Latency Map. δ denotes the exchange’s order-processing speed. ζ is the time it takes for an HFT to send information from one exchange to another exchange. ϵ is the time it takes for an exchange to send its order updating information or route orders to another exchange. η is the time it takes for an investor to receive any updates from exchanges through the securities information processor (SIP). These latencies are dependent on specific exchanges. NYSE is located in Mahwah, NJ. Nasdaq is located in Carteret, NJ. BATS and IEX are in Equinix NY4/NY5 data center, which is located in Secaucus, NJ. At the cutting edge of technology, δ, ζ, ϵ, and η are around 50, 100, 300, and 1000 microseconds.

This paper by Xin Wang models how exchanges’ order‑processing speeds & inter‑exchange connection latencies drive #trade‑throughs (executions worse than the best available price).

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#EconSky

This figure plots the cross-sectional average house sale and rental prices in Panels A and B, respectively across provinces. The grey line represents the cross-sectional median temperature in ºC over the previous year across provinces. The sample spans September 2009 to December 2024.

Using provincial panel data for Spain & a spatial #econometric model, this study shows that more days over 35 °C in the prior year significantly reduce local #housing sale & rental prices.

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#UCDBusinessFaculty

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This paper by David Ramos Muñoz argues #climate uncertainty challenges #bank #regulation because prudential rules rest on social conventions about who must prove risks & what evidence suffices.

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The Australian Approach to Crypto Assets: Another Block in the Chain

This article argues Australian law need not adopt England’s tertium quid for crypto assets. Treating them as a chose in action fits doctrine, and tracing is possible though complex in fraud cases. spkl.io/63322A4sJA #CryptoLaw #PropertyLaw

Graphical Representation of the Survey Instrument

This paper shows employees closely track their firm’s financials mostly through internal channels and use earnings, sales, and disclosures to assess job security. Firms even mirror external reporting internally. spkl.io/63325A4sH1 #FinancialReporting #LaborMarkets

The put (call) standard deviation of a blended normal distribution Figure 1 illustrates how to compute the put (call) standard deviation of a blended normal distribution, which reflects a combination of two different normal distributions, ignoring the potential asymmetry of the put (call) probability density function. Panel A uses the simplest blended normal distribution as an example. In Panels B and C, the scores of dashed lines are created to mirror those below (above) the median to obtain the put (call) standard deviation, 𝑝,𝑏 (𝑐,𝑏), which represents the standard deviation of the underlying normal distribution of the scores below (above) the median. The blended ratio (BR) is given by:

This paper argues most real‑world distributions are asymmetric and introduces the blended normal distribution, where “momentum” drives that asymmetry. A challenge to core assumptions in statistics and econometrics. spkl.io/63320A4sBq #Statistics #Econometrics

In-country public cloud AI compute availability by country

This paper breaks down compute sovereignty into territory, ownership, and accelerator supply. Using data from major cloud providers, it shows sovereignty varies by level and each path carries different policy trade‑offs. spkl.io/63320A4UXC #AI #Geopolitics

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This paper surveys post‑Man Financial (2008) #caselaw to clarify what makes a non‑compete reasonable in #employment contexts & flags lingering uncertainties.

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#LawSky

This image shows a figure titled Delinquent debt for the full sample and by majority racial/ethnic groups.

Using #credit-bureau #data on 4 million U.S. #borrowers age 50+, these authors find substantial late-life financial distress: roughly 1 in 5 held delinquent debt as of August 2022.

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This article reframes the #Securities Act as an express‑warranty regime: offering documents serve as contractual warranties, & Sections 11 & 12(a)(2) impose near‑strict liability.

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#LawSky

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The 2020 #pandemic revealed a persistent #digital divide: closures left many—especially low‑income & BIPOC communities—without reliable broadband, devices, or digital skills.

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#InformationMatters

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The paper tests whether #biodiversity risk is priced, using two firm measures: an IPBES‑based Trucost #environmental‑cost score & an asset‑level geospatial exposure to biodiversity‑sensitive areas

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The Fundamental Theory of Japanese Trust #Law : The Legal Structure of Civil Law Trusts

This paper reviews the development of foundational theory in Japanese trust law to date.

Author: Hiroyuki Watanabe

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#Law

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International #Cybersecurity Regulatory Harmonization: Opportunities for Reciprocity & Mutual Recognition Among G7 and Quad Countries

This paper aims to identify opportunities to establish international reciprocity.

Author: Josephine Wolff

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Platform Constitutionalism: The #Digital Services Act and the Remaking of Internet Governance

The chapter contends that the Act's significance is platform governance can be brought within the reach of democratic law.

