At the Water’s Hedge: International Insider-Trading Enforcement After Morrison

From copy rooms to boardrooms, many Americans have succumbed to the siren song of insider trading. As U.S. companies have gone international, so too have corporate secrets ripe for exploitation. With the growth of overseas derivatives based on U.S. stock, foreigners are able to engage in insider trading to a similar extent as Americans. But in Morrison v. National Australia Bank, the Supreme Court limited the reach of the statutory insider-trading prohibition to transactions taking place in U.S. territory or transactions in securities listed on U.S. exchanges. Neither condition applies to overseas insider trading using derivatives. However, courts have reasoned that when the trader’s broker hedges by buying stock on a U.S. exchange, that transaction can be attributed to the trader, thus bringing the scheme within Morrison. This hedging theory depends on the acts of third parties—the brokers—to create insider-trading liability, thus giving arbitrary windfalls to blameworthy traders and creating both evidentiary and legal hurdles for U.S. enforcement. Because Morrison has backed courts into this unworkable corner, it should not govern in insider-trading cases. There is a fix: the Dodd-Frank Wall Street Reform and Consumer Protection Act abrogated Morrison for enforcement actions, albeit imperfectly. By abandoning the theory in favor of Dodd-Frank’s pragmatic standard, courts can more nimbly and forcefully protect U.S. markets from foreign fraud

MECHANICAL DAMPING SYSTEM FOR STRUCTURES

A mechanical damping system for a structure is provided. The mechanical damping system comprises a tubular impact frame secured to the structure. A support frame is secured to the structure with the support frame spaced from the impact frame. An elongated member is provided having a first end and a second end. The first end is secured within the support frame and the second end is free from connection and extends into the impact frame. At least one impact mass is secured to the second end of the elongated member, the impact mass movable within and contactable with the impact frame

Three Essays in Health Economics

State governments play a major role in the United States health care market. Moreover, states administer much of the regulation, budgeting, and policy for their own markets, which creates idiosyncratic differences across states. This dissertation contributes to the literature by evaluating those differences to analyze the effectiveness of certain regulations and policies and to explore the relationship between state health care markets and other state obligations. The first chapter uses state differences in the nurse practitioner (NP) market to evaluate the effects of state laws allowing NPs to prescribe controlled substances on prescription opioid use. I study these effects by merging nationwide data from the Medical Expenditure Panel Survey (MEPS) over 18 years (1996-2013) with data on state laws. I then exploit variation in these laws over time to create a quasi-natural experiment and to estimate the causal impact of NP deregulation on prescription opioid use. I find, relative to patients living in more restrictive states, that patients who live in states with more flexible NP laws emph{reduce} their prescription opioid use by 7 percent to 9 percent. I also find that health outcomes either slightly improve or remain unaffected by the enactment of these laws. Taken together, these results indicate that NP deregulation slows the trend in prescription opioid growth while potentially improving patient outcomes. Furthermore, suggestive evidence implies that these effects may be even larger for the least restrictive states, opening the door for future reforms. The second chapter (co-authored with Andrew Litten) seeks to identify the causal relationship between increased state Medicaid obligations and higher education spending. After several decades of federal mandates and high rates of health cost inflation, Medicaid spending has taken an increasingly larger share of state budgets, forcing states to make offsetting cuts elsewhere. We argue that state governments are likely to cut higher education in response to these changes, as institutions of higher education have the capacity to find additional revenues elsewhere. We use federally administered Supplemental Security Income (SSI) enrollments to instrument for state Medicaid spending. We find that a one dollar increase in Medicaid costs leads to a decrease in higher education subsidies of 20 cents to 37 cents. Our approach provides estimates which are both more credible and more precise than those which have previously been used in the literature. The third chapter studies the effectiveness of Prescription Drug Monitoring Programs (PDMPs). These programs are widely considered to be a promising tool for preventing prescription opioid misuse. Using a nationally representative sample that spans the majority of PDMP implementation, I find little evidence that PDMP implementation is effective in preventing prescription opioid misuse. Nonetheless, I find that when states pair PDMPs with policies mandating health care provider use ("must access" laws), they can successfully reduce high-volume opioid prescriptions. States that add "must access" laws reduce high-volume prescriptions by about 20 percent. In addition, these states do not appear to affect overall prescribing behavior, suggesting that PDMPs with "must access" laws can target potential misuse without hindering medically appropriate access.PHDEconomicsUniversity of Michigan, Horace H. Rackham School of Graduate Studieshttps://deepblue.lib.umich.edu/bitstream/2027.42/138556/1/hamiltmr_1.pd

