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It’s Hard to Hit a Target that Doesn’t Exist: A Novel Conceptual Framework for ESG Ratings
Get PDFWe introduce a conceptual framework to understand some of the persistent shortcomings we observe in ESG ratings and their potential consequences for financial stability, corporate policy, and regulation. Our framework consists of analyzing three different stages in the pro-duction of ESG ratings: (1) Data Collection and Disclosure, (2) Measurement, and (3) Dissemination. At each stage, we clearly identify the parties involved, their incentives and limitations, and the noise or bias introduced to ESG ratings due to misaligned incentives, data constraints, or inadequate regulations. In the Data Collection and Disclosure stage, noise and bias are introduced when rated companies dis-close data selectively or have limited capacity for collecting or sharing relevant data. In addition, the data collection and disclosure methods used across companies and rating providers are usually not standardized. Because of these deficiencies, it is possible that some companies engage in greenwashing. At the Measurement stage, when ESG ratings are calculated, noise and bias are introduced to the process due to a lack of consensus on what constitutes “good” ESG performance, as well as the use of widely diverging methodologies that tend to lack transparency or replicability. These issues may lead to limited competition among rating providers and a race to the bottom, where rating providers cater to rated companies by providing inflated ratings. At the Dissemination stage, noise and bias are introduced because ratings produced by different providers are not always directly comparable. For example, it is not clear if some ratings focus on risk exposure or risk contribution. In addition, some ratings are difficult to verify or lack timeliness, which might bias the perception of end users and the way they use these ratings for investment decisions, regulations, or internal corporate policies. Importantly, our framework allows us to devise potential solutions for some of the problems highlighted in our analysis. These solutions include improving disclosure standards, incentivizing public data access to foster competition as well as transparency of rating methodologies, and re-lying on regular audits to verify the accuracy of corporate disclosures and ESG ratings
How Economic Barriers Can Help Solve the USPTO’s Impending AI Patent Issues
Get PDFUse of artificial intelligence in recent years has grown exponentially with rapid developments in AI technology. Accordingly, recent innovation has taken advantage of AI technology in the research and development of new inventions. This has already raised many issues, one of which being the question of, “Can an artificial intelligence be an inventor for the purposes of a patent application?” The recent ruling in Thaler v. Vidal gave us an answer, which was a resounding “no”. Since then, there has been much debate concerning exactly how much AI can assist with the invention process without crossing the line to become an “inventor”
Think of the Children! Unmasking the Rhetoric Behind Internet Censorship in the Digital Age
Get PDFThe Internet is becoming increasingly interwoven into the fabric of daily life. Now more than ever, Americans are concerned about internet privacy and how personal data is being used, stored, and collected. Additionally, with information readily available at the click of a mouse or tap on a screen, there is rising concern about the impact of the Internet on both children and teenagers. Children’s internet use doubled during the COVID-19 pandemic, and a census on media use by teens and tweens in 2021 reported that one in four teenagers use social media “almost constantly.
Revisiting the Federal Circuit En Banc
No full textThe United States Court of Appeals for the Federal Circuit ( Federal Circuit ) holds exclusive jurisdiction over patent appeals and plays a vital role in shaping patent law and policy in the United States. Since its inception in 1982, the Federal Circuit has used en bane review as a crucial method to develop patent law and policy. Until recently, the court had been a model for en bane review by frequently hearing patent cases en bane, addressing important questions for a wide range of stakeholders in the patent system, and freely inviting amici to participate in the en bane process. Through this approach, the Federal Circuit positioned itself as an effective steward of patent law.
However, in 2018, the Federal Circuit suddenly, and without explanation, abandoned en bane review in patent cases. This abrupt departure from the court\u27s prior practices raises important questions about the cause of this en bane retrenchment and demands a critical evaluation of its implications on the evolution of patent law, the Federal Circuit\u27s role as a steward of patent law, and the impact on patent system stakeholders.
This Article documents the court\u27s historical and current en bane practices and examines the potential causes behind the Federal Circuit\u27s retreat from en bane review in patent cases. Notable developments in the law and institutions governing patent law and policy, such as the passage of the America Invents Act and its creation of the Patent Trial and Appeal Board, increased interest in patent law by Congress and the U.S. Supreme Court, and the unprecedented turnover of Federal Circuit judges may have contributed to this significant shift in en bane review. Moreover, this Article evaluates the need for the court to revive its previous en bane practices to ensure an effective and consistent patent law landscape and to effectively guide patent stakeholders
Rulemaking 3.0: Incorporating AI and ChatGPT Into Notice and Comment Rulemaking
Get PDFArtificial intelligence, including ChatGPT, is the latest tech trend to create opportunities to transform notice and comment rulemaking. If ChatGPT is only used by members of the public and organizations as a tool to draft comments, it may increase the involvement of the public in the process and assist them in drafting clear and intelligible comments. However, it is unlikely to improve the quality of public comments that they provide to agencies, because it will not help them understand the type of information that agencies are seeking in public comments. In addition, if ChatGPT is used to any significant extent in drafting comments, it could create challenges for agencies by flooding agencies with significantly greater numbers of seemingly unique comments, most of which merely express sentiment, values or preferences, and many of which may include false information
When Push Comes to Shove: How Qualified Immunity Shuts the Door to Constitutional Claims Against Law Enforcement
Get PDFSometimes lawyers get pushed around—both literally and figuratively. However, it is not every day that a Netflix camera crew might capture such an altercation on camera. While filming a Netflix documentary about the experiences of undocumented persons in the United States, Andrea Martinez found herself in a precarious situation that resulted in her suing two United States Immigration and Customs Enforcement agents for allegedly violating her Fourth Amendment rights. Plaintiffs like Martinez often struggle to overcome the strenuous legal doctrine of qualified immunity when filing suit against government officials. Several circuits across the country are clarifying legal guidelines and applying them to claims similar to those of Martinez. The Eighth Circuit should follow suit by clarifying its guidelines in the context of Fourth Amendment claims and qualified immunity
ENDING THE EPIDEMIC OF ACCIDENTAL PERSONALITY DISORDER DISCRIMINATION BY WELL-MEANING MEDIATORS
Get PDFPeople who have or appear to have mental disorders encounter rampant bias and stigma, including from mediators. This article focuses on some of the most heavily stigmatized mental health problems - personality disorders - and how some mediators discriminate against parties based on their guesses and assumptions that those parties may have these conditions
STRATEGIES FOR SUCCESSFUL NEGOTIATION OF INTERNATIONAL DISPUTES: POSITIONAL BARGAINING VS. PRINCIPLED NEGOTIATION IN THE INDUS WATER TREATY NEGOTIATIONS
Get PDFWater is the root of all civilization. Great empires of the past arose around lakes and river systems, from the Yangtze to the Nile to the Tiber. While water resources bolstered the power of world leaders, water mismanagement had the potential to lead to their downfall. Even in modern times, water availability is a significant constraint on development – the magnitude of this constraint is particularly felt in arid and semi-arid regions especially as climate change takes effect. This importance has made water supply a great source of conflict. Though it has been a cause of conflict for centuries, transboundary water management techniques permeate history. Different reports have noted that there are more than one hundred international river water basins that are shared by more than two sovereign countries, including, notably, the Nile, Mekong, Niger, Congo-Chambeshi, Amazon, Brahmaputra, and Indus Rivers