1,492 research outputs found

    The Lessons from Libor for Detection and Deterrence of Cartel Wrongdoing

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    In late June 2012, Barclays entered into a $453 million settlement with UK and U.S. regulators due to its manipulation of Libor between 2005 and 2009. Among the agencies that investigated Barclays is the Department of Justice Antitrust Division (as well as other antitrust authorities and regulatory agencies from around the world). Participation in a price fixing conduct, by its very nature, requires the involvement of more than one firm. We are cautious to draw overly broad conclusions until more facts come out in the public domain. What we note at this time, based on public information, is that the Libor conspiracy and manipulation seems not to be the work of a rogue trader. Rather it seems to have been organized across firms and required the active knowledge of a number of individuals at relatively high levels of seniority among certain Libor setting banks. Collusion across firms is at the core of illegal antitrust behavior. The Supreme Court has deemed the pernicious effects of cartels so central to antitrust’s mission that it has stated that cartels are “the supreme evil of antitrust.” The involvement of more than one bank in such a cartel is a significant corporate governance failure due to the coordination that such a cartel would have required among the various cartel members. That the Libor cartel seems to have occurred in such a highly regulated industry after a wave of corporate governance reforms post-Enron and a push to greater internal compliance in the early 2000s is perhaps even more surprising. Yet, the very nature of what may have occurred regarding Libor manipulation, in hindsight, seems rather obvious. The rate did not move for over a year until the day before the financial crisis of 2009 hit. Also, quotes by the member banks that were submitted under seal moved simultaneously to the same number from one day to the next during that time period. Had any member bank that set Libor or indeed any antitrust authority undertaken an econometric screen, they would have detected these anomalies, undertaken a more in-depth investigation and discovered the wrongdoing. This essay explores the use of econometric screens as a tool to improve detection of potential price fixing cartel behavior as a method to police the firm from illegal behavior either by enforcement authorities or via firms themselves

    The Lessons from Libor for Detection and Deterrence of Cartel Wrongdoing

    Get PDF
    In late June 2012, Barclays entered into a $453 million settlement with UK and U.S. regulators due to its manipulation of Libor between 2005 and 2009. Among the agencies that investigated Barclays is the Department of Justice Antitrust Division (as well as other antitrust authorities and regulatory agencies from around the world). Participation in a price fixing conduct, by its very nature, requires the involvement of more than one firm. We are cautious to draw overly broad conclusions until more facts come out in the public domain. What we note at this time, based on public information, is that the Libor conspiracy and manipulation seems not to be the work of a rogue trader. Rather it seems to have been organized across firms and required the active knowledge of a number of individuals at relatively high levels of seniority among certain Libor setting banks. Collusion across firms is at the core of illegal antitrust behavior. The Supreme Court has deemed the pernicious effects of cartels so central to antitrust’s mission that it has stated that cartels are “the supreme evil of antitrust.” The involvement of more than one bank in such a cartel is a significant corporate governance failure due to the coordination that such a cartel would have required among the various cartel members. That the Libor cartel seems to have occurred in such a highly regulated industry after a wave of corporate governance reforms post-Enron and a push to greater internal compliance in the early 2000s is perhaps even more surprising. Yet, the very nature of what may have occurred regarding Libor manipulation, in hindsight, seems rather obvious. The rate did not move for over a year until the day before the financial crisis of 2009 hit. Also, quotes by the member banks that were submitted under seal moved simultaneously to the same number from one day to the next during that time period. Had any member bank that set Libor or indeed any antitrust authority undertaken an econometric screen, they would have detected these anomalies, undertaken a more in-depth investigation and discovered the wrongdoing. This essay explores the use of econometric screens as a tool to improve detection of potential price fixing cartel behavior as a method to police the firm from illegal behavior either by enforcement authorities or via firms themselves

    Sistem Prediksi Pertandingan Sepak Bola Dengan Metode Analytical Hierarchy Process (AHP)

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    The problem addressed in this research is how to predict the winner of football match with various criteria. The problem will be solved using Analytic Hierarchy Process (AHP) method. The AHP method that implemented to solve the problems will run two analysis to get an alternative solution. The first AHP method is criteria analysis, in order to get priority vector value. In criteria analysis, to know the consistency of criteria value filling, CR < 10%. If known that criteria value filling not consistant, the process must be repeated until CR < 10%. Then continue with alternate analysis to get global priority vector value wich is AHP solution. The accuration of this system is close to 80% compare with the real condition

    Broad application of a simple and affordable protocol for isolating plant RNA

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    BACKGROUND: Standard molecular biological methods involve the analysis of gene expression in living organisms under diverse environmental and developmental conditions. One of the most direct approaches to quantify gene expression is the isolation of RNA. Most techniques used to quantify gene expression require the isolation of RNA, usually from a large number of samples. While most published protocols, including those for commercial reagents, are either labour intensive, use hazardous chemicals and/or are costly, a previously published protocol for RNA isolation in Arabidopsis thaliana yields high amounts of good quality RNA in a simple, safe and inexpensive manner. FINDINGS: We have tested this protocol in tomato and wheat leaves, as well as in Arabidopsis leaves, and compared the resulting RNA to that obtained using a commercial phenol-based reagent. Our results demonstrate that this protocol is applicable to other plant species, including monocots, and offers yield and purity at least comparable to those provided by commercial phenol-based reagents. CONCLUSIONS: Here, we show that this previously published RNA isolation protocol can be easily extended to other plant species without further modification. Due to its simplicity and the use of inexpensive reagents, this protocol is accessible and affordable and can be easily implemented to work on different plant species in laboratories worldwide