Shift-encoded optically multiplexed imaging

In a multiplexed image, multiple fields-of-view (FoVs) are superimposed onto a common focal plane. The attendant gain in sensor FoV provides a new degree of freedom in the design of an imaging system, allowing for performance tradeoffs not available in traditional optical designs. We explore design choices relating to a shift-encoded optically multiplexed imaging system and discuss their performance implications. Unlike in a traditional imaging system, a single multiplexed image has a fundamental ambiguity regarding the location of objects in the image. We present a system that can shift each FoV independently to break this ambiguity and compare it to other potential disambiguation techniques. We then discuss the optical, mechanical, and encoding design choices of a shift-encoding midwave infrared imaging system that multiplexes six 15×15  deg FoVs onto a single one megapixel focal plane. Using this sensor, we demonstrate a computationally demultiplexed wide FoV video.United States. Air Force Office of Scientific Research (FA8721-05-C-0002

North Atlantic Right Whale Consortium 2018 Annual Report Card

The North Atlantic right whale (Eubalaena glacialis) remains one of the most endangered large whales in the world. Over the past two decades, there has been increasing interest in addressing the problems hampering the recovery of North Atlantic right whales by using innovative research techniques, new technologies, analyses of existing databases, and enhanced conservation and education strategies. This increased interest demanded better coordination and collaboration among all stakeholders to ensure that there was improved access to data, research efforts were not duplicative, and that findings were shared with all interested parties. The North Atlantic Right Whale Consortium, initially formed in 1986 by five research institutions to share data among themselves, was expanded in 1997 to address these greater needs. Currently, the Consortium membership is comprised of representatives from more than 100 entities including: research, academic, and conservation organizations; shipping and fishing industries; whale watching companies; technical experts; United States (U.S.) and Canadian Government agencies; and state authorities. North Atlantic Right Whale Consortium members agreed in 2004 that an annual “report card” on the status of right whales would be useful. This report card includes updates on the status of the cataloged population, mortalities and injury events, and a summary of management and research efforts that have occurred over the previous 12 months. The Board’s goal is to make public a summary of current research and management activities, as well as provide detailed recommendations for future activities. The Board views this report as a valuable asset in assessing the effects of research and management over time.Island Foundation; Conference Fee

North Atlantic Right Whale Consortium 2019 Annual Report Card

The North Atlantic right whale (Eubalaena glacialis) remains one of the most endangered large whales in the world. Over the past two decades, there has been increasing interest in addressing the problems hampering the recovery of North Atlantic right whales by using innovative research techniques, new technologies, analyses of existing databases, and enhanced conservation and education strategies. This increased interest demanded better coordination and collaboration among all stakeholders to ensure that there was improved access to data, research efforts were not duplicative, and that findings were shared with all interested parties. The North Atlantic Right Whale Consortium, initially formed in 1986 by five research institutions to share data among themselves, was expanded in 1997 to address these greater needs. Currently, the Consortium membership is comprised of representatives from more than 100 entities including: research, academic, and conservation organizations; shipping and fishing industries; whale watching companies; technical experts; United States (U.S.) and Canadian Government agencies; and state authorities. North Atlantic Right Whale Consortium members agreed in 2004 that an annual “report card” on the status of right whales would be useful. This report card includes updates on the status of the cataloged population, mortalities and injury events, and a summary of management and research efforts that have occurred over the previous 12 months. The Board’s goal is to make public a summary of current research and management activities, as well as provide detailed recommendations for future activities. The Board views this report as a valuable asset in assessing the effects of research and management over time.Island Foundation; Conference Fee

