This article evaluates the long-term impacts of the Chicago Child-Parent Centers (CPC), a comprehensive early childhood program launched in the 1960s, on physical and mental health outcomes. This study follows a cohort of 1539 participants born in 1979–1980 and surveyed most recently at age 35–37 by employing a matched study design that included all 989 children who entered CPCs at ages 3 and 4 (1983-1985) and 550 comparison children of the same age from randomly selected schools participating in the usual district early childhood programs in kindergarten. Using propensity score weighting that addresses potential issues with differential attrition and non-random treatment assignment, results reveal that CPC preschool participation is associated with significantly lower rates of adverse health outcomes such as smoking and diabetes. Further, evaluating the economic impacts of the preschool component of the program, the study finds a benefit-cost ratio in the range of 1.35–3.66 (net benefit: $3896) indicating that the health benefits of the program by themselves offset the costs of the program even without considering additional benefits arising from increased educational attainment and reduced involvement in crime reported in earlier cost-benefit analyses. The findings are robust to corrections for multiple hypothesis testing, sensitivity analysis using a range of discount rates, and Monte Carlo analysis to account for uncertainty in outcomes.

This article demonstrates that low bank capital carries a negative externality because it amplifies local shock spillovers. We exploit a natural disaster that is transmitted to firms in nondisaster areas via their banks. Firms connected to a strongly disaster-exposed bank with lowest-quartile capitalization significantly reduce their total borrowing by 6.6% and tangible assets by 6.9% compared to similar firms connected to a well-capitalized bank. These findings translate to negative regional effects on GDP and unemployment. Additionally, following a disaster event, banks reduce their exposure to currently unaffected but generally disaster-prone areas.

We provide new evidence on how performance-based compensation plans affect CEO decision-making, especially risk-taking. Our main finding is that relative performance evaluation (RPE) plans provide incentives for CEOs to make decisions that generate more idiosyncratic performance outcomes; absolute performance evaluation (APE) plans do not. After switches from APE to RPE, the correlation between firm stock return and industry index return falls and firm idiosyncratic risk increases. Further, switches to RPE are followed by larger deviations in financial, investment, and operating policies from industry norms (i.e., more idiosyncratic strategies). All results are opposite for switches to APE.

“The Other Kitchen Debate” places the history of the microwave oven in the context of Cold War anxieties and gender politics. Discrepancies between Soviet and U.S. safety standards, Soviet deployment of microwave espionage, and the prospect of nuclear war triggered fears about the possible dangers of kitchen appliances powered by low-level radiation. During the 1970s and early 1980s, politicians, government regulators, industry representatives, advertisers, home economists, media, and consumers engaged in lively debates over oven safety and the merits of microwave cookery. By the late eighties and early nineties, as East–West tensions waned and record numbers of American women entered the paid labor force, American media perceived fewer distinctions between the hazards posed by electronic ovens and those presented by their conventional counterparts. New definitions of safety redefined microwave ovens as purely domestic appliances, leaving questions about the potential risks of nonionizing radiation unresolved.

China's maritime militia groups have attracted much scholarly attention in recent years. Systematically funded and trained by the Chinese authorities, the militia groups help advance China's maritime claims but risk both intended and unintended physical clashes at sea. Based on the 2001 Articles on Responsibility of States for Internationally Wrongful Acts, this study explores the possibility of establishing and recognizing China's state responsibility in relation to the internationally wrongful conduct of its maritime militia. China's maritime militia groups blur the line between fishing boats and naval forces. In essence, they are empowered to perform the critical function of the Chinese government as provided by Chinese internal laws. As shown by emerging evidence, China's maritime militia groups are also instructed, directed, and/or controlled by the Chinese state organs including military authority and party leadership, both central and local. This study finds that the conduct of Chinese maritime militia constitutes the breach of China's international obligations in terms of (1) due regard for other states, (2) maritime safety, (3) marine environment protection and preservation, and/or (4) the overfishing ban.

We present evidence that short sellers alternate between stock picking during expansions and market timing during recessions. First, firm-level short interest is a much stronger negative predictor of the cross-section of stock returns during expansions than it is during recessions. High short interest also only predicts negative future earnings announcement returns during expansions. We attribute these findings to short sellers’ emphasis on collecting firm-specific signals. Second, short sellers appear to make factor bets more so during recessions than during expansions. These bets tend to pay off as we observe a strong negative relation between the betas of highly shorted stocks and future stock market returns, a result that disappears during expansions. Together, these findings are consistent with theories of information acquisition under attention constraints, endogenous information production, as well as theories of time variation in aggregate overconfidence amongst traders.

The idea of bringing democratization at the workplace has been present in management literature for decades. Literature has witnessed an increased interest of researchers on this topic, especially after the 2003 Academy of Management Annual Meeting conference having the theme “Democracy in a Knowledge Economy,” and August 2004 special issue of the Academy of Management Executive: “Democracy in and around Organizations.” To further explore this underpinned concept, the present study aims to refine and develop the organizational democracy construct. Using in-depth literature analysis published in last three decades on organizational democracy, ten dimensions (freedom, fairness, integrity, tolerance, shared responsibility, structure, transparency, knowledge sharing, accountability, and learning environment) were identified, leading to the development of its conceptual framework. By deploying established scale development procedures, the organizational democracy scale was developed, refined, and validated. The new organizational democracy scale consists of forty-five items consistent with theory and practice. The scale will assist future researchers and industrial practitioners in a deeper exploration of this construct and organizational managers for establishing, assessing, and improving democratic practices at their workplaces.