Podcasts about ssrn

“You can create a virtual board of directors that will have different expertises and that will come up with ideas that a given person may not come up with.” – Felipe Csaszar About Felipe Csaszar Felipe Csaszar is the Alexander M. Nick Professor and chair of the Strategy Area at the University of Michigan’s Ross School of Business. He has published and held senior editorial roles in top academic journals including Strategy Science, Management Science, and Organization Science, and is co-editor of the upcoming Handbook of AI and Strategy. Webiste: papers.ssrn.com LinkedIn Profile: Felipe Csaszar University Profile: Felipe Csaszar What you will learn How AI transforms the three core cognitive operations in strategic decision making: search, representation, and aggregation. The powerful ways large language models (LLMs) can enhance and speed up strategic search beyond human capabilities. The concept and importance of different types of representations—internal, external, and distributed—in strategy formulation. How AI assists in both visualizing strategists' mental models and expanding the complexity of strategic frameworks. Experimental findings showing AI's ability to generate and evaluate business strategies, often matching or outperforming humans. Emerging best practices and challenges in human-AI collaboration for more effective strategy processes. The anticipated growth in framework complexity as AI removes traditional human memory constraints in strategic planning. Why explainability and prediction quality in AI-driven strategy will become central, shaping the future of strategic foresight and decision-making. Episode Resources Transcript Ross Dawson: Felipe, it’s a delight to have you on the show. Felipe Csaszar: Oh, the pleasure is mine, Ross. Thank you very much for inviting me. Ross Dawson: So many, many interesting things for us to dive into. But one of the themes that you’ve been doing a lot of research and work on recently is the role of AI in strategic decision making. Of course, humans have been traditionally the ones responsible for strategy, and presumably will continue to be for some time. However, AI can play a role. Perhaps set the scene a little bit first in how you see this evolving. Felipe Csaszar: Yeah, yeah. So, as you say, strategic decision making so far has always been a human task. People have been in charge of picking the strategy of a firm, of a startup, of anything, and AI opens a possibility that now you could have humans helped by AI, and maybe at some point, AI is designing the strategies of companies. One way of thinking about why this may be the case is to think about the cognitive operations that are involved in strategic decision making. Before AI, that was my research—how people came up with strategies. There are three main cognitive operations. One is to search: you try different things, you try different ideas, until you find one which is good enough—that is searching. The other is representing: you think about the world from a given perspective, and from that perspective, there’s a clear solution, at least for you. That’s another way of coming up with strategies. And then another one is aggregating: you have different opinions of different people, and you have to combine them. This can be done in different ways, but a typical one is to use the majority rule or unanimity rule sometimes. In reality, the way in which you combine ideas is much more complicated than that—you take parts of ideas, you pick and choose, and you combine something. So there are these three operations: search, representation, and aggregation. And it turns out that AI can change each one of those. Let’s go one by one. So, search: now AIs, the current LLMs, they know much more about any domain than most people. There’s no one who has read as much as an LLM, and they are quite fast, and you can have multiple LLMs doing things at the same time. So LLMs can search faster than humans and farther away, because you can only search things which you are familiar with, while an LLM is familiar with many, many things that we are not familiar with. So they can search faster and farther than humans—a big effect on search. Then, representation: a typical example before AI about the value of representations is the story of Merrill Lynch. The big idea of Merrill Lynch was how good a bank would look if it was like a supermarket. That’s a shift in representations. You know how a bank looks like, but now you’re thinking of the bank from the perspective of a supermarket, and that leads to a number of changes in how you organize the bank, and that was the big idea of Mr. Merrill Lynch, and the rest is history. That’s very difficult for a human—to change representations. People don’t like changing; it’s very difficult for them, while for an AI, it’s automatic, it’s free. You change their prompt, and immediately you will have a problem looked at from a different representation. And then the last one was aggregating. You can aggregate with AI virtual personas. For example, you can create a virtual board of directors that will have different expertises and that will come up with ideas that a given person may not come up with. And now you can aggregate those. Those are just examples, because there are different ways of changing search, representation, and aggregation, but it’s very clear that AI, at least the current version of AI, has the potential to change these three cognitive operations of strategy. Ross Dawson: That’s fantastic. It’s a novel framing—search, representation, aggregation. Many ways of framing strategy and the strategy process, and that is, I think, quite distinctive and very, very insightful, because it goes to the cognitive aspect of strategy. There’s a lot to dig into there, but I’d like to start with the representation. I think of it as the mental models, and you can have implicit mental models and explicit mental models, and also individual mental models and collective mental models, which goes to the aggregation piece. But when you talk about representation, to what degree—I mean, you mentioned a metaphor there, which, of course, is a form of representing a strategic space. There are, of course, classic two by twos. There are also the mental models which were classically used in investment strategy. So what are the ways in which we can think about representation from a human cognitive perspective, before we look at how AI can complement it? Felipe Csaszar: I think it’s important to distinguish—again, it’s three different things. There are three different types of representations. There are the internal representations: how people think in their minds about a given problem, and that usually people learn through experience, by doing things many times, by working at a given company—you start looking at the world from a given perspective. Part of the internal representations you can learn at school, also, like the typical frameworks. Then there are external representations—things that are outside our mind that help us make decisions. In strategy, essentially everything that we teach are external representations. The most famous one is called Porter’s Five Forces, and it’s a way of thinking about what affects the attractiveness of an industry in terms of five different things. This is useful to have as an external representation; it has many benefits, because you can write it down, you can externalize it, and once it’s outside of your mind, you free up space in your mind to think about other things, to consider other dimensions apart from those five. External representations help you to expand the memory, the working memory that you have to think about strategy. Visuals in general, in strategy, are typical external representations. They play a very important role also because strategy usually involves multiple people, so you want everybody to be on the same page. A great way of doing that is by having a visual so that we all see the same. So we have internal—what’s in your mind; external—what you can draw, essentially, in strategy. And then there are distributed representations, where multiple people—and now with AI, artifacts and software—among all of them, they share the whole representation, so they have parts of the representation. Then you need to aggregate those parts—partial representations; some of them can be internal, some of them are external, but they are aggregated in a given way. So representations are really core in strategic decision making. All strategic decisions come from a given set of representations. Ross Dawson: Yeah, that’s fantastic. So looking at—so again, so much to dive into—but thinking about the visual representations, again, this is a core interest of mine. Can you talk a little bit about how AI can assist? There’s an iterative process. Of course, visualization can be quite simple—a simple framework—or visuals can provide metaphors. There are wonderful strategy roadmaps which are laid out visually, and so on. So what are the ways in which you see AI being able to assist in that, both in the two-way process of the human being able to make their mental model explicit in a visualization, and the visualization being able to inform the internal representation of the strategist? Are there any particular ways you’ve seen AI be useful in that context? Felipe Csaszar: So I was very intrigued—as soon as LLMs became popular, were launched—yeah, ChatGPT, that was in November 2022—I started thinking, there are so many ways in which this could be used. So myself and two co-authors, Hyunjin Kim and Harsh Ketkar, we wrote a paper, one of the initial papers on how AI can be used in strategy. It’s published in Strategy Science, and in that paper, we explore many ways in which AI could be used in strategy. Of course, you can ask AI about coming up with answers to questions that you may have. You can also use AI to use any of these frameworks that have been developed in strategy. It was very clear to us that it was usable. Then the question was, how good are those uses? What’s the quality of current AI doing this type of task? So what we did is an experiment where we compared the performance of AI to the performance of humans. In strategy, there are two types of tasks: one is to generate alternatives, and the other is to select alternatives. You have a problem—the first thing you want to do is have possible solutions, and then you want to be able to pick the best out of those. So we had two experiments: one where we measured the ability of AI to generate alternatives, another to select. For generation, what we did is we got data from a business plan competition where people were applying with business plans that all had the same format. The important thing is that the first paragraph of that application had the problem—a problem that they thought was important. So we took all of those applications and removed everything except for the problem, and then we gave that problem to an AI and asked the AI, “Hey, complete the rest of the business plan.” So now we have business plans that are real, and the AI twins of those—business plans created by an AI that try to solve the same problem. Then we put both in a kind of business plan competition, where we had people with experience in investments ranking all of these business plans, and they didn’t know which ones were created by humans and which ones were created by AIs. We looked at their evaluations at the end of the day, and on average, the ones that were generated by the AI were ranked a little bit higher—7% higher—than the ones that were generated by humans. So at least in this very specific context of business plan competitions, there’s potential. We’re saying, hey, AI could generate things at a level that is comparable to the people applying to this type of business plan competition. That has a lot of potential. We could use it in different ways. The other part of this study was to measure the ability of AI to select strategies among strategies. There, what we did is use data from another business plan competition, where all of the business plans had been evaluated by venture capitalists according to 10 dimensions: how strong is the idea, how strong is the team, how strong is the technology, etc. Then we gave an AI the same rubric that the venture capitalists received and asked the AI to rank or grade each one of these startups according to these 10 dimensions. Then we compared how similar the evaluations of the LLM were to the evaluations of the venture capitalists, and we showed that they are quite similar—there’s a correlation of 52%. This, again, tells us that there is potential here. An AI could do things that are quite similar to an experienced human evaluating this type of startup. A very interesting result there is that the correlation between two venture capitalists is lower than that 52%. So if you want to predict what a venture capitalist is going to say about your business, you’re better off asking an LLM than asking another venture capitalist. Ross Dawson: Yes, which perhaps shows the broad distribution of VC opinions. So obviously, LLMs can play valuable roles in many aspects of the strategy process, but this brings us back to the humans plus AI role. There are many—again, a big topic—but rather than looking at them, comparing what humans and AI did, where do you see the primary opportunities for humans and AI to collaborate in the strategy process? Felipe Csaszar: Yeah, yeah. So I think that’s a fascinating question, and my guess is that the study of the strategy process will completely change in the next 10 to 20 years. So far, all of the strategy process has been to study what happens when you have multiple people making strategy decisions. In the past, we studied things like devil’s advocate, or we have studied the role of changing the size of the group of people making decisions, or the consensus level required. But in the future, there will be AIs in this process that will have completely different bounds or capacities than humans. So we will need to learn what’s the best way of collaborating with them and including them into the strategic decision making process. Today, we don’t know much about it. We are beginning to learn things, like the study I mentioned—hey, in this task, it seems to be better—but there’s so much that we need to learn. I am working on some things, but it’s still early. Ross Dawson: Going back to the distributed representation—this is something where, of course, distributed representation can be in multiple people. Arguably, it can include human and AI agents as each having different representations. But this goes, of course, to the aggregation piece, where the aggregation is—you have a board of directors, group of executives, potentially a participative strategy process bringing more people into the organization. What are the specific roles of AI in assisting or facilitating effective aggregation to form a cohesive strategy? Felipe Csaszar: Yeah, so the truth is, we yet don’t know. There’s not enough research. We’re starting to think about it. We can see many uses, and I think what people should be doing now is running experiments to see when those add value and when they don’t. It will be different for different companies in different industries, so probably there’s no one solution that’s the same for everybody. For example, one possible use in strategic decision making is predicting what your competitors would do. If I do this, what would be the most likely reaction of my competitor? That’s one. Another one is predicting consumers: if I launch this product with this set of characteristics, what would be the most likely response of my consumers? In strategy, something that has been very popular for the last 20 years is something called the Blue Ocean Strategy, which is a method to come up with new offerings, with new value propositions, but that requires a lot of creativity. With AI, you can automate part of that. At the end of the day, it’s a search process. You have to think about what would happen if I add this, or if I add this other thing, or if I increase this. Part of that can be automated—that would be another use. Or if you have different proposals—in this other study, we show, hey, AI is good at evaluating, so if you have the right rubric, this can automate the evaluation, or can automate the first part of that evaluation so that you only have to spend your time among the really complicated, more sophisticated decisions or alternatives. There are many, many things that can be done at this point. Ross Dawson: Which goes to, I think, one of the interesting points in your work—representational complexity. Some strategies are arguably simple; other strategies, you can call them more sophisticated, but they are more complex. The representation of complexity is greater. There are two things that are required for that. One is, of course, sophisticated thinking, but also, because strategy in any organization involves multiple people, it requires that there is an ability for a number of people together to hold a hopefully similar or very similar representation of a quite complex topic. What are ways in which AI can be used to enhance that development of more sophisticated or nuanced or complex representations that can support a better strategy? Felipe Csaszar: So that’s a great point. I have a paper from before this new round of AI called exactly that—representation complexity. There has been a long-standing discussion in strategy of when you want to use a simple representation, whether it’s better to use a complex representation, or something in between. We tried to clarify when each one of these applies. But then came this new round of AI, and I think it changes things a lot. I talk a little bit about this in a chapter I uploaded recently—it’s called “Unbounding Rationality.” The key thing there is that humans—we have our own computer here, it’s the brain, and the brain has some constraints. One very important for strategy is the capacity of our working memory. There’s this famous paper from the 1950s called “The Magical Number Seven,” that we can hold in our working memory seven plus or minus two items—so between five and nine things we can keep at the same time in our mind. That’s why, for example, I think all strategy frameworks are very simple. There’s the five forces—fits within our working memory—or these typical two by twos, they have four quadrants—fits within our working memory. But AIs don’t have that bound. They are not constrained by the same working memory constraint that we have. So I would expect that future frameworks will be much more complex, that representational complexity will increase because of AI. Of course, frameworks of the future won’t have a million things, because when you put too many things, you’re overfitting—it works well with things that happened in the past, but not in the future—but they will probably have more than five things. Also, another reason for not having a million things inside a framework is that at the end of the day, you will still need to communicate frameworks. You will need to convince the other people in the organization, the ones that are implementing the strategy, that this is the right strategy. You will need to convince them, so you don’t want to have something that’s extremely complex. But my guess would be that the complexity of frameworks and of strategies will increase with AI. Ross Dawson: So looking forward—you talked about 10 or 20 years. If we see the current pace of capability development of LLMs on a similar trajectory, where do you see the remaining role of humans as a complement to AI in shaping strategy? I think you mentioned this possibility of essentially AI forming strategy, but I think for a wide array of reasons, it will be human plus AI—humans will play a role as final decision maker or other things. So where do you see those fundamental human capabilities still being retained for the foreseeable future, as a complement to AI in strategy? Felipe Csaszar: So I think that for the next 10, 20, maybe 30 years, humans will be really busy coming up with how to use AI—all of these experiments that we mentioned, people will be running all of those things in all different industries, and that takes a while. That will require human ingenuity and trying things and really understanding strategy and understanding the capabilities of AI. So I don’t see AI replacing human strategists in the very short term. On the contrary, because of AI, strategists will be more busy finding what are the best ways of using AI in their businesses. I think 10, 20, or 30 years is very reasonable. If you think about the previous technological revolution, which I could say was the Internet—the technology for the Internet, we could say, existed since around ’94. The World Wide Web is from ’94, browsers are from ’94, bandwidth enough to send email. Essentially all of the technology that supports internet business today was mostly in place in the mid to late ’90s. But the businesses, or people, ended up using all of those things 10 or 20 years after that, because it takes a long time for people, for strategists, to come up with the idea—for someone to come up with the idea of, let’s say, Netflix or eBay or PayPal or Facebook—all of those things, they take time for people to understand this is doable. Then it takes time to implement. Then it takes time for users to say, “Hey, this is useful.” There’s a lot of adaptation, and then there will be regulation. So the whole process takes a long time. I don’t think that businesses will change from one day to the next. It will be a relatively slow process that will take decades. When we look back in 20 years from now, we will see, “Hey, everything changed,” but every year we will see just a little bit of change, like what happened with the Internet. So I imagine that people designing strategies, implementing strategies, they will be very busy in the next 20 years. Ross Dawson: So to round out, I won’t ask you to make predictions, but maybe some hypotheses. What do you think are some interesting hypotheses that will inform your research—not just next year, but in the years beyond? Where do you think are the interesting avenues that we should be not just exploring and researching, but where there is a valid and useful hypothesis? Felipe Csaszar: Yeah, so many things, but one very important—I think that strategy will be more about making the right predictions. The role of foresight. It turns out that when you want to train a machine learning algorithm, you need to have some signal that informs how you train the system. It’s called the gradient, or the objective function. So in strategy, we will need to make that more central, and then think, what are the best ways in which you can use AI to make the right predictions? That requires measuring the quality of predictions. So you change this in the business, and this ends up happening. We want an AI to be able to do that. So coming up with ways in which you can measure the quality of decisions will become more important, so that we can train those AIs. That’s one. And very related to that is, well, the thing that’s generating the predictions are representations, and then it’s coming up with those more complex representations that are better at making decisions or are better at discovering things that are hard for humans to discover. Those are the two main things. I think the future of strategy will be about finding ways of improving foresight and finding ways of improving the thing that creates that foresight, which are the representations. All of that will change what has been called the strategy process—how we make decisions in strategy. Ross Dawson: So I just need to pick up on that point around prediction. One of the challenges with external predictions is that, then, as a strategist, you have to say, either I will build my strategy based on that prediction, or I question that prediction. I think there are alternatives or attribute probabilities to it. So even if a prediction machine gets better, it’s still very challenging, particularly cognitively, in terms of accountability for the strategist to incorporate a prediction where you don’t necessarily have all of the logic behind the prediction as a machine learning model to incorporate. So how can a strategist incorporate what may be a relatively black box prediction into an effective strategy? Felipe Csaszar: Yeah, well, and here we are in the conjecture part of this interview. So my answer is in that spirit. I think there are two ways out of this. One is that we will ask for explainable predictions. There’s a whole area of AI called Explainable AI, which is exactly trying to do this—not just say what’s the best prediction, but why the AI is saying that’s the right prediction. So that could develop, and probably that will develop, because humans will question whatever the AI will predict. That’s one way. The other is, imagine that the AI becomes very, very, very good at making predictions. Then at some point, it doesn’t matter if it can explain it or not—it’s just making very good predictions. It’s like, imagine you want to win at chess and you have this machine that can play chess very well. This machine wins at chess. You don’t need to exactly understand how that machine is making each one of those decisions. But if the machine is very good at it, and it’s consistently good at it, people will use it. In a sense, the market will decide. If this works better than a machine that provides an explanation for each one of the steps, people will just go with the one that’s making the right prediction. Ross Dawson: I think there’s all sorts of other places we can go to from there, but that’s fascinating. So where can people go to find out more about your work? Felipe Csaszar: Well, I upload all of my stuff to SSRN. So if you Google my name and SSRN, you will find all of my papers. In the near future, like in the next three months or so, I’ll have two things coming out. One is a Handbook of AI, written also with my co-editor Nan Jia from USC, that will have 20 chapters that will explore different ways in which AI will be affecting strategies—the Handbook of AI and Strategy, published by Elgar. And then around that same time, there will be a special issue of the Strategy Science journal where I’m one of the co-editors, which will be exactly about the same—about AI and strategic decision making. We already have accepted several of the papers for that special issue. Those papers will be pushing the frontier of what we know about AI and strategic decision making. Ross Dawson: That’s fantastic. I will certainly be following your work—very highly aligned with the humans plus AI movement. And thank you for all of the wonderful research and work you’re doing. Felipe Csaszar: Thank you so much, Ross. It’s been a pleasure. The post Felipe Csaszar on AI in strategy, AI evaluations of startups, improving foresight, and distributed representations of strategy (AC Ep32) appeared first on Humans + AI.

