Board Diversity Shareholder Suits: Diverging Materiality Tests Under Rules 10B-5 and 14A-9

Environmental, social, and governance (ESG) investing has grown significantly as an investment strategy over the past decade, leading to intensified demands among investors for more ESG disclosures from publicly listed companies. Perhaps the most high-profile example of this trend is the recent widespread demand among institutional investors, proxy advisory firms, and exchanges for more disclosure and compliance as it relates to board and workplace diversity. Given these efforts and the signals coming from the SEC that it intends to take a more proactive approach to ESG disclosure and compliance, issuers can expect an environment of more specific and detailed diversity disclosures. These increasingly comprehensive disclosures implicate the anti-fraud provisions of the federal securities laws, particularly Rules 10b-5 and 14a-9. While the Supreme Court has held that the materiality requirement under each of these rules is identical, this note argues that, in the case of securities fraud claims related to diversity disclosures, they require distinct evaluations and lead to different outcomes. Specifically, Rule 14a-9, with its focus on what is important to a reasonable investor’s voting decisions, is more favorable to plaintiffs than Rule 10b-5, which regulates information important to a reasonable investor’s buying and selling decisions. The divergent outcomes are due, in large part, to the combined effects of ownership concentration, passive investing, and the preference among investors for addressing ESG and diversity by voting their shares rather than by selling them. As a result, this note finds that Rule 14a-9 is an increasingly viable option for claims against issuers for false or misleading statements related to board diversity. Consequently, Rule 14a-9 may constitute a mechanism by which plaintiffs can motivate compliance with board diversity standards by making noncompliance too costly

Standard surgical treatment in pancreatic cancer

Pancreatic cancer is the third leading neoplasm of the gastrointestinal system and has a dismal prognosis. The majority of patients are no more suitable for resection at time of diagnosis due to early development of distant metastases or major infiltrations of adjacent structures. However, due to the resistance of pancreatic cancers against chemoradiation, curative resection represents the only therapy with a potential for cure. For the surgical treatment of pancreatic head cancer, the classical Whipple operation is still the standard procedure but during the last two decades, pylorus-preserving duodenopancreatectomy has been evolved as a more conservative procedure in order to omit the consequences of partial gastrectomy. For cancer of the pancreatic body and tail, distal pancreatectomy or total pancreatectomy represent the current standard treatment. More radical methods like regional pancreatectomy and resection with extended lymph node dissection have failed so far to demonstrate any improvements in long-term survival compared to the standard types of resection. To further improve the treatment of pancreatic cancer, prospectively randomised trials are needed to compare these extended surgical procedures with the standard types of resectio

No-Drag String Configurations for Steadily Moving Quark-Antiquark Pairs in a Thermal Bath

We investigate the behavior of stationary string configurations on a five-dimensional AdS black hole background which correspond to quark-antiquark pairs steadily moving in an N=4 super Yang-Mills thermal bath. There are many branches of solutions, depending on the quark velocity and separation as well as on whether Euclidean or Lorentzian configurations are examined.Comment: references added; statements corrected; eliminated computation of jet quenching parameter from Wilson loop of [Liu, Rajagopal, Wiedemann, hep-th/0605178] using Euclidean string configurations since those authors advocate [hep-th/0607062, footnote 14] the use of spacelike Lorentzian string configurations instea

Dissipation from a heavy quark moving through N=4 super-Yang-Mills plasma

Using AdS/CFT, we compute the Fourier space profile of generated by a heavy quark moving through a thermal plasma of strongly coupled N=4 super-Yang-Mills theory. We find evidence of a wake whose description includes gauge fields with large momenta. We comment on the possible relevance of our results to relativistic heavy ion collisions.Comment: 17 pages, 2 figures. v2: reference added, other minor improvements. v3: improved the phrasing describing directional structure

Drag Force in a Charged N=4 SYM Plasma

Following recent developments, we employ the AdS/CFT correspondence to determine the drag force exerted on an external quark that moves through an N=4 super-Yang-Mills plasma with a non-zero R-charge density (or, equivalently, a non-zero chemical potential). We find that the drag force is larger than in the case where the plasma is neutral, but the dependence on the charge is non-monotonic.Comment: 16 pages, 1 eps figure; v2: references added, typos fixed; v3: more general ansatz, new nontrivial solution obtained, nonmonotonicity of the drag force made explicit in new figure, version to appear in JHE

