COVID-19 reveals hollow philosophy

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.

Clinical suspicion and indicated SARS-CoV-2 testing, including antibody testing, might be needed to recognize and treat adults with MIS-A. Further research is needed to understand the pathogenesis and long-term effects of this condition. Ultimately, the recognition of MIS-A reinforces the need for prevention efforts to limit spread of SARS-CoV-2. COVID-19

The coronavirus pandemic, climate change and space exploration are among the issues that Biden will influence if he wins the upcoming US election.

The coronavirus disease 2019 (COVID-19) pandemic has underscored the critical need to better understand the human immune system and how to unleash its power to develop vaccines and therapeutics. Much of our knowledge of the immune system has accrued from studies in mice, yet vaccines and drugs that work effectively in mice do not always translate into humans. Pulendran and Davis review recent technological advances that have facilitated the study of the immune system in humans. They discuss new insights and how these can affect the development of drugs and vaccines in the modern era.

The COVID-19 syndemic is entering its most dangerous phase. There is a mounting breakdown of trust. Not only between politicians and the public. But also among politicians and publics with science and scientists. This breach of faith with science is far more threatening. For the public is slowly turning against those who have sought to guide the political response to COVID-19. As countries face a resurgence of coronavirus transmission, scientific advisers are recommending further restrictions to our liberties. There is now a palpable public reaction against these mandates. Whereas in March people were ready to stay at home to protect their health and health systems, the growing economic emergency that has followed national lockdowns is leading politicians to resist similar measures being applied once again. And it is scientists who are targets for public opprobrium. "Britain is in the grip of mad science", wrote one commentator last week. A UK Government minister was quoted as saying that "[Boris] Johnson has been totally captured by [Chris] Whitty and [Patrick] Vallance". "Boris is now a prisoner of the scientists", ran a newspaper headline. Robert Dingwall, a professor of sociology, wrote "we have found ourselves in the han

Yet another government agency has asked me how to get people to trust AI. No one should trust AI. AI is not a peer that we need to allow to make mistakes sometimes but tolerate anyway. AI is a corporate product. If corporations make understandable mistakes they can be let off the hook, but if they whether with negligence or intent produce faulty products that do harm they must be held to account.