Empirical Law and Economics

Empirical work has grown in importance in law and economics. This growth coincides with improvements in research designs in empirical microeconomics more generally. In this essay, we provide a stylized discussion of some trends over the last two or three decades, linking the credibility revolution in empirical micro to the ascendancy of empirical work in law and economics. We then provide some methodological observations about a number of commonly used approaches to estimating policy effects. The literature on the economics of crime and criminal procedure illustrates the ways in which many of these techniques have been used successfully. Other fields, including corporate law and economics and the law and economics of civil procedure, have lagged behind in methodological terms

Optimal design of studies of influenza transmission in households. I: Case-ascertained studies

Case-ascertained household transmission studies, in which households including an index case are recruited and followed up, are invaluable to understanding the epidemiology of influenza. We used a simulation approach parameterized with data from household transmission studies to evaluate alternative study designs. We compared studies that relied on self-reported illness in household contacts vs. studies that used home visits to collect swab specimens for virological confirmation of secondary infections, allowing for the trade-off between sample size vs. intensity of follow-up given a fixed budget. For studies estimating the secondary attack proportion, 2-3 follow-up visits with specimens collected from all members regardless of illness were optimal. However, for studies comparing secondary attack proportions between two or more groups, such as controlled intervention studies, designs with reactive home visits following illness reports in contacts were most powerful, while a design with one home visit optimally timed also performed well. © 2011 Cambridge University Press.published_or_final_versio

The Logic and Limits of Event Studies in Securities Fraud Litigation

Event studies have become increasingly important in securities fraud litigation after the Supreme Court’s decision in Halliburton II. Litigants have used event study methodology, which empirically analyzes the relationship between the disclosure of corporate information and the issuer’s stock price, to provide evidence in the evaluation of key elements of federal securities fraud, including materiality, reliance, causation, and damages. As the use of event studies grows and they increasingly serve a gatekeeping function in determining whether litigation will proceed beyond a preliminary stage, it will be critical for courts to use them correctly. This Article explores an array of considerations related to the use of event studies in securities fraud litigation. It starts by describing the basic function of the event study: to determine whether a highly unusual price movement has occurred and the traditional statistical approach to making that determination. The Article goes on to identify special features of securities fraud litigation that distinguish litigation from the scholarly context in which event studies were developed. The Article highlights the fact that the standard approach can lead to the wrong conclusion and describes the adjustments necessary to address the litigation context. We use the example of six dates in the Halliburton litigation to illustrate these points. Finally, the Article highlights the limitations of event studies – what they can and cannot prove – and explains how those limitations relate to the legal issues for which they are introduced. These limitations bear upon important normative questions about the role event studies should play in securities fraud litigation

The Logic and Limits of Event Studies in Securities Fraud Litigation

Event studies have become increasingly important in securities fraud litigation after the Supreme Court’s decision in Halliburton II. Litigants have used event study methodology, which empirically analyzes the relationship between the disclosure of corporate information and the issuer’s stock price, to provide evidence in the evaluation of key elements of federal securities fraud, including materiality, reliance, causation, and damages. As the use of event studies grows and they increasingly serve a gatekeeping function in determining whether litigation will proceed beyond a preliminary stage, it will be critical for courts to use them correctly. This Article explores an array of considerations related to the use of event studies in securities fraud litigation. It starts by describing the basic function of the event study: to determine whether a highly unusual price movement has occurred and the traditional statistical approach to making that determination. The Article goes on to identify special features of securities fraud litigation that distinguish litigation from the scholarly context in which event studies were developed. The Article highlights the fact that the standard approach can lead to the wrong conclusion and describes the adjustments necessary to address the litigation context. We use the example of six dates in the Halliburton litigation to illustrate these points. Finally, the Article highlights the limitations of event studies – what they can and cannot prove – and explains how those limitations relate to the legal issues for which they are introduced. These limitations bear upon important normative questions about the role event studies should play in securities fraud litigation

Auswirkungen einer Hecke auf Bodenwasserhaushalt, Bodenparameter und Ertrag in angrenzenden Ackerflächen

