Security Through Sociology: The North Caucasus and the Global Counterinsurgency Paradigm

The global counterinsurgency strategy to combat terrorism emphasizes responding to the social and economic needs of communities where terrorists may find support. Public opinion data can help in that strategy, as shown by a 2006 survey of 1,200 young males from three provinces in Russia's North Caucasus. Conventional wisdom notwithstanding, the survey shows few signs of burgeoning radical Islam or ethnic animosity. Instead, economic conditions and poor governance are primary concerns. The region provides both an opportunity and threat: policymakers can and should address the region's needs; if not, radical Islamist groups can turn it into a flashpoint for terrorism.     

On the Design of Efficient Priority Rules for Secured Creditors: Empirical Evidence from A Change in Law

This article assesses the effect of a reduction in secured creditor priority on distributions and administrative costs in liquidating bankruptcy cases by reporting the first empirical study of the effect of a priority change. Priority reform had redistributive effects in liquidating bankruptcy. As expected, average payments to general unsecured creditors were significantly higher after the reform than before the reform and payments to secured creditors decreased. Reform did not increase the size of the pie to be distributed in bankruptcy. Nor did it increase the direct costs of bankruptcy.JEL Classification: K00, K20, G33     

Secured debt and the likelihood of reorganization

Theory suggests that secured creditors may increasingly oppose a debtor’s reorganization as the value of their collateral approaches the amount of their claims. If reorganization occurs and the value of the firm appreciates, the secured creditor receives only part of the gain. But if the firm’s value depreciates, the secured creditor bears all of the cost. Secured claimants, thus, often have more to lose than to gain in reorganizations. This study of Finnish reorganizations filed in districts that account for most of the country’s reorganizations finds that creditor groups most likely to be well-secured are most likely to oppose reorganization. We also find a negative correlation between how well-secured banks and other institutional lenders are and the likelihood of a confirmed reorganization plan. Limiting the priority of secured debt might stimulate reorganizations.     

The rebirth and blooming of forensic medicine, Milton Helpern Lecture.

This features a presentation by Dr. Sidney Kaye on the occasion of the Milton Helpern Lecture at the annual meeting of the National Association of Medical Examiners near Fort Myers in Florida in 1989. The author experienced the "golden age" of forensic medicine as a student and associate of Dr. Alexander Gettler in the New York Medical Examiner's Office. He also worked with Dr. Rutherford Gradwohl in the St. Louis Police Department and was one of the founders of the American Academy of Forensic Sciences. He was the toxicologist in the Virginia medical examiners' system before moving to Puerto Rico. His discussion is a historical review of his experiences in developing forensic sciences.