Event Studies and the Law: Part I: Technique and Corporate Litigation

Event studies are among the most successful uses of econometricsin policy analysis. By providing an anchor for measuring theimpact of events on investor wealth, the methodology offersa fruitful means for evaluating the welfare implications ofprivate and government actions. This article is the first ina set of two that review the use and impact of the event studymethodology in the legal domain. This article begins by brieflyreviewing the event study methodology and its strengths andlimitations for policy analysis. It then reviews in detail howevent studies have been used to evaluate the wealth effectsof corporate litigation: defendants experience economicallymeaningful and statistically significant wealth losses uponthe filing of the suit, whereas plaintiff firms experience nosignificant wealth effects upon filing a lawsuit. Also, thereis a significant wealth increase for defendant firms when theysettle a suit with another firm, in contrast to other typesof plaintiffs, and in contrast to the settling plaintiff firms.These findings suggest that, at a minimum, lawsuits are nota value-enhancing way for corporations to settle their disagreementswith other corporations. In addition, the market appears toimpose a higher sanction on firms than actual criminal sanctions,and reputational losses are of equal magnitude for civil finesas for criminal ones. The article concludes with some recommendationsfor researchers: the standards for conducting an event studyare well established; researchers can increase the power ofan event study by increasing the sample size, and by narrowingthe public announcement period to as short a time frame as possible.The companion article reviews the use of event studies in corporatelaw and regulation.     

Changes in college students' use and abuse of alcohol,and in their attitudes toward drinking over the course of their college years

Using a November 1987 random sample of 526 undergraduate students attending a midsized, private, midwestern university, this study examines changes in students' alcohol use, alcohol abuse, and attitudes toward drinking over the course of their college careers. This research provides an empirical examination of the supposition that people begin college in an adolescent-like phase in their development and graduate from college in a decidedly more adult-like developmental phase. The data suggest that women appear to mature throughout the college years, gradually progressing toward an adult-like developmental state, at least insofar as their drinking patterns and alcohol-related attitudes are concerned. Men, on the other hand, demonstrated no significant changes over the course of their college careers, suggesting that college may represent little more than a period of protracted adolescence for them.Received Ph.D. in sociology from Washington University in St. Louis. Research interests include alcohol and other drug studies, sexual behavior, HIV/AIDS, and mass media.     

Women and American history

Psychoanalysis and Feminism, by Juliet Mitchell. New York : Pantheon Books. 435 pp. $8.95.     

Legitimating war by victimization: state-corporate crime and public opinion

This article argues that the ideological use of victimization helps legitimate the state-corporate crime of aggressive war. This contributes to the emerging criminology of war by offering a theoretical framework to better understand how state and corporate actors legitimate criminal military action. We argue that politicians and other elite figures promote a sense of national victimization that is amplified by the news media. We partially test our theory by measuring the association between the incidence of terror victimization ideas in the news and public support for the U.S. ??war on terror.?? We find some evidence of relationships between our Terrorism Victimization Index and both victimization worry and aggressive war support.     

Applicability of Greulich and Pyle and Demirijan aging methods to a sample of Italian population

Age estimation in forensics is essential in cases involving both living and dead subjects. For living subjects, age estimation may be used to establish an individual's status as a minor in cases involving adoption, criminal responsibility, child pornography, and those seeking asylum. Criteria for age estimation in the living have recently been put forth by The Study Group on Forensic Age Diagnostics. The group has proposed guidelines with a three-step procedure: a physical examination and anthropometrical analysis; dental analysis by orthopantomogram (OPG); and X-ray study of the left hand and wrist. The board of FASE highlighted advantages and limits of each method, and suggested practical solutions concerning the age estimation process for adults and subadults. The aim of this study was to verify the applicability of the Greulich and Pyle, and Demirjian techniques on a sample group of Italians, whose ages were known, in determining the skeletal and dental age, in addition to evaluating the reliability of these techniques. 535 subjects between the ages of 7 and 15years were examined, each one undergoing both an orthopantomography (OPG) and radiography of the left wrist and hand. The data obtained underwent statistical analysis. The analyses have shown that a correlation exists between skeletal and dental age, and real age. Age estimation carried out using the Greulich and Pyle method has shown itself to be especially accurate on the Italian sample, particularly in the age ranges of 7-9years and 10.4-11.5years. The Greulich and Pyle method has shown itself to be reliable for the sample analyzed notwithstanding the ethnic differences between the original sample of reference and those analyzed in this study. Application of the Demirjian technique resulted in an overestimation of dental age. This difference is shown to be more highly significant in the higher age ranges. The combination of the Greulich and Pyle, and Demirjian methods have revealed a difference regarding real age, which turns out to be more modest in the younger age ranges and more significant in older subjects.     

Overcoming obstacles encountered on the way to commercialize university IP

While faculty members in universities are inventing and their universities are aggressively marketing the associated intellectual property, many universities have not been pleased with the financial results. Is it due to inadequacy of effort by the universities, or due to objective obstacles? This short article provides insights into some of the real and perceived challenges facing the Technology Transfer Offices of university, and brings relevant observations to the discussion.     

Presidential Candidates and State Crime: Views of Some U.S. College Students

This is a preliminary investigation of hawkish public opinion, understood as criminogenic in that it provides political support for state crimes of aggressive militarism. Our critical criminology approach treats public support for, or acceptance of, state aggression as part of criminogenic political culture. Despite growing interest among critical criminologists in broader perspectives on state crime and the politics of culture, there has been no work on this topic. Our survey of 53 criminal justice students at a liberal arts college finds both hawkish (militarist) and dovish (peaceful) beliefs and preferences regarding U.S. policy and the two major 2008 presidential candidates, Obama and McCain. We investigate whether authoritarianism helps explain hawkish opinions, but find little evidence for that expectation. We find evidence of respondent underestimation of the hawkishness of U.S. politics. We also find extensive evidence of dovish policy preferences, such as approval of diplomacy, a major attraction to Obama.