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Bill Fulkerson

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

academic.oup.com/...5736146

order finance information

shared by Bill Fulkerson on 05 Oct 20 - No Cached
  • Bill Fulkerson on 05 Oct 20
     
    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.
Bill Fulkerson

Global labor flow network reveals the hierarchical organization and dynamics of geo-ind... - 0 views

www.nature.com/...s41467-019-11380-w

dynamics labor clusters network organization

shared by Bill Fulkerson on 17 Aug 19 - No Cached
  • Bill Fulkerson on 17 Aug 19
     
    Groups of firms often achieve a competitive advantage through the formation of geo-industrial clusters. Although many exemplary clusters are the subjects of case studies, systematic approaches to identify and analyze the hierarchical structure of geo-industrial clusters at the global scale are scarce. In this work, we use LinkedIn's employment history data from more than 500 million users over 25 years to construct a labor flow network of over 4 million firms across the world, from which we reveal hierarchical structure by applying network community detection. We show that the resulting geo-industrial clusters exhibit a stronger association between the influx of educated workers and financial performance, compared to traditional aggregation units. Furthermore, our analysis of the skills of educated workers reveals richer insights into the relationship between the labor flow of educated workers and productivity growth. We argue that geo-industrial clusters defined by labor flow provide useful insights into the growth of the economy.
Bill Fulkerson

Globalization and the End of the Labor Aristocracy, Part 1 | naked capitalism - 0 views

www.nakedcapitalism.com/...-labor-aristocracy-part-1.html

labor capitalism globalization

shared by Bill Fulkerson on 07 Apr 17 - No Cached
  • Bill Fulkerson on 07 Apr 17
     
    "Twenty-first century imperialism has changed its form. In the 19th century and the first half of the 20th century, it was explicitly related to colonial control; in the second half of the 20th century it relied on a combination of geopolitical and economic control deriving also from the clear dominance of the United States as the global hegemon and leader of the capitalist world dealing with the potential threat from the Communist world. It now relies more and more on an international legal and regulatory architecture-fortified by various multilateral and bilateral agreements-to establish the power of capital over labor. This has involved a "grand bargain," no less potent for being implicit, between different segments of capital. Capitalist firms in the developing world gained some market access (typically intermediated by multinational capital) and, in return, large capital in highly developed countries got much greater protection and monopoly power, through tighter enforcement of intellectual property rights and greater investment protections."
Bill Fulkerson

Why do American CEOs get paid so much? | James K Galbraith | Opinion | The Guardian - 0 views

www.theguardian.com/...n-ceos-pay-dysfunction-finance

CEO pay

shared by Bill Fulkerson on 21 Aug 18 - No Cached
  • Bill Fulkerson on 21 Aug 18
     
    "new report from the Economic Policy Institute calls attention to the hardy perennial of how much America's corporate titans make: bosses of the top 350 firms made an average of $18.9m in 2017. That's a ratio of 312-1 over the median worker in their industries. Big bucks to be sure. And a big change since 1965, when the ratio was just 20-1. But what does it mean? And if there's a problem, what is it, exactly? What it means, as the EPI economists carefully document, is that the top US corporate chiefs are paid overwhelmingly with stock options, and their income fluctuates with the market. About 80% of the pay packet is in stocks, and the rise of 17% in 2017 after two flat years surely suggests that the top CEOs (not unreasonably) sensed the market peaked last year. So they cashed in. On the other 20% of the pay packets, no gains occurred"
Steve Bosserman

She Is a Gold Digger: Women Strike It Big in East Africa - 0 views

www.ozy.com/...91742

mining gold africa tanzania ownership women

shared by Steve Bosserman on 29 Jan 19 - No Cached
  • Tanzania alone sits on an estimated 2,222 metric tons of gold and boasts the third-highest reserves of the metal in Africa. But while the failure of these reserves to translate into wealth for ordinary people has led to populist moves – Tanzania’s President John Magufuli has demanded foreign mining firms pay higher taxes if they want to continue exporting — the problem may lie, in part, elsewhere. While women account for about 40 to 50 percent of Africa’s 8 million artisanal miners, their average income is significantly lower than that of their male counterparts, according to the African Center for Economic Transformation.
  • That has a spillover effect on communities. An established body of economic research, including by organizations like the Organization for Economic Cooperation and Development (OECD), has shown that economic empowerment of women translates into greater benefits for their families and communities than similar levels of earnings for men. That’s a phenomenon that groups working with gold miners in East Africa are witnessing also.
Bill Fulkerson

The Case for Regulating Before Harms Occur | The Regulatory Review - 0 views

www.theregreview.org/...daily-regulating-before-harms

regulation

shared by Bill Fulkerson on 16 Aug 17 - No Cached
  • Bill Fulkerson on 16 Aug 17
     
