From Random Walks to Chaotic Crashes: The Linear Genealogy of the Efficient Capital Market Hypothesis

This Article argues that chaos theory, noise theory and behavioral finance mandate opening a new chapter in a voluminous corporate and securities law debate revolving around the efficient capital market hypothesis (ECMH), which for decades has been the context for debating corporate and securities law and policy. The debate has been defined by interpretations of the semi-strong form of the ECMH - the claim that security prices fully reflect all publicly available information. As such, the debate has assumed as true and built upon the weak form of the ECMH - the claim that security prices fully reflect all information consisting of past security prices. This Article analyzes the historical development of the ECMH, showing that the weak and semi-strong forms of the ECMH are based on linear methodology and thought that have been rendered obsolete by chaos models applying nonlinear techniques. This obsolescence renders the ECMH false in all its forms, rendering it moot for purposes of policy formulation on topics ranging from such basic corporate and securities law doctrines as mandatory disclosure rules and mandatory fiduciary obligation, which neither the ECMH nor noise theory can do to the capital market circuit breakers and relational investing

Smart specialisation for regional economic transformation

The aim of this paper is to provide a quick yet comprehensive understanding of the nature and logic of smart specialisation as a place-based strategy for economic transformation and development. The origin and characteristics of the smart specialisation approach in the European Union are presented together with the main challenges for a successful implementation. Smart specialisation is about identifying and pursuing sub-sectoral and inter-sectoral activities, which can be explored by existing but also new entrant firms, where technology can facilitate either radical innovation, or the incremental utilisation of existing skills/strengths in new niches, fostering regional and national technology-savvy economic transformation. Stakeholder involvement through an entrepreneurial discovery process is a defining feature of this approach.JRC.J.2-Knowledge for Growt

Study of Systems and Technology for Liquid Hydrogen Production Independent of Fossil Fuels

Based on Kennedy Space Center siting and logistics requirements and the nonfossil energy resources at the Center, a number of applicable technologies and system candidates for hydrogen production were identified and characterized. A two stage screening of these technologies in the light of specific criteria identified two leading candidates as nonfossil system approaches. Conceptual design and costing of two solar-operated, stand alone systems, one photovoltaic based on and the other involving the power tower approach reveals their technical feasibility as sited as KSC, and the potential for product cost competitiveness with conventional supply approaches in the 1990 to 1210 time period. Conventional water hydrolysis and hydrogen liquefaction subsystems are integrated with the solar subsystems

Study on open science: The general state of the play in Open Science principles and practices at European life sciences institutes

Nowadays, open science is a hot topic on all levels and also is one of the priorities of the European Research Area. Components that are commonly associated with open science are open access, open data, open methodology, open source, open peer review, open science policies and citizen science. Open science may a great potential to connect and influence the practices of researchers, funding institutions and the public. In this paper, we evaluate the level of openness based on public surveys at four European life sciences institute

Design of a Recommender System for Participatory Media Built on a Tetherless Communication Infrastructure

We address the challenge of providing low-cost, universal access of useful information to people in different parts of the globe. We achieve this by following two strategies. First, we focus on the delivery of information through computerized devices and prototype new methods for making that delivery possible in a secure, low-cost, and universal manner. Second, we focus on the use of participatory media, such as blogs, in the context of news related content, and develop methods to recommend useful information that will be of interest to users. To achieve the first goal, we have designed a low-cost wireless system for Internet access in rural areas, and a smartphone-based system for the opportunistic use of WiFi connectivity to reduce the cost of data transfer on multi-NIC mobile devices. Included is a methodology for secure communication using identity based cryptography. For the second goal of identifying useful information, we make use of sociological theories regarding social networks in mass-media to develop a model of how participatory media can offer users effective news-related information. We then use this model to design a recommender system for participatory media content that pushes useful information to people in a personalized fashion. Our algorithms provide an order of magnitude better performance in terms of recommendation accuracy than other state-of-the-art recommender systems. Our work provides some fundamental insights into the design of low-cost communication systems and the provision of useful messages to users in participatory media through a multi-disciplinary approach. The result is a framework that efficiently and effectively delivers information to people in remote corners of the world

