Regulatory Sloth and Activism in the Effervescence of Financial Crisis

Certain financial market practices, previously denied or disregarded by financial market regulators, are being redefined as candidates for active investigation and enforcement. This article contrasts the passive stance of the U.S. Securities and Exchange Commission vis‐à‐vis the Madoff fraud with its relatively diligent but now settled Complaint against Goldman Sachs. The article also explores compromises in the EU's approach to market regulation of information asymmetry, suggesting that grounds for pessimism outweigh those for hope. The introduction sets the context, describing aspects of the first leg of the crisis (states bail out banks) and the second leg (states themselves come under strain).     

SCHOOL DISORDER: THE INFLUENCE OF INDIVIDUAL,INSTITUTIONAL, AND COMMUNITY FACTORS*

Drawing upon control theory, school climate theory, and social disorganization theory, this study examined the relative influence of individual, institutional, and community factors on misconduct in Philadelphia middle schools. Using U.S. census data, school district data, police department data, and school climate survey data obtained from the administration of the Effective School Battery to 7, 583 students in 11 middle schools, we examined the following predictors of student misconduct: community poverty and residential stability; community crime; school size; student perceptions of school climate (school attachment); and individual student characteristics (e.g., age, race, sex, school involvement and effort, belief in rules, positive peer associations). “Community” was conceptualized in two ways: “local” (the census tract around the school), and “imported” (aggregated measures from the census tracts where students actually lived). We used hierarchical linear modeling techniques (HLM) to examine between- and within-school factors. Individual-level factors accounted for 16% of the explained variance; school and community-level factors (both local and imported) added only small increments (an additional 4.1–4.5%). We conclude that simplistic assumptions that “bad” communities typically produce “bad” children or “bad” schools are unwarranted.     

In Search of Killer Amendments In the Modern U.S. House

Numerous studies have examined the incidence of killer amendments in Congress, but most of these studies have been either case specific, focusing on the legislative maneuverings around a single issue or bill, or temporally limited, focusing on strategic activity in only one or two Congresses. In this article, we present the beginning of a comprehensive research agenda for the systematic study of killer amendments. Using roll‐call data from the 83d through the 108th U.S. House (1953–2004), we identified those bills that (a) were successfully amended and (b) subsequently went down to defeat, a necessary condition for the existence of a killer amendment. We then examined these cases in greater detail, using both spatial analyses and case studies. Our analysis uncovered five cases, four of which are new, that appear to have the characteristics of true killer amendments, thus setting the stage for future analyses across time and legislative chambers and bodies.     

Out in the Open: The Emergence of Viva Voce Voting in House Speakership Elections

We examine the internal politics that preceded the House adoption in 1839 of viva voce (voice) voting for Speaker and other House officers. First, we find that the struggles over the rule's adoption actually centered on the election of the House Printer. These struggles were tied to attempts by the two major parties to establish effective newspaper networks to assist in national political campaigns. Democrats generally favored public election of House officers, whereas Whigs generally opposed. In the short term, the change to public voting for Speaker and other House officers had the expected effect of instilling greater partisan regularity among House members. As sectional divisions grew in the nation at large, however, the public election of the Speaker made it increasingly difficult for House leaders to forge the transregional coalitions necessary to organize the House.     

THE ENABLING STATE: THE ROLE OF MARKETS AND CONTRACTS

Contracts have been a key element in the recent reform of British public services. Their introduction has formed part of a broader process of change in which the market structures and values have featured prominently. In practice, contracts have both brought benefits and presented problems. More particularly, greater organizational formality has raised some important issues – the role of trust and the form and practice of accountability prominent among them. Evidence from a recent esrc -supported study shows that some services (the simpler ones) have generally gained from the reforms; but the evidence for more complex ones is equivocal at best.