Discussion of the theoretical and practical implications

criminology school of interpretation of crime The focal point of this paper is to present a discussion on the theoretical and practical implications under Marxist criminology school of interpretation of crime. This is to identify and evaluate the basic perception of crime from a perception of the Marxist philosophy. It can well be ascertained that Critical Criminology is moving on towards a new school of perception that originated during the advent of the 1990s. Under this parameter Marxism is completely excluded as it is regarded as element of the old school by the new interpreters of criminology. However, it can also be mentioned that in spite of this theoretical shift in a fundamental sense Marxism is still a useful medium of interpretation of state intervention of crime along with ascertaining criminal justice system and crime analysis. It would be interesting to know that according to Stuart Russell, â€Å"as the hallucinatory effects of postmodernism wear off along with the illusions many still harbour that capitalism has a future, Marxism will once again be able to play the pivotal role it rightfully deserves in Critical Criminology.† (Russell, 130, 2) In the same context it is relevant to mention that though the method of analysis and class division interpretation system is an effective measure of evaluation of crime with capital based approach of breakdown of problems, Marxism, however, lacks the current up gradation needed for the 21st century. At the same time it is important to juxtapose the basic principals of other school of philosophies with the basic philosophies of Marxism to harvest better result in the overall sense. Thus a combination of Post-Critical Criminology and new Critical Criminology could be extremely fruitful in this context. (Kar, 241, 3-4) On the other hand the ideas of Regina Austin can also be taken into consideration where it is argued that there are certain racial inequalities within the judiciary system. Regina Austin mentions that the basic problem starts with the discriminating act by the government and this discrimination by the law ultimately leads to the point when the deprived community starts disobeying the law or judiciary system altogether as they bear little or no faith in the system. (Austin, 301, 2) it can be well ascertained that with the application of Marxist criminology this part of the unwanted judiciary system can well be eradicated. Thus the importance of Marxist philosophy within the parameters of criminology remains relevant till date and it would be most helpful to depend on the perception of Marxism in this context of studies. (Lamb, 32, 1) In the conclusion it would be relevant to quote Stuart Russell who mentions that â€Å"despite the cynical pronouncements of those who have prematurely buried Marxism, there is great hope for the future of Marxism in Critical Criminology.† (Russell, 130, 2) It is true that the relevance of Marxism in the field of Critical Criminology is yet to be utilized in its full extent but with better formulation and updated interpretation it is possible to reach its optimum point with positive impacts. However, it should also be noted that the formulation should be done with proper methodology that should be based upon the initial affirmative concepts of Marxism with proper implementation and alignment with the 21st century. (King, 143, 5) References: Russell, Stuart; The Continuing Relevance of Marxism to Critical Criminology; Critical criminology, Vol.11, No.2 (May) 2002. Richmond, BC: American Society of Criminology, Division on Critical Criminology, c1996-. pp.113-135. Austin, Regina; â€Å"The Black Community†, Its Lawbreakers, and a Politics of Identification; Critical race theory: the cutting edge / edited by Richard Delgado. Philadelphia: Temple University Press, 1995. Pp.293-303. Kar, P; History of Psychology and related application of Psychology; Dasgupta & Chatterjee. 2006. Pg. 241 King, H; Criminology Today; HBT & Brooks Ltd. 2001. Pg. 143 Lamb, Davis; Cult to Culture: The Development of Civilization on the Strategic Strata; National Book Trust. 2004. Pg. 32 (I am unable to use the third pdf article as it has been found to be decoded wrongly or is corrupted- as there is very little time to communicate and rectify I am giving it a go with the existing 2 pdfs. Plus I have incorporated 3 more books to defend the paper)

Thermodynamics And Kinetics Of Materials And Processes Environmental Sciences Essay

In natural philosophies, thermodynamics ( from the Greek I?I ­I?I?I · therme, intending â€Å" heat † and I?I?I?I ±I?I?I‚ , dynamis, intending â€Å" power † ) is the survey of energy transition between heat and mechanical work, and later the macroscopic variables such as temperature, volume and force per unit area. Its primogenitor, based on statistical anticipations of the corporate gesture of atoms from their microscopic behaviour, is the field of statistical thermodynamics ( or statistical mechanics ) , a subdivision of statistical natural philosophies. Thermodynamicss is the scientific discipline which relates kineticss of fluids with thermic and energy, thermodynamics trades with heat, work, and power. In this study a set of statements and expressions are described and explained.State of a System, 0th jurisprudence of thermodynamics:The zeroth jurisprudence of thermodynamics provinces that when two organic structures have equality of temperature with a 3rd organic structure, they in bend equality of temperature with each other [ Gordon J. Van Wylen ] . If A, B, and C are systems or organic structures, we said that the organic structures or the systems are in thermic equilibrium or changeless temperature, A and B in thermic equilibrium and B and C are in thermic equilibrium besides. if T ( A ) = T ( B ) and T ( B ) = T ( C ) so T ( A ) = T ( C ) .Figure ( 1 ) : Thermal equilibrium between two organic structures.Work, Heat, 1th jurisprudence of thermodynamics:The first jurisprudence of thermodynamics provinces that during a rhythm a system ( command mass ) undergoes, the cyclic integral of the heat is relative to the cyclic integral of the work [ Gordon J. Van Wylen ] . In another words the preservation of energy provinces that the alteration in the internal energy of any closed system equal the heat added to the system minus the work done by the system. the undermentioned equation shows that: See Piston cylinder system with H2O inside the cylinder, province ( 1 ) as shown in figure ( 2 ) below shows the initial province of the system ( H2O has internal energy ) and it is in equilibrium province, when an external burden applied to the Piston the system transferred to province ( 2 ) and work and heat transferred into and from the system to make to the 2nd equilibrium place ( province 2 ) .Figure ( 2 ) : Application of the first jurisprudence of thermodynamics.Internal Energy, Expansion Work:The internal energy is a thermodynamic belongings ; besides it can be defined as the sum of random energy included in certain sum of the mater due to the internal motion of atoms. Besides it is extended belongings because it depends on the mass of the system. The sum of internal energy of any stuff as thermodynamic belongings depends on the mass of the organic structure and it specific heat capacity, for illustration if we increase the temperature of metal its internal energy increased based on the temperature difference, besides metals have high specific heat capacity than liquids.Figure ( 3 ) : Comparison between metal and ice based on the internal energy.Heat content:The heat content is defined as the heat transportation during the procedure which is given in the footings of the alteration in internal energy, force per unit area and volume [ Gordon J. Van Wylen ] . The undermentioned equation shows the chief parametric quantities of heat content. The thermodynamic potency H was introduced by the Dutch physicist Kamerlingh Onnes in early twentieth century in the undermentioned signifier: Where Tocopherol represents the energy of the system. In the absence of an external field, the heat content may be defined, as it is by and large known, by: where ( all units given in SI ) H is the heat content ( in Js ) , U is the internal energy ( in Js ) , P is the force per unit area of the system, ( in Pas ) , and V is the volume, ( in three-dimensional metres ) . Form pV ( sometimes called â€Å" flow work † ) is motivated by the undermentioned illustration of an isobaric procedure. Gas bring forthing heat ( by, for illustration, a chemical reaction ) in a cylinder pushes a Piston, keeping changeless force per unit area P and adding to its thermic energy. The force is calculated from the country A of the Piston and definition of force per unit area P = F/A: the force is F = pA. By definition, work W done is W = Fx, where ten is the distance traversed. Uniting gives W = pax, and the merchandise Ax is the volume traversed by the Piston: Ax = V. Thus, the work done by the gas is W = pV, where P is a changeless force per unit area and V the enlargement of volume. Including this term allows the treatment of energy alterations when non merely temperature, but besides volume or force per unit area are changed. The enthalpy alteration can be defined I†H = I†U + W = I†U + I† ( pV ) , where I†U is the thermic energy due to warming of the gas during the enlargement, and W the work done on the Piston.Joule-Thomson Experiment:Joule-Thomson experiment is used to find the C dioxide coefficient. And comparing the experimental value with the deliberate value. Figure ( 3 ) shows the experimental setup of Joule-Thomson experiment.Figure ( 3 ) : Joule-Thomson experimental apparatus ( Taylor ) .The fluid allowed fluxing steadily from a high force per unit area to low force per unit area through a porous stopper inserted in a pipe. At steady conditions the pipe is insulated from any heat loss to environing, the flow speed should be low so the differences in kinetic energy between the upstream and the downstream are negligible. Measurements ‘ of temperature and force per unit area up watercourse and downstream the media should be taken ( G.F.C. Rogers ) . Ploting curves for both warming and chilling procedure for force per unit area and temperature of the gas, the aforethought curves are shown in figure ( 4 ) .Figure ( 4 ) : Isenthalpic curves and the enthalpy inversion curve ( Taylor ) .Adiabatic Procedures:Adiabatic means the procedure during which the heat is prevented from traversing the boundary of the system ( G.F.C. Rogers ) . The system is thermally insulated from the environing conditions, so for adiabatic procedure the first jurisprudence of thermodynamics is reduced to the alteration in internal energy peers the work done by the system or on the system.Figure ( 5 ) : Adiabatic procedure in P-V diagram ( G.F.C. Rogers ) .What is Thermochemistry:Thermochemistry is the survey of energy produced or absorbed in chemical reactions and any physical transmutation such as runing or boiling. Thermochemistry, by and large, is concerned with the energy exchange attach toing transmutations, such as commixture, stage passages, chemical r eactions, and including computations of such measures as the heat capacity, heat of burning, heat of formation, heat content, and free energy ( E.H. Cole ) . Thermochemistry