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This paper uses case information on Chapter 11 filings for almost 5000 private companies across five district courts in the US between 1989 and 2004. We first establish that within districts cases are assigned randomly to judges, which allows us to estimate judge specific fixed effects in their Chapter 11 rulings. We find very strong and economically(More)
Visually recognizing objects at different orientations and distances has been assumed to depend either on extracting from the retinal image a viewpoint-invariant, typically three-dimensional (3D) structure, such as object parts, or on mentally transforming two-dimensional (2D) views. To test how these processes might interact with each other, an experiment(More)
We present novel empirical evidence that conflicts of interest between creditors and their borrowers have a significant impact on firm investment policy. We examine a large sample of private credit agreements between banks and public firms and find that 32% of the agreements contain an explicit restriction on the firm's capital expenditures. Creditors are(More)
Using an immersive virtual reality system, we measured the ability of observers to detect the rotation of an object when its movement was yoked to the observer's own translation. Most subjects had a large bias such that a static object appeared to rotate away from them as they moved. Thresholds for detecting target rotation were similar to those for an(More)
As we move through the world, our eyes acquire a sequence of images. The information from this sequence is sufficient to determine the structure of a three-dimensional scene, up to a scale factor determined by the distance that the eyes have moved. Previous evidence shows that the human visual system accounts for the distance the observer has walked and the(More)
Cue combination rules have often been applied to the perception of surface shape but not to judgements of object location. Here, we used immersive virtual reality to explore the relationship between different cues to distance. Participants viewed a virtual scene and judged the change in distance of an object presented in two intervals, where the scene(More)
We present here a method for calibrating an optical see-through head-mounted display (HMD) using techniques usually applied to camera calibration (photogrammetry). Using a camera placed inside the HMD to take pictures simultaneously of a tracked object and features in the HMD display, we could exploit established camera calibration techniques to recover(More)
We measured the movements of soccer players heading a football in a fully immersive virtual reality environment. In mid-flight the ball's trajectory was altered from its normal quasi-parabolic path to a linear one, producing a jump in the rate of change of the angle of elevation of gaze (alpha) from player to ball. One reaction time later the players(More)
An increasing number of neuroscience experiments are using virtual reality to provide a more immersive and less artificial experimental environment. This is particularly useful to navigation and three-dimensional scene perception experiments. Such experiments require accurate real-time tracking of the observer's head in order to render the virtual scene.(More)
It has long been assumed that there is a distorted mapping between real and 'perceived' space, based on demonstrations of systematic errors in judgements of slant, curvature, direction and separation. Here, we have applied a direct test to the notion of a coherent visual space. In an immersive virtual environment, participants judged the relative distance(More)