21,040 research outputs found

    Fortino v. Quasar Co.: Parent-Right Invocation of Rights for U.S. Subsidiaries of Japanese Companies Under U.S.-Japan Treaty of Friendship, Commerce, and Navigation

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    This Comment argues that the Seventh Circuit\u27s decision in Fortino undermined the U.S. Supreme Court\u27s holding in Sumitomo Shoji Am., Inc. v. Avigliano. In Sumitomo, the Supreme Court rejected the right to assign defense and unanimously held that U.S. subsidiaries of Japanese companies can not take advantage of the parent\u27s rights conferred by Article VIII(1). Although not explicit in the Court\u27s published opinion, the Supreme Court precluded the subsidiary\u27s use of Article VIII(1) upon virtually identical facts and arguments as those before the Seventh Circuit and, more specifically, upon the subsidiary\u27s contention that the parent dictated its discriminatory conduct. Part I describes the background of the parent-right invocation principle in the context of an Article VIII(1) defense to Title VII claims against Japanese companies. Part I of this Comment sets forth a detailed analysis of the Sumitomo decision. Finally, Part I discusses the cases which bear on the issue of whether a U.S. subsidiary can invoke its parent\u27s Article VIII(1) rights. Part II discusses the background and holding of the Seventh Circuit\u27s decision Fortino. Part III demonstrates that the Seventh Circuit erred in both finding an Article VIII(1) right to assign and in permitting the subsidiary to invoke its parent\u27s rights to defeat the Title VII claim because neither the FCN Treaty nor the Sumitomo decision permits this result. Part III further illustrates that after finding an Article VIII(1) right to assign, the court erroneously assumed that the parent\u27s system of assignment, rather than the subsidiary\u27s independent conduct, caused the Title VII violation. Finally, Part III demonstrates that the principle of parent-right invocation rests upon inapposite theories, violates fundamental principles of U.S. corporate law, and results in illogical consequences. This Comment concludes that courts should not permit Japanese companies to ignore the corporate form of their U.S. subsidiaries by allowing subsidiaries to invoke their parents\u27 FCN Treaty rights in defense of Title VII claims

    Multiquark picture for Lambda(1405) and Sigma(1620)

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    We propose a new QCD sum rule analysis for the Lambda(1405) and the Sigma(1620). Using the I=0 and I=1 multiquark sum rules we predict their masses.Comment: 5 pages, 3 ps files. Talk given at 11th International Light-Cone School and Workshop : New Directions in Quantum Chromodynamics, and 12th Nuclear Physics Summer School and Symposium (NuSS'99), Seoul, Korea, 26 May - 26 Jun, 199

    Second order isomorphism: A reinterpretation and its implications in brain and cognitive sciences

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    Shepard and Chipman's second order isomorphism describes how the brain may represent the relations in the world. However, a common interpretation of the theory can cause difficulties. The problem originates from the static nature of representations. In an alternative interpretation, I propose that we assign an active role to the internal representations and relations. It turns out that a collection of such active units can perform analogical tasks. The new interpretation is supported by the existence of neural circuits that may be implementing such a function. Within this framework, perception, cognition, and motor function can be understood under a unifying principle of analogy

    Processing of analogy in the thalamocortical circuit

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    The corticothalamic feedback and the thalamic reticular nucleus have gained much attention lately because of their integrative and modulatory functions. A previous study by the author suggested that this circuitry can process analogies (i.e., the {\em analogy hypothesis}). In this paper, the proposed model was implemented as a network of leaky integrate-and-fire neurons to test the {\em analogy hypothesis}. The previous proposal required specific delay and temporal dynamics, and the implemented network tuned accordingly functioned as predicted. Furthermore, these specific conditions turn out to be consistent with experimental data, suggesting that a further investigation of the thalamocortical circuit within the {\em analogical framework} may be worthwhile

    Compactness of products of Hankel operators on the polydisk and some product domains in C2\mathbb{C}^2

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    Let Dn\mathbb{D}^n be the polydisk in Cn\mathbb{C}^n and the symbols ϕ,ψC(Dnˉ)\phi,\psi\in C(\bar{\mathbb{D}^n}) such that ϕ\phi and ψ\psi are pluriharmonic on any (n1)(n-1)-dimensional polydisk in the boundary of Dn.\mathbb{D}^{n}. Then HψHϕH^*_{\psi}H_{\phi} is compact on A2(Dn)A^2(\mathbb{D}^n) if and only if for every 1j,kn1\leq j,k\leq n such that jkj\neq k and any (n1)(n-1)-dimensional polydisk DD, orthogonal to the zjz_j-axis in the boundary of Dn,\mathbb{D}^n, either ϕ\phi or ψ\psi is holomorphic in zkz_k on D.D. Furthermore, we prove a different sufficient condition for compactnes of the products of Hankel operators. In C2,\mathbb{C}^2, our techniques can be used to get a necessary condition on some product domains involving annuli.Comment: 9 pages. Fixed some typos, to appear in J. Math. Anal. App

    Leverage, Volatility and Executive Stock Options

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    Leverage, Volatility and Executive Stock Options Abstract This paper studies how an optimal wage contract can be implemented using stock options, and derives the properties of the optimal contract with stock options. Specifically, we show how the exercise price and the size of the option grant should change in respose to changes in exogenous parameter. First, for a fixed exercise price of executive stock options, the size of the option grant decreases in the riskiness of a desired investment policy, decreases in the volatility of return from the risky project, and increases in leverage. Second, for a fixed size of the option grant, the optimal exercise price of managerial stock options increases in the riskiness of a desired investment policy, increases in the volatility of return from the risky project, and decreases in leverage. Several empirical predictions are drawn from these conclusions regarding the pay-performance sensitivity of management compensation.Leverage, volatility, executive stock options, optimal contract