Shareholder voice and its opponents

This paper has shown that some of the principal arguments against shareholder voice are unfounded. It has shown that shareholders do own corporations, and that the nature of their property interest is structured to meet the needs of the relationships found in stock corporations. The paper has explained that fiduciary and other duties restrain the actions of shareholders just as they do those of management, and that critics cannot reasonably expect court-imposed fiduciary duties to extend beyond the actual powers of shareholders. It has also illustrated how, although corporate statutes give shareholders complete power to structure governance as they will, the default governance structures of U.S. corporations leaves shareholders almost powerless to initiate any sort of action, and the interaction between state and federal law makes it almost impossible for shareholders to elect directors of their choice. Lastly, the paper has recalled how the percentage of U.S. corporate equities owned by institutional investors has increased dramatically in recent decades, and it has outlined some of the major developments in shareholder rights that followed this increase. I hope that this paper deflated some of the strong rhetoric used against shareholder voice by contrasting rhetoric to law, and that it illustrated why the picture of weak owners painted in the early 20th century should be updated to new circumstances, which will help avoid projecting an old description as a current normative model that perpetuates the inevitability of "managerialsm", perhaps better known as "dirigisme"

Homotopical Adjoint Lifting Theorem

This paper provides a homotopical version of the adjoint lifting theorem in category theory, allowing for Quillen equivalences to be lifted from monoidal model categories to categories of algebras over colored operads. The generality of our approach allows us to simultaneously answer questions of rectification and of changing the base model category to a Quillen equivalent one. We work in the setting of colored operads, and we do not require them to be $\Sigma$-cofibrant. Special cases of our main theorem recover many known results regarding rectification and change of model category, as well as numerous new results. In particular, we recover a recent result of Richter-Shipley about a zig-zag of Quillen equivalences between commutative $H\mathbb{Q}$-algebra spectra and commutative differential graded $\mathbb{Q}$-algebras, but our version involves only three Quillen equivalences instead of six. We also work out the theory of how to lift Quillen equivalences to categories of colored operad algebras after a left Bousfield localization.Comment: This is the final, journal versio

Smith Ideals of Operadic Algebras in Monoidal Model Categories

Building upon Hovey's work on Smith ideals for monoids, we develop a homotopy theory of Smith ideals for general operads in a symmetric monoidal category. For a sufficiently nice stable monoidal model category and an operad satisfying a cofibrancy condition, we show that there is a Quillen equivalence between a model structure on Smith ideals and a model structure on algebra maps induced by the cokernel and the kernel. For symmetric spectra this applies to the commutative operad and all Sigma-cofibrant operads. For chain complexes over a field of characteristic zero and the stable module category, this Quillen equivalence holds for all operads.Comment: Comments welcom

Arrow Categories of Monoidal Model Categories

We prove that the arrow category of a monoidal model category, equipped with the pushout product monoidal structure and the projective model structure, is a monoidal model category. This answers a question posed by Mark Hovey, and has the important consequence that it allows for the consideration of a monoidal product in cubical homotopy theory. As illustrations we include numerous examples of non-cofibrantly generated monoidal model categories, including chain complexes, small categories, topological spaces, and pro-categories.Comment: 13 pages. Comments welcome. Version 2 adds more examples, and an application to cubical homotopy theory. Version 3 is the final, journal version, accepted to Mathematica Scandinavic

Viscosities of melts in the Na2O---FeO---Fe2O3---SiO2 system and factors controlling relative viscosities of fully polymerized silicate melts

Na2O---B2O3---SiO2 and Na2O-Ga2O3 viscosities decrease in the order aluminosilicate > ferrosilicate, (galliosilicate ?) > borosilicate. Thp electronegativities of the trivalent cations are inversely correlated with the relative viscosities of melts in these systems. Similarly, the electronegativities of network-stabilizing cations are inversely correlated with melt viscosity for alkali and alkaline-earth aluminosilicate melt systems. The variation in the viscosity of tectosilicate melts is correlated with estimated average T-O-T bond angles, and exothermic heats of solution of quench glasses. Structural controls of viscosity discussed are tetrahedral ordering and relative bond strengths. The acmite component in natural, peralkaline, silicic volcanics will not contribute directly to high melt viscosities for these lavas