Input: [Operation] Upon application of input voltage, the output is energized and the time delay (t) begins. At the end of the time delay (t), the output is de-energized. Input voltage must be removed to reset the time delay relay. [Function]

Output: INTERVAL ON Interval

Understanding Time Delay Relay Functions | Macromatic Industrial Controls


Input: [Operation] Upon application of input voltage, the time delay relay is ready to accept a trigger. When the trigger is applied, the output is energized. Upon removal of the trigger, the time delay (t) begins. At the end of the time delay (t), the output is de-energized. Any application of the trigger during the time delay will reset the time delay (t) and the output remains energized. [Function]

Output: OFF DELAY Delay on Release Delay on Break Delay on De-Energization

Understanding Time Delay Relay Functions | Macromatic Industrial Controls


Input: [Operation] Upon application of input voltage, the time delay relay is ready to accept a trigger. When the trigger is applied, the output is energized and the time delay (t) begins. During the time delay (t), the trigger is ignored. At the end of the time delay (t), the output is de-energized and the time delay relay is ready to accept another trigger. [Function]

Output: SINGLE SHOT One Shot Momentary Interval

Understanding Time Delay Relay Functions | Macromatic Industrial Controls


Input: [Operation] Upon application of input voltage, the time delay (t) begins. At the end of the time delay (t), the output is energized and remains in that condition for the time delay (t). At the end of the time delay (t), the output is de-energized and the sequence repeats until input voltage is removed. [Function]

Output: FLASHER (Off First)

Understanding Time Delay Relay Functions | Macromatic Industrial Controls


Input: [Operation] Upon application of input voltage, the output is energized and the time delay (t) begins. At the end of the time delay (t), the output is de-energized and remains in that condition for the time delay (t). At the end of the time delay (t), the output is energized and the sequence repeats until input voltage is removed. [Function]

Output: FLASHER (On First)

Understanding Time Delay Relay Functions | Macromatic Industrial Controls


Input: [Operation] Upon application of input voltage, the time delay relay is ready to accept a trigger. When the trigger is applied, the time delay (t1) begins. At the end of the time delay (t1), the output is energized. When the trigger is removed, the output contacts remain energized for the time delay (t2). At the end of the time delay (t2), the output is de-energized & the time delay relay is ready to accept another trigger. If the trigger is removed during time delay period (t1), the output will remain de-energized and time delay (t1) will reset. If the trigger is re-applied during time delay period (t2), the output will remain energized and the time delay (t2) will reset. [Function]

Output: ON/OFF DELAY

Understanding Time Delay Relay Functions | Macromatic Industrial Controls


Input: [Operation] Upon application of input voltage, the time delay relay is ready to accept a trigger. When the trigger is applied, the output remains de-energized. Upon removal of the trigger, the output is energized and the time delay (t) begins. At the end of the time delay (t), the output is de-energized unless the trigger is removed and re-applied prior to time out (before time delay (t) elapses). Continuous cycling of the trigger at a rate faster than the time delay (t) will cause the output to remain energized indefinitely. [Function]

Output: SINGLE SHOT FALLING EDGE

Understanding Time Delay Relay Functions | Macromatic Industrial Controls


Input: [Operation] Upon application of input voltage, the time delay relay is ready to accept a trigger. When the trigger is applied, the output is energized and the time delay (t) begins. At the end of the time delay (t), the output is de-energized unless the trigger is removed and re-applied prior to time out (before time delay (t) elapses). Continuous cycling of the trigger at a rate faster than the time delay (t) will cause the output to remain energized indefinitely. [Function]

Output: WATCHDOG Retriggerable Single Shot

Understanding Time Delay Relay Functions | Macromatic Industrial Controls


Input: [Operation] Upon application of input voltage, the time delay relay is ready to accept a trigger. When the trigger is applied, the time delay (t) begins. At the end of the time delay (t), the output is energized and remains in that condition as long as either the trigger is applied or the input voltage remains. If the trigger is removed during the time delay (t), the output remains de-energized & the time delay (t) is reset. [Function]

Output: TRIGGERED ON DELAY

Understanding Time Delay Relay Functions | Macromatic Industrial Controls


Input: [Operation] Upon application of input voltage, the time delay (t1) begins. At the end of the time delay (t1), the output is energized and remains in that condition for the time delay (t2). At the end of this time delay, the output is de-energized and the sequence repeats until input voltage is removed. [Function]

Output: REPEAT CYCLE (OFF 1st)

Understanding Time Delay Relay Functions | Macromatic Industrial Controls


Input: [Operation] Upon application of input voltage, the output is energized and the time delay (t1) begins. At the end of the time delay (t1), the output is de-energized and remains in that condition for the time delay (t2). At the end of this time delay, the output is energized and the sequence repeats until input voltage is removed. [Function]

Output: REPEAT CYCLE (ON 1st)

Understanding Time Delay Relay Functions | Macromatic Industrial Controls


Input: [Operation] Upon application of input voltage, the time delay (t1) begins. At the end of the time delay (t1), the output is energized and remains in that condition for the time delay (t2). At the end of this time delay (t2), the output is de-energized. Input voltage must be removed to reset the time delay relay. [Function]

Output: DELAYED INTERVAL Single Cycle

Understanding Time Delay Relay Functions | Macromatic Industrial Controls


Input: [Operation] Upon application of input voltage, the time delay relay is ready to accept a trigger. When the trigger is applied, the time delay (t1) begins. At the end of the time delay (t1), the output is energized and remains in that condition for the time delay (t2). At the end of the time delay (t2), the output is de-energized & the relay is ready to accept another trigger. During both time delay (t1) & time delay (t2), the trigger is ignored. [Function]

Output: TRIGGERED DELAYED INTERVAL Single Cycle

Understanding Time Delay Relay Functions | Macromatic Industrial Controls


Input: [Operation] Upon application of input voltage, the output is energized. When the input voltage is removed, the time delay (t) begins. At the end of the time delay (t), the output is de-energized. Input voltage must be applied for a minimum of 0.5 seconds to assure proper operation. Any application of the input voltage during the time delay (t) will reset the time delay. No external trigger is required. [Function]

Output: TRUE OFF DELAY

Understanding Time Delay Relay Functions | Macromatic Industrial Controls


Input: [Operation] Upon application of input voltage, the time delay (t1) begins. At the end of the time delay (t1), the output is energized. When the input voltage is removed, the output remains energized for the time delay (t2). At the end of the time delay (t2), the output is de-energized. Input voltage must be applied for a minimum of 0.5 seconds to assure proper operation. Any application of the input voltage during the time delay (t2) will keep the output energized & reset the time delay (t2). No external trigger is required. [Function]

Output: ON DELAY/ TRUE OFF DELAY

Understanding Time Delay Relay Functions | Macromatic Industrial Controls


Input: [Operation] Upon application of input voltage, the time delay relay is ready to accept a trigger. When the trigger is applied, the time delay (t1) begins and the output is energized for the time delay (t2). At the end of this time delay (t2), the output is de-energized and remains in that condition for the time delay (t2). At the end of the time delay (t2), the output is energized and the sequence repeats until time delay (t1) is completed. During the time delay (t1), the trigger is ignored. [Function]

Output: SINGLE SHOT-FLASHER

Understanding Time Delay Relay Functions | Macromatic Industrial Controls


Input: [Operation] Upon application of input voltage, the time delay begins (t1). At the end of the time delay (t1), the output is energized and remains in that condition for the time delay (t2). At the end of this time delay (t2), the output is de-energized and remains in that condition for the time delay (t2). At the end of the time delay (t2), the output is energized and the sequence repeats until input voltage is removed. [Function]

Output: ON DELAY-FLASHER

Understanding Time Delay Relay Functions | Macromatic Industrial Controls


Input: [S.No.] 1. [Particulars] Mutual Funds invest in a well-diversified portfolio of securities which enables investor to hold a diversified investment portfolio (whether the amount of investment is big or small). [Advantages]

Output: Portfolio Diversification


Input: [S.No.] 2. [Particulars] Fund manager undergoes through various research works and has better investment management skills which ensure higher returns to the investor than what he can manage on his own. [Advantages]

Output: Professional Management


Input: [S.No.] 3. [Particulars] Investors acquire a diversified portfolio of securities even with a small investment in a Mutual Fund. The risk in a diversified portfolio is lesser than investing in merely 2 or 3 securities. [Advantages]

Output: Less Risks


Input: [S.No.] 4. [Particulars] Due to the economies of scale (benefits of larger volumes), mutual funds pay lesser transaction costs. These benefits are passed on to the investors. [Advantages]

Output: Low Transaction Costs


Input: [S.No.] 5. [Particulars] An investor may not be able to sell some of the shares held by him very easily and quickly, whereas units of a mutual fund are far more liquid. [Advantages]

Output: Liquidity


Input: [S.No.] 6. [Particulars] Mutual funds provide investors with various schemes with different investment objectives. Investors have the option of investing in a scheme having a correlation between its investment objectives and their own financial goals. These schemes further have different plans/options [Advantages]

Output: Choice of Schemes


Input: [S.No.] 7. [Particulars] Funds provide investors with updated information pertaining to the markets and the schemes. All material facts are disclosed to investors as required by the regulator. [Advantages]

Output: Transparency


Input: [S.No.] 8. [Particulars] Investors also benefit from the convenience and flexibility offered by Mutual Funds. Investors can switch their holdings from a debt scheme to an equity scheme and vice-versa. Option of systematic (at regular intervals) investment and withdrawal is also offered to the investors in most open-end schemes. [Advantages]

Output: Flexibility


Input: [S.No.] 9. [Particulars] Mutual Fund industry is part of a well-regulated investment environment where the interests of the investors are protected by the regulator. All funds are registered with SEBI and complete transparency is forced. [Advantages]

Output: Safety


Input: [Description] Connects to a station on the Internet, based on its node number. [DMTF] Enter num [Command]

Output: Connect


Input: [Description] Connects to a station on the Internet, based on a shortcut I have setup (see Shortcut table). [DMTF] Enter num [Command]

Output: Connect w/Shortcut


Input: [Description] Connects to a station on the Internet, based on its callsign. [DMTF] C+call+# [Command]

Output: Connect by Call


Input: [Description] Selects an available node (of any type) at random, and tries to connect to it. [DMTF] 00 [Command]

Output: Random Node


Input: [Description] Selects a conference server at random, and tries to connect to it. [DMTF] 02 [Command]

Output: Random Conf


Input: [Description] Selects an available singleuser station at random, and tries to connect to it. [DMTF] 03 [Command]

