What discount rate should bankruptcy judges use? Estimates from Canadian reorganization data

Using data from financial reorganization plans filed by insolvent Canadian firms, we estimate the discount rate implicit in the unsecured creditors’ reorganization decision. Using (HARA) utility functions, we find the implicit monthly discount rate of creditors to be 4.9%, which corresponds to an annual discount rate of 77%. This is 7–10 times higher than discount rates used in previous empirical studies of reorganization. The discount rate estimates are robust to a range of assumptions about the degree of risk aversion and the market-to-book-value ratio of assets.     

The Worldwide Search for Techno-thieves: International Competition v. International Co-operation

In an age of explosive worldwide growth of electronic data storage and communications, many vital interests require the effective protection of information. Today's information age requires businesses to compete on a worldwide basis, sharing sensitive information with appropriate parties while protecting that information against competitors, vandals, suppliers, customers, and foreign governments. Elements of the US civilian infrastructure, such as the banking system, the electric power grid, the public switched telecommunications network, and the air traffic control system, are central to so many dimensions of modern life that protecting these elements must have a high priority. Governments have an important stake in assuring that rival nations do not appropriate technology.     

Intelligence agencies and democratisation: Continuity and change in Serbia after Milošević

This article examines the reform of the Serbian intelligence agencies since the fall of Slobodan Milo?evi? and argues that they are important actors in democratisation, with a powerful capacity to influence and frustrate the reform process. However, the Serbian experience demonstrates that the role of intelligence agencies in democratisation is complex. In Serbia, governance of the intelligence sector has been characterised neither by a simple maximisation of civil power over the agencies themselves, nor by outright resistance to change by inherently compromised, authoritarian-era structures. Instead, the role and reform of Serbia's intelligence agencies since 2000 has been closely integrated with developments in the political sphere, and has exhibited considerable continuity with past practice.     

CORPORATE MAKAHIKI: THE GOVERNING TELOS OF PEACE

Lono presided over the annual makahiki celebrations, which where held on the island for four consecutive months, usually from October or November through February or March. This was a time of ritual, sports competition, offerings to the chiefs, divination of the fruitfulness of the coming year, and much feasting and hula. During the makahiki war was forbidden, people did little work and enjoyed themselves. ¹     

Using typologies of victimization worry to create strategies for reducing fear of crime

The purpose of this paper is to develop actionable strategies designed for law enforcement agencies seeking to reduce fear of crime among those living within their jurisdictions. A conjunctive analysis of case configurations is conducted on data collected from residents living in southeast Queensland (Australia) (N = 713) in order to identify context-specific typologies of victimization worry. Main effects for each component of the typologies are examined in order to identify the impact each has on reducing negative attitudes towards crime. Current findings suggest that agencies will likely reduce fear of crime among community residents the most by focusing on decreasing concerns related to the consequences of victimization. Results are consistent for both crimes against persons and property offenses.     

Is it all about race? Intergroup threat and perceptions of racial profiling

Relatively few studies have assessed theoretically relevant predictors of individual’s perceptions of racial profiling by law enforcement officers. The current study addresses this limitation by drawing on theoretical frameworks highlighted in the growing body of literature examining disproportionate minority contact (DMC) with the criminal justice system. Specifically, we draw on the racial and symbolic threat perspectives with the objective of identifying theoretically relevant individual and community level predictors of perceptions of racial profiling by public and private police bodies in airports, malls, and on the roads. Results of our analysis of data on White and Black individuals nested within communities support the racial threat perspective in documenting the influence of racial heterogeneity and interracial labor market competition on perceptions of racial profiling. However, in contention to predictions derived from the symbolic threat perspective, the results fail to uncover a link between interracial socioeconomic inequality and perceptions of racial profiling by law enforcement officers. These results highlight the importance of moving beyond individual explanations of profiling and other forms of DMC and suggest community characteristics and perceptions of intergroup threat are particularly salient to understanding perceptions of race-based distinctions in formal social control.     

An empirical examination of AMBER Alert ‘successes’

The AMBER Alert system was designed to recover endangered missing children through the solicitation of citizen assistance via swift public announcements. Rigorous empirical support for AMBER Alert's effectiveness has been lacking, but since its inception program advocates and public safety officials have lauded the system's ability to “save lives”, often basing their optimism on AMBER Alert “success” stories. However, in this paper quantitative and qualitative analyses of 333 publicized and celebrated AMBER Alert “successes” suggest AMBER Alerts rarely result in the retrieval of abducted children from clearly “life-threatening” situations, and that most of the publicized successes involved relatively benign abductors and unthreatening circumstances. The routine conflation of such apparently mundane cases with rare dramatic successes by AMBER Alert advocates suggests popular portrayals of AMBER Alert are overly sanguine. The potentially negative effects of this and policy implications are discussed.     

Project Safe Neighborhoods and Violent Crime Trends in US Cities: Assessing Violent Crime Impact

Since the mid-1990s, a number of initiatives intended to address gang, gun and drug-related violence have arisen and demonstrated promise in reducing levels of violent crime. These initiatives have employed some combination of focused deterrence and problem-solving processes. These strategies formed the basis for Project Safe Neighborhoods (PSN), a national program implemented by the Department of Justice and coordinated by US Attorneys’ Offices. This paper is an initial attempt to assess the potential impact of the nationally implemented PSN initiative through an analysis of violent crime trends in all US cities with a population of 100,000 or above. While a number of site specific studies exist examining the potential impact of locally implemented PSN programs, to date no national-level study has examined whether PSN may have had an impact on violent crime trends. Cities included in the current study are distinguished on the basis of whether they were considered a treatment city by the PSN task force and by the level of implementation dosage of the PSN program. This allowed a comparison of 82 treatment cities and 170 non-treatment cities as well as a variable of dosage level. Hierarchical Generalized Linear Models (HGLM) were developed that controlled for other factors that may have affected the level of violent crime across the sample of cities. The results suggested that PSN treatment cities in higher dosage contexts experienced statistically significant, though modest, declines in violent crime whereas non-target cities and low dosage contexts experienced no significant changes in violent crime during the same period. The limitations of this initial analysis are noted but the evidence seems to suggest that the multi-agency, focused deterrence, problem solving approach holds promise for reducing levels of violent crime. At a minimum, these findings call for continued programmatic experimentation with data-driven, highly focused, deterrence-based violence reduction strategies.     

Fight or flight: Integral emotions and violent intentions

The effect of proximate emotions on risk perceptions is of central importance to criminal decision‐making theory, but has been understudied. We investigate the role of two integral (situational specific) emotional responses, anger and fear, in a decision‐making context regarding the choice to commit assault. We draw on dual‐process models of information processing and appraisal theory to propose a theoretical model in which integral emotions influence decisions and behavior. Using data from an experiment embedded in a survey to a nationwide sample of adults (N = 804), we test the interrelated roles of anger, fear, and traditional rational choice considerations on the intention to commit assault. We find a strong direct association between emotions and intentions to commit assault. Additionally, anger and fear moderate the effect of cognitive deliberations on behavioral intentions and provide a lens through which to evaluate a criminogenic opportunity.