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.     

Modern Constitutional Legitimacy and Political Theology: Schmitt,Peterson and Blumenberg

Law and Critique - In this article, an important set of general themes will be examined in relation to the ongoing problematization of the legitimacy of modern constitutionalism within a body of...     

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.     

Reasoned ‘Balance’ in Europe's Area of Freedom,Security and Justice

This article considers how we might understand a constitutional ‘balancing’ of goods. In doing so, the article considers the EU's ‘Area of Freedom, Security and Justice’ (AFSJ) which poses the challenge as to how we balance our desire to feel secure with commitments to freedom and justice. The approach taken will be to argue that a ‘balance’ is a reasoned judgment, which must be understood in both a symbolic sense but, at the same time, also rooted in the practice of our constitutional decision making. This enables a political community to make sense of its value commitments so as to achieve a reflective balance between them. The article concludes that if the EU is to achieve an area of freedom, security and justice then it must be capable of developing a balance that can be a reasoned understanding of this constitutional commitment.     

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.     

大学生宗教信仰的社会心理学分析

随着大学教育、教学活动与社会联系的日益深入,宗教文化在大学校园中也有一定程度的渗入和传播,信教的大学生人数呈上升趋势。导致大学生宗教信仰的原因既有西方宗教文化的影响等外部因素,也有大学生好奇心强、追求自我实现等内部心理因素。高校一方面应尊重大学生的宗教信仰,另一方面应采取加强对大学生的无神论教育等措施引导大学生树立科学的世界观和人生观,为社会主义建设事业培养更多的合格人才。