Output: Random User


Input: [Description] Connects to Echoliink Test server - to test your audio. Records - then plays back your audio.Try it! Great way to test the system. [DMTF] 9999 [Command]

Output: Echolink Test


Input: [Description] Disconnects the station that is currently connected. If more than one station is connected, disconnects the one that last connected. [DMTF] # [Command]

Output: Disconnect


Input: [Description] Disconnects all stations. [DMTF] ## [Command]

Output: Disconnect All


Input: [Description] Reconnects to the station that most recently disconnected. [DMTF] 09 [Command]

Output: Reconnect


Input: [Description] Announces the callsign of each station currently connected. [DMTF] 08 [Command]

Output: Status


Input: [Description] Plays a brief ID message. [DMTF] * [Command]

Output: Play Info


Input: [Description] Looks up a station by its callsign, and reads back its node number and status. [DMTF] 07+call+# [Command]

Output: Query by Call


Input: [Description] Looks up a station by its node number, and reads back its callsign and status. [DMTF] 06+num [Command]

Output: Query by Node


Input: [Description] Alpha: A=21 | B=22 | C=23 | D=31 | E=32 | F=33 | G=41 | H=42 | I=43 | J=51 | K=52 | L=53 | M=61 | N=62 | O=63 | P=71 | Q=11 | R=72 | S=73 | T=81 | U=82 | V=83 | W=91 | X=92 | Y=93 | Z=12 Number: just add a "0" so 1=10 | 2=20 | 3=30 | 4=40 | 5=50 | 6=60 | 7=70 | 8=80 | 9=90 | 0=00 Example 1: To query N0NBH enter "07 62 00 62 22 42 #" on your DMTF keypad Example 2: To connect to N0NBH-R enter "C 62 00 62 22 42 #" on your DMTF keypad [DMTF] < < < < [Command]

Output: DTMF for "callsign"


Input: [Rationale] See for example about mathematical fonts. [Detailed Description] The Fonts for Mozilla's MathML engine page has been reorganized and now includes a new test page, a Windows installer and quick instructions. Thanks to my brother François Wang, Web authors can use @font-face rules to workaround font installation issues. The MathML add-on is now fully compatible with Desktop and Android versions of Firefox. MathJax fonts are now well supported and we will have a complete support after MathJax fonts are updated. In the future, adding a generic support for Open Type fonts will at least offer support for Cambria Math, Neo Euler, STIX 1.1, Latin Modern Math, Lucida fonts and Asana Math. [0]

Output: Font support

Mozilla MathML Project: Roadmap - Blog de Frédéric


Input: [Rationale] Esthetic of formulas, advanced layout. [Detailed Description] Xuan Hu is currently working on a better computation of vertical metrics in . In view of this analysis of Browsers' rendering of MathJax's LaTeXToMathML tests, the most serious spacing issues are the lack of support for mtable@rowspacing/columnspacing and negative spaces. In the future, using the data from the Open Type MATH table could also give better positioning than our current heuristic TeX-based rules. [0]

Output: Spacing

Mozilla MathML Project: Roadmap - Blog de Frédéric


Input: [Rationale] Reading on small screens, printing. [Detailed Description] The Mozilla Corporation has recently concentrated some efforts on mobile devices (smartphones, tablets, e-readers, etc) for which linebreaking inside and around equations is important. This is also obviously necessary to correctly print pages containing mathematical formulas. BTW, some work is in progress to fix printing issues when @font-face is used. [0]

Output: Linebreaking

Mozilla MathML Project: Roadmap - Blog de Frédéric


Input: [Rationale] Commutative diagram, chemistry formulas. [Detailed Description] Stretching operators in table cells is crucial to draw basic commutative diagrams (e.g. those provided by the amscd package). More advanced diagrams may need stretching in diagonal direction. There is also a serious regression that was found when the mhchem extension has been implemented in MathJax. [0]

Output: Operator Stretching

Mozilla MathML Project: Roadmap - Blog de Frédéric


Input: [Rationale] Advanced mathematical layout, code refactoring. [Detailed Description] Quentin Headen has worked this summer on refactoring the code and I hope he could use his work to implement mtable@rowspacing/columnspacing. In general, there is a lot of missing tabular attributes that are important for advanced mathematical layout. Probably related is the support for elementary math layouts that some people have asked on the MathJax mailing list and others voted for on Bugzilla. [0]

Output: Tabular elements

Mozilla MathML Project: Roadmap - Blog de Frédéric


Input: [Rationale] Better rendering of text in mathematical formulas, code refactoring. [Detailed Description] Just as the tabular math code, the code for token elements needs a serious rewriting. Ehsan Akhgari recently fixed a general issue with token elements and I prepared a patch for the element. In general, I think we should move special treatments of MathML token elements to the style system (or at least outside of layout/mathml/nsMathMLTokenFrame.cpp). This encompasses several other text issues like support for mathvariant, bad measurement of text, rendering of primes etc [0]

Output: Token elements

Mozilla MathML Project: Roadmap - Blog de Frédéric


Input: [Rationale] Interactive Web site, Javascript applications. [Detailed Description] Clearly, many authors want to write interactive Web sites. This is also true for mathematics, as shown in various discussions on the MathJax mailing list and elsewhere. Unfortunately, we have a couple of bugs with dynamically modified MathML and the element is not completely implemented yet. A MathML GSoC project was intended to improve this during the summer but has not been successful. [0]

Output: Dynamic MathML

Mozilla MathML Project: Roadmap - Blog de Frédéric


Input: [Rationale] Inform MathML users and developers. [Detailed Description] We continue to improve our MathML documentation. With the release of Kuma and the work of Jean-Yves Perrier and Florian Scholz on MathML embedding, I hope we could eventually migrate the old demo pages to MDN soon. [0]

Output: Documentation

Mozilla MathML Project: Roadmap - Blog de Frédéric


Input: [COOKIE name] CART [COOKIE Description]

Output: The association with your shopping cart.


Input: [COOKIE name] CATEGORY_INFO [COOKIE Description]

Output: Stores the category info on the page, that allows to display pages more quickly.


Input: [COOKIE name] COMPARE [COOKIE Description]

Output: The items that you have in the Compare Products list.


Input: [COOKIE name] CURRENCY [COOKIE Description]

Output: Your preferred currency


Input: [COOKIE name] CUSTOMER [COOKIE Description]

Output: An encrypted version of your customer id with the store.


Input: [COOKIE name] CUSTOMER_AUTH [COOKIE Description]

Output: An indicator if you are currently logged into the store.


Input: [COOKIE name] CUSTOMER_INFO [COOKIE Description]

Output: An encrypted version of the customer group you belong to.


Input: [COOKIE name] CUSTOMER_SEGMENT_IDS [COOKIE Description]

Output: Stores the Customer Segment ID


Input: [COOKIE name] EXTERNAL_NO_CACHE [COOKIE Description]

Output: A flag, which indicates whether caching is disabled or not.


Input: [COOKIE name] FRONTEND [COOKIE Description]

Output: You sesssion ID on the server.


Input: [COOKIE name] GUEST-VIEW [COOKIE Description]

Output: Allows guests to edit their orders.


Input: [COOKIE name] LAST_CATEGORY [COOKIE Description]

Output: The last category you visited.


Input: [COOKIE name] LAST_PRODUCT [COOKIE Description]

Output: The most recent product you have viewed.


Input: [COOKIE name] NEWMESSAGE [COOKIE Description]

Output: Indicates whether a new message has been received.


Input: [COOKIE name] NO_CACHE [COOKIE Description]

Output: Indicates whether it is allowed to use cache.


Input: [COOKIE name] PERSISTENT_SHOPPING_CART [COOKIE Description]

Output: A link to information about your cart and viewing history if you have asked the site.


Input: [COOKIE name] POLL [COOKIE Description]

Output: The ID of any polls you have recently voted in.


Input: [COOKIE name] POLLN [COOKIE Description]

Output: Information on what polls you have voted on.


Input: [COOKIE name] RECENTLYCOMPARED [COOKIE Description]

Output: The items that you have recently compared.


Input: [COOKIE name] STF [COOKIE Description]

Output: Information on products you have emailed to friends.


Input: [COOKIE name] STORE [COOKIE Description]

Output: The store view or language you have selected.


Input: [COOKIE name] USER_ALLOWED_SAVE_COOKIE [COOKIE Description]

Output: Indicates whether a customer allowed to use cookies.


Input: [COOKIE name] VIEWED_PRODUCT_IDS [COOKIE Description]

Output: The products that you have recently viewed.


Input: [COOKIE name] WISHLIST [COOKIE Description]

Output: An encrypted list of products added to your Wishlist.


Input: [COOKIE name] WISHLIST_CNT [COOKIE Description]

Output: The number of items in your Wishlist.


Input: [Name] New Balance 626 [Approved] No [Recommendation] Standing All day Plantar Fasciitis Good Arch support Good Cushioning High Arches [Shoe Type]

Output: Neutral Cross Training Work Slip Resistant Shoe for Food Industry

Best Shoes For Standing All Day | Comfortable Work shoes


Input: [Name] Dansko Pro XP [Approved] APMA [Recommendation] Standing and Walking Slip Resistant Excellent Arch Support Plantar Fasciitis Memory Foam Cushioning Rocker Bottom Outsole Good for Knee Joint and Hip Joint Pain [Shoe Type]

Output: Shoes for Healthcare & Food Industry Teachers

Best Shoes For Standing All Day | Comfortable Work shoes


Input: [Name] New Balance 928 [Approved] Diabetic Medicare Code [Recommendation] Standing Walking Plantar Fasciitis Metatarsalgia Flat feet overpronation Supination Bunions High Arches [Shoe Type]

Output: Motion control Shoes for All kind of Problem Feet and for on feet all day, Approved for Diabetes

Best Shoes For Standing All Day | Comfortable Work shoes


Input: [Name] Timberland FiVe Star Men Shoes [Approved] No [Recommendation] Standing and Walking Slip Resistant Excellent Arch Support Rocker Bottom Outsole Good for Knee Joint and Hip Joint Pain [Shoe Type]

Output: Shoes for Healthcare & Restaurant workers

Best Shoes For Standing All Day | Comfortable Work shoes


Input: [Name] Timberland Renova Women [Approved] No [Recommendation] Standing and Walking Slip Resistant Excellent Arch Support Rocker Bottom Outsole Good for Knee Joint and Hip Joint Pain [Shoe Type]

