Corporate Governance and the New Hedge Fund Activism: An Empirical Analysis

Hedge funds are not normal institutional investors. They launch proxy fights for corporate control. Their recent successes and wolf pack tactics have garnered headlines but leave us with a question: what does hedge fund activism mean for corporate governance in the United States? This Article undertakes a legal, empirical, and theoretical study in an effort to answer this questioin. The heart of the Article is an empirical study of obtainable instances of hedge fund activism during 2005 and the 2006 proxy season. The Article starts by showing that the SEC opened the door to hedge fund activism when it stopped censoring most proxy material in 1992 and started allowing proxy free communication in 2000. The Article\u27s empirical survey found nearly 50 instances of hedge fund activism, and also found the in terrorem effect of these examples to be considerable. The survey further found that the combination of wolf pack tactics and the increasing influence of activist proxy advisory firms have made hedge fund activists a real power in corporate governance. Despite some claims that hedge funds often hold short positions or are otherwise dangerously conflicted, the survey only found very limited evidence for this; the survey also found that hedge funds have, in fact, disclosed these conflicts, though the proxy and Williams Act rules in this repsect should be clarified. The Article then subjects these results to theoretical analysis using current nexus of contracts, shareholder primacy, director primacy, team production, connected congtracts and other theories and finds none completely satisfactory. The Article concludes that an almost unprincipled balance-of-power political model best explains the hedge fund activism phenomenon. In the end, if these activities cause managements to review and reassess theier strategies, corporate governance is improved

Preliminary Results of Stability and Control Investigation of the Bell X-5 Research Airplane

During the acceptance tests of the Bell X-5 airplane, measurements of the static stability and control characteristics and horizontal-tail loads were obtained by the NACA High-Speed Flight Research Station. The results of the stability and control measurements are presented in this paper. A change in sweep angle between 20 deg and 59 deg had a minor effect on the longitudinal trim, with a maximum change of about 2.5 deg in elevator deflection being required at a Mach number near 0.85; however, sweeping the wings produced a total stick-force change of about 40 pounds. At low Mach numbers there was a rapid increase in stability at high normal-force coefficients for both 20 0 and 1100 sweepback, whereas a condition of neutral stability existed for 58 0 sweepback at high normal-force coefficients. At Mach numbers near 0.8 there was an instability at normal-force coefficients above 0.5 for all sweep angles tested. In the low normal-force-coefficient range a high degree of stability resulted in high stick forces which limited the maximum load factors attainable in the demonstration flights to values under 5g for all sweep angles at a Mach number near 0.8 and an altitude of 12,000 feet. The aileron effectiveness at 200 sweepback was found to be low over the Mach number range tested

NACA Research Memorandums

"During the acceptance tests of the Bell X-5 airplane, measurements of the static stability and control characteristics and horizontal-tail loads were obtained by the NACA High-Speed Flight Research Station. The results of the stability and control measurements are presented in this paper. A change in sweep angle between 20 deg and 59 deg had a minor effect on the longitudinal trim, with a maximum change of about 2.5 deg in elevator deflection being required at a Mach number near 0.85; however, sweeping the wings produced a total stick-force change of about 40 pounds" (p. 1)

Rural and suburban population surge following detonation of an improvised nuclear device: A new model to estimate impact

Background: The objective of the study was to model urban evacuation into surrounding communities after the detonation of an improvised nuclear device (IND) to assist rural and suburban planners in understanding and effectively planning to address the effects of population surges. Methods: Researchers developed parameters for how far evacuees would travel to escape disasters and factors that would influence choice of destination from studies of historical evacuations, surveys of citizens' evacuation intentions in hypothetical disasters, and semistructured interviews with key informants and emergency preparedness experts. Those parameters became the inputs to a "push-pull" model of how many people would flee in the 4 scenarios and where they would go. Results: The expanded model predicted significant population movements from the New York City borough of Manhattan and counties within 20 km of Manhattan to counties within a 150-mi radius of the assumed IND detonation. It also predicted that even in some communities located far from Manhattan, arriving evacuees would increase the population needing services by 50% to 150%. Conclusions: The results suggest that suburban and rural communities could be overwhelmed by evacuees from their center city following an IND detonation. They also highlight the urgency of educating and communicating with the public about radiation hazards to mitigate panic and hysteria, anticipating the ways in which a mass exodus may disrupt or even cripple rescue and response efforts, and devising creative ways to exercise and drill for an event about which there is great denial and fatalism

Detailed Analysis of the Pulsations During and After Bursts from the Bursting Pulsar (GRO J1744-28)

The hard X-ray bursts observed during both major outbursts of the Bursting Pulsar (GRO J1744-28) show pulsations near the neutron star spin frequency with an enhanced amplitude relative to that of the persistent emission. Consistent with previous work, we find that the pulsations within bursts lag behind their expected arrival times based upon the persistent pulsar ephemeris. For an ensemble of 1293 bursts recorded with the Burst and Transient Source Experiment, the average burst pulse time delay is 61.0 +/- 0.8 ms in the 25 - 50 keV energy range and 72 +/- 5 ms in the 50 - 100 keV band. The residual time delay from 10 to 240 s following the start of the burst is 18.1 +/- 0.7 ms (25 - 50 keV). A significant correlation of the average burst time delay with burst peak flux is found. Our results are consistent with the model of the pulse time lags presented by Miller (1996).Comment: 11 pages, accepted for publication in Ap

A life story in three parts: the use of triptychs to make sense of personal digital data

Many social media platforms support the curation of personal digital data, and, more recently, the use of that data for review and reflection. We explored the process of reflection by asking users to create a meaningful ‘triptych’ of photographs drawn from their Facebook accounts. In a first study, we asked participants to manually trawl their own accounts and select three relevant images, which we then framed and used as an interview probe. In a second study, we designed an automated triptych generation system and assessed participants’ experiences of using this system. We conducted qualitative analyses of participant interviews from both studies. Consistent with other ‘slow technology’ work, we found the act of creating a physical artefact from social media data gave that data new meaning, albeit with notable differences between manual vs automatically generated triptychs. We conclude by discussing possible improvements to the design of the automated triptych system

The medical student

The Medical Student was published from 1888-1921 by the students of Boston University School of Medicine

Persistent elastic behavior above a megathrust rupture patch: Nias island, West Sumatra

We quantify fore-arc deformation using fossil reefs to test the assumption commonly made in seismic cycle models that anelastic deformation of the fore arc is negligible. Elevated coral microatolls, paleoreef flats, and chenier plains show that the Sumatran outer arc island of Nias has experienced a complex pattern of relatively slow long-term uplift and subsidence during the Holocene epoch. This same island rose up to 2.9 m during the Mw 8.7 Sunda megathrust rupture in 2005. The mismatch between the 2005 and Holocene uplift patterns, along with the overall low rates of Holocene deformation, reflects the dominance of elastic strain accumulation and release along this section of the Sunda outer arc high and the relatively subordinate role of upper plate deformation in accommodating long-term plate convergence. The fraction of 2005 uplift that will be retained permanently is generally <4% for sites that experienced more than 0.25 m of coseismic uplift. Average uplift rates since the mid-Holocene range from 1.5 to −0.2 mm/a and are highest on the eastern coast of Nias, where coseismic uplift was nearly zero in 2005. The pattern of long-term uplift and subsidence is consistent with slow deformation of Nias along closely spaced folds in the north and trenchward dipping back thrusts in the southeast. Low Holocene tectonic uplift rates provide for excellent geomorphic and stratigraphic preservation of the mid-Holocene relative sea level high, which was under way by ∼7.3 ka and persisted until ∼2 ka