SPACs, Forward-Looking Statements, and Rule 419: Is SEC Rulemaking Needed?

(Excerpt) On October 8, 2020, FirstMark Horizon Acquisition Corp. (“FirstMark” or “Company”) closed an initial public offering (“IPO”) of 41,400,000 units. Each unit was priced at $10.00 and “consist[ed] of one share of Class A common stock of the Company . . . and one-third of one redeemable warrant of the Company.” Each whole warrant provided its holder with the right to purchase “one share of Class A [c]ommon [s]tock for$11.50 per share.” FirstMark generated $414,000,000 in connection with the IPO. These funds were then placed in a trust account and maintained by a trustee. In a filing submitted to the Securities and Exchange Commission (“SEC”), FirstMark identified itself as “a blank check company [formed] for the purpose of effecting a merger.” While not mentioning a specific company in its prospectus, the Company shared its intent on merging with a business in the technology industry. The management team of FirstMark consisted of executives from FirstMark Capital, a technology venture capital firm with$2.2 billion in capital commitments. The highly capable management team had backed entrepreneurs in investments such as Pinterest and Shopify. Nearly a year after FirstMark’s IPO, on October 7, 2021, Starry, Inc. (“Starry”), a wireless technology developer and internet service provider, announced that it was being acquired by FirstMark, a special purpose acquisition company (“SPAC”). In connection with the transaction, Starry provided “rosy forecast[s],” as it projected “annual revenues of over $1.1 billion in 2026” compared to its annual revenue of$13 million in 2020. Moreover, the company expected to provide its services to over twenty-five million households by 2026 compared to the 4.7 million households it serviced as of its second quarter in 2021. Upon completion of the merger, Starry would be listed and traded on a national exchange. Starry, like many other businesses, grew to such a size that it needed a new source of capital to expand its business operations. Market analysts noted that Starry had not “had the resources to scale as quickly as they would have liked” and that the SPAC deal “could be just what they need[ed].” Starry plans to use the funds from its transaction to provide services across more cities in the United States and pay off existing debt. Notably, instead of pursuing the traditional IPO route, Starry chose to enter the public markets by merging with FirstMark, a SPAC. The U.S. capital markets have seen the re-emergence of this type of transaction where private companies are taken public through acquisition by a SPAC

The Truth Behind Echols v. State: How an Alford Guilty Plea Saved the West Memphis Three

After they spent eighteen years in prison for the notorious 1993 murders of three young boys, the West Memphis Three were released on August 19, 2011, after they entered Alford pleas. Under an Alford plea, a defendant can voluntarily, knowingly, and understandingly plead guilty while he simultaneously proclaims his innocence. But with little evidence linking the West Memphis Three to the crime and with recent DNA evidence likely establishing their innocence, was it appropriate for the Circuit Court of Craighead County, Arkansas, to allow the men to even plead guilty? This Comment argues that the circuit court in Echols v. State took a step in the wrong direction when it allowed the West Memphis Three to enter Alford pleas. This Comment discusses the background of Alford pleas and examines the inherent problems with their application, particularly in cases that involve DNA evidence. Finally, this Comment suggests a method of judicial reform that urges judges to proceed with caution and conduct a stricter factual-basis inquiry in order to prevent the injustice that arises when they allow innocent defendants to plead guilty

Una contribución matemática a la teoría del crecimiento económico. Evidencia sobre la relación entre salarios y producción de las regiones italianas

In this manuscript, the authors empirically assess the impact of an increase in the wage per worker on the GDP per capita of the Italian regions. To achieve this research aim, the authors carry out a panel data regression analysis, relying on an identification strategy based on the standard Neoclassical model of economic growth. The authors’ results suggest that, on average, the output effect of an increase in the wage per worker is positive, with a substantial difference between the Northern and Center-Southern regions. The authors’ policy implication is that wage moderation does not represent a remedy to the economic stagnation that the Italian regions have been experiencing since the second half of the 1990s.En este manuscrito, los autores evalúan empíricamente el impacto de un aumento del salario por trabajador en el PIB per cápita de las regiones italianas. Para lograr este objetivo de investigación, los autores realizan un análisis de regresión de datos de panel, basándose en una estrategia de identificación basada en el modelo neoclásico estándar de crecimiento económico. Los resultados de los autores sugieren que, en promedio, el efecto sobre la producción de un aumento en el salario por trabajador es positivo, con una diferencia sustancial entre las regiones Norte y Centro-Sur. La consecuencia política de los autores es que la moderación salarial no representa un remedio al estancamiento económico que las regiones italianas han experimentado desde la segunda mitad de los años noventa