Output: Shoes for Healthcare & Restaurant workers

Best Shoes For Standing All Day | Comfortable Work shoes


Input: [Name] Crocs Mercy work [Approved] APMA [Recommendation] Comfortable and Cushioned [Shoe Type]

Output: Shoes for nurses

Best Shoes For Standing All Day | Comfortable Work shoes


Input: [Name] Crocs Bistro [Approved] APMA [Recommendation] Comfortable and Cushioned [Shoe Type]

Output: Shoes for Healthcare & Restaurant workers

Best Shoes For Standing All Day | Comfortable Work shoes


Input: [Name] Skechers Go walk Men and women [Approved] No [Recommendation] Good for Knee Arthritis [Shoe Type]

Output: Shoes for pregnant Women, Teachers, Seniors and Walking

Best Shoes For Standing All Day | Comfortable Work shoes


Input: [Name] skechers Memory Foam Shoes [Approved] No [Recommendation] Good for Knee Arthritis Walking, Standing [Shoe Type]

Output: Shoes for pregnant Women, Teachers, Seniors and Walking

Best Shoes For Standing All Day | Comfortable Work shoes


Input: [To young children] A medicine that makes someone go to sleep so they don’t feel anything when they have an operation. A drug that stops people feeling pain during a procedure such as surgery. A general anaesthetic puts someone to sleep. A local anaesthetic numbs one area of the body. [Word]

Output: Anaesthetic

Cancer glossary for children | Cancer Council NSW


Input: [To young children] A bump or lump on the body that isn’t dangerous. Not cancer. Benign lumps or tumours do not spread to other parts of the body or become cancerous. [Word]

Output: Benign

Cancer glossary for children | Cancer Council NSW


Input: [To young children] When the doctor looks at cells in the body to see if they’re healthy or not. A test to diagnose cancer. The doctor takes small bits of tissue from the body to look at under a microscope to see if the cells ahve changed. [Word]

Output: Biopsy

Cancer glossary for children | Cancer Council NSW


Input: [To young children] A test that checks how healthy the blood is. A test that counts the different types of blood cells in the body. [Word]

Output: Blood count

Cancer glossary for children | Cancer Council NSW


Input: [To young children] Cancer is when bad cells – or trouble-maker cells – stop good cells from doing their job. The bad cells can grow into a lump or can cause problems in the blood. They can spread around the body too. Cancer is the name for more than 100 diseases in which abnormal cells grow out of control. This causes problems in the blood, or lumps – called tumours – to grow. Cancer can spread to other parts of the body. [Word]

Output: Cancer

Cancer glossary for children | Cancer Council NSW


Input: [To young children] The body is made up of billions of tiny things called cells, and each has a job to make your body work and stay healthy. Cells are the basic building blocks of the body. Our bodies constantly make new cells: to enable us to grow, to replace worn-out cells or to heal damaged cells after an injury. [Word]

Output: Cells

Cancer glossary for children | Cancer Council NSW


Input: [To young children] Medicine that kills the bad cancer cells. Special drugs that kill cancer cells or slow their growth. [Word]

Output: Chemotherapy

Cancer glossary for children | Cancer Council NSW


Input: [To young children] A test that makes pictures for doctors to be able to see what’s happening inside someone’s body. A procedure that takes x-rays to get 3-D pictures of the inside of the body and show if cancer is present. [Word]

Output: CT scan

Cancer glossary for children | Cancer Council NSW


Input: [To young children] When the doctor works out what is making someone sick. Working out what kind of disease or illness someone has. [Word]

Output: Diagnosis

Cancer glossary for children | Cancer Council NSW


Input: [To young children] The part of the body that helps someone stay well by getting rid of germs inside the body. It fights illness if somebody does get sick. A network of cells and organs that helps protect the boyd from germs like bacteria and viruses, which can make people sick. [Word]

Output: Immune system

Cancer glossary for children | Cancer Council NSW


Input: [To young children] Putting a needle into a vein (where blood flows in the body). Something put into the vein, like a drip for feeding, or a needle to give medication or take out some blood. [Word]

Output: Intravenous (IV)

Cancer glossary for children | Cancer Council NSW


Input: [To young children] Another way of saying cancer. Cells or lumps that are bad. Cancer. Malignant cells can spread to other parts of the body. [Word]

Output: Malignant cells / Malignant tumour

Cancer glossary for children | Cancer Council NSW


Input: [To young children] A special doctor who uses strong medicine to treat people with cancer. A specialist doctor who treats cancer with chemotherapy. [Word]

Output: Medical oncologist

Cancer glossary for children | Cancer Council NSW


Input: [To young children] When the bad cells have travelled to another part of the body. When cancer has spread from one part of the body to another. [Word]

Output: Metastasis (advanced cancer)

Cancer glossary for children | Cancer Council NSW


Input: [To young children] Feeling sick in the tummy. Feeling as if you’re going to vomit. Nausea is a common side effect of chemotherapy. [Word]

Output: Nausea

Cancer glossary for children | Cancer Council NSW


Input: [To young children] When the doctors and nurses can’t stop the cancer from growing, but give the person medicine to make them feel better and stop the pain. Treatment that reduces or stops symptoms but doesn’t try to cure the cancer. [Word]

Output: Palliative treatment

Cancer glossary for children | Cancer Council NSW


Input: [To young children] What the doctors think might happen to someone who is ill – i.e. how soon they will get better. What is likely to happen when someone has a disease, especially their chance of getting better and what might happen after treatment. [Word]

Output: Prognosis

Cancer glossary for children | Cancer Council NSW


Input: [To young children] A special doctor who treats people who have cancer using x-rays that beam into the body. A specialist doctor who prescribes radiotherapy and organises the treatment. [Word]

Output: Radiation oncologist

Cancer glossary for children | Cancer Council NSW


Input: [To young children] Invisible beams called x-rays that go into the body to kill cancer cells and make the cancer smaller. The use of radiation in the form of x-rays to kill or injure cancer cells so they can’t grow or multiply. This is different to when you get x-rayed to see inside you (e.g. for a broken leg). [Word]

Output: Radiotherapy

Cancer glossary for children | Cancer Council NSW


Input: [To young children] If cancer cells are left in the body, they can start to grow again, and the cancer comes back. When cancer comes back because of cancer cells that have not been affected by treatment. [Word]

Output: Recurrence/ relapse

Cancer glossary for children | Cancer Council NSW


Input: [To young children] When the cancer goes away after treatment. When cancer cells and symptoms disappear because of treatment. Remission doesn’t mean the cancer is cured, but it is now under control. [Word]

Output: Remission

Cancer glossary for children | Cancer Council NSW


Input: [To young children] Treatment can stop good cells from working, as well as bad cells. This can sometimes cause problems for the person with cancer, such as feeling tired, feeling sick or losing their hair. The unwanted effects of treatment such as nausea, hair loss, rash or fatigue from chemotherapy and/or radiotherapy. They occur because fast-growing healthy cells may also be destroyed by these treatments so they can’t do their usual work. [Word]

Output: Side effects

Cancer glossary for children | Cancer Council NSW


Input: [To young children] This is when someone has an operation. A special doctor will cut out the cancer. An operation by a surgeon who removes the part of the body affected by cancer. [Word]

Output: Surgery

Cancer glossary for children | Cancer Council NSW


Input: [To young children] What people feel (e.g. sore, itchy) or see (e.g. redness, a lump) when things aren’t right in their body. Changes in the body caused by an illness, such as pain, tenderness, rash, stomach-ache etc. These help the doctor work out what is wrong. [Word]

Output: Symptoms

Cancer glossary for children | Cancer Council NSW


Input: [To young children] A lump in the body that shouldn’t be there. A lump in the body caused by uncontrolled growth of cells. Tumours can be benign (not dangerous) or malignant (cancer). [Word]

Output: Tumour

Cancer glossary for children | Cancer Council NSW


Input: [To young children] A test that makes pictures of the inside of the body so the doctor can work out if anything is wrong. A scan that uses sound to create a picture of the body. It helps show where and how big a tumour is. [Word]

Output: Ultrasound

Cancer glossary for children | Cancer Council NSW


Input: [Summary] Use candy to ask icebreaker questions [PDF Details] Candy [Name]

Output: Candy


Input: [Summary] Use teamwork and strategy to collect tennis balls [PDF Details] Frenzy [Name]

Output: Frenzy


Input: [Summary] Answer question to create interesting web [PDF Details] The Question Web [Name]

Output: The Question Web


Input: [Summary] Fast paced bubble race game [PDF Details] Bubble Blow [Name]

Output: Bubble Blow


Input: [Summary] Attempt to recreate sculpture as a team [PDF Details] Sneak a Peek [Name]

Output: Sneak a Peek


Input: [Summary] Stack balloons high and wide [PDF Details] Balloon Tower PDF [Name]

Output: Balloon Tower


Input: [Summary] Create shapes while blindfolded [PDF Details] Blind-ogon PDF [Name]

Output: Blind-ogon


Input: [Summary] Speak without stalling [PDF Details] Buzzword PDF [Name]

Output: Buzzword


Input: [Summary] Use limited resources and creativity to survive [PDF Details] Desert PDF Island [Name]

Output: Desert Island


Input: [Summary] Competitive hand squeezing [PDF Details] Electricity PDF [Name]

Output: Electricity


Input: [Summary] Pull players into a trashcan with strength and strategy [PDF Details] Kajabe Can Can PDF [Name]

Output: Kajabe Can Can


Input: [Summary] Hit a guarded cone with foam balls [PDF Details] Knock Down the Cone PDF [Name]

Output: Knock Down the Cone


Input: [Summary] Personalized team "Boggle" [PDF Details] Name Grid PDF [Name]

Output: Name Grid


Input: [Summary] Move marbles with pipes [PDF Details] Pipeline PDF [Name]

Output: Pipeline


Input: [Summary] Extreme group pictionary [PDF Details] Robot Writer PDF [Name]

Output: Robot Writer


Input: [Summary] Organize and sing popular song lyrics [PDF Details] Song Scramble [Name]

Output: Song Scramble


Input: [Summary] Use teamwork to climb between two strings [PDF Details] Triangle PDF [Name]

Output: Triangle


Input: [Summary] Follow a thin line while blindfolded [PDF Details] Walk the Line PDF [Name]

Output: Walk the Line


Input: [Summary] Stealthily pass a ring to team members without being noticed [PDF Details] Ring on a String PDF [Name]

Output: Ring on a String


Input: [Name] Gregg Daigle [Description] Django swing, bluegrass fiddle tunes , and classical arrangements with a healthy dose of improvisation by Gregg Daigle and two of his students, Cory Winder and Ed Cohen. [Location]

