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  • Our Power, Our Planet: SSRN Celebrates Earth Day 2025

    Our Power, Our Planet: SSRN Celebrates Earth Day 2025

    Earth Day, celebrated annually on April 22, is a global event dedicated to raising awareness and promoting action for environmental protection and sustainability. Established in 1970, Earth Day serves as a reminder of our shared responsibility to safeguard our planet for future generations. It brings together millions of people from diverse backgrounds to engage in activities that educate, inspire, and mobilize communities around pressing environmental issues, from climate change and pollution to biodiversity conservation and sustainable practices.

    SSRN has joined the movement by creating an Earth Day Special Topic Hub that highlights early-stage research addressing critical global challenges such as climate change, pollution, deforestation, and habitat loss. This special topic hub presents insights from many disciplines that may inform the ongoing conversation on advancing Earth Day efforts by providing the scientific foundation needed to understand environmental challenges and develop effective solutions.

    Below is a selection of the top downloaded papers from the Earth Day Special Topic Hub from 2024 to the present:

    To read more research on Earth Day, view other papers here.

  • The Latest Research on the Science, Business, & Regulation of Prescription Drugs & Vaccines

    The Latest Research on the Science, Business, & Regulation of Prescription Drugs & Vaccines

    This list includes the latest research on the science, business, & regulation of prescription drugs & vaccines posted to SSRN in 2025.

    To read more research on the science, business, & regulation of prescription drugs & vaccines, subscribe to SSRN’s Pharmaceutical Business & Regulatory Environment eJournal or view other papers here.

  • The Latest Research on Tariffs

    The Latest Research on Tariffs

    This list includes the latest research on tariffs posted to SSRN in 2025.

  • Meet the Author: Evan Bernick

    Meet the Author: Evan Bernick

    Evan Bernick is an Associate Professor of Law at Northern Illinois University, where he teaches courses in constitutional law, criminal law, criminal procedure, administrative law and legislation. He spoke with SSRN about strategies for teaching criminal law, the responsibility of legal scholars, and how law is interconnected with other disciplines.

    Q: What was the driving force behind your decisions first to study law but then also to teach it to the next generation of lawyers and scholars?

    A: My lodestar has been a statement that Karl Marx made: “The philosophers have only interpreted the world, in various ways. The point, however, is to change it.” I have focused on understanding the world and changing it for the brunt of my career, and that’s what drew me to law in the first place. Law exerts a tremendous influence on the world. It changes it for the better and for the worse. It structures our thinking in ways that sometimes we don’t even think about. My focus areas in law have always been where I perceive the moral stakes to be the highest: constitutional law, and the law that allows the state to use its most violent resources—criminal law and criminal procedure.

    Q: How does teaching go as an extension of what you’re talking about, by making those changes that you want to see in the world?

    A: I view the practice of law as a conversation that takes place in the backdrop of violence but does ultimately depend upon force to do its most important work. No state ever completely monopolizes force. Most people, most of the time, apply and follow the law because they think it’s the right thing to do. They are persuaded that the law carries with it an obligation.

    I try to model that in how I teach.  I don’t do, “this is the way it is: obey,” but “this is the way it is: let’s think about whether it ought to be that way. Let’s have a conversation.” I try to encourage students to arrive at their own conclusions about how they feel about things being a certain way. Because ultimately, perceptions of legitimacy determine the geometry of legal power.

    I learn a great deal from my students. My classroom conversations inspire me to look at things more carefully in my research, to reflect on things that I hadn’t devoted much attention to. One example: Illinois recently, without entirely decriminalizing marijuana, legalized it in certain limited contexts. A student asked me whether, under Illinois law, marijuana was illegal. What I fumbled around with – and then ultimately decided to write up in the form of an article about teaching criminal law – is that it’s not an easy question to answer.

    Illinois statutes say there are certain contexts in which you can possess marijuana. There are certain contexts in which you can’t. If you don’t meet the criteria for being a licensed dealer, you can’t distribute marijuana. Meanwhile, there’s this entire overlay of federal statutes that treat marijuana as a controlled substance. And just because you violate the letter of some statute, that doesn’t mean that anything will happen to you. I could just tell you, “Well, no, it’s not against the law in Illinois,” in the sense that in certain places, you’re not going to get arrested and prosecuted for it. But that’s just preliminary to larger questions. Depending upon where you are in the state, where you are in a city, police may be relatively focused or not relatively focused on something that violates a statute. So, the question becomes incredibly complicated.

    In struggling with this question, I started thinking: how useful is it to talk about the criminal law in a particular place being ‘x’? Maybe we should talk instead about what police are doing, what the statutes say, what courts have decided that statute means, etc. That’s complicated, but sometimes that complication more accurately reflects the reality than a simple statement of ‘yes’ or ‘no.’ The world is much more complicated than it appears on the bar exam.

    Q: It’s great that you mention this, because in your paper, “How Not to Teach Criminal Law,” you talk about how criminal law doesn’t exist – at least not in the way people are taught to think about it – and you make the distinction between criminalization and criminal law. How do you characterize this difference?

