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

Accelerated Parameter Estimation with DALEχ\chi

We consider methods for improving the estimation of constraints on a high-dimensional parameter space with a computationally expensive likelihood function. In such cases Markov chain Monte Carlo (MCMC) can take a long time to converge and concentrates on finding the maxima rather than the often-desired confidence contours for accurate error estimation. We employ DALE$\chi$ (Direct Analysis of Limits via the Exterior of $\chi^2$) for determining confidence contours by minimizing a cost function parametrized to incentivize points in parameter space which are both on the confidence limit and far from previously sampled points. We compare DALE$\chi$ to the nested sampling algorithm implemented in MultiNest on a toy likelihood function that is highly non-Gaussian and non-linear in the mapping between parameter values and $\chi^2$. We find that in high-dimensional cases DALE$\chi$ finds the same confidence limit as MultiNest using roughly an order of magnitude fewer evaluations of the likelihood function. DALE$\chi$ is open-source and available at https://github.com/danielsf/Dalex.git

Leadership Matters: Governors' Pre-K Proposals Fiscal Year 2006

Twenty budget-savvy governors recently recommended increased investment in a cost-effective strategy that saves taxpayers money, boosts state economies, and prepares our youngest citizens for future success. That strategy is high-quality, voluntary pre-kindergarten.This report evaluates all 50 U.S. governors and the mayor of the District of Columbia in terms of their budgetary proposals and State of the State remarks in support of voluntary pre-k for all

Pathways from caring and engaging adults to youth vocational identity: the mediational roles of career search self-efficacy and goal capacity

This study examines the role played by access to caring and engaging adults, career search self-efficacy (CSSE), and goal capacity in the development of youth vocational identity. The study used a bootstrapping approach to analyze data, collected from a survey of 1,579 youths enrolled in 14 U.S. high schools, to test a hypothesized serial multiple mediation model. Results indicate both direct and multiple indirect pathways from adults influences to the youth vocational identity. Two specific pathways of influence were found through CSSE and goal capacity respectively. Additionally, a serial multiple mediation effect was found whereby CSSE and goal capacity collectively mediated the relationship. This indicates that greater access to caring and engaging adults contributes to higher CSSE, which accounts for a higher level of goal capacity, and eventually leads to the better vocational identity in youth. These findings establish notable implications for practices that are discussed in closing.First author draf