Output: Main Gate


Input: [Name] JUBALation! [Description] JUBALation is a small ensemble of young people that Jeanne Page originally pulled together from the Apple Mountain Harp Kids. They started out playing mostly Celtic music on harps and fiddles (plus guitar and bodhran) but have recently become interested in Bluegrass, adding banjo and dobro to the mix. There are five members in the present configuration, including three sisters who sing three-part harmony. They play at festivals and events for entertainment, but also play at hospitals, hospices and churches as a ministry. You’ll enjoy their youthful energy and will undoubtedly be enjoying them for years to come. [Location]

Output: Stage 2


Input: [Name] The Welsh Choir [Description] The name of the Welsh Choir is Tan y Ddraig (Dragon's Breath). It is a small mixed voice choir, based in Albuquerque and open to the public, which sings folk songs and hymns in Cymraeg, the still living language of Wales. [Location]

Output: Demo Stage


Input: [Name] Tahitian Dance and Workshop [Description] You'll need to get here early this year to enjoy Dance Tahiti in action. [Location]

Output: Dance Tent


Input: [Name] Chinese Martial Arts [Description] Dragons and more! [Location]

Output: Dance Building


Input: [Name] Limberjacks! [Description] The limberjack is an authentic Appalachian Mountain rhythm instrument made and played in America since colonial days. It is sometimes called a clogger, jigger or shuffling sam because of its dancing action. Kids of all ages will enjoy seeing this instrument/toy in action! [Location]

Output: Li'l Folks Tent


Input: For our everyday business purposes - such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus Yes [Can you limit this sharing?]

Output: No


Input: For our marketing purposes - to offer our products and services to you No [Can you limit this sharing?]

Output: We don't share


Input: For joint marketing with other financial companies Yes [Can you limit this sharing?]

Output: No


Input: For our affiliates' everyday business purposes - information about your transactions and experiences No [Can you limit this sharing?]

Output: We don't share


Input: For our affiliates' everyday business purposes - information about your creditworthiness No [Can you limit this sharing?]

Output: We don't share


Input: For nonaffiliates to market to you No [Can you limit this sharing?]

Output: We don't share


Input: [Title] Equity Risk Premiums: The 2010 Edition [Download] Download paper as pdf file [Description]

Output: Equity Risk premium paper, updated to reflect data through the start of 2010.


Input: [Title] Equity Risk Premiums: Post-Crisis Edition [Download] Download paper as pdf file [Description]

Output: This is an updated version of the equity risk premium paper that takes a detailed look at how the equity risk premium and other risk measures have evolved since September 2008 (the date of the last version of the paper).


Input: [Title] Valuing commodity and cyclical companies [Download] Download paper as pdf file [Description]

Output: Commodity and cyclical companies pose special challenges when doing valuation, because their earnings and risk measures move with commodity and economic cycles. In this paper, we examine techniques and approaches that we can use to compensate for this volatility.


Input: [Title] Valuing financial service firms (2009 version) [Download] Download paper as pdf file [Description]

Output: It is difficult to estimate cash flows at financial service companies. As a consequence, they remain one of the last bastions for the dividend discount model. Inherent in the use of this model are two assumptions – that financial service companies pay out what they can afford to in dividends and that the regulatory constraints that they operate under will keep risk under control. In the crisis of 2008, both assumptions came under assault. In this paper, we look at ways of adapting to the changed enviornoment, when valung banks, insurance companies and invstment banks.


Input: [Title] Valuing young and start-up companies [Download] Download paper as pdf file [Description]

Output: How do you value a young or start-up business with little to show in terms of operating performance? In this paper, we examine ways in which we can adapt valuation approaches to account for the absence of historical information and the possibility that many of the young firms that we value will not make it through to success.


Input: [Title] Valuing Declining and Distressed Companies (The 2009 edition) [Download] Download paper as pdf file [Description]

Output: We face two key problems in valuing declining and distressed companies. The first is that these firms rather than growing over time may shrink, both in terms of revenues and margins. The second is that many of these firms will not survivie as going concerns. In this paper, we deal with both issues and how to reflect them in valuation.


Input: [Title] Valuing emerging market companies [Download] Download paper as pdf file [Description]

Output: Companies in emerging markets often face additional risks, relative to their developed market counterparts, from polticial and economic turmoil in the countries in which they operate. In this paper, we look at how to incorporate this risk both into discounted cash flow and relative valuation models.


Input: [Title] Valuing companies with intangible assets [Download] Download paper as pdf file [Description]

Output: Many companies derive their values from intangible assets, ranging from brand names to patents to technological know how. In this paper, we look at how accounting numbers may need to be mofified when valuing these companies and how we capture the full effects in value.


Input: [Title] Valuing the Octopus: The multinational, multibusiness company [Download] Download paper as pdf file [Description]

Output: As globalization becomes a reality, many companies have operations spread over many different businesses across multiple countries. In this paper, we examine the ways of dealing with the tangle of different currencies and risk profiles that coexist within each company. In particuar, we look at the viability of sum of the parts valuation as opposted to valuting the aggregated company.


Input: [Title] Leases, Debt and Value [Download] Download pdf fileOperating lease converterIndustry averages [Description]

Output: When leases are categorized as operating leases, the expenses associated with them are treated as operating expenses and leases become as source of off-balance sheet debt (and assets). As the debate about this practice become heated, we look at the consequences of this practice for widely used measures of profitability and financial leverage as well as inputs into valuation models.


Input: [Title] Estimating Riskfree Rates [Download] Download pdf file [Description]

Output: The riskfree rate is a fundamental input to most risk and return models. In practice, estimating riskfree rates becomes difficult when there are no default-free securities. In addition, the question of what riskfree rate to use (short term or long term, dollar or foreign currency) is a critical one. This paper examines these issues.


Input: [Title] The Equity Risk Premium (2008 Edition) [Download] The Equity Risk Premium (ERP): Determinants, Estimation and Implications [Description]

Output: The equity risk premium (ERP) is a central input into discounted cash flow models, and more than any other number, it captures what investors think about stock prices in the aggregate. In this paper, we examiine the determinants of equity risk premiums and the three basic approaches used to estimate the number – surveys, historical returns and implied values. We look at why the approaches give you different answers and how to pick the right number to use in analysis.


Input: [Title] Valuing Multiple Claims on Equity [Download] Valuing Equity Claims [Description]

Output: Equity claims can vary on a number of different dimensions – voting rights (control), liquidity and cash flows. We examine how to allocate the value of equity across multiple claims on equity in this paper. In the process, we examine the premium that should be paid for voting shares, the discount to be applied to illiqudid shares and the effect of contingent claims.


Input: [Title] The Origins of Growth [Download] Download paper as pdf file [Description]

Output: One of the most difficult challenges in valuing a business is estimating the expected growth rate in future years. In this chapters, we look at the three ways in which this growth rate can be estimated – from history, from analyst or management estimates and from fundamentals. We look at the pluses and minuses of each approach and why they may generate different estimates.


Input: [Title] Measuring Returns: ROE, ROC and ROIC [Download] Measuring Returns [Description]

Output: The value of a firm ultimately depends on its capacity to earn returns on its investment that exceed its cost of funding those investments. Accounting measures of returns, primarily return on equity and capital, are significnant determinants of value. In this paper, we examine the motivation behind the focus on returns and how best to clean up accounting numbers to estimate and forecasts returns.


Input: [Title] A Survey Paper on Valuation [Download] Survey paper on Valuation (Download paper) [Description]

Output: People have been valuing businesses for as long as businesses have been around. We examine how valuation techniques have evolved over time and the common foundatation that different approaches share.


Input: [Title] Simulations, Decision Trees and Scenario Analysis: Probabilistic Approaches to Risk [Download] Probabilistic Approaches to Risk(Download paper) [Description]

Output: With the advent of simulation software (like Crystal Ball and @Risk), a full-fledged simulation or scenrio analysis is well within the grasp of any analyst valuing a company or analyzing a project. However, what rold should simulations and scenario analysis play in valuation? And what is the relationship between these analysis and traditional expected value calculations (where we adjust for risk in the discount rate)?


Input: [Title] Value at Risk (VaR) [Download] Value at Risk (VaR)(Download paper) [Description]

Output: Value at Risk has acquired a cache, especially among financial service firms, as a new and sophisticated way of analyzing risk. We look at the basis for VaR, its pluses and minuses.


Input: [Title] To Hedge or Not to Hedge? That is the question.. [Download] To hedge or not to hedge? (Download paper) [Description]

Output: Investors and businesses have more options and opportunities than ever before to hedge risk. But should firms hedge risk? What is the payoff to doing so? If a business or investor chooses to hedge risk, what is the best way to hedge risk (derivatives or insurance, for instance)?


Input: [Title] Exploiting Risk: A Strategic View of Risk Management [Download] Strategic Risk Taking(Download paper) [Description]

Output: Firms become successful, not by avoiding risk, but by seeking it out. Developing a template for deciding which risks to exploit is key to success. In this paper, we examine the potential competitive advantages that a firm can exploit to advantage.


Input: [Title] The Value of Intangibles [Download] The Value of Intangibles(Download paper)brandnamevalue.xls: Spreadsheet for valuing brand name [Description]

Output: Intangibles are a large and growing part of many company’s assets. Starting with the presumption that current accounting standards do not do a good job of assessing their value, we look at whether intangible assets can be reasonably valued, and if so, the best ways of accomplishing this task. We categorize intangible assets into three groups – independent, cash generating intangibles (like trademarks and franchises) that can be valued with conventional DCF models, composite intangibles that affect the sales of many products and not just cash flows (such as brand name) that are more difficult to isolate and value and intangibles with the potential to generate cash flows in the future that are best valued using option pricing models.


Input: [Title] Marketability and Value: The Illiquidity Discount [Download] The Value Of Liquidity(Download paper)liqdisc.xls: Spreadsheet to value liquidity [Description]

Output: Investors prefer more liquid assets to otherwise similar illiquid assets, but how much at they willing to pay for liquidity? In this paper, we beign by examining our definition fo liqhidity and the empirical evideence on how much markets value liquidity. We consider the empirical evidence on the consequences of illiquidity for equity, fixed income and private equity markets and how best to inrorporate illiquidity into estimated value. Finally, we consider practical ways of estimating the illiquidity premium for illiquid companies (and ssets).