    A: I teach a course called Criminal Law, and in the service of teaching that course, I say there are certain essential properties that are present in criminal law everywhere. In order to be convicted of a crime, there needs to be a guilty mind, (a mens rea) and a guilty act, (an actus reus). Crimes like murder, robbery, and kidnapping are crimes everywhere and they’re generally defined in the same way. The implication is that regardless of what state you happen to be in, if you want to avoid getting convicted of a crime, you’re going to have to avoid having a guilty mind and a guilty act in the sense specified by, say, a robbery statute. If you take my class, you’ll know the elements of robbery.

    But, I’m trying to get better about saying that if you know the elements of robbery, you know robbery law. No competent lawyer would advise a client in any jurisdiction, with reference to broad generalities about mental state requirements and act requirements, and say everywhere, robbery is that. You want to be familiar with the statutes in your jurisdiction and the court decisions in your jurisdiction and police practices in your jurisdiction. If you go around thinking “there’s this thing that’s the law, and once I understand that, I can understand everything,” you’re going to very quickly find yourself in trouble.

    What I do in that paper, and also in a separate paper called “Eliminating Criminal Law”, is suggest that in order to avoid giving this sense of a unified, coherent structure that is everywhere more or less the same –the criminal law – we should instead talk about criminalization in particular jurisdictions and what that looks like. The criminal law carries with it a bunch of associations, built up over the course of hundreds of years and conveys things about what the law is that are systematically inaccurate. With criminalization, we can at least move towards a place where we can be more specific.

    One thing that I do in a lot of my papers is say I’m not entirely sure what the world should look like, but I do know that this conversation we’re having is not particularly helpful. It’s an obstacle to understanding the world and to changing it. Talking about the criminal law is going to systematically mislead you about the real world and discourage you from changing it. We might say there are unjust laws out there, but if somebody says, “well, it’s the law,” that’s supposed to be a reason to do or not do something. That’s particularly unfortunate in the context of criminal law, because I think a lot of it is morally questionable. There is a lot of bad criminal law that should change. And if we present it in a certain way – as being coherent, as being structured, as being everywhere, the same and more or less just– we’re less likely to think it needs to change.

    Q: How would you envision criminal law curriculum in an ideal classroom format?

    A: The first thing I would do is talk less about what is broadly labeled “violent crime.” I would talk less about murder, rape and robbery, not because those crimes aren’t serious, not because understanding them isn’t important – it definitely is – but because they’re not particularly representative. Most crimes, most things that expose you to criminal penalties, sanctions, imprisonment and the like, are not crimes of violence. People, fortunately, relatively rarely kill other people. But if we teach homicide first, what we suggest is that it’s somehow representative. What you suggest to students is the criminal law deals with the most serious crimes, it’s subject to the most demanding requirements, it’s hard to prove that somebody violated the criminal law, and the stuff that’s criminalized by criminal law really should be criminalized.

    Whereas, if you start, as I’ve started to do, by focusing on dangerous objects and substances, which make up the bulk of what is criminalized, suddenly it seems like criminal law doesn’t necessarily focus on the most serious harms. You can be convicted of possession, even if it’s not directly proven that you knew you were possessing this object, because if it’s found on your person, there’s a presumption that you knew you possessed it. Did you really have a guilty mind, though?  And then you start thinking, maybe a lot of what I see on TV and a lot of what I hear on the news about criminal law captures a small slice of a much larger pie, and in thinking about how I should orient myself towards criminal law generally, maybe I’ll be a little bit more critical than I might otherwise be.

    Q: You’ve written multiple works connected to originalism: how would you explain this concept to someone not familiar with it, and how do you personally interpret it in your work?

    A: Originalism is a family of theories. At a high level of generality, originalism stands for the proposition that the meaning public officials – in particular, judges – should attach to the constitutional text is the meaning that most people would have taken from the Constitution at the time the particular provision was ratified.

    So, what’s a privilege or immunity of citizenship under the 14th Amendment? Well, it’s one of the civil rights that most people in 1868 would have understood a privilege or immunity of U.S. citizenship to be. If the right to be tried by unanimous jury for serious crimes was understood by most people in 1868 to be a privilege or immunity of citizenship, then it’s still a privilege or immunity of citizenship today. That’s the basic idea.

    The particular originalism that I’m committed to is public meaning originalism. This focuses not on the understanding that the best educated lawyers might have had of this constitutional text, but what most people who read the thing would have understood it to mean. You pay attention to the framers of the 14th Amendment – to what they said on the campaign trail, not just what they said in Congress. You also look at, for example, conventions of formerly enslaved people and what they said about what they understood the constitutional text to mean, because they’re part of the public too. You hope that there’s enough convergence among all the people you’re able to get evidence from that you can say, “yes, non-unanimous juries [are] protected by the 14th Amendment.” But sometimes you have to recognize that there’s not that level of clarity in the evidence. You have to have a theory about what judges and other constitutional decision makers should do in those circumstances.

    Where I and my co-author, Randy Barnett, ultimately go with this in our book is that you shouldn’t only focus on the particular things that people understood privileges or immunities of citizenship to be: you should understand that there was a broader original purpose that the framers of the 14th Amendment and those who ratified it understood it to be designed to accomplish. In particular, you should understand it through the lens of Republican citizenship. This is an understanding of citizenship that is grounded in natural rights – rights that you’d be entitled to as a moral matter, independently of any government at all – and civic equality, which is the idea that there are no second class citizens and any distinctions between the way that the government treats you should be supported by contextually sensible reasons. In thinking about who decides this, the 14th Amendment specifically empowers one institution, Congress, and basically says Congress is the first decider.

