On Probation. An Experimental Analysis

Does probation pay a double dividend? Society saves the cost of incarceration, and convicts preserve their liberty. But does probation also reduce the risk of recidivism? In a meta-study we show that the field evidence is inconclusive. Moreover it struggles with an identification problem: those put on probation are less likely to recidivate in the first place. We therefore complement the field evidence by a lab experiment that isolates the definitional feature of probation: the first sanction is conditional on being sanctioned again during the probation period. We find that probationers contribute less to a joint project; punishment cost is higher; efficiency is lower; inequity is higher. While experimental subjects are on probation, they increase their contributions to a joint project. However, once the probation period expires, they reduce their contributions. While in the aggregate these two effects almost cancel out, critically those not punished themselves do trust the institution less if punishment does not become effective immediately.probation, recidivism, public goods, punishment, experimental economics

Can the Balanced Scorecard Help in Designing Conference Calls? The Effect of Balanced Information Composition on the Cost of Capital

Most recent studies on conference calls focus on the costs for firms that can arise from the calls' open nature. We study the benefits of conference calls and hypothesize that firms could use the balanced scorecard concept as a framework for presenting the information (i.e. balanced information composition) in conference calls to lower the cost of capital. Our results show a negative association between a more balanced information composition in conference calls and a firm's cost of capital. Additional tests substantiate that the effect of such a balanced information composition on the cost of capital is driven by a reduction in information asymmetry. Overall, the findings suggest that firms can benefit from the balanced scorecard concept by using it as a framework for preparing their conference calls

Stability of charged sulfur vacancies in 2D and bulk MoS2_2 from plane-wave density functional theory with electrostatic corrections

Two-dimensional (2D) semiconducting transition metal dichalcogenides such as MoS$_2$ have attracted extensive research interests for potential applications in optoelectronics, spintronics, photovoltaics, and catalysis. To harness the potential of these materials for electronic devices requires a better understanding of how defects control the carrier concentration, character, and mobility. Utilizing a correction scheme developed by Freysoldt and Neugebauer to ensure the appropriate electrostatic boundary conditions for charged defects in 2D materials, we perform density functional theory calculations to compute formation energies and charge transition levels associated with sulfur vacancies in monolayer and layered bulk MoS$_2$. We investigate the convergence of these defect properties with respect to vacuum spacing, in-plane supercell dimensions, and different levels of theory. We also analyze the electronic structures of the defects in different charge states to gain insights into the effect of defects on bonding and magnetism. We predict that both vacancy structures undergo a Jahn-Teller distortion, which helps stabilize the sulfur vacancy in the $-1$ charged state.Comment: 10 pages, 6 figures. Submitted to Physical Review Materials journa