Bei trockenen Bedingungen wurde ein positiver Einfluss auf den Pflanzenertrag aufgrund des Verdunstungsschutzes von Hecken nachgewiesen In einem interdisziplinären Projekt auf einem ökologisch wirtschaftenden Betrieb, östlich von Wien, wird das Ausmaß des Einflusses einer Hecke auf das gespeicherten Bodenwasser, auf ausgewählte Bodenparameter und den Pflanzenertrag in die angrenzende Ackerfläche seit dem Jahr 2003 untersucht. Bei jedem Luzerneschnitt wurde der höchste Ertrag unmittelbar neben der Hecke erzielt. Die statistische Auswertung ergab jedoch nur beim dritten Luzerneschnitt und beim Gesamtluzerneertrag einen signifikanten Zusammenhang zwischen Ertrag und Entfernung zur Hecke. Beim dritten Schnitt Mitte August ist eine deutliche kontinuierliche Ertragsabnahme mit zunehmender Entfernung zur Hecke erkennbar, was durch den geringeren Bodenwassergehalt im Hochsommer mit größerem Heckenabstand erklärt werden kann

Efficacy of live attenuated seasonal and pandemic influenza vaccine in school-age children: a randomized controlled trial

Poster Presentation: SPA5 - How to Evaluate Vaccine Effectiveness and Efficacy?: abstract no. A508PBACKGROUND: A novel pandemic influenza A(H1N1) virus emerged in North America in early 2009 and rapidly spread worldwide. Monovalent pH1N1 vaccines were licensed later in 2009 based on preliminary studies demonstrating their immunogenicity and safety. In this study we report the efficacy of live attenuated monovalent pH1N1 vacc...postprin

Does Medical Malpractice Law Improve Health Care Quality?

Despite the fundamental role of deterrence in justifying a system of medical malpractice law, surprisingly little evidence has been put forth to date bearing on the relationship between medical liability forces on the one hand and medical errors and health care quality on the other. In this paper, we estimate this relationship using clinically validated measures of health care treatment quality constructed using data from the 1979 to 2005 National Hospital Discharge Surveys and the 1987 to 2008 Behavioral Risk Factor Surveillance System records. Drawing upon traditional, remedy-centric tort reforms — e.g., damage caps — we estimate that the current liability system plays at most a modest role in inducing higher levels of health care quality. We contend that this limited independent role for medical liability may be a reflection upon the structural nature of the present system of liability rules, which largely hold physicians to standards determined according to industry customs. We find evidence suggesting, however, that physician practices may respond more significantly upon a substantive alteration of this system altogether — i.e., upon a change in the clinical standards to which physicians are held in the first instance. The literature to date has largely failed to appreciate the substantive nature of liability rules and may thus be drawing limited inferences based solely on our experiences to date with damage-caps and related reforms

Doing what others do: norms, science, and collective action on global warming

Does rhetoric highlighting social norms or mentioning science in a communication affect individuals’ beliefs about global warming and/or willingness to take action? We draw from framing theory and collective-interest models of action to motivate hypotheses that are tested in two large web-based survey-experiments using convenience samples. Our results show that attitudes about global warming, support for policies that would reduce carbon emissions, and behavioral intentions to take voluntary action are strongly affected by norm- and science-based interventions. This has implications for information campaigns targeting voluntary efforts to promote lifestyle changes that would reduce greenhouse gas emissions

Quantum-Classical Transition of the Escape Rate of a Uniaxial Spin System in an Arbitrarily Directed Field

The escape rate \Gamma of the large-spin model described by the Hamiltonian H = -DS_z^2 - H_zS_z - H_xS_x is investigated with the help of the mapping onto a particle moving in a double-well potential U(x). The transition-state method yields $\Gamma$ in the moderate-damping case as a Boltzmann average of the quantum transition probabilities. We have shown that the transition from the classical to quantum regimes with lowering temperature is of the first order (d\Gamma/dT discontinuous at the transition temperature T_0) for h_x below the phase boundary line h_x=h_{xc}(h_z), where h_{x,z}\equiv H_{x,z}/(2SD), and of the second order above this line. In the unbiased case (H_z=0) the result is h_{xc}(0)=1/4, i.e., one fourth of the metastability boundary h_{xm}=1, at which the barrier disappears. In the strongly biased limit \delta\equiv 1-h_z << 1, one has h_{xc} \cong (2/3)^{3/4}(\sqrt{3}-\sqrt{2})\delta^{3/2}\cong 0.2345 \delta^{3/2}, which is about one half of the boundary value h_{xm} \cong (2\delta/3)^{3/2} \cong 0.5443 \delta^{3/2}.The latter case is relevant for experiments on small magnetic particles, where the barrier should be lowered to achieve measurable quantum escape rates.Comment: 17 PR pages, 16 figures; published versio