    That’s not to say that the courts should have no role! But if Congress wants to say that a particular thing is a privilege or immunity of citizenship, courts should broadly defer to congressional judgments about that, because framers of the 14th Amendment and those who ratify their handiwork didn’t entirely trust courts. In the 1857 case Dred Scott v Sanford, [the] Supreme Court determined that Black Americans could never be citizens in the United States. President Lincoln said, I’ll accept that Dred Scott needs to remain enslaved, but I am going to act as if the Court got that wrong. Republicans later wrote expressly into the Constitution their belief that the courts had gotten it wrong, and because they didn’t trust the courts, they empowered Congress to take the lead in determining what people’s civil rights are.

    Q: Your most downloaded paper on SSRN is also your most recent, “Birthright Citizenship and the Dunning School of Unoriginal Meanings,” which you co-wrote and posted on SSRN last month (March). Talk a little bit about this paper and your perspective on the issue, as someone who has studied and written about the 14th Amendment’s original meaning.

    A: This criticism is directed against a former co-author with whom I wrote an entire book about the 14th Amendment. In doing this work, I never got an opportunity to talk to Randy about the question of birthright citizenship. This is a question that arises from the first sentence of the 14th Amendment, which says that all persons born and naturalized in the United States and subject to the jurisdiction thereof are citizens of the United States. Why didn’t we talk about this? Why didn’t we resolve it in our book? I thought that we didn’t because it was so clear what it meant.

    A few weeks ago, a fellow originalist, Ilan Wurman, posted a response to a court decision, in which a judge said that the executive order was clearly unconstitutional, that it was embarrassing for the judge to say that, because there’s an entire literature that disagrees, and we need to hear arguments back and forth. I knew that wasn’t right, and… saying this is not just wrong, it’s irresponsible, because… there’s no substantial literature that would exclude the children of undocumented immigrants. Randy and Ilan wrote an op-ed and took something of the position that the conventional wisdom is wrong. From my perspective, as somebody who did originalism for years, this op-ed makes foundational mistakes about the existing literature and relies on little affirmative evidence.

    Professor Kreis and Professor Gowder aren’t originalists. But they shared my belief that what Randy and Ilan were doing wasn’t just wrong, it was irresponsible. As a matter of originalism, as a matter of political morality, as a matter of scholarly role. There are no serious arguments against the constitutional entitlements of the children of undocumented immigrants and temporary visitors to citizenship. They shouldn’t have made them.

    Q: You’ve mentioned before that there’s a certain responsibility of legal scholars who interpret the law: how do you view that responsibility, especially when sharing legal ideas with a broader public that might not know anything about the law?  

    A: I don’t object to anyone making arguments in general about either what the law is or what the law should be. That’s not the problem. The problem is one that I think is exacerbated by limitations within legal scholarship, which is that, in general, we don’t have peer review. You submit your articles to students, and the students decide whether they’re publication-worthy. Some law reviews reach out to other scholars to say, “does this make any sense?” but they don’t have a deep familiarity with the literature.

    But at least there’s something, and the availability of something like SSRN enables you to do a very rough cut at peer review by posting what you have on a platform and saying, “Hey, it’s up. Everybody look at it and tell us what you think.” When you’re navigating this relatively unregulated environment, it’s incumbent upon you to regulate yourself and recognize that you don’t know everything.

    Ideally what happens in this process? Reach out to scholars. Ask them what they think. Try to determine whether there are any glaring errors or mistakes. Take that feedback into account. Then, post it on SSRN and say, “Comments welcome. Let’s talk about it.” And only then do we get to a point [of going] to [somewhere like] the New York Times with an op-ed that synthesizes the claims and says, “Here’s what we think.” In general, legal scholars have a responsibility to go through a peer review process of some kind before they start posting things, even if we formally don’t have peer review: in part, because we formally don’t have peer review.

    Q: You have a lot of papers that are popular and highly downloaded on SSRN. Are there any that you think are especially relevant now or that you’d like to highlight and discuss further?

    A: I strongly believe that the world is interconnected in ways that we’ve lost sight of as a consequence of disciplinary insularity. Legal scholars talk to legal scholars and historians talk to historians and political scientists talk to political scientists. I am really taken with the idea of drawing from multiple disciplines and thinking about how things are connected – taking inspiration from literature, from arts, from the hard sciences, from the soft sciences, from everything, and trying things out and seeing how they work.

    I’ll give you one example. Roberto Unger was a major contributor to the critical legal studies movement that developed in the 1970s. Among the most important things CLS did was contend that legal concepts and ideas that we thought had always been there and were fixed in stone, developed over time in very contingent and unpredictable ways. Just a couple of years ago, he wrote a physics book with Lee Smolin, who’s an astrophysicist. And I’m thinking to myself, “What do these things have to do with one another?” Well, it turns out a lot. In that book, called The Singular Universe and the Reality of Time, Unger and Smolin argue that even at the level of physics, where the idea of invariant laws is fixed, there’s more contingency, more flux, more change than is generally thought.