remainders on two generalisations. Stated in modern footings, they are as follows: Lavoisier and Laplace ‘s jurisprudence ( 1780 ) : The energy alteration attach toing any transmutation is equal and antonym of energy alteration attach toing the contrary procedure. Hess ‘s jurisprudence ( 1840 ) : The energy alteration attach toing any transmutation is the same whether the procedure occurs in one measure or many.Figure ( 6 ) : Energy motion ( www.howstuffworks.com ) .What is Calorimetry:The word calorimetry was derived from the lateen word calor which means heat and Greek word metry which means step ; it is the scientific discipline of mensurating the sum of heat. To mensurate the energy produced from certain fuel or affair calorimeter is used. Calorimeter is a device consists of barrel filled with H2O and a bomb filled with fuel ( oil fuel or coal ) besides and electric circuit is used to bring forth electrical signal to fire the discharge inside the bomb, after that the heat transportations to the H2O inside the calorimeter, by mensurating the initial and concluding H2O temperature and cognizing the H2O sum in the calorimeter, the sum of heat green goods from the fuel discharge can be estimated. The figure below shows the calorimeter.Fi gure ( 7 ) : Calorimeter ( E.H. Cole ) .Second Law of Thermodynamicss:The 2nd jurisprudence of thermodynamics is the jurisprudence of heat and power, it can be expressed as: It is impossible to do an engine to run in a ( thermodynamics ) rhythm, in which the lone interactions are positive work done on the milieus and heat transportation from a system which remains at changeless temperature ( E.H. Cole ) .Figure ( 8 ) : The schematic of 2nd jurisprudence of thermodynamics ( www.howstuffworks.com ) .The undermentioned expression of the jurisprudence has been proposed: It is impossible to build a heat-engine rhythm which will bring forth merely the consequence of lifting a weight ( net work or shaft work ) if heat is exchanged with a individual thermal reservoir ( Max Planck ) , and heat can non of itself flow from a colder to a hotter system ( Rudolf Clausius ) .Carnot Cycle:Said Carnot a Gallic scientist of the early 19th century, he proposed a heat engine rhythm based on the 2nd jurisprudence of thermodynamics. Carnot said that the work by the heat engine rhythm increased by increasing the temperature differences between the hot and the cold reservoirs ( Leonard ) . So the efficiency of Carnot rhythm depends on the temperatures of the hot and cold reservoirs.Figure ( 9 ) : Caront rhythm in Pressure-Volume diagram, ( www.howstuffworks.com ) .The public presentation of heat engine rhythm nine expressed as the dividend divided by the cost, the intent of power rhythm is to present shaft work, which is the dividend. The cost depends on the heat suppl y from the hot reservoir.Third jurisprudence of Thermodynamicss and absolute information:The Third Law of Thermodynamics is the lesser known of the three major thermodynamic Torahs. Together, these Torahs help organize the foundations of modern scientific discipline. The Torahs of thermodynamics are absolute physical Torahs everything in the discernible existence is capable to them. Like clip or gravitation, nil in the existence is exempt from these Torahs. In its simplest signifier, the Third Law of Thermodynamics relates the information ( entropy ) of affair to its absolute temperature ( G.F.C Rogers ) . The Third Law of Thermodynamics refers to a province known as â€Å" absolute nothing. † This is the bottom point on the Kelvin temperature graduated table. The Kelvin graduated table is absolute, intending 0A ° Kelvin is mathematically the lowest possible temperature in the existence. This corresponds to about -273.15A ° Celsius, or -459.7 Fahrenheit. In actuality, no object or system can hold a temperature of nothing Kelvin, because of the Second Law of Thermodynamics. The Second Law, in portion, implies that heat can ne'er spontaneously move from a colder organic structure to a hotter organic structure. So, as a system approaches absolute zero, it will finally hold to pull energy from whatever systems are nearby. If it draws energy, it can ne'er obtain absolute nothing. So, this province is non physically possible, but is a mathematical bound of the existence. In its shortest signifier, the Third Law of Thermodynamics says: â€Å" The information of a pure perfect crystal is zero ( 0 ) at nothing Kelvin ( 0A ° K ) . † Entropy is a belongings of affair and energy discussed by the Second Law of Thermodynamics. The Third Law of Thermodynamics means that as the temperature of a system approaches absolute zero, its information approaches a changeless ( for pure perfect crystals, this invariable is zero ) . A pure perfect crystal is one in which every molecule is indistinguishable, and the molecular alliance is absolutely even throughout the substance. For non-pure crystals, or those with less-than perfect alliance, there will be some energy associated with the imperfectnesss, so the information can non go nothing. The Third Law of Thermodynamics can be visualized by believing about H2O. Water in gas signifier has molecules that can travel about really freely. Water vapour has really high information ( entropy ) . As the gas cools, it becomes liquid. The liquid H2O molecules can still travel about, but non as freely. They have lost some information. When the H2O cools farther, it becomes solid ice. The solid H2O molecules can no longer travel freely, but can merely vibrate within the ice crystals. The information is now really low. As the H2O is cooled more, closer and closer to absolute zero, the quiver of the molecules diminishes. If the solid H2O reached absolute nothing, all molecul ar gesture would halt wholly. At this point, the H2O would hold no information ( entropy ) at all.Standards of Equilibrium:The province of system is determined by the molecules within the system boundaries. The equilibrium has different significances, if we have material in solid or liquid stage we said that stuff is in stage equilibrium if its stage does non alter. Besides if the province of the stuff is changeless we said that stuff in thermodynamic equilibrium ( William C. Reynolds ) . The macroscopic belongingss that can in rule be measured as a map of the thermodynamic equilibrium province and that are in some manner relevant to energy are called thermodynamic equilibrium. Any conglomerate characteristic of all the molecules, such as their entire energy, is a thermodynamic belongings. When the province is fixed the thermodynamics belongingss are fixed.13. Helmholtz and Gibbs free energy:The thermodynamics potencies consists of four measures, these measures are internal energy, the heat content, the Helmholtz free energy and the Gibbs free energy. So Helmholtz and Gibbs are portion of thermodynamics possible. The Helmholtz free energy depends on the internal energy, temperature, and information. Equation below shows the relation between internal energy, absolute temperature, and information in Helmholtz free energy equation. Gibbs free energy as shown in equation below depends on internal energy, absolute temperature, information, absolute force per unit area, and the concluding volume. The four thermodynamic potencies are related by beginnings of the â€Å" energy from the environment † term TS and the â€Å" enlargement work † term PV. A mnemotechnic diagram suggested by Schroeder can assist you maintain path of the relationships between the four thermodynamic potencies.14. Hess ‘s jurisprudence:Hess ‘s jurisprudence states that the energy alteration in any chemical or physical reaction does non depend on the way or figure of stairss required to finish this reaction.Figure ( 10 ) : Chemical reaction stairss with energy sum.The I†H for a individual reaction can be calculated from the difference between the heats of formation of the merchandises minus the heat of formation of the reactants. In mathematical footings:15. Clausius-Clapeyron equation:The Clausius-Clapeyron equation relates the fluctuation of force per unit area with temperature along the saturated-vapor ( or liquid ) line to the heat content and volume of vaporisation. Th is equation is utile in building a graphical or tabular equation of province from a lower limit of experimental measurings ( Williams C. Reynolds ) . The clausius-Clapeyron equation allows gauging the vapor force per unit area at any temperature if the heat content of vaporisation and vapor force per unit area at some temperatures are known,16. Ideal Solution and Non-ideal Solution:In chemical science, an ideal solution or ideal mixture is a solution in which the heat content of solution ( or â€Å" heat content of blending † ) is zero ; [ 1 ] the closer to zero the heat content of solution is, the more â€Å" ideal † the behaviour of the solution becomes. Equivalently, an ideal mixture is one in which the activity coefficients ( which step divergence from ideality ) are equal to one ( Wikipedia, the free encyclopaedia ) . A solution whose behaviour does non conform to that of an ideal solution ; that is, the behaviour is non predictable over a broad scope of concentrations and temperatures by the usage of Raoult ‘s jurisprudence. In contrast to ideal solutions, where volumes are purely linear and commixture is ever complete, the volume of a non-ideal solution is non, in general, the simple amount of the volumes of the component pure liquids and solubility is non guaranteed over the whole composing scope.Figure ( 11 ) : Behavior of non ideal solutions.17. Statistical mechanics:Statistical mechanics or statistical thermodynamics is a mathematical tool trades with high population or informations. It ‘s related with macroscopic thermodynamic belongingss such as work, information, free energy, and heat. Ludwig Boltzmann is the male parent of statistical thermodynamics ; he started the work in statistical mechanics in 1870.18. Raoult ‘s Law /MIXTURES:The partial vapour force per unit area of a constituent in a mixture is equal to the vapour force per unit area of the pure constituent at that temperature multiplied by its mole fraction in the mixture. Raoult ‘s Law merely works for ideal mixtures In equation signifier, for a mixture of liquids A and B, this reads ( hypertext transfer protocol: //www.chemguide.co.uk/physical/phaseeqia/idealpd.html ) : In this equation, PA and PB are the partial vapor force per unit areas of the constituents A and B. In any mixture of gases, each gas exerts its ain force per unit area. This is called its partial force per unit area and is independent of the other gases present. Even if you took all the other gases off, the staying gas would still be exercising its ain partial force per unit area. The entire vapor force per unit area of the mixture is equal to the amount of the single partial force per unit areas. The Po values are the vapour force per unit areas of A and B if they were on their ain as pure liquids. xA and xB are the mole fractions of A and B. That is precisely what it says it is – the fraction of the entire figure of moles present which is A or B. mole fraction utilizing, for illustration:19. Reversible/irreversible/Adiabatic/isobaric/isothermal/Isochoric procedures:The reversible procedure is the procedure that the system takes topographic point one time and returns