The Forgotten Derivative Suit

One of U.S. corporate law\u27s most salient features is its flexibility. Those who control and manage the corporation are given a long leash. This is particularly evident when the United States is compared with other countries in studies like the World Bank\u27s annual Doing Business project. According to the detailed study that developed the World Bank methodology for measuring investor protection,1 the United States scored a 0.33 for ex ante private control of self-dealing. This was not only below the world average of 0.36, but also well below the 0.58 average for common law countries. The United Kingdom, in contrast, received a perfect score of 1.0.2 That the country with the world\u27s largest and deepest capital markets has, in some respects, among the world\u27s looser corporate laws may seem counterintuitive. It works because of the strength of two underlying institutions. One is our disclosure system, which assures investors that they see the full picture. The other is the fiduciary concept, which replaces standardized prohibitions with the opportunity to evaluate managerial conduct on a more holistic basis. Applied soundly, the fiduciary concept filters opportunistic behavior by those in control of a corporation without deterring good faith efforts to further shareholder welfare in ways that might run afoul of a more technical set of restrictions

Interactions of tectonic, igneous, and hydraulic processes in the North Tharsis Region of Mars

Recent work on the north Tharsis of Mars has revealed a complex geologic history involving volcanism, tectonism, flooding, and mass wasting. Our detailed photogeologic analysis of this region found many previously unreported volcanic vents, volcaniclastic flows, irregular cracks, and minor pit chains; additional evidence that volcanic tectonic processes dominated this region throughout Martian geologic time; and the local involvement of these processes with surface and near surface water. Also, photoclinometric profiles were obtained within the region of troughs, simple grabens, and pit chains, as well as average spacings of pits along pit chains. These data were used together with techniques to estimate depths of crustal mechanical discontinuities that may have controlled the development of these features. In turn, such discontinuities may be controlled by stratigraphy, presence of water or ice, or chemical cementation

Regional CO2 Inversion Through Ensemble-Based Simultaneous State and Parameter Estimation: TRACE Framework and Controlled Experiments

Atmospheric inversions provide estimates of carbon dioxide (CO2) fluxes between the surface and atmosphere based on atmospheric CO2 concentration observations. The number of CO2 observations is projected to increase severalfold in the next decades from expanding in situ networks and next-generation CO2-observing satellites, providing both an opportunity and a challenge for inversions. This study introduces the TRACE Regional Atmosphere-Carbon Ensemble (TRACE) system, which employ an ensemble-based simultaneous state and parameter estimation (ESSPE) approach to enable the assimilation of large volumes of observations for constraining CO2 flux parameters. TRACE uses an online full-physics mesoscale atmospheric model and assimilates observations serially in a coupled atmosphere-carbon ensemble Kalman filter. The data assimilation system was tested in a series of observing system simulation experiments using in situ observations for a regional domain over North America in summer. Under ideal conditions with known prior flux parameter error covariances, TRACE reduced the error in domain-integrated monthly CO2 fluxes by about 97% relative to the prior flux errors. In a more realistic scenario with unknown prior flux error statistics, the corresponding relative error reductions ranged from 80.6% to 88.5% depending on the specification of prior flux parameter error correlations. For regionally integrated fluxes on a spatial scale of 10(6) km(2), the sum of absolute errors was reduced by 34.5%-50.9% relative to the prior flux errors. Moreover, TRACE produced posterior uncertainty estimates that were consistent with the true errors. These initial experiments show that the ESSPE approach in TRACE provides a promising method for advancing CO2 inversion techniques

Panel: OASIS in the mirror: reflections on the impacts and research of IFIP WG 8.2

What has IFIP contributed to the field of information systems and organizations through the activities of Working Group 8.2, its central working group in information systems? What has WG 8.2 delivered to its constituents? What have the results and impacts of the WG 8.2 been on the larger community? This panel will not shy away from controversy as it discusses the history, contributions, and unrealized potential of research spawned by this working group over the past 30 years.The past and the future of information systems: 1976-2006 and beyondRed de Universidades con Carreras en Informática (RedUNCI

Effects of grain by-products as supplements for stocker cattle grazing bermudagrass

Two experiments were conducted to compare corn, dried distillers’ grains (DDG), and pelleted soybean hulls (SH) as supplements for cattle grazing bermudagrass. In Exp. 1, 66 crossbred steers (306 ± 3.2 kg) were stratified by weight and allotted randomly to six 2.4-ha bermudagrass pastures for a 107-d study. One of three supplement treatments (corn, DDG, or SH) was assigned randomly to each pasture group and was offered at 0.5% (as fed) of body weight. Calves were weighed at 28-d intervals and supplement was adjusted after each weigh period. In Exp. 2, five ruminally cannulated steers grazed bermudagrass pasture and were individually fed supplements (corn, DDG, or SH) at 0.5% of body weight in a 3 x 3 replicated, incomplete Latin-square design with a 14-d adaptation and a 5-d sampling period. In Exp. 1, supplementation with DDG and corn increased (P \u3c 0.04) the average daily gain compared to supplementation with SH (0.89, 0.87, and 0.74 kg for DDG, corn, and SH, respectively). In Exp. 2, in situ dry-matter-disappearance kinetic measures of bermudagrass were not affected by type of supplementation. The potential extent of digestion for DDG (93%) was lower than for corn (97%, P = 0.01) and SH (96%, P = 0.06). Supplementation with corn or DDG at 0.5% of body weight improved the gain of stocker cattle grazing bermudagrass compared to supplementation with SH, but these differences were not explained by differences in bermudagrass degradation kinetic