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Daily Archives: November 4, 2014

McKinsey – A road map to the future for the auto industry

The China factor – “Fifty years of innovations in horsepower, safety, and rider amenities have helped automobile sales grow by an average annual rate of 3 percent since 1964. This is roughly double the rate of global population growth over the same period and makes for a planet with over one billion vehicles on its roads. For the past 20 years, though, sales in North America, Europe, and Japan have been relatively flat. Growth has come from emerging markets—much of it in China, which over the past decade has seen auto sales almost triple, from slightly less than 8.5 million cars and trucks sold in 2004 to, estimates suggest, about 25 million in 2014. IHS Automotive predicts that more than 30 million vehicles a year will be sold in China by 2020, up from nearly 22 million in 2013. China’s promise has attracted more players to the country, so margins will naturally compress. Yet the country’s importance transcends these short-term results. In the decades ahead, China’s emergence as a dominant market and production center should have major implications for how cars are designed. Chinese tastes and standards, particularly at the luxury end, where automakers are notably raising the bar, will have a global influence.”

Why Libraries [Still] Matter

Why Libraries [Still] Matter – Jonathan Zittrain…”To this day, the Harvard Law School Library, which I direct, claims distinction as the largest academic law library in the world. Volume of volumes was never the whole story, though. Libraries have, over time, inhabited the roles not only of guardians of knowledge, but of curators, and not merely for… Continue Reading

Population Aging, Migration Spillovers, and the Decline in Interstate Migration

NY Fed – Population Aging, Migration Spillovers, and the Decline in Interstate Migration. November 2014. Number 699. Fatih Karahan and  Serena Rhee “Interstate migration in the United States has declined by 50 percent since the mid-1980s. This paper studies the role of the aging population in this long-run decline. We argue that demographic changes trigger a general equilibrium effect in… Continue Reading

CDS and Equity Market Reactions to Stock Issuances in the U.S. Financial Industry

CDS and Equity Market Reactions to Stock Issuances in the U.S. Financial Industry: Evidence from the 2002-13 Period. November 2014. Number 697. Marcia Millon Cornett, Hamid Mehran, Kevin Pan, Minh Phan, and Chenyang Wei. “We study market reactions to seasoned equity issuances that were announced by financial companies between 2002 and 2013. To assess the risk and valuation implications of these seasoned… Continue Reading

NY Fed – Supervisory Stress Tests

Supervisory Stress Tests – November 2014. Number 696. Beverly Hirtle and Andreas Lehnert. “This article describes the background, design choices and particular details of stress tests used as part of an overall supervisory regime; that is, their formal integration into the process of the ongoing prudential supervision of banks and other large financial institutions. We then describe how the U.S.… Continue Reading

FreeLawProject Rolls Out Oral Argument Audio

Announcing Oral Arguments on CourtListener “We’re very excited to announce that CourtListener is currently in the process of rolling out support for Oral Argument audio. This is a feature that we’ve wanted for at least four years — our name is CourtListener, after all — and one that will bring a raft of new features to the project.… Continue Reading