Axiomatization of residual income and generation of financial securities

This paper presents an axiomatization of residual income, aka excess profit, and illustrates how it may univocally engenders fixed-income or variable-income assets. In the first part it is shown that, depending on the relations between excess profit and the investor's excess wealth, a well-specified theory of residual income is generated: one is the standard theory, which historically traces back to Hamilton (1777) and Marshall (1890) and is a deep-rooted notion in economic theory, finance, and accounting. Another one is the systemic value added or lost-capital paradigm: introduced in Magni (2000, 2003), the theory is enfolded in Keynes's (1936) notion of user cost and is naturally generated by an arbitrage-theory perspective. In the second part, the paper reverts the usual analysis: instead of computing residual incomes profits from a pattern of cash flows, residual incomes are fixed first to derive vectors of cash flows. It is shown that variable- or fixed-income assets may be constructed on the basis of either theory starting from pre-determined growth rates for excess profit. In particular, zero-coupon bonds and coupon bonds traded in a capital market are shown to be deducted as equilibrium vectors of residual-income-based assets.Residual income, excess profit, capital, arbitrage, bond

Artificial Agents in Corporate Boardrooms

Thousands of years ago, Roman businessmen often ran joint businesses through commonly owned, highly intelligent slaves. Roman slaves did not have full legal capacity and were considered property of their co-owners. Now business corporations are looking to delegate decision-making to uber-intelligent machines through the use of artificial intelligence in boardrooms. Artificial intelligence in boardrooms could assist, integrate, or even replace human directors. However, the concept of using artificial intelligence in boardrooms is largely unexplored and raises several issues. This Article sheds light on legal and policy challenges concerning artificial agents in boardrooms. The arguments revolve around two fundamental questions: (1) what role can artificial intelligence play in boardrooms? and (2) what ramifications would the deployment of artificial agents in boardrooms entail

Inducers of epithelial mesenchymal transition and cancer stem cells in malignant pleural effusions

The Epithelial to Mesenchymal Transition (EMT) plays a role not only in tumor metastasis but also in tumor recurrence. This process is believed to be tightly linked to the presence of Cancer Stem Cells (CSCs) however, it is still not clear which factors could induce EMT and how it could be a source for CSCs. It has been demonstrated that Malignant Pleural Effusion (MPEs) may represent an excellent source to identify markers and molecular mechanisms involved in EMT and CSCs development. Growth factors, cell differentiation markers and molecular adhesion are involved in some of the crucial neoplastic cell events such as proliferation, metastasis, resistance to chemotherapy and EMT. In this review, we summarize the current understanding of which molecular markers can orchestrate EMT and CSCs in MPEs

Robotic double-loop reconstruction method following total gastrectomy

Minimally invasive surgery for gastric cancer is a challenge. The reconstructive time is a particular issue and researchers have adopted a large variety of solutions and produced heterogeneous data. The reconstructive phase can be divided into two major categories based on the approach adopted: the execution of extracorporeal versus intracorporeal anastomosis. In turn, the surgical team can perform the latter with laparoscopic or robotic assistance. However, the question is, how should a robotic esophagojejunal anastomosis be performed after total gastrectomy? Most articles in the literature have reported the execution of mechanical anastomoses [1] [2] [3] [4] [5] [6], especially with circular staplers via the creation of a manual purse-string around the anvil. Other solutions have described the use of the Orvil or the overlap technique. Only three authors have reported intracorporeal sutures with a completely robotic-sewn anastomosis [7] [8] [9]. A new robotic technique (the Parisi technique) was developed and adopted at St. Mary’s Hospital, Terni, Italy. A double-loop reconstruction method with an intracorporeal robot-sewn anastomosis is performe

