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Full-Text Articles in Business

Garbage In ≠ Garbage Out: Exploring Gan Resilience To Image Training Set Degradations, Nicholas Crino, Bruce A. Cox, Nathan B. Gaw Jan 2024

Garbage In ≠ Garbage Out: Exploring Gan Resilience To Image Training Set Degradations, Nicholas Crino, Bruce A. Cox, Nathan B. Gaw

Faculty Publications

Generative Adversarial Networks (GANs) have received immense attention in recent years due to their ability to capture complex, high-dimensional data distributions without the need for extensive labeling. Since their conception in 2014, a wide array of GAN variants have been proposed featuring alternative architectures, optimizers, and loss functions with the goal of improving performance and training stability. This manuscript focuses on quantifying the resilience of a GAN architecture to specific modes of image degradation. We conduct systematic experimentation to empirically determine the effects of 10 fundamental image degradation modes, applied to the training image dataset, on the Fréchet inception distance …


Three Essays On Risks In The Option And Cds Markets, Seyed-Erfan Sadeghi Jan 2024

Three Essays On Risks In The Option And Cds Markets, Seyed-Erfan Sadeghi

Theses and Dissertations (Comprehensive)

This dissertation comprises three essays investigating topics in insurance on debt and equity. The first essay utilizes patent groups as an indicator of technological proximity and demonstrates that climate risk associated with technology-related firms can predict the next quarter’s Credit Default Swap (CDS) for the focal firm. The findings indicate that a 24 basis point (bps) change in the next quarter’s CDS can be attributed to the spillover effect from technology-related companies. Sentiment analysis reveals that this outcome is primarily driven by concerns related to regulatory factors. Importantly, these results remain robust even after accounting for firm-specific characteristics and industry-fixed …


The Impact Of Sentiment On Iowa Farmland Values By Agricultural District, Skyler Kelly Jan 2024

The Impact Of Sentiment On Iowa Farmland Values By Agricultural District, Skyler Kelly

Honors Program Theses

No abstract provided.


Small Business Burnout: Reversing The Entrepreneurial Exit, Adele Kuruppu Jan 2024

Small Business Burnout: Reversing The Entrepreneurial Exit, Adele Kuruppu

Honors Program Theses

This thesis aims to review the current literature on entrepreneurial burnout, identify critical issues, evaluate and assess the research findings, and produce a plan for both new and experienced entrepreneurs to both avoid and minimize burnout. As a business and entrepreneurship student interested in opening a small business myself, I have become drawn to the topic of burnout and how it affects the family dynamic. Qualitative interviews revealed correlations between entrepreneurial characteristics and burnout as well as work-family conflict and burnout. By drawing from current literature and insight from small business owners, this study seeks to identify fundamental causes, symptoms, …


Impact Of Esg Initiatives On Stock Returns, Reagan Lommell Jan 2024

Impact Of Esg Initiatives On Stock Returns, Reagan Lommell

Honors Program Theses

In recent years, there has been an uproar of the term “ESG” to describe a firm’s risk on the environmental, social, and governmental aspects of their business. The term/concept was not new, per se, as it was referred to in other ways, such as “Triple Bottom Line,” PPP (People, Planet, Profit, SRI (Socially Responsible Investing (SRI), etc. With the recent traction, consumers as well as stakeholders, have become more concerned with how their business is being managed, especially in terms of environmental, social, and governance issues. While companies utilize many practices to promote the framework and subsequently add value to …


Displaced Worker Angst And Far Right Populism, Thomas E. Lambert Jan 2024

Displaced Worker Angst And Far Right Populism, Thomas E. Lambert

Faculty and Staff Scholarship

Background

Nothing causes more anguish and frustration than downward social mobility such as that experienced by less-educated workers and especially by displaced workers. Those who lose economic status lose more than income because they become so socially isolated that they are further frustrated through loneliness (Case and Deaton 2020). Hanna Arendt points out that lonely men are susceptible to authoritarian influence (1973, p. 475).

There is yet another aspect to the downward social mobility of low skilled men, namely that they are losing ground not only relative to social norms but also relative to the wages of low-skilled women. In …


Gender Difference On Internal Equity: Evidence From The Hospitality Industry In Ghana, Patricia Peprah Jan 2024

Gender Difference On Internal Equity: Evidence From The Hospitality Industry In Ghana, Patricia Peprah

Faculty Publications

It is a hypothetical position that employees in the hospitality industry in Ghana experience salary disparities based on the gender of the employee. Pay disparities exist because of unconscious biases in areas such as hiring, promotions, performance reviews, and salary decisions. In ensuring equal pay for equal work to fulfill the International Labor Organization (ILO) convention, this study investigated the internal equity pay of the employees in Ghana's hospitality industry based on equal work. This quantitative association study adopted a self-constructed research instrument to measure internal equity pay and randomly selected 350 respondents in the hospitality industry in Ghana to …


Meme Corporate Governance, Dhruv Aggarwal, Albert H. Choi, Yoon-Ho Alex Lee Jan 2024

Meme Corporate Governance, Dhruv Aggarwal, Albert H. Choi, Yoon-Ho Alex Lee

Articles

Can retail investors revolutionize corporate governance and make public companies more responsive to social concerns? Beginning in 2021, there was a dramatic influx of retail investors into the shareholder base of “meme” stock companies such as GameStop, AMC, and Bed Bath & Beyond. Observing the unprecedented, coordinated trading among retail investors, scholars and practitioners predicted that the influx of retail investors would reduce the power of large institutional investors and democratize corporate governance. These predictions were driven by three factors: generational, with assumptions that millennial and Gen Z investors would challenge corporate management; societal, reflecting growing discontent with slow progress …


