Despite extensive work for decades to improve gender equity in academic medicine, women continue to lag behind men in the number of tenure and leadership positions. This status quo hampers access of women faculty to the power and decision-making authority necessary to effect change.

We explore the determinants of market regulation with an analysis of the policy-making process in which the legislature delegates authority to an executive agency and special interests can lobby the executive agency. We discuss how the mere threat of administrative lobbying by the industry may be sufficient to induce the agency to set policies preferred by the industry. Our analysis also shows that policy conflict, the difference between the legislature’s preferred policy and the agency’s implemented policy, is increasing in the agency’s vulnerability to lobbying but decreasing in the interest group’s lobbying cost when the legislature prefers more extreme policies. Administrative lobbying either amplifies or mitigates the conflict between the legislature and the agency. Relatedly, our analysis shows that the “ally principle” does not hold and the legislature prefers an agency that is slightly more biased against the industry. The legislature delegates greater discretion to the agency when policy uncertainty is higher, when policy conflict between the legislature and the agency is a lower, and when administrative lobbying mitigates the policy conflict between legislature and agency.

The development of computational data science techniques in natural language processing (NLP) and machine learning (ML) algorithms to analyze large and complex textual information opens new avenues to study intricate policy processes at a scale unimaginable even a few years ago. We apply these scalable NLP and ML techniques to analyze the United States Government's regulation of the banking and financial services sector. First, we employ NLP techniques to convert the text of financial regulation laws into feature vectors and infer representative "topics" across all the laws. Second, we apply ML algorithms to the feature vectors to predict various attributes of each law, focusing on the amount of authority delegated to regulators. Lastly, we compare the power of alternative models in predicting regulators' discretion to oversee financial markets. These methods allow us to efficiently process large amounts of documents and represent the text of the laws in feature vectors, taking into account words, phrases, syntax, and semantics. The vectors can be paired with predefined policy features, thereby enabling us to build better predictive measures of financial sector regulation. The analysis offers policymakers and the business community alike a tool to automatically score policy features of financial regulation laws to and measure their impact on market performance.

Banking & Financial Services Policy Report •

The development of computational data science techniques in natural language processing and machine learning algorithms to analyze large and complex textual information opens new avenues for studying the interaction between economics and politics. We apply these techniques to analyze the design of financial regulatory structure in the United States since 1950. The analysis focuses on the delegation of discretionary authority to regulatory agencies in promulgating, implementing, and enforcing financial sector laws and overseeing compliance with them. Combining traditional studies with the new machine learning approaches enables us to go beyond the limitations of both methods and offer a more precise interpretation of the determinants of financial regulatory structure.

The development of computational data science techniques in natural language processing (NLP) and machine learning (ML) algorithms to analyze large and complex textual information opens new avenues to study intricate processes, such as government regulation of financial markets, at a scale unimaginable even a few years ago. This paper develops scalable NLP and ML algorithms (classification, clustering and ranking methods) that automatically classify laws into various codes/labels, rank feature sets based on use case, and induce best structured representation of sentences for various types of computational analysis. The results provide standardized coding labels of policies to assist regulators to better understand how key policy features impact financial markets.

We analyze the institutional determinants of U.S. financial market regulation with a general model of the policy-making process in which legislators delegate authority to regulate financial risk at both the firm and systemic levels. The model explains changes in U.S. financial regulation leading up to the financial crisis. We test the predictions of the general model with a novel, comprehensive data set of financial regulatory laws enacted specifically between 1950 and 2009. The theoretical and empirical analysis finds that economic and political factors impact Congress' decision to delegate regulatory authority to executive agencies, which in turn impacts the stringency of financial market regulation, and our estimation results indicate that political factors may have been stronger and resulted in inefficiencies.

Even before the onset of the global crisis, the global market for foreign direct investment (FDI) had undergone significant changes. Foremost amongst these changes was the increasing importance of emerging market multinationals (MNEs). While outward foreign direct investment (OFDI) from these markets is, in itself, not new, the magnitude that this phenomenon achieved prior to the crisis and its resilience in the face of the global crisis suggest that this is not a temporary occurrence but rather a sign of a fundamental change that is taking place in the global OFDI market. However, emerging markets are not homogenous: in addition to the rise in OFDI from emerging markets, the formation of new regional groupings has led to the emergence of fresh investment patterns. This chapter examines changes taking place in global FDI flows and looks at the impact of the crisis in the context of profound structural changes; it also focuses on the response of emerging markets and the enormous risks and challenges that lie ahead. It is vital to note that this crisis is ongoing, and it is too early to predict the final contours it will leave in its wake on the FDI landscape.