Employment Report Solid The Tech disruptors are getting disrupted… Growth vs Value – an abrupt change. Guest – Cullen Roche – Author of the bestselling book – Your Perfect Portfolio.   NEW! DOWNLOAD THE AI GENERATED SHOW NOTES Cullen Roche founded Discipline Funds to help investors obtain access to low fee, diversified portfolios that help them stay the course and meet their financial goals. Cullen's primary areas of expertise include global macro portfolio construction, quantitative risk management, monetary economics, financial accounting and behavioral finance. Prior to establishing his own business, Cullen worked at Merrill Lynch Global Wealth Management where he worked on a team overseeing $500MM+ in assets under management. Upon leaving Merrill Lynch, Cullen managed a private investment partnership which took advantage of reporting irregularities ahead of major corporate events. The strategy generated substantial positive alpha (high risk adjusted returns) without a single negative year of returns from 2005-2011. He formed Orcam Financial Group in 2012 to help better serve the much needed retail space with sophisticated but low fee asset management and financial planning services. Cullen is also a prolific writer. In addition to the weekly musings on his website Pragmatic Capitalism, he is the author of the popular book Pragmatic Capitalism: What Every Investor Needs to Know About Money and Finance as well as “Understanding the Modern Monetary System,” one of the top 10 all-time most downloaded research papers on the SSRN academic research network. He is also the author of the popular white paper “Understanding Modern Portfolio Construction.” He was named one of the “Top Wall Street Economists, Experts and Opinion Leaders” of 2011 by Wall Street Economists and was named one of the “101 Best Finance People” by Business Insider, where he was described as “one of the most influential economic thinkers today.” In 2015, Cullen was named one of the “40 Under 40” most influential people in finance by InvestmentNews. He is regularly cited in the Wall Street Journal, on CNBC and in the Financial Times. His latest book is YOUR PERFECT PORTFOLIO: The Ultimate Guide to Using the World’s Most Powerful Investing Strategies . In that, Roche draws on two decades of experience building investment firms and advising clients to help readers discover the strategy that fits their goals Check this out and find out more at: http://www.interactivebrokers.com/ Follow @andrewhorowitz Looking for style diversification? More information on the TDI Managed Growth Strategy – HERE Stocks mentioned in this episode: (INTC), (UEC), (IONQ), (CEG), (OKLO), (NXT)

Our second episode on the life of Anthony Burns begins with his detention in Boston, which outraged Massachusetts abolitionists. Even after Burns was returned to Virginia to be enslaved once again, his supporters in Boston continued to work for his freedom. Research: Buehrens, John A. “Spiritual friendship and social justice.” UU World. Fall 2019. https://www.uuworld.org/articles/spiritual-friendship Sutton, Robert K. “’We waked up stark mad Abolitionists.’” From "Stark Mad Abolitionists.” Salon. 8/5/2017. https://www.salon.com/2017/08/05/we-waked-up-stark-mad-abolitionists/ Sutton, Robert K. “The Wealthy Activist Who Helped Turn ‘Bleeding Kansas’ Free.” Smithsonian. 8/16/2017. https://www.smithsonianmag.com/history/wealthy-activist-who-helped-turn-bleeding-kansas-free-180964494/ Delblanco, Andrew. “America’s Struggle for Moral Coherence.” The Atlantic. 12/12/2018. https://www.theatlantic.com/ideas/archive/2018/11/the-nation-has-been-this-dividedin-the-civil-war/575587/ Finkelman, Paul & Dictionary of Virginia Biography. Anthony Burns (1834–1862). (2020, December 07). In Encyclopedia Virginia. https://encyclopediavirginia.org/entries/burns-anthony-1834-1862. “Anthony Burns Captured.” Africans in America. https://www.pbs.org/wgbh/aia/part4/4p2915.html Boston African American National Historic Site. “"God made me a man- not a slave": The Arrest of Anthony Burns.” National Park Service. https://www.nps.gov/articles/-god-made-me-a-man-not-a-slave-the-arrest-of-anthony-burns.htm#_ftnref14 Linder, Douglas O. “The (Fugitive Slave)Trials of Anthony Burns: An Account.” UMKC School of Law: Famous Trials. 2019. https://www.famous-trials.com/anthonyburns/2425-the-fugitive-slave-trials-of-anthony-burns-an-account Encyclopedia Virginia. “The Trial of Anthony Burns (1854).” https://encyclopediavirginia.org/entries/burns-anthony-the-trial-of-1854/ Stevens, Charles Emery. “Anthony Burns: A History.” Boston : John P. Jewett and Co. 1856. Shapiro, Samuel. “The Rendition of Anthony Burns.” The Journal of Negro History, Vol. 44, No. 1 (Jan., 1959). https://www.jstor.org/stable/2716312 Maginnes, David R. “The Case of the Court House Rioters in the Rendition of the Fugitive Slave Anthony Burns, 1854.” The Journal of Negro History, Vol. 56, No. 1 (Jan., 1971). https://www.jstor.org/stable/2716024 Landon, Fred. “Anthony Burns in Canada.” Reprinted from the Ontario Historical Society’s “Papers and Records” volume XXII. 1925. https://archive.org/details/anthonyburnsinca00land/ Potter, Joseph S. “The Boston Slave Riot, and Trial of Anthony Burns.” Boston: Fetridge and Company. 1854. https://archive.org/details/DKC0103/mode/1up Perlstein, Henry, “From the Ashes of the Common Law”: Personal Replevin in the 21st Century (February 05, 2024). Intercultural Human Rights Law Review, Volume 19, pp. 257-309, Available at SSRN: https://ssrn.com/abstract=5407082 or http://dx.doi.org/10.2139/ssrn.5407082 See omnystudio.com/listener for privacy information.

The story of Anthony Burns is one that resonates in our current times. Part one covers his early enslaved life, his escape from enslavement, and his arrest under the Fugitive Slave Act of 1850. Research: Buehrens, John A. “Spiritual friendship and social justice.” UU World. Fall 2019. https://www.uuworld.org/articles/spiritual-friendship Sutton, Robert K. “’We waked up stark mad Abolitionists.’” From "Stark Mad Abolitionists.” Salon. 8/5/2017. https://www.salon.com/2017/08/05/we-waked-up-stark-mad-abolitionists/ Sutton, Robert K. “The Wealthy Activist Who Helped Turn ‘Bleeding Kansas’ Free.” Smithsonian. 8/16/2017. https://www.smithsonianmag.com/history/wealthy-activist-who-helped-turn-bleeding-kansas-free-180964494/ Delblanco, Andrew. “America’s Struggle for Moral Coherence.” The Atlantic. 12/12/2018. https://www.theatlantic.com/ideas/archive/2018/11/the-nation-has-been-this-dividedin-the-civil-war/575587/ Finkelman, Paul & Dictionary of Virginia Biography. Anthony Burns (1834–1862). (2020, December 07). In Encyclopedia Virginia. https://encyclopediavirginia.org/entries/burns-anthony-1834-1862. “Anthony Burns Captured.” Africans in America. https://www.pbs.org/wgbh/aia/part4/4p2915.html Boston African American National Historic Site. “"God made me a man- not a slave": The Arrest of Anthony Burns.” National Park Service. https://www.nps.gov/articles/-god-made-me-a-man-not-a-slave-the-arrest-of-anthony-burns.htm#_ftnref14 Linder, Douglas O. “The (Fugitive Slave)Trials of Anthony Burns: An Account.” UMKC School of Law: Famous Trials. 2019. https://www.famous-trials.com/anthonyburns/2425-the-fugitive-slave-trials-of-anthony-burns-an-account Encyclopedia Virginia. “The Trial of Anthony Burns (1854).” https://encyclopediavirginia.org/entries/burns-anthony-the-trial-of-1854/ Stevens, Charles Emery. “Anthony Burns: A History.” Boston : John P. Jewett and Co. 1856. Shapiro, Samuel. “The Rendition of Anthony Burns.” The Journal of Negro History, Vol. 44, No. 1 (Jan., 1959). https://www.jstor.org/stable/2716312 Maginnes, David R. “The Case of the Court House Rioters in the Rendition of the Fugitive Slave Anthony Burns, 1854.” The Journal of Negro History, Vol. 56, No. 1 (Jan., 1971). https://www.jstor.org/stable/2716024 Landon, Fred. “Anthony Burns in Canada.” Reprinted from the Ontario Historical Society’s “Papers and Records” volume XXII. 1925. https://archive.org/details/anthonyburnsinca00land/ Potter, Joseph S. “The Boston Slave Riot, and Trial of Anthony Burns.” Boston: Fetridge and Company. 1854. https://archive.org/details/DKC0103/mode/1up Perlstein, Henry, “From the Ashes of the Common Law”: Personal Replevin in the 21st Century (February 05, 2024). Intercultural Human Rights Law Review, Volume 19, pp. 257-309, Available at SSRN: https://ssrn.com/abstract=5407082 or http://dx.doi.org/10.2139/ssrn.5407082 See omnystudio.com/listener for privacy information.