to its original province without any alteration in the system or environing [ Gordon J. Van Wylen ] . The irreversible procedure, this procedure done when the system undergoes certain procedure it transferred from province and can non return to its original province without any alteration in the system or environing [ Gordon J. Van Wylen ] . Adiabatic procedure, this done when the system transferred from one province to another without heat transportation to environing [ Gordon J. Van Wylen ] . Isobar procedure, it is a procedure with changeless force per unit area [ Gordon J. Van Wylen ] . Isothermal procedure, the system transferred from province to another at changeless temperature [ Gordon J. Van Wylen ] . Isochoric procedure, procedure with changeless volume [ Gordon J. Van Wylen ] .Figure ( 12 ) : The thermodynamics processes [ Gordon J. Van Wylen ] .20. Heat of Vaporization:Heat of vaporisation or latent heat of vaporisation is the sum of heat needed to reassign certain sum of affair from liquid province to vapor province. Heat of vaporisation depends on the affair itself, its sum ( mass ) , and the temperature. Table below shows the heat of vaporisation of H2O at different temperatures [ Gordon J. Van Wylen ] . No. Temperature ( Co ) Heat of Vaporization kJ/kg ) 1 5 2489.6 2 10 2477.7 3 15 2465.9 4 20 2454.1 5 25 2442.3 6 30 2430.5Table ( 1 ) : Heat of Vaporization for H2O at different temperatures [ Gordon J. Van Wylen ] .21. Restricting Procedures:Restricting procedure done when fluid go throughing through valve or sudden reduction in country, the flow is steady and the force per unit area Idaho drooped across the valve ; in the choking procedure the heat content is changeless, so the choking procedure is a procedure with changeless heat content. One application of restricting procedure is the restricting calorimeter, restricting calorimeter is a device used to find the quality of a two stage liquid-vapor mixture [ Gordon J. Van Wylen ] .Figure ( 13 ) : Restricting procedure [ Gordon J. Van Wylen ] .22. Joule Thomson Coefficient:Joule-Thomson coefficient relates to the choking procedure, it ‘s the consequence of divergence of temperature bead to coerce bead for a steady province, steady flow through partly opening valve. The equation below shows Joule-Thomson coefficient: Positive Joule-Thomson coefficient means that there is temperature bead during the choking procedure, but when it is negative the temperature rises during the restricting procedure [ Gordon J. Van Wylen ] .23. Maxwell ‘s Relationss:Maxwell dealingss are mathematical dealingss for compressible fluids, this relation are related four belongingss, the thermodynamics belongingss in Maxwell dealingss are force per unit area ( P ) , Temperature ( T ) , specific volume ( V ) , and information ( S ) . Maxwell dealingss are summarized in three positions as shown below, the first position the basic equation, the 2nd position the Maxwell relation, and the last position is the working equation [ Gordon J. Van Wylen ] .Basic equationMaxwell RelationWorking EquationWhere: Uracils: internal energy. CP: specific heat under changeless force per unit area. Thymine: Temperature. Curriculum vitae: specfic heat under changeless specific volume. Phosphorus: Pressure. Volts: Volume. Second: Information. Hydrogen: Enthaply.24. Chemical equilibrium in gases:Thermodynamicss equilibrium are established when no alteration in macroscopic belongings is obtained that is intend the system is isolated from the milieus. The equilibrium is classified to three types ‘ mechanical equilibrium, chemical equilibrium, and thermic equilibrium. In chemical equilibrium there is no reaction or affair transportation from one portion of the system to another portion ( P.K. NAG ) . The system may be in mechanical equilibrium yet the system may undergo self-generated Change of internal construction due to chemical potency, such as chemical reaction or a transportation of affair, the system so is said to be in chemical equilibrium if all interactions or alterations in the system cease to take topographic point. A burning mixture of O and gasolene is non in chemical equilibrium one time the mixture is ignited.25. Statements of the Second Law/ Kelvin /Planck/Clausius Statement:Kelvin-Planck statement:It is impossible to build a device which, runing in a rhythm, will bring forth no consequence other that raising of a weight and chilling of heat reservoir ( M.L. Mathur ) . It is impossible to build a cyclic device whose consequence is to pull out heat from a heat reservoir and wholly change over into work ( M.L. Mathur ) .Clausius statementIt is impossible to build a cyclic device which will bring forth no consequence other than the transportation of heat from a low temperature beginning to high temperature heat beginning ( M.L. Mathur ) . The heat can non flux by itself ( with out the aid of an external bureau ) from low temperature to high temperature ( M.L. Mathur ) .Figure ( 14 ) : This is non possible ( Kelvin-Planck ) .26. Information of a Mixture of Ideal Gases/ Gibbs-Dalton ‘s Law:The Gibbs-Dalton equation trades with gas mixture belongingss, the entire thermodynamic belongings of a mixture of ideal gases is the amount of the belongingss that the single gases would hold if each occupied the entire mixture volume entirely at the mixture temperature, ( M.L. Mathur ) , besides the mathematical signifier of Gibbs-Dalton equation as shown below:No.MeasureEquation1 Internal Energy 2 Heat content 3 Specific heat under changeless force per unit area 4 Specific heat under changeless specific volumeTable ( 2 ) : Gas mixture equations ( M.L. Mathur ) .27. Handiness:Handiness is the system maximal available energy. This non merely depends on the given province of the system but besides on the concluding province to which the system has to be taken and mode in which it is done. When handiness of the system is required to be determined so the concluding province of system ought to be dead province ( M.L. Mathur ) . The undermentioned points should be observed when finding the handiness of any system: The concluding province of the system is dead province. The system undergoes alteration of province by a reversible procedure. The construct of handiness introduce wholly a new and good construct in the field of heat engines where overall thermic efficiency, obtained on the footing of entire chemical energy of the fuel was the lone footing for comparing engines and their public presentation.28. Real Gases /Virial Equation of State /Van der Waals Equation of State:The continuity of liquids and gases were studied by Van der Waals, the equation of equation of province for gas was obtained in 1873, and the general signifier of Van der Waals equation is: Where: a: changeless measures the cohesive forces. B: changeless accounts the volume of gas molecules. V: specific volume. : Universal gas invariable. Thymine: Absolute gas temperature. The restrictions of Van der Waals equation are ( M.L. Mathur ) : The invariables a and B are measured changeless for a substance where as they are non ; this has been proved theoretically every bit good as by experimentation. The p-v secret plan of Van der Waals equation differs from Andrews secret plan. The value of the critical volume obtained from Van der Waals equation Al coefficient is 3b as compared to its experimental determine value of 2b for the moist substances. The critical coefficient is 0.375 for Van der Waals gas equation but from experiments it was from 0.2 to 0.3 for most substances.29. Fugacity:Fugacity ( degree Fahrenheit ) was used in the first clip by Lewis, the value of fugacity approaches the value of force per unit area as the missive tends to zero, when the ideal gas conditions applies. The derived function of the Gibbs map of an ideal gas undergoing an isothermal procedure is ( P.K.NAG ) : aˆÂ ¦aˆÂ ¦ ( 6 ) aˆÂ ¦aˆÂ ¦.. ( 7 ) For an ideal gas the fugacity f equal the gas force per unit area P, fugacity has the same dimensions as force per unit area.Figure ( 15 ) : Fugacity with temperature.30. Dalton ‘s Law, Raoult ‘s Law, Henry ‘s Law:Dalton states that the force per unit area of a mixture of gases is equal to the amount of the partial force per unit area of each component. This can be easy done utilizing perfect gas equation for component every bit good as for the mixture ( M.L. Mathur ) . Raoult ‘s jurisprudence [ for F. M. Raoult, a Gallic physicist and chemist ] provinces that the add-on of solute to a liquid lessens the inclination for the liquid to go a solid or a gas, i.e. , reduces the freeze point and the vapor force per unit area ( see solution ) . For illustration, the add-on of salt to H2O causes the H2O to stop dead below its normal freezing point ( 0A °C ) and to boil above its normal boiling point ( 100A °C ) . Qualitatively, depression of the freeze point and decrease of the vapour force per unit area are due to a lowering of the concentration of H2O molecules, since the more solute is added, the less the per centum of H2O molecules in the solution as a whole and therefore the less their inclination to organize into a crystal solid or to get away as a gas. Quantitatively, Raoult ‘s jurisprudence states that the dissolver ‘s vapor force per unit area in solution is equal to its mole fraction times its vapor force per unit area as a p ure liquid, from which it follows that the freeze point depression and boiling point lift are straight relative to the mode of the solute, although the invariables of proportion are different in each instance. This mathematical relation, nevertheless, is accurate merely for dilute solutions. The fact that an appropriate solute can both lower the freeze point and raise the boiling point of a pure liquid is the footing for year-round antifreeze for car chilling systems. In the winter the antifreeze lowers the freezing point of the H2O, forestalling it from stop deading at its normal freezing point ; in the summer it guards against furuncle over by raising the boiling point of the H2O. In chemical science, Henry ‘s jurisprudence is one of the gas Torahs, formulated by William Henry in 1803. It states that: At a changeless temperature, the sum of a given gas dissolved in a given type and volume of liquid is straight relative to the partial force per unit area of that gas in equilibrium with that liquid. An tantamount manner of saying the jurisprudence is that the solubility of a gas in a liquid at a peculiar temperature is relative to the force per unit area of that gas above the liquid. Henry ‘s jurisprudence has since been shown to use for a broad scope of dilute solutions, non simply those of gases. An mundane illustration of Henry ‘s jurisprudence is given by carbonated soft drinks. Before the bottle or can is opened, the gas above the drink is about pure C dioxide at a force per unit area somewhat higher than atmospheric force per unit area. The drink itself contains dissolved C dioxide. When the bottle or can is opened, some of this gas escap es, giving the characteristic hushing ( or â€Å" dad † in the instance of a bubbly bottle ) . Because the force per unit area above the liquid is now lower, some of the dissolved C dioxide comes out of solution as bubbles. If a glass of the drink is left in the unfastened, the concentration of C dioxide in solution will come into equilibrium with