SEC Enforcement Heuristics: An Empirical Inquiry

This Article examines the overlap between SEC securities enforcement actions and private securities fraud class actions. We begin with an overview of data concerning all SEC enforcement actions from 1997 to 2002. We find that the volume of SEC enforcement proceedings is relatively modest. We next examine the scope of the recently enacted Fair Fund provision that authorizes the SEC to designate civil penalties it recovers from defendants to benefit defrauded private investors. We conclude that this provision offers only limited potential relief for private investors. We complete this Part of the Article with an analysis of the serious resource limitations faced by the SEC. The second portion of the Article contains an empirical analysis of the determinants of SEC enforcement actions and the overlap of private fraud suits and SEC enforcement proceedings. Using bivariate analysis, we find that (1) private suits with parallel SEC actions settle for significantly more than private suits without such proceedings; (2) SEC enforcement actions target significantly smaller companies than private actions alone; (3) private cases with parallel SEC actions take substantially less time to settle than other private cases; and (4) private cases with parallel SEC actions have significantly longer class periods than other private actions. Finally, we create a model for estimating damages to compare settlement ratios in cases with parallel SEC actions to those in private actions. We find that one-fourth of all the private class action settlements occurring in suits that yield less than 10 percent of provable losses are settled for less than 2 percent of provable losses, but that there are no private actions with parallel SEC suits with such small settlements. In the final Part of the Article, we conduct a multivariate regression analysis of the determinants of when SEC enforcement actions are filed. We find that the most highly significant determinant of SEC actions is financial distress. Estimated losses do not appear to be a statistically significant factor in the SEC\u27s decision to file these suits

Developing Consistency in Enamel Etching by CO\u3csub\u3e2\u3c/sub\u3e Laser

It has been reported that CO2 laser energy can be utilized to etch enamel. However, consistency of etching has been a significant problem. This research was designed to ascertain which exposure parameters result in consistent etching of enamel. Fourteen non.carious teeth were selected and a 2x4 gridwork was cut into the buccal surfaces creating eight discrete windows for laser exposures. Four teeth served for the initial pilot project. Two windows were lased at each combination of exposure parameters. Laser exposures were at .01, .02, .05, or .10 sec. at 2, 5, 10, or 15 Watts (W) with a model 20C Pfizer CO2 laser. A 1.0mm focal spot was used throughout. Following SEM examinations, it became clear that etching occurred only at .05 and .10 sec. at 10 and 15W. Ten teeth were used for the main project at .05 and .10 sec. exposures at 10 and 15W. Ten windows were lased for each combination of exposure parameters. SEM analysis was accomplished at 100X and 1,200X. 10/10 laser exposures at .05 sec./15W, .10 sec./10W and .10 sec./15W resulted in etched enamel. Statistical analysis showed a significant difference in etching between the .05 sec.10W group and the higher exposure parameters (p= .003). The results indicate that CO2 laser energy can consistently etch enamel at .10 sec. at 10 or 15W and at .05 sec. at 15W with a 1.0mm focal spot

Mobile Privacy and Business-to-Platform Dependencies: An Analysis of SEC Disclosures

This Article systematically examines the dependence of mobile apps on mobile platforms for the collection and use of personal information through an analysis of Securities and Exchange Commission (SEC) filings of mobile app companies. The Article uses these disclosures to find systematic evidence of how app business models are shaped by the governance of user data by mobile platforms, in order to reflect on the role of platforms in privacy regulation more generally. The analysis of SEC filings documented in the Article produces new and unique insights into the data practices and data-related aspects of the business models of popular mobile apps and shows the value of SEC filings for privacy law and policy research more generally. The discussion of SEC filings and privacy builds on regulatory developments in SEC disclosures and cybersecurity of the last decade. The Article also connects to recent regulatory developments in the U.S. and Europe, including the General Data Protection Regulation, the proposals for a new ePrivacy Regulation and a Regulation of fairness in business-to-platform relations

The LCO/Palomar 10,000 km/sec Cluster Survey. II. Constraints on Large-Scale Streaming

The LCO/Palomar 10,000 km/sec (LP10K) Tully-Fisher (TF) data set is used to test for bulk streaming motions on a ~150 Mpc scale. The sample consists of 172 cluster galaxies in the original target range of the survey, 9000-13,000 km/sec, plus an additional 72 galaxies with cz < 30,000 km/sec. A maximum-likelihood analysis that is insensitive to Malmquist and selection bias effects is used to constrain the bulk velocity parameters, and realistic Monte-Carlo simulations are carried out to correct residual biases and determine statistical errors. When the analysis is restricted to the original target range, the bias-corrected bulk flow is v_B=720 +/- 280 km/sec toward l=266, b=19. When all objects out to z=0.1 are included the result is virtually unchanged, v_B=700 +/- 250 km/sec toward l=272, b=10. The hypothesis that the Hubble flow has converged to the CMB frame at distances less than ~ 100 Mpc is ruled out at the 97% confidence level. The data are inconsistent with the flow vector found by Lauer & Postman. However, the LP10K bulk flow is consistent with that obtained from the SMAC survey of elliptical galaxies recently described by Hudson et al. If correct, the LP10K results indicate that the convergence depth for the Hubble flow is >~ 150 Mpc.Comment: 14 pages, 7 figures, uses emulateapj, submitted to the Astrophysical Journal. Also available at http://astro.stanford.edu/jeff

