7,480 research outputs found

    Fairness, Efficiency and Insider Trading: Deconstructing the Coin of the Realm in the Information Age

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    Whether and how the federal securities laws should restrict insider trading is one of the most hotly debated topics in the securities law literature. Paradoxically, both the theoretical analysis and the legal rules concerning insider trading remain extraordinarily vague and ill-formed. What is the special character of insider trading that leads to this apparently irresolvable puzzle? In this Article, I argue that there is, in fact, nothing special about insider trading that creates this dilemma, but rather there is something special about the nature of information itself. Accordingly, this theoretical dilemma is not limited to insider trading regulation, but rather pervades all areas of intellectual property law. In this Article, I situate insider trading regulation within the larger body of intellectual property law by discussing three potential allocations of the property right in valuable inside information. First, inside information could be treated as a public resource, meaning that a person in possession of inside information could not legally exploit that advantage for personal profit. Such a regime would forbid some or all insider trading by forcing the disclosure to the marketplace of inside information prior to trading. I argue that regulators should reject this alternative because, despite it\u27s proponents\u27 tendency to justify the rule in terms of fairness, this proposal is unlikely to foster fairness in any meaningful way. Alternatively, the property right in valuable inside information could belong to issuers, as the producers of such information. I argue that regulators should reject this alternative because, despite its proponents? tendency to frame their arguments in terms of promoting informational efficiency, a legal regime treating inside information as the property of the issuer is unlikely to further that goal. In fact, such proposals assume an affirmative answer to a question that is fiercely debated in other areas of intellectual property law: does creating a property right in information producers incentivize additional production to the extent necessary to offset the social costs of excluding others from use of the information? Finally, the property right in valuable inside information could reside with outsider traders (traders who possess inside information, but are neither insiders nor constructive insiders of the issuer). I argue that regulators should pursue this alternative because, although there is no need to encourage issuers to create valuable inside information, the need to encourage the dissemination of such information to the marketplace has been recognized for many years. Accordingly, I propose in this Article a system of federal securities regulation that would permit trading by corporate outsiders who did not receive their information in a tip from an insider or constructive insider. Such a system, I argue, provides the hope of filling in the gaps left by the current disclose or abstain system, by encouraging the reflection of material information in stock market price without disclosure of the actual inside information. At the same time, this proposal avoids the perverse incentives and negative impacts on market efficiency attendant in a system that permits insider trading by corporate employees

    To be or not to be an auctioneer: Some thoughts on the legal nature of online eBay auctions and the protection of consumers

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    This paper discusses the legal classification of online “eBay” auctions. The discussion has key implications on the scope of consumer protection law as sale by auctions are, for example, excluded from the scope of the Consumer Protection (Distance Selling) Regulations 2000. The paper uncovers that online “eBay” auctions cannot always be considered as traditional auctions and that eBay, as an intermediary, is not to be considered as an auctioneer. This creates difficulties associated with a distributive application of consumer protection laws such as the Consumer Protection (Distance Selling) Regulations 2000. Another set of difficulties is associated with a lenient legal regime applicable to the liability of eBay under the Electronic Commerce (EC Directive) Regulations 2002 . The paper concludes that there is an urgent need to clarify the legal classification of online auctions and to rethink the liability of online auction sites to better protect consumers

    The role of zoos in attitudes towards biodiversity and the reintroduction of native wild carnivores to the UK: results from a pilot study

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    This paper presents preliminary findings from a pilot study involving focus groups and semi-structured interviews with members of the public at three locations in Kent, UK. The pilot study aims to inform a large scale baseline survey of attitudes, beliefs and values towards biodiversity, the focus species (lynx and Pine Marten) and their conservation and reintroduction in the UK

    A far-UV survey of three hot, metal-polluted white dwarf stars: WD0455-282, WD0621-376, and WD2211-495

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    Using newly obtained high-resolution data (R1×105R\sim{1\times{10}^{5}}) from the \textit{Hubble Space Telescope}, and archival UV data from the \textit{Far Ultraviolet Spectroscopic Explorer} we have conducted a detailed UV survey of the three hot, metal-polluted white dwarfs WD0455-282, WD0621-376, and WD2211-495. Using bespoke model atmospheres we measured TeffT_{\mathrm{eff}}, log gg, and photospheric abundances for these stars. In conjunction with data from Gaia we measured masses, radii, and gravitational redshift velocities for our sample of objects. We compared the measured photospheric abundances with those predicted by radiative levitation theory, and found that the observed Si abundances in all three white dwarfs, and the observed Fe abundances in WD0621-376 and WD2211-495, were larger than those predicted by an order of magnitude. These findings imply not only an external origin for the metals, but also ongoing accretion, as the metals not supported by radiative levitation would sink on extremely short timescales. We measured the radial velocities of several absorption features along the line of sight to the three objects in our sample, allowing us to determine the velocities of the photospheric and interstellar components along the line of sight for each star. Interestingly, we made detections of circumstellar absorption along the line of sight to WD0455-282 with three velocity components. To our knowledge, this is the first such detection of multi-component circumstellar absorption along the line of sight to a white dwarf.Comment: 19 pages, 23 figures, 8 tables. Accepted for publication in the Monthly Notices of the Royal Astronomical Societ

    Data acquisition software for the CMS strip tracker

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    The CMS silicon strip tracker, providing a sensitive area of approximately 200 m2 and comprising 10 million readout channels, has recently been completed at the tracker integration facility at CERN. The strip tracker community is currently working to develop and integrate the online and offline software frameworks, known as XDAQ and CMSSW respectively, for the purposes of data acquisition and detector commissioning and monitoring. Recent developments have seen the integration of many new services and tools within the online data acquisition system, such as event building, online distributed analysis, an online monitoring framework, and data storage management. We review the various software components that comprise the strip tracker data acquisition system, the software architectures used for stand-alone and global data-taking modes. Our experiences in commissioning and operating one of the largest ever silicon micro-strip tracking systems are also reviewed

    Drawing as a versatile cognitive tool

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    Drawing is a cognitive tool that makes the invisible contents of mental life visible. Humans use this tool to produce a remarkable variety of pictures, from realistic portraits to schematic diagrams. Despite this variety and the prevalence of drawn images, the psychological mechanisms that enable drawings to be so versatile have yet to be fully explored. In this Review, we synthesize contemporary work in multiple areas of psychology, computer science and neuroscience that examines the cognitive processes involved in drawing production and comprehension. This body of findings suggests that the balance of contributions from perception, memory and social inference during drawing production varies depending on the situation, resulting in some drawings that are more realistic and other drawings that are more abstract. We also consider the use of drawings as a research tool for investigating various aspects of cognition, as well as the role that drawing has in facilitating learning and communication. Taken together, information about how drawings are used in different contexts illuminates the central role of visually grounded abstractions in human thought and behaviour

    Customising Interfaces to Service-Oriented Digital Library Systems

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