Fairness, Efficiency and Insider Trading: Deconstructing the Coin of the Realm in the Information Age

Whether and how the federal securities laws should restrict insider trading is one of the most hotly debated topics in the securities law literature. Paradoxically, both the theoretical analysis and the legal rules concerning insider trading remain extraordinarily vague and ill-formed. What is the special character of insider trading that leads to this apparently irresolvable puzzle? In this Article, I argue that there is, in fact, nothing special about insider trading that creates this dilemma, but rather there is something special about the nature of information itself. Accordingly, this theoretical dilemma is not limited to insider trading regulation, but rather pervades all areas of intellectual property law. In this Article, I situate insider trading regulation within the larger body of intellectual property law by discussing three potential allocations of the property right in valuable inside information. First, inside information could be treated as a public resource, meaning that a person in possession of inside information could not legally exploit that advantage for personal profit. Such a regime would forbid some or all insider trading by forcing the disclosure to the marketplace of inside information prior to trading. I argue that regulators should reject this alternative because, despite it\u27s proponents\u27 tendency to justify the rule in terms of fairness, this proposal is unlikely to foster fairness in any meaningful way. Alternatively, the property right in valuable inside information could belong to issuers, as the producers of such information. I argue that regulators should reject this alternative because, despite its proponents? tendency to frame their arguments in terms of promoting informational efficiency, a legal regime treating inside information as the property of the issuer is unlikely to further that goal. In fact, such proposals assume an affirmative answer to a question that is fiercely debated in other areas of intellectual property law: does creating a property right in information producers incentivize additional production to the extent necessary to offset the social costs of excluding others from use of the information? Finally, the property right in valuable inside information could reside with outsider traders (traders who possess inside information, but are neither insiders nor constructive insiders of the issuer). I argue that regulators should pursue this alternative because, although there is no need to encourage issuers to create valuable inside information, the need to encourage the dissemination of such information to the marketplace has been recognized for many years. Accordingly, I propose in this Article a system of federal securities regulation that would permit trading by corporate outsiders who did not receive their information in a tip from an insider or constructive insider. Such a system, I argue, provides the hope of filling in the gaps left by the current disclose or abstain system, by encouraging the reflection of material information in stock market price without disclosure of the actual inside information. At the same time, this proposal avoids the perverse incentives and negative impacts on market efficiency attendant in a system that permits insider trading by corporate employees

An experimental investigation and evaluation of a Doppler radar technique for the measurement of the flow generated by wing tip vortices Final summary report

Doppler radar measurements of flow generated by wing tip vortices using reflective chaff dispensed into vortice

Where are the children in national hepatitis C policies? A global review of national strategic plans and guidelines

Background and Aims: It is estimated that 3.26 million children and adolescents worldwide have chronic hepatitis C virus (HCV) infection. To date, the global response has focussed on the adult population, but Direct Acting Antiviral (DAA) regimens are now approved for children aged ≥ 3 years. This global review describes the current status of policies on HCV testing and treatment in children, adolescents and pregnant women in WHO Member States. / Methods: We identified national strategic plans (NSPs) and/or clinical practice guidelines (CPGs) for HCV infection from a World Health Organization (WHO) database of national policies from member states as of August 2019. A standardised proforma was used to abstract data on polices or recommendations on testing and treatment in children, adolescents and pregnant women. Analysis was stratified according to the country-income status and results were validated through WHO regional focal points through August 2020. / Results: National HCV policies were available for 122 of the 194 WHO Member States. Of these, the majority (n=71/122, 58%) contained no policy recommendations for either testing or treatment in children or adolescents. Of the 51 countries with policies, 24 had specific policies for both testing and treatment, and were mainly from the European region; 18 countries for HCV testing only (12 from high- or upper-middle income); and 9 countries for treatment only (7 high- or upper-middle income). Twenty-one countries provided specific treatment recommendations: 13 recommended DAA-based regimens for adolescents ≥12 years and six still recommended interferon/ribavirin-based regimens. / Conclusions: There are significant gaps in policies for HCV-infected children and adolescents. Updated guidance on testing and treatment with newly approved DAA regimens for younger age groups is needed, especially in most affected countries

