogenous relations between growth options, optimal investment actions and expected equity returns, where firm size and book-to-market emerge as sufficient statistics for the aggregate risk of a firm’s assets-in-place. Using venture capital investments in pre-IPO U.S. biotech companies during 1992-2001, I find that equity returns between financing rounds (‘round-to-round’ returns) are reliably negatively related to firm size and positively related to book-to-market ratios. I interpret these results as being most consistent with Berk et al.’s theory, and less consistent with alternative explanations such as financial distress, behaviorally biased investors or data snooping

Biases in Multi-Year Management Financial Forecasts: Evidence From Private Venture-Backed U.S. Companies

This paper studies the properties and determinants of managers’ multi-year financial forecasts. Using one- to five-year-ahead forecasts reported by private venture-backed firms, we ask whether, by how much, and why biases in managers’ forecasts of revenues, expenses and profits depend on the forecasting horizon and the verifiability of assets. We find that profitability forecasts contain a strategic component, in that [1] one-year-ahead revenue (expense) forecasts are slightly and asymmetrically pessimistic (optimistic), while five-year-ahead forecasts are hugely and asymmetrically optimistic (pessimistic); and [2] biases in revenue and expense forecasts are larger, the harder to verify or more intangible-intensive are firms’ assets

Market-to-Revenue Multiples in Public and Private Capital Markets

The behavior and determinants of market-to-revenue ratios in public and private capital markets is examined. Three samples are analysed: (1) all publicly traded stocks listed at some time on the New York Stock Exchange/American Stock Exchange/National Association of Securities Dealers Automated Quotation System in the 1980—2004 period; (2) sample of over 300 so-called ‘internet companies’ in the 1996—2004 period; and (3) over 5500 privately held venture capital-backed companies in the 1992—2004 period. Both company size and the most recent revenue growth rate are found to explain significant variation across companies in their market-to-revenue multiples — smaller companies and companies with higher recent revenue growth rates have higher multiples. We also document how the capital market appears to use a broad-based information set when setting market-to-revenue multiples for companies with negative revenue growth rates — transitory revenue growth components appear to be identified (in a probabilistic sense) by the capital market. Contrary to much anecdotal comment, we present evidence that the capital market behaved directionally along the lines predicted by capital market theory in the pricing of internet stocks in the 1996—2004 period

Integrating Renewable Energy Requirements Into Building Energy Codes

This report evaluates how and when to best integrate renewable energy requirements into building energy codes. The basic goals were to: (1) provide a rough guide of where we’re going and how to get there; (2) identify key issues that need to be considered, including a discussion of various options with pros and cons, to help inform code deliberations; and (3) to help foster alignment among energy code-development organizations. The authors researched current approaches nationally and internationally, conducted a survey of key stakeholders to solicit input on various approaches, and evaluated the key issues related to integration of renewable energy requirements and various options to address those issues. The report concludes with recommendations and a plan to engage stakeholders. This report does not evaluate whether the use of renewable energy should be required on buildings; that question involves a political decision that is beyond the scope of this report

Development of a Rational Modeling Approach for the Design, and Optimization of the Multifiltration Unit

This thesis includes the development and verification of an adsorption model for analysis and optimization of the adsorption processes within the International Space Station multifiltration beds. The fixed bed adsorption model includes multicomponent equilibrium and both external and intraparticle mass transfer resistances. Single solute isotherm parameters were used in the multicomponent equilibrium description to predict the competitive adsorption interactions occurring during the adsorption process. The multicomponent equilibrium description used the Fictive Component Analysis to describe adsorption in unknown background matrices. Multicomponent isotherms were used to validate the multicomponent equilibrium description. Column studies were used to develop and validate external and intraparticle mass transfer parameter correlations for compounds of interest. The fixed bed model was verified using a shower and handwash ersatz water which served as a surrogate to the actual shower and handwash wastewater