Controversial Orthodoxy: The Efficient Capital Markets Hypothesis And Loss Causation

Since the Supreme Court’s landmark holding in Basic, Inc. v. Levinson, courts have incorporated the efficient capital markets hypothesis as an analytical tool in securities fraud cases. Nevertheless, recent turmoil in the financial markets and a growing chorus of scholarship challenging traditional notions of market efficiency have caused some courts to reconsider the role of the efficient capital markets hypothesis in securities fraud litigation. This Note analyzes a question that has split the circuits and marks the intersection of market efficiency and securities fraud: how quickly must an equity security depreciate in price following the publication of a corrective disclosure for a plaintiff to plead and prove loss causation? Part I introduces the efficient capital markets hypothesis, securities fraud actions, and the ways in which courts have traditionally employed concepts of market efficiency into their analyses. Part II analyzes the circuit split regarding the speed with which the market must incorporate information into price for a plaintiff to properly plead and prove loss causation. Finally, Part III argues that courts should resist the temptation to draw bright-line rules in the context of loss causation and should engage each case on its facts by analyzing the efficiency of the relevant market during each event giving rise to the fraud and economic loss

The changing face of innovation policy: implications for the Northern Ireland economy

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Taking services seriously: how policy can stimulate the 'hidden innovation' in the UK’s services economy

Policy could have an important role in stimulating innovation in services. However, policymakers have lacked robust evidence showing how these sectors innovate. Drawing on a survey of more than 16,000 firms, this research reveals the high levels of ‘hidden innovation’ in some services sectors, especially in how they develop new business models and exploit technology. But the research also reveals that innovation is confined to a minority of service firms, and that many lack the skilled personnel or intelligence on markets and technology that would enable them to become more innovative. Because of their dominance in the economy, improved performance by the UK’s services sectors is necessary if we are to significantly close the productivity gap between the UK and other leading nations. However, if we are to take innovation in services seriously, we must recognise that they innovate differently from advanced manufacturing. We need policies to support increased training and development, and the effective dissemination and exploitation of technology

Merging DNA metabarcoding and ecological network analysis to understand and build resilient terrestrial ecosystems

Summary 1. Significant advances in both mathematical and molecular approaches in ecology offer unprecedented opportunities to describe and understand ecosystem functioning. Ecological networks describe interactions between species, the underlying structure of communities and the function and stability of ecosystems. They provide the ability to assess the robustness of complex ecological communities to species loss, as well as a novel way of guiding restoration. However, empirically quantifying the interactions between entire communities remains a significant challenge. 2. Concomitantly, advances in DNA sequencing technologies are resolving previously intractable questions in functional and taxonomic biodiversity and provide enormous potential to determine hitherto difficult to observe species interactions. Combining DNA metabarcoding approaches with ecological network analysis presents important new opportunities for understanding large-scale ecological and evolutionary processes, as well as providing powerful tools for building ecosystems that are resilient to environmental change. 3. We propose a novel ‘nested tagging’ metabarcoding approach for the rapid construction of large, phylogenetically structured species-interaction networks. Taking tree–insect–parasitoid ecological networks as an illustration, we show how measures of network robustness, constructed using DNA metabarcoding, can be used to determine the consequences of tree species loss within forests, and forest habitat loss within wider landscapes. By determining which species and habitats are important to network integrity, we propose new directions for forest management. 4. Merging metabarcoding with ecological network analysis provides a revolutionary opportunity to construct some of the largest, phylogenetically structured species-interaction networks to date, providing new ways to: (i) monitor biodiversity and ecosystem functioning; (ii) assess the robustness of interacting communities to species loss; and (iii) build ecosystems that are more resilient to environmental change

The economics of New Labour: policy and performance

have evolved from Thatcherism and that it has largely embraced the tenets of neoliberalism. New Labour has rejected most aspects of Keynesianism and its policies have eschewed the use of active demand management policies. But it has been the high levels of demand-in particular consumption expenditure-that have driven economic growth in the UK and which have ensured that (as yet) New Labour has not faced the problems of dealing with a major economic downturn

Cultural connections: The Role of the Arts and Humanities in Competitiveness and Local Development

This report considers how the arts and cultural institutions contribute to the appeal of place. Cultural institutions are a prominent part of UK society – and many have a rich and long heritage. The impact of such institutions has often been evaluated in terms of engagement and participation or on the direct economic impact of cultural institutions. This study primarily focuses on the wider role of cultural institutions in their local economies; their innovative activities; how they connect to other local organisations such as universities; and how they collaborate with academics from the Arts and Humanities

CONCERNS ABOUT THE SCHOLARLY DEVELOPMENT OF THE NURSING PROFESSION AND THE ACADEMIC NURSING PIPELINE

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Functional Polycentrism and Urban Network Development in the Greater South East UK: Evidence from Commuting Patterns, 1981-2001

In contemporary literature on changing urban systems, it is often argued that the traditional central place conceptualisation is outdated and should be replaced by a network view that emphasises the increasing criss-crossing pattern of interdependencies between spatial units. This paper tests for urban network development by looking at commuting patterns in the Greater South East UK. The analysis is based on census commuting interaction data for three points in time during the past three decades (1981, 1991, and 2001). Although the empirical results indicate that the Greater South East UK can still not be characterized as a polycentric urban region or integrated urban network, there is some evidence for urban network development at the local, intra-urban, level as well as a decentralization of the system at the regional, inter-urban, level

Alarmins in frozen shoulder: a molecular association between inflammation and pain

Background: The pathophysiological mechanisms behind proliferation of fibroblasts and deposition of dense collagen matrix in idiopathic frozen shoulder remain unclear. Alarmins (also known as danger signals) are endogenous molecules that are released into the extracellular milieu after infection or tissue injury and that signal cell and tissue damage. Purpose: To investigate whether the presence of alarmins is higher in patients with idiopathic frozen shoulder than in control subjects. Study Design: Controlled laboratory study. Methods: Shoulder capsule samples were collected from 10 patients with idiopathic frozen shoulder and 10 patients with unstable shoulders (control). The samples were stained with hematoxylin and eosin (H&E) and analyzed by immunohistochemistry using antibodies against alarmin molecules including high-mobility group protein B1 (HMGB1), interleukin 33, S100A8, S100A9, and the peripheral nerve marker PGP9.5. Immunoreactivities were rated in a blinded fashion from “none” to “strong.” Immunohistochemical distribution within the capsule was noted. Before surgery, patient-ranked pain frequency, severity, stiffness, and the range of passive shoulder motion were recorded and statistically analyzed. Results: Compared with control patients, patients with frozen shoulder had greater frequency and severity of self-reported pain (P = .02) and more restricted range of motion in all planes (P < .05). H&E-stained capsular tissue from frozen shoulder showed fibroblastic hypercellularity and increased subsynovial vascularity. Immunoreactivity of alarmins was significantly stronger in frozen shoulder capsules compared with control capsules (P < .05). Furthermore, the expression of the alarmin molecule HMGB1 significantly correlated (r > 0.9, P < .05) with the severity of patient-reported pain. Conclusion: This study demonstrates a potential role for key molecular danger signals in frozen shoulder and suggests an association between the expression of danger molecules and the pain experienced by patients