Oklahoma City University

About: Oklahoma City University is a education organization based out in Oklahoma City, Oklahoma, United States. It is known for research contribution in the topics: Supreme court & Comparative law. The organization has 240 authors who have published 421 publications receiving 6923 citations.

Global Convergence of Health Care Financing in OECD Countries: An Equilibrium Based Asset Pricing Approach

Abstract: We provide an equilibrium based asset pricing framework to investigate the patterns in health care finance in 30 OECD countries. Using purchasing power parity adjusted data we find that the sample of countries together as a whole does not exhibit a pattern of convergence. However, there is some evidence of regional convergence within NAFTA, the E.U. and those countries with similar economic conditions such as the developing nations. Interestingly when compared to pre-1980 the standard deviation of financing expenditures divided by average expenditures (variation coefficient) increases when the U.S. is included in the G7 countries and decreases when the U.S. is excluded. Thus in this category of nations the U.S. appears to exhibit somewhat of a unique pattern. However, based on the benchmark theoretical price generated by CAPM overpricing (the difference between the actual minus the theoretical) tends to decrease over time with respect to the U.S., but tends to increase most notably for Australia, the U.K., Norway, Ireland, Turkey, the Check Republic and Greece. As their consumption of health care increase at an increasing rate, we note that most countries exhibit a converging pattern beginning from the 1980s. Developing nations increasingly exhibit excessive health expenditures. The results are consistent with the view that globalization in health care occurs at varying speeds in the U.S. and other OECD countries and trading blocks. Lastly, the CAPM predicted estimates backed by income elasticities, point towards convergence of countries as groups which seem to indicate greater opportunities for arbitrage exist across trading blocks and those countries with dissimilar economic conditions, but not as much within trading blocks and countries with similar economic conditions.

The African-American Interest in Higher Law in the Supreme Court: Justices Marshall and Thomas

Abstract: This paper was written for a Festschrift in honor of Henry J. Richardson III. It reviews the constitutional jurisprudence of Justices Thurgood Marshall and Clarence Thomas from the perspective of Professor Richardson’s presentation of an African-American interest in higher law. Both African America Supreme Court Justices’ constitutional jurisprudence is informed by higher law norms as well as by positive law. The paper contrasts Justice Marshall’s approach, which evaluates legal norms in particular socio-legal contexts, with Justice Thomas’s principled adherence to procedural rules. The paper contends that Professor Richardson’s approach to legal history better accords with Justice Marshall’s methodology, which is the approach most likely to result in the realization of African-American interests in legal recognition and vindication of substantive rights.

Measuring the Inflation Risk Premium on U.S. Treasury Securities: Does the Federal Government Have a Risk Premium?

Abstract: One of the common reasons given for issuing inflation-indexed government securities is to avoid paying a risk premium on nominal, non-indexed securities to compensate investors for uncertain inflation. Paradoxically, a number of countries began issuing inflation indexed bonds during a period of low, stable inflation. We theorize that the issuers also have a risk premium on the nominal bonds, of the opposite sign. This accounts for the negative risk premiums observed by several researchers on US Treasury securities.

Selective Affinities: On the American Reception of Hans Kelsen's Legal Theory

Abstract: Hans Kelsen (1881-1973), who lived and taught in the United States for over three decades, was one of those emigre intellectuals whose "style of thinking," as H. Stuart Hughes put it, "withered or barely held [its] own in the new American setting." Kelsen's relative obscurity in the U.S. legal academy continues despite a recent revival of interest in German legal theory among U.S. academics. Oddly enough, that revival of interest, which has been spearheaded by self-described post-Marxists and other progressives seeking to develop a new critique of liberalism, has not focused on Kelsen and his social-democratic critics, instead latching onto the writings of Kelsen's Nazi nemesis, Carl Schmitt. Interest in Schmitt has continued to grow, as reflected in the recent writings of America's leading legal economics and law theorist, Richard Posner. Still, one finds surprisingly little American legal scholarship addressing Kelsen's writings. This Article explores the reasons underlying the rejection by the U.S. legal academy of Kelsen's brand of legal positivism and proposes that Kelsen's theories can assist the American legal academy as it continues to struggle to address the problem of indeterminacy in adjudication.