Aktien gelten als gute Geldanlage. Aber im Wust der Tipps und Ratschläge ist man schnell lost – und nicht alle sind gut. Julian Thimme, Professor für Finance, erklärt im Vortrag die wissenschaftlichen Grundlagen fürs Anlegen und gibt Tipps. Julian Thimme ist Professor für Finance am Karlsruher Institut für Technologie. Einer seiner Forschungsschwerpunkte ist der Aktienmarkt. Seinen Vortrag "Soll ich wirklich Aktien kaufen – und wenn ja, welche?" hat er am 21. November 2025 im Rahmen der Nacht der Wissenschaft in Karlsruhe am KIT gehalten. Der Vortrag war gleichzeitig seine Antrittsvorlesung; nach sechs Jahren als Juniorprofessor am KIT wurde er im August 2025 zum W3-Professor dort ernannt. ******* +++ Deutschlandfunk Nova +++ Hörsaal +++ Vortrag +++ Wissenschaft +++ Finanzen +++ Geld +++ Altersvorsorge +++ Rente +++ Börse +++ Aktien +++ Aktientipps +++ Aktienmarkt +++ Wertpapiere +++ Traden +++ Investieren +++ Investment +++ Anlegen +++ Geldanlage +++ Gold +++ Immobilien +++ DAX +++ Kurs +++ Gewinn +++ Dividende +++ Passives Einkommen +++ Rendite +++ Sparen +++ Finfluencer +++**********In dieser Folge mit: Moderation: Katrin Ohlendorf Vortragender: Julian Thimme, Professor für Finance, Karlsruher Institut für Technologie (KIT)**********Ihr hört in diesem Hörsaal:2:16 - Vortragsbeginn3:15 - Soll ich wirklich Aktien kaufen?11:51 - Welche Aktien sollte ich kaufen?26:34 - Fazit28:22 - Q & A**********Quellen aus der Folge:Anarkulova, A., Cederburg, S., & O'Doherty, M. S. (2022): Stocks for the long run? Evidence from a broad sample of developed markets. Journal of Financial Economics, 143(1), 409-433.Barber, B. M., & Odean, T. (2001): Boys will be boys: Gender, overconfidence, and common stock investment. The Quarterly Journal of Economics, 116(1), 261-292.Malkiel, Burton G. (1995): Returns from investing in equity mutual funds 1971 to 1991. The Journal of Finance 50(2), 549-572.Chen, A. Y., & Velikov, M. (2017): Accounting for the anomaly zoo: A trading cost perspective. Available at SSRN, 3073681.**********Mehr zum Thema bei Deutschlandfunk Nova:Wirtschaft: Wie Bitcoin das Geldsystem verändern willFinanzmärkte: Das schwierige Verhältnis zur DemokratieMaking Class: Das Wissen schwer reicher Familien**********Den Artikel zum Stück findet ihr hier.**********Ihr könnt uns auch auf diesen Kanälen folgen: TikTok und Instagram .

Le ministre de la Santé, Anil Bachoo, s'est rendu ce mardi après-midi à l'hôpital SSRN pour rendre visite au sergent Noor Hossen, grièvement blessé dans un accident de la route survenu le dimanche 1er février. Le policier, affecté au poste de police de Pamplemousses, assurait l'escorte d'une procession religieuse de Cavadee qui circulait de Mont Goût en direction de Pamplemousses lorsqu'il a été impliqué dans l'accident. Le ministre Anil Bachoo a souligné qu'il était de son « devoir de rendre visite au sergent Hossen, blessé dans l'exercice de ses fonctions ». Après une intervention chirurgicale délicate, le policier est désormais hors de danger et placé sous surveillance médicale. Il sergent devrait pouvoir quitter l'hôpital dans les prochains jours.

Estudo publicado no SSRN revela que a IA consegue selecionar empregados só por fotografia, identificando nos rostos os 5 traços de personalidade fundamentais. O estudo sublinha os problemas éticos desta possibilidade

This week we're traveling back to 18th-century France with Perfume: The Story of a Murderer! Join us as we learn about tanneries, the town of Grasse, infanticide, perfumers' guilds, and more! Sources: https://www.rogerebert.com/reviews/perfume-the-story-of-a-murderer-2007 https://www.rottentomatoes.com/m/perfume_the_story_of_a_murderer https://en.wikipedia.org/wiki/Perfume:_The_Story_of_a_Murderer_%28film%29 A.O. Scott, https://www.nytimes.com/2006/12/27/movies/27perf.html  Tracey Rizzo (2004) Between dishonor and death: infanticides in the causes célèbres of eighteenth-century France, Women's History Review, 13:1, 5-22, DOI: 10.1080/09612020400200380 Arhoune, Ilham@, Impact of Chemicals and Working Conditions on Tannery Workers' Health and Recommendations for Improving the Situation. Available at SSRN: https://ssrn.com/abstract=5347318 or http://dx.doi.org/10.2139/ssrn.5347318 "     1. Rabbani G, Billah B, Giri A, et al. Factors Associated With Health Complaints Among Leather Tannery Workers in Bangladesh. Workplace Health & Safety. 2020;69(1):22-31. doi:10.1177/2165079920936222   " https://montecristomagazine.com/beauty/medieval-tannery-town-french-riviera-became-perfume-capital-world#gsc.tab=0 https://www.tfcg.ca/old-occupation-tanner Kirsten James, The Science of Scent and Business of Perfume in Paris and London, 1650-1815, PhD thesis, University of Toronto (2019).  Eleanor Beardsley, "Sick Of Tanneries' Stench Centuries Ago, A French Town Began Making Perfume. It Stuck." NPR, available at https://www.npr.org/2021/09/21/1039393853/sick-of-tanneries-stench-centuries-ago-a-french-town-began-making-perfume-it-stu Luxus Magazine, Grasse: World Capital of Perfume: https://magazine.luxus-plus.com/en/brief-history-of-luxury-grasse-world-capital-of-perfume/

The hosts gather to celebrate the 100th episode of UCLA Housing Voice. We also answer listener questions and announce the first book for our book club.Show notes:Appelbaum, Y. (2025). Stuck: How the Privileged and the Propertied Broke the Engine of American Opportunity. Penguin Random House.Appelbaum, Y. (2025 February 10). How Progressives Froze the American Dream. The Atlantic.Phillips, S. (2020). The Affordable City: Strategies for Putting Housing Within Reach (and Keeping it There). Island Press.Lens, M. C. (2024). Where the Hood At? Fifty Years of Change in Black Neighborhoods. Russell Sage Foundation.Lens, M. C., & Monkkonen, P. (2016). Do strict land use regulations make metropolitan areas more segregated by income? Journal of the American Planning Association, 82(1), 6-21.Manville, M., Monkkonen, P., & Lens, M. (2020). It's time to end single-family zoning. Journal of the American Planning Association, 86(1), 106-112.Lee, A. E. (2023). The Policy and Politics of Highway Expansions. UC Davis. https://escholarship.org/uc/item/13x3n8zr. Chapelle, G. (2018). Does social housing crowd out private construction? (Working paper). Science Po.Elmendorf, C. S., Nall, C., & Oklobdzija, S. (2024). What state housing policies do voters want? Evidence from a platform-choice experiment. SSRN.https://www.hcd.ca.gov/housing-open-data-tools/statewide-housing-plan-dashboard https://easyreadernews.com/aes-ruling-against-redondo-may-open-door-to-builders-remedy-developments-statewide/ Episode 81: How New Zealand Passed Its Ambitious Zoning Reforms with Eleanor WestSee remaining show notes and each host's favorite episodes at https://www.lewis.ucla.edu/2025/10/22/100-the-big-100-listener-questions-re-meet-the-hosts-and-book-club/

Most think that algorithms are the modern root cause of innovations. But says not only are organizations today powered by data, they innovate through data. With several other colleagues, Marta is bringing data studies back to the forefront of information systems research. She produces workshops, a forthcoming book, and an online bibliography with seminal readings. We talk to Marta about the relationship between data and meaning, representation versus innovation, and whether we all soon live in a hyperreality created through synthetic data that lost all connection to the real-world. Episode reading list Alaimo, C., & Kallinikos, J. (2022). Organizations Decentered: Data Objects, Technology and Knowledge. Organization Science, 33(1), 19-37. Aaltonen, A., Stelmaszak, M., & Xu, D. The Data Studies Bibliography. . Chen, H., Chiang, R., & Storey, V. C. (2012). Business Intelligence and Analytics: From Big Data to Big Impacts. MIS Quarterly, 36(4), 1165-1188. Wand, Y., & Wang, R. Y. (1996). Anchoring Data Quality Dimensions in Ontological Foundations. Communications of the ACM, 39(11), 86-95. Xu, D., Stelmaszak, M., & Aaltonen, A. (2025). What is Changing the Game in Data Research? Insights from the “Innovating in Data-based Reality” Professional Development Workshop. Communications of the Association for Information Systems, 56(8), 194-208. Kent, W. (1978). Data and Reality. North-Holland. Hirschheim, R., Klein, H. K., & Lyytinen, K. (1995). Information Systems Development and Data Modeling: Conceptual and Philosophical Foundations. Cambridge University Press. Goodhue, D. L., Wybo, M. D., & Kirsch, L. J. (1992). The Impact of Data Integration on the Costs and Benefits of Information Systems. MIS Quarterly, 16(3), 239-311. Aaltonen, A., & Stelmaszak, M. (2024). Data Innovation Lens: A New Way to Approach Data Design as Value Creation. SSRN, . Recker, J., Indulska, M., Green, P., Burton-Jones, A., & Weber, R. (2019). Information Systems as Representations: A Review of the Theory and Evidence. Journal of the Association for Information Systems, 20(6), 735-786. Bowker, G. C., & Star, S. L. (1999). Sorting Things Out: Classification and Its Consequences. MIT Press. Baudrillard, J. (1981). Simulacra and Simulation. University of Michigan Press. Harari, Y. N. (2024). Nexus: A Brief History of Information Networks from the Stone Age to AI. Random House. Wittgenstein, L. (1953). Philosophical Investigations. Basil Blackwell. Stelmaszak, M., Wagner, E., & DuPont, N. N. (2024). Recognition in Personal Data: Data Warping, Recognition Concessions, and Social Justice. MIS Quarterly, 48(4), 1611-1636. Aaltonen, A., Stelmaszak, M., & Lyytinen, K. (Eds.). (2026). Research Handbook on Digital Data: Interdisciplinary Perspectives. Edward Elgar Publishing. 

Democratic backsliding, culture wars and partisan politics in the past two decades has seen the regression of human rights protections in the courts and across societies. However, having made incremental gains in constitutional courts, LGBTQ+ rights operate as somewhat of a paradox. In this pivotal work, Professor Rehan Abeyratne makes an argument that the progress made in LGBTQ+ rights protection obscures an increased shift towards authoritarian legality in the courts and beyond. Case studies of three apex courts - the U.S. Supreme Court, the Supreme Court of India, and the Hong Kong Court of Final Appeal - provide insight into the erosion of democracy and the rule of law across these jurisdictions. Courts and  LGBTQ+ Rights in an Age of Judicial Retrenchment (Oxford UP, 2025) is an important work and should serve as a warning sign to constitutional lawyers, human rights scholars and anybody interested in the values that underpin liberal democracy as to the the limited ability of constitutional courts to protect rights in the current climate.   Professor Rehan Abeyratne is is Professor and Associate Dean (Higher Degree Research) at Western Sydney University School of Law, where he teaches Government and Public Law, Legal Research and Methodology, and Comparative Law: Legal Systems of the World. He also coordinates the School of Law's Honours Program. Professor Abeyratne holds a PhD from Monash University, a JD from Harvard Law School, and a BA (Hons.) in Political Science from Brown University. He researches comparative constitutional law and has published several books and articles in world leading journals. Most of Prof. Abeyratne's research can be freely accessed on SSRN, Academia, and Google Scholar. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/gender-studies

Democratic backsliding, culture wars and partisan politics in the past two decades has seen the regression of human rights protections in the courts and across societies. However, having made incremental gains in constitutional courts, LGBTQ+ rights operate as somewhat of a paradox. In this pivotal work, Professor Rehan Abeyratne makes an argument that the progress made in LGBTQ+ rights protection obscures an increased shift towards authoritarian legality in the courts and beyond. Case studies of three apex courts - the U.S. Supreme Court, the Supreme Court of India, and the Hong Kong Court of Final Appeal - provide insight into the erosion of democracy and the rule of law across these jurisdictions. Courts and  LGBTQ+ Rights in an Age of Judicial Retrenchment (Oxford UP, 2025) is an important work and should serve as a warning sign to constitutional lawyers, human rights scholars and anybody interested in the values that underpin liberal democracy as to the the limited ability of constitutional courts to protect rights in the current climate.   Professor Rehan Abeyratne is is Professor and Associate Dean (Higher Degree Research) at Western Sydney University School of Law, where he teaches Government and Public Law, Legal Research and Methodology, and Comparative Law: Legal Systems of the World. He also coordinates the School of Law's Honours Program. Professor Abeyratne holds a PhD from Monash University, a JD from Harvard Law School, and a BA (Hons.) in Political Science from Brown University. He researches comparative constitutional law and has published several books and articles in world leading journals. Most of Prof. Abeyratne's research can be freely accessed on SSRN, Academia, and Google Scholar. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/new-books-network

Democratic backsliding, culture wars and partisan politics in the past two decades has seen the regression of human rights protections in the courts and across societies. However, having made incremental gains in constitutional courts, LGBTQ+ rights operate as somewhat of a paradox. In this pivotal work, Professor Rehan Abeyratne makes an argument that the progress made in LGBTQ+ rights protection obscures an increased shift towards authoritarian legality in the courts and beyond. Case studies of three apex courts - the U.S. Supreme Court, the Supreme Court of India, and the Hong Kong Court of Final Appeal - provide insight into the erosion of democracy and the rule of law across these jurisdictions. Courts and  LGBTQ+ Rights in an Age of Judicial Retrenchment (Oxford UP, 2025) is an important work and should serve as a warning sign to constitutional lawyers, human rights scholars and anybody interested in the values that underpin liberal democracy as to the the limited ability of constitutional courts to protect rights in the current climate.   Professor Rehan Abeyratne is is Professor and Associate Dean (Higher Degree Research) at Western Sydney University School of Law, where he teaches Government and Public Law, Legal Research and Methodology, and Comparative Law: Legal Systems of the World. He also coordinates the School of Law's Honours Program. Professor Abeyratne holds a PhD from Monash University, a JD from Harvard Law School, and a BA (Hons.) in Political Science from Brown University. He researches comparative constitutional law and has published several books and articles in world leading journals. Most of Prof. Abeyratne's research can be freely accessed on SSRN, Academia, and Google Scholar. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/east-asian-studies