    In the first few moments after The Big Bang, we didn’t have the regular law-ordered cold universe that we have now. It was hot. It was chaotic. It was strange. And I thought, that’s actually a lot of my understanding of what happened in the early moments of constitutional formation. You’ve got this great organizing power, the production of a constitution, the production of a legal order, but it’s not an order yet. It’s in flux, and it changes. Then, over time, it hardens, and we start to say, “the Constitution clearly means this,” and “it clearly means that.” But that’s only from our perspective, and we have a great deal of choice about what Constitution we want to have. If it’s true in the hard sciences that fixed laws we think govern everything can change, how much more is that the case with the soft sciences? That’s what Unger does in that book, drawing from different disciplines. It encourages me to do things that are unusual in a lot of different places, rather than sticking to one. The paper in which I talk about this is called the “Constitutions of Ice and Fire.”

    Q: How do you view SSRN as fitting into the broader legal research and scholarship landscape?

    A: I think it democratizes legal scholarship in important ways. It enables you, as a relative nobody, to post something on a platform that everybody can read and that everybody can engage with, without going through any institutional hoops that would otherwise be there. If I hadn’t had the ability to do that as a young scholar, I don’t think I would have gotten nearly the amount of attention for my work that I’ve been able to get, much less leverage that into placement with top journals.

    That’s only come with time, but I do think it’s very helpful to have a resource that enables you to put something out there and get feedback on it before you totally commit to it. I used SSRN both as a way of distributing complete papers, in contexts where people aren’t going to have access to the print copies, but also just getting feedback on early ideas and playing around with things. I posted a little essay called “Cthulhu and the Constitution” a couple of weeks ago. It’s just a fun piece that draws from literature and makes suggestive analogies between law and literature, and people liked it: it got shared and it got read. I didn’t need to have a place for it other than SSRN.  


    More About Evan Bernick

    Evan Bernick is an Associate Professor of Law at Northern Illinois University, where he teaches courses in constitutional law, criminal law, criminal procedure, administrative law and legislation. From 2020 to 2021, Professor Bernick was a visiting professor at the Georgetown University Law Center and the executive director of the Georgetown Center for the Constitution. Before that, he served as a clerk to Judge Diane S. Sykes of the United States Court of Appeals for the Seventh Circuit. From April 2017 to April 2019, he was a visiting lecturer at Georgetown and a resident fellow of the Center for the Constitution. He has published with the Georgetown Law Journal, the Notre Dame Law Review, the William and Mary Law Review and the George Mason Law Review, among other journals. His book, The Original Meaning of the Fourteenth Amendment: Its Letter and Spirit (2021), with Randy E. Barnett, was published by Harvard University Press under its Belknap imprint “for books of long-lasting importance, superior in scholarship and physical production, chosen whether or not they might be profitable.”

    You can see more work by Evan Bernick on his SSRN Author page here

  • Top Papers on AI in Finance

    Top Papers on AI in Finance

    This list includes the top downloaded papers on AI in Finance posted in Q1 2025. It also includes the Top 5 Organizations that downloaded the research during this period.

    1. AI-Powered (Finance) Scholarship by Robert Novy-Marx & Mihail Velikov

    Top Downloading Organizations:

    2. Simulating the Survey of Professional Forecasters by Anne Lundgaard Hansen, John J. Horton, Sophia Kazinnik, Daniela Puzzello, & Ali Zarifhonarvar

    Top Downloading Organizations:

    3. DeepSeek and FinTech: The Democratization of AI and Its Global Implications by David Krause

    Top Downloading Organizations:

    4. Artificial Intelligence Asset Pricing Models by Bryan T. Kelly, Boris Kuznetsov, Semyon Malamud, & Teng Andrea Xu

    Top Downloading Organizations:

    5. The Natural Language of Finance by Gerard Hoberg & Asaf Manela

    Top Downloading Organizations:

    6. Machine Learning for Pairs Trading: a Clustering-based Approach by Francesco Rotondi & Federico Russo

    Top Downloading Organizations:

    7. FinRL: A Deep Reinforcement Learning Library for Automated Stock Trading in Quantitative Finance by Xiao-Yang Liu, Hongyang Yang, Qian Chen, Runjia Zhang, Liuqing Yang, Bowen Xiao, & Christina Wang

    Top Downloading Organizations:

    8. Large Language Models in Finance: Reasoning by Miquel Noguer I Alonso

    Top Downloading Organizations:

    9. Axes that matter: PCA with a difference by Antoine Savine & Brian Norsk Huge

    Top Downloading Organizations:

    10. Look-Ahead Bias in Large Language Models (LLMs): Implications and Applications in Finance by Miquel Noguer I Alonso

    Top Downloading Organizations:

  • Top Papers on AI in Law

    Top Papers on AI in Law

    This list includes the top downloaded papers on AI in Law posted in Q1 2025. It also includes the Top 5 Organizations that downloaded the research during this period.