the C dioxide in the air, and the drink will travel â€Å" level † ( hypertext transfer protocol: //en.wikipedia.org/wiki/Henry's_law ) .31. Lost Work Rate, Irreversibility Rate, Availability Loss:Information is produced as a consequence of irreversibilities present in the procedure, this may explicate with the aid of construct of lost work. The doomed in work is zero in a reversible procedure and it increases with the addition in irreversibility of the procedure till it becomes maximal in instance of wholly irreversible procedure. The lost work is therefore defined as the difference of work obtained in a reversible procedure and existent procedure ( M.L. Mathur ) . The undermentioned notes for the work lost should be taken: For a reversible procedure when the work lost is zero the alteration in information is given by: The information of a system can be increased by two ways, foremost by adding heat to the system or by holding it undergoes an irreversible procedure. The addition in entropy due to work lost is called entropy production. For an adiabatic procedure, the alteration in information is associated with irreversibilities merely.32. Irreversibility and Entropy of an Isolated System:The information of an stray system can ne'er diminish. This is known as the rule of addition of information. An stray system can ever be formed by including any system and its milieus within a individual boundary. Some times the original system which is so merely a portion of the stray system called a subsystem. The system and milieus together include every thing which is affected by the procedure ( P.K. NAG ) . Information may be decreased locally at some part within the stray system. But it must be compensated by a greater addition of information some where within the system so that the net consequence of an irreversible procedure is an entropy addition of the hole system. The entropy addition of an stray system is a step of the extent of an irreversibility of the procedure undergone by the system. The information of an stray system ever increases and becomes a upper limit at the province of equilibrium. When the system is at equilibrium any imaginable alteration information would be zero.33. Reversible and Irreversible Procedures:A reversible procedure ( ideal procedure ) is one which is performed in such a manner that at the decision of the procedure, both the system and milieus may be restored to their initial provinces, with out bring forthing any alterations in the remainder of the existence. Let the stare of a system be represented by A and allow the system be taken to province B by following the way AB. If the system and besides milieus are restored to their initial provinces and no alteration in the existence is produced, so the procedure AiB will be reversible procedure. In the contrary procedure the system has to be taken from province B to A by following the same way BiA ( P.K. NAG ) . Any irreversible ( natural ) procedure carried out with a finite gradient is an irreversible procedure. A reversible procedure, which consists of a sequence of equilibrium provinces, is an idealised conjectural procedure.Figure ( 16 ) : Reversible procedure ( P.K. NAG ) .33. Dynamicss: Chemical reaction rates, half lives:Half-life is the period of clip it takes for a substance undergoing decay to diminish by half. The name originally was used to depict a feature of unstable atoms ( radioactive decay ) , but may use to any measure which follows a set-rate decay. The original term, dating to 1907, was â€Å" half-life period † , which was later shortened to â€Å" half-life † sometime in the early 1950s. Half-lives are really frequently used to depict measures undergoing exponential decay-for illustration radioactive decay-where the half life is changeless over the whole life of the decay, and is a characteristic unit ( a natural unit of graduated table ) for the exponential decay equation. However, a half life can besides be defined for non-exponential decay procedures, although in these instances the half life varies throughout the decay procedure. For a general debut and description of exponential decay, see the article exponential decay. For a general debut and description of non-exponential decay, see the article rate jurisprudence. An exponential decay procedure can be described by any of the undermentioned three tantamount expression: where N0: is the initial measure of the thing that will disintegrate ( this measure may be measured in gms, moles, figure of atoms, etc. ) , National trust: is the measure that still remains and has non yet decayed after a clip T, t1 / 2: is the half life of the decaying measure, I„ : is a positive figure called the mean life-time of the decaying measure, I » : is a positive figure called the decay invariable of the decaying measure.34. Temperature, force per unit area and i?„G:Gibbs equation shows the relation between force per unit area, temperature, and the alteration in free energy. The equation below shows that relation. G ( P, T ) = U + pV a?’ TS which is the same as: G ( P, T ) = H a?’ TS where: Uracil: is the internal energy ( SI unit: J ) P: is force per unit area ( SI unit: pascal ) Volt: is volume ( SI unit: M3 ) Thymine: is the temperature ( SI unit: K ) Second: is the information ( SI unit: J per K ) Hydrogen: is the heat content ( SI unit: J )35. Information and Disorder:Work is a macroscopic construct. Work involves orderly gesture of molecules as in the enlargement or compaction of a gas. The kinetic energy and possible energy of a system represent orderly signifiers of energy. The kinetic energy of a gas is due to the co-ordinated gesture of all the molecules with the same mean speed in the same way. The possible energy is due to vantage place taken by the molecules or supplantings of molecules from their normal place. It may province approximately that the information of a system is a step of the grade of molecular upset bing in the system.Figure ( 17 ) : Information and upset ( www.physcis.com ) .36. Osmotic force per unit area / Arrhenius Law:The Arrhenius equation is a simple, but unusually accurate, expression for the temperature dependance of the rate invariable, and hence, rate of a chemical reaction. The equation was foremost proposed by the Dutch chemist J. H. new wave ‘t Hoff in 1884 ; five old ages subsequently in 1889, the Swedish chemist Svante Arrhenius provided a physical justification and reading for it. Nowadays it is best seen as an empirical relationship. [ 2 ] It can be used to pattern the temperature-variance of diffusion coefficients, population of crystal vacancies, creep rates, and many other thermally-induced processes/reactions. A historically utile generalisation supported by the Arrhenius equation is that, for many common chemical reactions at room temperature, the reaction rate doubles for every 10 grade Celsius addition in temperature ( hypertext transfer protocol: //en.wikipedia.org/wiki/Arrhenius_equation ) . In short, the Arrhenius equation gives â€Å" the dependance of the rate changeless K of chemical reactions on the temperature T ( in absolute temperature, such as Ks or grades Rankine ) and activation energy Ea, as shown below:37. Partition maps:In statistical mechanics, the divider map Z is an of import measure that encodes the statistical belongingss of a system in thermodynamic equilibrium. It is a map of temperature and other parametric quantities, such as the volume enveloping a gas. Most of the aggregative thermodynamic variables of the system, such as the entire energy, free energy, information, and force per unit area, can be expressed in footings of the divider map or its derived functions. There are really several different types of divider maps, each matching to different types of statistical ensemble ( or, equivalently, different types of free energy. ) The canonical divider map applies to a canonical ensemble, in which the system is allowed to interchange heat with the environment at fixed temperature, volume, and figure of atoms. The expansive canonical divider map applies to a expansive canonical ensemble, in which the system can interchange both heat and atoms with the environment, at fixed temperature, volume, and chemical potency. Other types of divider maps can be defined for different fortunes ( hypertext transfer protocol: //en.wikipedia.org ) . pi: indicate atom impulse. eleven: indicate atom places. d3: is a stenography notation functioning as a reminder that the pi and eleven are vectors in three dimensional infinite.38. Le Chatelier ‘s rule for Temperature:In 1884, the Gallic Chemist Henri Le Chatelier suggested that equilibrium systems tend to counterbalance for the effects of unhinging influences. When a system at equilibrium is disturbed, the equilibrium place will switch in the way which tends to minimise, or counteract, the consequence of the perturbation ( hypertext transfer protocol: //en.wikipedia.org ) ..If the concentration of a solute reactant is increased, the equilibrium place displacements to utilize up the added reactants by bring forthing more merchandises. If the force per unit area on an equilibrium system is increased, so the equilibrium place displacements to cut down the force per unit area. If the volume of a gaseous equilibrium system is reduced ( tantamount to an addition in force per unit area ) so the equilibrium place displacements to increase the volume ( tantamount to a lessening in force per unit area ) If the temperature of an endothermal equilibrium system is increased, the equilibrium place displacements to utilize up the heat by bring forthing more merchandises. If the temperature of an exothermal equilibrium system is increased, the equilibrium place displacements to utilize up the heat by bring forthing more reactants.39. Colligative belongingss:Colligative belongingss are the belongingss of the solution based on the figure of molecules per unit volume of the solution. Colligative belongingss include the vapor force per unit area, boiling and stop deading point, and osmotic force per unit area ( hypertext transfer protocol: //en.wikipedia.org ) . The vapor force per unit area of an ideal solution is dependent on the vapor force per unit area of each chemical constituent and the mole fraction of the constituent nowadays in the solution. The boiling temperature of the solution before making the vapour stage, the freeze point is the lowest temperature of the solution before it transferred to solid province. The osmotic force per unit area of a dilute solution at changeless temperature is straight relative to its concentration. The osmotic force per unit area of a solution is straight relative to its absolute temperature.40. Information and the Clausius inequality:The 2nd jurisprudence of thermodynamics leads to the definition of a new belongings called information, a quantitative step of microscopic upset for a system. Entropy is a step of energy that is no longer available to execute utile work within the current environment. To obtain the working definition of information and, therefore, the 2nd jurisprudence, allow ‘s deduce the Clausius inequality. See a heat reservoir giving up heat to a reversible heat engine, which in bend gives up heat to a piston-cylinder device as shown below ( hypertext transfer protocol: //en.wikipedia.org ) .Figure ( 18 ) : Piston-cylinder device.