Input: [Title] The Value of Cash, Cross Holdings and Other Non-operating Assets [Download] The Value of Cash and Cross Holdings(Download paper)GrossvsNet.xls: Resolving the differences between gross and net debt approaches [Description]

Output: Most businesses carry cash on their balance sheets, though the motives for holding cash vary widely across firms. Some of the cash is held to cover operating needs (transactions), some to cover contingencies (precautionary motive) and some reflects managerial incentives. We consider how best to value cash in both discounted cash flow and relative valuations, and consider the net debt and gross debt approaches in valuation. We also examine how to incorporate the value of cross holdings, both majority and minority, into business valuations.


Input: [Title] The Value of Control [Download] The Value of Control(Download paper)controlvalue.xls: Spreadsheet to value control [Description]

Output: How much is control worth? The answer to that question affects how much the control premium should be in acquisitions, how much of a premium voting shares should trade at and the discount that should be applied to minority stakes in private companies. This paper looks at how best to measure the value of control and how this can be useful in answering a variety of valuation questions.


Input: [Title] Employee Stock Options, Restricted Stock and Value [Download] ESOPs, Restricted Stock and Value (Download paper) [Description]

Output: Companies use employee stock options (ESOPs) and restricted stock issues to compensate employees. In this paper, we examine why their usage has increased over the last two decades and how best to deal with the option overhang in valuation. We also look at ways of incorporating future option grants into value per share today.


Input: [Title] The Value of Synergy [Download] The Value of Synergy (Download paper)synergyvaluation.xls: Spreadsheet to value synergy [Description]

Output: Often promised, seldom delivered is the best description for synergy, the most widely used rationale in corporate mergers. In this paper, we explore how synergy is created and how to value it. We also examine why companies miscalculate so often when it comes to synergy.


Input: [Title] 25 Questions on DCF valuation [Download] Valuation Questions [Description]

Output: Every valuation analyst has faced one or more of these questions in real world valuations and has had to come up with an answer. These are my very opinionated (and not necessarily correct) answers to the 25 top questions that we face in DCF valuation. Take it for a spin!


Input: [Title] Value and Risk [Download] Download paper (pdf)Effects of risk on DCF value (spreadsheet)Risk hedging as a put option (spreadsheet) [Description]

Output: We take far too narrow a view of risk in finance. When we talk about risk management, we often only talk about risk hedging and when we estimate value, the discount rate is the only place where we reflect risk. In reality, risk is both a threat and an opportunity and successful firms not only protect themselves against some types of risk but actively exploit other types of risk to establish competitive advantages. In this paper, we present a way of considering risk management in this broader sense and consider ways in which we can bring risk into the other components of value. We also consider what types of firms are most likely to benefit from risk hedging and from risk management.


Input: [Title] Measuring Company Risk Exposure to Country Risk [Download] Download paper (pdf) Exports as percent of GDP (World Bank) Lambda Estimates for Brazilian companies [Description]

Output: It is common practice in valuation to assume that companies within an emerging market are all equally exposed to country risk and that companies that are incorporated and trade in developed markets like the United States are immune from it. This is clearly at odds with common sense, since companies within an emerging market can be exposed to different degrees to country risk and multinationals like Coca Cola and Nestle can be exposed to significant emerging market risk. In this paper, we propose a measure of company exposure to country risk called lambda and suggest ways in which we can estimate lambda.


Input: [Title] Dividends and Taxes [Download] Download paper(pdf)divtaxpremium.xls (effect on market)stockvaldiv.xls (effect on individual stocks) [Description]

Output: In January 2003, President Bush proposed that dividends be tax exempt to investors. While the ultimate shape of the tax reform is not clear, changing the tax rate on dividends can have significant effects on both equity values and on the corporate finance decisions – investment, capital structure and dividend policy- of companies.In this paper, I estimate the effect of making dividends tax exempt on the overall value of equity in the market (13-14%) and argue that there will be profound changes in the use of debt and stock buybacks, with both declining.


Input: [Title] Information Transparency and Value: Can you value what you can’t see? [Download] Download paper(pdf)Download the complexity scoresheet [Description]

Output: It is clear that some firms are more forthcoming about their financial affairs than other firms, and that the financial statements of some firms are designed to obscure rather than reveal information about the firms. No matter how strict accounting standards are, firms will continue to use their discretionary power to spin and manipulate the news that they convey to financial markets. The questions we face in valuation are significant ones. How do we reflect the transparency (or the opacity) of a firm’s financial statements in its value? Should we reward firms that have simpler and more open financial statements and punish firms that have complex and difficult-to-understand financial statements? If so, which input in valuation should be the one that we adjust?


Input: [Title] ‘Valuing Distressed Firms [Download] Download paper (pdf)Download Global Crossing valuationdistress.xls (estimate the likelihood of default from bond price) [Description]

Output: Traditional valuation techniques- both DCF and relative – short change the effects of financial distress on value. In most valuations, we ignore distress entirely in valuation and make implicit assumptions about the consequences of a firm being unable to meet its financial obligations and these assumptions often are unrealistic. Even those valuations that purport to consider the effect of distress do so incompletely. In this paper, we begin by considering how distress can be explicitly considered in both discounted cashflow and relative valuation models.


Input: [Title] The Dark Side of Valuation [Download] Download paper (pdf)Download Amazon valuation: 1/1/99An Updated Amazon valuation: 1/1/2000 [Description]

Output: Valuing a firm is difficult when it has negative earnings, a limited history or few comparables. When all three of these components come together, as is the case with many young start-up firms (Did someone say internet firms?), analysts all too often either assume that they cannot be valued or that new valuation models have to be devised. In this paper, we make an argument that these firms can be valued, albeit with noise, and use Amazon.com as a case study to illustrate the principles involved.


Input: [Title] Real Option Applications in Corporate Finance and Valuation [Download] Download pdf file [Description]

Output: Are there options embedded in investment decisions? Undoubtedly. There are also options in financing and valuation. The real question is whether these options have value, and how much they are worth. In this paper, I examine the whole range of real option applications, from the options to expand, delay and abandon in investment options to the option to liquidate in the equity of the firm. I also look at potential applications of real options in R&D and valuing undeveloped natural resources, and suggest that real options need to pass a three-part test to have value.


Input: [Title] Valuing Private firms [Download] Download pdf file [Description]

Output: The fundamentals that determine value for private firms as the same as those that determine publicly traded companies, but there are three critical issues. The first relates to the scarcity of information about private firms. The second issue is that of illiquidity and how it affects value. The final issue is the question of control and whether there should be a premium for control or a discount for the lack of it.


Input: [Title] Valuing Financial Service Firms [Download] Download pdf file [Description]

Output: Financial service firms – banks, insurance companies and investment banks – are often difficult to value because cash flows cannot be easily estimated. In this paper (which is a chapter in the second edition of my valuation book), I look at the questions involved in valuing financial service firms.


Input: [Title] Valuing Acquisitions [Download] Download paper (pdf) [Description]

Output: This paper (which is a chapter from my corporate finance book) looks at how best to deal with the valuation of control and synergy in acquistions and related issues.


Input: [Title] Valuation Multiples: First Principles [Download] Download paper (pdf) [Description]

Output: This paper (which is a chapter from my investment valuation book) looks at the first principles that we need to follow when using multiples


Input: [Title] Estimating Risk Parameters [Download] Download pdf file [Description]

Output: The beta or betas in risk and return models measure an asset’s relative risk. We look at the limitations of standard approaches to beta estimation (such as regressions) and consider alternative approaches.


Input: [Title] Dealing with Operating Leases [Download] Download pdf fileoplease.xls: Convert operating leases from operating to financial expenses [Description]

Output: Many firms lease the assets that they use. If the leases qualify as operating leases, they affect operating income and do not show up as part of capital. In this paper, we argue that this can distort measures of profitability and can affect the valuation of firms with substantial operating leases, and suggest ways in which we can correct earnings and cash flow measures.


Input: [Title] Dealing with R& D Expenses [Download] Download pdf fileR&Dconv.xls: Convert R&D from operating to capital expense [Description]

Output: Accounting standards in the United States and in much of the rest of the world require that R&D be expensed. Since these are expenses that are designed to generate future growth, it is much more logical to treat them as capital expenditures. In this paper, we explore ways in which R&D expenses can be capitalized and the implications for earnings, cash flows, valuations and multiples.


Input: [Title] Financing Innovations [Download] Download pdf file [Description]

Output: The last two decades have seen a stream of innovation in financial markets, especially in the corporate bond arena. Some of these innovations were designed to give firms more flexibility in designing cash flows on borrowings, allowing them to match up cash flows on financing more closely to cash flows on assets, thus increasing their debt capacity. Some firms are issuing these new and more complex securities for the wrong reasons – to keep up with other firms in their peer group, and to take advantage of loopholes in the way ratings agencies and regulatory agencies define debt and equity. In this paper, we take a big picture view of financing innovations, and some of the good and bad reasons for innovations.


Input: [Title] Beyond Dividends [Download] Download pdf file [Description]

Output: This is a chapter from the second edition of my corporate finance book on spin offs, divestitures, equity carve outs and tracking stock. It is not path-breaking, by any stretch of the imagination, but it provides a comparison of the different actions, and why a firm may choose one over the other.


Input: [Title] Value Enhancement: Back to Basics [Download] Download pdf file [Description]

Output: Value enhancement has become a hot topic of late. This paper examines the fundamentals of value creation and enhancement, from a valuation framework, and then considers the merits of EVA and CFROI as value enhancement devices.


