208 research outputs found

    Texture Statistics Are Sufficient For Ensemble Perception

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    Media multitasking in adolescence

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    Media use has been on the rise in adolescents overall, and in particular, the amount of media multitasking—multiple media consumed simultaneously, such as having a text message conversation while watching TV—has been increasing. In adults, heavy media multitasking has been linked with poorer performance on a number of laboratory measures of cognition, but no relationship has yet been established between media-multitasking behavior and real-world outcomes. Examining individual differences across a group of adolescents, we found that more frequent media multitasking in daily life was associated with poorer performance on statewide standardized achievement tests of math and English in the classroom, poorer performance on behavioral measures of executive function (working memory capacity) in the laboratory, and traits of greater impulsivity and lesser growth mindset. Greater media multitasking had a relatively circumscribed set of associations, and was not related to behavioral measures of cognitive processing speed, implicit learning, or manual dexterity, or to traits of grit and conscientiousness. Thus, individual differences in adolescent media multitasking were related to specific differences in executive function and in performance on real-world academic achievement measures: More media multitasking was associated with poorer executive function ability, worse academic achievement, and a reduced growth mindset.Bill & Melinda Gates Foundatio

    The Shifting Tides of Merger Litigation

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    In 2015, Delaware made several important changes to its laws concerning merger litigation. These changes, which were made in response to a perception that levels of merger litigation were too high and that a substantial proportion of merger cases were not providing value, raised the bar, making it more difficult for plaintiffs to win a lawsuit challenging a merger and more difficult for plaintiffs\u27 counsel to collect a fee award. We study what has happened in the courts in response to these changes. We find that the initial effect of the changes has been to decrease the volume of merger litigation, to increase the number of cases that are dismissed, and to reduce the size of attorneys\u27 fee awards. At the same time, we document an adaptive response by the plaintiffs\u27 bar. Merger cases are being filed in other state courts or in federal court, presumably in an effort to escape the application of the new Delaware rules. This responsive adaptation offers important lessons about the entrepreneurial nature of merger litigation and the limited ability of the courts to reduce the potential for litigation abuse. In particular, we find that plaintiffs\u27 attorneys respond rationally to these changes by shifting their filing patterns, and that defendants respond in kind. We argue, however, that more expansive efforts to shut down merger litigation, such as through the use of fee-shifting bylaws, are premature and create too great a risk of foreclosing beneficial litigation. We also examine Delaware\u27s dilemma in maintaining a balance between the rights of managers and shareholders in this area

    The Shifting Tides of Merger Litigation

    Get PDF
    In 2015, Delaware made several important changes to its laws concerning merger litigation. These changes, which were made in response to a perception that levels of merger litigation were too high and that a substantial proportion of merger cases were not providing value, raised the bar, making it more difficult for plaintiffs to win a lawsuit challenging a merger and more difficult for plaintiffs\u27 counsel to collect a fee award. We study what has happened in the courts in response to these changes. We find that the initial effect of the changes has been to decrease the volume of merger litigation, to increase the number of cases that are dismissed, and to reduce the size of attorneys\u27 fee awards. At the same time, we document an adaptive response by the plaintiffs\u27 bar. Merger cases are being filed in other state courts or in federal court, presumably in an effort to escape the application of the new Delaware rules. This responsive adaptation offers important lessons about the entrepreneurial nature of merger litigation and the limited ability of the courts to reduce the potential for litigation abuse. In particular, we find that plaintiffs\u27 attorneys respond rationally to these changes by shifting their filing patterns, and that defendants respond in kind. We argue, however, that more expansive efforts to shut down merger litigation, such as through the use of fee-shifting bylaws, are premature and create too great a risk of foreclosing beneficial litigation. We also examine Delaware\u27s dilemma in maintaining a balance between the rights of managers and shareholders in this area

    The Shifting Tides of Merger Litigation

    Get PDF
    In 2015, Delaware made several important changes to its laws concerning merger litigation. These changes, which were made in response to a perception that levels of merger litigation were too high and that a substantial proportion of merger cases were not providing value, raised the bar, making it more difficult for plaintiffs to win a lawsuit challenging a merger and more difficult for plaintiffs’ counsel to collect a fee award. We study what has happened in the courts in response to these changes. We find that the initial effect of the changes has been to decrease the volume of merger litigation, to increase the number of cases that are dismissed, and to reduce the size of attorneys’ fee awards. At the same time, we document an adaptive response by the plaintiffs’ bar in which cases are being filed in other state courts or in federal court in an effort to escape the application of the new rules. This responsive adaptation offers important lessons about the entrepreneurial nature of merger litigation and the limited ability of the courts to reduce the potential for litigation abuse. In particular, we find that plaintiffs’ attorneys respond rationally to these changes by shifting their filing patterns, and that defendants respond in kind. We argue, however, that more expansive efforts to shut down merger litigation, such as through the use of fee-shifting bylaws, are premature and create too great a risk of foreclosing beneficial litigation. We also examine Delaware’s dilemma in maintaining a balance between the rights of managers and shareholders in this area

    Mootness Fees

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    In response to a sharp increase in litigation challenging mergers, the Delaware Chancery Court issued the 2016 Trulia decision, which substantively reduced the attractiveness of Delaware as a forum for these suits. In this Article, we empirically assess the response of plaintiffs\u27attorneys to these developments. Specifically, we document a troubling trend-the flight of merger litigation to federal court where these cases are overwhelmingly resolved through voluntary dismissals that provide no benefit to the plaintiff class but generate a payment to plaintiffs\u27counsel in the form of a mootness fee. In 2018, for example, 77% of deals with litigation were challenged in federal court, and in 63% of litigated cases, plaintiffs\u27 attorneys received a mootness fee. This compares with 2014, when only 4% of deals with litigation had a filing in federal court and no mootness fees were awarded. The rise of the mootness fee and the shift to federal court raise several issues, including a lack of transparency in the quality and resolution of merger cases and an increased potential for blackmail litigation. These problems are compounded by the willingness of some courts to permit the payment of a mootness fee in connection with corrective disclosures that are immaterial but possibly helpful, a standard that we argue is unworkable and increases the potential for vexatious litigation. We argue that the widespread payment of mootness fees reflects an inappropriate tax on the judicial system and corporations
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