    "In a recent article, Professor Brian D. Galle of the Georgetown University Law Center argues that "ex post regulation"-which imposes liability only after a harm occurs-has even more significant disadvantages than previously thought. Since managers at regulated firms have a tendency to discount long-term regulatory consequences, Galle favors "ex ante regulation"-or imposing costs before an actor harms another-as the more efficient way of regulating."
Bill Fulkerson

Fed's massive 'Main Street' business rescue in danger of fizzling - POLITICO - 0 views

www.politico.com/...rve-main-street-program-297149

business fed rescue danger

shared by Bill Fulkerson on 03 Jun 20 - No Cached
  • Bill Fulkerson on 03 Jun 20
     
    Under the program, expected to be rolled out this week, companies will also face unwelcome curbs on stock buybacks, dividend payments and executive pay. And the sheer length of time it has taken to start the program - two months - has already forced many firms to seek alternatives. That has left industries divided, with manufacturers eager to tap the loans but retailers wanting more, as many businesses face the prospect of extensive layoffs or even bankruptcy.
Bill Fulkerson

Exclusive: Countries To Face a 'Wave' of Corporate Lawsuits Challenging Emergency COVID... - 0 views

www.nakedcapitalism.com/...ergency-covid-19-measures.html

emergency countries coronavirus lawsuits

shared by Bill Fulkerson on 19 May 20 - No Cached
  • Bill Fulkerson on 19 May 20
     
    Yves here. So now it's clear: some companies and their law firm enablers see their right to profit, even in the face of the Covid-19 pandemic, as more important than human lives. This has been an underlying theme of investor-state dispute settlement suits (which we've written about extensively), but it's never been as crass as here. On top of everything else, these actions will deplete government coffers, adding to public distress. The only upside is this sort of thing should kill incorporating meaningful investor-state dispute settlement provisions into future trade deals.
Bill Fulkerson

Coronavirus antigen tests: quick and cheap, but too often wrong? | Science | AAAS - 0 views

www.sciencemag.org/...uick-and-cheap-too-often-wrong

quick tests antigen wrong

shared by Bill Fulkerson on 26 May 20 - No Cached
  • Bill Fulkerson on 26 May 20
     
    Antigen tests don't amplify their protein signal, so they are inherently less sensitive. To make matters worse, that signal gets diluted when samples are mixed with the liquid needed to enable the material to flow across test strips. As a result, most antigen tests have a sensitivity of anywhere between 50% and 90%-in other words, one in two infected people might incorrectly be told they don't have the virus. Last month, Spanish health authorities returned thousands of SARS-CoV-2 antigen tests to the Chinese firm Shengzhen Bioeasy Biotechnology after finding the tests correctly identified infected people only 30% of the time, according to a report by the Spanish newspaper El Pais.
Steve Bosserman

There is no difference between computer art and human art | Aeon Ideas - 0 views

aeon.co/...computer-art-it-s-all-just-art

artificial intelligence computer art man versus machine

shared by Steve Bosserman on 20 Jul 16 - No Cached
  • In industry, there is blunt-force algorithmic tension – ‘Efficiency, capitalism, commerce!’ versus ‘Robots are stealing our jobs!’ But for algorithmic art, the tension is subtler. Only 4 per cent of the work done in the United States economy requires ‘creativity at a median human level’, according to the consulting firm McKinsey and Company. So for computer art – which tries explicitly to zoom into this small piece of that vocational pie – it’s a question not of efficiency or equity, but of trust. Art requires emotional and phrenic investments, with the promised return of a shared slice of the human experience. When we view computer art, the pestering, creepy worry is: who’s on the other end of the line? Is it human? We might, then, worry that it’s not art at all.
  • But the honest-to-God truth, at the end of all of this, is that this whole notion is in some way a put-on: a distinction without a difference. ‘Computer art’ doesn’t really exist in an any more provocative sense than ‘paint art’ or ‘piano art’ does. The algorithmic software was written by a human, after all, using theories thought up by a human, using a computer built by a human, using specs written by a human, using materials gathered by a human, at a company staffed by humans, using tools built by a human, and so on. Computer art is human art – a subset rather than a distinction. It’s safe to release the tension.
Bill Fulkerson

Financialization impedes climate change mitigation: Evidence from the early American so... - 0 views

advances.sciencemag.org/...e1601861.full

science climate change

shared by Bill Fulkerson on 03 Apr 17 - No Cached
  • Finance is an essential component of industrial change because it allows technologies to be developed before they can generate a return. But if finance no longer serves industrial change but instead prioritizes rent-seeking (seeking to increase its share of existing wealth without creating new sources of wealth), creative destruction of the present carbon-intensive industrial system cannot occur. The aim of this article is to investigate this issue through a study of the emergence of one low-carbon industry, solar photovoltaics (PV) in the United States. The focus is on the period after the first oil shock in 1973 until the end of the 1980s. The case is contrasted with the more successful development of the industry in Japan. In the late 1970s, American firms held 90% of the global market share; by 2005, it had declined to under 10%, whereas the Japanese share had risen to almost 50% (9). Changes to corporate governance and organization brought by financialization are identified as major causes of the difference in outcome.
  • One camp consisted of a small number of entrepreneurs who had been involved in producing solar cells for the space program or pioneered their application on Earth.
  • The other camp consisted of the energy policy bureaucracy and closely affiliated large manufacturing and energy corporations along with utilities (65).
Steve Bosserman

