The Proposed Federal Securities Code: Time to Recognize That Financial Information Becomes Stale

This note addresses the Federal Securities Code ( Code ), developed by the American Law Institute ( ALI ). It specifically focuses on the underlying policy of continuous disclosure implemented by the Code, which requires companies to register once and then continuously disclose to the securities marketplace important developments on their financial position. This note poses a question: At what point does financial information become stale? It focuses on the nature of stale financial information by reviewing the treatment of staleness in common law fraud and bankruptcy cases. It then analyzes the approach taken with regard to stale financial information in existing securities law. Finally, it concludes by proposing that an objective definition of staleness should be incorporated into the Code, placing reasonable limits on the liability created under the Code\u27s continuous disclosure requirements

Degenerate dispersive equations arising in the study of magma dynamics

An outstanding problem in Earth science is understanding the method of transport of magma in the Earth's mantle. Models for this process, transport in a viscously deformable porous media, give rise to scalar degenerate, dispersive, nonlinear wave equations. We establish a general local well-posedness for a physical class of data (roughly $H^1$) via fixed point methods. The strategy requires positive lower bounds on the solution. This is extended to global existence for a subset of possible nonlinearities by making use of certain conservation laws associated with the equations. Furthermore, we construct a Lyapunov energy functional, which is locally convex about the uniform state, and prove (global in time) nonlinear dynamic stability of the uniform state for any choice of nonlinearity. We compare the dynamics to that of other problems and discuss open questions concerning a larger range of nonlinearities, for which we conjecture global existence.Comment: 27 Pages, 7 figures are not present in this version. See http://www.columbia.edu/~grs2103/ for a PDF with figures. Submitted to Nonlinearit

(Sub)millimetre interferometric imaging of a sample of COSMOS/AzTEC submillimetre galaxies. II. The spatial extent of the radio-emitting regions

Radio emission at centimetre wavelengths from highly star-forming galaxies, like submillimetre galaxies (SMGs), is dominated by synchrotron radiation arising from supernova activity. Hence, radio continuum imaging has the potential to determine the spatial extent of star formation in these types of galaxies. Using deep, high-resolution (1σ = 2.3 μJy beam-1; 0.75 arcsec) centimetre radio-continuum observations taken by the Karl G. Jansky Very Large Array (VLA)-COSMOS 3 GHz Large Project, we studied the radio-emitting sizes of a flux-limited sample of SMGs in the COSMOS field. The target SMGs were originally discovered in a 1.1 mm continuum survey carried out with the AzTEC bolometer, and followed up with higher resolution interferometric (sub)millimetre continuum observations. Of the 39 SMGs studied here, 3 GHz emission was detected towards 18 of them (~46 ± 11%) with signal-to-noise ratios in the range of S/N = 4.2-37.4. Towards four SMGs (AzTEC2, 5, 8, and 11), we detected two separate 3 GHz sources with projected separations of ~1''&dotbelow;5-6''&dotbelow;6, but they might be physically related in only one or two cases (AzTEC2 and 11). Using two-dimensional elliptical Gaussian fits, we derived a median deconvolved major axis FWHM size of 0''&dotbelow;54±0''&dotbelow;11 for our 18 SMGs detected at 3 GHz. For the 15 SMGs with known redshift we derived a median linear major axis FWHM of 4.2 ± 0.9 kpc. No clear correlation was found between the radio-emitting size and the 3 GHz or submm flux density, or the redshift of the SMG. However, there is a hint of larger radio sizes at z ~ 2.5-5 compared to lower redshifts. The sizes we derived are consistent with previous SMG sizes measured at 1.4 GHz and in mid-J CO emission, but significantly larger than those seen in the (sub)mm continuum emission (typically probing the rest-frame far-infrared with median FWHM sizes of only ~1.5-2.5 kpc). One possible scenario is that SMGs have i) an extended gas component with a low dust temperature, which can be traced by low- to mid-J CO line emission and radio continuum emission; and ii) a warmer, compact starburst region giving rise to the high-excitation line emission of CO, which could dominate the dust continuum size measurements. Because of the rapid cooling of cosmic-ray electrons in dense starburst galaxies (~104-105 yr), the more extended synchrotron radio-emitting size being a result of cosmic-ray diffusion seems unlikely. Instead, if SMGs are driven by galaxy mergers - a process where the galactic magnetic fields can be pulled out to larger spatial scales - the radio synchrotron emission might arise from more extended magnetised interstellar medium around the starburst region

