Contemporary contract theories fail to escape their bondage to 19th century liberal philosophers. Some are based on utility or preference satisfaction, but they disregard justice. Others try to extract conclusions for general concepts such as liberty or autonomy but they cannot do so without...

This paper studies the dynamic information flows between stock and corporate bond markets. Using accurately measured returns on corporate bond exchange-traded funds (ETFs), we find that returns on a portfolio of stocks of firms issuing the bonds in the ETFs positively predict corporate bond ETF...

This article raises three doctrinal myths within Chinese tort law upon the enactment of Chinese Civil Code. These myths led to difficulties in understanding Chinese tort law. More specifically, it is unclear what is the exact scope of rights protected under tort law, if personality rights claim...

The reliability of the mercury spallation target is mission-critical for the neutron science program of the spallation neutron source at the Oak Ridge National Laboratory. We present an inverse uncertainty quantification (UQ) study using the Bayesian framework for the mercury equation of state...

Pure economic loss has been a frontier tort law issue both in Europe and the United States. There are two rules to follow: one would exclude pure economic loss from recovery; the other would allow it. It totally depends on the jurisdiction one is in. However, the mystery is that one cannot...

We show theoretically and empirically that flows into index funds raise the prices of large stocks in the index disproportionately more than the prices of small stocks. Conversely, flows predict a high future return of the small-minus-large index portfolio. This finding runs counter to the CAPM,...

This paper establishes a robust link between the trading behavior of institutions and the book-to-market effect. Building on work by Daniel and Titman (2006), who argue that the book-to-market effect is driven by the reversal of intangible returns, I find that institutions tend to buy (sell)...

We propose a new measure of time-varying tail risk that is directly estimable from the cross section of returns. We exploit firm-level price crashes every month to identify common fluctuations in tail risk across stocks. Our tail measure is significantly correlated with tail risk measures...