Democratic backsliding, culture wars and partisan politics in the past two decades has seen the regression of human rights protections in the courts and across societies. However, having made incremental gains in constitutional courts, LGBTQ+ rights operate as somewhat of a paradox. In this pivotal work, Professor Rehan Abeyratne makes an argument that the progress made in LGBTQ+ rights protection obscures an increased shift towards authoritarian legality in the courts and beyond. Case studies of three apex courts - the U.S. Supreme Court, the Supreme Court of India, and the Hong Kong Court of Final Appeal - provide insight into the erosion of democracy and the rule of law across these jurisdictions. Courts and  LGBTQ+ Rights in an Age of Judicial Retrenchment (Oxford UP, 2025) is an important work and should serve as a warning sign to constitutional lawyers, human rights scholars and anybody interested in the values that underpin liberal democracy as to the the limited ability of constitutional courts to protect rights in the current climate.   Professor Rehan Abeyratne is is Professor and Associate Dean (Higher Degree Research) at Western Sydney University School of Law, where he teaches Government and Public Law, Legal Research and Methodology, and Comparative Law: Legal Systems of the World. He also coordinates the School of Law's Honours Program. Professor Abeyratne holds a PhD from Monash University, a JD from Harvard Law School, and a BA (Hons.) in Political Science from Brown University. He researches comparative constitutional law and has published several books and articles in world leading journals. Most of Prof. Abeyratne's research can be freely accessed on SSRN, Academia, and Google Scholar. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/lgbtq-studies

Democratic backsliding, culture wars and partisan politics in the past two decades has seen the regression of human rights protections in the courts and across societies. However, having made incremental gains in constitutional courts, LGBTQ+ rights operate as somewhat of a paradox. In this pivotal work, Professor Rehan Abeyratne makes an argument that the progress made in LGBTQ+ rights protection obscures an increased shift towards authoritarian legality in the courts and beyond. Case studies of three apex courts - the U.S. Supreme Court, the Supreme Court of India, and the Hong Kong Court of Final Appeal - provide insight into the erosion of democracy and the rule of law across these jurisdictions. Courts and  LGBTQ+ Rights in an Age of Judicial Retrenchment (Oxford UP, 2025) is an important work and should serve as a warning sign to constitutional lawyers, human rights scholars and anybody interested in the values that underpin liberal democracy as to the the limited ability of constitutional courts to protect rights in the current climate.   Professor Rehan Abeyratne is is Professor and Associate Dean (Higher Degree Research) at Western Sydney University School of Law, where he teaches Government and Public Law, Legal Research and Methodology, and Comparative Law: Legal Systems of the World. He also coordinates the School of Law's Honours Program. Professor Abeyratne holds a PhD from Monash University, a JD from Harvard Law School, and a BA (Hons.) in Political Science from Brown University. He researches comparative constitutional law and has published several books and articles in world leading journals. Most of Prof. Abeyratne's research can be freely accessed on SSRN, Academia, and Google Scholar. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/law

Democratic backsliding, culture wars and partisan politics in the past two decades has seen the regression of human rights protections in the courts and across societies. However, having made incremental gains in constitutional courts, LGBTQ+ rights operate as somewhat of a paradox. In this pivotal work, Professor Rehan Abeyratne makes an argument that the progress made in LGBTQ+ rights protection obscures an increased shift towards authoritarian legality in the courts and beyond. Case studies of three apex courts - the U.S. Supreme Court, the Supreme Court of India, and the Hong Kong Court of Final Appeal - provide insight into the erosion of democracy and the rule of law across these jurisdictions. Courts and  LGBTQ+ Rights in an Age of Judicial Retrenchment (Oxford UP, 2025) is an important work and should serve as a warning sign to constitutional lawyers, human rights scholars and anybody interested in the values that underpin liberal democracy as to the the limited ability of constitutional courts to protect rights in the current climate.   Professor Rehan Abeyratne is is Professor and Associate Dean (Higher Degree Research) at Western Sydney University School of Law, where he teaches Government and Public Law, Legal Research and Methodology, and Comparative Law: Legal Systems of the World. He also coordinates the School of Law's Honours Program. Professor Abeyratne holds a PhD from Monash University, a JD from Harvard Law School, and a BA (Hons.) in Political Science from Brown University. He researches comparative constitutional law and has published several books and articles in world leading journals. Most of Prof. Abeyratne's research can be freely accessed on SSRN, Academia, and Google Scholar. Learn more about your ad choices. Visit megaphone.fm/adchoices

Democratic backsliding, culture wars and partisan politics in the past two decades has seen the regression of human rights protections in the courts and across societies. However, having made incremental gains in constitutional courts, LGBTQ+ rights operate as somewhat of a paradox. In this pivotal work, Professor Rehan Abeyratne makes an argument that the progress made in LGBTQ+ rights protection obscures an increased shift towards authoritarian legality in the courts and beyond. Case studies of three apex courts - the U.S. Supreme Court, the Supreme Court of India, and the Hong Kong Court of Final Appeal - provide insight into the erosion of democracy and the rule of law across these jurisdictions. Courts and  LGBTQ+ Rights in an Age of Judicial Retrenchment (Oxford UP, 2025) is an important work and should serve as a warning sign to constitutional lawyers, human rights scholars and anybody interested in the values that underpin liberal democracy as to the the limited ability of constitutional courts to protect rights in the current climate.   Professor Rehan Abeyratne is is Professor and Associate Dean (Higher Degree Research) at Western Sydney University School of Law, where he teaches Government and Public Law, Legal Research and Methodology, and Comparative Law: Legal Systems of the World. He also coordinates the School of Law's Honours Program. Professor Abeyratne holds a PhD from Monash University, a JD from Harvard Law School, and a BA (Hons.) in Political Science from Brown University. He researches comparative constitutional law and has published several books and articles in world leading journals. Most of Prof. Abeyratne's research can be freely accessed on SSRN, Academia, and Google Scholar.

Husband-and-wife team William Firth Wells and Mildred Weeks Wells conducted research that had the potential to make a big difference in the safety of indoor air. But it didn’t really have a significant impact on public health. Research: Associated Press. “Super-Oyster Is On its Way to Dinner Table Bigger and Better Bivalve Sports Pedigree.” 3/13/1927. https://www.loc.gov/resource/sn84020064/1927-03-13/ed-1/?sp=14 “Brought Back to Texas.” The Houston Semi-Weekly Post. 12/26/1889. https://www.newspapers.com/image/1196039760/ Decatur Daily Review. “Scientists Fight Flu Germs with Violet Ray.” 7/30/1936. https://www.newspapers.com/image/94335504/ Evening Star. “Scientific Trap-shooter.” 6/26/1937. https://www.loc.gov/resource/sn83045462/1937-06-26/ed-1/?sp=7&q=William+Firth+Wells&r=0.668,0.557,0.438,0.158,0 Fair, Gordon M. and William Weeks Wells. “Method and Apparatus for Preventing Infection.” U.S. Patent 2,198,867. https://ppubs.uspto.gov/api/pdf/downloadPdf/2198867 Hall, Dominic. “New Center for the History of Medicine Artifact - Wells Air Centrifuge.” Harvard Countway Library. https://countway.harvard.edu/news/new-center-history-medicine-artifact-wells-air-centrifuge “Incubator Is Now Oyster Nurse.” Washington Times. 10/1/1925. https://www.loc.gov/resource/sn84026749/1925-10-01/ed-1/?sp=12 Lewis, Carol Sutton. “Mildred Weeks Wells’s Work on Airborne Transmission Could Have Saved Many Lives—If the Scientific Establishment Listened.” Lost Women of Science Podcast. Scientific American. 5/22/2025. https://www.scientificamerican.com/article/a-public-health-researcher-and-her-engineer-husband-found-how-diseases-can/ Library and Archives Team. “William Firth Wells and Mildred Weeks Wells.” Washington College. https://www.washcoll.edu/people_departments/offices/miller-library/archives-special-collections/archives-blog/Wells%20papers.php Molenti, Megan. “The 60-Year-Old Scientific Screwup That Helped Covid Kill.” Wired. 5/13/2021. https://www.wired.com/story/the-teeny-tiny-scientific-screwup-that-helped-covid-kill/ Perkins JE, Bahlke AM, Silverman HF. Effect of Ultra-violet Irradiation of Classrooms on Spread of Measles in Large Rural Central Schools Preliminary Report. Am J Public Health Nations Health. 1947 May;37(5):529-37. PMID: 18016521; PMCID: PMC1623610. Randall, Katherine and Ewing, E. Thomas and Marr, Linsey and Jimenez, Jose and Bourouiba, Lydia, How Did We Get Here: What Are Droplets and Aerosols and How Far Do They Go? A Historical Perspective on the Transmission of Respiratory Infectious Diseases (April 15, 2021). Available at SSRN: https://ssrn.com/abstract=3829873 Riley, Richard L. “What Nobody Needs to Know About Airborne Infection.” American Journal of Respiratory and Critical Care Medicine. Volume 163, Issue 1. https://www.atsjournals.org/doi/10.1164/ajrccm.163.1.hh11-00 Simon, Clea. “Did a socially awkward scientist set back airborne disease control?” The Harvard Gazette. 3/7/2025. https://news.harvard.edu/gazette/story/2025/03/did-a-socially-awkward-scientist-set-back-airborne-disease-control/ “Texas State News.” McKinney Weekly Democrat-Gazette. 4/17/1890. https://www.newspapers.com/image/65385350/ WELLS MW, HOLLA WA. VENTILATION IN THE FLOW OF MEASLES AND CHICKENPOX THROUGH A COMMUNITY: Progress Report, Jan. 1, 1946 to June 15, 1949, Airborne Infection Study, Westchester County Department of Health. JAMA. 1950;142(17):1337–1344. doi:10.1001/jama.1950.02910350007004 WELLS MW. VENTILATION IN THE SPREAD OF CHICKENPOX AND MEASLES WITHIN SCHOOL ROOMS. JAMA. 1945;129(3):197–200. doi:10.1001/jama.1945.02860370019006 WELLS WF, WELLS MW. AIR-BORNE INFECTION. JAMA. 1936;107(21):1698–1703. doi:10.1001/jama.1936.02770470016004 WELLS WF, WELLS MW. AIR-BORNE INFECTION: SANITARY CONTROL. JAMA. 1936;107(22):1805–1809. doi:10.1001/jama.1936.02770480037010 Wells, W F, and M W Wells. “Measurement of Sanitary Ventilation.” American journal of public health and the nation's health vol. 28,3 (1938): 343-50. doi:10.2105/ajph.28.3.343 Wells, William Firth and Gordon Maskew Fair. Viability of B. coli Exposed to Ultra-Violet Radiation in Air.Science82,280-281(1935).DOI:10.1126/science.82.2125.280.b Wells, William Firth and Mildred Weeks Wells. Measurement of Sanitary Ventilation American Journal of Public Health and the Nations Health 28, 343_350, https://doi.org/10.2105/AJPH.28.3.343 Zimmer, Carl. “Air-Borne: The Hidden History of the Life We Breathe.” Dutton. 2025. See omnystudio.com/listener for privacy information.

In this week's episode, Asta Fung discusses her soon to be completed PhD research about applying our skills to breathing interventions to offer relief to people experiencing chronic pain. Asta discusses how she became interested in breathing interventions and recognised the skills speech pathologists can bring to this area of emerging speech pathology practices. Resources: Fung, Asta and Duncanson, Kerith and Mittinty, Manasi Murthy and Vertigan, Anne E. and Snodgrass, Suzanne J., Exploring Patients' Perceptions and Experiences of a Telehealth-Based Group Breathing Intervention For Chronic Pain: A Mixed Methods Pilot Study. Available at SSRN: https://ssrn.com/abstract=5102062 or http://dx.doi.org/10.2139/ssrn.5102062 Slowly breathe the nerves away, by Asta Fung https://www.ruralhealth.org.au/partyline/article/slowly-breathe-nerves-away.html Breath by James Nestor https://www.penguin.com.au/books/breath-9780241289129 The Oxygen Advantage by Patrick McKeown https://oxygenadvantage.com/oxygen-advantage-book/ Dr Andrew Huberman: https://www.youtube.com/watch?v=u0OBgihk2f8&t=117s Breathing Pattern Disorder: https://ilovcdtoolkit.org/breathing-pattern-disorder/ Dysfunctional Breathing: https://toolkit.severeasthma.org.au/co-morbidities/pulmonary-upper-airways/dysfunctional-breathing/ Chronic Pain Australia: https://chronicpainaustralia.org.au/ Pain Australia: https://www.painaustralia.org.au/ Agency of Clinical Innovation, Pain Management Network:https://aci.health.nsw.gov.au/chronic-pain Speech Pathology Australia acknowledge the Traditional Custodians of lands, seas and waters throughout Australia, and pay respect to Elders past and present. We recognise that the health and social and emotional wellbeing of Aboriginal and Torres Strait Islander peoples are grounded in continued connection to culture, country, language and community and acknowledge that sovereignty was never ceded. Free access to transcripts for podcast episodes are available via the SPA Learning Hub (https://learninghub.speechpathologyaustralia.org.au/), you will need to sign in or create an account. For more information, please see our Bio or for further enquiries, email speakuppodcast@speechpathologyaustralia.org.au Disclaimer: © (2025) The Speech Pathology Association of Australia Limited. All rights reserved. Important Notice, Please read: The views expressed in this presentation and reproduced in these materials are not necessarily the views of, or endorsed by, The Speech Pathology Association of Australia Limited (“the Association”). The Association makes no warranty or representation in relation to the content, currency or accuracy of any of the materials comprised in this recording. The Association expressly disclaims any and all liability (including liability for negligence) in respect of use of these materials and the information contained within them. The Association recommends you seek independent professional advice prior to making any decision involving matters outlined in this recording including in any of the materials referred to or otherwise incorporated into this recording. Except as otherwise stated, copyright and all other intellectual property rights comprised in the presentation and these materials, remain the exclusive property of the Association. Except with the Association's prior written approval you must not, in whole or part, reproduce, modify, adapt, distribute, publish or electronically communicate (including by online means) this recording or any of these materials.

A 2020 study found that only the right brand architecture strategy maximizes reputation spillover while preventing underinvestment. But most companies make this critical decision based on emotion rather than data. This week, Elena, Rob, and Director of Brand Beth Kuchera explore when to use one brand across everything versus splitting them up. They reveal the five ways brand architecture impacts business success and share why getting this wrong can waste expensive "brain space" that's impossible to recover. Topics covered: [01:00] Research on branded house versus house of brands strategy[05:00] Five ways brand architecture helps or harms your business [10:00] Strategic upsides and downsides of branded house approach [14:00] Creative challenges of extending versus building new brands [17:00] Resources as the most important decision-making factor [24:00] Measuring brand effectiveness across multiple products  To learn more, visit marketingarchitects.com/podcast or subscribe to our newsletter at marketingarchitects.com/newsletter.  Resources: Yu, Jungju, A Model of Brand Architecture Choice: A House of Brands vs. A Branded House (May 28, 2020). Yu, J. (2021). A model of brand architecture choice: a house of brands vs. A branded house. Marketing Science, 40(1), 147-167., Available at SSRN: https://ssrn.com/abstract=3116284 or http://dx.doi.org/10.2139/ssrn.3116284  Get more research-backed marketing strategies by subscribing to The Marketing Architects on Apple Podcasts, Spotify, or wherever you listen to podcasts. 