Modeling the global economic impact of AI | McKinsey - 0 views

www.mckinsey.com/...act-of-ai-on-the-world-economy

artificial intelligence global economy

shared by Steve Bosserman on 01 Dec 18 - No Cached
  • The role of artificial intelligence (AI) tools and techniques in business and the global economy is a hot topic. This is not surprising given that AI might usher in radical—arguably unprecedented—changes in the way people live and work. The AI revolution is not in its infancy, but most of its economic impact is yet to come.
  • New research from the McKinsey Global Institute attempts to simulate the impact of AI on the world economy. First, it builds on an understanding of the behavior of companies and the dynamics of various sectors to develop a bottom-up view of how to adopt and absorb AI technologies. Second, it takes into account the likely disruptions that countries, companies, and workers are likely to experience as they transition to AI. There will very probably be costs during this transition period, and they need to be factored into any estimate. The analysis examines how economic gains and losses are likely to be distributed among firms, employees, and countries and how this distribution could potentially hamper the capture of AI benefits. Third, the research examines the dynamics of AI for a wide range of countries—clustered into groups with similar characteristics—with the aim of giving a more global view.
  • The analysis should be seen as a guide to the potential economic impact of AI based on the best knowledge available at this stage. Among the major findings are the following: There is large potential for AI to contribute to global economic activity A key challenge is that adoption of AI could widen gaps among countries, companies, and workers
Steve Bosserman

Will AI replace Humans? - FutureSin - Medium - 0 views

medium.com/...ai-replace-humans-42c19c114cb8

humans robotics artificial intelligence

shared by Steve Bosserman on 26 Apr 18 - No Cached
  • According to the World Economic Forum’s Future of Jobs report, some jobs will be wiped out, others will be in high demand, but all in all, around 5 million jobs will be lost. The real question is then, how many jobs will be made redundant in the 2020s? Many futurists including Google’s Chief Futurist believe this will necessitate a universal human stipend that could become globally ubiquitous as early as the 2030s.
  • AI will optimize many of our systems, but also create new jobs. We don’t know the rate at which it will do this. Research firm Gartner further confirms the hypothesis of AI creating more jobs than it replaces, by predicting that in 2020, AI will create 2.3 million new jobs while eliminating 1.8 million traditional jobs.
  • In an era where it’s being shown we can’t even regulate algorithms, how will we be able to regulate AI and robots that will progressively have a better capacity to self-learn, self-engineer, self-code and self-replicate? This first wave of robots are simply robots capable of performing repetitive tasks, but as human beings become less intelligent trapped in digital immersion, the rate at which robots learn how to learn will exponentially increase.How do humans stay relevant when Big Data enables AI to comb through contextual data as would a supercomputer? Data will no longer be the purvey of human beings, neither medical diagnosis and many other things. To say that AI “augments” human in this respect, is extremely naive and hopelessly optimistic. In many respects, AI completely replaces the need for human beings. This is what I term the automation economy.
  • ...3 more annotations...
  • If China, Russia and the U.S. are in a race for AI supremacy, the kind of manifestations of AI will be so significant, they could alter the entire future of human civilization.
  • THE EXPONENTIAL THREATFrom drones, to nanobots to 3D-printing, automation could lead to unparalleled changes to how we live and work. In spite of the increase in global GDP, most people’s quality of living is not likely to see the benefit as it will increasingly be funneled into the pockets of the 1%. Capitalism then, favors the development of an AI that’s fundamentally exploitative to the common global citizen.Just as we exchanged our personal data for convenience and the illusion of social connection online, we will barter convenience for a world a global police state where social credit systems and AI decide how much of a “human stipend” (basic income) we receive. Our poverty or the social privilege we are born into, may have a more obscure relationship to a global system where AI monitors every aspect of our lives.Eventually AI will itself be the CEOs, inventors, master engineers and creator of more efficient robots. That’s when we will know that AI has indeed replaced human beings. What will Google’s DeepMind be able to do with the full use of next-gen quantum computing and supercomputers?
  • Artificial Intelligence Will Replace HumansTo argue that AI and robots and 3D-printing and any other significant technology won’t impact and replace many human jobs, is incredibly irresponsible.That’s not to say humans won’t adapt, and even thrive in more creative, social and meaningful work!That AI replacing repetitive tasks is a good thing, can hardly be denied. But will it benefit all globally citizens equally? Will ethics, common sense and collective pragmatism and social inclusion prevail over profiteers?Will younger value systems such as decentralization and sustainable living thrive with the advances of artificial intelligence?Will human beings be able to find sufficient meaning in a life where many of them won’t have a designated occupation to fill their time?These are the question that futurists like me ponder, and you should too.
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