Abnormal structural connectivity in the brain networks of children with hydrocephalus

Increased intracranial pressure and ventriculomegaly in children with hydrocephalus are known to have adverse effects on white matter structure. This study seeks to investigate the impact of hydrocephalus on topological features of brain networks in children. The goal was to investigate structural network connectivity, at both global and regional levels, in the brains in children with hydrocephalus using graph theory analysis and diffusion tensor tractography. Three groups of children were included in the study (29 normally developing controls, 9 preoperative hydrocephalus patients, and 17 postoperative hydrocephalus patients). Graph theory analysis was applied to calculate the global network measures including small-worldness, normalized clustering coefficients, normalized characteristic path length, global efficiency, and modularity. Abnormalities in regional network parameters, including nodal degree, local efficiency, clustering coefficient, and betweenness centrality, were also compared between the two patients groups (separately) and the controls using two tailed t-test at significance level of p < 0.05 (corrected for multiple comparison). Children with hydrocephalus in both the preoperative and postoperative groups were found to have significantly lower small-worldness and lower normalized clustering coefficient than controls. Children with hydrocephalus in the postoperative group were also found to have significantly lower normalized characteristic path length and lower modularity. At regional level, significant group differences (or differences at trend level) in regional network measures were found between hydrocephalus patients and the controls in a series of brain regions including the medial occipital gyrus, medial frontal gyrus, thalamus, cingulate gyrus, lingual gyrus, rectal gyrus, caudate, cuneus, and insular. Our data showed that structural connectivity analysis using graph theory and diffusion tensor tractography is sensitive to detect abnormalities of brain network connectivity associated with hydrocephalus at both global and regional levels, thus providing a new avenue for potential diagnosis and prognosis tool for children with hydrocephalus

The SCUBA-2 Cosmology Legacy Survey: Ultraluminous star-forming galaxies in a z=1.6 cluster

We analyze new SCUBA-2 submillimeter and archival SPIRE far-infrared imaging of a z = 1.62 cluster, Cl 0218.3–0510, which lies in the UKIRT Infrared Deep Sky Survey/Ultra-Deep Survey field of the SCUBA-2 Cosmology Legacy Survey. Combining these tracers of obscured star-formation activity with the extensive photometric and spectroscopic information available for this field, we identify 31 far-infrared/submillimeter-detected probable cluster members with bolometric luminosities 1012 L ☉ and show that by virtue of their dust content and activity, these represent some of the reddest and brightest galaxies in this structure. We exploit ALMA submillimeter continuum observations, which cover one of these sources, to confirm the identification of a SCUBA-2-detected ultraluminous star-forming galaxy in this structure. Integrating the total star-formation activity in the central region of the structure, we estimate that it is an order of magnitude higher (in a mass-normalized sense) than clusters at z ~ 0.5-1. However, we also find that the most active cluster members do not reside in the densest regions of the structure, which instead host a population of passive and massive, red galaxies. We suggest that while the passive and active populations have comparable near-infrared luminosities at z = 1.6, MH ~ –23, the subsequent stronger fading of the more active galaxies means that they will evolve into passive systems at the present day that are less luminous than the descendants of those galaxies that were already passive at z ~ 1.6 (MH ~ –20.5 and MH ~ –21.5, respectively, at z ~ 0). We conclude that the massive galaxy population in the dense cores of present-day clusters were already in place at z = 1.6 and that in Cl 0218.3–0510 we are seeing continuing infall of less extreme, but still ultraluminous, star-forming galaxies onto a pre-existing structure

Asymmetric triplex metallohelices with high and selective activity against cancer cells