North Atlantic Right Whale Consortium 2017 Annual Report Card

The North Atlantic right whale (Eubalaena glacialis) remains one of the most endangered large whales in the world. Over the past two decades, there has been increasing interest in addressing the problems hampering the recovery of North Atlantic right whales by using innovative research techniques, new technologies, analyses of existing databases, and enhanced conservation and education strategies. This increased interest demanded better coordination and collaboration among all stakeholders to ensure that there was improved access to data, research efforts were not duplicative, and that findings were shared with all interested parties. The North Atlantic Right Whale Consortium, initially formed in 1986 by five research institutions to share data among themselves, was expanded in 1997 to address these greater needs. Currently, the Consortium membership is comprised of representatives from more than 100 entities including: research, academic, and conservation organizations; shipping and fishing industries; whale watching companies; technical experts; United States (U.S.) and Canadian Government agencies; and state authorities. North Atlantic Right Whale Consortium members agreed in 2004 that an annual “report card” on the status of right whales would be useful. This report card includes updates on the status of the cataloged population, mortalities and injury events, and a summary of management and research efforts that have occurred over the previous 12 months. The Board’s goal is to make public a summary of current research and management activities, as well as provide detailed recommendations for future activities. The Board views this report as a valuable asset in assessing the effects of research and management over time.Island Foundation; Conference Fee

North Atlantic Right Whale Consortium 2020 Annual Report Card

The North Atlantic right whale (Eubalaena glacialis) remains one of the most endangered large whales in the world. Over the past two decades, there has been increasing interest in addressing the problems hampering the recovery of North Atlantic right whales by using innovative research techniques, new technologies, analyses of existing databases, and enhanced conservation and education strategies. This increased interest demanded better coordination and collaboration among all stakeholders to ensure that there was improved access to data, research efforts were not duplicative, and that findings were shared with all interested parties. The North Atlantic Right Whale Consortium, initially formed in 1986 by five research institutions to share data among themselves, was expanded in 1997 to address these greater needs. Currently, the Consortium membership is comprised of representatives from more than 100 entities including: research, academic, and conservation organizations; shipping and fishing industries; whale watching companies; technical experts; United States (U.S.) and Canadian Government agencies; and state authorities. North Atlantic Right Whale Consortium members agreed in 2004 that an annual “report card” on the status of right whales would be useful. This report card includes updates on the status of the cataloged population, mortalities and injury events, and a summary of management and research efforts that have occurred over the previous 12 months. The Board’s goal is to make public a summary of current research and management activities, as well as provide detailed recommendations for future activities. The Board views this report as a valuable asset in assessing the effects of research and management over time.Island Foundation; Conference Fee

North Atlantic Right Whale Consortium 2021 Annual Report Card

The North Atlantic right whale (Eubalaena glacialis) remains one of the most endangered large whales in the world. Over the past two decades, there has been increasing interest in addressing the problems hampering the recovery of North Atlantic right whales by using innovative research techniques, new technologies, analyses of existing databases, and enhanced conservation and education strategies. This increased interest demanded better coordination and collaboration among all stakeholders to ensure that there was improved access to data, research efforts were not duplicative, and that findings were shared with all interested parties. The North Atlantic Right Whale Consortium, initially formed in 1986 by five research institutions to share data among themselves, was expanded in 1997 to address these greater needs. Currently, the Consortium membership is comprised of representatives from more than 100 entities including: research, academic, and conservation organizations; shipping and fishing industries; whale watching companies; technical experts; United States (U.S.) and Canadian Government agencies; and state authorities. North Atlantic Right Whale Consortium members agreed in 2004 that an annual “report card” on the status of right whales would be useful. This report card includes updates on the status of the cataloged population, mortalities and injury events, and a summary of management and research efforts that have occurred over the previous 12 months. The Board’s goal is to make public a summary of current research and management activities, as well as provide detailed recommendations for future activities. The Board views this report as a valuable asset in assessing the effects of research and management over time.Island Foundation; Conference Fee