The greatest threat to human health is us. Humans are the only species capable of self-annihilation. For at least the past 30 years it has been acknowledged that the earth is presently experiencing its sixth mass extinction entirely caused by anthropogenic GHG emissions. Per research published in 2023, current generic extinction rates are 35 times higher than expected background rates prevailing in the last million years under the absence of human impacts. Research published in Proceedings, the National Academy of Sciences (PNAS) in 2022 concluded, “There is ample evidence that climate change could be catastrophic. We could enter such “endgames” at even modest levels of warming.” “Facing a future of accelerating climate change while blind to worst-case scenarios is naïve risk management at best and fatally foolish at worst.”Mr. Kellis's August article (and related podcast), “Why Should Extinction Medicine Be a Specialty?” appears in the recent AMA Journal of Ethics special issue on extinction medicine, at: https://journalofethics.ama-assn.org/issue/existential-health-care-ethicsThe recent SSRN pre-print on extinction medicine is at: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5109482The recent IPPNW-AMA Journal of Ethics webinar on the ethics of human extinctions: To sign up for the Extinction Medicine Reading Group, a new IPPNW Medical Student Movement initiative that will promote international, intergenerational, and interdisciplinary discussion on writings on the science, ethics, and medicalization of human extinction, go to: https://forms.gle/pLspc5URhu9VcuS37Mr. Kellis can be reached via : www.devinkellis.com This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.thehealthcarepolicypodcast.com

Value: After Hours is a podcast about value investing, Fintwit, and all things finance and investment by investors Tobias Carlisle, and Jake Taylor. Alger article: https://www.alger.com/Pages/Content.aspx?pageLabel=Insights-Loss-Illusion-Rethinking-Small-Cap-Quality-In-The-Intangible-EraPaper at SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4800818See our latest episodes at https://acquirersmultiple.com/podcastWe are live every Tuesday at 1.30pm E / 10.30am P.About Jake Jake's Twitter: https://twitter.com/farnamjake1Jake's book: The Rebel Allocator https://amzn.to/2sgip3lABOUT THE PODCASTHi, I'm Tobias Carlisle. I launched The Acquirers Podcast to discuss the process of finding undervalued stocks, deep value investing, hedge funds, activism, buyouts, and special situations.We uncover the tactics and strategies for finding good investments, managing risk, dealing with bad luck, and maximizing success.SEE LATEST EPISODEShttps://acquirersmultiple.com/podcast/SEE OUR FREE DEEP VALUE STOCK SCREENER https://acquirersmultiple.com/screener/FOLLOW TOBIASWebsite: https://acquirersmultiple.com/Firm: https://acquirersfunds.com/ Twitter: ttps://twitter.com/GreenbackdLinkedIn: https://www.linkedin.com/in/tobycarlisleFacebook: https://www.facebook.com/tobiascarlisleInstagram: https://www.instagram.com/tobias_carlisleABOUT TOBIAS CARLISLETobias Carlisle is the founder of The Acquirer's Multiple®, and Acquirers Funds®. He is best known as the author of the #1 new release in Amazon's Business and Finance The Acquirer's Multiple: How the Billionaire Contrarians of Deep Value Beat the Market, the Amazon best-sellers Deep Value: Why Activists Investors and Other Contrarians Battle for Control of Losing Corporations (2014) (https://amzn.to/2VwvAGF), Quantitative Value: A Practitioner's Guide to Automating Intelligent Investment and Eliminating Behavioral Errors (2012) (https://amzn.to/2SDDxrN), and Concentrated Investing: Strategies of the World's Greatest Concentrated Value Investors (2016) (https://amzn.to/2SEEjVn). He has extensive experience in investment management, business valuation, public company corporate governance, and corporate law.Prior to founding the forerunner to Acquirers Funds in 2010, Tobias was an analyst at an activist hedge fund, general counsel of a company listed on the Australian Stock Exchange, and a corporate advisory lawyer. As a lawyer specializing in mergers and acquisitions he has advised on transactions across a variety of industries in the United States, the United Kingdom, China, Australia, Singapore, Bermuda, Papua New Guinea, New Zealand, and Guam. He is a graduate of the University of Queensland in Australia with degrees in Law (2001) and Business (Management) (1999).

Episode NotesAbout our guest:Dr. Francesco Carlo CampisiPhD in Criminology, Université de MontréalResearcher, International Centre for Comparative Criminology

From April 12, 2019: Julian Mortenson, Professor of Law at the University of Michigan, is the author of a remarkable new article entitled "Article II Vests Executive Power, Not the Royal Prerogative," forthcoming in the Columbia Law Review and available on SSRN.Recently, Benjamin Wittes spoke with the professor about the article, which Mortenson has been working on for years—as long as the two have known each other. The article explores the history of exactly three words of the U.S. Constitution—the first three words of Article II, to be precise: "the executive power."Huge claims about presidential power have rested on a conventional understanding of these three words. Julian argues that this conventional understanding is not just partially wrong, or mostly wrong, but completely wrong, as a matter of history. And, he tries to supplant it with a new understanding that he argues is actually a very old understanding of what those words mean.To receive ad-free podcasts, become a Lawfare Material Supporter at www.patreon.com/lawfare. You can also support Lawfare by making a one-time donation at https://givebutter.com/lawfare-institute. Support this show http://supporter.acast.com/lawfare. Hosted on Acast. See acast.com/privacy for more information.

Is there collusion in our field? Do we have elites running wild, making sure that their work gets published whilst the rest of us struggles to find room to publish our own work? And are we handling conflicts of interest that may exist between authors and the editors who are charged with making decisions about their work? These are serious questions. They target the core of our field, they have the potential to undermine – or bolster – the legitimacy of all our scholarship, and they pose serious material consequences for all scholars, their careers and ultimately their lives. We came across a new paper that reports an analysis of the potential conflict of interest issues in academic publishing, and we use this paper to reflect on our experiences as both authors and editors. We try to draw a few conclusions and recommendations about how we can raise awareness and build institutional trust to minimize if not avoid any questionable or outright unethical practices in publishing. Episode reading list Association for Information Systems. AIS Podcast Library, . Mindel, V., & Ciriello, R. (2025). Safeguarding Academic Legitimacy: Editorial Conflicts of Interest as a Principal-Agent Problem in Elite Business Journals. SSRN, . Recker, J., Rosemann, M., Green, P., & Indulska, M. (2011). Do Ontological Deficiencies in Modeling Grammars Matter? MIS Quarterly, 35(1), 57-79. Lee, J., & Berente, N. (2012). Digital Innovation and the Division of Innovative Labor: Digital Controls in the Automotive Industry. Organization Science, 23(5), 1428-1447. Kane, G. C., Young, A., Majchrzak, A., & Ransbotham, S. (2021). Avoiding an Oppressive Future of Machine Learning: A Design Theory for Emancipatory Assistants. MIS Quarterly, 45(1), 371-396. Grisold, T., Berente, N., & Seidel, S. (2025). Guardrails for Human-AI Ecologies: A Design Theory for Managing Norm-Based Coordination. MIS Quarterly, . Boh, W., Melville, N. P., Baptista, J., Chasin, F., Horita, F., Ixmeier, A., Johnson, S. L., Ketter, W., Kranz, J., Miranda, S. M., Nan, N., Pentland, B. T., Recker, J., Sadeghi, S., Sarker, S., Sarker, S., Sutanto, J., Wang, P., & Wilopo, W. (2025). Digital Resilience for the Climate Crisis: Theoretical Perspectives and Ideas for Future Information Systems Research. MIS Quarterly, forthcoming. Merton, R. K. (1968). The Matthew Effect in Science. Science, 159(3810), 56-63. Tiwana, A., & Safadi, H. (2025). Silence Inside Systems: Roots and Generativity Consequences. Information Systems Research, . Li, J., Li, M., Wang, X., & Thatcher, J. B. (2021). Strategic Directions for AI: The Role of CIOs and Boards of Directors. MIS Quarterly, 45(3), 1603-1643. Pienta, D., Vishwamitra, N., Somanchi, S., Berente, N., & Thatcher, J. B. (2025). Do Crowds Validate False Data? Systematic Distortion and Affective Polarization. MIS Quarterly, 49(1), 347-366.  

Which research methods are better, quantitative or qualitative? What is more important, getting a richer picture of what goes on in organizations, or seeking generalizable insights about causality? This debate has raged at the very least since Glaser and Strauss popularized the grounded theory method in the mid twentieth century. In 2025, we want to put this debate to rest. We asked one of the best econometric scholars we know () and one of the best qualitative scholars we know () to fight this debate on air and come up with their very own end-of-all arguments. The result? It may surprise you: We all ought to get mad.   Episode reading list Chang, H. (2008). Inventing Temperature: Measurement and Scientific Progress. Oxford University Press. Burtch, G., Carnahan, S., & Greenwood, B. N. (2018). Can You Gig It? An Empirical Examination of the Gig Economy and Entrepreneurial Activity. Management Science, 64(12), 5497-5520. Greenwood, B. N., Kobayashi, B. H., & Starr, E. P. (2025). Can You Keep a Secret? Banning Noncompetes Does Not Increase Trade Secret Litigation. SSRN, . Kraemer, K. L., Dickhoven, S., Tierney, S. F., & King, J. L. (1987). Datawars: The Politics of Modeling in Federal Policymaking. Columbia University Press. Roth, J., Sant'Anna, P. H. C., Bilinski, A., & Poe, J. (2023). What's Trending in Difference-in-Differences? A Synthesis of the Recent Econometrics Literature. Journal of Econometrics, 235(2), 2218-2244. Matherly, T., & Greenwood, B. N. (2024). No News is Bad News: The Internet, Corruption, and the Decline of the Fourth Estate. MIS Quarterly, 48(2), 699-714. Levitt, S. D., & Dubner, S. J. (2005). Freakonomics: A Rogue Economist Explores the Hidden Side of Everything. William Morrow. Greenwood, B. N., & Wattal, S. (2017). Show Me the Way to Go Home: An Empirical Investigation of Ride-Sharing and Alcohol Related Motor Vehicle Fatalities. MIS Quarterly, 41(1), 163-187. King, A. A. (2025). Does Corporate Social Responsibility Increase Access to Finance? A Commentary on Cheng, Ioannou, and Serafeim (2014). Strategic Management Journal, forthcoming. . Seidel, S., Frick, C. J., & vom Brocke, J. (2025). Regulating Emerging Technologies: Prospective Sensemaking through Abstraction and Elaboration. MIS Quarterly, 49(1), 179-204. Pentland, B. T. (1999). Building Process Theory with Narrative: From Description to Explanation. Academy of Management Review, 24(4), 711-725. Lee, J., & Berente, N. (2013). The Era of Incremental Change in the Technology Innovation Life Cycle: An Analysis of the Automotive Emission Control Industry. Research Policy, 42(8), 1469-1481. Anderson, P., & Tushman, M. L. (1998). Technological Discontinuities and Dominant Designs: A Cyclical Model of Technological Change. Administrative Science Quarterly, 35(4), 604-633. Brynjolfsson, E., & Hitt, L. M. (1996). Paradox Lost? Firm-Level Evidence on the Returns to Information Systems Spending. Management Science, 42(4), 541-558. Noe, R. (2025). Moral Incoherence During Category Emergence: The Contentious Case of Connected Toys. Harvard Business School Working Paper, 24-071, . 

Welcome to a very special bonus episode of the Taboo Trades podcast! Today I have a record number of guests – five in total—continuing a discussion that we began at Yale's Newman Colloquium earlier this summer. We discuss exploitation and trafficking in international human rights law, especially in the context of reproductive and sexual labor. You'll hear more about that colloquium and that conversation during the podcast. Each guest introduces themselves at the start of the podcast, but you can also read their full bios and a reading list in the show notes. Host: Kim Krawiec, Charles O. Gregory Professor of Law, University of VirginiaGuests: Janie Chuang, Professor of Law, American University, Washington College of LawDina Francesca Haynes, Executive Director, Orville H. Schell, Jr. Center for International Human Rights; Lecturer in Law (spring term), and Research Scholar in Law, Yale UniversityJoanne Meyerowitz, Arthur Unobskey Professor of History and Professor of American Studies, Yale UniversityAlice M. Miller, Associate Professor (Adjunct) of Law and Co-Director, Global Health Justice Partnership, Yale UniversityMindy Jane Roseman, Director of International Law Programs and Director of the Gruber Program for Global Justice and Women's Rights, Yale UniversityReading List:Janie A. Chuang"Preventing trafficking through new global governance over labor migration." Ga. St. UL Rev. 36 (2019): 1027.“Exploitation Creep And The Unmaking Of Human Trafficking Law.” The American Journal of International Law, vol. 108, no. 4, 2014, pp. 609–49. JSTOR, https://doi.org/10.5305/amerjintelaw.108.4.0609 . Accessed 13 June 2025.Dina Haynes"Used, abused, arrested and deported: Extending immigration benefits to protect the victims of trafficking and to secure the prosecution of traffickers." Human Rights Quarterly 26.2 (2004): 221-272. https://muse.jhu.edu/article/168121"Client-centered human rights advocacy." Clinical L. Rev. 13 (2006): 379."Sacrificing women and immigrants on the altar of regressive politics." Human Rights Quarterly41.4 (2019): 777-822. https://muse.jhu.edu/article/735796Kimberly D. KrawiecRepugnant Work (April 21, 2025). Forthcoming, Oxford Handbook of Philosophy and Work (Julian Jonker and Grant Rozeboom, eds.), Available at SSRN: https://ssrn.com/abstract=5225038 “Markets, Repugnance, and Externalities.” Journal of Institutional Economics 19, no. 6 (2023): 944–55. https://doi.org/10.1017/S1744137422000157 .Joanne Meyerowitz

Governor Newsom sued to enjoin President Trump's deployment of the National Guard to quell the ongoing LA riots without Newsom's consent. But first, we disclose our biases—about Trump, opportunistic political labeling of “rebellions” or “insurrections,” and how easily the thin veneer of civilization is pierced by masked cowards throwing rocks.Also:Beach yoga is free speech, says the Ninth Circuit striking down San Diego's ban.A study on televised oral arguments reveals that camera angles—and flags—can change the court's perception with the public as “legitimate.”Lawyers must comply with the evidence code—but the court can also consider mere “information.” We discuss why appellate courts seem so cavalier about the rules of evidence.“Citation modified” enters the Bluebook—but Tim and Jeff agree: “cleaned up” still reigns.Appellate fees ≠ judgment enforcement fees.Appellate Specialist Jeff Lewis' biography, LinkedIn profile, and Twitter feed.Appellate Specialist Tim Kowal's biography, LinkedIn profile, Twitter feed, and YouTube page.Sign up for Not To Be Published, Tim Kowal's weekly legal update, or view his blog of recent cases.Other items discussed in the episode:Is “evidence” different from “information”?The “(cleaned up)” origin story, with Jack MetzlerStudy on televising oral arguments and judicial legitimacyCALP cited in a law review about (cleaned up)! Craighead, Burke, The Bluebook: An Insider's Perspective (May 12, 2025). Michigan Law Review, Volume 124 (forthcoming 2026), Available at SSRN: https://ssrn.com/abstract=5271305 or http://dx.doi.org/10.2139/ssrn.5271305.Judgment enforcement fees reminder: EDWARD H. BONIN, v. LINCOLN CHAYES et al., (D2d2, May 29, 2025, No. B340106) (non-pub. opn.)Not enough time for the CCP 128.5 21-day date harbor? Nothing prevents asking for a continuance of the underlying motion. JUNKERS2JEWELS, LLC, et al., v. LA-DORIS MCCLANEY, (Cal. Ct. App., May 28, 2025, No. B339900) (non-pub. opn.)

