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.     

Forensic Performance Analysis of Load‐Limiting Devices in Automotive Seat Belt Retractors

The introduction of frontal airbags and seatbelt pretensioners for front seat occupants provided an opportunity to address injuries caused by seatbelt loading by introducing load‐limiters, which were intended to reduce belt loading while maintaining proper restraint. Investigation and forensic analysis of real‐world crashes identified that the implementation of these devices, in some circumstances, increased the potential of injury. This paper focuses on the trade‐offs of load‐limiters, that is, the reduction loading to the occupant versus the corresponding increase in seatbelt webbing and occupant movement. If the additional webbing introduced is not controlled, the risk of injury to the occupant is increased and could result in more frequent and severe injuries rather than a reduction. This paper quantifies the webbing introduced by load‐limiter activation through forensic analysis of the seatbelt involved in real‐world crashes and testing and assesses its effect on the injuries sustained by the occupant.     

Withdrawn: Hair Analysis for Drug‐Facilitated Crime: The Critical Role of Hair Growth Rate

The following article from the Journal of Forensic Sciences, “Hair Analysis for Drug‐Facilitated Crime: The Critical Role of Hair Growth Rate” by Koren G, Bellaish E, Maman K, published online on 3rd September 2019 (1) on Wiley Online Library has been withdrawn at the authors’ request, and in agreement between the authors, the Journal’s Editorial Office, and John Wiley & Sons, Inc. The withdrawal has been agreed to by all parties due to material included in the article being involved in current litigation. Reference 1. Koren G, Bellaish E, Maman K. Hair analysis for drug‐facilitated crime: the critical role of hair growth rate. J Forensic Sci 2019;54(5):1574–5. https://doi.org/10.1111/1556-4029.14013 .     

Just Cognition: Scientific Research on Bias and Some Implications for Legal Procedure and Decision‐Making

Common law judges have traditionally been concerned about bias and the appearance of bias. Bias is believed to threaten the administration of justice and the legitimacy of legal decision‐making, particularly public confidence in the courts. This article contrasts legal approaches to bias with a range of biases, particularly cognitive biases, familiar to scientists who study human cognition and decision‐making. Research reveals that judges have narrowly conceived the biases that threaten legal decision‐making, insisting that some potential sources of bias are not open to review and that they are peculiarly resistant to bias through legal training and judicial experience. This article explains how, notwithstanding express concern with bias, there has been limited legal engagement with many risks known to actually bias decision‐making. Through examples, and drawing upon scientific research, it questions legal approaches and discusses the implications of more empirically‐based approaches to bias for decision making and institutional legitimacy.     

The security of access to accounts under the PSD2

The revised Payment Services Directive (‘PSD2’) has been adopted to stimulate the development of an integrated internal market for payment services. In particular, it facilitates payment initiation services and account information services by granting the providers of these services access to the accounts of the payment service users. At the same time, the recitals state that the PSD2 guarantees a high level of consumer protection, security of payment transactions and protection against fraud.This paper answers the following question: To what extent does the access to accounts of the payment initiation service providers and account information service providers balance the development of the market for payment services with the security of the payment account and the privacy of the user? An analysis of the PSD2 shows that the development of the market for payment services has a higher priority. Security and privacy are ultimately subordinate.First, the PSD2 does not adequately protect the personal data of the users. The definition of ‘account information service’ is broad and covers a wide range of services. This allows the payment service providers to circumvent the limitations of the access to accounts.Next, the payment service providers have a ‘fall back option’ that allows ‘screen scraping’ if the dedicated interface is not functioning properly. Although this access is constrained by several safeguards, the fall back option gives the payment services provider unlimited access to the account of the user.Finally, the payment service providers have considerable freedom to arrange their authentication process as they see fit. The banks seem to be required to trust this process. The PSD2 and regulatory technical standards do not demand that a bank is able to verify the authentication or the integrity of the payment order.     

Evaluation of neodymium isotope analysis of human dental enamel as a provenance indicator using 1013 Ω amplifiers (TIMS)

Human provenance studies employing isotopic analysis have become an essential tool in forensic and archaeological sciences, with multi-isotope approaches providing more specific location estimates compared to single isotope studies. This study reports on the human provenancing capability of neodymium isotopes (¹⁴³Nd/¹⁴⁴Nd), a relatively conservative tracer in the environment. Neodymium isotope ratios have only recently been determined on human remains due to low concentrations in human dental enamel (ppb range), requiring thermal ionisation mass spectrometry (TIMS) using 10¹³ Ω resistors. Dental elements (third molars) from 20 individuals born and raised in the Netherlands were analysed for Nd concentration (n = 12) and Nd isotope ratios (n = 15). The geological control on Nd isotope composition was examined using coupled Nd-Sr isotope analysis of the same third molar. Teeth from different geological environments were also analysed (Caribbean, Columbian, and Icelandic, n = 5). Neodymium elemental concentrations in dental elements ranged between 0.1 and 7.9 ppb (median 0.5 ppb). The Dutch ¹⁴³Nd/¹⁴⁴Nd ratios of the provinces of Limburg and Friesland were between 0.5118 and 0.5121, with Dutch ⁸⁷Sr/⁸⁶Sr ratios in agreement with the previously established local range (0.708–0.710). The current findings were compared to previously published results on Nd concentration and composition from Dutch individuals. The concentration of Nd and ¹⁴³Nd/¹⁴⁴Nd ratios were weakly correlated (R² = 0.47, n = 17) in Dutch human dental enamel. The majority (n = 25, 83.3%) of individuals had Nd and Sr isotope values isotopically indistinguishable from the geological environment in which their third molars formed and mineralised. However, the Nd isotope ratios of the Icelandic individual and several Dutch individuals (n = 4) suggested that Nd in enamel is not solely influenced by geological environment. In order for neodymium isotopes to be quantitatively applied in forensic and archaeological settings further analyses of individuals from various geographical regions with well-defined dietary Nd isotope data are required.     

Guiding Principles for Family Justice Programs

The Association of Family and Conciliation Courts and Relate, UK, co‐convened a 24‐hour consultation at St George's House, Windsor, UK, on modern family justice issues across Europe. This article identifies a preliminary set of guiding principles for family justice programs developed by consultation participants.     

THE LANGUAGE OF STIGMATIZATION AND THE MARK OF VIOLENCE: EXPERIMENTAL EVIDENCE ON THE SOCIAL CONSTRUCTION AND USE OF CRIMINAL RECORD STIGMA

After years of stagnation, labeling theory has recently gained new empirical support. Simultaneously, new policy initiatives have attempted to restructure criminal record stigma to reduce reintegration barriers, and subsequent recidivism, driven by labeling. For example, in a recent Department of Justice (DOJ) language policy, person‐first terms (e.g., “person with a conviction”) were substituted for crime‐first terms (e.g., “offender”). The Equal Employment Opportunity Commission has also issued guidelines to structure how decision‐makers use criminal records. Unfortunately, little is currently known about the social construction and use of criminal record stigma or the potential effects of such policy changes. In the current study, we provide two unique empirical tests. In study 1, we examine the social construction of stigma by testing DOJ's language policy with experimental data from a nationally representative sample of American adults (N = 996). In study 2, we use a separate nationwide experiment (N = 1,540) to examine how the contextualization of criminal records influences social exclusion decisions. Across both studies, we find consistent evidence of a “mark of violence.” The public perceives that individuals with violent convictions are the most likely to commit future crimes, and it is more supportive of excluding these individuals from employment. Crime‐first terms exacerbate perceived recidivism risk for individuals with violent convictions.