In the field:Coase an exemplar in the tradition of Smith, Marshall and Ostrom

This paper argues that Coase provides the primary 20th century exemplar of the grounding of analytical developments in economics in direct fieldwork observation. In particular, his focus on the business enterprise, its internal functions (including decision-making), and its external relations (including contracting) has provided a stimulus for radical developments in microeconomics and in managerial and decision economics in particular. The argument is developed by a stylization of the development of economics, referring to Adam Smith in the 18th century, Alfred Marshall in the 19th century, Ronald Coase in the 20th century, and Elinor Ostrom in the 21st century

Venture capital and risk in high-technology enterprises

We find UK investors and entrepreneurs are significantly concordant in rankings of investments and key factors for risk but significantly discordant on risk classes. Investors emphasise agency risk (e.g., motivation, empowerment, alignment), and entrepreneurs emphasise business risk (e.g., market opportunities)

High-Growth Middle Schools in Arkansas Based on Performance on the ACT Aspire Examinations

This section highlights middle schools across the state whose students demonstrated high growth on the Arkansas ACT Aspire exams. The ACT Aspire was administered to students in grades 3 through 10 in April 2018 in Math and ELA courses which include English, Writing, and Reading

High-Growth Elementary Schools in Arkansas Based on Performance on the ACT Aspire Examinations

This section highlights elementary schools across the state whose students demonstrated high growth on the Arkansas ACT Aspire exams. The ACT Aspire was administered to students in grades 3 through 10 in April 2018 in Math and ELA courses which include English, Writing, and Reading

Venture capital investor behaviour in the backing of UK high technology firms : financial reporting and the level of investment

This paper is an empirical investigation into the ways in which venture capitalists value (and invest in) high technology firms, focusing on financial reporting, risk disclosure and intangible assets. It is based on questionnaire returns from UK investors in diverse sectors, ranging from biotechnology, through software/ computer services, to communications and medical services. This evidence is used to examine: (a) the usefulness of financial accounts; (b) the implications of technopole investment; (c) the extent of investor control over the investee's AIS; and (d) the role of investor opinion (e.g. on disclosure, due diligence and risk reporting) in determining the level of equity provision

What\u27s It Worth to Keep a Secret?

This article is the first major study of protection and valuation of trade secrets under federal criminal law. Trade secrecy is more important than ever as an economic complement and substitute for other intellectual property protections, particularly patents. Accordingly, U.S. public policy correctly places a growing emphasis on characterizing the scope of trade secrets, creating incentives for their productive use, and imposing penalties for their theft. Yet amid this complex ecosystem of legal doctrine, economic policy, commercial strategy, and enforcement, there is little research or consensus on how to assign value to trade secrets. One reason for this gap is that intangible assets in general are notoriously difficult to value, and trade secrecy by its opaque nature is ill-suited to the market-signaling mechanisms that offer at least some traction in other forms of valuation. Another reason is that criminal trade secret law is relatively young, and the usual corrective approaches to valuation in civil trade secrecy are not synonymous with the greater distributive concerns of criminal law. To begin to fill this gap, we examine over a decade of trade secret protection and valuation under the U.S. Economic Espionage Act of 1996. From original data on EEA prosecutions, we show that trade secret valuations are lognormally distributed as predicted by Gibrat’s Law, with valuations typically low on the order of $5 million but reaching as high as$250 million. There is no notable difference among estimates from various valuation methods, but a difference between high and low estimates on one hand and the sentencing estimates on the other. These findings suggest that the EEA has not been used to its full capacity, a conclusion buttressed by recent Congressional actions to strengthen the EEA

What's it worth to keep a secret?

