Implied Certification under the False Claims Act

The False Claims Act prohibits fraud by government contractors, including a contractor\u27s false certification of compliance with the contract, statutes or regulations. In the early 1990s, some courts began holding that the act of requesting payment from the government implicitly represents such compliance for the purposes the FCA. Circuits are today split on the implied certification doctrine. This Article provides a theory of implied certification, suggests how the circuit split should be resolved and describes how contracting agencies should write contracts in light of the existing rule. There are good reasons for the implied certification rule: it is an information-forcing majoritarian default; it affirms the special ethical obligations of government contractors; and it addresses agency lassitude in drafting and monitoring performance. But implied certification also has its costs. Most importantly, it lowers the bar to frivolous qui tam actions and threatens to impose FCA liability for violations better addressed by more discretionary and nuanced regulatory responses. This Article recommends a narrow implied certification rule: the fact that a contract, statute or regulation conditions either participation in or payment for a contract on compliance with it should create a prima facie case that a claim for payment represents such compliance, shifting the burden to the defendant to show that FCA liability would interfere with other regulatory monitoring and enforcement mechanisms. The Article also recommends that contracting agencies pay more attention to the FCA when drafting contracts. They can approximate first-best results by requiring express certification of compliance with those duties for which FCA liability makes sense, and contracting-out of implied certification for those duties that are better enforced in other ways. In addition to these practical suggestions, the Article draws some general lessons about the contractual duties to cooperate, interpretive defaults in contract and tort, and the special ethical obligations of government contractors

Spin liquid phase in a spatially anisotropic frustrated antiferromagnet

We explore the effect of the third nearest-neighbors on the magnetic properties of the Heisenberg model on an anisotropic triangular lattice. We obtain the phase diagram of the model using Schwinger-boson mean-field theory. Competition between N\'eel, spiral and collinear magnetically ordered phases is found as we vary the on the ratios of the nearest, J1, next-nearest, J2, and third-nearest, J_3, neighbor exchange couplings. A spin liquid phase is stabilized between the spiral and collinear ordered states when J2/J1 < 1.8 for rather small J3/J1 < 0.1. The lowest energy two-spinon dispersions relevant to neutron scattering experiments are analyzed and compared to semiclassical magnon dispersions finding significant differences in the spiral and collinear phases between the two approaches. The results are discussed in the context of the anisotropic triangular materials: Cs2CuCl4 and Cs2CuBr4 and layered organic materials, kappa-(BEDT-TTF)2X and Y[Pd(dmit)2]2.Comment: 11 pages, 9 figure

Spin liquid phase due to competing classical orders in the semiclassical theory of the Heisenberg model with ring exchange on an anisotropic triangular lattice

Linear spin wave theory shows that ring exchange induces a quantum disordered region in the phase diagram of the title model. Spin wave spectra show that this is a direct manifestation of competing classical orders. A spin liquid is found in the `Goldilocks zone' of frustration, where the quantum fluctuations are large enough to cause strong competition between different classical orderings but not strong enough to stabilize spiral order. We note that the spin liquid phases of $\kappa$-(BEDT-TTF)${_2}X$ and $Y$[Pd(dmit)$_2$]$_2$ are found in this Goldilocks zone.Comment: 5 pages, 3 figure

VOLATILITY SPILLOVERS BETWEEN FOREIGN EXCHANGE, COMMODITY AND FREIGHT FUTURES PRICES: IMPLICATIONS FOR HEDGING STRATEGIES

In many studies the assumption is made that traders only encounter one type of price risk. In reality, however, traders are exposed to multiple price risks, and often have several relevant derivative instruments available with which to hedge price uncertainty. In this study, commodity, foreign exchange, and freight futures contracts are analyzed for their effectiveness in reducing price uncertainty for international grain traders. A theoretical model is developed for a representative European importer to depict a realistic trading problem encountered by an international grain trading corporation exposed to more than one type of price risk. The traditional method of estimating hedge ratios by Ordinary Least Squares (OLS) is compared to the Seemingly Unrelated Regression (SUR) and the multivariate GARCH (MGARCH) methodology, which takes into account time-varying variances and covariances between the cash and futures markets. Explicit modeling of the time-variation in futures hedge ratios via the MGARCH methodology, using all derivatives and taking into account dependencies between markets results in a significant reduction in price risk for grain traders. The results also confirm that the unique, but underutilized, freight futures market is a potentially useful mechanism for reducing price uncertainty for international grain traders. The research undertaken in this study provides valuable information about reducing price uncertainty for international grain traders and gives a better understanding of the linkages between closely related markets.hedging, multivariate GARCH, foreign exchange, freight and commodity futures, Financial Economics, International Relations/Trade,

VOLATILITY SPILLOVERS BETWEEN FOREIGN EXCHANGE, COMMODITY AND FREIGHT FUTURES PRICES: IMPLICATIONS FOR HEDGING STRATEGIES

In many studies the assumption is made that traders only encounter one type of price risk. In reality, however, traders are exposed to multiple price risks, and often have several relevant derivative instruments available with which to hedge price uncertainty. In this study, commodity, foreign exchange, and freight futures contracts are analyzed for their effectiveness in reducing price uncertainty for international grain traders. A theoretical model is developed for a representative European importer to depict a realistic trading problem encountered by an international grain trading corporation exposed to more than one type of price risk. The traditional method of estimating hedge ratios by Ordinary Least Squares (OLS) is compared to the Seemingly Unrelated Regression (SUR) and the multivariate GARCH (MGARCH) methodology, which takes into account time-varying variances and covariances between the cash and futures markets. Explicit modeling of the time-variation in futures hedge ratios via the MGARCH methodology, using all derivatives and taking into account dependencies between markets results in a significant reduction in price risk for grain traders. The results also confirm that the unique, but underutilized, freight futures market is a potentially useful mechanism for reducing price uncertainty for international grain traders. The research undertaken in this study provides valuable information about reducing price uncertainty for international grain traders and gives a better understanding of the linkages between closely related markets.hedging, multivariate GARCH, foreign exchange, freight and commodity futures, Marketing, F3, C3, G1,

Artificial Intelligence in Modern Society

Artificial intelligence is progressing rapidly into diverse areas in modern society. AI can be used in several areas such as research in the medical field or creating innovative technology, for instance, autonomous vehicles. Artificial intelligence is used in the medical field to improve the accuracy of programs used for detecting health conditions. AI technology is also used in programs such as Netflix or Spotify. This type of AI will monitor a user’s habits and make recommendations based on their recent activity. Banks use AI systems to monitor activity on members’ accounts to check for identity theft, approve loans and maintain online security. Systems like these can even be found in call centers. These programs analyze a caller’s voice in real time to provide information to the call center which helps them build a faster rapport with the caller. The purpose of this research paper is to explain how artificial intelligence is creating advanced technologies in various fields of study which will create a more efficient society