Capital appreciation bonds and the cost of borrowing

A Capital Appreciation Bond (CAB) is a financial instrument that is most attractive as a resource-flow management instrument. It bridges multiple fiscal years for jurisdictions experiencing rapid growth, potentially stretching for decades, but may also be used by localities experiencing fiscal distress. Using debt issuance data by independent school districts in Texas, who utilized almost all such bonds in the state, we present empirical evidence that CABs are associated with both the service and fiscal pressure factors. We further observe that, though the threat from CABs in terms of borrowing costs may have been exaggerated, enacting limits on debt repayment ratios (ratio of payment size at maturity to premium size) was likely the right legislative intervention.     

Sampling Increases Music Sales: An Empirical Copyright Study

The Supreme Court instructs that the most important consideration in analyzing fair use is the effect on the market for the original. Employing music sales data, this article presents evidence of digital sampling's effect on the sales of sampled songs. Our results indicate that a reassessment of fair use in the area of music sampling is needed since sales of sampled songs increased after being repurposed within new songs. These results are robust and highly statistically significant. Findings of this nature favor a judicial determination that sampling constitutes a fair use, even when considering the influence that a new work has on extant licensing markets for sample clearance. This article argues that the current sample–licensing market is a product of aberrant antisampling case law arising from a lack of relevant empirical data and nonutilitarian judicial opinions. As set forth herein, the goal of encouraging creative activity without hindering copyright owners’ capacity to financially gain from their work is served by implementing a limited presumption of fair use for sampling. The findings are further applicable outside of the fair use analysis, as the study is important in the private law when viewed through a law and strategy lens. Forward thinking music firms should reframe their approach by encouraging sampling of their works to secure cost‐free advertising and achieve a competitive advantage.     

Cardiac Ventricular Laceration Due to Child Abuse: Abusive Ventricular Laceration

Traumatic cardiac ventricular ruptures in children are rare. Only a single case of left ventricular rupture due to child abuse has been reported. We report a child who sustained a fatal left ventricular apical rupture. It appeared to have resulted from hydrostatic forces resulting from abusive blunt thoracic injury. That he was being abused was previously missed when he was presented to the emergency department with facial pyoderma. It was not noted that he also had lip and oral mucosal injury, sites not affected by staph toxins. As a result, his underlying, abusive and secondarily infected, facial flow type scald burn was not appreciated. Within a week thereafter his fatal injury occurred, accompanied by extensive and obvious associated abusive injuries. Postmortem high‐detail whole body computed tomography scanning aided the autopsy. Although rare, ventricular rupture from abusive blunt thoracic injury can occur.     

Did Post-Floyd et al. Reforms Reduce Racial Disparities in NYPD Stop,Question, and Frisk Practices? An Exploratory Analysis Using External and Internal Benchmarks

Various methodological approaches to constructing external and internal benchmarks have been applied to estimate racial bias in police stop, question, and frisk (SQF) patterns. We apply an external benchmark of the race of the residential population and an internal benchmark of similarly-situated stops to estimate if racial disparities in New York City SQF data were impacted by the Floyd, et al. v. City of New York court settlement. We find that after the settlement, the racial composition of census tracts were no longer significant predictors of the stop rate after controlling for reported crime, socioeconomic factors, and police precincts. We further find that differences in SQF outcomes and hit rates between Blacks and Hispanics and similarly-situated others diminished substantially after the settlement. These findings suggest that court reforms may be an effective method for reducing racial disparities in SQF patterns.     

Evaluating the Role of Race in Sentencing: An Entropy Weighting Analysis

The current study builds on prior research examining racial disparities in sentencing. Entropy weighting is introduced as a new method for estimating racial disparities that has several advantages over traditionally used methods. Entropy weighting is compared to regression and propensity score methods in estimating Black-White disparities in incarceration sentences. Although all methods find non-significant racial disparities in incarceration sentences, regression and propensity score methods underestimate disparities in incarceration sentence lengths. Entropy weighting provides comparable estimates to propensity score methods, but assures that the samples are identical on all covariates aside from race. The method offers researchers a useful and flexible approach for estimating racial disparities in criminal justice, and its use may lead to alternative conclusions about the size and presence of racial disparities in sentencing.     

