Response to the Discussion of "The Effect on Financial Reporting Quality of an Exemption From the SEC Reporting Requirements for Foreign Private Issuers"

We appreciate the thorough discussion provided by Professor Yuan Ding. His comments raise legitimate issues. In this response, we offer clarifications and suggest avenues for future research. Our response follows the structure of the discussant’s paper and elaborates on each point separately.

The Effect on Financial Reporting Quality of an Exemption From the SEC Reporting Requirements for Foreign Private Issuers

We test for differences in financial reporting quality between companies that are required to file periodically with the SEC and those that are exempted from filing reports with the SEC under Rule 12g3-2(b). We examine three earnings quality measures: conservatism, abnormal accruals, and the predictability of earnings. Our results, for all three measures, show different financial reporting quality for companies that file with the SEC than for companies exempt from filing requirements. This paper provides empirical evidence of a link between filing with the SEC and financial reporting quality for foreign firms.

"Security Here is Not Safe": Violence, Punishment, and Space in the Contemporary US Penitentiary

The US penitentiary at Lewisburg, Pennsylvania, was retrofitted in 2008 to offer the country's first federal Special Management Unit (SMU) program of its kind. This model SMU is designed for federal inmates from around the country identified as the most intractably troublesome, and features double-celling of inmates in tiny spaces, in 23-hour or 24-hour a day lockdown, requiring them to pass through a two-year program of readjustment. These spatial tactics, and the philosophy of punishment underlying them, contrast with the modern reform ideals upon which the prison was designed and built in 1932. The SMU represents the latest punitive phase in American penology, one that neither simply eliminates men as in the premodern spectacle, nor creates the docile, rehabilitated bodies of the modern panopticon; rather, it is a late-modern structure that produces only fear, terror, violence, and death. This SMU represents the latest of the late-modern prisons, similar to other supermax facilities in the US but offering its own unique system of punishment as well. While the prison exists within the system of American law and jurisprudence, it also manifests features of Agamben's lawless, camp-like space that emerges during a state of exception, exempt from outside scrutiny with inmate treatment typically beyond the scope of the law

Aleatory Sovereignty and the Rule of Sensitive Spaces

Addressing life in borders and refugee camps requires understanding the way these spaces are ruled, the kinds of problems rule poses for the people who live there, and the abilities of inhabitants to remake their own lives. Recent literature on such spaces has been influenced by Agamben's notion of sovereignty, which reduces these spaces and their residents to abstractions. We propose an alternate framework focused on what we call aleatory sovereignty, or rule by chance. This allows us to see camps and borders not only as the outcomes of humanitarian projects but also of anxieties about governance and rule; to see their inhabitants not only as abject recipients of aid, but also as individuals who make decisions and choices in complex conditions; and to show that while the outcome of projects within such spaces is often unpredictable, the assumptions that undergird such projects create regular cycles of implementation and failure.