Prensa satírica en el Río de la Plata a finales del siglo XIX: el caso de El Mosquito (Buenos Aires) y La Ortiga y el Garrote (Montevideo)

Dissertação apresentada ao Programa de Pós- Graduação em Integração Contemporânea da América Latina da Universidade Federal da Integração Latino-Americana, como requisito parcial à obtenção do título de Mestra em Integração Latino- Americana. Orientador: Prof. Dr. Paulo Renato da Silva e Coorientadora: Profa. Dra. Rosangela de Jesus SilvaEn el siglo XIX, la prensa satírica fue un tipo de publicación que, gracias al desarrollo de la litografía, permitió la circulación de representaciones textuales y visuales, destacándose las caricaturas que presentaron lecturas y discursos sobre los diferentes actores que intervinieron en sus coyunturas específicas. Construyeron un universo de significados en estrecho vínculo con la trama social, cultural y política en la que se enmarcaron, forjando nuevos sentidos a partir de la sátira y del humor. En la segunda mitad del siglo, estas publicaciones serán importantes en el proceso de consolidación de las identidades nacionales. A partir del estudio de dos títulos de la prensa satírica decimonónica rioplatense, El Mosquito (Buenos Aires) y La Ortiga y el Garrote (Montevideo) el presente trabajo se propone como objetivo principal observar y analizar comparativamente las publicaciones en los primeros años de la década de 1870. Se prestará especial atención a las distancias y las aproximaciones de las mismas, reflexionando sobre su contribución o no a la conformación de una idea de lo nacional y sobre todo, identificando si interviene (y en caso afirmativo cómo lo hace) la realidad regional de tradición tan dinámica hasta la fecha, privilegiando la secciones visuales de las publicaciones pero sin por ello desconsiderar cada edición de los periódicos en su totalidad. Para ello, se partirá de un estudio exhaustivo de las fuentes para posteriormente analizar las representaciones que ellas vehicularon en su época de circulación a partir de parámetros establecidos.No século XIX, a imprensa satírica foi um meio que, graças ao desenvolvimento da litografia, permitiu a circulação de representações textuais e visuais, tendo destaque as caricaturas que apresentaram leituras e discursos sobre os diferentes atores que intervieram nas suas conjunturas específicas. Construíram um universo de significados em estreita vinculação com a trama social, cultural e política, na qual se enquadraram forjando novos sentidos a partir da sátira e do humor. Principalmente na segunda metade do século, estas publicações serão importantes no processo de consolidação das identidades nacionais. A partir do estudo de dois títulos da imprensa satírica do século XIX rio-platense, El Mosquito (Buenos Aires) e La Ortiga y el Garrote (Montevidéu), o presente trabalho se propõe como objetivo principal observar e analisar comparativamente as publicações nos primeiros anos da década de 1870. Se dará especial atenção às distâncias e aproximações das mesmas, refletindo sobre sua contribuição ou não na conformação de uma ideia do nacional e, sobretudo, identificando se intervêm (e no caso afirmativo, como faz) na realidade regional de tradição tão dinâmica até aquela data, privilegiando as seções visuais das publicações mas sem por isso desconsiderar cada edição dos periódicos na sua totalidade. Para isso, se partirá de um estudo exaustivo das fontes para posteriormente analisar as representações que elas veicularam na sua época de circulação a partir de parâmetros estabelecidosIn the nineteenth-century, satirical press was a type of publication possible by the development of lithography that allowed the circulation of textual and visual representations. Caricatures showed lectures and speeches about the different actors that intervened in their specific scenarios. They built an universe of meanings in close connection with social, cultural and political schemes, constructing new senses from humor. In the second half of the century, this publications will be important in the process of consolidation of national identities. Studying two tittles of satirical press from the Rio de la Plata, El Mosquito (Buenos Aires) y La Ortiga y el Garrote (Montevideo), this paper proposes as main objective observe and analyze comparatively the publications in the first years of 70 decade. It will focus on the distances and approaches of them, thinking about their contribution or not to the conformation of an idea of the national and, especially, identifying if intervene (and if it is affirmative how it does) the regional reality in which they are. Visual sections will be privileged, but without disregarding each edition of the newspapers as a whole. With this propose, the starting point will be an exhaustive study of the sources, and subsequently analyze their representations from set parameter