The Extreme Ultraviolet Variability of Quasars

We study the extreme ultraviolet (EUV) variability (rest frame wavelengths 500 - 920 $\AA$) of high luminosity quasars using HST (low to intermediate redshift sample) and SDSS (high redshift sample) archives. The combined HST and SDSS data indicates a much more pronounced variability when the sampling time between observations in the quasar rest frame is $> 2\times 10^{7}$ sec compared to $< 1.5\times 10^{7}$ sec. Based on an excess variance analysis, for time intervals $< 2\times 10^{7}$ sec in the quasar rest frame, $10\%$ of the quasars (4/40) show evidence of EUV variability. Similarly, for time intervals $>2\times 10^{7}$ sec in the quasar rest frame, $55\%$ of the quasars (21/38) show evidence of EUV variability. The propensity for variability does not show any statistically significant change between $2.5\times 10^{7}$ sec and $3.16\times 10^{7}$ sec (1 yr). The temporal behavior is one of a threshold time interval for significant variability as opposed to a gradual increase on these time scales. A threshold time scale can indicate a characteristic spatial dimension of the EUV region. We explore this concept in the context of the slim disk models of accretion. We find that for rapidly spinning black holes, the radial infall time to the plunge region of the optically thin surface layer of the slim disk that is responsible for the preponderance of the EUV flux emission (primarily within 0 - 7 black hole radii from the inner edge of the disk) is consistent with the empirically determined variability time scale.Comment: To appear in Ap

Ghosts in the self-accelerating DGP branch with Gauss-Bonnet effect

The Dvali-Gabadadze-Porrati brane-world model provides a possible approach to address the late-time cosmic acceleration. However, it has subsequently been pointed out that a ghost instability will arise on the self-accelerating branch. Here, we carefully investigate whether this ghost problem could be possibly cured by introducing the Gauss-Bonnet term in the five-dimensional bulk action, a natural generalization to the Dvali-Gabadadze-Porrati model. Our analysis is carried out for a background where a de Sitter brane is embedded in an anti-de Sitter bulk. Our result shows that the ghost excitations cannot be avoided even in this modified model.Comment: 9 pages, 1 figure. Version improved considerably: one footnote removed with extended discussion in Sec. I, a new paragraph added at the end of Sec. IV and another new paragraph in Sec. V, one figure and some references adde

Venturing into schools : locating mental health initiatives in complex environments

Schools provide viable settings for mental health promotion initiatives, such as programs to develop students’ social and emotional capabilities (SEC). Complexity in the school environments into which initiatives are introduced, such as diverse student capabilities, school structures, and teachers’ knowledge and confidence, will play an integral role in the success of those initiatives. This paper investigates the environments of schools about to receive the KidsMatter mental heath promotion, prevention and early intervention initiative in Australia, using information sourced from questionnaires about 2598 students and their teachers in 50 Australian primary schools. The focus of the report is on the status of the schools’ work in one of the key focus areas for the intervention, namely students’ SEC. Analysis showed relatively high levels of students’ SEC across the whole sample, but with sub-group differences. Teachers’ attitudes towards SEC learning were highly positive. Teachers’ self-rated knowledge and approaches in dealing with SEC were moderate, and point to requirements for additional pre-service and professional development. The extent of regular and sustained delivery of SEC programs and mental health initiatives in general showed variability, suggesting the need to attend to school systems and structural supports. Implications of these areas of diversity in school environments on the selection and methods of delivery of mental health promotion programs in schools are discussed.peer-reviewe

An Alternative Parameterization of R-matrix Theory

An alternative parameterization of R-matrix theory is presented which is mathematically equivalent to the standard approach, but possesses features which simplify the fitting of experimental data. In particular there are no level shifts and no boundary-condition constants which allows the positions and partial widths of an arbitrary number levels to be easily fixed in an analysis. These alternative parameters can be converted to standard R-matrix parameters by a straightforward matrix diagonalization procedure. In addition it is possible to express the collision matrix directly in terms of the alternative parameters.Comment: 8 pages; accepted for publication in Phys. Rev. C; expanded Sec. IV, added Sec. VI, added Appendix, corrected typo