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A Rank Approach to Equity Forecast Construction
The purpose of this paper is to present a rank based approach to cross-sectionallinear factor modelling. The emphasis is on approximating factor exposures in aconsistent manner in order to facilitate the merging of subjective information(from professional investors) with objective information (from accounting dataand/or state of the art quantitative models) in a statistically rigorous way withoutneeding to impose the unrealistic simplifying assumptions typical of more standardtime series models. We deal with the problems of identifying country and sectorreturns by an innovative hierarchical factor structure. This is all discussed fromthe perspective that investment models are not immutable but rather need to bedesigned with characteristics that are fit for their purpose; for example, returningaggregate county and sector forecasts that are consistent by construction
Pennoyer Was Right
Pennoyer v. Neff has a bad rap. As an original matter, Pennoyer is legally correct. Compared to current doctrine, it offers a more coherent and attractive way to think about personal jurisdiction and interstate relations generally.
To wit: The Constitution imposes no direct limits on personal jurisdiction. Jurisdiction isn\u27t a matter of federal law, but of general law -- that unwritten law, including much of the English common law and the customary law of nations, that formed the basis of the American legal system. Founding-era states were free to override that law and to exercise more expansive jurisdiction. But if they did, their judgments wouldn\u27t be recognized elsewhere, in other states or in federal courts -- any more than if they\u27d tried to redraw their borders.
As Pennoyer saw, the Fourteenth Amendment changed things by enabling direct federal review of state judgments, rather than making parties wait to challenge them at the recognition stage. It created a federal question of what had been a general one: whether a judgment was issued with jurisdiction, full stop, such that the deprivation of property or liberty it ordered would be done with due process of law.
Reviving Pennoyerwould make modern doctrine make more sense. As general-law principles, not constitutional decrees, jurisdictional doctrines could be adjusted by international treatyâor overridden through Congressâs enumerated powers. The Due Process Clause gives these rules teeth without determining their content, leaving space for federal rules to govern our federal system.
In the meantime, courts facing jurisdictional questions should avoid pitched battles between âsovereigntyâ and âliberty,â looking instead to current
conventions of general and international law. Pennoyerâs reasoning can be right without International Shoeâs outcome being wrong; international law and American practice might just be different now than they were in 1878 or 1945.
But if not, at least weâll be looking in the right place. General law may not be much, but itâs something: the conventional settlement of the problems of political authority at the root of any theory of personal jurisdiction. Recovering those conventions is not only useful for its own sake, but a step toward appreciating our deep dependence on shared traditions of general law
Privacy and Confidentiality in an e-Commerce World: Data Mining, Data Warehousing, Matching and Disclosure Limitation
The growing expanse of e-commerce and the widespread availability of online
databases raise many fears regarding loss of privacy and many statistical
challenges. Even with encryption and other nominal forms of protection for
individual databases, we still need to protect against the violation of privacy
through linkages across multiple databases. These issues parallel those that
have arisen and received some attention in the context of homeland security.