Como a guerra foi comunicada? Análise comparativa da imprensa satírica durante a guerra contra o Paraguai e a Guerra do Pacífico

Durante la segunda mitad del siglo XIX se desarrollaron dos importantes conflictos bélicos entre Estados sudamericanos: la Guerra contra Paraguay y la Guerra del Pacífico. En el transcurso de estos procesos, la prensa satírica, caracterizada por la inclusión de imágenes jocosas generó discursos y narrativas particulares de los hechos con el objetivo de mostrar a las sociedades urbanas, lejanas al desarrollo de los acontecimientos, qué estaba ocurriendo y quiénes eran los diferentes actores que participaban. En este trabajo se buscará analizar cómo los periódicos satíricos de Rio de Janeiro y Santiago de Chile desarrollaron esta labor en los momentos activos del conflicto, desde una perspectiva comparada y cultural.During the second half of the 19th century, two crucial military conflicts occurred between South American states: the War against Paraguay and the War of the Pacific. During these processes, the satirical press, characterised by the inclusion of humorous images, generated discourses and narratives of the events to inform urban societies, distant from the development of the events, what was happening and who the different actors involved were. This paper will seek to analyse how satirical newspapers in Rio de Janeiro and Santiago de Chile developed this work in the active moments of the conflict from a comparative and cultural perspective.Durante a segunda metade do século XIX, ocorreram dois importantes conflitos militares entre estados sul-americanos: a Guerra contra o Paraguai e a Guerra do Pacífico. No decorrer desses processos, a imprensa satírica, caracterizada pela inclusão de imagens humorísticas, gerou discursos e narrativas particulares dos eventos com o objetivo de mostrar às sociedades urbanas, distantes do desenvolvimento dos eventos, o que estava acontecendo e quem eram os diferentes atores envolvidos. Este artigo procurará analisar como os jornais satíricos do Rio de Janeiro e de Santiago do Chile desenvolveram esse trabalho nos momentos ativos do conflito, a partir de uma perspectiva comparativa e cultural

Arte, Historia y Estado nacional: una exploración en torno a La Primera Misa en Chile (1904) de Pedro Subercaseaux.

Trabalho de conclusão de curso apresentado ao Instituto Latino-Americano de Arte, Cultura e História da Universidade Federal da Integração Latino-Americana (UNILA), como requisito parcial à obtenção do título de Bacharel em História – América Latina. Orientadora: Prof. Dra. Rosangela de Jesus Silva.El presente trabajo tuvo como objetivo general entender la pintura La Primera Misa en Chile (1904) del artista chileno Pedro Subercaseaux (1880 – 1956). El estudio de dicha pintura, está enmarcado dentro del proceso de consolidación de los Estados nacionales de América Latina y a partir de la investigación se buscó reflexionar sobre cómo la pintura dialoga con ese proceso en el caso específico de Chile. El tema de la primera misa en las artes visuales tiene una tradición de representación que debió ser abordada para entender la propuesta plástica de Subercaseaux en relación a un ámbito mayor que el nacional. Específicamente al tratar del caso chileno, se emprendió un camino en el cual fueron abordados asuntos que propiciaron a un entendimiento de la pintura en cuanto fenómeno cultural en el cual convergen diferentes fuerzas de poder. Así, fue necesario entender el contexto histórico del surgimiento de la pintura, el sujeto productor de la misma, el estado de las llamadas “Bellas Artes” en la transición del siglo XIX al XX, la recepción de las artes visuales en el período y los diferentes espacios de circulación y legitimación. El discurso propuesto por La primera misa en Chile coincidió con la necesidad del Estado de aglutinar ciudadanos en torno de un proyecto de nación civilizada y moderna que se enmarcase dentro de una cultura ligada a Francia y a la vez, con España por motivo de los entonces próximos festejos del Centenario de la Independencia de 1910. Por estos motivos, la pintura tuvo la aprobación oficial y hasta el día de hoy es colocada como elemento de ilustración de la historia dentro del Museo Histórico Nacional de Chile, como una “ventana hacia el pasado” sin problematizar su contenido visual.The main objective of this work is to analyze the painting La Primera Misa en Chile (1904) by the Chilean artist Pedro Subercaseaux (1880 – 1956). The process of Nation State consolidation in Latin America defines the study of that painting. This investigation allows thinking about how the painting talks to this process in the specific case of Chile. The issue of the first mass in visual arts has a tradition of representations that had to be worked to understand the proposal of Subercaseaux. Studying Chilean case, were boarded subjects that enable to understand the painting as cultural phenomenon, in which converge different power forces. In this way, was necessary to know about the historical context, the producer artist, the condition of “Fine Arts” in the transition from 19 th to 20 th century, the reception of visual arts in the period and the different circulation spaces and legitimation. The speech proposed by La primera misa en Chile agreed with the necessity of the State to bind citizens around a same project of civilized and modern nation, related to French culture and, at the same time with Spain, because of the nearly Centenary commemoration of Independence in 1910. In fact, the painting had the official approbation and, until today, it is exposed as an illustration of Chilean history at the Chilean National History Museum, as a “window to the past”, without questioning its visual contents