Small cationic amphiphilic α-helical peptides are emerging as agents for the treatment of cancer and infection, but they are costly and display unfavourable pharmacokinetics. Helical coordination complexes may offer a three-dimensional scaffold for the synthesis of mimetic architectures. However, the high symmetry and modest functionality of current systems offer little scope to tailor the structure to interact with specific biomolecular targets, or to create libraries for phenotypic screens. Here, we report the highly stereoselective asymmetric self-assembly of very stable, functionalized metallohelices. Their anti-parallel head-to-head-to-tail ‘triplex’ strand arrangement creates an amphipathic functional topology akin to that of the active sub-units of, for example, host-defence peptides and ​p53. The metallohelices display high, structure-dependent toxicity to the human colon carcinoma cell-line HCT116 ​p53++, causing dramatic changes in the cell cycle without DNA damage. They have lower toxicity to human breast adenocarcinoma cells (MDA-MB-468) and, most remarkably, they show no significant toxicity to the bacteria methicillin-resistant Staphylococcus aureus and Escherichia coli. At a glanc

The first legal mortgagor: a consumer without adequate protection?

This article contends that the UK government’s attempt to create a well-functioning consumer credit market will be undermined if it fails to reform the private law framework relating to the first legal mortgage. Such agreements are governed by two distinct regulatory regimes that are founded upon very different conceptions of the mortgagor. The first, the regulation of financial services overseen by the Financial Conduct Authority, derives from public law and is founded upon a conception of the mortgagor as “consumer”. The other is land law, private law regulation implemented by the judiciary and underpinned by a conception of the mortgagor as “landowner”. Evidence suggests that the operation of these two regimes prevents mortgagors from receiving fair and consistent treatment. The current reform of financial services regulation therefore will change only one part of this governance regime and will leave mortgagors heavily reliant upon a regulator that still has to prove itself. What this article argues is that reform of the rules of private law must also be undertaken with the aim of initiating a paradigm shift in the conception of the mortgagor from “landowner” to “consumer”. Cultural shifts of this kind take time but the hope is that this conceptual transformation will occur in time to deter the predicted rise in mortgage possessions

Detection of an ultra-bright submillimeter galaxy in the Subaru/XMM-Newton Deep Field using AzTEC/ASTE

We report the detection of an extremely bright ($\sim$37 mJy at 1100 $\mu$m and $\sim$91 mJy at 880 $\mu$m) submillimeter galaxy (SMG), AzTEC-ASTE-SXDF1100.001 (hereafter referred to as SXDF1100.001 or Orochi), discovered in 1100 $\mu$m observations of the Subaru/XMM-Newton Deep Field using AzTEC on ASTE. Subsequent CARMA 1300 $\mu$m and SMA 880 $\mu$m observations successfully pinpoint the location of Orochi and suggest that it has two components, one extended (FWHM of $\sim$ 4$^{\prime\prime}$) and one compact (unresolved). Z-Spec on CSO has also been used to obtain a wide band spectrum from 190 to 308 GHz, although no significant emission/absorption lines are found. The derived upper limit to the line-to-continuum flux ratio is 0.1--0.3 (2 $\sigma$) across the Z-Spec band. Based on the analysis of the derived spectral energy distribution from optical to radio wavelengths of possible counterparts near the SMA/CARMA peak position, we suggest that Orochi is a lensed, optically dark SMG lying at $z \sim 3.4$ behind a foreground, optically visible (but red) galaxy at $z \sim 1.4$. The deduced apparent (i.e., no correction for magnification) infrared luminosity ($L_{\rm IR}$) and star formation rate (SFR) are $6 \times 10^{13}$ $L_{\odot}$ and 11000 $M_{\odot}$ yr$^{-1}$, respectively, assuming that the $L_{\rm IR}$ is dominated by star formation. These values suggest that Orochi will consume its gas reservoir within a short time scale ($3 \times 10^{7}$ yr), which is indeed comparable to those in extreme starbursts like the centres of local ULIRGs.Comment: 18 pages, 13 figure