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Using administrative, longitudinal data on felony arrests in Florida, we exploit the discontinuous increase in the punitiveness of criminal sanctions at 18 to estimate the deterrence effect of incarceration. Our analysis suggests a 2% decline in the log-odds of offending at 18, with standard errors ruling out declines of 11% or more. We interpret these magnitudes using a stochastic dynamic extension of Becker’s (1968) model of criminal behavior. Calibrating the model to match key empirical moments, we conclude that deterrence elasticities with respect to sentence lengths are no more negative than − 0 . 13 for young offenders.

Advances in Econometrics is a series of research volumes first published in 1982 by JAI Press. The authors present an update to the history of the Advances in Econometrics series. The initial history, published in 2012 for the 30th Anniversary Volume, describes key events in the history of the series and provides information about key authors and contributors to Advances in Econometrics. The authors update the original history and discuss significant changes that have occurred since 2012. These changes include the addition of five new Senior Co-Editors, seven new AIE Fellows, an expansion of the AIE conferences throughout the United States and abroad, and the increase in the number of citations for the series from 7,473 in 2012 to over 25,000 by 2022.

In many ways the state of affairs for students, service delivery personnel, and researchers in the field of college students with learning disabilities (LD) has remained largely unchanged over the past 25 years. Many of the same barriers to student success that we have seen over the past three decades remain today. In this chapter, I review issues related to success for college students with LD, explore current service delivery models, and discuss potential areas of future research that could lead to improved outcomes for college students with LD. Additionally, I explore the possible need to reconceptualize service delivery models on college campuses.

The purpose of this paper is two fold: educate investors about hedge fund managers' activities prior to the fraud recognition by the authorities and to help investors and other stakeholders in the hedge fund industry identify red flags before fraud is actually committed.

The paper investigates fraud committed by the Bayou Funds, Beacon Hill Asset Management, Lancer Management Group (LMG), Lipper & Company and Maricopa investment fund. The fraud activities took place during 2000 and 2005.

The five cases alone cost the hedge fund investors more than $1.5 billion. Investors may have had a good opportunity for avoiding the irrecoverable costs of the fraud had they carefully vetted the backgrounds of the hedge fund managers and/or continuously monitored the funds activities, especially during turbulent market environments.

This is the first research paper to identify and extensively investigate fraud committed by hedge funds. In spite of the size of the hedge fund industry and relatively substantial level and inevitably recurring fraud, academic journals are to yet address this issue. The paper is of great value to hedge funds and their individual and institutional investors, asset managers, financial advisers and regulators.

The purpose of this paper is to offer case studies of hedge fund fraud, solutions that could mitigate hedge fund fraud risk, and a proposal for the industry to establish a hedge fund information depository (HFID) where participants/stakeholders could provide information on any hedge fund on regular basis.

Four major hedge fund fraud cases, Bayou Funds, Lipper Holdings, Manhattan Investment Fund and Maricopa Investment Corporation are used as examples of the complete absence of independent oversight and the application of HFID.

The paper finds that investors in the four funds lost more than $1.3 billion. In all four fraud cases, independent oversight and compliance function were conspicuously missing. In each fraud case there was at least one serious alert (warning) that took place at least 14 months prior to SEC first filing against the fund.

Some hedge fund industry stakeholders may reluctantly join HFID due to concern over possibly disclosing information deemed crucial for their own competitive advantage.

Had third parties become aware of the alerts, they could have made a different investment or business decision. Most importantly, this depository would allow all hedge fund industry stakeholders (accountants, administrators, auditors, investors, marketers, prime brokers, custodians and regulators) to communicate with one another regularly.

The paper makes two proposals: the founding of a hedge fund information depository; and outsourcing of the compliance function for hedge funds where it is more cost effective.

A minimum dropout age (MDA) requires potential dropouts to stay in school until graduation. Most countries have an MDA at least 16. An MDA greater than 16 requires potential dropouts to stay in school for at least one more year, which immediately reduces their available time and opportunities to commit a crime in the community. This study aims to examine how a higher MDA reduces crime in the community. The authors then show a higher MDA helps potential dropouts to become an entrepreneur.

The authors develop an economic model of crime that shows how an MDA greater than 16 affects contemporaneous juvenile crime in the community. Considering an MDA of 16 as a benchmark MDA, a hypothetical example with simulated data on the USA is used. The authors then show how a higher MDA offers a financial opportunity for the professional development programs.

An MDA greater than 16 reduces crime in the community. Reducing crime allows preventing social and monetary cost on juvenile delinquency. This economic efficiency offers a financial ability for adolescent training and other development programs and thereby reduces unemployment and other adverse consequences of the society.

Unlike previous studies, the authors develop an economic model of crime that shows a hypothetical relationship between an MDA and contemporaneous juvenile crime in the community. A higher MDA allows more financial ability for juvenile development programs in high school to improve the entrepreneurial skills.