The SSRN Blog

Here are the top 5 papers downloaded from the SSRN eLibrary for the week ending June 12, 2009:

1. How to Read a Legal Opinion: A Guide for New Law Students
by Orin S. Kerr (George Washington University - Law School)

2. Regulating Bankers’ Pay
by Lucian A. Bebchuk (Harvard University - Harvard Law School; National Bureau of Economic Research; European Corporate Governance Institute) and Holger Spamann (Harvard University - Harvard Law School)

3. A Quantitative Approach to Tactical Asset Allocation
by Mebane T. Faber (Cambria Investment Management)

4. A Novel Simple but Empirically Consistent Model for Stock Price and Option Pricing
by Huadong (Henry) Pang (J.P. Morgan Chase & Co., Quantitative Research)

5. 7 Myths About Green Jobs
by Andrew P. Morriss (University of Illinois College of Law; PERC - Property and Environment Research Center; George Mason University - Mercatus Center) and William T. Bogart (York College of Pennsylvania) and Andrew Dorchak (Case Western Reserve University Law Library) and Roger E. Meiners (University of Texas at Arlington)

Richard Stacy had an interesting blog post about journalism and the sanctity of publication. In this post he discusses the indignant attitude of journalists as it relates to the social media and how traditional journalists view traditional publications as the only forms of discourse to be valued.

I am excited that we are seeing a contrary attitude in scholarly publishing. I have participated in two very forward thinking blogger symposiums: Bloggership - How Blogs Are Transforming Legal Scholarship* at the Berkman Center at Harvard Law School in April 2006 (yes, 2006!), and the more recent Economics Bloggers Forum at the Kauffman Foundation. The participants of both symposiums accepted social media as being part of the discourse and Bloggership produced several interesting papers. Even the staid, traditional group of scholarly publishers at the Society of Scholarly Publishers Meeting in Baltimore had a Twitter following with 170 Tweets during the conference, and about 40 since the conference.

There is a lot of change needed in scholarly publishing but at least some in scholarly publishing are not looking at social media with an indignant attitude.

When I look at the SSRN Community, I am excited and motivated by the challenges and possibilities in front of us.  We need to be innovative and responsive to the changing needs of our community, but have to deal with the harsh realities of a terrible economy and limited development resources. However, I hope we use these challenges to become more innovative. My simple definition of innovation is the creation of new things by being exposed to a broader and deeper set of existing things.  Innovation is critical to SSRN’s future.  In fact, we need to be innovative about being innovative.

Tom Koulopoulos’ new book, The Innovation Zone discusses re-innovating innovation and provides “Seven Lessons of Innovation.”  Koulopoulos states the basic tenet that we all need to understand, “Invention is NOT innovation.  Innovation creates value.  Invention just creates more stuff.”  Innovating often sounds hard or based on luck, but Koulopoulos says it is achievable with some basic building blocks.

One of the challenges we currently face is providing personalization to our users. We would like to develop SSRN so that each user can obtain the content they want in a way they want. However, personalization is difficult with the broad spectrum of users we serve - from non-academics and undergraduates to some of the smartest scholars in the world, including several Nobel Laureates.  Add to this the diverse technological capabilities of our users, and the challenge of personalization becomes even greater. However, Koulopoulos views personalization as an opportunity for innovation (and I think a great opportunity for SSRN):

“Personalization is where innovation takes on a new dimension that simply has no parallel in today’s market. We may talk about ‘markets of one’ but we’ve hardly delivered on the vision. When we do, innovation will finally be driven by the market.” (Excerpt: ‘The Innovation Zone’)

We discuss innovation a lot at SSRN and I believe that we are a pretty innovative company.  Unfortunately, we will need to be extremely innovative to be successful.  Several copies of The Innovation Zone just arrived from Amazon for our development team.  I think it will help refine our process and make SSRN better for everyone.

Here are the top 5 papers downloaded from the SSRN eLibrary for the week ending June 5, 2009:

1. A Quantitative Approach to Tactical Asset Allocation
by Mebane T. Faber (Cambria Investment Management)

2. Slapped in the Face by the Invisible Hand: Banking and the Panic of 2007
by Gary B. Gorton (Yale School of Management; National Bureau of Economic Research)

3. Understanding the Subprime Mortgage Crisis
by Yuliya S. Demyanyk (Federal Reserve Bank of Cleveland) and Otto Van Hemert (New York University - Department of Finance)

4. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure
by Michael C. Jensen (Harvard Business School; The Monitor Company; Social Science Electronic Publishing, Inc.) and William H. Meckling (University of Rochester Simon School [deceased])

5. Governance Matters VII: Aggregate and Individual Governance Indicators, 1996-2007
by Daniel Kaufmann (Brookings Institution) and Aart Kraay (World Bank - Development Research Group) and Massimo Mastruzzi (World Bank Institute)

Here are the top 5 papers downloaded from the SSRN eLibrary for the week ending May 29, 2009:

1. Betas Used by Professors: A Survey with 2,500 Answers
by Pablo Fernandez (University of Navarra - IESE Business School)