Trouble in paradise : contradictions in platform capitalism and the production of surplus by Airbnb hosts in regional tourist towns : a thesis presented in partial fulfilment of the requirements for the degree of Doctor of Philosophy in Sociology at Massey University, Albany, New Zealand

A tendency toward crisis in social reproduction characterizes digital capitalism. Increasingly, the economic system shows itself unable to generate subjectivities and social processes for addressing the physical and psychical need required for its reproduction. Emblematic of that contradiction is the individualism of digital capitalism which compels people to commodify themselves beyond the ‘normal’ state of abstracted labour power associated with capitalism, to become ‘entrepreneurs of the self’. An extreme form of commodification of the self is evident in a new form of capitalism termed ‘platform capitalism’ which manifests through organizations such as Airbnb. Like the notion of the ‘entrepreneur of the self’, this kind of commodified self is increasingly too thin and too instrumental to be self-sustaining. The commodification of people and of private spaces result in shifts of subjectivity as a response to the production of surplus-meaning and surplus-enjoyment and indicates capture of a new sphere for capitalist activities at the expense of social reproduction. This research explores the construction of Airbnb hosts’ subjectivities across four tourist towns in New Zealand (Picton, Wanaka, Paihia and Whitianga). Placed within the context of global capitalism, tourism is a major economic contributor to the New Zealand economy, estimated at $24 billion annually. Concurrently, regional areas of New Zealand are experiencing challenges relating to economic stagnation, ageing populations and changes to population numbers. Common across people living in these regional towns is a political imperative to commodify their life-worlds for the tourist market. Increasingly, the mechanisms that are synonymous with platform capitalist ventures, of Airbnb in this instance, are becoming significant means through which, the realization of this political imperative occurs. Using a qualitative research framework, in-depth semi-structured interviews were conducted with 28 Airbnb hosts, then analyzed using an inductive and iterative thematic analysis. The emerging themes presented here are commodification, biopolitics and the intensification of time and space. Collectively, the themes demonstrate how the contradictions of surplus and of social reproduction manifest within the digital platform of Airbnb. The research informs issues and debates in contemporary theory on capital’s tendency towards crises of social reproduction

An approach to the visualization of adaptive hypermedia structures and other small-world networks based on hierarchically Clustered Graphs

Tesis doctoral inédita. Universidad Autónoma de Madrid, Escuela Politécnica Superior, julio de 200

Automated Identification of National Implementations of European Union Directives with Multilingual Information Retrieval based on Semantic Textual Similarity

The effective transposition of European Union (EU) directives into Member States is important to achieve the policy goals defined in the Treaties and secondary legislation. National Implementing Measures (NIMs) are the legal texts officially adopted by the Member States to transpose the provisions of an EU directive. The measures undertaken by the Commission to monitor NIMs are time-consuming and expensive, as they resort to manual conformity checking studies and legal analysis. In this thesis, we developed a legal information retrieval system using semantic textual similarity techniques to automatically identify the transposition of EU directives into the national law at a fine-grained provision level. We modeled and developed various text similarity approaches such as lexical, semantic, knowledge-based, embeddings-based and concept-based methods. The text similarity systems utilized both textual features (tokens, N-grams, topic models, word and paragraph embeddings) and semantic knowledge from external knowledge bases (EuroVoc, IATE and Babelfy) to identify transpositions. This thesis work also involved the development of a multilingual corpus of 43 directives and their corresponding NIMs from Ireland (English legislation), Italy (Italian legislation) and Luxembourg (French legislation) to validate the text similarity based information retrieval system. A gold standard mapping (prepared by two legal researchers) between directive articles and NIM provisions was prepared to evaluate the various text similarity models. The results show that the lexical and semantic text similarity techniques were more effective in identifying transpositions as compared to the embeddings-based techniques. We also observed that the unsupervised text similarity techniques had the best performance in case of the Luxembourg Directive-NIM corpus