Edward Morrison

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When a firm encounters financial distress, there is a significant possibility that, at some point, the firm itself should be shut down and its assets put to a better use. But Chapter 11 and indeed all market-mimicking reorganization regimes other than a speedy auction entrust the shutdown decision to a bankruptcy judge who lacks information and expertise,(More)
Women's preferences for facial structure vary over the menstrual cycle. Little is known, however, as to how preferences for behavior may be influenced by hormonal factors. Here, we demonstrate that social properties of facial motion influence attractiveness judgments in the absence of other cues, and that women's preferences for these displays vary over the(More)
In the past decade, there have been increasing concerns over the effects of pharmaceutical compounds in the aquatic environment, however very little is known about the effects of antidepressants such as the selective serotonin re-uptake inhibitors (SSRIs). Many biological functions within invertebrates are under the control of serotonin, such as(More)
This preliminary study investigated whether individual differences in performance on a difficult social perception task (determining the sex of shape normalized, line drawn dynamic faces) are related to sex of observer, scores on an empathy quotient and scores on a systemizing quotient. Performance in the face perception task (N = 60) was above chance,(More)
Facial movement has received little attention in studies of human attractiveness, yet dynamic displays are an important aspect of courtship in many species. This experiment investigated whether facial movement could be used to identify sex, and whether the ease of identification was associated with attractiveness. We removed shape cues to sex by applying(More)
We investigate whether homeowners respond strategically to news of mortgage modification programs. We exploit plausibly exogenous variation in modification policy induced by U.S. state government lawsuits against Countrywide Financial Corporation, which agreed to offer modifications to seriously delinquent borrowers with subprime mortgages throughout the(More)
Executive Summary We are witnessing an unprecedented housing and foreclosure crisis, with 2.25 million foreclosures started last year and at least 1.7 million foreclosure starts expected this year. Privately securitized mortgages are at the core of the problem. These mortgages—which were originated without a guarantee from government-sponsored(More)
The fees of professionals (financial advisors, lawyers, accountants) are a substantial fraction of bankruptcy costs. Scholars have considered how best to reduce these costs but have not considered how they should be allocated among creditors. Creditors can spend redistribu-tionally (to violate or uphold absolute priority) or productively (to increase the(More)