Ernst Freund as Precursor of the Rational Study of Corporate Law

Gindis, David, Ernst Freund as Precursor of the Rational Study of Corporate Law (October 27, 2017). Journal of Institutional Economics, Forthcoming. Available at SSRN: https://ssrn.com/abstract=2905547, doi: https://dx.doi.org/10.2139/ssrn.2905547The rise of large business corporations in the late 19th century compelled many American observers to admit that the nature of the corporation had yet to be understood. Published in this context, Ernst Freund's little-known The Legal Nature of Corporations (1897) was an original attempt to come to terms with a new legal and economic reality. But it can also be described, to paraphrase Oliver Wendell Holmes, as the earliest example of the rational study of corporate law. The paper shows that Freund had the intuitions of an institutional economist, and engaged in what today would be called comparative institutional analysis. Remarkably, his argument that the corporate form secures property against insider defection and against outsiders anticipated recent work on entity shielding and capital lock-in, and can be read as an early contribution to what today would be called the theory of the firm.Peer reviewe

HerMES: SPIRE Science Demonstration Phase maps

We describe the production and verification of sky maps of the five Spectral and Photometric Imaging Receiver (SPIRE) fields observed as part of the Herschel Multi-tiered Extragalactic Survey (HerMES) during the Science Demonstration Phase (SDP) of the Herschel mission. We have implemented an iterative map-making algorithm [The SPIRE-HerMES Iterative Mapper (SHIM)] to produce high fidelity maps that preserve extended diffuse emission on the sky while exploiting the repeated observations of the same region of the sky with many detectors in multiple scan directions to minimize residual instrument noise. We specify here the SHIM algorithm and outline the various tests that were performed to determine and characterize the quality of the maps and verify that the astrometry, point source flux and power on all relevant angular scales meet the needs of the HerMES science goals. These include multiple jackknife tests, determination of the map transfer function and detailed examination of the power spectra of both sky and jackknife maps. The map transfer function is approximately unity on scales from 1 arcmin to 1°. Final maps (v1.0), including multiple jackknives, as well as the SHIM pipeline, have been used by the HerMES team for the production of SDP papers

Multi-messenger observations of a binary neutron star merger

On 2017 August 17 a binary neutron star coalescence candidate (later designated GW170817) with merger time 12:41:04 UTC was observed through gravitational waves by the Advanced LIGO and Advanced Virgo detectors. The Fermi Gamma-ray Burst Monitor independently detected a gamma-ray burst (GRB 170817A) with a time delay of ~1.7 s with respect to the merger time. From the gravitational-wave signal, the source was initially localized to a sky region of 31 deg2 at a luminosity distance of 40+8-8 Mpc and with component masses consistent with neutron stars. The component masses were later measured to be in the range 0.86 to 2.26 Mo. An extensive observing campaign was launched across the electromagnetic spectrum leading to the discovery of a bright optical transient (SSS17a, now with the IAU identification of AT 2017gfo) in NGC 4993 (at ~40 Mpc) less than 11 hours after the merger by the One- Meter, Two Hemisphere (1M2H) team using the 1 m Swope Telescope. The optical transient was independently detected by multiple teams within an hour. Subsequent observations targeted the object and its environment. Early ultraviolet observations revealed a blue transient that faded within 48 hours. Optical and infrared observations showed a redward evolution over ~10 days. Following early non-detections, X-ray and radio emission were discovered at the transient’s position ~9 and ~16 days, respectively, after the merger. Both the X-ray and radio emission likely arise from a physical process that is distinct from the one that generates the UV/optical/near-infrared emission. No ultra-high-energy gamma-rays and no neutrino candidates consistent with the source were found in follow-up searches. These observations support the hypothesis that GW170817 was produced by the merger of two neutron stars in NGC4993 followed by a short gamma-ray burst (GRB 170817A) and a kilonova/macronova powered by the radioactive decay of r-process nuclei synthesized in the ejecta

HerMES: deep galaxy number counts from a P(D) fluctuation analysis of SPIRE Science Demonstration Phase observations

Dusty, star-forming galaxies contribute to a bright, currently unresolved cosmic far-infrared background. Deep Herschel-Spectral and Photometric Imaging Receiver (SPIRE) images designed to detect and characterize the galaxies that comprise this background are highly confused, such that the bulk lies below the classical confusion limit. We analyse three fields from the Herschel Multi-tiered Extragalactic Survey (HerMES) programme in all three SPIRE bands (250, 350 and 500 μm); parametrized galaxy number count models are derived to a depth of ∼2 mJy beam−1, approximately four times the depth of previous analyses at these wavelengths, using a probability of deflection [P(D)] approach for comparison to theoretical number count models. Our fits account for 64, 60 and 43 per cent of the far-infrared background in the three bands. The number counts are consistent with those based on individually detected SPIRE sources, but generally inconsistent with most galaxy number count models, which generically overpredict the number of bright galaxies and are not as steep as the P(D)-derived number counts. Clear evidence is found for a break in the slope of the differential number counts at low flux densities. Systematic effects in the P(D) analysis are explored. We find that the effects of clustering have a small impact on the data, and the largest identified systematic error arises from uncertainties in the SPIRE beam.Peer reviewe

Discovery of a multiply lensed submillimeter galaxy in early HerMES Herschel/SPIRE data

‘In these times, during the rise in the popularity of institutional repositories, the Society does not forbid authors from depositing their work in such repositories. However, the AAS regards the deposit of scholarly work in such repositories to be a decision of the individual scholar, as long as the individual's actions respect the diligence of the journals and their reviewers.’ Original article can be found at: http://iopscience.iop.org/ Copyright American Astronomical SocietyWe report the discovery of a bright (f (250 μm)>400 mJy), multiply lensed submillimeter galaxy HERMES J105751.1+573027 in Herschel/SPIRE Science Demonstration Phase data from the HerMES project. Interferometric 880 μm Submillimeter Array observations resolve at least four images with a large separation of ∼9″. A high-resolution adaptive optics Kp image with Keck/NIRC2 clearly shows strong lensing arcs. Follow-up spectroscopy gives a redshift of z = 2.9575, and the lensing model gives a total magnification of μ ∼ 11 ± 1. The large image separation allows us to study the multi-wavelength spectral energy distribution (SED) of the lensed source unobscured by the central lensing mass. The far-IR/millimeter-wave SED is well described by a modified blackbody fit with an unusually warm dust temperature, 88 ± 3 K. We derive a lensing-corrected total IR luminosity of (1.43 ± 0.09) × 1013 L⊙, implying a star formation rate of ∼2500 M⊙ yr-1. However, models primarily developed from brighter galaxies selected at longer wavelengths are a poor fit to the full optical-to-millimeter SED. A number of other strongly lensed systems have already been discovered in early Herschel data, and many more are expected as additional data are collected.Peer reviewe