Shareholder wealth effects of legislative events: The case of airline deregulation

This paper presents empirical evidence about the impact on shareholder wealth of legislative events leading to the enactment of the Airline Deregulation Act of 1978. In contrast to prior regulatory event studies, this paper examines not only the final legislative enactment but also the Congressional hearings that preceded it. No significant effect on shareholder wealth is indicated when averaged across all airline firms and all legislative events. Impact of deregulation, however, was expected to be different for trunk airlines than for local airlines. Moreover, market expectations likely changed with the change in the political climate during the course of deregulation deliberations, from an industry financial health emphasis under a Republican (Ford) administration to a consumer welfare emphasis under a Democratic (Carter) administration. We find that trunk airlines experienced significant positive abnormal returns during the Ford administration, but negative abnormal returns during the Carter administration. In contrast, local airlines exhibited significant negative abnormal returns during both the Ford and Carter eras. Systematic risk of both trunk and local airlines also increased with the change in the political climate.     

The dragon breathes fire: Chinese organized crime in New York City

Although it is widely acknowledged that Chinese businesses are victims of extortion by Asian youth gangs, there is no reliable information to examine the patterns and social processes of the problem. This paper explores the structure of extortion and other forms of victimization based on surveys of (N=603) Chinese-owned businesses in three Chinatown neighborhoods in New York City. It focuses on the nature of Chinese crime groups, social contexts of gang extortion, social processes of victimization, and merchants' compliance or resistance to gang demands. Finally, the paper discusses the problems and prospects of Chinese criminality in America.Support for this research was provided by Grant 89-IJ-CX-0021 from the National Institute of Justice. The opinions are those of the authors and do not reflect the policies or views of the U.S. Department of Justice.     

Use of thermal drone in detection and assessment of larval mass temperature in decomposed rabbit carcasses

Manual ground searches and cadaver dogs are traditional methods for locating remains, but they can be time- and resource-intensive, resulting in the decomposition of bodies and delay in victim identification. Therefore, thermal imaging has been proposed as a potentially useful tool for detecting remains based on their temperature. This study investigated the potential of a novel search technique of thermal drones to detect surface remains through the detection of maggot mass temperatures. Two trials were carried out at Selangor, Malaysia, each utilizing 12 healthy male Oryctolagus cuniculus European white rabbits and DJI Matrice 300 RTK drone China, equipped with a thermal camera; Zenmuse H20T to record the thermal imaging footage of the carcasses at various heights (15, 30, 60–100 m) for 14 days for each trial. Our results demonstrated that the larval masses and corresponding heat emissions were at their largest during the active decay stage; therefore, all the carcasses were observable in thermal images on day 5 and remained until day 7. Statistical analyses showed that (1) no statistically significant differences in thermal images between clothed and unclothed subjects (p > 0.05); (2) 15 m above ground level was proven to be the optimal height, as it showed the greatest contrast between the carcass heat signature and the background (p < 0.005). Our data suggested the potential window of detection of thermal signatures was detectable up to 7 days post-deposition. This could be an important guideline for the search and recovery teams for operational implementation in this tropical region.     

So Close and Yet So Far: Strategies in the 13th Malaysian Elections

Abstract

This article examines the strategies employed by the ruling coalition, Barisan Nasional (or National Front), and the opposition alliance, Pakatan Rakyat (People’s Alliance), in the 13th general election held in Malaysia in May 2013. It argues that while the opposition used the right strategy for the 2013 campaign, it lost because it could not overcome the three biggest hurdles for opposition politics in Malaysia: East Malaysia, the rural Malay votes and a biased electoral system.