    1. AI-Powered Lawyering: AI Reasoning Models, Retrieval Augmented Generation, and the Future of Legal Practice by Daniel Schwarcz, Sam Manning, Patrick Barry, David R. Cleveland, J.J. Prescott, & Beverly Rich

    Top Downloading Organizations:

    2. AI as Legal Persons: Past, Patterns, and Prospects by Claudio Novelli, Luciano Floridi, Giovanni Sartor, & Gunther Teubner

    Top Downloading Organizations:

    3. Driving Blind: The Unexamined Privacy Risks of Connected Cars by Katharine Kemp

    Top Downloading Organizations:

    4. Judge AI: Assessing Large Language Models in Judicial Decision-Making by Eric A. Posner & Shivam Saran

    Top Downloading Organizations:

    5. The Mirage of Artificial Intelligence Terms of Use Restrictions by Mark A. Lemley & Peter Henderson

    Top Downloading Organizations:

    6. DeepSeek and FinTech: The Democratization of AI and Its Global Implications by David Krause

    Top Downloading Organizations:

    7. A Taxonomy of Systemic Risks from General-Purpose AI by Risto Uuk, Carlos Ignacio Gutierrez, Daniel Guppy, Lode Lauwaert, Atoosa Kasirzadeh, Lucia Velasco, Peter Slattery, & Carina Prunkl

    Top Downloading Organizations:

    8. European AI Standards – Technical Standardization and Implementation Challenges under the EU AI Act by Robert Kilian, Linda Jäck, & Dominik Ebel

    Top Downloading Organizations:

    9. We Built Judge. AI. And You Should Buy It by Jack Kieffaber, Kimo Gandall, & Kenny McLaren

    Top Downloading Organizations:

    10. AI Hallucinations and Data Subject Rights under the GDPR: Regulatory Perspectives and Industry Responses by Theodore Christakis

    Top Downloading Organizations:

  • A Conversation with François Degeorge of the Swiss Finance Institute

    A Conversation with François Degeorge of the Swiss Finance Institute

    The Swiss Finance Institute Research Paper Series disseminates original theoretical and empirical research with relevance to banking and finance. The series includes research contributions carried out at the Swiss Finance Institute (SFI) by faculty, PhD students and affiliated researchers. François Degeorge is a Professor of Finance at the Università della Svizzera italiana and is the managing director at the Swiss Finance Institute. He spoke with SSRN about SFI’s mission, research goals, and unique perspective in the field of finance.

    Q: Thank you very much for speaking with us, Dr. Degeorge. Perhaps we can begin with a description of how the SFI is structured, what its mission is, and what makes it unique? 

    A: The Swiss Finance Institute is a unique public-private partnership. With support from our founders – the Swiss banking industry, the Swiss Confederation, and leading Swiss universities – we competitively promote world-class research and teaching in banking and finance in Switzerland. And by combining academic excellence with practical experience, via our industry-oriented offerings, we make the comprehensive expertise of our faculty easily accessible to practitioners and thereby contribute to the strengthening of the Swiss financial center.

    Q: SFI began operations in 2006, right before the financial crisis of 2007-2009. What were the considerations that led to establishing SFI prior to 2006 and have those changed in the light of the crisis?

    A: From the very beginning, our founding body set SFI the goal of fostering cutting-edge research and education in banking and finance at Swiss universities and facilitating the exchange of knowledge between academia and industry. This goal has not changed in any way with the financial crisis – if anything, the crisis has confirmed how important our work is for a stable and professional financial center.

    Q: The recent collapse of Credit Suisse last year was a major event, leaving UBS the dominant investment bank in the country. How does SFI’s work inform discussions about regulation and the best means of achieving financial stability?

    A: Through our industry-oriented events and publications, we make the scientific expertise of our SFI faculty members accessible in a variety of ways. This may be in the form of public events or publications, continuing education programs or contributions to the public debate. The focus here is on helping decision-makers in practice – whether at banks or in regulation or politics – to make decisions that are as well-founded as possible. In this context, our faculty members naturally share not only their own scientific findings, but also their comprehensive knowledge of current global research in their respective fields.

    Q: Continuing education has been rapidly expanding in recent years. How does SFI approach the curriculum for senior personnel in the finance industry?

    A: Experienced employees in the financial industry need to be able to acquire knowledge on current issues in a time-efficient and focused manner. We address this need with our “SFI Master Classes” format. Led by an SFI professor and a senior representative from industry, these half-day workshops share knowledge on highly topical issues in a scientifically sound, highly focused and interactive way. There is a strong interest in our Master Classes among Swiss bank employees – in recent years we have welcomed several thousand participants.

    Q: SFI has a fascinating, multi-institutional approach to its PhD program. What have been some of the lessons that have emerged from its implementation, and do you perhaps see this as a model for higher education generally?

    A: Thanks to our multi-institutional approach, SFI PhD students have access to the expertise of about one hundred professors across eight Swiss universities. This is certainly one of the reasons why our SFI PhD Program is globally considered one of the top programs in finance and enjoys an excellent international reputation. The outstanding placements of our graduates at top universities worldwide confirm the academic quality of the program.

    Q: I occasionally hear from marketing researchers that marketing professionals tend not to follow the latest academic research that would be applicable to their work. Do you feel this has been true in finance? And if so, what are the challenges in building bridges between research and practical applications in industry? 