Case Briefing and Problem Solving

doesn’t owe an ethical duty to remove the product from the market unless the company doesn’t warn its customers of the danger they can meet upon misuse of the product. If the company takes all the measures to warn their customers of the danger of the product once it’s misused, customers have knowledge of the risk and voluntarily assume it. For example, the use of any antibiotics with the alcohol can lead to many harmful processes and activities. Nevertheless, pharmaceutical companies don’t remove these products from the market because of that. It’s a customer’s responsibility to use the product properly. Case problems 8–1 Business Ethics. Jason Trevor owns a commercial bakery in Blakely, Georgia, that produces a variety of goods sold in grocery stores. Trevor is required by law to perform internal tests on food produced at his plant to check for contamination. Three times in 2008, the tests of food products that contained peanut butter were positive for salmonella contamination. Trevor was not required to report the results to U. S. Food and Drug Administration officials, however, so he did not. Instead, Trevor instructed his employees to simply repeat the tests until the outcome was negative. Therefore, the products that had originally tested positive for salmonella were eventually shipped out to retailers. Five people who ate Trevor’s baked goods in 2008 became seriously ill, and one person died from salmonella. Even though Trevor’s conduct was legal, was it unethical for him to sell goods that had once tested positive for salmonella? If Trevor had followed the six basic guidelines for making ethical business decisions, would he still have sold the contaminated goods? Why or why not? The issue in this case problem is whether Trevor’s actions were unethical. In my opinion it was unethical for Jason Trevor to sell goods that had once tested positive for salmonella. Salmonella is a bacterium that can cause many illnesses. Two basic ethical approaches can be applied to this case. Firstly, Trevor should’ve thought about his customers from the religious position. He could’ve foreseen that products positive tested on salmonella would harm people inevitably. Secondly, he had to consider the outcome of this sale. He didn’t think about the consequences that can follow. He acted negligent by letting his employees ship the products to the retailers. If Trevor followed the six basic guidelines for making ethical business decisions he would not have sold the contaminated goods to the public. Having five people seriously ill and one person died because of the contaminated products harms the name of the brand associated with this incident. Thus, company loses its customers and, as a result, part of the revenues. I think Trevor also should feel guilty about what happened to those people meaning that on the Conscience step, which is the 4th guideline, he would’ve reconsidered his actions and probably changed his mind. I guess he would’ve not been happy to be interviewed about the actions he was about to take. And the next step, which is Promises to his customers, would’ve made him doubt his decisions because of the trust of the customers that he held in his hands. And I am sure Trevor’s hero would not have acted the way that can harm people. Thus, Trevor would not have sold the contaminated goods had he followed the basic guidelines for making ethical business decisions. Brody v. Transitional Hospitals Corporation United States Court of Appeals, Ninth Circuit, 280 F. 3d 997 (9th Cir. 2002). http://caselaw. findlaw. com/us-9th-circuit/1019105. html FACTS Jules Brody and Joyce T. Crawford filed a class action complaint against Transitional Hospitals Corporation (THC) and its officers on August 28, 1997 accusing THC of unlawful insider trading after THC bought 800,000 shares of its stock between February 26 and February 28 without first disclosing that Vencor and other parties had expressed interest in THC. In addition, Brody and Crawford claimed that THC, in its March 19 and April 24 press releases, materially misled them about THC’s intention to sell the company. The district court granted the defendant’s motion to dismiss the claims. The plaintiffs appealed to the US Court of Appeal, Ninth Circuit. ISSUE Are Brody and Crawford the proper plaintiffs to sue THC for damages for violation of the statute and rule? regarding the insider trading? DECISION No. US Court of Appeal, Ninth circuit, affirmed the district court’s decision to dismiss Brody and Crawford’s complaint for failure to state a claim upon which relief can be granted. REASON The Court noted that plaintiffs did not meet a contemporaneous trading requirement, a judicially-created standing requirement, which specified in Section 14(e) and Rule 14e-3 that the plaintiffs must have traded in a company’s stock at about the same time as the alleged insider. In addition, the Court decided that the plaintiffs’ complaint must specify the reason or reasons why the statements made by THC in its press releases were misleading. Brody and Crawford argued that in order for statement not to be misleading, â€Å"once disclosure is made, there is a duty to make it complete and accurate†, for which the Court found no support in the case law. The case law? only prohibits misleading and untrue statements, not statements that are incomplete. FOOTNOTES: ? Sections 10(b), 14(e), and 20(a) of the Exchange Act, 15 U. S. C.  §Ã‚ § 78j (b), 78n (e), and 78t (a), and Rules 10b-5 and 14e 3, 17 C. F. R.  §Ã‚ § 240. 10b-5 and 240. 14e-3, promulgated thereunder by the Securities Exchange Commission (â€Å"SEC†) ? Rule 10b-5 and Section 14(e) Full case: BRODY v. TRANSITIONAL HOSPITALS CORPORATION Jules BRODY; Joyce T. Crawford, Plaintiffs-Appellants, v. TRANSITIONAL HOSPITALS CORPORATION; Wendy L. Simpson; Richard L. Conte, Defendants-Appellees. No.? 99-15672. Argued and Submitted July 11, 2001. — February 07, 2002 Before: HALL, WARDLAW and BERZON, Circuit Judges. Jeffrey S. Abraham, New York, NY, for the plaintiffs-appellants. Mark R. McDonald, Morrison Foerster, Los Angeles, CA, for the defendants-appellees. In this case we address several securities fraud issues, centering on whether a plaintiff must have traded at about the same time as the insider it allege violated securities laws. ? Jules Brody and Joyce T. Crawford brought suit against Transitional Hospital Corporation (â€Å"THC† or â€Å"the company†) and its officers claiming violations of the Securities and Exchange Act of 1934 (â€Å"Exchange Act†) and state law because the defendants both traded in reliance on inside information and released misleading public information. ? The district court granted the defendant’s motion to dismiss for failure to state a claim. Brody and Crawford now appeal the district court’s order on several grounds. BACKGROUND In determining whether the complaint states a claim upon which relief could be granted, we assume the facts alleged in the complaint to be true. ?Ronconi v. Larkin, 253 F. 3d 423, 427 (9th Cir. 2001). ? The facts alleged in the complaint are as f ollows: THC was a Nevada corporation that delivered long-term acute care services through hospitals and satellite facilities across the United States. ? In August 1996, the company announced its plan to buy back from time to time on the open market up to $25 million in company stock. Two months later, THC expanded the repurchase plan to $75 million. On February 24, 1997, Vencor, Inc. submitted to THC’s board of directors a written offer to acquire the company for $11. 50 per share. ? THC did not disclose this offer publicly. ? Between February 26 and February 28, THC purchased 800,000 shares of its own stock at an average price of $9. 25 per share. ? This $7. 4 million buy-back was in addition to another $21. 1 million that THC had spent purchasing its stock in the three month period that ended on February 28, 1997. The plaintiffs do not allege that the total repurchase exceeded $75 million. THC issued a press release on March 19, 1997, detailing the progress and extent of it s stock repurchase program. ? The press release did not mention Vencor or any other party’s interest in acquiring THC. The plaintiffs argue that because of this omission, the March press release was misleading. On April 1, 1997, Vencor increased its offer to purchase THC to $13 per share. ? In the next few weeks, THC also received offers from two other competing bidders. ? On April 24, after receiving all hree offers, THC issued another press release, stating that the company had â€Å"received expressions of interest from certain parties who have indicated an interest in acquiring† it. ? The same document also stated that THC had hired â€Å"financial advisers to advise the company in connection with a possible sale. † ? The plaintiffs argue that this press release was also misleading; because it did not state that substantial due diligence had already taken place, that THC had received competing offers exceeding $13 per share, or that a THC board meeting would take place two days later to consider these offers. At the board meeting, the THC board voted to negotiate a merger agreement with Select Medical Corporation (â€Å"Select†). ? On May 4, THC publicly announced that it and Select had entered into a definitive merger agreement and that Select would purchase THC at $14. 55 per share. ? Vencor thereupon threatened a hostile takeover. ? To fend off that maneuver, THC ultimately agreed, on June 12, to a takeover by Vencor rather than Select, at $16 per share. Brody and Crawford sold shares at times that sandwich the April 24 press release. ? Two days before that press release was issued, Crawford sold 500 shares at $8. 75 per share. ? Brody sold 3,000 shares of THC stock at $10. 50 per share on April 24, just after the press release was made public. ? The plaintiffs argue that had they not been misled by THC, they would have held onto their shares, and benefitted from their subsequent increase in value. Brody and Crawford filed a class action complaint against THC and its officers on August 28, 1997. ? In addition to alleging violations of Nevada state law, Brody and Crawford alleged violations of Sections 10(b), 14(e), and 20(a) of the Exchange Act, 15 U. S. C.  §Ã‚ §? 78j(b), 78n(e), and 78t(a), and Rules 10b-5 and 14e 3, 17 C. F. R.  §Ã‚ §? 240. 10b-5 and 240. 