Welcome to Nerd Alert, a series of special episodes bridging the gap between marketing academia and practitioners. We're breaking down highly involved, complex research into plain language and takeaways any marketer can use.In this episode, Elena and Rob explore the paradox between consumers' stated privacy concerns and their willingness to share data for small incentives, revealing how privacy regulations affect the entire advertising ecosystem.Topics covered:   [01:00] "Privacy and Consumer Empowerment in Online Advertising"[02:00] GDPR's impact on ad platforms and consumer behavior[04:00] How data sharing affects product pricing[05:00] The privacy paradox explained[07:00] New privacy-friendly ad models[10:00] Balancing personalization with cultural imprinting  To learn more, visit marketingarchitects.com/podcast or subscribe to our newsletter at marketingarchitects.com/newsletter.  Resources: Choi, W. J., & Jerath, K. (2021). Privacy and Consumer Empowerment in Online Advertising. Forthcoming in Foundations and Trends in Marketing. Available at SSRN: https://ssrn.com/abstract=4017940   Get more research-backed marketing strategies by subscribing to The Marketing Architects on Apple Podcasts, Spotify, or wherever you listen to podcasts. 

Value: After Hours is a podcast about value investing, Fintwit, and all things finance and investment by investors Tobias Carlisle, and Jake Taylor. Marcel Schwartz and Matthias X. Hanauer's paper published in the Journal of Portfolio Management: https://www.pm-research.com/content/iijpormgmt/51/6/28 (and the free SSRN version: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5043197)See our latest episodes at https://acquirersmultiple.com/podcastWe are live every Tuesday at 1.30pm E / 10.30am P.About Jake Jake's Twitter: https://twitter.com/farnamjake1Jake's book: The Rebel Allocator https://amzn.to/2sgip3lABOUT THE PODCASTHi, I'm Tobias Carlisle. I launched The Acquirers Podcast to discuss the process of finding undervalued stocks, deep value investing, hedge funds, activism, buyouts, and special situations.We uncover the tactics and strategies for finding good investments, managing risk, dealing with bad luck, and maximizing success.SEE LATEST EPISODEShttps://acquirersmultiple.com/podcast/SEE OUR FREE DEEP VALUE STOCK SCREENER https://acquirersmultiple.com/screener/FOLLOW TOBIASWebsite: https://acquirersmultiple.com/Firm: https://acquirersfunds.com/ Twitter: ttps://twitter.com/GreenbackdLinkedIn: https://www.linkedin.com/in/tobycarlisleFacebook: https://www.facebook.com/tobiascarlisleInstagram: https://www.instagram.com/tobias_carlisleABOUT TOBIAS CARLISLETobias Carlisle is the founder of The Acquirer's Multiple®, and Acquirers Funds®. He is best known as the author of the #1 new release in Amazon's Business and Finance The Acquirer's Multiple: How the Billionaire Contrarians of Deep Value Beat the Market, the Amazon best-sellers Deep Value: Why Activists Investors and Other Contrarians Battle for Control of Losing Corporations (2014) (https://amzn.to/2VwvAGF), Quantitative Value: A Practitioner's Guide to Automating Intelligent Investment and Eliminating Behavioral Errors (2012) (https://amzn.to/2SDDxrN), and Concentrated Investing: Strategies of the World's Greatest Concentrated Value Investors (2016) (https://amzn.to/2SEEjVn). He has extensive experience in investment management, business valuation, public company corporate governance, and corporate law.Prior to founding the forerunner to Acquirers Funds in 2010, Tobias was an analyst at an activist hedge fund, general counsel of a company listed on the Australian Stock Exchange, and a corporate advisory lawyer. As a lawyer specializing in mergers and acquisitions he has advised on transactions across a variety of industries in the United States, the United Kingdom, China, Australia, Singapore, Bermuda, Papua New Guinea, New Zealand, and Guam. He is a graduate of the University of Queensland in Australia with degrees in Law (2001) and Business (Management) (1999).

With the release of U.S. News Rankings last month, renewed interest has surfaced regarding the parameters and impact of placement. Where law schools fall speaks to not only the quality of their percieved education, but also success regarding student employment and faculty publication. On this episode, I speak with Michael Conklin, a scholar who's been measuring bias within the Rankings system, this time focusing his attention on religious law schools. His paper, soon to be published in the Florida Journal of Law & Public Policy, is entitled Religious Law Schools, Rankings, and Bias: Measuring the Rankings Penalty at Religious Law Schools. Dr. Michael Conklin is the Visiting Assistant Professor of Business Law at Texas A&M University Central Texas and a lecturer at Texas A&M University School of Law. Full bio and SSRN papers. Cross & Gavel is a production of CHRISTIAN LEGAL SOCIETY. The episode was produced by Josh Deng, with music from Vexento.

When a city proposes zoning changes, how do you know whether they'll be effective? Aaron Barrall shares how we approached the problem in Los Angeles, with lessons for similar upzoning efforts around the world. This is the second episode in a two-part conversation.Show notes:Barrall, A., & Phillips, S. (2024). CHIPing In: Evaluating the effects of LA's Citywide Housing Incentive Program on neighborhood development potential. UCLA Lewis Center for Regional Policy Studies.YouTube recording of Aaron's and Shane's presentation at UCLA on the report's findings.Wikipedia article about the États-Unis neighborhood in Lyon, France.Episode 20 of UCLA Housing Voice: French Social Housing and the SRU Law with Magda Maaoui.Monkkonen, P., Carlton, I., & Macfarlane, K. (2020). One to Four: The market potential of fourplexes in California's single-family neighborhoods. UCLA Lewis Center for Regional Policy Studies.Gabriel, S., & Kung, E. (2024). Development Approval Timelines, Approval Uncertainty, and New Housing Supply: Evidence from Los Angeles. SSRN.Manville, M., Monkkonen, P., Gray, N., & Phillips, S. (2023). Does discretion delay development? The impact of approval pathways on multifamily housing's time to permit. Journal of the American Planning Association, 89(3), 336-347.Hilgard Analytics 2024 update on City of Los Angeles housing permitting.Dillon, L. (Nov 18 2024). Los Angeles rezoning plan won't spur enough new housing, report finds. Los Angeles Times.Summary of California Senate Bill 79 (2025).Information on California Assembly Bill 647 (2025).Barrall, A., & Monkkonen, P. (2024). The Fair Housing Land Use Score in California: An Evaluation of 199 Municipal Plans. UCLA Lewis Center for Regional Policy Studies.

We welcome Prof. Andrew Torrance, distinguished Professor of Law at the University of Kansas and visiting scholar at MIT, to discuss the complex legal landscape surrounding user innovation and patents. The conversation delves into the freedom and challenges of product innovation, the balance between open and closed inventions, and the ethical implications of experimental treatments. They also explore the historical and ongoing impact of FDA regulations and the role of patents in fostering or hindering innovation. Sponsored by Wazoku, this episode is essential listening for innovators, legal experts, and anyone interested in the intersection of technology, law, and ethics.   00:00 Introduction and Wazoku Sponsor Message 00:27 Upcoming Reinvention Summit 01:01 Previous Episodes Recap 01:28 Introducing Andrew W. Torrance 02:01 Legal Aspects of Free User Innovation 03:29 Experimenting and Sharing Innovations 09:02 Selling Innovations and Legal Implications 11:07 Influencers and Legal Responsibilities 17:21 Trust in the FDA and Alternative Medicine 24:38 Patient Rights and Experimental Drugs 30:44 Patenting Innovations 38:54 Closing Remarks and Contact Information 39:44 Final Wazoku Sponsor Message   Andrew on SSRN:   Ted Talk: https://youtu.be/g8GTg_632qY?si=lieqXrcdwUWD1l_l

Our podcast show today features Professor Dan Awrey of Cornell Law School, and Matt Lambert, Deputy General Counsel of the Conference of State Bank Supervisors (“CSBS”) who discuss the pros and cons of Congress enacting a statute which would require federal charter for non-banks engaged in the payments business. At present, such non-banks are generally required to be licensed by state departments of banking under money transmitter laws. On November 14 of last year, on our podcast show, Professor Awrey discussed his working paper “Money and Federalism” in which he advocates for the enactment of Federal legislation creating a Federal charter for non-banks engaged in the payments business, like PayPal and Venmo. The article may be accessed online at SSRN and will likely be published in a law review at some time in the future. The abstract of Professor Awrey's article states, in relevant part: The dual banking system is now under stress. The source of the stress is a new breed of technology-driven financial institutions licensed and regulated almost entirely at the state level that provide money and payments outside the perimeter of both conventional bank regulation and the financial safety net. This article examines the rise of these new monetary institutions, the state-level regulatory frameworks that govern them and the nature of the threats they may one day pose to monetary stability. It also examines the legal and policy cases for federal supremacy over the regulation of these new institutions and advances two potential models, one based on complete federal preemption, the other more tailored to reflect the narrow yet critical objective of promoting public confidence and trust in our monetary system. The CSBS on Nov. 12 of last year published an article on its website entitled “The Reality of Money Transmission: Secure, Convenient, and Trusted under State Supervision” in which it purported to dispel several myths about state money transmitter and money services statutes. CSBS stated: Recent statements about money transmission in the United States have perpetuated myths about consumer protections and the safety and soundness of this vibrant, secure, and trusted part of our country's payments ecosystem. It is time that we dispel some of these myths by explaining the realities of the state-developed, nationwide framework for regulation, licensing, and supervision of money transmission. While targeted reforms made through cooperation between the states and federal government may be appropriate, a complete overhaul of an established, secure, convenient, and stable money transmission ecosystem is an unwarranted federal overreach. Because of these sharp differences of opinion between Professor Awrey and CSBS, we decided to invite Professor Awrey and Matt Lambert to be our guests on this show and to discuss the following issues: The historical background to and rationale for state money transmitter laws How the National Multistate Licensing System (“NMLS”) and state supervision work today The emergence of new business models: e.g. PayPal, Stripe, Crypto A brief history of recent federal proposals: from the OCC fintech charter to the current stablecoin bills How state legislatures and regulators have responded to the emergence of new business models (e.g. model act amendments and adoption, new chartering frameworks) Where the federal government can meaningfully improve on these state level responses (standardization, bankruptcy protection, payment network access, systemic risk regulation, international coordination) Where state regulators have a comparative advantage (novel chartering, supervision) Where we think the nonbank payment industry and regulation are heading in 2025 and beyond Alan Kaplinsky, Senior Counsel and former practice group leader of the Consumer Financial Services Group, hosts the podcast show.

Our special guest is David Horton, Professor of Law at the University of California, Davis, who has written a creative and thought-provoking article analyzing how courts should interpret certain key provisions that are frequently used in consumer arbitration agreements. The article may be accessed online at SSRN and will be published in the Washington University Law Review later this year.  Prof. Horton first contends that courts have misinterpreted the Federal Arbitration Act (FAA) as requiring arbitration clauses to be construed broadly, which in many cases forces consumers to arbitrate disputes they never agreed to because the dispute is not causally related to the consumer's original transaction with the company. Instead, he argues, courts should be guided by the literal text of the FAA, which limits the statute's application to disputes that “arise out of” the contract containing the clause. Such an approach would narrow the scope of the arbitration clause to disputes that were contemplated by both parties at the time of contracting. Second, Prof. Horton addresses the issue of third parties who are not signatories to the consumer arbitration agreement but are nevertheless defined as “parties” in the agreement. According to Prof. Horton, such “artificial privity” unduly broadens the scope of the arbitration clause because many courts automatically permit the third parties to enforce the agreement without satisfying more rigorous state law requirements for establishing third-party beneficiary status. Third, Prof. Horton argues that arbitrability questions concerning whether a dispute “arises under” the contract and whether a third party properly has enforcement rights should be decided by a court even if the arbitration clause purports to delegate such issues to the arbitrator. Mark Levin, Senior Counsel in the Consumer Financial Services Group, who helped pioneer the use of arbitration agreements and class action waivers in bank, credit card and other consumer contracts, provides the industry response to each of the arguments asserted by Prof. Horton. Alan Kaplinsky, Senior Counsel and former chair for 25 years of the Consumer Financial Services Group, hosts the discussion.

