Ever snapped every third deck screw in 1/2 with a screw gun? This shows how brittle common wood screws are - very low shear strength, so they are not efficient for resisting cyclic (repeated back and forth) loading, as is required for wind and earthquake loads. On the other hand, nails are very ductile and have a flat head which also resists pulling through the connected member (the tapered head of a wood screw will pull through when the connected member, or plywood, buckles or twists under load). By the way, nails are considered "dowel" type fasteners in wood construction - they work by bearing against the sides of the holes made through the thickness of the two wood members ... same as lag bolts and machine bolts - so bolts are very good for resisting shear, as that is their primary use. They actually do not "clamp" for friction in wood construction, since wood shrinks... thus you will lose any clamp effect (even in steel construction, special high strength bolts are required if "clamping" force is intended). And, while adhesive is excellent for increasing strength and minimizing squeaks, it is rarely factored into the strength of structural wood connections, since it is difficult to monitor the proper installation of adhesive in a construction environment (notice that floor sheathing is typically glued to joists, while "shear panel" plywood is rarely glued to the studs since you're not walking on it). Lastly, high-strength structural wood screws, with a flat head (e.g., GRK), are now available but they are extremely expensive and, as others have mentioned, time consuming to install compared to nails.