14e-3, promulgated thereunder by the Securities Exchange Commission (â€Å"SEC†). ? These claims focus on two aspects of THC’s course of action: Brody and Crawford accuse the company of illegal insider trading because THC repurchased 800,000 shares of its stock between February 26 and February 28 without first disclosing that Vencor and other parties had expressed interest in THC. In addition, Brody and Crawford claim that THC, in its March 19 and April 24 press releases, materially misled them about THC’s progress toward its eventual merger. The district court dismissed all of Brody and Crawford’s claims. ? In so doing, the district court held that Brody and Crawford are not proper parties to assert any insider trading claims, as Brody and Crawford did not trade contemporaneously with THC. In addition, the district court decided that the plaintiffs failed to state a claim under Rule 10b-5 or any other law based on materially misleading information, as the press releases were not misleading under the applicable standards. The plaintiffs appeal these aspects of the district court’s dismissal. We review de novo the district court’s dismissal for failure to state a claim pursuant to Federal Rule of Procedure Rule 12(b)(6). ?Zimmerman v. City of Oakland, 255 F. 3d 734, 737 (9th Cir. 2001). DISCUSSION A.? Insider Trading As they pertain to insider trading, Section 10(b), Rule 10b-5, Section 14(e) and Rule 14e-3 make it illegal in some circumstances for those possessing inside information about a company to trade in that company’s securities unless they first disclose the information. See, e. g. , United States v. Smith, 155 F. 3d 1051, 1063-64 (9th Cir. 998). ? This type of prohibition is known as an â€Å"abstain or disclose† rule, because it requires insiders either to abstain from trading or to disclose the inside information that they possess. The district court dismissed the insider trading claims, holding that the named plaintiffs could not assert them because they did not trade contemporaneously with THC. On appeal, Brody and Crawford argue that nothing in the applicable securities laws requires investors to have traded contemporaneously with insiders in order to maintain a suit for insider trading. In addition, they argue that even if such a requirement exists, they in fact did trade contemporaneously with THC. 1.? Section 10(b) and Rule 10b-5 Neither section 10(b)1 nor Rule 10b-52 contain an express right of action for private parties. ? The Supreme Court has h eld, however, that proper plaintiffs may sue for damages for violation of the statute and rule. ? See Superintendent of Ins. v. Bankers Life and Cas. Co. , 404 U. S. 6, 13 n. 9, 92 S. Ct. 165, 30 L. Ed. 2d 128 (1971). Because neither the statute nor the rule contains an express right of action, they also do not delineate who is a proper plaintiff. ? In the absence of explicit Congressional guidance, courts have developed various â€Å"standing† limitations, primarily on policy bases. 3 For example, in Blue Chip Stamps v. Manor Drug Stores, 421 U. S. 723, 95 S. Ct. 1917, 44 L. Ed. 2d 539 (1975), the Supreme Court held that to bring an insider trading claim under Rule 10b-5, a plaintiff must have traded in the same stock or other securities as the insider trader. The contemporaneous trading requirement, at issue in this case, is another judicially-created standing requirement, specifying that to bring an insider trading claim, the plaintiff must have traded in a company’ s stock at about the same time as the alleged insider. ?In Neubronner v. Milken, 6 F. 3d 666, 669 (9th Cir. 1993), the Ninth Circuit adopted a contemporaneous trading requirement for Section 10(b) and Rule 10b-5 actions. ? See also In re Worlds of Wonder Sec. Litig. , 35 F. 3d 1407, 1427 (9th Cir. 1994). Neubronner explained that two reasons animate this rule: First, â€Å"noncontemporaneous traders do not require the protection of the ‘disclose or abstain’ rule because they do not suffer the disadvantage of trading with someone who has superior access to information. † ? 6 F. 3d at 669-70 (quoting Wilson v. Comtech Telecommunications Corp. , 648 F. 2d 88, 94 95 (2d Cir. 1981)). ? Second, the contemporaneous trading requirement puts reasonable limits on Section 10(b) and Rule 10b-5’s reach; without such a limitation, an insider defendant could be liable to a very large number of parties. Id. at 670. Brody and Crawford offer two reasons why the contemporane ous trading rule adopted in Neubronner should not here apply. ? First, they argue that the rule does not make sense, as a matter of statutory interpretation. ? In other words, they request that we declare that Neubronner’s interpretation of Section 10(b) and Rule 10b-5 was incorrect. ? Although the decision in Neubronner is not beyond debate, we do not consider the question further, as a Ninth Circuit panel may not overrule a prior Ninth Circuit decision. ?Hart v. Massanari, 266 F. 3d 1155, 1171 (9th Cir. 2001). Brody and Crawford attempt to avoid this precedential barrier by claiming that Neubronner’s implementation of the contemporaneous rule was dictum, and therefore not binding on us. ? It was not. ?Neubronner explicitly described its ruling regarding the contemporaneous trading requirement as a â€Å"holding. † ? 6 F. 3d at 670. ? In addition, the determination was a necessary predicate for the case’s ultimate conclusion that contemporaneous trading must be pleaded with particularity. ? Id. at 673. Brody and Crawford’s second submission in avoidance of Neubronner is that United States v. O’Hagan, 521 U. S. 642, 117 S. Ct. 2199, 138 L. Ed. 2d 724 (1997), overruled Neubronner. ? That assertion is simply wrong. ? O’Hagan, which was a criminal case, addressed neither the contemporaneous trading requirement in private actions nor any other standing rule. ? Instead, by approving of an expansive concept of who qualifies as an insider under Section 10(b), the Supreme Court in O’Hagan clarified that more defendants may be liable under Section 10(b) than some courts have previously thought. ? Id. at 650, 117 S. Ct. 2199. ? In so doing, the Supreme Court did not alter pre-existing notions concerning whom insiders harm when they trade based on privileged information. Brody and Crawford next argue that even if the Section 10(b) and Rule 10b-5 contemporaneous trading requirements remain, the court should define contemporaneous trades as trades that take place within six months of one another. ? Under this definition, Brody and Crawford would have standing, as they sold their stock just under two months after they allege THC bought the large block of stock in February. [3]? In Neubronner, this court did not decide the length of the contemporaneous trading period for insider trading violations under Section 10(b) and Rule 10b-5, 6 F. d at 670, nor has this court decided the question since. ? Because the two-month time period presented by the facts of this case exceeds any possible delineation of a contemporaneous trading period, it is not necessary in this case either to define the exact contours of the period. ? We simply note that a contemporaneous trading period of two months would gut the contemporaneous trading rule’s premise-that there is a need to filter out plaintiffs who could not possibly have traded with the insider, given the manner in which public trades are transacted. 2.? Section 14(e) and Rule 14e-3 Brody and Crawford also argue that the district court erred in dismissing their claims under Section 14(e)4 and Rule 14e-35 by holding that insider trading actions brought under Section 14(e) and Rule 14e-3 must also conform to a contemporaneous trading requirement. ? In making this argument, the plaintiffs urge that we hold for them on two matters of first impression: (1) whether a private right of action exists under Rule 14e-3; and (2) if a private right of action does exist, whether it contains a contemporaneous standing requirement. We can assume, without deciding, that a private right of action exists under Rule 14e-3, for we see no reason why the same contemporaneous trading rule that applies under Rule 10b-5 would not apply in such an action. ?As noted, this court has definitively adopted a contemporaneous trading requirement under Rule 10b-5. ? Although Rule 14e-3 differs in some respects from Rule 10b-5, (and was adopted in order to plug some ho les the SEC perceived in Rule 10b-5),6 its core, like the core of Rule 10b-5, is an â€Å"abstain or disclose† requirement. And, as is true of the â€Å"abstain or disclose† requirement of Rule 10b-5, the similar requirement of Rule 14e-3 is designed to prevent the disadvantage that inheres in trading with an insider with superior access to information. ?45 Fed. Reg. 60411-12 (1980). ? So we would have to have some excellent reason to adopt a different standing rule under Rule 14e 3 from the one we use under Rule 10b-5. ? We are convinced that there is no basis for drawing such a distinction. The best candidate appellants have advanced as a basis for differentiating the standing requirement under the two Rules is Plaine v. McCabe, 797 F. d 713 (9th Cir. 1986). ?Plaine held that a plaintiff suing under Section 14(e) need not have traded at all, let alone contemporaneously. ? Id. at 718. The fulcrum of Plaine was a distinction suggested by Piper v. Chris-Craft Indus. , I nc. , 430 U. S. 1, 38-39, 97 S. Ct. 926, 51 L. Ed. 2d 124 (1977), between the types of shareholder protections contained in Sections 10(b) and 14(e): Piper noted that while Section 10(b) was enacted to protect only individuals who actually traded in stocks, Section 14(e) can be understood as protecting not only those who buy or sell stocks but also shareholders who decide not to trade. 