Aging of polymers of intrinsic microporosity studied by sorption and permeation

Polymers of intrinsic microporosity (PIMs)1 seem to be effective materials for gas and vapor separations.2 However, gas separation efficiency of PIMs can be strongly influenced by the material aging process connected with the changes of PIMs inner structure.3 With respect to potential industrial applications, the investigation of such changes and their effect on gas and vapor transport is necessary. In this work, we present a detailed study of i) CO2 sorption in PIM-1 via momentary measurements during four years and ii) methanol permeation in PIM-11 and EA-TB-PIM2 via continuous and momentary experiments. Sorption experiments were performed gravimetrically using a self-developed apparatus equipped with McBain’s spiral balances. In this case, PIM-1 membranes were pre-treated (soaking in ethanol with consequent drying at different temperatures) in order to study the influence of temperature on PIM-1 aging. Methanol permeation experiments were performed using a differential flow permeameter with H2 and He as carrier gases. Permeation experiment were performed with PIM-1 and PIM-EA-TB methanol treated membranes. CO2 sorption measurements revealed that, assuming the validity of the solution-diffusion model, the decrease of permeability during aging can be attributed directly to the decrease of diffusivity, whereas solubility is time independent in the studied period of four years. Although higher preparation temperature led to the initial drop of diffusivity, this process stabilized separation performance of PIMs over time (Figure 1). MeOH permeation experiments confirmed previous findings from CO2 tests, that the permeability decrease during the aging is a diffusivity controlled process. Moreover, it was found that the momentary permeation data can be mathematically transferred to continuous data, which are more relevant for applications but more difficult to measure. The nature of aging process was studied by infrared spectroscopy. We have found that aging of PIMs does not influence their chemical structure and; therefore, they undergo only the so called physical-aging. Please click Additional Files below to see the full abstract

Perturbations of anti-de Sitter black holes

I review perturbations of black holes in asymptotically anti-de Sitter space. I show how the quasi-normal modes governing these perturbations can be calculated analytically and discuss the implications on the hydrodynamics of gauge theory fluids per the AdS/CFT correspondence. I also discuss phase transitions of hairy black holes with hyperbolic horizons and the dual superconductors emphasizing the analytical calculation of their properties.Comment: 25 pages, 4 figures, prepared for the proceedings of the 5th Aegean Summer School "From Gravity to Thermal Gauge Theories: the AdS/CFT Correspondence," Milos, Greece, September 2009

A case study of a transported bromine explosion event in the Canadian high arctic

Ozone depletion events in the polar troposphere have been linked to extremely high concentrations of bromine, known as bromine explosion events (BEE). However, the optimum meteorological conditions for the occurrence of these events remain uncertain. On 4–5 April 2011, a combination of both blowing snow and a stable shallow boundary layer was observed during a BEE at Eureka, Canada (86.4°W, 80.1°N). Measurements made by a Multi-Axis Differential Optical Absorption Spectroscopy spectrometer were used to retrieve BrO profiles and partial columns. During this event, the near-surface BrO volume mixing ratio increased to ~20 parts per trillion by volume, while ozone was depleted to ~1 ppbv from the surface to 700 m. Back trajectories and Global Ozone Monitoring Experiment-2 satellite tropospheric BrO columns confirmed that this event originated from a bromine explosion over the Beaufort Sea. From 30 to 31 March, meteorological data showed high wind speeds (24 m/s) and elevated boundary layer heights (~800 m) over the Beaufort Sea. Long-distance transportation (~1800 km over 5 days) to Eureka indicated strong recycling of BrO within the bromine plume. This event was generally captured by a global chemistry-climate model when a sea-salt bromine source from blowing snow was included. A model sensitivity study indicated that the surface BrO at Eureka was controlled by both local photochemistry and boundary layer dynamics. Comparison of the model results with both ground-based and satellite measurements confirmed that the BEE observed at Eureka was triggered by transport of enhanced BrO from the Beaufort Sea followed by local production/recycling under stable atmospheric shallow boundary layer conditions