Do fiscal rules dampen the political business cycle?

This paper develops and tests the theory that fiscal rules limit politicians' ability to manipulate the budget for electoral gain. Using panel data from the American states, I find evidence suggesting that stringent balanced budget rules dampen the political business cycle. That is, while spending rises before and falls after elections in states that can carry deficits into the next fiscal year, this pattern does not exist in states with strict “no-carry” rules. Neither binding gubernatorial term limits nor the partisan composition of government appear to significantly affect the magnitude of the political business cycle.     

Learning and re-learning regime support: The dynamics of post-communist regimes

Abstract. The political support of citizens of new democracies reflects two sets of experiences. Initially, people are socialized into an undemocratic regime; then, they must re-learn political support in relation to a new regime. In an established democracy, it is difficult to disentangle the effect of early socialization and current performance because both refer to the same regime. However, this is both possible and necessary in countries where there has been a change in regime. Critical questions then arise: When, whether and how do citizens determine their support for their new regime? At the start of a new regime past socialization should be more important but, after a few years, current performance should become more important. We draw on 47 Barometer surveys between 1991 and 1998 in ten more or less democratic post-communist regimes of Central and Eastern Europe and the former Soviet Union to test the relative importance of early socialization influences, the legacy of the communist past, and the political and economic performance of new regimes. We find that economic and political performance explains the most variance in support and, secondarily, the communist legacy. Early socialization is insignificant. However, contrary to economic theories of voting, the impact of political performance is greater than the impact of economic performance in post-communist countries – and its impact is increasing.     

Discrimination Distress During Adolescence

Amidst changing patterns of accommodation and conflict among American ethnic groups, there remains a paucity of research on the nature and impact of racial and ethnic discrimination on development in multiethnic samples of youth. The Adolescent Discrimination Distress Index along with measures of caregiver racial bias preparation and self-esteem was administered to 177 adolescents drawn from 9th–12th graders self-identified as African American, Hispanic, East Asian, South Asian, and non-Hispanic white. Youth from all ethnic backgrounds reported distress associated with instances of perceived racial prejudice encountered in educational contexts. Instances of institutional discrimination in stores and by police were higher for older youth and particularly for African American and Hispanic teenagers. Encounters with peer discrimination were reported most frequently by Asian youth. Reports of racial bias preparation were associated with distress in response to institutional and educational discrimination and self-esteem scores were negatively correlated with distress caused by educational and peer discrimination. The importance of research on discrimination distress to understanding adolescent development in multiethnic ecologies is discussed here.     

Asbestos populism in David Foster Wallace’s Infinite Jest

ABSTRACT

This essay considers the changing relationship between asbestos and populism, as both terms travel across different semantic contexts. It argues that this dynamic relationship can help to outline a populist ecology, through which resource actors such as asbestos play a more significant role than either populist leaders or their people anticipate. Drawing on David Foster Wallace’s Infinite Jest as a site for examining the implications of this asbestos-inflected populist ecology, the essay suggests new ways of linking the recent populism of Donald Trump to an older, more articulate populism, exemplified by Pierre Trudeau.     

Foundation Ownership and Financial Performance: Do Companies Need Owners?

A curious ownership structure is found in Northern Europe—foundations that own and operate business companies. The foundations are non-profit entities, they have no members and no owners, and they cannot be dissolved. In many cases, these entities control more than 50% of the votes in successful international companies. Obviously, this structure completely blocks the market for corporate control, but it also violates other basic principles of agency theory and corporate finance. Nevertheless, we present evidence that a sample of foundation-owned companies listed on the Copenhagen Stock Exchange are at least as efficient as other listed companies in terms of risk adjusted stock returns, accounting returns and Tobins Q. Thus, they question whether profit-seeking ownership is a necessary condition for competitive enterprise.JEL Classification: D23, G34, L31     

Judging Bias: Juror Confidence and Judicial Rulings on Challenges for Cause

The judge in a jury trial is charged with excusing prospective jurors who will not be impartial. To assess impartiality, prospective jurors are typically asked whether they can be fair. Using an experimental paradigm, we found that small changes in jurors' self‐reported confidence in their ability to be fair affected judges' decisions about bias but did not affect the judgments of either attorneys or jurors. We suggest why a judge's role and unique relationship with jurors is likely to foster a decision strategy based on reported juror confidence, and we discuss the implications of our analysis for current legal debates over jury selection practices. Unexpected patterns in our results also highlight the ways in which perceptions of impartiality are affected, in part, by the social characteristics of the observer.