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Category Archives: Internet

Patent Citations and Stock Performance: Constructing a Dynamic Industry Classification

Gay, Sebastien and Karger, Ezra, Patent Citations and Stock Performance: Constructing a Dynamic Industry Classification (September 15, 2014). Available for download at SSRN: http://ssrn.com/abstract=2496414

Researchers in academia and the private sector use industry classifications to compare growth across and between industries, to construct industry indices, and to control for industry-level correlations of stocks over time. But commonly used industry classifications do not reliably predict stock co-movement because companies change their core structure quickly relative to the slow and haphazard updating of the widely-used subjective industry classifications. We propose an objective industry classification that clusters companies based on a network of patent citations to better measure changes in the relationships between companies over time. Our cluster-based industry classification predicts daily stock co-movement between 5% and 25% better than the standard SIC and NAICS classifications. Our classification is also a statistically significant addition to a standard 3-factor Fama-French model and outperforms SIC and NAICS classifications in its ability to explain variance in daily and monthly stock returns. While the ability of Standard Industry Classification (SIC) codes and the North American Industry Classification System (NAICS) to group together companies with similar daily stock returns has deteriorated over time, our clustering framework consistently groups together companies with similar daily stock returns in each year between 1947 and 2010.”

H.R. 4387, FSOC Transparency and Accountability Act

CBO – As ordered reported by the House Committee on Financial Services on June 20, 2014 “H.R. 4387 would allow all members of the governing bodies of certain agencies that are represented on the Financial Stability Oversight Council (FSOC)—the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), the Board of Governors ofContinue Reading

Testimony of Nuala O’Connor on Open Internet Rules

“CDT President & CEO testifies before the Senate Judiciary Committee on September 17, 2014. The hearing, entitled “Why Net Neutrality Matters: Protecting Consumers and Competition Through Meaningful Open internet Rules,” comes as the Federal Communications Commission (FCC) works to restore open Internet protections and has sought public comments on the best path forward.” “We believe thatContinue Reading

New GAO Reports – Broadcast TV and Radio, FSOC, Land Use Agreements

BROADCAST TELEVISION AND RADIO: Disclosure Requirements for Broadcasted Content, GAO-14-738: Published: Sep 17, 2014. Publicly Released: Sep 17, 2014. FINANCIAL STABILITY OVERSIGHT COUNCIL: Status of Efforts to Improve Transparency, Accountability, and Collaboration, GAO-14-873T: Published: Sep 17, 2014. Publicly Released: Sep 17, 2014. LAND-USE AGREEMENTS: Department of Veterans Affairs Needs to Improve Data Reliability and Monitoring, GAO-14-501: Published: Aug 18, 2014. Publicly Released: Sep 17,Continue Reading

Digital Preservation Policy Framework: A Case Study

Digital Preservation Policy Framework: A Case Study by Daniel W. Noonan. Educause Review Online, July 28, 2014. “Digital preservation can be defined as the combination of policies, strategies and actions to ensure access to and accurate rendering of authenticated reformatted and born digital content over time regardless of the challenges of media failure and technological change. Graham suggestsContinue Reading

New GAO Reports – Critical Infrastructure Protection, EPA Regs and Electricity

CRITICAL INFRASTRUCTURE PROTECTION: DHS Action Needed to Enhance Integration and Coordination of Vulnerability Assessment Efforts, GAO-14-507: Published: Sep 15, 2014. Publicly Released: Sep 15, 2014: “DHS is not positioned to manage an integrated and coordinated government-wide approach for assessments as called for in the NIPP because it does not have sufficient information about the assessment tools andContinue Reading

Treasure Map: The NSA Breach of Telekom and Other German Firms

Spiegel Online - Andy Müller-Maguhn, Laura Poitras, Marcel Rosenbach and Michael Sontheimer:  [Treaure Map] “is the mandate for a massive raid on the digital world. It aims to map the Internet, and not just the large traffic channels, such as telecommunications cables. It also seeks to identify the devices across which our data flows, so-called routers. Furthermore, every single endContinue Reading

Radical Librarianship: how ninja librarians are ensuring patrons’ electronic privacy

Via Boing Boing, by Alison Macrina and April Glaser: “Librarians in Massachusetts are working to give their patrons a chance to opt-out of pervasive surveillance. Partnering with the ACLU of Massachusetts, area librarians have been teaching and taking workshops on how freedom of speech and the right to privacy are compromised by the surveillance of onlineContinue Reading

iPhone Takes a Bite of the Mobile Card Payment Apple – Fitch

Fitch Ratings-New York-11 September 2014 [All opinions expressed are those of Fitch Ratings.]: Tuesday’s unveiling of Apple Pay is widely expected to further bolster growth of the evolving mobile payments landscape. Apple may be better positioned to succeed where other institutions have had limited success given the company’s financial resources and history of strong newContinue Reading

Libraries may digitize books without permission, EU top court rules

Loek Essers - PC World: “European libraries may digitize books and make them available at electronic reading points without first gaining consent of the copyright holder, the highest European Union court ruled Thursday. The Court of Justice of the European Union (CJEU) ruled in a case in which the Technical University of Darmstadt digitized a book published byContinue Reading

Talk with Me, Not at Me: Playing to Win with Social Media

Accenture, From Welcome to the Switching Economy: “Consumers everywhere have a wealth of information at their fingertips, giving them more control than ever regarding who gets their business. They know they have choices and switch providers when frustrated with their experiences. The result is the emergence of what Accenture calls the Switching Economy: the $5.9Continue Reading

Younger Americans and Public Libraries

“Younger Americans—those ages 16-29—especially fascinate researchers and organizations because of their advanced technology habits, their racial and ethnic diversity, their looser relationships to institutions such as political parties and organized religion, and the ways in which their social attitudes differ from their elders. This report pulls together several years of research into the role of libraries inContinue Reading