Author: Giancarlo Frosio

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This paper argues the primary #legal risk of #enterpriseAI is evidentiary failure—not model error—because firms often lack contemporaneous, defensible records of what was relied on, verified, & approved for consequential #AI decisions.

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#AICommunity

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The article analyzes the #Copyright Office’s ambiguous status & the 2025 separation‑of‑powers crisis when the #Trump administration tried to replace the Librarian of Congress & Register of Copyrights.

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Participatory Unblocking of #Blockchain Use Cases: Lessons Learned from the Argentina Onchain Residency

This report analyzes why blockchain innovation has struggled to achieve impact.

Authors: Sofia Cossar, Lovisa Björna, Ori Shimony

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Left: reserve-backed stable coin market capitalization by issuer (USDT, USDC, andother). Right: federal funds rate, 3-monthT-bill rate, average non maturity depositrate (redl ine),and individual deposit rates by tier.Sample: January 2019–June 2025.The dotted horizontal line indicates a federal funds targetrate mid point of 3.125%

This paper shows stablecoins and deposits are substitutes: when banks reprice deposits (especially above a 3% fed‑funds threshold), stablecoin growth slows sharply. Effects are strongest for USDC. spkl.io/63326A48rn #Stablecoins #Banking

Firm Environmental Footprint and Brand Equity

This paper shows firms with larger environmental footprints suffer lower brand equity — and advertising or strong CSR reputations worsen the penalty. Customers treat high resource use as a broken brand promise. spkl.io/63323A48nL #Sustainability #BrandEquity

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This article traces how the anti #abortion movement has shifted its rhetoric from overt moralism & patriarchal appeals to a subtler strategy that uses rights language & fetal personhood.

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#LawSky @slulaw.bsky.social

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This paper argues that price spikes alone don’t breach #antitrust law, but competitive & institutional #inflation amplifiers let firms during inflation raise discretionary markups rather than merely pass on costs.

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Surveying 647 #supplychain leaders, this report finds #eCommerce growth (81%) & omnichannel adoption (≈81%, +10% year‑over‑year) have made omnichannel a competitive necessity.

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#Algorithmic Advice, Human Review, and Shared Liability

The author explains that algorithmic advice is often used not only to guide decisions but also to determine whether cases are escalated for costly review.

Author: Wenxiao Yang

Read More: spkl.io/63323ANqml
#AI

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This article tests the textualist “constraint hypothesis” by analyzing 660+ Supreme Court labor and #employment decisions, comparing use of textualist tools versus #legislative history.

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#LawSky @fordhamlawnyc.bsky.social

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Though Justice Ruth Bader Ginsburg wrote few leading #criminal‑law opinions, this article shows she nonetheless shaped key #criminaljustice protections by joining an unusually large number of five‑vote majorities.

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This #research by S. Chiodo, G. Kennedy & A. King reports the first province‑wide empirical study of reported summary #judgment motions in #Ontario from 2015–2024 (five years before & after the pandemic).

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The figure shows the trend in the percentage of refugees over the Polish population (2010-2024). Annual refugee stock data through 2023 are drawn from UNHCR Refugee Population Statistics (country of asylum), accessed via the World Bank World Development Indicators and the FRED mirror (series SMPOPREFGPOL, https://fred.stlouisfed.org/series/SMPOPREFGPOL,). Figures for 2024 are based on UNHCR operational reporting for Poland, specifically the UNHCR Poland Bi-annual Fact Sheet (September 2024), and are used for descriptive purposes only (https://www.unhcr.org/europe/sites/europe/files/2024-10/bi-annual-fact-sheet-2024-09-poland.pdf). Total population figures are taken from the World Bank World Development Indicators (series POPTOTPLA647NWDB, https://fred.stlouisfed.org/series/POPTOTPLA647NWDB).

Using #Poland’s large post‑2022 inflow of #Ukrainian refugees—under EU Temporary Protection—this paper studies local electoral effects under a high‑integration reception scenario.

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Maroon background, SSRN logo, Prof. Amna Akbar: "Imperfect Guardians" in the California Law Review (2026)

Prof. Amna A. Akbar and Prof. @ryandoerfler.bsky.social, Harvard Law School, have recently published “Imperfect Guardians” in the California Law Review. The authors examine the role and views of the courts in modern politics and society, and who those views serve.
@ssrn.bsky.social: z.umn.edu/b8na

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This paper studies how #carbon pricing affects inequality when #cleanenergy is more skill‑intensive than dirty #energy by using a dynamic multi‑sector growth model with high‑ & low‑skill households.

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