Which Constitution?

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Law Deans in Jail

A most unlikely collection of suspects – law schools, their deans, U.S. News & World Report and its employees – may have committed felonies by publishing false information as part of U.S. News’ ranking of law schools. The possible federal felonies include mail and wire fraud, conspiracy, racketeering, and making false statements. Employees of law schools and U.S. News who committed these crimes can be punished as individuals, and under federal law the schools and U.S. News would likely be criminally liable for their agents’ crimes. Some law schools and their deans submitted false information about the schools’ expenditures and their students’ undergraduate grades and LSAT scores. Others submitted information that may have been literally true but was misleading; for example, misleading statistics about recent graduates’ employment rates. U.S. News itself may have committed mail and wire fraud. It has republished and sold for profit data submitted by law schools without verifying the data’s accuracy, despite being aware that at least some schools were submitting false and misleading data. U.S. News refused to correct incorrect data and rankings errors and continued to sell that information even after individual schools confessed that they had submitted false information. In addition, U.S. News marketed its surveys and rankings as valid although they were riddled with fundamental methodological errors

Does the Currency Board Matter? U.S. News and Argentine Financial Market Reaction

Using a GARCH model, we study the effects of U.S. monetary policy and macroeconomic announcements on Argentine money, stock, and foreign exchange markets over the period January 1998 to July 2007. We show, first, that both types of news have a significant impact on all markets. Second, there are noticeable differences in reaction for different subsamples: Argentine money markets were more dependent on U.S. news under the currency board than after it was abandoned as the floating exchange rate partly absorbs spillover effects from the United States. Finally, we find that U.S.-dollar-denominated assets react less to U.S. news than peso-denominated assets, which suggests that the currency board was not completely credible during its final years.Argentina, Financial Markets, Monetary Policy, Federal Reserve Bank, Central Bank Communication, Macroeconomic Announcements

2021 Graduate Program Rankings for UNLV & UNR

This Fact Sheet presents the 2021 U.S. News and World Report graduate program rankings for the University of Nevada, Las Vegas (UNLV) and the University of Nevada, Reno (UNR). The rankings for 2021 are important when taking into consideration that both UNLV and UNR achieved Carnegie R1 status in 2018. This status marks their place in the top 130 research universities in the country

Domestic or U.S. News: What Drives Canadian Financial Markets?

Using a GARCH model, we study the effects of Canadian and U.S. central bank communication and macroeconomic news on Canadian bond, stock, and foreign exchange market returns and volatility. First, central bank communication and macro news from both countries have an impact on Canadian financial markets. Second, Canadian central bank communication is more relevant than its U.S. counterpart, whereas in the case of macro news, that originating from the United States dominates. Third, we find evidence that the impact of Canadian news reaches its maximum when the Canadian target rate departs from the Federal Funds target rate (2002–2004) and thereafter. The introduction of fixed announcement dates (FAD) initially does not cause a noticeable break in the data. Finally, Canadian and U.S. target rate changes lead to higher price volatility, and so does other U.S. news. Other Canadian news, however, lowers price volatility.Bank of Canada, Central Bank Communication, Federal Reserve Bank, Financial Markets, Macroeconomic News, Monetary Policy

The Effect On Wage Of Attending A US News And World Report Best College

A great deal of attention is paid to the annual release of the U.S. News and World Report college rankings. According to national surveys of college freshman, enhanced earning potential is a major motivator in their choosing to attend college and in their selecting which college to attend. Thus you would expect the U.S. News and World Report rankings to be highly correlated with those institutions whose students earn a wage premium. This paper uses the data set High School and Beyond to test the effect on wage of attending a college identified by U.S. News and World Report as a “best college.” I find no statistically significant relationship between attending a U.S. News and World Report “best college” and wage earned

Salience in Quality Disclosure: Evidence from the U.S. News College Rankings

How do rankings affect demand? This paper investigates the impact of college rankings, and the visibility of those rankings, on students' application decisions. Using natural experiments from U.S. News and World Report College Rankings, we present two main findings. First, we identify a causal impact of rankings on application decisions. When explicit rankings of colleges are published in U.S. News, a one-rank improvement leads to a 1-percentage-point increase in the number of applications to that college. Second, we show that the response to the information represented in rankings depends on the way in which that information is presented. Rankings have no effect on application decisions when colleges are listed alphabetically, even when readers are provided data on college quality and the methodology used to calculate rankings. This finding provides evidence that the salience of information is a central determinant of a firm's demand function, even for purchases as large as college attendance.