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Bill Fulkerson

Asymmetric Information and the Pecking (Dis)Order* | Review of Finance | Oxford Academic - 0 views

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    We study the classical problem of raising capital under asymmetric information. Following Myers and Majluf, we consider firms endowed with assets in place and riskier growth opportunities. When asymmetric information is concentrated on assets in place (rather than growth opportunities), equity-like securities are more likely to be optimal. In contrast, when asymmetric information falls on growth options, debt is optimal. Intuitively, this happens because when the asset with greater volatility is less affected by asymmetric information, issuing a security with greater exposure to upside potential (such as equity) can be less dilutive than issuing a security lacking such exposure (such as debt). Our results suggest that equity is more likely to dominate debt for younger firms with larger investment needs, endowed with riskier, more valuable growth opportunities. Thus, our model can explain why high-growth firms may prefer equity over debt, and then switch to debt financing as they mature.
Steve Bosserman

A BIG Start-up Opportunity in Politics? - Global Guerrillas - 0 views

  • This means there is still a massive opportunity available.   An opportunity to build the first political social network that replaces a traditional party apparatus.  One that operates completely different than any political party we've had in this country.   A political platform that provides direct participation (think apps) in the political process on a daily or hourly basis rather than once every two years.     A platform that could grow to 60 m active participants in less than two years.   A platform that establishes norms of conduct and expectations of the future rather than rips them down.   A political network that allows us, as a country, to aspire to greatness again. 
  • This window of opportunity will close fast.
Bill Fulkerson

Anatomy of an AI System - 1 views

shared by Bill Fulkerson on 14 Sep 18 - No Cached
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    "With each interaction, Alexa is training to hear better, to interpret more precisely, to trigger actions that map to the user's commands more accurately, and to build a more complete model of their preferences, habits and desires. What is required to make this possible? Put simply: each small moment of convenience - be it answering a question, turning on a light, or playing a song - requires a vast planetary network, fueled by the extraction of non-renewable materials, labor, and data. The scale of resources required is many magnitudes greater than the energy and labor it would take a human to operate a household appliance or flick a switch. A full accounting for these costs is almost impossible, but it is increasingly important that we grasp the scale and scope if we are to understand and govern the technical infrastructures that thread through our lives. III The Salar, the world's largest flat surface, is located in southwest Bolivia at an altitude of 3,656 meters above sea level. It is a high plateau, covered by a few meters of salt crust which are exceptionally rich in lithium, containing 50% to 70% of the world's lithium reserves. 4 The Salar, alongside the neighboring Atacama regions in Chile and Argentina, are major sites for lithium extraction. This soft, silvery metal is currently used to power mobile connected devices, as a crucial material used for the production of lithium-Ion batteries. It is known as 'grey gold.' Smartphone batteries, for example, usually have less than eight grams of this material. 5 Each Tesla car needs approximately seven kilograms of lithium for its battery pack. 6 All these batteries have a limited lifespan, and once consumed they are thrown away as waste. Amazon reminds users that they cannot open up and repair their Echo, because this will void the warranty. The Amazon Echo is wall-powered, and also has a mobile battery base. This also has a limited lifespan and then must be thrown away as waste. According to the Ay
Bill Fulkerson

Multifunctional Landscapes Would Be a Boon to Rural Vitality for the Midwest | Big Pict... - 0 views

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    "My long-term vision for a better rural farm policy in the future would include new wildlife corridors, agroforestry, walking paths and bike trails, natural prairies, restored wetlands, and a return to naturalized rivers. This would require returning some private land back to public land, of retiring a percentage of today's Midwestern farmland. These things would support wildlife, outdoors activities, and provide greater tourism opportunities in the Midwest. These things would protect the soil, water, and help with biodiversity compared to what it is today. They would also help to enhance the quality of life for those who are living in the Midwest and they would entice others to move there for new opportunities. And, more kids could grow up doing the outdoor activities that I did."
Steve Bosserman

