Why the Law Hates Speculators: Regulation and Private Ordering in the Market for OTC Derivatives

A wide variety of statutory and common law doctrines in American law evidence hostility towards speculation. Conventional economic theory, however, generally views speculation as an efficient form of trading that shifts risk to those who can bear it most easily and improves the accuracy of market prices. This Article reconciles the apparent conflict between legal tradition and economic theory by explaining why some forms of speculative trading may be inefficient. It presents a heterogeneous expectations model of speculative trading that offers important insights into antispeculation laws in general, and the ongoing debate concerning over-the-counter (OTC) derivatives in particular. Although trading in OTC derivatives is presently largely unregulated, the Commodity Futures Trading Commission recently announced its intention to consider substantively regulating OTC derivatives under the Commodity Exchange Act (CEA). Because the CEA is at heart an antispeculation law, the heterogeneous expectations model of speculation offers policy support for the CFTC\u27s claim of regulatory jurisdiction. This model also, however, suggests an alternative to the apparently binary choice now available to lawmakers (i. e., either regulate OTC derivatives under the CEA, or exempt them). That alternative would be to regulate OTC derivatives in the same manner that the common law traditionally regulated speculative contracts: as permitted, but legally unenforceable, agreements. By requiring derivatives traders to rely on private ordering to ensure the performance of their agreements, this strategy may offer significant advantages in discouraging welfare-reducing speculation based on heterogeneous expectations while protecting more beneficial forms of derivatives trading

A PASport to Service Quality

Part 1 of this article discussed the current service quality environment in which academic libraries find themselves operating, and the challenge for staff performance assessment as an integral element of maintaining and improving effective service quality levels. As referenced in Part 1, Millson-Martula and Menon in a 1999 article in College and Research Libraries suggest that no effort to enhance customer satisfaction will succeed unless students and faculty are convinced that library staff, as service providers, care about the quality of service they provide and the manner in which they do it. However, library staff will not demonstrate a high degree of commitment and caring unless they believe that library management cares about the staff as well. Simply put, customer satisfaction equals employee satisfaction. [Millson-Martula and Menon, p.46]. It is difficult to separate employee satisfaction from appropriate performance assessment. But this performance appraisal must be found in the context of a larger effort which includes staff interpersonal understanding (connection), service evaluation, personal and professional development opportunities, and appropriate recognition. Without those, performance assessment alone could appear to be punitive. It is in this broader context that the performance assessment system, PASport, was developed at the Centennial Library

The Professional Artist as Public School Educator: A Research Report of the Chicago Arts Partnerships in Education

Over the past eight years, the Chicago Arts Partnerships in Education (CAPE) has undergone an extensive regimen of program research and evaluation, utilizing both staff members and external consultants to collect, analyze, and interpret information on program effectiveness. This information has been used to shape and strengthen the partnership program each year in response to the needs of students, teachers and teaching artists as well as to changing political and cultural pressures within the Chicago Public School System. In addition,the documentation and publication of insights and lessons learned through arts integration experiences in the schools has contributed significantly to the wider body of research in the field of arts education.During the early years of the program, evaluation efforts focused on general descriptions of the program goals and objectives along with initial impacts on student life.Positive trends were identified in terms of administrative and faculty attitudes and increased involvement in thearts partnerships, due mainly to student interest. More recently, a closer, more detailed analysis of CAPE's growing influence on student learning, teaching practice and school climate has highlighted the value of quality, arts integrated instruction, including evidence of positive effects on standardized math and reading test scores.Last year, our research turned to program sustainability, partly in light of reduced funding, as well as to the assimilation of new partnership schools and an increasing organizational focus on the professional development of participating teachers and artists. In the vast majority of cases, CAPE partnerships have evolved through trials and successes to bring lasting effects on administrators, teachers, and students.Through these studies, it is increasingly apparent that the participation of well-trained teaching artists is a valuable, and in some cases vital, addition to the general education of youth. The presence and artistic know-how brought to the classroom by these talented, dedicated professionals can, and is, having notable, sustainable influence on whole school improvement through transforming the daily learning experiences of educators and students alike. Not only does the presence of a quality arts program enliven a school atmosphere and promote the advancement of artistic skills and aesthetic knowledge, but a closer look at rigorous arts integrated activities in the classroom is revealing important insights into the cognitive benefits of arts education. Not only can artfully constructed lessons that authentically bridge the arts and academic content domains assist in the acquisition of artistic understanding, but they can enhance learning across the academic curriculum and, perhaps more importantly, the underlying thinking curriculu