Did you know that just a handful of stocks drive nearly all of the stock market's long-term gains? In this episode, we sit down with Hendrik Bessembinder to discuss his groundbreaking research on why most stocks fail to outperform Treasury bills and how a small fraction of stocks generate the most long-term market returns. Hendrik is a Professor in the Department of Finance at Arizona State University whose research focuses on market design, trading, and long-term investment performance across stock, foreign exchange, fixed income, futures, and energy markets. In addition to his academic contributions, Professor Bessembinder has over 25 years of consulting experience, advising major firms, financial markets, and government agencies. In our conversation, we delve into the findings of his research and find out how a small fraction of stocks generate the majority of long-term returns. We explore why traditional investment strategies often overlook the impact of skewness, the impacts of broad diversification and passive investing, and why active fund managers struggle to beat the market. Discover why chasing past returns can lead to costly mistakes, his latest research on 'sustainable returns', what type of industries have the highest stock returns, common investing mistakes, and more. Join us to uncover the surprising realities of stock market returns and how you can build a portfolio that stands the test of time with Professor Hendrik Bessembinder. Key Points From This Episode:   (0:03:54) Explore Hendrik's research on long-term stock returns and how most returns come from a small group of stocks. (0:08:30) Learn how company size interacts with the skewness in stock returns and what it means for individual investors. (0:11:39) Considering fundamentals in stock returns and the implications of skewness for measuring portfolio performance. (0:15:42) Unpack how he used bootstrap simulations in his paper and the performance of stock returns versus Treasury bills. (0:19:01) Find out the proportion of US firms responsible for dollar wealth creation and why diversification is essential for long-term stock returns. (0:25:23) Navigating volatility in the market and why it is difficult to identify skilled managers in time to leverage the market. (0:28:00) Compare the performance of US stocks versus global stocks and what is driving their performance. (0:32:04) What the findings of his research means for financial planners and individual investors.  (0:35:35) Uncover which US firms generated the highest returns and what type of industries these companies are in. (0:42:07) Hear about the long-term performance of US mutual funds and how investor behaviour contributes to it. (0:49:54) How passive investing and index funds have reduced the contributions of actively managed mutual funds and the lessons for investors. (0:55:48) Discover Professor Bessembinder's broader research interests and his definition of success.   Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/  Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on X — https://x.com/RationalRemindRational Reminder on TikTok — www.tiktok.com/@rationalreminder Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.caBenjamin Felix — https://pwlcapital.com/our-team/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Mark McGrath on LinkedIn — https://www.linkedin.com/in/markmcgrathcfp/ Mark McGrath on X — https://x.com/MarkMcGrathCFP Professor Hendrik Bessembinder — https://search.asu.edu/profile/2717225 Arizona State University — https://www.asu.edu/ KRIS — https://www.kris-online.com/ Professor Hendrik Bessembinder papers on SSRN — https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=667 SPIVA — https://www.spglobal.com/spdji/en/research-insights/spiva/ Episode 322: Professor Marco Sammon — https://rationalreminder.ca/podcast/322 Episode 124: Professor Lubos Pastor — https://rationalreminder.ca/podcast/124   Papers From Today's Episode:    'Do Stocks Outperform Treasury Bills?' — https://www.sciencedirect.com/science/article/abs/pii/S0304405X18301521 'Extending Portfolio Theory to Compound Returns' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3875870 'Luck versus Skill in the Cross-Section of Mutual Fund Returns' — https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1540-6261.2010.01598.x 'Measuring Skill in the Mutual Fund Industry' — https://www.sciencedirect.com/science/article/abs/pii/S0304405X15000628 'Long-Term Shareholder Returns: Evidence from 64,000 Global Stocks' — https://www.tandfonline.com/doi/abs/10.1080/0015198X.2023.2188870 'Which U.S. Stocks Generated the Highest Long-Term Returns?' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4897069 'How Should Investors' Long-Term Returns Be Measured?' — https://www.tandfonline.com/doi/abs/10.1080/0015198X.2024.2401765

Dr. Morse gives a presentation about what parents need to know about the Gender Ideology to help people navigate our turbulent times.   Subscribe to the newsletter and get the 5 Myths Report: https://ruthinstitute.org/refute-the-top-five-myths/   The Sexual State: https://thesexualstate.com/   Main Resource Center: https://ruthinstitute.org/resource-centers/   Healing from the Sexual Revolution:https://ruthinstitute.org/healing-from-the-sexual-revolution/   Parent Resource Center: https://ruthinstitute.org/resource-centers/parent-resources/   Counseling Freedom for All: https://ruthinstitute.org/counseling-freedom-for-all/   YouTube channel: https://www.youtube.com/RuthInstitute   Related Playlists:   Gay No More Testionieshttps://www.youtube.com/playlist?list=PLSi2OoPf_APvpYetZ--PHACCS1oTkhJ9f   Counseling Freedom for All: Experts Defending Choice: https://www.youtube.com/playlist?list=PLSi2OoPf_APt0rwnPIw_jFIrbMWEqNJMM   Advice for Parents of LGBT+ Children: https://www.youtube.com/playlist?list=PLSi2OoPf_APu5qIvFpqlppaYPWfPWOM-D   Clergy Sex Abuse: https://www.youtube.com/playlist?list=PLSi2OoPf_APtqWhe1N9SH2_5oG0PLXM7M   Ex-Gay Visibility Panel: https://www.youtube.com/watch?v=UI9-J225ZEg Luis Ruiz: Pulse Nightclub Survivor: https://www.youtube.com/watch?v=g_z-vtkyvJo   Nancy Charles Pt. 1: https://www.youtube.com/watch?v=99S1_mv903I Nancy Charles Pt. 2: https://www.youtube.com/watch?v=GrWIe0ld2Nk   Ken Williams: https://www.youtube.com/watch?v=LxiQfFwH36Q   Charlene Cothran at the 5th Summit: https://www.youtube.com/watch?v=7Rna7CFzzkM   Marco Casanova: https://www.youtube.com/watch?v=gSh7nlhZ6XQ   Nancy Charles Advice for Parents: https://www.youtube.com/watch?v=w2MVtjGDmTs   Daisy Strongin Advice for Parents: https://www.youtube.com/watch?v=WhQcupSWXZ0   James Parker advice for parents: https://www.youtube.com/watch?v=vEm_SZS3iPc   APA on What Causes Sexual Orientation: http://www.apa.org/topics/lgbt/orientation.aspx   Leaving Pride Behind: https://www.ncregister.com/commentaries/leaving-pride-behind-fiducia-supplicans   The Social organization of Sexuality: Sexual Practices in the United States: https://press.uchicago.edu/ucp/books/book/chicago/S/bo3626005.html   Judith P. Andersen and John Blosnich, “Disparities in Adverse Childhood Experiences among Sexual Minority and Heterosexual Adults: Results from a Multi-State Probability-Based Sample,” PLOS ONE 8, no. 1 (2013): e54691, http://dx.doi.org/10.1371/journal.pone.0054691   “Special report on Sexuality and Gender” The New Atlantis, Lawrence S. Mayer and Paul McHugh. http://www.thenewatlantis.com/publications/number-50-fall-2016   UK data: Sexual Identity–Behavior Discordant Heterosexuals in Britain: Findings from the National Survey of Sexual Attitudes and Lifestyle 2010–2012, Maria Clatrava, D. Paul Sullins and Steph James, Sexes, 2023, Vol 4, No. 4. https://www.mdpi.com/2411-5118/4/4/39     US data: “How many Homosexual Desistors are there in the US?” Donald Paul Sullins, SSRN, August 6, 2024. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4910854   The trans-minded client: https://www.youtube.com/watch?v=tV3a36ALLLA   Gender Ideology's Verbal Engineering: https://www.ncregister.com/commentaries/gender-ideology-s-verbal-engineering   Ruth Institute Parent Resource Center: https://ruthinstitute.org/resource-centers/parent-resources/   Ruth Institute Transgender Resource Center: https://ruthinstitute.org/resource-center/transgender/   Ruth Institute statement on therapy bans: https://ruthinstitute.org/wp-content/uploads/2022/05/Ruth-Institute-Statement-on-Therapy.-Banspdf.pdf   Desist, Detrans, & Detox: https://sophiainstitute.com/product/desist-detrans-detox/ref/61/ A Practical Response to Gender Distress: https://www.amazon.com/Practical-Response-Gender-Distress-Families   Transformation, A Former Transgender Responds to LGBTQ: https://www.amazon.com/dp/1625862601/ref=sr_1_2?crid=2DYF18PSUU7HB&keywords=linda+seiler&qid=1690328087&sprefix=linda+sei%2Caps%2C546&sr=8-2

Welcome to Nerd Alert, a series of special episodes bridging the gap between marketing academia and practitioners. We're breaking down highly involved, complex research into plain language and takeaways any marketer can use.In this episode, Elena and Rob explore what drives ROI for Super Bowl advertisers by examining six years of sales data across nearly 200 media markets. They reveal why some brands see significant returns while others struggle to justify the investment.Topics covered:   [01:00] "Super Bowl Ads"[03:00] Top advertising categories during the big game[05:00] How viewership impacts beer and soda sales[06:00] The importance of owning consumption occasions[07:00] Why competing ads can cancel each other out[08:00] Building brand associations beyond sales lift  To learn more, visit marketingarchitects.com/podcast or subscribe to our newsletter at marketingarchitects.com/newsletter.  Resources: Hartmann, W. R., & Klapper, D. (2016). Super Bowl Ads. SSRN. https://doi.org/10.2139/ssrn.2385058   Get more research-backed marketing strategies by subscribing to The Marketing Architects on Apple Podcasts, Spotify, or wherever you listen to podcasts. 

Welcome to Nerd Alert, a series of special episodes bridging the gap between marketing academia and practitioners. We're breaking down highly involved, complex research into plain language and takeaways any marketer can use.In this episode, Elena and Rob explore how traditional advertising, display ads, and paid search impact brand value during mergers and acquisitions. Their discussion reveals surprising insights about which channels create lasting brand equity.Topics covered:   [01:00] "Digital versus Traditional Advertising and the Recognition of Brand Intangible Assets"[03:00] Brand valuations in major acquisitions[06:10] Why paid search falls short for brand building[07:15] Traditional and display advertising's role in brand value[08:30] The relationship between ad spend and acquisition value  To learn more, visit marketingarchitects.com/podcast or subscribe to our newsletter at marketingarchitects.com/newsletter.  Resources: Citation for episode notes: Song, S. X. (2023). Digital versus Traditional Advertising and the Recognition of Brand Intangible Assets. SSRN. https://doi.org/10.2139/ssrn.4675064  Get more research-backed marketing strategies by subscribing to The Marketing Architects on Apple Podcasts, Spotify, or wherever you listen to podcasts. 

It seems every day these days we hear about another tariff being applied to a trading partner of the U.S. (or, more usually, being threatened). The usual media reaction to these threats are something along the lines of saying "Oh my sainted aunt. This sort of talk gives me the vapors" because it is so, so, so bad. Tariffs are archaic shibboleths that no truly modern economist would ever support. Come to think of it, that sounds like the archaic notion that money causes inflation. But we digress. The Inflation Guy in today's episode discussed three things about tariffs that you might have thought you knew...and certainly everyone else seems to think they know...but which don't really work that way in the real world. NOTES Yesterday's Inflation Guy blog on this topic: “Trump Tactical Targeted Tariffs: A Reminder of the Impact of Tariffs” https://inflationguy.blog/2025/01/29/trump-tactical-targeted-tariffs-a-reminder-of-the-impact-of-tariffs/ Ashton, Michael, The Efficient Tariff: Systematically Balancing Security and Welfare Concerns (March 1, 1992). The American Economist, Vol 36, No 1, 1992, pp 44-52. , Available at SSRN: https://ssrn.com/abstract=2915287 Very important blog post: “What Makes a Stable Coin Stable?” https://inflationguy.blog/2024/10/31/what-makes-a-stable-coin-stable/ Blog for this month's CPI: “Inflation Guy's CPI Summary (December 2024)” (https://inflationguy.blog/2025/01/15/inflation-guys-cpi-summary-december-2024/ ) To Subscribe to Quarterly Inflation Outlook: https://inflationguy.blog/shop/   Now just $29.99/quarter! To Subscribe for free to the blog: https://inflationguy.blog/ Check out the website! https://www.EnduringInvestments.com/

Welcome to Nerd Alert, a series of special episodes bridging the gap between marketing academia and practitioners. We're breaking down highly involved, complex research into plain language and takeaways any marketer can use.In this episode, Elena and Rob explore how advertising affects consumers' sensitivity to price changes, particularly for premium and niche brands. They discover that even competitors' ads can benefit your brand by increasing category attention.Topics covered: [01:00] "Advertising's Long-Term Impact on Brand Price Elasticity Across Brands and Categories"[02:30] How brand equity influences pricing power[03:00] Price elasticity explained[05:00] Which brands benefit most from advertising[06:45] The seasoning effect of category advertising[08:15] How luxury brands approach advertising differently  To learn more, visit marketingarchitects.com/podcast or subscribe to our newsletter at marketingarchitects.com/newsletter.  Resources: Ataman, M. B., Pauwels, K., Srinivasan, S., & Vanhuele, M. (2016). Advertising's Long-Term Impact on Brand Price Elasticity Across Brands and Categories. SSRN. Retrieved from SSRN.  Get more research-backed marketing strategies by subscribing to The Marketing Architects on Apple Podcasts, Spotify, or wherever you listen to podcasts. 