Following the events of September 11, 2001, there has been heightened attention
in the United States and elsewhere to the use of multiple government and
private databases for the identification of possible perpetrators of future
attacks, as well as an unprecedented expansion of federal government data
mining activities, many involving databases containing personal information. We
present an overview of some proposals that have surfaced for the search of
multiple databases which supposedly do not compromise possible pledges of
confidentiality to the individuals whose data are included. We also explore
their link to the related literature on privacy-preserving data mining. In
particular, we focus on the matching problem across databases and the concept
of ``selective revelation'' and their confidentiality implications.Comment: Published at http://dx.doi.org/10.1214/088342306000000240 in the
Statistical Science (http://www.imstat.org/sts/) by the Institute of
Mathematical Statistics (http://www.imstat.org
Alaska Office of Victimsâ Rights: A Model for America
En utmÀrkande egenskap hos nÀstintill all dagens teknik Àr att den innehar funktioner med syfte att utöka och stödja mÀnniskans kognitiva förmÄgor. Det kan vara funktioner som stödjer vÄrt minne, som styr vÄr uppmÀrksamhet eller hjÀlper oss att planera och organisera aktiviteter. I Sverige har det blivit allt vanligare att teknologi i form av smartphones, surfplattor och datorer anvÀnds pÄ ett utbrett sÀtt i elevernas skolgÄng. Enligt tidigare forskning Àr dÀremot lÀrarnas inre förestÀllningar och attityder gentemot teknologin en avgörande faktor för huruvida lÀrarna i slutÀndan vÀljer att integrera teknologin i sin undervisning, och pÄ vilket sÀtt som de vÀljer att göra detta. Den aktuella studiens syfte var att undersöka lÀrarnas förestÀllningar och attityder gentemot fem kognitiva funktioner som finns i teknologiska enheter som smartphones och surfplattor. Dessa fem funktioner var en larmfunktion, en vÀgledande funktion, en funktion som kan spara och presentera information, en distraherande funktion samt en pÄminnelsefunktion. Studien genomfördes med en internetbaserad enkÀt som skickades ut till 416 lÀrare pÄ grundskole- och gymnasienivÄ i de tre kommunerna Linköping, Mjölby och BorlÀnge. Det slutliga deltagarantalet var 39 lÀrare som besvarade hela enkÀten. EnkÀten innehöll bÄde slutna frÄgor med förvalda svarsalternativ, samt öppna frÄgor som lÀrarna besvarade fritt. Det insamlade materialet analyserades sedan med en statistisk analys av de slutna frÄgorna och med en tematisk analys av de öppna frÄgorna. Resultatet visade att lÀrarna uppskattade en funktion som kan spara och presentera information som den funktion som vore mest förmÄnligt för elevernas lÀrande. Det var Àven den funktion som flest lÀrare kunde tÀnka sig att rekommendera till nÄgon av sina elever. PÄminnelsefunktionen och den vÀgledande funktionen var de tvÄ funktioner som uppskattades som mest förmÄnliga för sÄvÀl relationerna mellan eleverna, samt för lÀrarnas relationer till eleverna. Alarmfunktionen var dÀremot den funktion som uppskattades som minst förmÄnlig för alla dessa tre aspekter. Studiens resultat kan fungera som vÀgledning för utvecklare av tekniska kognitiva stödfunktioner som anvÀnds i pedagogiska ÀndamÄl. Genom att studera varför lÀrarna accepterar eller avvisar olika former av teknologi i klassrummet sÄ kan man fÄ fram vilka faktorer som Àr avgörande för en framgÄngsrik teknikintegration i undervisningen. Man kan Àven pÄvisa vilka mönster som finns vid anvÀndandet av teknik i undervisningen, som till exempel under vilka förhÄllanden som lÀrare anser att tekniken ger mest fördelar och pÄ vilket sÀtt de anser att tekniken förÀndrar lÀrandemiljön och relationerna i skolan. <img src="https://ssl.gstatic.com/ui/v1/icons/mail/images/cleardot.gif" /
The Uneasy Case for the Affordable Care Act
The constitutionality of the Affordable Care Act is sometimes said to be an easy question, with the Act\u27s opponents relying more on fringe political ideology than mainstream legal arguments. This essay disagrees. While the mandate may win in the end, it won\u27t be easy, and the arguments against it sound in law rather than politics.
Written to accompany and respond to Erwin Chemerinsky\u27s essay in the same symposium, this essay argues that each substantive defense of the mandate is subject to doubt. While Congress could have avoided the issue by using its taxing power, it chose not to do so. Congress has power to regulate commerce among the several States, but that might not extend to every individual decision involving economic considerations -- walking rather than taking the bus, stargazing rather than renting movies, or carrying a gun in a school zone rather than hiring private bodyguards. Even the necessary-and-proper power, the strongest ground for the mandate, may stop short of letting Congress claim extraordinary powers to fix the problems created by its exercise of ordinary ones.
Because the mandate\u27s opponents can find some support in existing doctrines, a decision striking down the mandate needn\u27t be a drastic break from past practice. By contrast, a decision upholding the mandate would raise serious questions about the limits of Congress\u27s powers. To many, these questions offer good reasons for doubting whether existing doctrine gets it right -- reasons having more to do with constitutional theory than political preference
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