These two edited volumes represent a timely addition to the growing collection of books on emerging market Multinational Companies (EMNEs). The two volumes add to this literature in several important ways. Perhaps most noteworthy of which is by explicitly tackling what is probably the major challenge in discussion of EMNEs, namely what is different about them theoretically. Several contributors these volumes address this question head on. For example, Hansen seeks ‘the ‘Indianness’ of Indian MNEs’, and Durnev asks whether ‘we need a new theory to explain emerging market multinational enterprises?’

Collected here are papers from the conference, Thinking Outward, which dealt with a range of issues related to the key players in this process - firms, home countries and host countries and the book w

The global market for foreign direct investment（FDI） has undergone significant changes in recent years,with the increasingly important role played by emerging market multinational enterprises（MNEs） being one of the most important among them.While outward FDI（OFDI） from these countries,in itself,is not new, the magnitude that this development has achieved has raised a host of issues,which we will examine in this volume.And we find there is a basic fact:countries do not look at FDI as an end in itself.Rather,it is seen as a tool to advance their development, be it as a home country or host country.As part of that,FDI is a powerful means to help countries in their integration into the world economy.In addition,economic development through integration into the world economy is one of the means by which countries lift themselves out of poverty.

Foreword E.de Almeida, X.Lu , A.Rangnekar & D.Schizer Preface T.H.Moran Acknowledgements FDI by Emerging Market Multinationals and the Impact of the Financial Crisis and Recession K.P.Sauvant , W.A.Maschek & G.McAllister The Global Challenges Facing Emerging Markets J.D.Sachs THE LAY OF THE LAND Reflections on Multinationals in a Globally Interdependent World Economy Y.Aharoni Towards a Re-newed Stages Theory for BRIC Multinationals? R.van Tulder The Theory and Regulation of Emerging Market Multinationals A.M.Rugman Comment: Do We Need a New Theory to Explain Emerging Market MNEs? A.Durnev GAINING GROUND: THE EXPANSION OF EMERGING MARKET MULTINATIONALS Transnationalization of Brazilian Companies P.Resende , A.de Almeida & J.Ramsey Take-off and Turbulence in the Foreign Expansion of Russian Multinationals K.Kalotay Global Players from India: A Political Economy Perspective A.Noelke & H.Taylor How Different are Chinese Foreign Acquisitions? Adding an Indian Comparison H.Rui , G.S.Yip & S.Prashantham Unknown Multinationals: Leading Multinationals from Slovenia A.Jaklic & M.Svetlicic THE POLICY LANDSCAPE: OUTWARD FDI FROM EMERGING MARKETS What Can Emerging Countries Learn from the Outward Direct Investment Policies of Advanced Countries? P.J.Buckley , J.Clegg , A.R.Cross & H.Voss Changing Policy Regimes in Outward Foreign Direct Investment: from Control to Promotion F.de Beule & D.van den Bulcke The Role of Government Policies in Promoting Outward FDI of Emerging Markets: China's Experience X.Qiuzhi & H.Bingjie South-South FDI and Political Risk Insurance Multilateral Investment Guarantee Agency World Bank Group Multinational Enterprises from Emerging Markets H.G.Broadman THE POLICY LANDSCAPE: INWARD FDI FROM EMERGING MARKETS Is the EU Ready for FDI from Emerging Markets? J.Clifton & D.Diaz-Fuentes Is the US Ready for FDI from Emerging Markets: the Case of China K.P.Sauvant The Policy Landscape: Inward FDI from Emerging Market A.O'Sullivan THE PATH AHEAD The Rise of Emerging Market Multinationals H.Loewendahl The Rise of Emerging Market Multinationals J.E.Alvarez The Rise of Emerging Market Multinationals G.Hufbauer & M.Adler Thinking Outward: Global Players from Emerging Markets S.Thomsen

What determines the extent and structure of financial regulation? This question matters for two reasons. First, it matters because, as North and Shirley (2008, 287) note: “A country’s financial institutions significantly determine the extent of new investment and firm entry, and through them, the rate of economic growth, disparity of income distribution, and incidence of poverty.” Second, it matters because the recent financial crisis has fueled unprecedented government involvement in the economy. Industries including autos, mortgages, and the nation’s largest financial institutions are, to varying extents, now publicly owned and directed. Even if some of these entanglements prove to be short-lived, it seems likely that the 21st century will usher in a fundamental change in the role of government in markets. This paper seeks to understand the determinants of financial market regulation in the United States since 1950. Toward this end, we first build a formal model of the ∗Paper prepared for presentation at the First APE-X Meeting on The Rise and Fall of Democracy, Brussels, Belgium, August 20–21, 2009. Preliminary draft; comments welcome.