    A: I think that the opposite has been true in finance, especially in the field of asset management, where practice has been deeply influenced by academic insights. Having said that, it is true that it takes time for academic research to find its way into practice. The format of our industry-oriented activities is designed to accelerate the knowledge transfers between academia and the financial industry.

    Q: How would you characterize the outlook between your PhD students and continuing education executives? Is it as simple as the difference between the kinds of credentials needed for getting a job in finance vs. growing an existing career in finance? Are there significant differences in terms of goals?

    A: The outlook between PhD students and continuing education executives in finance is of course shaped by their very different career stages and objectives. PhD students usually pursue deep theoretical knowledge with the aim of entering academia or high-level research roles. In contrast, experienced executives are typically looking to refine practical knowledge, stay updated on industry trends and latest findings from research. While PhD students are building credentials for future opportunities, executives are more focused on immediate application and growth within their existing careers. Thus, the goals are very different: theoretical advancement for one group, and practical enhancement for the other.

    Q: The initial hype regarding AI has been followed by concerns of a bubble and fears that there will be minimal return on already massive investment. What would you say is the view of SFI? 

    A: SFI as an institution does not hold an official view on AI or any other topic. We leave such analyses to the expertise of our individual faculty members, who are focusing on a variety of different aspects and potential fields of application. Personally, I believe that it is quite possible for a transformative technology to be also a risky investment proposition. This was the case for the railways in the 19th century.


    For more research from the Swiss Finance Institute, visit the Swiss Finance Institute Research Paper Series or subscribe to the series eJournal here.

  • Meet the Author: Bernard E. Harcourt

    Meet the Author: Bernard E. Harcourt

    Bernard E. Harcourt, a Professor of Law at Columbia University, is a distinguished critical theorist, legal advocate, and prolific writer and editor. His most recent book, Cooperation: A Political, Economic, and Social Theory(2023), offers the blueprint for a society based on cooperation. In 2019, Harcourt was awarded a lifetime achievement award for his work on behalf of individuals on death row. Harcourt spoke with SSRN about how critical theory helps to reexamine the way we look at the world and how aspects of his career and advocacy have been influenced by this perspective.

    Q: You’ve worn many hats throughout your career – author, editor, professor, advocate, scholar, etc., and whether through writing books and articles, serving as Executive Director of the Columbia Center for Contemporary Critical Thought, or in real practice through litigation, much of this work revolves around critical theory. For those new to the idea, how would you explain the goals of critical theory? And in what ways has your career path taken on aspects of both critique as well as practical application?

    A: Critical theory has the appearance of being a nebulous, complicated, unfathomable space for a lot of people. But it’s very simple, because at the heart of critical theory is the idea of trying to critically examine reality in such a way that our usual, commonplace understanding of the world is reexamined. Critical theory helps us penetrate through the superficial ways in which we think about the world to try and look deeper and see what forces are really at play.

    Just to give you an idea, in the field of criminal law, we tend to think of punishment as being the product of someone committing a crime, which is why we talk about “crime and punishment.” We think that punishment should be limited to people who have committed crime, and that crime should have punitive consequences. When we take that commonsense approach, we usually talk about the purposes of punishment: deterring other people, rehabilitating people, or revenge and retributions. These are all commonplace understandings and dominant ways of thinking about the world. But it turns out that when you start to push at reality, what you find is that lot of that language – “deterrence” and “rehabilitation” – covers the real functions of what we’re doing when we punish, such as creating social order, or creating a racial order in this country.

    When you look, for instance, at the racialized dimensions of mass incarceration in this country, you start to see that the punishment is not really about crime, but it’s about something else. It’s doing other work. It’s advancing a particular way of organizing society along racial lines. That is a critical theory insight. It penetrates reality and tries to show that what you believed and what seems so obvious and commonplace might be an illusion hiding deeper forces.

    With the distance of history, it’s easy. You look back 100 or 200 years, and you can see right through the surface reality. You can see, for instance, that when we had convict leasing in the postbellum period – the decades immediately following emancipation – we now understand that those forms of convict leasing were trying to reestablish a form of slavery through the criminal law. That becomes obvious. Or you look back at the Inquisition and you start to understand that it wasn’t really about the crime that somebody had committed: it was about imposing a religious order. I think we see it all clearly in the past, but in the present, there’s a fog that settles in, and we get fooled by the simplicity of the idea that “we punish people because they’ve committed crimes.” Critical theory helps you reexamine and thus expose the forces in society that are actually the engines of history.

    Q: In your paper “The Future of Critical Theory: From the Academy to the Public Sphere,” posted in March of 2023 on SSRN, you discuss the state of critical theory and how it can be developed to be most effective in modern times. One of the subjects you discuss is how social media has played a large role in social movements. Discuss how you think technology and social media have influenced – for better or worse – the larger efforts to enact change.

    A: There’s no doubt that social media, digital technologies and now artificial intelligence represent the greatest contemporary shock to our social and political system. There are many ways in which these forms of technology are shaping and transforming our present. There’s both a negative dimension to that and a positive dimension.