In today's episode, we unpack how rigorous research translates into actionable strategies for wealth management. Ben and Mark are joined by Peter Mladina, Executive Director of Portfolio Research at Northern Trust Wealth Management and professor at UCLA. With an impressive body of published work and practical innovations like his goals-based asset allocation software, Peter offers a unique perspective on bridging the gap between theory and practice. The conversation delves into foundational topics like asset allocation and factor models, with a special focus on practical applications of research in wealth management. Peter shares insights from his research, including intriguing findings on factor investing and joint tests of market efficiency. From real estate investment trusts to the nuances of the Intertemporal Capital Asset Pricing Model (ICAPM), the discussion covers how these concepts can directly inform financial planning and portfolio construction. Tune in to explore the intersection of academic insight and everyday financial decision-making! Key Points From This Episode:   (0:00:17) Introducing Peter Mladina and his wealth management research. (0:04:00) Theoretical and practical shortcomings of Markowitz's Modern Portfolio Theory (MPT). (0:05:24) How the Capital Asset Pricing Model (CAPM) resolves MPT's shortcomings, and how the Intertemporal CAPM (ICAPM) resolves the CAPM and MPT's shortcomings. (0:10:16) Key distinctions between an optimal ICAPM portfolio and an optimal CAPM portfolio. (0:15:33) Allocating between liability hedge assets and risky assets, and when it's sensible for individual investors to try to fully hedge consumption liabilities. (0:20:14) The role of Monte Carlo simulation and human capital in building ICAPM portfolios. (0:24:15) Steps for practitioners starting with ICAPM and how to advise their clients. (0:37:18) Insights from Peter's papers on factor models: why common risk factors should explain returns across most asset classes. (0:40:11) The value of looking at asset classes through a factor lens. (0:41:54) Main factors Peter uses in his research and observations on the zoo of factors. (0:46:23) Takeaways from Peter's paper on real estate (and why he doesn't like it that much). (0:56:45) Unpacking hedge fund returns and factor models and Yale's endowment performance. (01:02:44) Peter's research on traded portfolios and jointly testing factor models and manager performance. (01:07:14) How Peter defines success, both professionally and personally.   Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/  Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on X — https://x.com/RationalRemindRational Reminder on TikTok — www.tiktok.com/@rationalreminder Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.caBenjamin Felix — https://pwlcapital.com/our-team/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Cameron Passmore — https://pwlcapital.com/our-team/ Cameron on X — https://x.com/CameronPassmore Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/ Mark McGrath on LinkedIn — https://www.linkedin.com/in/markmcgrathcfp/ Mark McGrath on X — https://x.com/MarkMcGrathCFP Peter Mladina on LinkedIn — https://www.linkedin.com/in/peter-mladina-177194125/ Peter Mladina on SSRN — https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=890472 Northern Trust — https://www.northerntrust.com/ Episode 169: John Cochrane — https://rationalreminder.ca/podcast/169   Papers From Today's Episode:  ‘Real Estate Betas and the Implications for Asset Allocation' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3134732 ‘An ICAPM Framework for Asset Allocation' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4319731 ‘An ICAPM for Goals-Based Investing' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4943241 'Portfolios for Long-Term Investors' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3790823 ‘Yale's Endowment Returns: Manager Skill or Risk Exposure?' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2959074

In this podcast show, we explore with our repeat guest, Professor Dan Awrey of Cornell University Law School, his working paper “Money and Federalism” in which he advocates for the enactment of Federal legislation creating a Federal charter for non-banks engaged in the payments business, like PayPal and Venmo. The article may be accessed online at SSRN and will likely be published in a law review at some time in the future. The abstract of Professor Awrey's article describes in general terms what we discussed: The United States is the only country in the world in which both federal and state governments possess independent and yet overlapping authority for bank chartering, regulation and supervision. The roots of this unique dual banking system can be traced back to the Constitution, written almost a century before banks rose to the apex of the financial system and became the dominant source of money. Beginning with the landmark Supreme Court decision in Maryland v. McCulloch, the system has been a wellspring of jurisdictional conflict. Yet over time, this highly contested and highly fragmented system has also produced strong federal oversight and a financial safety net that protects bank depositors, prevents destabilizing runs, and promotes monetary stability. This system is now under stress. The source of the stress is a new breed of technology-driven financial institutions licensed and regulated almost entirely at the state level that provide money and payments outside the perimeter of both conventional bank regulation and the financial safety net. This article examines the rise of these new monetary institutions, the state-level regulatory frameworks that govern them and the nature of the threats they may one day pose to monetary stability. It also examines the legal and policy cases for federal supremacy over the regulation of these new institutions and advances two potential models, one based on complete federal preemption, the other more tailored to reflect the narrow yet critical objective of promoting public confidence and trust in our monetary system. Professor Awrey explained why existing state money transmitter statutes under which non-bank payments firms are generally licensed provide insufficient protection for consumers who use these firms. State money transfer statutes were created many years ago to protect consumers that were using Western Union. These laws were not designed to protect consumers that deploy non-bank Fintech companies using new technologies to transfer funds. These companies don't have access to the Federal Reserve's central payments system that banks have access to. These non-bank companies, unlike banks, are subject to federal bankruptcy law.  That increases the likelihood that consumers can lose their funds deposited in one of these non-bank companies in the event of its failure. Professor Awrey concludes that the answer to this problem is the enactment of federal legislation which would create a federal charter for non-bank companies engaged in transmitting payments. A company that is granted such a charter would have access to the Fed's payment rails and would be exempt from the federal Bankruptcy Code. Such a company would be very restricted in the types of investments it may hold. The federal charter would ideally preempt many state laws, including state money transmitter laws. We also spent some time at the beginning of the show discussing the status of FedNow, the instant payments system launched by the Federal Reserve System in July 2023. Professor Awrey was previously a guest on our podcast show on September 14, 2023 entitled “What is FedNow and its Role in the U.S. Payments System.” At that time, Professor Awrey predicted that FedNow was too little, too late and too expensive for small banks. Professor Awrey's opinion is unchanged. He noted that the Fed has so far refused to share any data about FedNow usage. Alan Kaplinsky, Senior Counsel and former practice group leader for 25 years of the Consumer Financial Services Group, hosted the podcast show.

In a previous episode we discussed Auckland's unprecedented upzoning and its effect on housing production and land prices. This time we're joined by Eleanor West to talk about the political, social, and economic conditions that made the reforms possible — not only in Auckland, but across New Zealand.Show notes:West, E. (2024). Up-zoning New Zealand: the localisation of a globally mobile policy idea (Policy paper no. 003). University of Auckland: Economic Policy Centre, Urban and Spatial Economics Hub. West, E., & Garlick, M. (2024). Upzoning New Zealand. Works in Progress.Episode 45 of UCLA Housing Voice with Ryan Greenaway-McGrevy, on the effects of Auckland's upzoning on housing production and land prices.Greenaway-McGrevy, R., & Phillips, P. C. (2023). The impact of upzoning on housing construction in Auckland. Journal of Urban Economics, 136, 103555.Greenaway-McGrevy, R. (2023). Can zoning reform reduce housing costs? Evidence from rents in Auckland. Economic Policy Centre. WP016, 203.Two of the recent articles on how people are more skeptical of supply-and-demand arguments for housing compared to other goods and services, while also being very persuadable:Nall, C., Elmendorf, C. S., & Oklobdzija, S. (2024). Folk economics and the persistence of political opposition to new housing. Available at SSRN 4266459.Elmendorf, C. S., Nall, C., & Oklobdzija, S. (2024). Do Housing Supply Skeptics Learn? Evidence from Economics and Advocacy Treatments. Available at SSRN 4955033.Episode 23 of UCLA Housing Voice with Michael Hankinson, on the relationship between at-large vs district-level political representation and housing supply.YouTube: The Spinoff vs the worst Auckland City Council meeting of all time.

Have you ever wondered how financial markets performed centuries ago or how world events impacted stock prices? Today, we sit down with Dr. Bryan Taylor, President and Chief Economist at Global Financial Data, to unpack the world's fascinating financial history. Dr. Taylor is known for his extensive work in collecting and analyzing historical financial data that spans several centuries and his valuable knowledge of stock, bond, and commodity market trends, which led to the creation of Global Financial Data. In our conversation, Dr. Taylor shares insights from his extensive research, covering stock and bond returns from as far back as the 1600s. From the impact of the French Revolution on financial markets to the performance of commodities, Dr. Taylor provides a rare view of the long-term trends shaping today's financial decisions. Learn about the value of historical financial data, its importance for investment decision-making, and how long-term trends can provide insights into future market behaviour. We discuss the creation of Global Financial Data's extensive historical financial database, the challenges of gathering centuries-old data, and the long-term performance of stocks versus bonds. Explore the impact of major geopolitical events on financial markets, the importance of studying historical market trends for modern investment decisions, and how his data-driven research has been utilized. Join us as we delve into the world's financial history and its relevance to today's investment landscape with Dr. Bryan Taylor. Tune in now!   Key Points From This Episode:   (0:03:41) Background about Global Financial Data, their data sources, and the challenges of collecting historical data. (0:09:27) What he finds fascinating about historical data, who uses the database, and the role of historical data in financial decision-making. (0:14:49) How stocks have performed relative to bonds throughout the financial records. (0:17:34) Uncover the main historical factors that limit returns and increase risk for investors and the five financial eras. (0:23:18) Explore the trends in stocks and bonds during the five financial eras and the impact of government debt and inflation on returns. (0:29:04) Common characteristics of countries that have had bad long-term market outcomes and the effect of world events on markets. (0:35:11) Learn about the best and worst-performing markets and what makes the US market so resilient. (0:38:36) His outlook for stocks and bonds and how the recent bear market compared to past market upheavals. (0:41:36) Compare past and current interest rates and the return on commodities versus stocks and bonds. (0:46:20) Overcoming the lack of historical data for emerging market returns and what defines an emerging market. (0:52:29) Find out how emerging markets have performed throughout history and how often they make the transition to developed. (0:59:04) Unpack the historical market concentration in the US and his thoughts on the expected returns of the US stock market. (1:03:42) Final takeaways and Dr. Bryan Taylor shares his definition of success.   Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/  Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on X — https://x.com/RationalRemindRational Reminder on TikTok — www.tiktok.com/@rationalreminder Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.caBenjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/  Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Mark McGrath on LinkedIn — https://www.linkedin.com/in/markmcgrathcfp/ Mark McGrath on X — https://x.com/MarkMcGrathCFP Dr. Bryan Taylor — https://www.linkedin.com/in/bryan-taylor-46a92032/ Global Financial Data — https://globalfinancialdata.com/ Dr. Bryan Taylor on SSRN — https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=4320002   Papers From Today's Episode:    ‘France and the Four Horsemen of the Market' — https://globalfinancialdata.com/france-and-the-four-horsemen-of-the-market ‘The Financial History of Emerging Markets: New Indices' — https://dx.doi.org/10.2139/ssrn.4193062  

We've long known that building more homes helps keep prices in check at the regional or metro area level, but what about the house down the street? Evan Mast shares two research studies that shed light on this important and controversial question. Originally aired in 2021. Updated show notes.Show notes:Mast, E. (2023). JUE Insight: The effect of new market-rate housing construction on the low-income housing market. Journal of Urban Economics, 133, 103383.Asquith, B. J., Mast, E., & Reed, D. (2023). Local effects of large new apartment buildings in low-income areas. Review of Economics and Statistics, 105(2), 359-375.Bratu, C., Harjunen, O., & Saarimaa, T. (2023). JUE Insight: City-wide effects of new housing supply: Evidence from moving chains. Journal of Urban Economics, 133, 103528.Li, X. (2022). Do new housing units in your backyard raise your rents? Journal of Economic Geography, 22(6), 1309-1352.Guerrieri, V., Hartley, D., & Hurst, E. (2013). Endogenous gentrification and housing price dynamics. Journal of Public Economics, 100, 45-60.Phillips, S., Manville, M., & Lens, M. (2021). Research Roundup: The Effect of Market-Rate Development on Neighborhood Rents. UCLA Lewis Center for Regional Policy Studies.Diamond, R., McQuade, T., & Qian, F. (2019). The effects of rent control expansion on tenants, landlords, and inequality: Evidence from San Francisco. American Economic Review, 109(9), 3365-94.Liu, L., McManus, D. A., & Yannopoulos, E. (2020). Geographic and Temporal Variation in Housing Filtering Rates. Available at SSRN.“Opportunities and Obstacles for Rental Housing Registries,” Jan. 20 Lewis Center event with Assembly member Buffy Wicks and Catherine Bracy. https://youtu.be/vaDTWHxk-I8 

Our guest this week is Dr. Hendrik Bessembinder. Hank is the professor in Francis J. and Mary B. Labriola Chair in Competitive Business at Arizona State University's Department of Finance. Prof. Bessembinder's research focuses on market design and trading, including stock, foreign exchange, fixed income, futures, and energy markets, as well as on measuring long-term investment performance. He's published numerous articles in the Journal of Finance, Journal of Financial Economics, and Review of Financial Studies, among others.In today's conversation, we'll focus on the most widely cited and influential of Prof. Bessembinder's papers, which is entitled, Do Stocks Outperform Treasury Bills? The paper's key findings could have implications for stock investors of all stripes. So, we were excited to talk to Hank and dig into his work. You can find this paper and other follow-on work that Hank has done on SSRN and we'll link to it in the show notes.BackgroundBioResearch“Do Stocks Outperform Treasury Bills?” by Hendrik Bessembinder, ssrn.com, June 3, 2018.“Wealth Creation in the US Public Stock Markets 1926 to 2019,” by Hendrik Bessembinder, ssrn.com, Feb. 13, 2020.“Which US Stocks Generated the Highest Long-Term Returns,” by Hendrik Bessembinder, ssrn.com, July 22, 2024.“Long-Horizon Stock Returns Are Positively Skewed,” by Adam Farago and Erik Hjalmarsson, Review of Finance, April 6, 2022.“Why Has IPO Underpricing Changed Over Time?” by Tim Loughran and Jay Ritter, Financial Management Journal, Autumn 2004.“Long-Run Stock Market Returns: Probabilities of Big Gains and Post-Event Returns,” by Hendrik Bessembinder, ssrn.com, Dec. 27, 2021.“Extreme Stock Market Performers, Part I: Expect Some Drawdowns,” by Hendrik Bessembinder, ssrn.com, July 21, 2020.“Shareholder Wealth Enhancement, 1926 to 2022,” by Hendrik Bessembinder, ssrn.com, June 17, 2023.“Long-Term Shareholder Returns: Evidence From 64,000 Global Stocks,” by Hendrik Bessembinder, Te-Feng Chen, Goeun Choi, and K.C. John Wei, ssrn.com, March 6, 2023.“Predictable Corporate Distributions and Stock Returns,” by Hendrik Bessembinder, ssrn.com, Nov. 24, 2014.OtherCenter for Research in Security Prices (CRSP)“What Is Jensen's Measure (Alpha), and How Is It Calculated?” by James Chen, Investopedia.com, July 1, 2024.

This episode addresses the recent market crash, the Bank of Japan's surprising rate hike, and its global impact. The team also discusses the Science of Blockchain Conference's relocation from Stanford to New York, and the current political landscape affecting crypto, including reactions from key politicians and internal community conflicts. Highlights include Solana's recent performance surge, opportunities in its ecosystem, and the effects of Elizabeth Warren's letter to the CFTC on prediction markets. Tune in for an insightful overview of these significant developments! Show highlights

From April 13, 2019: Julian Mortenson, Professor of Law at the University of Michigan, is the author of a remarkable new article entitled "Article II Vests Executive Power, Not the Royal Prerogative," in the Columbia Law Review and available on SSRN.Recently, Benjamin Wittes spoke with the professor about the article, which Mortenson has been working on for years—as long as the two have known each other. The article explores the history of exactly three words of the U.S. Constitution—the first three words of Article II, to be precise: "the executive power."Huge claims about presidential power have rested on a conventional understanding of these three words. Julian argues that this conventional understanding is not just partially wrong, or mostly wrong, but completely wrong, as a matter of history. And, he tries to supplant it with a new understanding that he argues is actually a very old understanding of what those words mean.Support this show http://supporter.acast.com/lawfare. Hosted on Acast. See acast.com/privacy for more information.