Does Mandatory Diversion to Drug Treatment Eliminate Racial Disparities in the Incarceration of Drug Offenders? An Examination of California’s Proposition 36

Objective

This paper addresses previous shortcomings in the literature on racial disparities in incarceration for drug offenders by taking advantage of a change in sentencing policy in California and a rich administrative dataset that is able to create a sample of comparable White and Black offenders.

Method

We use a nonparametric propensity weighting approach to identify similarly situated White and Black male offenders charged with drug-related offenses. We combine this approach with a difference-in-differences model to estimate the effect that a change in California sentencing law for convicted non-violent drug offenders had on racial disparities in prison and drug treatment dispositions.

Results

We find substantial reductions in the probability of a prison sentence after the policy change, but not differentially for Blacks. Blacks remain more likely to go to prison than similarly situated Whites after the policy, although the policy does lead to more referrals to treatment for Blacks.

Conclusions

This paper shows that even after comparing Blacks and Whites in similarly situated contexts that racial disparities in prison commitments remain after sentencing law changes that mandate diversion to drug treatment. The results suggests that addressing racial gaps in the commitments to state prisons will likely require more than shifting the eligibility of drug convictions for prison, as accumulated criminal histories are the primary driver of prison sentences. This means that expanding diversion options from prison alone will not reduce the racial gap in commitments to prison for drug offenses more than incrementally.

     

Health characteristics of older police custody detainees in London,UK

The number of older adults involved in the criminal justice system is rising. Little is known about the state of health in older people who are arrested. This study compared characteristics and health care needs of older police custody detainees with their younger counterparts. The health characteristics of 57 police detainees aged over 50 were compared with 543 younger detainees. Older detainees had significantly higher rates of physical illness and risk of alcohol withdrawal. Although there were equivalent rates of mental disorder and drug taking compared with younger detainees, a higher proportion had presentations consistent with cognitive impairment due to possible dementing processes. Over 80% of older detainees were recommended to have a health assessment in police stations based on their presentation. Police detainees over 50 should be considered to have a health assessment as routine procedure. Further investigation should also be conducted into cognitive impairment in this group.     

Politics and the police in Scotland: The impact of devolution

The creation of a Scottish Parliament and Scottish government in 1999, under the process of devolution within the UK, created a significantly different constitutional and political landscape from that which preceded it. The impact on domestic issues in Scotland, such as policing, has been considerable. This is partly because of new structural arrangements, including the creation of a Justice Minister and a Justice Committee of the Parliament, and partly because of the significance of the law and order agenda within Scottish politics. This paper discusses the impact of these developments on the Scottish police. Analysis focuses on the growing involvement of the Scottish Parliament and Scottish governments in key areas such as constabulary independence, police accountability and the management of police resources. Through this discussion, the paper seeks to make a contribution to the debate about the relationship between the police and politics, and the extent to which policing in Scotland is becoming increasingly politicised.     

Campaign Persuasion and Nascent Partisanship in Mexico's New Democracy

Despite ample evidence of preelection volatility in vote intentions in new democracies, scholars of comparative politics remain skeptical that campaigns affect election outcomes. Research on the United States provides a theoretical rationale for campaign effects, but shows little of it in practice in presidential elections because candidates’ media investments are about equal and voters’ accumulated political knowledge and partisan attachments make them resistant to persuasive messages. I vary these parameters by examining a new democracy where voters’ weaker partisan attachments and lower levels of political information magnify the effects of candidates’ asymmetric media investments to create large persuasion effects. The findings have implications for the generalizability of campaign effects theory to new democracies, the development of mass partisanship, candidate advertising strategies, and the specific outcome of Mexico's hotly contested 2006 presidential election. Data come primarily from the Mexico 2006 Panel Study.