Input: [0] Type [2] Relation [1]

Output: Severity

Verification Martial Arts » Blog Archive » Transaction Debugging with Discovery Visualization Environment (DVE) Part-2


Input: [0] FAILURE [2] START [1]

Output: FATAL

Verification Martial Arts » Blog Archive » Transaction Debugging with Discovery Visualization Environment (DVE) Part-2


Input: [0] NOTE [2] FINISH [1]

Output: ERROR

Verification Martial Arts » Blog Archive » Transaction Debugging with Discovery Visualization Environment (DVE) Part-2


Input: [0] DEBUG [2] PRED [1]

Output: WARNING

Verification Martial Arts » Blog Archive » Transaction Debugging with Discovery Visualization Environment (DVE) Part-2


Input: [0] REPORT [2] SUCC [1]

Output: NORMAL

Verification Martial Arts » Blog Archive » Transaction Debugging with Discovery Visualization Environment (DVE) Part-2


Input: [0] NOTIFY [2] SUB [1]

Output: TRACE

Verification Martial Arts » Blog Archive » Transaction Debugging with Discovery Visualization Environment (DVE) Part-2


Input: [0] TIMING [2] PARENT [1]

Output: DEBUG

Verification Martial Arts » Blog Archive » Transaction Debugging with Discovery Visualization Environment (DVE) Part-2


Input: [0] XHANDLING [2] CHILD [1]

Output: VERBOSE

Verification Martial Arts » Blog Archive » Transaction Debugging with Discovery Visualization Environment (DVE) Part-2


Input: [0] XACTION [2] XTEND [1]

Output: HIDDEN

Verification Martial Arts » Blog Archive » Transaction Debugging with Discovery Visualization Environment (DVE) Part-2


Input: [0] PROTOCOL [2] USER [1]

Output: IGNORE

Verification Martial Arts » Blog Archive » Transaction Debugging with Discovery Visualization Environment (DVE) Part-2


Input: [Potential Issue] Swayback [Adjustments] Swayback adjustment (see Swayback Adjustment) [Symptoms]

Output: Excess fabric pooling horizontally above your butt Pants feel tight across butt Diagonal “smile” wrinkles radiating from crotch

The Colette Patterns Pants Fitting Cheatsheet  |  Colette Blog


Input: [Potential Issue] High butt [Adjustments] Shorten the back darts [Symptoms]

Output: Excess fabric pooling horizontally above your butt

The Colette Patterns Pants Fitting Cheatsheet  |  Colette Blog


Input: [Potential Issue] Swayfront [Adjustments] Swayfront adjustment [Symptoms]

Output: Excess fabric pooling under your butt Side seams seem to be bowing

The Colette Patterns Pants Fitting Cheatsheet  |  Colette Blog


Input: [Potential Issue] Low butt [Adjustments] Lower the crotch curve in the back, for a deeper curve. [Symptoms]

Output: Excess fabric pooling under your butt

The Colette Patterns Pants Fitting Cheatsheet  |  Colette Blog


Input: [Potential Issue] Flat butt [Adjustments] Flat butt adjustment (see Full or Flat Butt Adjustment) [Symptoms]

Output: Excess fabric pooling under your butt Excess fabric around the fullest part of your butt

The Colette Patterns Pants Fitting Cheatsheet  |  Colette Blog


Input: [Potential Issue] Full butt [Adjustments] Full butt adjustment (see Full or Flat Butt Adjustment) [Symptoms]

Output: Tight diagonal wrinkles radiating from the fullest part of your butt Feels tight across the butt Back waist is pulling down

The Colette Patterns Pants Fitting Cheatsheet  |  Colette Blog


Input: [A Gentleman Undone] “But I won’t.” He raised his eyes again. The wind was blowing full into his face but he didn’t turn aside. “I want to be something different to you. I want to be someone …” His eyes cut past her to some horizon where the rest of his thought must lie. “Someone you can trust. Not only at cards.” [A Night Like This]

Output: If he had sounded overconfident, she would have found the strength to pull away. If his posture had held swagger, or if there had been anything in his voice that spoke of seduction, it would have been different. But he wasn’t making threats. He wasn’t even making promises. He was simply telling her the truth. And giving her a choice.

Side by Side: Julia Quinn and Cecilia Grant | Insta-Love Book Reviews


Input: [A Gentleman Undone] He knew everything about how another person’s weight took your balance off center. A person carried on your back required you to cant your posture forward. A person carried in your arms meant you must sink your center of gravity down into the pelvis. A person at your side would no doubt leave you with an aching spine and shoulders. [A Night Like This]

Output: As far as he knew, every tale that had been spread about him had been true. He had dueled with Hugh Prentice, and he had shot him in the leg. As for his fleeing the country, Daniel didn’t know what sort of embellishment that story might have acquired; he rather thought that Lord Ramsgate’s ranting vows of revenge would have been titillating enough…. The Sad, Strange Tale of Lord Winstead. That’s what it would be.

Side by Side: Julia Quinn and Cecilia Grant | Insta-Love Book Reviews


Input: [A Gentleman Undone] And what could he do—what could he, or any man on this earth, ever do when trust came, but strive to be worthy? [A Night Like This]

Output: Was this what it meant to have inherited an ancient title, to have been entrusted with the lives and livelihoods of all who resided on his land? … This was what it meant, he finally realized. This was what it all about.

Side by Side: Julia Quinn and Cecilia Grant | Insta-Love Book Reviews


Input: [A Gentleman Undone] He wanted nothing in the world but this: to be someone’s balm, to have the power of comforting, to know he kept her safe from whatever terrors haunted her sleep. [A Night Like This]

Output: He could make her writhe and squirm with pleasure until she couldn’t remember her own name. He knew how to do it. And yet he didn’t move.

Side by Side: Julia Quinn and Cecilia Grant | Insta-Love Book Reviews


Input: [A Gentleman Undone] And once again she’d found his weak spot; she’d gone to the word—need—that could make him crawl a mile on his belly over jagged rocks. [A Night Like This]

Output: He could not sit still, he could not even seem to sit straight. He even had to change chairs in the south salon because he was facing a mirror, and when he spied his reflection, he looked so hangdog and pathetic he could not tolerate it.

Side by Side: Julia Quinn and Cecilia Grant | Insta-Love Book Reviews


Input: [A Gentleman Undone] …and of a sudden he was tired of fighting. Let them come, the sorrow and anger and bleakness and oh, the tireless self-recrimination that swirled up from the pit of his stomach like plumes of coal dust. He was nothing if not accustomed to their company. [A Night Like This]

Output: Something had rushed through his body, some kind of terror in the blood, and it had taken him hours to feel normal again. But this was worse. His stomach churned, and his lungs felt tight, and more than anything, he wanted to throw up. He knew fear. This went beyond fear.

Side by Side: Julia Quinn and Cecilia Grant | Insta-Love Book Reviews


Input: [A Gentleman Undone] …he’d gone with her into those depths, absorbing every bit of her fury because he was a man of limitless strength, limitless patience, limitless understanding for the frailties of others. [A Night Like This]

Output: …he was good man, an honorable man who knew right from wrong, and no matter how naughty his grins . . . She knew he would not hurt her.

Side by Side: Julia Quinn and Cecilia Grant | Insta-Love Book Reviews


Input: [No.] 1 [Grant] Half (½) of the total cost up to a maximum of $200.00 [Program and Description]

Output: Attic Insulation Upgrade A member can receive an energy grant for increasing their structure’s entire attic insulating value to R-49 or greater. Does not apply to homes built after 1/1/10. Click here for Insulation Chart.

Residential Rebates and Incentives | Sawnee EMC


Input: [No.] 2 [Grant] Up to $200 per home to be paid to the community agency that completes the work [Program and Description]

Output: Low Income Weatherization To assist in the weatherization of homes occupied by members considered low income. Sawnee can award a maximum of $200 to a local community agency that will provide weatherization assistance to the member.

Residential Rebates and Incentives | Sawnee EMC


Input: [No.] 3 [Grant] One time $30 rebate for removal of 2nd refrigerator or freezer [Program and Description]

Output: 2nd Refrigerator/Freezer Turn-In Sawnee EMC will pay an incentive and remove the unit for a member to replace their 2nd working refrigerator or freezer with a new ENERGY STAR model. The old unit must be at least 10 years old. Rebate does not apply to replacement of the main kitchen refrigerator.

Residential Rebates and Incentives | Sawnee EMC


Input: [No.] 4 [Grant] One time $100 rebate [Program and Description]

Output: Electric Hybrid Water Heater Sawnee will pay an incentive to a member for replacing an existing water heater with a new energy saving Heat Pump Water Heater.

Residential Rebates and Incentives | Sawnee EMC


Input: [No.] 5 [Grant] One time rebate of half (½) of the cost up to a maximum of $100 per home [Program and Description]

Output: Duct Sealing Incentive can be received for having a professional grade sealing of ductwork with mastic.

Residential Rebates and Incentives | Sawnee EMC


Input: [No.] 6 [Grant] Half (½) of the cost up to a maximum of $25 for each HVAC system [Program and Description]

Output: HVAC Tune Up Sawnee will pay an incentive for a member to have a professional air conditioner/heat pump “tune up” performed at their residence on the outside condensing unit. Does not apply to gas furnace tune ups.

Residential Rebates and Incentives | Sawnee EMC


Input: [No.] 7 [Grant] One time $5 per thermostat rebate [Program and Description]

Output: Program-It Sawnee will pay an incentive for submitting proof of programming a thermostat to Energy Star guidelines. Submitted pictures must clearly show all programmed settings on the thermostat. Members can submit their pictures at www.sawnee.com/programit

Residential Rebates and Incentives | Sawnee EMC


Input: [No.] 8 [Grant] Total annual credit of $36 per switch; paid through three (3) equal increments of $12 on the June, July and August billing statement [Program and Description]

Output: Central Cooling Load Management Switch For each central air conditioner or heat pump load management switch installed on the member’s equipment, Sawnee will provide an incentive. Member must own HVAC unit. Click here for more information

Residential Rebates and Incentives | Sawnee EMC


Input: For our everyday business purposes such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus [Can you limit this sharing?] NO

Output: YES


Input: For our marketing purposes such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus [Can you limit this sharing?] NO

Output: YES


Input: For joint marketing with other financial companies [Can you limit this sharing?] NO

Output: YES


Input: For our affiliates' everyday business purposes information about your transactions and experiences [Can you limit this sharing?] We don't share

Output: NO


Input: For our affiliates' everyday business purposes information about your creditworthiness [Can you limit this sharing?] We don't share

Output: NO


Input: For our affiliates to market to you [Can you limit this sharing?] We don't share

Output: NO


Input: For non-affiliates to market to you [Can you limit this sharing?] We don't share

Output: NO


Input: [Page] 6 [My Comments] Patry is correct here. Today’s copyright laws don’t make any sense and are nothing more than the result of several competing groups of people to carve out some benefits at the expense of each other. This is a recipe for unworkable laws. [Quote from Patry’s book]

Output: We will never fix our laws unless we clean house and start all over again, this time on a sound, empirical basis: Simply adding on to a failed structure will no longer work... No one should suggest that our copyright laws are rational, deliberate, unified policy instruments, carefully designed to achieve specific social and economic objectives.

