Willful Blindness: Federal Agencies\u27 Failure to Comply with the Regulatory Flexibility Act\u27s Periodic Review Requirement-And Current Proposals to Invigorate the Act

The Article first explains the basic requirements of the Regulatory Flexibility Act, and in particular focuses on the periodic review requirement contained in Section 610. It traces the history of Presidential efforts through the promulgation of executive orders to delay the implementation of regulations and require agencies to consult with regulated industries. Reviewing agency action from 1997-2005 following Section 610 review, it found agencies are confused as to when review is necessary, and, though Section 610 is meant to decrease the regulatory burden on small business, agencies often increase the regulatory burden on small business. It concludes the key problem regarding Section 610 agency is the very low review rate, and provides several legislative resolutions meant to compel agency review and greater small business participation in regulatory decision-making

The Use and Abuse of Special-Purpose Entities in Public Finance

States increasingly are raising financing indirectly through special-purpose entities (SPEs), variously referred to as authorities, special authorities, or public authorities. Notwithstanding their long history and increasingly widespread use, relatively little is known or has been written about these entities. This article examines state SPEs and their functions, comparing them to SPEs used in corporate finance. States, even more than corporations, use these entities to reduce financial transparency and avoid public scrutiny, seriously threatening the integrity of public finance. The article analyzes how regulation could be designed in order to control that threat while maintaining the legitimate financing benefits provided by these state entities

Exploring Household Saving and Consumption-Smoothing in the Philippines

This paper explores whether or not the saving behavior of Filipino households fits the life-cycle hypothesis. Using pseudo-panels, which are constructed from the public use data files of the Family Income and Expenditures Survey of 1988 to 2000, it shows that consumption rises with the age of the household head and that the consumption profile has been rising for younger cohorts. The regressions indicate that the cohort-independent age effects on consumption simply track those on income across all ages, suggesting that Filipino households do not behave as the life-cycle hypothesis prescribes, possibly because they are liquidity constrained or impatient.consumption smoothing, household savings, household consumption

Exploring Household Saving and Consumption-Smoothing in the Philippines

This paper explores whether or not the saving behavior of Filipino households fits the life-cycle hypothesis. Using pseudo-panels, which are constructed from the public use data files of the Family Income and Expenditures Survey of 1988 to 2000, it shows that consumption rises with the age of the household head and that the consumption profile has been rising for younger cohorts. The regressions indicate that the cohort-independent age effects on consumption simply track those on income across all ages, suggesting that Filipino households do not behave as the life-cycle hypothesis prescribes, possibly because they are liquidity constrained or impatient.consumption smoothing, household savings, household consumption

The colours of the Sun

We compile a sample of Sun-like stars with accurate effective temperatures, metallicities and colours (from the UV to the near-IR). A crucial improvement is that the effective temperature scale of the stars has recently been established as both accurate and precise through direct measurement of angular diameters obtained with stellar interferometers. We fit the colours as a function of effective temperature and metallicity, and derive colour estimates for the Sun in the Johnson/Cousins, Tycho, Stromgren, 2MASS and SDSS photometric systems. For (B-V)_Sun, we favour the ``red'' colour 0.64 versus the ``blue'' colour 0.62 of other recent papers, but both values are consistent within the errors; we ascribe the difference to the selection of Sun-like stars versus interpolation of wider colour-Teff-metallicity relations.Comment: 5 pages, 2 figures, accepted by MNRA

Three-D crater analysis of LDEF impact features from stereo imagery

The preliminary results from attempts to derive depth and diameter information from digitized stereo images of impact features on the LDEF are reported. Contrary to our prior assumption, we find that impact craters in the T6 A1 alloy are not paraboloid in cross section, but rather are better described by a 6th-order polynomial curve. We explore the implications of this discovery

The Case for the Extra-Territorial Application of Corporate Governance Standards in China

What rule might an international financial centre like Hong Kong play in incentivizing corporate governance reform in China? Or any foreign jurisdiction? In this article, we describe theoretical application of extra-territoriality to corporate governance related law in Hong Kong. We describe why and how such extra-territoriality (following the US’s lead) could encourage Mainland firms to adopt better corporate governance practices (and even implement them). Changes to the Companies Ordinance and the Hong Kong Stock Exchange’s Listing Rules can, in theory, provide for such extra-territorial reach. The results of such an experiment would help us understand the role an international financial centre can play in creating value across borders, as well as make Hong Kong’s rules and markets more relevant in/to the Mainland

The Empty Promise of Estate Tax Repeal

The terms of the debate over the estate tax have been framed largely by abolitionists who have propounded an antitax message that portrays the estate tax as unambiguously harmful and threatening to ordinary families and small businesses. The attack on the estate tax is linked to a larger agenda of eliminating taxes on capital and capital income and dismantling the progressive elements of the federal tax system. The slogan of estate tax repeal, while effective in mobilizing antitax sentiment, makes no sense as a matter of tax policy because it downplays revenue costs, distributional effects, administrative concerns, and consequences for the rest of the tax system. The 2001 Act illustrates the gap between the abolitionists\u27 simplistic antitax agenda and the complex reality of tradeoffs among competing tax and spending priorities. The estate tax cuts enacted in 2001 imply large revenue losses as well as a shift in tax burdens from the very rich to the middle class and from current taxpayers to future taxpayers. This appears to be a step in precisely the wrong direction, given growing inequalities of income and wealth and a looming fiscal gap