2. A Quantitative Approach to Tactical Asset Allocation
by Mebane T. Faber (Cambria Investment Management)

3. Slapped in the Face by the Invisible Hand: Banking and the Panic of 2007
by Gary B. Gorton (Yale School of Management; National Bureau of Economic Research)

4.Understanding the Subprime Mortgage Crisis
by Yuliya S. Demyanyk (Federal Reserve Bank of Cleveland) and Otto Van Hemert (New York University - Department of Finance)

5. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure
by Michael C. Jensen (Harvard Business School; The Monitor Company; Social Science Electronic Publishing (SSEP), Inc.) and William H. Meckling (University of Rochester Simon School [deceased])

Here are the top 5 papers downloaded from the SSRN eLibrary for the week ending May 22, 2009:

1. Slapped in the Face by the Invisible Hand: Banking and the Panic of 2007
by Gary B. Gorton (Yale School of Management; National Bureau of Economic Research)

2. A Quantitative Approach to Tactical Asset Allocation
by Mebane T. Faber (Cambria Investment Management)

3. Which CEO Characteristics and Abilities Matter?
by Steven N. Kaplan (University of Chicago - Booth School of Business; National Bureau of Economic Research) and Mark M. Klebanov (University of Chicago - Graduate School of Business) and Morten Sorensen (Columbia Business School; National Bureau of Economic Research; Swedish Institute for Financial Research)

4.Theory of the Firm: Managerial Behavior, Agency Cost and Ownership Structure
by Michael C. Jensen (Harvard Business School; The Monitor Company; Social Science Electronic Publishing) and William H. Meckling (University of Rochester Simon School [deceased])

5. The Crisis of Fair Value Accounting: Making Sense of the Recent Debate
by Christian Laux (Goethe University Frankfurt) and Christian Leuz (University of Chicago - Booth School of Business; National Bureau of Economic Research; European Corporate Governance Institute; University of Pennsylvania - Wharton Financial Institutions Center)

Here are the top 5 papers downloaded from the SSRN eLibrary for the week ending May 15, 2009:

1. A Quantitative Approach to Tactical Asset Allocation
by Mebane T. Faber (Cambria Investment Management)

2. Buying Troubled Assets
by Lucian A. Bebchuk (Harvard University - Harvard Law School; National Bureau of Economic Research; European Corporate Governance Institute)

3. Up in Arms About a Revolting Movement
by Glenn Harlan Reynolds (University of Tennessee College of Law)

4. House Prices, Home Equity-Based Borrowing, and the U.S. Household Leverage Crisis
by Atif R. Mian (University of Chicago - Booth School of Business; National Bureau of Economic Research) and Amir Sufi (University of Chicago - Booth School of Business; National Bureau of Economic Research)

5. Theory of the Firm: Managerial Behavior, Agency Cost and Ownership Structure
by Michael C. Jensen (Harvard Business School; The Monitor Company; Social Science Electronic Publishing) and William H. Meckling (University of Rochester Simon School [deceased])

Here are the top 5 papers downloaded from the SSRN eLibrary for the week ending May 8, 2009:

1. Too Big to Fail, Hidden Risks, and the Fallacy of Large Institutions
by Charles S. Tapiero (NYU-Poly Institute) and Nassim Nicholas Taleb (NYU-Poly Institute)

2. Interrogation’s Law
by William Ranney Levi (Yale University - Law School)

3. A Quantitative Approach to Tactical Asset Allocation
by Mebane T. Faber (Cambria Investment Management)

4. Market Risk Premium Used in 2008 by Professors: A Survey with 1,400 Answers
by Pablo Fernandez (University of Navarra - IESE Business School)

5. A Stitch in Time: The Rise and Fall of the Sewing Machine Patent Thicket
by Adam Mossoff (George Mason University - School of Law)

Today’s post was originally going to be a quick one describing what we are doing with “social networking” and how to follow us.  It still includes instructions below, but I was reviewing my notes from Clay Shirky’s Here Comes Everybody for my AACSB presentation last week and realized a couple of fairly obvious points.

First, as scholarly research has moved from a model of scarcity to one of information overabundance, content is no longer king.  The conversation that surrounds the content is king, along with the innovation that occurs because of the easier access. My simple definition of innovation is the ability to create new things by being exposed to a broader and deeper set of existing things.  Easier access to research and the conversation facilitates innovation.

Second, access needs to be based on each user’s perspective and personal style.  Just as we digest food in different ways (sitting at a quiet table for two, standing at the sink, etc.) at different times, we digest information in different ways at different times.  The key is to provide access in variety of ways that work for different people at different times.

Thus, we are expanding how you can get content from the SSRN eLibrary and will continue to expand as new and different means are created.  As Chris Anderson wrote, “Long tail businesses treat consumers as individuals, offering mass customization as an alternative to mass market fare.”  We aren’t there yet, but we are trying.