430 U. S. at 38-39, 97 S. Ct. 926. ? Because Rule 14e-3 was promulgated under Section 14(e), the argument that a plaintiff who alleges insider trading under Section 14(e) or Rule 14e-3 need not worry about the contemporaneous trading requirement-because he need not have traded at all-has some initial plausibility. On a closer examination, however, Plaine does not speak to the issue at hand. Rather, Plaine focused only on non-insider trading claims brought under Section 14(e), and did not consider the standing requirements for an insider trading claim brought under Rule 14e-3. Section 14(e) broadly pro hibits â€Å"fraudulent, deceptive, or manipulative acts or practices, in connection with any tender offer;† it does not contain any specific reference to insider trading. ? Rule 14e-3, on the other hand, focuses on one type of behavior, insider trading, whose prohibition is thought to prevent fraudulent, deceptive, or manipulative acts. ? See O’Hagan, 521 U. S. at 672-73, 117 S. Ct. 2199. ? In accordance with its specific, prophylactic focus, Rule 14e-3 applies to a different set of behaviors than does Section 14(e): Section 14(e) centers on the actual tender offer, whereas Rule 14e-3 regulates illegal insider trading that takes place while a tender offer is under consideration. ? As appellants’ brief states, â€Å"[a]ll the elements of a Section 14(e)/Rule 14e-3 insider trading violation are supplied by the language of Rule 14e-3. A comparison of the facts in Plaine with the facts in this case illustrates the difference between the Section 14(e) claim conside red in Plaine and the Rule 14e-3 claim considered here. ? Plaine held shares in a company subject to a tender offer. ? She complained that false information in proxy materials had induced other shareholders to tender their shares. ? Because so many other shareholders tendered their shares, the merger went through at a price Plaine viewed as inadequate. Although Plaine did not tender her shares, the court ruled that she alleged injury occurring as a result of fraudulent activity in connection with a tender offer and had standing to assert her claim. ?797 F. 2d at 717. ? Plaine did not, however, allege insider trading, and therefore could not have made out a claim under Rule 14e-3. Brody and Crawford, on the other hand, did allege insider trading but did not allege that THC manipulated the tender offer process through the use of false information or by any other means. ? As such, the facts in the current case present a very different situation than that presented in Plaine. The circum stances do, however, bear a much closer resemblance to those in Neubronner, a Rule 10b-5 case centering around accusations of insider trading in violation of an abstain-or-disclose requirement. ? See Neubronner, 6 F. 3d at 667. Despite the similarities of the issues here and in Neubronner and between Rules 10b-5 and 14e-3, as applied to insider trading allegations, Brody and Crawford emphasize the differences between the Rules. ? Unlike Rule 10b-5, Rule 14e-3 does not require proof that a person traded on information obtained in violation of a duty owed to the source of the inside information. Instead, Rule 14e-3(a) creates a duty for a person with inside information to abstain or disclose â€Å"without regard to whether the trader owes a pre-existing fiduciary duty to respect the confidentiality of the information. † ? O’Hagan, 521 U. S. at 669, 117 S. Ct. 2199 (quoting United States v. Chestman, 947 F. 2d 551, 557 (2d Cir. 1991) (en banc)). ? Although Rule 14e-3 thus expands the notion of who is an insider, it does not follow that the Rule also expands the class of shareholders who may complain when an insider trades without disclosing insider information. As a result, the fact that Rule 10b-5 and Rule 14e-3 are not identical does not lead to the conclusion that one has a contemporaneous trading requirement and the other does not. More importantly, perhaps, in this case, the allegation is that THC traded in its own stock on the basis of inside information. ? Such allegations would state a â€Å"†¦Ã¢â‚¬Ëœtraditional’ or ‘classical’ theory of insider trading liability [under] Rule 10b-5 based on ‘a relationship of trust and confidence between the shareholders of a corporation and those insiders who have obtained information by reason of their position with that corporation. †¦Ã¢â‚¬  ? O’Hagan, 521 U. S. at 651-652, 117 S. Ct. 2199 (quoting Chiarella, 445 U. S. at 228, 100 S. Ct. 1108). ? As such, this case is one that could be-and indeed, was-brought under both Rule 10b-5 and Rule 14e-3, and as to which any differences between the two rules regarding the necessary relationship between the insider and the source of information is not relevant. Brody and Crawford note another reason that, they argue, suggests an expansive reading of Rule 14e-3 is appropriate. In O’Hagan, the Supreme Court ruled that the SEC is permitted to promulgate rules under Section 14(e), such as Rule 14e-3, that prohibit acts not themselves fraudulent under the common law if the rules are reasonably designed to prevent acts that are. ?521 U. S. at 671-73, 117 S. Ct. 2199. ? This authority derives from the prophylactic rule-making power granted to the SEC by Section 14(e), a power that has no parallel in Section 10(b). ?Id. That the SEC had more power to protect investors when it promulgated Rule 14e-3 than it did when it promulgated Rule 10b-5 does not mean, however, that the SEC exercised that power so as to protect noncontemporaneous traders under Rule 14e-3. ? And, in fact, what evidence there is demonstrates that the SEC did not intend to protect investors who could not have possibly traded with the insiders. In O’Hagan, the Supreme Court quoted at length from and afforded deference to the SEC’s explanation of why it promulgated Rule 14e-3. Part of the Federal Register excerpt quoted in O’Hagan stated: The Commission has previously expressed and continues to have serious concerns about trading by persons in possession of material, nonpublic information relating to a tender offer. ? This practice results in unfair disparities in market information and market disruption. ? Security holders who purchase from or sell to such persons are effectively denied the benefits of disclosure and the substantive protections of the [legislation that includes Section 14(e)]. 21 U. S. at 674, 117 S. Ct. 2199 (quoting 45 Fed. Reg. 60412 (1980)). This quotation evinces a particular concern for those who â€Å"purchase from or sell to† insiders, and suggests that these shareholders, and not others who trade later, are the intended beneficiaries of Rule 14e-3. ? The contemporaneous trading requirement, designed to limit the class of potential plaintiffs to only those who could have possibly traded with the insider, is therefore precisely congruent with the SEC’s expressed purpose in promulgating Rule 14e-3. In sum, Rule 10b-5 and Rule 14e-3 contain similar insider trading prohibitions, triggered by similar concerns. ? While Rule 14e-3 focuses on the tender offer context, the background history and language of Rule 14e-3 indicate that the Rule does not alter the premise that a shareholder must have traded with an insider or have traded at about the same time as an insider to be harmed by the insider’s trading. ? We conclude that there is no principled distinction between Rules 10b-5 and 14e-3 as regards the need for a contemporaneous trading allegation. We therefore extend the contemporaneous trading requirement to insider trading actions brought under Section 14(e) and Rule 14e-3 actions. ? Because Brody and Crawford traded nearly two months after they allege THC traded, they did not trade contemporaneously with THC. The district court was correct in dismissing their Rule 14e-3 insider trading claims. B.? Misrepresentation We next consider a different set of concerns addressed by the securities laws: Rule 10b-5 and Section 14(e)’s explicit prohibition against the making of untrue or misleading statements. The plaintiffs do not maintain that either press release issued by THC was untrue. ? They do argue, though, that THC violated the prohibitions against making misleading statements when it issued the two press releases here at issue. ? In order to survive a motion to dismiss under the heightened pleading standards of the Private Securities Litigation Reform Act (â€Å"PSLRA†), the plaintiffs’ complaint must spe cify the reason or reasons why the statements made by THC were misleading. ?15 U. S. C.  §? 78u-4(b) (1); see also Ronconi, 253 F. 3d at 429. As an initial matter, Brody and Crawford correctly assert that a statement that is literally true can be misleading and thus actionable under the securities laws. ? See In re GlenFed Sec. Litig. , 42 F. 3d 1541, 1551 (9th Cir. 1994). ? But they err when they argue that in order for a statement not to be misleading, â€Å"once a disclosure is made, there is a duty to make it complete and accurate. † This proposition has no support in the case law. ?Rule 10b-5 and Section 14(e) in terms prohibit only misleading and untrue statements, not statements that are incomplete. Similarly, the primary case upon which Brody and Crawford rely for their innovative completeness rule supports only a rule requiring that parties not mislead. ? Virginia Bankshares, Inc. v. Sandberg, 501 U. S. 1083, 1098 n. 7, 111 S. Ct. 2749, 115 L. Ed. 2d 929 (1991). ? Often, a statement will not mislead even if it is incomplete or does not include all relevant facts. 8 ? Further, a completeness rule such as Brody and Crawford suggest could implicate nearly all public statements potentially affecting securities sales or tender offers. No matter how detailed and accurate disclosure statements are, there are likely to be additional details that could have been disclosed but were not. ? To be actionable under the securities laws, an omission must be misleading; in other words it must affirmatively create an impression of a state of affairs that differs in a material way from the one that actually exists. ? See McCormick v. The Fund American Cos. , 26 F. 3d 869, 880 (9th Cir. 1994). We conclude that neither Rule 10b-5 nor Section 14(e) contains a freestanding completeness requirement; the requirement is that any public statements companies make that could affect security sales or tender offers not be misleading or untrue. ? Thus, in order to survive a motion to dismiss under the heightened pleading standards of the Private Securities Litigation Reform Act (â€Å"PSLRA†), the plaintiffs’ complaint must specify the reason or reasons why the statements made by THC were misleading or untrue, not simply why the statements were incomplete. 15 U. S. C.  §? 