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

Medición de títulos de deuda a ser mantenidos hasta su vencimiento y no afectados por coberturas : el caso de títulos que devengan intereses sobre saldos ajustados por CER

La Resolución Técnica (RT) N" 17 de la FACPCE prevé la utilización del Método del Costo Amortizado (o Método de la Tasa Efe ctiva) para la medición periódica primaria de algunos componentes patrimoniales. Entre los que se incluyen las inversiones en títulos de deuda a ser mantenidos hasta su vencimiento y no afectados por coberturas. Básicamente, la medición de activos a través del Método del Costo Amortizado implica sumar a1 importe del activo contabilizado inicialmente -neto de cobranzas- los resultados financieros devengados, calculados "exponencialmente" sobre la base de dicho importe utilizando la tasa interna de retorno determinada al momento de la medición inicial. No obstante, en la aplicación concreta de este método se presentan algunas cuestiones de dudosa resolución. Particularmente, en relación a aquellos títulos de deuda emitidos con tasa de interés variable a determinar para cada servicio de intereses, o bien -como ocurre con gran parte de los títulos que pueden encontrarse en el mercado- emitidos con tasa de interés constante pero que devengan intereses sobre saldos que deben ajustarse también para cada servicio de intereses. En estos casos, al tener que determinar la tasa interna de retorno al momento de la medición inicial, surge la necesidad de "estimar" los flujos de fondos a cobrar, respecto de lo cual ni la normativa vigente -RT No 17- ni la doctrina contable han establecido pautas a seguir. En este marco, en el presente trabajo se analiza el Método del Costo Amortiza como criterio de medición de ciertos títulos de deuda, poniendo especial énfasis en los aspectos que hacen a la concreta y efectiva operativización del mismo en el caso particular de los títulos que devengan intereses sobre saldos ajustados por CER.Fil: Bersia, Paola. Universidad Nacional de Río CuartoFil: Ficco, Cecilia. Universidad Nacional de Río CuartoFil: Ricci, Sergio. Universidad Nacional de Río Cuart

an innovative wind solar hybrid street light development and early testing of a prototype

An innovative renewable hybrid microgeneration unit has been designed to be fully embedded into a dedicated LED street lighting system. The key feature of this new concept is the arrangement of a multiple Savonius vertical axis wind turbine into the structure itself of the post. A photovoltaic panel is integrated to contribute to power generation. The energy is collected by a power conversion equipment along with a storage device which ensures the lighting also during windless nights. The main application of this project is the standalone street lighting, but also a grid connected option is feasible, making the system compatible with microgrid concepts. Different Savonius rotors have been designed and characterized by wind tunnel tests. The adopted cylindrical geometry has shown a maximum power factor of 0.21. A dedicated safety equipment has been designed to prevent turbine over-speed by automatic stop in extreme wind condition. A full-scale prototype of the generator/lighting system has been installed. The experimental data acquisition is currently in progress to analyse on site performance and to allow energy simulations

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

Optimization of compliant adaptive structures in the design of a morphing droop nose

A design procedure for the synthesis of active camber morphing wing devices is proposed. A topology optimization initially defines the internal structure that is further enhanced by structural size and shape optimizations, and these optimizations are based on the distributed compliance concept. The size optimization enables the adaption of the topology solution to other materials and geometries while refining the topology solution to improve the shape quality of the skin deformation. Then, the structural shape optimization enables the reduction of the stress peaks inside the compliant structure and the finalization of the details to obtain a solution that is closer to the manufacturing process stage. The proposed methodology is used in the design of an adaptive droop nose to be installed on a reference regional aircraft, and two different design applications are considered. The first application is the validation of the procedure at the full scale level using a superelastic material for the internal structure. The second application is the design of a corresponding 3D-printed prototype, in which both geometry and material changes are considered, for experimental validation. The results show satisfactory shape quality and the achievement of structural feasibility. The experimental functional test of the scaled prototype demonstrates the effectiveness of the adopted morphing solution