    The negative dimension is that these forms of technology have allowed the state – not just the United States, but Russia, China, etc. – to mine information and knowledge about each and every one of us and about social movements. We have become an expository society in the sense that we expose ourselves willingly on all these platforms, like TikTok, Instagram, and BlueSky. As a result, we voluntarily give away all of our data and our personal information: our geolocations, our purchases, our preferences, everything. The danger here is that we no longer need government surveillance, undercover operations, or illicit wire taps to get all this information, because everybody’s putting it out there to the public. The result is that anyone who wants to monitor or repress or crack down on social movements has all the information in open source to do that and can really follow, track, and watch movements as they emerge.

    On the other hand, these technologies have been used a lot in social movements as ways to mobilize people. Ultimately, the question is, “how will things net out?” I think at this point we’re at too early a stage to be able to determine how it all nets out. But I do fear that the transparencies created by these technologies can be instrumentalized against social movements.

    Q: Throughout your career, you’ve spent decades representing individuals on death row in Alabama. How has the significance and importance of this work informed your approach towards advocacy and systemic reform as a whole?

    A: I wear several hats, and one of them is being a death penalty attorney with cases predominantly in the state of Alabama, representing folks on death row, although also co-counseling Guantanamo [Bay] and other cases. That has been my most consistent and deep form of practical engagement. It has been the terrain that has, in a way, educated me and in which I have trained the most to understand how to go about trying to create social change.

    I would say that what my years of death penalty practice have taught me is the importance of having both a defense and an offense. Those cases are always structured as defensive actions, in the sense that I’m representing someone who is being prosecuted by the State, and so most of the time, I’m in what is conventionally a defensive posture. What it has taught me is that the art is to try to transform that defensive posture into an offensive strategy so that I’m not simply trying to fend off attacks, but organizing a strategic and positive path forward towards some possible outcome.

    In the process, I’ve learned the importance of remaining forward-looking, positive, concretely utopian, [and] trying to have particular ambitions that you hold in front of you, so it keeps you in a positive fighting mode.

    Q: You’ve written several books over the years, the most recent being “Cooperation: A Political, Economic, and Social Theory,” which came out in 2023. What are some of the big takeaways you want people to take from this book and your theory in general?

    A: The book is grounded on a critical theoretic insight that the world may appear to us right now, for instance in the United States, as being universally competitive, capitalist, zero sum. But underneath that surface appearance, there is an extraordinary amount of existing forms of cooperation, and we often don’t realize it.

    So, for instance, Land O’Lakes is a producer cooperative. Many of the big insurance companies – State Farm, Nationwide, and others – are mutuals, which means that they’re actually run by management for the policy holders, rather than for outside investors. There are huge credit unions, like Navy Federal Credit Union, which are banks that are basically run by and for the depositors, rather than outside investors. So, there are very large cooperatives.

    When you start looking around, it turns out that there’s a lot more cooperation, mutual aid, and other forms of mutualism, whereby people are trying to work together to cooperate for outcomes that benefit all the stakeholders, and not just the capital investors. What I do in the book is try to unearth this reality and then try to understand it and theorize it along three dimensions: a political dimension, an economic dimension and a social dimension.

    Along the political dimension, there have been a lot of arguments and books written over the last two or three centuries about forms of cooperation, but the rationales are somewhat outdated. They fit well in the 19th century, but they don’t work as well in the 21st century. I try to argue for a political theory of cooperation based on the work of thinkers like Thomas Piketty and Katharina Pistor, who really have demonstrated that large scale economic shifts are a question of human-made decision making. I argue for the importance of us deciding how to structure economic exchange from a political theory perspective.

    I argue from an economic perspective that cooperation is opposed both to forms of capitalism and to what we would traditionally think of as existing forms of socialism or communism, because it is bottom-up. By contrast, those other systems, paradoxically, are actually top-down. From an economic theory perspective, I argue that what capitalism shares with forms of socialism is a top-down approach, in the sense that a system like the American economic regime only functions because of the guarantees of solvency and the bailouts by the federal government.

    Then, the social theory is to rethink how we organize society. I argue that we have in place a punishment paradigm whereby we predominantly leave people to their own devices until they find themselves caught up in the criminal legal system. Instead, we should organize society in such a way as to support people through cooperative mechanisms ex ante, to create a society of cooperation. The argument there is that we need to pass from the punishment paradigm to a cooperation paradigm, at the social level.

    One of the things I emphasize in the book is that, in contrast to other forms of social organizing, what is so attractive about cooperation is that it can be done by the individual and at the individual level. It doesn’t require the passage of a majority vote in federal elections: people can simply get together and create a food cooperative in their neighborhood, or they can get together and create a worker cooperative. It doesn’t require the majority electoral coalition or the long-term social transformation that would be necessary to create other concrete utopias. It can be done here and now. You could organize your whole life in a cooperative way just by taking deliberate steps.

    Q: Do you have any papers, projects, or research you’re working on right now that you’re particularly excited about?

    A: Yes, I actually have three book manuscripts that are written and that I’m in the throes of trying to publish. I do have one about my 30 years of representing a man on death row in Alabama, Doyle Lee Hamm, who ultimately went to execution but survived the execution because they weren’t able to place a catheter to conduct a lethal injection. It was a long, multi-year effort.