How Not To Fix Copyright - My Response to William Patry - Socialist copyright law - Soviet Union | Mincov Law Blog


Input: [Page] 10 [My Comments] Why not have international treaties that would provide for compulsory donations of cars to those with arthritis? While we’re at it, why not have international treaties that would compel luxury restaurants to feed the hungry? If publishers do not want to make their works available to the blind, what right do we have to force them? [Quote from Patry’s book]

Output: An international treaty is necessary to make sure all books can be accessible by the blind. Accessibility can be accomplished through a combination of compulsory licenses and exceptions. Voluntary agreements among publishers, libraries, and blind groups are certainly necessary to the ultimate success, but a global, binding instrument is required to solve cross-border issues and to ensure minimum standards are met.

How Not To Fix Copyright - My Response to William Patry - Socialist copyright law - Soviet Union | Mincov Law Blog


Input: [Page] 11 [My Comments] Duh. Unfortunately, the rest of the book does not support this benevolence towards those “who wish to protect” their works from being used without authorization. [Quote from Patry’s book]

Output: My view is that copyright laws can serve valuable purposes: while they do not cause people to create in the first place and do not create economic or critical success, they do ensure that once works are created, those who wish to protect them and economically benefit can. We all should support this goal.

How Not To Fix Copyright - My Response to William Patry - Socialist copyright law - Soviet Union | Mincov Law Blog


Input: [Page] 12 [My Comments] You don’t make people happy by force. It is theirs, and they are entitled to say no if they want to, even if they choose to go hungry. Just because we can think of better business models does not mean that we should force them upon those who disagree. [Quote from Patry’s book]

Output: ...markets are still badly underserved by many copyright owners who cling to the ideology of property rights: “it’s mine and I can say no if I want to.” That attitude inhibits innovative services capable of putting the type of money in authors’ pockets that they deserve. You can’t eat ideology.

How Not To Fix Copyright - My Response to William Patry - Socialist copyright law - Soviet Union | Mincov Law Blog


Input: [Page] 16 [My Comments] Today, there are thousands of ways copyright owners can make their own works available to the public without the need to go through gatekeepers. According to YouTube, one hour of video is uploaded to YouTube every second. Even if 15% of that video constitutes original works not owned by somebody else, it is still very impressive. Just because the public is more interested in specific works that their owners do not wish to make available for free does not mean that there is no abundance. However, it also does not mean that those who do not want to contribute to the abundance should be forced to do it. [Quote from Patry’s book]

Output: The argument is that the protection against free riding that copyright provides also causes distributors to bring an abundance of works to market. In this argument, copyright is essential for abundance. The argument misapprehends markets and the role of law in markets. Historically, in mainstream culture, copyright law has been the legal device used by a few gatekeepers to control a winner-take-all marketplace of artificial scarcity, in which far fewer works are made available to the public than are created.

How Not To Fix Copyright - My Response to William Patry - Socialist copyright law - Soviet Union | Mincov Law Blog


Input: [Page] 17 [My Comments] I am wholeheartedly against government support of the art. If people don’t want to voluntarily support an artist on conditions that the artist would like to be supported, then the government should play no role in forcing the public to pay for the cause they do not support. As for the platforms, the argument is moot in the sense that such platforms already exist. If Patry is trying to make the argument that the government should force everyone to use such platforms, then again, the government should not force copyright owners to use one or the other model for distribution of their works. [Quote from Patry’s book]

Output: This doesn’t mean we have to rely entirely on government subsidies – the marketplace is fine for works by corporations and by the popular authors they support – but it does mean we need to find non-market ways for other authors and artists to obtain the necessary initial conditions to create. Aside from government subsidies and tax breaks, one way to encourage more and diverse authors and artists is to ensure that online platforms exist where creators can post their works in order to gain an audience, run advertisements against their works if they choose, or charge for downloads, streams, or other uses if choose. Such platforms are free to individuals and provide a way to avoid the gatekeeper lock on success.

How Not To Fix Copyright - My Response to William Patry - Socialist copyright law - Soviet Union | Mincov Law Blog


Input: [Page] 27 [My Comments] Whether the right to control the use of the works matters to artists may or may not be true. It is also irrelevant. What matters is that we should not force the authors to give up the right of control if they don’t want to, even if doing so would bring about a more steady income. Likewise, we should not subsidise authors whose works do not attract enough voluntary funding. We certainly do not want more authors and artists who take their steady income for granted regardless of their ability to convince enough people of the quality of their works. [Quote from Patry’s book]

Output: If we want more authors and artists, we must provide them with the economic ability to be authors and artists, above the fray for market share in a winner-take-all environment. It is not copyright for copyright’s sake that matters to authors and artists, but rather a steady income.

How Not To Fix Copyright - My Response to William Patry - Socialist copyright law - Soviet Union | Mincov Law Blog


Input: [Page] 35 [My Comments] And these corporations are in their right to do it. The purpose of modern antitrust laws is to destroy the successful for being successful and to support the impotent for being impotent. There is nothing wrong with monopolies if their monopolistic status is based on their ability to offer a product that everybody wants to buy. There is everything wrong with monopolies whose monopolistic status is based on the use of violence or on government restricting competition through licensing, certification and so on. Copyright is as natural a monopoly as it gets. Having a monopoly over a certain book does not create a monopoly over books as a class. Just because an author refuses to provide his book to the public on conditions he disagrees with does not deprive the public of the right to read other books. No one is entitled to something that would not have existed but for another person’s efforts. [Quote from Patry’s book]

Output: These corporations continually press for more draconian copyright laws (e.g., cutting off Internet access, harsh criminal penalties) while arguing for more relaxed antitrust laws. They bring lawsuits against consumer electronics companies and against online platforms offering authors and performers a way around gatekeeper obstacles.

How Not To Fix Copyright - My Response to William Patry - Socialist copyright law - Soviet Union | Mincov Law Blog


Input: [Page] 36 [My Comments] Patry is full of indignation towards Verdi and Brahms for they decided that they could afford to retire early. Of course, collectivist mentality suggests that they should have been enslaved to produce even more great works until the day they died. It goes back to the very simple question – “Should authors be allowed to exist for their own sake?” Or should they, in the words of Bernard Shaw, “justify their existence” … by showing that they are “pulling their weight in the social boat”? [Quote from Patry’s book]

Output: Giuseppe Verdi began his composing career before Italian copyright laws were passed. Although he and his publisher had previously developed work-arounds, after Italian laws were passed, Verdi was able to amass a considerable fortune. One effect of this success should be noted, however: Verdi made so much money he stopped composing. Johannes Brahms also made considerable sums as a result of the passage of copyright laws that enabled his publisher to prevent free-riding, and as a result retired early.

How Not To Fix Copyright - My Response to William Patry - Socialist copyright law - Soviet Union | Mincov Law Blog


Input: [Page] 38 [My Comments] That may be true, but this argument is based on the selective reference to pre-existing laws. If we are discussing what the laws should be, regardless of what they are, there is no reason why we should pay much attention to what the laws had been when they were first introduced. That in the eighteenth century England authors were treated as slaves does not mean that we should be doing the same in the twenty-first century. [Quote from Patry’s book]

Output: Copyright was an author’s right only in the sense of selling those rights on the cheap to booksellers: the great copyright dispute in England in the eighteenth century over whether copyright was a perpetual right was for good reason called the Battle of the Booksellers, and not the Battle of the Authors.

How Not To Fix Copyright - My Response to William Patry - Socialist copyright law - Soviet Union | Mincov Law Blog


Input: [Page] 39 [My Comments] Unfortunately, this is not the dilemma as it exists today. Copyright owners would be happy if consumers whose expectations they refused to meet would “go elsewhere to have their needs satisfied by others”. What happens in practice and what copyright owners try to combat is that consumers instead of going elsewhere take from copyright owners what copyright owners are not willing to give. We cannot speak of digital abundance if the abundance exists at the expense of producers whose works are being pirated. [Quote from Patry’s book]

Output: An important error made by policymakers in grasping the role of copyright in the world of digital abundance is the failure to appreciate that the underlying issue is pricing, not technology. Technology creates new consumer expectations about markets; those expectations can either be met – in which case copyright owners will make money according to those new markets and new expectations – or, as is often the case now, copyright owners can refuse to meet the new expectations, in which case consumers will go elsewhere to have their needs satisfied by others.

How Not To Fix Copyright - My Response to William Patry - Socialist copyright law - Soviet Union | Mincov Law Blog


Input: [Page] 39 [My Comments] It is always a pleasure to see famed libertarians quoted by someone who openly calls himself a “left-wing guy”. The purpose, of course, is to be perceived as someone balanced and objective. Consumers are not king in one very important aspect. While they can dictate what should be produced and in what quantity and quality, no collective desire of consumers can result in the creation of a specific work. It still takes a creator to produce the product. In this sense content will always be king. Whether that content is going to be welcomed by the consumers and generate income for the creator is a separate issue. [Quote from Patry’s book]

Output: As Ludwig von Mises pointed out, “producers do not produce tor their own consumption but for the market.” Content is not king, consumers are: “The real bosses … are the consumers. They, by their buying and by their abstention from buying, … determine what should be produced and in what quantity and quality.”

How Not To Fix Copyright - My Response to William Patry - Socialist copyright law - Soviet Union | Mincov Law Blog


Input: [Page] 41 [My Comments] And the only reason this happened was because of resistance of lobbies supporting free and unrestricted unauthorized use of works on the Internet. The only way to deal with such resistance was to use existing laws to combat emerging problems. It took many years before the “making available” right was recognized as a separate right. It is still not recognized as a separate right in Canada in 2012. The only way to prevent unauthorized streaming and downloading was (and in many countries still is) through reproduction right, which happens to cover transitory acts as well. Had ISPs were more cooperative with the copyright owners at the dawn of the Internet in at least the most outrageous of examples, today’s business models would have been a lot more reasonable. [Quote from Patry’s book]

Output: Unfortunately, through mistaken interpretations of the noun “copy,” the reproduction right has been wildly expanded in many countries, particularly the United States, to include transitory acts such as buffering, caching, or non-consumable versions that are necessitated by the automatic operation of computers or other digital technologies. None of these transitory acts has an independent economic value; that is, they do not harm copyright owners’ markets.

How Not To Fix Copyright - My Response to William Patry - Socialist copyright law - Soviet Union | Mincov Law Blog


Input: [Page] 43 [My Comments] And nothing has changed. Copyright has always been (and rightfully so) about control and access. There have been thousands of license agreements where one licensee would receive a license to reproduce songs on vinyl, while another licensee would receive a license to reproduce the same songs on tape. Copyright owners have always had the right to determine on which media their works are to be used by whom, and there is absolutely nothing wrong with it. [Quote from Patry’s book]

Output: In an effort to create scarcity in the digital environment, copyright owners have obtained rights that give them the power to regulate technologies developed by third parties and to control access to their works. Neither of these rights previously existed. Previously, the copyright laws were technology neutral: They did not regulate technologies, but rather they regulated uses of copyrighted material, regardless of the technology employed.