A chemical nano-reactor based on a levitated nanoparticle in vacuum

A single levitated nanoparticle is used as a nano-reactor for studying surface chemistry at the nanoscale. Optical levitation under controlled pressure, surrounding gas composition, and humidity provides extreme control over the nanoparticle, including dynamics, charge, and surface chemistry. Using a single nanoparticle avoids ensemble averages and allows to study how the presence of silanol groups at its surface a ects the adsorption and desorption of water from the background gas with unprecedented real time, spatial, and temporal resolution. Here, we demonstrate the unique potential of this versatile platform by studying the Zhuravlev model in silica particles. In contrast to standard methods, our system allowed the rst observation of an abrupt and irreversible change in scattering cross section, mass, and mechanical eigenfrequency during the dehydroxylation process, indicating changes in density, refractive index and volume.European Research Council through grant QnanoMECA (CoG - 64790)Fundaci o Privada CellexCERCA Programme / Generalitat de CatalunyaSpanish Ministry of Economy and Competitiveness through the Severo Ochoa Programme for Centres of Excellence in R&D (SEV-2015-0522)FEDER/Junta de Andalucía-Consejería de Transformación Económica, Industria, Conocimiento y Universidades/Projects C-FQM-410-UGR18, P18-FR- 3583, and A-FQM-644-UGR20Germany's Excellence Strategy { EXC-2123 QuantumFrontiers { 39083796

The Corporate Forum

In this response to Professor Jill Fisch’s article GameStop and the Reemergence of the Retail Investor, we focus on one of the risks associated with the growth of retail investing that Fisch surveys, uncontrolled information sourcing. Drawing on our work on retail investors, we revisit an instrument dear to the U.S. Securities and Exchange Commission, whose potential has not been unleashed so far, the corporate forum. Our response succinctly discusses the main mechanics of the corporate forum, the benefits the corporate forum could provide, and the feasibility hurdles that might undermine the success of corporate forums

The Educated Retail Investor: A Response to Regulating Democratized Investing

The diffusion of mobile-first investing apps, like Robinhood, has increased retail investor participation in financial markets, particularly from the Millennial and GenZ generations, and has increased the diversity of retail investors. However, mobile-first investing apps are not free from controversy. In Regulating Democratized Investing, Abraham Cable tackles the debate on regulating mobile-first investing apps and largely opposes paternalistic regulation, which would raise unsurmountable barriers at the entrance of the stock market for retail investors. But it concedes to a form of regulation that in Cable’s own words “serves ultra-retail investors a modest portion of what they really want.” We strongly appreciate the subtle analysis that Cable carries out in his article as well as his well-thought-out proposal. However, we are not entirely persuaded that a solution that “serves ultra-retail investors a modest portion of what they really want” would be fully satisfactory. In addition, we fear that Cable’s proposals would further discourage investors with limited financial means from participating in the stock market and, through that, in the corporate sector.We believe that the stock market can be a strong saving technology for retirement and a good source of income. Furthermore, a more accessible stock market facilitates a more demographically heterogeneous share ownership. This, in turn, has positive impacts on diversity in corporate governance. Moreover, citizen involvement in the stock market and in corporate governance increases citizens’ agency and can promote social cohesion. Accordingly, we propose an alternative approach which relies heavily on investing education and engagement. In our response, we briefly survey the personal finance education in the United States and then we propose that investing education should be mandatory at least at the high school level for all. This is not an overnight remedy and will take time to implement. However, investing education should be nurtured to ultimately achieve a more inclusive corporate sector which would help to restrain the growing income, wealth, and influence inequality.Investing education should encompass classes on personal finance, financial markets, and corporate governance. Including corporate governance in investing education curricula not only completes the set of knowledge necessary for investing in companies’ shares, but also enhances the agency of investors as citizens. Investing education bridges the gap between citizens and Wall Street. It also provides citizens with the tools to engage with the companies in which they invest

Corporate Governance Gaming: The Collective Power of Retail Investors

The GameStop saga and meme stock frenzy have shown the pathway to the most disruptive revolution in corporate governance of the millennium. New generations of retail investors use technologies, online forums, and gaming dynamics to coordinate their actions and obtain unprecedented results. Signals indicate that these investors, whom we can dub wireless investors, are currently expanding their actions to corporate governance. Wireless investors\u27 generational characteristics suggest that they will use corporate governance to pursue social and environmental causes. In fact, wireless investors can set in motion asocial movement able to bring business corporations to serve their original partly-private-partly-public purpose. This Article discusses premises, architecture, and characteristics of the movement that would cause business corporations to remarry their partly-private -partly-public purpose. If such a movement proves successful, the paradigm shift that finally makes corporations serve the welfare of a broader range of stakeholders would happen at the hands of shareholders

Wireless Investors & Apathy Obsolescence

This Article discusses how a subgenre of retail investors makes investors’ apathy obsolete. In prior work, we dub this genre of retail investors “wireless investors” for their reliance on technology and online communications. By applying game theory, this Article discusses how wireless investors’ global-scale online communications allow them to circulate information and coordinate, obliterating collective action problems