A Mathematical Model for the Study of the Effects of the Economic Cycle on the Real GDP Growth Rate through the Expectations-Adjusted Phillips Curve

In this paper is presented a theoretical model finalized to explain the effects of the economic cycle on the real GDP growth rate of a given country's economy towards a selected business partner. In other words, the present paper expose an innovative theoretical model, based on the expectations-adjusted Phillips Curve and on the Okun's law, which proposes the existence of a relationship between the difference in the effective inflation rate and in the expected inflation rate of the national economy of a generic country (inflation gap), and the growth rate of the real GDP of the national economy and of its corresponding commercial partner, both determined by the different phases of the economic cycle. The two economies examined, for the purpose of empirical verification, are Germany and the group of the countries belonging to the euro area, considered, as a whole, as a single economy. The considered sample period ranges from  the first quarter of 1999 to the first quarter of 2018. The result to which the authors arrive, appropriately verified with econometric models, indicates not only the existence, the significance and the robustness of the relationship established by it but also the ability of the model to predict, with good precision, the effects of the economic cycle on the real GDP growth rate, given the inflation gap. Keywords: Expectations-adjusted Phillips Curve, Okun's Law, Business Cycle, mathematical models and methods. JEL Classifications: C02, C32, E32, E37 DOI: https://doi.org/10.32479/ijefi.923

A imprensa satírica de Bogotá em um contexto sulamericano do final do século XIX

This article’s main goal is reflecting upon the Colombian satirical press of the XIXth century in the South-American context. For that, a general panoramic of the characteristics of this type of publication in the region was performed. Afterwards, the Colombian case is introduced for observing highlighted particularities in this country. Likewise, this articles aims towards making evident the potential these type of publication have as a source oh historical knowledge, for which a link with its historical context is necessary.El artículo tiene como objetivo principal reflexionar sobre la prensa satírica colombiana del siglo XIX en el contexto de Sudamérica. Para ello, es necesario realizar, en primer lugar, un panorama general de las características de este tipo de publicaciones en la región. Posteriormente se introduce el caso de Colombia para observar las particularidades que se destacan en este país. Asimismo, se busca esbozar las potencialidades que este tipo de periódicos tienen como fuente de la construcción del conocimiento histórico, para lo cual es necesario vincularlo con su contexto de producción.O principal objetivo deste artigo é refletir sobre a imprensa satírica colombiana do século XIX no contexto sul-americano. Por isso, primeiramente, é necessário construir um panorama geral das características desse tipo de publicação na região. Posteriormente, apresenta-se o caso colombiano e observa-se as particularidades que se destacam no país. As potencialidades que esse tipo de jornal tem como fonte de construção do conhecimento histórico, que precisa sempre ser vinculado ao seu contexto de produção, são destacadas