    That’s one area, but the other one I’m working on right now has to do with what I call a model or a method of social inquiry, which I refer to as “immersive philosophical practice.” It’s based on some model thinkers who I admire, including Simone Weil, Angela Davis, Michel Foucault, and Frankfurt School thinkers, many of whom had an exigency or demand that they not just theorize in the abstract, but test their ideas in practice: that the formation of their ideas had to emerge from their practical experience.

    Simone Weil in particular was someone who, for instance, was writing about questions of social relations in the factory and demanded of herself that she actually go work in a factory, in order to understand the experience of the worker. She also was writing about politics at the time, and she demanded of herself that she join the Republican forces during the Civil War in Spain against Franco. She was an exemplar of someone who couldn’t simply write about politics and freedom without implicating herself in it. I find that a particularly inspiring model.

    You see, that need to think at the same time as you act, to infuse your theory with practice, to not be simply doing armchair academic work, but to ensure and constantly test and clash your ideas with your practice, I call that an immersive philosophical practice. It’s a model of thinking and being and writing that I find particularly admirable, and that I’m spending my time writing about. And hopefully practicing.

    Q: Law is one of our most prominent disciplines on SSRN. How do you see SSRN contributing to the legal research and scholarship landscape?

    A: I think SSRN has been essential to the legal field in disseminating and creating debate over ideas as they originate. SSRN has a strong legal dimension, but it is open for the other social sciences, and humanistic social sciences as well. It’s a forum for interdisciplinary work, and that has helped push the legal field in more of an interdisciplinary direction. I think it’s had a remarkable impact on shaping early ideas and allowing debate to take place that might not have taken place without it. It’s a public square, in a way. People can put out their early ideas and get the kind of feedback that’s necessary to shape them into even better work.

    SSRN works so much better with the timing of intellectual production than other forms of publication. An author can put a piece on SSRN at exactly the right moment in their intellectual trajectory, which is when you have come up with your idea, you’ve written it up, and you’re at the height of your interest in the idea. You can then get it out and get feedback. The temporality of publishing in peer reviewed journals and academic presses is completely different and extremely counterproductive, because you’re only able to get feedback months, sometimes years after you’ve produced the idea and [are] excited about it. SSRN, in contrast to all those other forms of publishing, maximizes the excitement that one has with the work one is doing.

    The other great thing is that you’re able to retain your own voice and not be stifled, moderated or watered down by the peer review process. One of the things about peer reviewing is that it often forces you to dilute your argument and present it in a less crisp and provocative way. When you have complete control over your writing, as you do with SSRN, you can present it in the way that you most strongly believe is right. That makes a huge difference.

    One of the articles I had on SSRN was called “The Illusion of Influence: On Foucault, Nietzsche, and a Fundamental Misunderstanding,” and I still think to this day it’s right, even though I had to water it down for publication. The idea of the illusion of influence is that it doesn’t make sense to think that an author has an influence on another author. Because in fact, what’s happening is that the second author is projecting their ideas onto the first author. I wrote that paper, then it was submitted, and [in] the peer review process, they want me to take that argument out and stick with the five different ways that Foucault read Nietzsche. The peer review process had stripped the peak of its most interesting point… and to this day, I’m much more interested in the SSRN piece that I published than the peer review journal piece!

    What SSRN allows you to do is to speak in your own voice in a way that a lot of other publishing doesn’t allow you to do.


    More About Bernard Harcourt

    Bernard E. Harcourt, Isidor and Seville Sulzbacher Professor of Law at Columbia University, is a distinguished critical theorist, legal advocate, and prolific writer and editor. In his books, articles, and teaching, he focuses on punishment practices and political economy, critical theory and praxis, and political protest. Harcourt is the founding director of the Columbia Center for Contemporary Critical Thought, which brings contemporary critical theory and practice to bear on current social problems and seeks to address them through practical engagements, including litigation and public policy transformation. His most recent book, Cooperation: A Political, Economic, and Social Theory(2023), offers the blueprint for a society based on cooperation. Harcourt began his legal career representing individuals on Alabama’s death row. He has continued to represent pro bono persons sentenced to death, life imprisonment without parole, or detained at Guantanamo Bay. In 2019, Harcourt was awarded the New York City Bar Association Norman J. Redlich Capital Defense Distinguished Service Award, a lifetime achievement award for his work on behalf of individuals on death row.

    You can see more work by Bernard E. Harcourt on his SSRN Author page here

  • Legal Research Network

    Legal Research Network

    “When you have complete control over your writing, as you do with SSRN, you can present it in a way that you most strongly believe is right. That makes a huge difference. What SSRN allows you to do is speak in your own voice in a way that a lot of other publishing doesn’t allow you to do.”

    Bernard E. Harcourt is the Corliss Lamont Professor of Law and Civil Liberties at Columbia University.

    Learn more about the Legal Research Network.

  • Politics Research Network

    Politics Research Network

    “I put this on SSRN and I thought that maybe we’d get a few citations out of it, so I decided to throw it up on SSRN on a whim. And now it’s been downloaded over 40,000 times and continues to be cited all the time.”

    Joshua A. Tucker. is Professor of Politics, affiliated Professor of Russian and Slavic Studies, and affiliated Professor of Data Science at New York University.

    Learn more about the Politics Research Network.