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Category Archives: Legal Research

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.”

Is a Green Paradox Spectre Haunting International Climate Change Laws and Conventions?

Partain, Roy Andrew, Is a Green Paradox Spectre Haunting International Climate Change Laws and Conventions? (September 14, 2014). UCLA Journal of Environmental Law & Policy, Vol. 33, No. 1, 2014. Available for download at SSRN: http://ssrn.com/abstract=2496155 “Could the UNFCCC, and green laws in general, increase greenhouse gas emissions and thus worsen the threats and risks ofContinue Reading

FBI Says Biometric Database has Reached “Full Operational Capability”

“The FBI announced that the Next Generation Identification system, one of the largest biometric databases in the world, has reached “full operational capability.” In 2013, EPIC filed a Freedom of Information Act lawsuit about the NGI program. EPIC obtained documents that revealed an acceptance of a 20% error rate in facial recognition searches. Earlier this year, EPIC joined a coalition ofContinue Reading

The Cost of Carbon – Interactive Database

“This is a living documentation of the price we are all paying for carbon pollution. Find out how you are paying, add your cost, and share with those who can help to end climate denial and put a price on carbon.” “The Cost of Carbon is the never-ending toll that carbon pollution is having onContinue Reading

Report – large US and global companies ready for a price on carbon

“A new report released today by CDP, an environmental organization that gathers information on behalf of investors, provides powerful evidence that: There is a global corporate consensus that carbon will be priced; Businesses are preparing for a robust, internationally-linked carbon market; and These companies would welcome regulatory certainty, nationally and internationally, with respect to climateContinue Reading

California – carpooling via all ride-share services illegal

Dara Kerr: “California regulators have sent warning letters to Uber, Lyft and Sidecar to say that their new carpool features are illegal. Sidecar revealed Thursday that it received the letter from the California Public Utilities Commission, which said the ride-sharing service was breaking the law by testing its new Shared Rides, or carpool, feature. A Lyft spokesperson told CNETContinue Reading

An Energy and Sustainability Roadmap for West Virginia

Van Nostrand, James M, An Energy and Sustainability Roadmap for West Virginia (2013). West Virginia Law Review, Vol. 115, No. 3, 2013. Available for download at SSRN: http://ssrn.com/abstract=2495555 “This article explores the measures that West Virginia policymakers can take to position the state for a more sustainable energy future. Throughout its history, energy resources have beenContinue Reading

New GAO Reports – Air Traffic Control System, Federal Rulemaking, Missouri River Flood and Drought

AIR TRAFFIC CONTROL SYSTEM: Selected Stakeholders’ Perspectives on Operations, Modernization, and Structure, GAO-14-770: Published: Sep 12, 2014. Publicly Released: Sep 12, 2014. FEDERAL RULEMAKING: Agencies Included Key Elements of Cost-Benefit Analysis, but Explanations of Regulations’ Significance Could Be More Transparent [Reissued on September 12, 2014], GAO-14-714: Published: Sep 11, 2014. Publicly Released: Sep 11, 2014. MISSOURI RIVER FLOOD AND DROUGHT: Experts AgreeContinue Reading

Protection of Trade Secrets: Overview of Current Law and Legislation

Protection of Trade Secrets: Overview of Current Law and Legislation. Brian T. Yeh, Legislative Attorney. September 5, 2014. “A trade secret is confidential, commercially valuable information that provides a company with a competitive advantage, such as customer lists, methods of production, marketing strategies, pricing information, and chemical formulae. (Well-known examples of trade secrets include the formula for Coca-Cola, the recipeContinue Reading

EPIC, Legal Scholars, Technical Experts Urge Federal Appeals Court to Safeguard Telephone “Metadata”

“EPIC has filed an amicus curiae brief, joined by 33 technical experts and legal scholars, in support of a challenge to the NSA telephone record collection program. The case, Smith v. Obama will be heard by the Court of Appeals for the Ninth Circuit this fall. Earlier this year, a lower court ruled that the Fourth Amendment does not protectContinue Reading

New on LLRX – Tech goals for solo and small-firm lawyers

Via LLRX.com - Tech goals for solo and small-firm lawyers - Nicole Black review the highlights of results of two legal technology surveys about lawyers’ plans to use legal technology in their law practices. They offer a glimpse into the businesses of solo and small firm lawyers and provide indications of their assessments of the value that different typesContinue Reading

Violence Policy Center – When Men Murder Women

When Men Murder Women, An Analysis of 2012 Homicide Data. September 2014. “Intimate partner violence against women is all too common and takes many forms. The most serious is homicide by an intimate partner. Guns can easily turn domestic violence into domestic homicide. One federal study on homicide among intimate partners found that female intimate partners areContinue Reading