This article is the first major study of protection and valuation of trade secrets under federal criminal law. Trade secrecy is more important than ever as an economic complement and substitute for other intellectual property protections, particularly patents. Accordingly, U.S. public policy correctly places a growing emphasis on characterizing the scope of trade secrets, creating incentives for their productive use, and imposing penalties for their theft. Yet amid this complex ecosystem of legal doctrine, economic policy, commercial strategy, and enforcement, there is little research or consensus on how to assign value to trade secrets. One reason for this gap is that intangible assets in general are notoriously difficult to value, and trade secrecy by its opaque nature is ill-suited to the market-signaling mechanisms that offer at least some traction in other forms of valuation. Another reason is that criminal trade secret law is relatively young, and the usual corrective approaches to valuation in civil trade secrecy are not synonymous with the greater distributive concerns of criminal law. To begin to fill this gap, we examine over a decade of trade secret protection and valuation under the U.S. Economic Espionage Act of 1996. From original data on EEA prosecutions, we show that trade secret valuations are lognormally distributed as predicted by Gibrat’s Law, with valuations typically low on the order of $5 million but reaching as high as$250 million. There is no notable difference among estimates from various valuation methods, but a difference between high and low estimates on one hand and the sentencing estimates on the other. These findings suggest that the EEA has not been used to its full capacity, a conclusion buttressed by recent Congressional actions to strengthen the EEA

Radio Properties of the Auroral Ionosphere, Final Report (Phase I)

It has been found in recent years that a study of the fluctuations in the signals received from radio stars affords a powerful means of investigating the irregular structure of the ionosphere. In 1955 studies of this type, using frequencies of 223 Me and 456 Me, were initiated at the Geophysical Institute, with a view to investigating the smallscale structure of the highly disturbed auroral ionosphere. The purpose of this report is to present a complete description of the initial experimental arrangement. Further developments of the equipment and some results of analysis of the data have been presented in Quarterly Progress Reports covering the period since 1 June 1956, The report is divided into three sections. Section I contains a description of the basic philosophy of the experiment with an elementary discussion of the various parameters involved. Section II contains a brief description of the actual field installation, and Section III is devoted to the electronic design features. The diagrams pertaining to each section are located at the end of the section.Air Force Contract No. AF 30(635)-2887 Project No. 5535 - Task 45774 Rome Air Development Center, Griffiss Air Force Base Rome, New YorkABSTRACT AND GENERAL INTRODUCTION -- [SECTION I] Investigation of the Ionosphere Using Extra- Terrestrial Radio Sources : 1.1 Introduction ; 1.2 Extra-Terrestrial Sources ; Apparent Positions ; 1.3 Instrumental Techniques for the Study of Radiation from Radio Stars ; Interferometer Methods ; Advantages of the Phase-Switch Interferometer ; Interferometer Parameters ; 1.5 Limitations on Accuracy -- References -- [SECTION II] The Field Installation : 2.1 Introduction ; 2.2 The Radio Telescope Towers ; 2.3 The Antennas ; 2.4 Acknowledgements -- [SECTION III] Electronic Design of Phase-Switch Interferometers : 3.1 Introduction ; 3.2 223 Mc Phase-Switch Equipment ; 3.3 456 Mc Phase-Switch Equipment ; 3.4 Auxiliary EquipmentYe

Solar Activity and the Sea-surface Temperature Record-evidence of a Long-period Variation in Solar Total Irradiance

There have been many suggestions over the years of a connection between solar activity and the Earth's climate on time scales long compared to the 11-year sunspot cycle. They have remained little more than suggestions largely because of the major uncertainties in the climate record itself, and the difficulty in trying to compile a global average from an assembly of measurements that are uneven in both quality and distribution. Different climate time response to solar activity, some suggesting a positive correlation, some a negative correlation, and some no correlation at all. The only excuse for making yet another such suggestion is that much effort has been devoted in recent years to compiling climate records for the past century or more that are internally consistent and believable, and that a decadal-scale record of solar total irradiance is emerging from spacecraft measurements, and can be used to set limits on the variation that is likely to have occurred on these time scales. The work described here was originally inspired by the observation that the time series of globally averaged sea-surface temperatures over the past 120 years or so, as compiled by the British Meteorological Office group (Folland and Kates, 1984), bore a resonable similarity to the long-term average sunspot number, which is an indicator of the secular variability of solar activity. The two time series are shown where the sunspot number is shown as the 135-month running mean, and the SST variation is shown as the departure from an arbitrary average value. The simplest explanation of the similarity, if one accepts it as other than coincidental, is that the sun's luminosity may have been varying more or less in step with the level of solar activity, or in other words that there is a close coupling between the sun's magnetic condition and its radiative output on time scales longer than the 11-year cycle. Such an idea is not new, and in fact the time series shown can be regarded as a modern extension of the proposal put forward by Eddy (1977) to explain the covariance between various global climate indicators and solar activity as revealed by the C-14 record over the past millenium