Development of non-equilibrium Green's functions for use with full interaction in complex systems

We present an ongoing development of an existing code for calculating ground-state, steady-state, and transient properties of many-particle systems. The development involves the addition of the full four-index two electron integrals, which allows for the calculation of transport systems, as well as the extension to multi-level electronic systems, such as atomic and molecular systems and other applications. The necessary derivations are shown, along with some preliminary results and a summary of future plans for the code

Revisiting Crowd-Out

Reviews updated research on the extent to which expanding public health insurance programs reduces the role of private insurance, the impact of anti-crowd-out measures, and contributing factors such as incomes, enrollment patterns, and economic condition

Gender and uveitis in patients with multiple sclerosis.

Multiple sclerosis (MS), a demyelinating disease of the central nervous system, is more commonly seen in women. It has been associated with both anterior and intermediate uveitis as well as retinal vasculitis. Ocular inflammation may develop concurrent with, prior to, or after the development of neurologic signs and symptoms. Patients with MS have an approximately 1% chance of developing intraocular inflammation. Patients with intermediate uveitis have an 8-12% risk of being diagnosed with MS. This risk is higher in females and in those with bilateral disease. This should be kept in mind when evaluating patients with uveitis, particularly in those patients for whom TNF inhibitor therapy is being considered, as these agents may worsen demyelinating disease

A VIEW FROM THE GROUND: A REFORM GROUP’S PERSPECTIVE ON THE ONGOING EFFORT TO ACHIEVE MERIT SELECTION OF JUDGES

This article describes the history of judicial selection in the state of Pennsylvania. It describes the judicial selection reform movement and the growth of the organization Pennsylvanians for Modern Courts ( PMC ) which devises solutions to meet the various challenges to judicial integrity in Pennsylvania. It focuses on the merit system that PMC has been trying to achieve for Pennsylvania\u27s appellate courts

Development of a Barriers Scale to Predict Early Treatment Success for Young Children in Poverty with Behavior Problems

Research has demonstrated that participation in parent and child therapy (PCT) programs significantly reduces problematic behaviors while increasing positive behaviors in the child. However, PCT programs report rates of early termination as high as 60% among families in poverty. Research to reduce these early termination rates has historically focused on barriers to treatment including logistical conflicts, socioeconomic status, child age, and symptom severity. Despite attempts to address these variables and reduce early termination rates, progress has been slow in advancing the research in this area. In addition, few measures have been designed to accurately assess how barriers to treatment impact treatment attendance and participation, particularly for families of young children living in poverty. The purpose of this study was to develop and pilot a clinician-report screening tool, the Treatment Barriers Scale (TBS), to assess barriers to treatment participation in primarily low-income, urban minority families receiving home-based therapy for their young child’s challenging behaviors. Data from 330 families consecutively referred to a mental health clinic for behavior problems were analyzed to identify the initial psychometric and predictive properties of this new tool in screening treatment barriers in this population. The resulting 17-item scale consisted of two factors, labeled Treatment Process Barriers and Operational Barriers. Each factor demonstrated acceptable levels of internal consistency (.82 and .80, respectively). Children with more-severe challenging behavior at pretest were more likely to be successful by the third session in treatment. Families with higher TBS scores were more likely to be less successful early in treatment. Limitations of the study and implications for future research and practice were discussed. (PsycINFO Database Record (c) 2016 APA, all rights reserved

EVALUATION OF OPTIMUM REGRET DECISIONS IN CROP SELLING

Minimum regret solutions from alternative monthly sales for corn, wheat, and soybeans were determined. The data set involved eleven years of monthly prices for corn and soybeans and twelve years for wheat. The regret, risk (MOTAD), and expected value of the optimum regret solutions were compared to solutions using other optimizing techniques.Marketing,

Welfare Reform, Work and Wages: A Summary of the US Experience

Workfare, Wohlfahrtstheorie, Arbeit, Lohn, Vereinigte Staaten, Welfare economics, Labour, Wages, United States