78u-4(b) (1); see also Ronconi, 253 F. 3d at 429. ?Brody and Crawford’s allegations do not comport with this requirement. ? They allege, first, that the press release issued on March 19 was misleading because it provided information about THC’s stock repurchase program but did not contain information regarding THC’s possible takeover. ? Although Brody and Crawford specify what inf ormation THC omitted, they do not indicate why the statement THC made was misleading. ? If the press elease had affirmatively intimated that no merger was imminent, it may well have been misleading. ? The actual press release, however, neither stated nor implied anything regarding a merger. ?Brody and Crawford also claim that THC’s second press release, issued on April 24, was misleading. ? Again, the plaintiffs do not argue that the press release was untrue. ? Instead, they argue that it was misleading because it stated generally that THC had received â€Å"expressions of interest† from potential acquirers, when in fact it had received actual proposals from three different parties. Importantly, the complaint does not provide an explanation as to why this general statement was misleading, nor is it self-evident that it was. A proposal is certainly an â€Å"expression of interest. † ? Moreover, the press release did not simply state that there had been vague â₠¬Å"expressions of interest;† it went on to state that the â€Å"expressions† were â€Å"from certain parties who have indicated an interest in acquiring either the entire company or in acquiring the company, with the company’s shareholders retaining their pro rata interests in Behavioral Healthcare Corporation [a THC subsidiary]. ? This specificity concerning the nature of the parties’ proposals certainly suggests that something more than preliminary inquiries had taken place. Further, the press release additionally stated that the â€Å"Board of Directors has engaged financial advisors to advise the company in connection with a possible sale. † ? This additional information again suggested proposals that were concrete enough to be taken seriously. ? And the reference to multiple parties contained in the press release suggests an ongoing auction for THC was taking place with at least two participants. In short, the press release did not give the impression that THC had not received actual proposals from three parties or otherwise mislead readers about the stage of the negotiations. ? Instead, although the press release did not provide all the information that THC possessed about its possible sale, the information THC did provide-and the reasonable inferences one could draw from that information-were entirely consistent with the more detailed explanation of the merger process that Brody and Crawford argue the press release should have included. Put another way, Brody, if he read the press release, would have been on notice, before he sold his shares, of the distinct possibility that the value of the shares would increase in the near future because of a takeover contest. 9 [11] Because Brody and Crawford have not alleged facts indicating that THC’s April 24 press release was misleading, the district court properly dismissed that aspect of the plaintiffs’ complaint. CON CLUSION Brody and Crawford have not met the contemporaneous trading requirements necessary to have standing in the insider trading claims they assert. Additionally, they have failed properly to allege misrepresentation against THC. As a result, we affirm the district court’s decision to dismiss Brody and Crawford’s complaint for failure to state a claim upon which relief could be granted. AFFIRMED FOOTNOTES 1. ?Section 10, in relevant part, states: It shall be unlawful for any person, directly or indirectly, by the use of any means or instrumentality of interstate commerce or of the mails, or of any facility of any national securities exchange-?..... b)? To use or employ, in connection with the purchase or sale of any security registered on a national securities exchange or any security not so registered, or any securities-based swap agreement (as defined in section 206B of the Gramm-Leach-Bliley Act), any manipulative or deceptive device or contrivance in contraventio n of such rules and regulations as the Commission may prescribe as necessary or appropriate in the public interest or for the protection of investors. 2. Rule 10b-5 states: It shall be unlawful for any person, directly or indirectly, by the use of any means or instrumentality of interstate commerce, or of the mails or of any facility of any national securities exchange,(a)? To employ any device, scheme, or artifice to defraud,(b)? To make any untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading, or(c)? To engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any person, in connection with the purchase or sale of any security. 3. ?These â€Å"standing† limitations are not, of course of the constitutional variety, grounded in Article III of the Constitution, but simply delineate the scope of the implied cause of action. 4. ?Section 14(e) states: It shall be unlawful for any person to make any untrue statement of a material fact or omit to tate any material fact necessary in order to make the statements made, in the light of the circumstances under which they are made, not misleading, or to engage in any fraudulent, deceptive, or manipulative acts or practices, in connection with any tender offer or request or invitation for tenders, or any solicitation of security holders in opposition to or in favor of any such offer, request, or invitation. ? The Commission shall, for the purposes of this subsection, by rules and regulat ions define, and prescribe means reasonably designed to prevent, such acts and practices as are fraudulent, deceptive, or manipulative. . ?Rule 14e-3(a) states:(a)? If any person has taken a substantial step or steps to commence, or has commenced, a tender offer (the â€Å"offering person†), it shall constitute a fraudulent, deceptive or manipulative act or practice within the meaning of section 14(e) of the Act for any other person who is in possession of material information relating to such tender offer which information he knows or has reason to know is nonpublic and which he knows or has reason to know has been acquired directly or indirectly from:(1)? The offering person,(2)? The issuer of the securities sought or to be sought by such tender offer, or(3)? Any officer, director, partner or employee or any other person acting on behalf of the offering person or such issuer, to purchase or sell or cause to be purchased or sold any of such securities or any securities convertible into or exchangeable for any such securities or any option or right to obtain or to dispose of any of the foregoing securities, unless within a reasonable time prior to any purchase or sale such information and its source are publicly disclosed by press release or otherwise. 6. ?Chiarella v. United States, 445 U. S. 222, 100 S. Ct. 1108, 63 L. Ed. d 348 (1980), considered, but did not decide, the viability of a misappropriation theory of liability under Rule 10b-5. ?445 U. S. at 235-37, 100 S. Ct. 1108. ?(A misappropriation theory extends liability to some parties who trade in a company’s securities on the basis of confidential information but who have no special relationship with the company’s shareholders. ) Following Chiarella, the SEC promulgate d Rule 14e-3, which clearly creates liability for insiders who trade in connection with a tender offer and do not disclose the inside information, regardless of their relationship to the shareholders or the source of the information. Then in 1997, the Supreme Court decided O’Hagan, answering the question left open by Chiarella and deciding that Section 10(b) and Rule 10b-5 do create liability under a misappropriation theory. ?521 U. S. at 650, 117 S. Ct. 2199. ? The upshot is that Rules 10b-5 and 14e-3 largely overlap with regard to the scope of insider trader liability, although they differ in some respects not here pertinent. ? See p. 1004, infra. 7. As we discuss below, in O’Hagan the Supreme Court approved Rule 14e-3 as a prophylactic rule designed to prevent core violations of Section 14(e). ? See p. 1004, infra. 8. ?For example, if a company reports that its sales have risen from one year to the next, that statement is not misleading even though it does not inclu de a detailed breakdown of the company’s region by region or month by month sales. 9. ?We note that Crawford sold his shares before the April 24 press release, so he could not have been influenced in his trading by the release. BERZON, Circuit Judge.

Trading Units and The Government at the UK Essay

Trading Units and The Government at the UK - Essay Example The development of UK trade unions after 1970 is marked by the ascendance to power of Margaret Thatcher, in 1979, and the subsequent period of Conservative rule in Britain referred to as Thatcherism. 1979 can be considered the culminating point of trade union influence and power in the UK. According to sources, by that time, more than half of all British employees belonged to unions, with more than 4/5 included in different mechanisms of collective bargaining1. Margaret Thatcher and her three consecutive Conservative governments from 1979 to 1990 introduced a series of measures to liberalize and decentralize the economy, measures that relied on the role of the market in creating business rules. The market required competitiveness, both in terms of efficiency and cost issues, so the role of the trade unions was fought off and marginalized in the 80s. The accession to power of the Labour Party, with Tony Blair as Prime Minister, in 1997, had rekindled some of the trade unions hopefuls, given the history of tight relations between the Party and the trade unions. However, many of the reforms that Margaret Thatcher had adopted during the 80s remained and the results saw the trade union movement in one of the weakest positions in its history: trade union density has halved and collective bargaining mechanisms are at the lowest levels in trade union history2. In many cases, individual industrial relations have developed. Collective disputes can take several forms, differentiation following the severity of the dispute in question. They can take any form, from "silent or indirect protest (absenteeism, lack of motivation, rejects) to open strikes"3. Obviously, the most radical of these measures refer to the collective stoppage of work in an organization. Nevertheless, this is always a head-on game and will turn out on the side of whoever of the two parties involved will be able to hold its position. The management will look out to force union members back to work with punitive measures, such as salary deductions for each period of time that is not spent on the job. On the other hand, it is to be discussed how long the management can support an organization that is not properly functioning due to the strike. It is probably best that this type of recommendation from the UK union will come only after negotiations have not proven useful and after other forms of tacit disputes have been tried beforehand. Following the definition of International Labour Organization Right to Organize and Collective Bargaining Convention in 1949, collective bargaining is a "voluntary negotiation between employers or employers' organizations and workers' organizations, with a view to the regulation of terms and conditions of employment by collective agreements"4. In terms of scope, we can refer to several important advantages that the collective bargaining mechanism brings about. First of all, it aims to level a differing position of two parties (management vs. work organization) through "dialogue and consensus"5 rather than a conflicting situation.

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Latin Western European Culture Essay Example | Topics and Well Written Essays - 1000 words

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The Mountain Man Brewing Company Essay Example | Topics and Well Written Essays - 2000 words

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