STARBUCKS CEO: We're going to hire 10,000 refugees - 0 views

  • He continued: “There are more than 65 million citizens of the world recognized as refugees by the United Nations, and we are developing plans to hire 10,000 of them over five years in the 75 countries around the world where Starbucks does business.
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    Alternative: create in-country employment opportunities for people BEFORE they choose to emigrate or circumstances force them to become refugees.
Bill Fulkerson

What is design thinking? - O'Reilly Media - 1 views

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    "Design thinking is an abductive approach to complex problem solving that leverages the designer's empathetic mindset in order to understand people's unarticulated needs and identify opportunities for solutions. This is a human-centered innovation process that can be applied to a wide range of challenges: design thinking can be used to create everything from products and services to business models and processes."
Steve Bosserman

Global trade should be remade from the bottom up - FT.com - 0 views

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    "The core of the revolt against global integration, though, is not ignorance. It is a sense, not wholly unwarranted, that it is a project carried out by elites for elites with little consideration for the interests of ordinary people - who see the globalisation agenda as being set by big companies playing off one country against another. They read the revelations in the Panama Papers and conclude that globalisation offers a fortunate few the opportunities to avoid taxes and regulations that are not available to the rest. And they see the disintegration that accompanies global integration, as communities suffer when big employers lose to foreign competitors."
Steve Bosserman

Universal Basic Assets: A Smarter Fix Than Universal Basic Income? | Fast Forward | OZY - 0 views

  • For 40 years, Robert E. Friedman and his Washington-based nonprofit Prosperity Now have helped millions of people from economically vulnerable communities gain financial security and stability. Income disparity, however, has only grown across the United States. Now, the 69-year-old Friedman is arguing for a macroeconomic fix — and it doesn’t involve the government just doling out cash. Instead, he advocates giving everyone assets like savings, education and homeownership, instituting a system of universal basic assets (UBA). And Friedman isn’t alone.
  • As cities and countries across the world experiment with the currently in-vogue idea of universal basic income (UBI), a small but growing number of scholars, nonprofits and researchers are beginning to argue for an alternative framework for prosperity. At its heart, they’re pushing for a 21st-century version of the age-old proverb that it’s better to teach a man how to fish than to simply give him fish. Just four years ago, UBA as a modern concept was unknown. Today, it’s emerging as a challenger to UBI as a means to the same goal: less income disparity and greater opportunities for all.
  • It’s an idea that has appeal on both sides of the political aisle. Liberals are drawn to UBA’s “provide for everyone” ethos, while libertarians see it as a reason to cut the “safety net” of government subsidies like welfare and unemployment, says Friedman. The bipartisan appeal comes from the notion that asset-building gives people more options, says C. Eugene Steuerle, former deputy assistant secretary of the U.S. Department of the Treasury for Tax Analysis under President Ronald Reagan and co-founder of the Urban-Brookings Tax Policy Center. ”UBA is a middle-of-the-road policy,” he says. “It’s an ideal compromise between left and right because it promotes mobility and opportunity, and less dependence on government.”
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  • At the Institute for the Future, Gorbis is convinced that assets are a critical determinant of an individual’s resources, especially with the rise of the gig economy where many don’t have access to benefits like health insurance and retirement savings. “When you look at data, a lot of inequality is deeper than income — it’s also about debt,” she says, adding, “for poor people, housing is the main asset.” That’s why Gorbis suggests UBA should start with access to housing, but also include access to public resources like transit. If you can take public transit, you don’t need to own a car, she says. When basic assets were first discussed, the crowning jewel was land — upon which the Homestead Act was based. Then, all eyes turned to jobs as the ultimate means of security. Today, Gorbis says, we should begin to look at data. Access to data — the internet, online education and resources — significantly affects socioeconomic status.
Steve Bosserman

Mapping the Metros With the Mightiest Paychecks - CityLab - 0 views

  • In fact, some economists see location as an “asset” in and of itself. Even if living in expensive areas yields sparser real savings right now, it can be a beneficial “investment” for the future because it provides greater access to cultural benefits, educational opportunities, and jobs. In other words, a host of factors come into play when you’re evaluating the tradeoff of living in any place—and how they’re weighed depends on what we, as individuals, value.
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