OK, back to the originally scheduled post …

With the growth of the Internet, social networking has expanded to allow a person to connect with another person in real time regardless of geography or to access information no matter where it is stored.  We see a plethora of opportunities for the SSRN Community using these tools.  As a first step, we have joined Twitter, Facebook, and LinkedIn and will post updates, announcements, and other items to them regularly.

Here is how to find us:

Twitter:
http://twitter.com/SSRN

Facebook:
http://www.facebook.com/pages/Rochester-NY/SSRN/36086731835

LinkedIn:
http://www.linkedin.com/groupRegistration?gid=40866

Here are the top 5 papers downloaded from the SSRN eLibrary for the week ending May 1, 2009:

1. Theory of the Firm: Managerial Behavior, Agency Cost and Ownership Structure
by Michael C. Jensen (Harvard Business School; The Monitor Company; Social Science Electronic Publishing) and William H. Meckling (University of Rochester Simon School [deceased])

2. A Quantitative Approach to Tactical Asset Allocation
by Mebane T. Faber (Cambria Investment Management)

3. Understanding the Subprime Mortgage Crisis
by Yuliya S. Demyanyk (Federal Reserve Bank of Cleveland) and Otto Van Hemert (New York University - Department of Finance)

4. Luck versus Skill in the Cross Section of Mutual Fund Alpha Estimates
by Eugene F. Fama (University of Chicago - Booth School of Business) and Kenneth R. French (Dartmouth College - Tuck School of Business; National Bureau of Economic Research)

5. Green Jobs Myths
by Andrew P. Morriss (University of Illinois College of Law), William T. Bogart (York College of Pennsylvania), Andrew Dorchak (Case Western Reserve University Law Library), and Roger E. Meiners (University of Texas at Arlington)

Here are the top 5 papers downloaded from the SSRN eLibrary for the week ending April 24, 2009:

1. Best Ideas
by Randolph B. Cohen (Harvard Business School), Christopher K. Polk (London School of Economics), and Bernhard Silli

2. Green Jobs Myths
by Andrew P. Morriss (University of Illinois College of Law), William T. Bogart (York College of Pennsylvania), Andrew Dorchak (Case Western Reserve University Law Library), and Roger E. Meiners (University of Texas at Arlington)

3. A Quantitative Approach to Tactical Asset Allocation
by Mebane T. Faber (Cambria Investment Management)

4. Understanding the Subprime Mortgage Crisis
by Yuliya S. Demyanyk (Federal Reserve Bank of Cleveland) and Otto Van Hemert (New York University - Department of Finance)

5. Statutory Damages in Copyright Law: A Remedy in Need of Reform
by Pamela Samuelson (University of California, Berkeley - School of Law) and Tara Wheatland (University of California, Berkeley - School of Law)

Gregg Gordon (President/CEO) and Diane Baltadonis (Director of Sales & Marketing) will be attending the Association to Advance Collegiate Schools of Business (AACSB) International Conference and Annual Meeting, April 26-28 in Orlando, FL.

Gregg will be presenting a session entitled “The Future of Scholarly Publishing”, which will offer insight into trends, technologies and advances associated with scholarly publishing.

Session: A2
Date: Monday, April 27, 2009
Time: 10:30am to 12pm

Description: The senior executives of two independent commercial publishing organizations present their views on the industry, its trends and likely direction. The scholarly publishing industry both mirrors, and shapes, the business school industry, and many of the same pressures and influences play on both — the relevance/rigor debate; role in wider society; globalization; impact of technology; and others. From different standpoints, the presenters will explain some of the workings of the industry, the factors which are shaping it, and what the future for publishers, scholars and students of business might hold.

Presenters: Gregory J. Gordon, president, Social Science Electronic Publishing, and John Peters, chief executive officer, Emerald Publishing

Additionally, Gregg and Diane will be available throughout the conference to speak with individuals regarding SSRN and its services. If you would like to set up a meeting, please email Diane_Baltadonis@ssrn.com.

Welcome to the SSRN Blog, the official blog of the Social Science Research Network.

Since its start in 1994, SSRN has grown significantly — we currently have 18 focused research networks, more than 200,000 papers in the eLibrary, and surpassed 25 million total downloads in December (the number is now more than 27 million). As we reached and surpassed several milestones, we realized that not everyone knows our history or has access to news about the latest updates or changes to the website. The SSRN Blog comes as a natural outcome of our desire to share information and keep the SSRN Community up to date. Hopefully, it will also enhance our already wonderful connections with our users.

The SSRN Blog will not be a broadcast vehicle. We want to engage you in an ongoing conversation. Readers will get updates regarding SSRN’s eLibrary and services, weekly “Top Ten” lists, and announcements of new networks, conferences, and presentations. Our posts will explore and share our perspective on issues such as Open Access, new publishing models and directions for scholarly research, and the technologies that affect us all. We will also be linking several articles and other blog posts in the “Media Mentions” section on the right side of the page.

We are very excited about launching the SSRN Blog, and I personally invite you to join us as we grow and expand the SSRN Community.

Thanks,
Gregg