How Not To Fix Copyright - My Response to William Patry - Socialist copyright law - Soviet Union | Mincov Law Blog


Input: [Page] 47 [My Comments] Welcome to Soviet Union, comrade Patry. This is exactly the framework that existed in the Soviet Civil Code of 1964. According to s. 479 of this pinnacle of legal socialist thought, an author had the right (a) to publish, reproduce and distribute his work in any manner permitted by law under his name, pseudonym or anonymously; (b) to enforce integrity of his work and (c) to receive remuneration for the use of his work by third parties, unless otherwise prescribed by the law. The amount of remuneration was to be prescribed by the Government. On top of that, all potential licensees in the Soviet union were state-owned. And if that was not enough, the government always had a right to get a compulsory license for the use of any work. Authors should not get paid unless someone is voluntarily willing to pay to use their works. Likewise, consumers should not be entitled to use other people’s works unless they agree to such use. Having an exclusive right does you good if you value that right, and many authors do, regardless of whether they get paid to give it away or not. [Quote from Patry’s book]

Output: A new structure must provide twenty-first-century solutions to getting authors paid and giving the public access to their creations. This will involve in many (but certainly not all) cases changing the fundamental nature of copyright from a grant of exclusive rights into a right of remuneration: a right to be paid through statutory licensing, collective management of rights, and levies. Having an exclusive right does you no good if you can’t get paid.

How Not To Fix Copyright - My Response to William Patry - Socialist copyright law - Soviet Union | Mincov Law Blog


Input: [Page] 59 [My Comments] Oh, what contempt for free market! Free market is nothing but an indicator of willingness of consumers to obtain goods or services on certain conditions. If nobody wants to buy a certain book at a certain price, no copyright will (or should) help the author. All copyright does, like any property right or any other individual right, is it provides a framework of equal opportunities to present a product to the market. Today, when there is almost an indefinite number of ways to make one’s works available to the world, authors are free as never before to pursue success by selling directly to the public. Being able to lay a claim on their product is crucial in that pursuit. [Quote from Patry’s book]

Output: Copyright laws have, in practice, functioned as a way for government officials to placate authors, artists, and performers with the promise of monetary rewards, while throwing them on the mercy of the free market.

How Not To Fix Copyright - My Response to William Patry - Socialist copyright law - Soviet Union | Mincov Law Blog


Input: [Page] 59 [My Comments] And this is really at the heart of the problem that Patry does not see the moral case of copyright law. It has nothing to do with economic evidence, it has nothing to do with fair remuneration, it has nothing to do with technological measures. The only thing that matters is whether we want to treat authors as chattel existing for the benefit of the society, or as free people who have the right to exist for their own sake. [Quote from Patry’s book]

Output: Since Mr. Burnham could not challenge any of the empirical conclusions in the Gowers report, he instead relied on a previously unarticulated and undefined “moral case at the heart of copyright law.” We are truly at sea if our laws are to be enacted according to a moral case espoused in the face of unchallenged economic evidence refuting the minister’s brief.

How Not To Fix Copyright - My Response to William Patry - Socialist copyright law - Soviet Union | Mincov Law Blog


Input: [Page] 67 [My Comments] Using the same logic, if I rob a bank and spend all the money I stole in mom-and-pop stores in my neighbourhood, there is no loss. These expenditures will generate tax revenue, new jobs, infrastructural elements, and the range of other goods… No wonder socialists love redistribution of wealth. One of the slogans of the Russian socialist revolution “Steal the Stolen” was used to justify murders and “expropriation” of property from the rich. [Quote from Patry’s book]

Output: Within a given economy, the piracy of domestic goods is a transfer of income, not a loss. Money saved by consumers or businesses on CDs, DVDs, or software will not disappear, but rather be spent on other things – housing, food, or other entertainment, or other business expenses, and so on. These expenditures, in turn will generate tax revenue, new jobs, infrastructural investments, and the range of other goods that are typically in the loss column of industry analyses.

How Not To Fix Copyright - My Response to William Patry - Socialist copyright law - Soviet Union | Mincov Law Blog


Input: [Page] 69 [My Comments] That’s what I mean when I say that I respect comrade Patry for his honesty. Indeed, isn’t this a great thing that someone who creates something has less money, while those who steal it from him have more money? Great equation! [Quote from Patry’s book]

Output: Even if record labels make less money from the increase in sales of digital singles than they did from the peak year of CD sales (an unfair comparison in any event), the difference is a positive social benefit: Consumers are now able to spend money on what they do want and not on what they don’t. Record labels may have less money but we have more, and that’s a great thing for us and for society.

How Not To Fix Copyright - My Response to William Patry - Socialist copyright law - Soviet Union | Mincov Law Blog


Input: [Page] 75 [My Comments] Patry makes a valid point here, and this is a big problem with most supporters of stronger copyright laws. These three objectives on the surface seem like good reasons for having copyright laws, but as Patry brilliantly does in his book, they turn out to be shallow, because indeed, copyright does not provide true incentives for creativity, it does not enhance access to the works and it seldom generates much respect for creators through non-economic rights. The only valid reason for existence of copyright laws, in my opinion, is the extension of something we are all taught as children: “don’t take what is not yours, ask!” It is natural for authors, if we regard them as free individuals, and not slaves, to have the right to decide how to dispose of the results of their work. Because they cannot put a physical lock on their works and have armed guards protect it, they need to have a valid cause of action to go after those who choose to circumvent the market rules and obtain the benefit of using the works without giving the author what the author is selling the right to use his works for. Whether or not protection of authors benefits the society is utterly irrelevant. An argument can easily be made (and is being made more and more vocally today) that copyright actually hurts the society as a whole. So what! If we enslaved 30% of the world population and had them work for us for free, our society would have benefited even more. Imagine the world we could enjoy with all this free labour! [Quote from Patry’s book]

Output: Laws are effective only if they do what we want them to. What do we want copyright laws to do? The most popular things policymakers say copyright laws should do are (1) provide incentives for authors to create works they would not create in the absence of that incentive; (2) provide the public with access to those works; and (3) provide respect, via non-economic rights, for those who create cultural works.

How Not To Fix Copyright - My Response to William Patry - Socialist copyright law - Soviet Union | Mincov Law Blog


Input: [Page] 76 [My Comments] My answer to that is, again,– so what! Having the ability to charge monopoly prices for a particular work does not guarantee (as Patry himself argues in the same book) commercial success. If nobody wants to pay the monopoly price, the copyright owner either lowers the price or fails. No one is entitled to use the work at a price that the seller is not prepared to sell it for. Likewise, no one is entitled to build on their predecessor’ works to create new works if those predecessors actively oppose such use (I will deal with the issue of orphaned works below). True criticism is one of the very few legitimate reasons to allow unauthorized use of the very minimum of someone else’s works to make the point. Creating parodies and satirical works usually goes well beyond this requirement. As I wrote in my work on comparative copyright laws on parodies, Weird Al Yankovic sold 25 gold and platinum parody albums, but never had an urge to create unauthorized parodies! It is certainly possible to obtain permission to create parodies, and if the author of the original protests, don’t do it! Plain and simple. [Quote from Patry’s book]

Output: …granting rights to one group of authors places them at odds with later authors who want to build on their predecessors’ works to create new works; granting exclusive rights to copyright owners gives them the ability to protect their investment, but it also gives them the ability to charge monopoly prices and restrict access; granting authors the right to prevent uses for non-economic reasons protects reputational interests but also gives them the ability to suppress satirical works or uses that are socially beneficial but of which the author does not approve.

How Not To Fix Copyright - My Response to William Patry - Socialist copyright law - Soviet Union | Mincov Law Blog


Input: [Page] 78 [My Comments] The Soviet administrative system has, of course, done a much better job of figuring out how many poems and cantatas proletarians required in each specific 5-year plan. [Quote from Patry’s book]

Output: There is no substitute for the hard work of figuring out the complexities of creativity, including the very different markets for different types of works and the different cultural approaches taken around the world. It is not enough to say the free market will figure it out so we don’t have to.

How Not To Fix Copyright - My Response to William Patry - Socialist copyright law - Soviet Union | Mincov Law Blog


Input: [Page] 80 [My Comments] Excuse me? Outsourcing the heritage to the private sector? Wasn’t it the private sector that created the heritage? To say we are outsourcing something to the private sector implies that those doing the outsourcing are not in the private sector. I know that Mr. Patry declares consistently that his views are not those of Google, but is this an indication that he sees himself as part of the new world government machine? [Quote from Patry’s book]

Output: Whether intentionally or not, this legalistic approach to the nature of creativity results in outsourcing our cultural heritage to the private sector.

How Not To Fix Copyright - My Response to William Patry - Socialist copyright law - Soviet Union | Mincov Law Blog


Input: [Page] 80 [My Comments] Here is a very simple answer why copyright laws tend to help superstars: people like to buy the stuff that superstars produce, that’s why they are called superstars. There is no value in subsidising artists that nobody wants to listen to, whether or not this creates diverse works by diverse members of our society or not. Diverse members of our society have a million ways to deliver their works to the public. Just because they cannot find an audience willing to pay for their works does not mean that there is something wrong with copyright. [Quote from Patry’s book]

Output: I shall now explore why copyright laws have principally helped superstars and distributors. The point of this inquiry is not to argue for the abolition of copyright – something I disfavor – but rather to help create an evidence-based approach to how our copyright laws can work better in practice. Our copyright laws are, and have always been, a winner-take-all system. If that is the desired policy, then our copyright laws are working fine. If, however, the policy is to create diverse works by diverse members of our society in order to create a rich cultural heritage, then it is important to realize copyright laws never have accomplished that purpose.

How Not To Fix Copyright - My Response to William Patry - Socialist copyright law - Soviet Union | Mincov Law Blog


Input: [Page] 89 [My Comments] The gatekeepers have never been hostile to platforms like YouTube as such. They have been (and rightly so) hostile to unauthorized use of their property via such platforms. Big difference there. [Quote from Patry’s book]

Output: The hostility of gatekeepers to platforms like YouTube steins not from the existence of some unauthorized content on them, but rather from such platforms direct challenge to the superstar system.

How Not To Fix Copyright - My Response to William Patry - Socialist copyright law - Soviet Union | Mincov Law Blog