No More Quid Pro Quo: Abandoning the Personal Benefit Requirement in Insider Trading Law

A circuit split between the Second Circuit’s 2014 decision, United States v. Newman, and the Ninth Circuit’s 2015 decision, United States v. Salman, illustrates problems in insider trading law dating back over thirty years to the Supreme Court’s decision in Dirks v. SEC. Dirks held that when a corporate insider provides information to an outside party who then trades on the information, it must be shown that the insider received some form of a personal benefit for providing the information in order to impute liability. The courts in Newman and Salman disagreed on the sort of evidence that suffices to prove such a personal benefit. As this question is set to be decided by the Supreme Court, these cases provide an apt opportunity for reexamining the law of insider trading. Although it might be argued that, for both moral and efficiency reasons, the courts in Newman and Salman reached the right outcome, the analysis in both decisions was strained as a result of the personal benefit requirement first articulated in Dirks. As this Note discusses, this split demonstrates that proof of a personal benefit as an element of insider trading in tipper/tippee cases should not be required, as it creates unnecessarily subjective inquiries into the relationship between the tipper and tippee, resulting in confusion in the boundaries of permissible trading activity. Because insider trading walks a fine line between behavior that should be encouraged (the use of information for legitimate business purposes) and discouraged (exploiting information obtained by virtue of an inside position for personal gain), it is important to more clearly define the bounds of insider trading activity. In place of requiring proof of a personal benefit, this Note argues that a wholly new statutory approach to insider trading is warranted and offers an alternative statutory proposal that may serve as a starting point for a discussion of adopting legislation

Light emission from silicon

The electrochemical etching of crystalline silicon in hydrofluoric acid based solutions has been found to produce a porous layer, termed porous silicon (PS), which is found to exhibit photoluminescence (PL) and electroluminescence (EL) in the visible region. While the luminescence mechanism is the subject of much debate, the potential for this material is enormous as it could usher in a new generation of silicon-based optoelectronic devices. An electrolytic cell capable of producing luminescent layers of porous silicon over large area silicon wafers has been designed and fabricated. The stability of the PL of PS after subjection to standard microelectronic processing steps, namely thermal oxidation, ion implantation, and reactive ion etching has been investigated. Changes in the PL intensity as well as shifts in the PL wavelengths observed after processing support the quantum confinement and surface states theories for the luminescence. These results also support the possibility of integrating PS into standard silicon integrated circuit processing. For the study of EL, Au/PS Schottky, ITO/PS heterojunction and PS pn junction diodes have been fabricated. EL efficiencies in the range of 10~5 to 10 7 have been determined for these devices. The diodes typically exhibit extremely high series resistance and ideality factor values. These results are direct consequences of the large non-planar surface area of PS yielding poor electrical contacts and high surface state densities. These factors need to be drastically improved to obtain efficient EL in PS devices. A unique process capable of obtaining 5 u.m wide lines of luminescent porous silicon in close proximity to device quality polished silicon is also presented

No More Quid Pro Quo: Abandoning the Personal Benefit Requirement in Insider Trading Law

A circuit split between the Second Circuit’s 2014 decision, United States v. Newman, and the Ninth Circuit’s 2015 decision, United States v. Salman, illustrates problems in insider trading law dating back over thirty years to the Supreme Court’s decision in Dirks v. SEC. Dirks held that when a corporate insider provides information to an outside party who then trades on the information, it must be shown that the insider received some form of a personal benefit for providing the information in order to impute liability. The courts in Newman and Salman disagreed on the sort of evidence that suffices to prove such a personal benefit. As this question is set to be decided by the Supreme Court, these cases provide an apt opportunity for reexamining the law of insider trading. Although it might be argued that, for both moral and efficiency reasons, the courts in Newman and Salman reached the right outcome, the analysis in both decisions was strained as a result of the personal benefit requirement first articulated in Dirks. As this Note discusses, this split demonstrates that proof of a personal benefit as an element of insider trading in tipper/tippee cases should not be required, as it creates unnecessarily subjective inquiries into the relationship between the tipper and tippee, resulting in confusion in the boundaries of permissible trading activity. Because insider trading walks a fine line between behavior that should be encouraged (the use of information for legitimate business purposes) and discouraged (exploiting information obtained by virtue of an inside position for personal gain), it is important to more clearly define the bounds of insider trading activity. In place of requiring proof of a personal benefit, this Note argues that a wholly new statutory approach to insider trading is warranted and offers an alternative statutory proposal that may serve as a starting point for a discussion of adopting legislation

More Premium than Life: Expressing the Inexpressible in Jonathan Safran Foer's "Everything is Illuminated"

Honors (Bachelor's)EnglishUniversity of Michiganhttp://deepblue.lib.umich.edu/bitstream/2027.42/91782/1/seiferth.pd

Discovering Adaptive Challenges through Action Learning At Northminster Presbyterian Church in Tucson, Arizona

The goal of this study was to explore how inviting church members of Northminster Presbyterian Church (NPC) to cross neighborhood boundaries through the practice of hospitality can stimulate missional innovation and identify adaptive challenges to mission engagement. The thesis was tested by creating holding environments for action-reflection groups to participate in the practices of lectio divina and hospitality. This study offers a thick description of the community context, the congregation’s history, and the practice of leadership. Formal and functional ecclesiologies, as well as impediments to missional life are examined. Action learning, appreciative inquiry, and participant observation are methodologies used to structure the project of inviting two groups to participate in a twelve-week challenge to dwell in the biblical text of Luke 10:1-12 and cross neighborhood boundaries using the Practicing Hospitality workbook. An appreciative inquiry instrument was used at the start, midpoint, and end of the groups to collect data to assess language use. Participants were followed after the group finished meeting and ongoing data was collected using participant observation. The pastoral leadership team of the church was a focus group to reflect on leadership and authority, using participant observation. An analysis of qualitative data describes themes and how language use reveals ecclesiological and missional imagination. While these groups struggled to cross neighborhood boundaries, some members demonstrated increased awareness of a missional calling. Leadership, contextual, formation systems, and theological frameworks are reflected upon to identify resources for a local theology of leadership and mission. Opportunities and recommendations for future praxis are explored, as this project is part of a journey of transformation. Content Reader: Alan J. Roxburgh, DMi

Investigation of a wing with an auxiliary upper part

This report presents experiments in which two parts of the wing were arranged so as to form a biplane, which was subjected to normal three-component measurements, the two parts being placed in various relative positions with respect to the gap a and the stagger b

Neurobiology of Substance-Related Addiction: Findings of Neuroimaging

Non