    LHC Study of Third-Generation Scalar Leptoquarks with Machine-Learned Likelihoods

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    We study the impact of machine-learning algorithms on LHC searches for leptoquarks in final states with hadronically decaying tau leptons, multiple bb-jets, and large missing transverse momentum. Pair production of scalar leptoquarks with decays only into third-generation leptons and quarks is assumed. Thanks to the use of supervised learning tools with unbinned methods to handle the high-dimensional final states, we consider simple selection cuts which would possibly translate into an improvement in the exclusion limits at the 95%\% confidence level for leptoquark masses with different values of their branching fraction into charged leptons. In particular, for intermediate branching fractions, we expect that the exclusion limits for leptoquark masses extend to ∼\sim1.3 TeV. As a novelty in the implemented unbinned analysis, we include a simplified estimation of some systematic uncertainties with the aim of studying their possible impact on the stability of the results. Finally, we also present the projected sensitivity within this framework at 14 TeV for 300 and 3000 fb−1^{-1} that extends the upper limits to ∼\sim1.6 and ∼\sim1.8 TeV, respectively.Comment: 20 pages, 7 figures, 1 table. Unbinned method code with approach to systematic uncertainty inclusion available from https://github.com/AndresDanielPerez

    Mathematics of Floating 3D Printed Objects

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    We explore the stability of floating objects through mathematical modeling and experimentation. Our models are based on standard ideas of center of gravity, center of buoyancy, and Archimedes' Principle. We investigate a variety of floating shapes with two-dimensional cross sections and identify analytically and/or computationally a potential energy landscape that helps identify stable and unstable floating orientations. We compare our analyses and computations to experiments on floating objects designed and created through 3D printing. In addition to our results, we provide code for testing the floating configurations for new shapes, as well as giving details of the methods for 3D printing the objects. The paper includes conjectures and open problems for further study.Comment: 30 pages, 16 figure

    Starburst99: Synthesis Models for Galaxies with Active Star Formation

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    Starburst99 is a comprehensive set of model predictions for spectrophotometric and related properties of galaxies with active star formation. The models are an improved and extended version of the data set previously published by Leitherer & Heckman (1995). We have upgraded our code by implementing the latest set of stellar evolution models of the Geneva group and the model atmosphere grid compiled by Lejeune et al. (1997). Several predictions which were not included in the previous publication are shown here for the first time. The models are presented in a homogeneous way for five metallicities between Z = 0.040 and 0.001 and three choices of the initial mass function. The age coverage is 10^6 to 10^9 yr. We also show the spectral energy distributions which are used to compute colors and other quantities. The full data set is available for retrieval at http://www.stsci.edu/science/starburst99/. This website allows users to run specific models with non-standard parameters as well. We also make the source code available to the community.Comment: 32 pages, LaTeX. All the Figures and the summary Table are located at http://www.stsci.edu/science/starburst99/, ApJ accepte

    Pharmacologic or Genetic Targeting of Glutamine Synthetase Skews Macrophages toward an M1-like Phenotype and Inhibits Tumor Metastasis.

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    Glutamine-synthetase (GS), the glutamine-synthesizing enzyme from glutamate, controls important events, including the release of inflammatory mediators, mammalian target of rapamycin (mTOR) activation, and autophagy. However, its role in macrophages remains elusive. We report that pharmacologic inhibition of GS skews M2-polarized macrophages toward the M1-like phenotype, characterized by reduced intracellular glutamine and increased succinate with enhanced glucose flux through glycolysis, which could be partly related to HIF1α activation. As a result of these metabolic changes and HIF1α accumulation, GS-inhibited macrophages display an increased capacity to induce T cell recruitment, reduced T cell suppressive potential, and an impaired ability to foster endothelial cell branching or cancer cell motility. Genetic deletion of macrophagic GS in tumor-bearing mice promotes tumor vessel pruning, vascular normalization, accumulation of cytotoxic T cells, and metastasis inhibition. These data identify GS activity as mediator of the proangiogenic, immunosuppressive, and pro-metastatic function of M2-like macrophages and highlight the possibility of targeting this enzyme in the treatment of cancer metastasis

    Abundance of Pelagia noctiluca early life stages in the western Mediterranean Sea scales with surface chlorophyll

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    Pelagia noctiluca is the most successful and well-studied jellyfish in the Mediterranean Sea. This species tolerates a wide range of water temperatures and succeeds in low to medium food regimes, but factors driving its distribution and population dynamics remain poorly understood. Here we applied a multiscale analytical approach using survey data and a physical-biochemical coupled model to assess how environmental factors affect the 3-dimensional distribution and seasonal abundance of P. noctiluca early life stages. The surveys took place after the spring bloom, when warm water favors fecundity and growth, but food shortage limits the reproductive investment and early survival. We found that most early life stages of P. noctiluca remained above the shallow thermocline and upper mixed layer where temperature is warm. Their spatial distribution was positively correlated with surface chlorophyll concentration, and over 90% of the variation in interannual abundance was explained by basin-scale productivity in June. Warmer water during winter and spring seasons coupled with protracted spring blooms increase the population of P. noctiluca, and this explains the trend of increasing outbreaks observed in the western Mediterranean Sea over the past decades.Postprin
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