Designing and Executing a Fair Revlon Auction

The author analyzes the role of corporate boards of directors during takeover and control transactions, specifically in regards to auctions. Courts have consistently considered unfair auction attempts in light of the importance of the business judgment rule. The author examines Delaware case law and highlights the Revlon case, which holds that once an auction begins, the board’s duty shifts from preservation of the corporate entity to maximization of value shareholders will receive from the sale. The author argues that a good understanding of auction theory will not only give courts a better perspective through which to examine directors’ actions but also will give directors more information on how to run auctions and respond to bids

Designing and Executing a Fair Revlon Auction

The author analyzes the role of corporate boards of directors during takeover and control transactions, specifically in regards to auctions. Courts have consistently considered unfair auction attempts in light of the importance of the business judgment rule. The author examines Delaware case law and highlights the Revlon case, which holds that once an auction begins, the board’s duty shifts from preservation of the corporate entity to maximization of value shareholders will receive from the sale. The author argues that a good understanding of auction theory will not only give courts a better perspective through which to examine directors’ actions but also will give directors more information on how to run auctions and respond to bids

Synthesizing Finite-state Protocols from Scenarios and Requirements

Scenarios, or Message Sequence Charts, offer an intuitive way of describing the desired behaviors of a distributed protocol. In this paper we propose a new way of specifying finite-state protocols using scenarios: we show that it is possible to automatically derive a distributed implementation from a set of scenarios augmented with a set of safety and liveness requirements, provided the given scenarios adequately \emph{cover} all the states of the desired implementation. We first derive incomplete state machines from the given scenarios, and then synthesis corresponds to completing the transition relation of individual processes so that the global product meets the specified requirements. This completion problem, in general, has the same complexity, PSPACE, as the verification problem, but unlike the verification problem, is NP-complete for a constant number of processes. We present two algorithms for solving the completion problem, one based on a heuristic search in the space of possible completions and one based on OBDD-based symbolic fixpoint computation. We evaluate the proposed methodology for protocol specification and the effectiveness of the synthesis algorithms using the classical alternating-bit protocol.Comment: This is the working draft of a paper currently in submission. (February 10, 2014

Application of CFD techniques toward the validation of nonlinear aerodynamic models

Applications of Computational fluid dynamics (CFD) methods to determine the regimes of applicability of nonlinear models describing the unsteady aerodynamic responses to aircraft flight motions are described. The potential advantages of computational methods over experimental methods are discussed and the concepts underlying mathematical modeling are reviewed. The economic and conceptual advantages of the modeling procedure over coupled, simultaneous solutions of the gasdynamic equations and the vehicle's kinematic equations of motion are discussed. The modeling approach, when valid, eliminates the need for costly repetitive computation of flow field solutions. For the test cases considered, the aerodynamic modeling approach is shown to be valid

Linearized Gravity in Brane Backgrounds

A treatment of linearized gravity is given in the Randall-Sundrum background. The graviton propagator is found in terms of the scalar propagator, for which an explicit integral expression is provided. This reduces to the four-dimensional propagator at long distances along the brane, and provides estimates of subleading corrections. Asymptotics of the propagator off the brane yields exponential falloff of gravitational fields due to matter on the brane. This implies that black holes bound to the brane have a "pancake"-like shape in the extra dimension, and indicates validity of a perturbative treatment off the brane. Some connections with the AdS/CFT correspondence are described.Comment: 31 pages, harvmac. v2: minor typo and reference corrections. v3: minor corrections to eqs and discussio

T-Branes and Geometry

T-branes are a non-abelian generalization of intersecting branes in which the matrix of normal deformations is nilpotent along some subspace. In this paper we study the geometric remnant of this open string data for six-dimensional F-theory vacua. We show that in the dual M-theory / IIA compactification on a smooth Calabi-Yau threefold X, the geometric remnant of T-brane data translates to periods of the three-form potential valued in the intermediate Jacobian of X. Starting from a smoothing of a singular Calabi-Yau, we show how to track this data in singular limits using the theory of limiting mixed Hodge structures, which in turn directly points to an emergent Hitchin-like system coupled to defects. We argue that the physical data of an F-theory compactification on a singular threefold involves specifying both a geometry as well as the remnant of three-form potential moduli and flux which is localized on the discriminant. We give examples of T-branes in compact F-theory models with heterotic duals, and comment on the extension of our results to four-dimensional vacua.Comment: v2: 80 pages, 2 figures, clarifications and references added, typos correcte

The High-Pressure U.S. Labor Market of the 1990s

macroeconomics, high pressure, U.S. Labor market, labor market, 1990s

The Effect of the New Minimum Wage Law in a Low-Wage Labor Market

After nearly a decade without change, legislation that affected the Federal minimum wage in two significant ways took effect on April 1, 1990: (1) the hourly minimum wage was increased from $3.35 to$3.80; and (2) employers were enabled to pay a subminimum wage to teenage workers for up to six months. This paper examines the effect of these changes in the minimum wage law in a low-wage labor market using data from a survey of 167 fast food restaurants in Texas. We draw three main conclusions. First, our survey results indicate that less than 2 percent of fast food restaurants have taken advantage of the youth subminimum, even though 73 percent of the sampled restaurants paid a starting wage of less than $3.80 before the new minimum wage took effect. Second, we find that a sizeable minority of fast food restaurants increased wages for workers by an amount exceeding that necessary to comply with the higher minimum wage. Third, the majority of fast food restaurants in Texas that were directly affected by the minimum wage increase did not report that they attempted to offset their mandated wage increase by cutting fringe benefits or reducing employment.