Experimental and analytic studies of the triggered lightning environment of the F106B

The triggered lightning environment of the F106B aircraft is investigated. Scale modeling of the F106B with a metallized model was done to measure electric field enhancement factors on the aircraft and on canonically shaped conducting objects. These are then compared to numerically determined quantities. Detailed numerical modeling is done of the development of the triggered lightning channel. This is done using nonlinear air chemistry models to model a variety of physical phenomena which occur in a triggered lightning event. The effect of a triggered lightning strike on internal wires in the F106B is investigated using finite difference models and transmission line models to calculate the electromagnetic coupling of lightning currents through seams and joints of the aircraft to internal cables. Time domain waveforms are computed and compared to measured waveforms. The effect of thunderstorm particles on the initial triggering of a lightning strike is investigated. The electric field levels needed to cause air breakdown in the presence and absence of thunderstorm particles are calculated. This is done as a function of the size, shape, and density of the particles

Computer Games Are Serious Business and so is their Quality: Particularities of Software Testing in Game Development from the Perspective of Practitioners

Over the last several decades, computer games started to have a significant impact on society. However, although a computer game is a type of software, the process to conceptualize, produce and deliver a game could involve unusual features. In software testing, for instance, studies demonstrated the hesitance of professionals to use automated testing techniques with games, due to the constant changes in requirements and design, and pointed out the need for creating testing tools that take into account the flexibility required for the game development process. Goal. This study aims to improve the current body of knowledge regarding software testing in game development and point out the existing particularities observed in software testing considering the development of a computer game. Method. A mixed-method approach based on a case study and an opinion survey was applied to collect quantitative and qualitative data from software professionals regarding the particularities of software testing in game development. Results. We analyzed over 70 messages posted on three well-established network of question-and-answer communities related to software engineering, software testing and game development and received answers of 38 professionals discussing differences between testing a computer game and a general software, and identified important aspects to be observed by practitioners in the process of planning, performing and reporting tests in this context. Conclusion. Considering computer games, software testing must focus not only on the common aspects of a general software, but also, track and investigate issues that could be related to game balance, game physics and entertainment related-aspects to guarantee the quality of computer games and a successful testing process

Accounting for unequal access to higher education: the role of social identity factors

Western societies stress the potential for anyone, irrespective of social background, to improve their position within society. However, disadvantaged students face barriers in gaining a good education. Two studies in secondary schools show how perceptions of identity compatibility and anticipated fit influence students’ university choices. It was found that relatively disadvantaged students scored lower on identity compatibility, and that low scores on identity compatibility were associated with lower anticipated fit at a local selective (Study 1) or highly selective (Study 2) university. Anticipated fit, in turn, predicted the type of university to which participants wanted to apply; those who anticipated fitting in more at selective universities were more likely to apply to higher status universities. These relations were significant while controlling for academic achievement. Together, these studies suggest that social identity factors play a relevant role in explaining higher education choices among low-status group members

Bounds on the slope and the curvature of the scalar K\pi form factor at zero momentum transfer

We derive and calculate unitarity bounds on the slope and curvature of the strangeness-changing scalar form factor at zero momentum transfer, using low-energy constraints and Watson final state interaction theorem. The results indicate that the curvature is important and should not be neglected in the representation of experimental data. The bounds can be converted also into an allowed region for the constants $C\_{12}^r$ and $C\_{34}^r$ of Chiral Perturbation Theory. Our results are consistent with, but weaker than the predictions made by Jamin, Oller and Pich in a coupled channel dispersion approach basedon chiral resonance model. We comment on the differences between the two dispersive methods and argue that the unitarity bounds are useful as an independent check involving different sources of informationComment: 25 pages, 5 figures, version to be published in Nuclear Physics