Taxation And Corporate Governance, Reuven S. Avi-Yonah, Ariel Siman Jan 2024

Taxation And Corporate Governance, Reuven S. Avi-Yonah, Ariel Siman

Articles

Legal and economic scholars have examined the intersection between corporate governance and taxation; however, recent legal scholarship has generally focused on the interplay between director compensation, management measures in the face of the market for corporate control, and the double taxation of inter-corporate dividends. Other aspects of the relationship between corporate governance and taxation have received limited attention. This article aims to fill this gap in the literature. First, this paper discusses the corporate agency problem and the existing justifications for the corporate tax. Second, this paper argues that the corporate tax can be justified on the ground that it …


Interacting Action Of Alkali-Silica Reaction And Chloride-Induced Steel Corrosion On The Reinforced Concrete Structures – A Critical Review, Williams Dunu Dec 2023

Interacting Action Of Alkali-Silica Reaction And Chloride-Induced Steel Corrosion On The Reinforced Concrete Structures – A Critical Review, Williams Dunu

CSID Journal of Infrastructure Development

The degradation of reinforced concrete (RC) structures amidst the progression of corrosion within alkali-silica reaction (ASR)-affected structures is a complex phenomenon marked by diverse causal factors and repercussions. While the initiation phase of chloride-induced steel corrosion and ASR in RC structures has received extensive scrutiny, insufficient attention has been dedicated to comprehending the propagation phase (tp). Therefore, this study addresses this gap by centering its focus on the propagation phase, driven by the imperative need to formulate efficient and sustainable maintenance, repair, and management strategies for RC structures grappling with the concurrent impacts of degradation mechanisms such as ASR and …


The Impact Of Adopting Digital Twins In Urban Development, Mohammed Ali Berawi, Perdana Miraj, Mustika Sari Dec 2023

The Impact Of Adopting Digital Twins In Urban Development, Mohammed Ali Berawi, Perdana Miraj, Mustika Sari

CSID Journal of Infrastructure Development

The construction industry, which plays a pivotal role in urban development, has undergone a significant transformation in recent years. This transformation is largely marked by the rise of digitalization, a phenomenon fundamentally altering how we design, construct, and operate our urban environments. At the forefront of this paradigm shift is the notion of Digital Twins (DT), which entails a dynamic and virtual representation of tangible assets. Urban development has witnessed a growing adoption of this innovative approach to improve cities' infrastructure planning, construction, and management. Digital Twin enables real-time simulation and monitoring, enhancing performance and more informed decision-making. Therefore, implementing …


Assessment Of Infrastructure Development Approach In Newly Created Districts In Zambia: Case Study, Chimanga Kabwe, Musonda Innocent, Franco Muleya Dec 2023

Assessment Of Infrastructure Development Approach In Newly Created Districts In Zambia: Case Study, Chimanga Kabwe, Musonda Innocent, Franco Muleya

CSID Journal of Infrastructure Development

This article evaluates the infrastructure development plans in Zambia's newly established districts, primarily focusing on assessing their effectiveness. Infrastructure development encompasses various strategies, and this study investigates the factors influencing the selection of these strategies for implementing infrastructure projects in Zambia. Through structured interviews and questionnaires distributed to 500 respondents, the research highlights the critical role of community involvement. Communities play a pivotal role in identifying essential amenities, setting priorities for infrastructure construction, incorporating their ideas, and participating in the planning process for executing infrastructure projects. The analysis reveals that community members held varying perspectives on the significance of infrastructure …


Criteria For Assessing And Ensuring The Trustworthiness In Qualitative Research, Zia Ul Haq Kakar, Rizwana Rasheed, Aamir Rashid, Salma Akhter Dec 2023

Criteria For Assessing And Ensuring The Trustworthiness In Qualitative Research, Zia Ul Haq Kakar, Rizwana Rasheed, Aamir Rashid, Salma Akhter

Publications and Research

The trustworthiness of qualitative data has been debatable, yet it has strong support from its supporters. However, the importance and worth of qualitative data cannot be undermined. This paper presents a critical review of the trustworthiness of the qualitative data. The degree of trustworthiness of qualitative research can be measured by ensuring the credibility, transferability, dependability, and conformability of research design, process, and action. The guarantee of trustworthiness in qualitative research is more complex than in quantitative research due to its subjective nature. Many researchers and experts denied the generalizability of qualitative research. However, few researchers, like Guba (1985), developed …


Hotel Digital Capability: Dimensionality And Measurement, Lingling Fan, Chaowu Xie, Jiangchi Zhang, Songshan Huang, Xuequn Wang Dec 2023

Hotel Digital Capability: Dimensionality And Measurement, Lingling Fan, Chaowu Xie, Jiangchi Zhang, Songshan Huang, Xuequn Wang

Research outputs 2022 to 2026

While the significance of Hotel Digital Capability (HDC) has been acknowledged in the literature, limited attention has been given to its measurement. This study endeavors to identify the dimensions of HDC and construct a reliable measurement scale. A combined approach of qualitative and quantitative methods across three studies was employed to achieve the research objectives. Study 1, grounded in interviews, delineated HDC as a multidimensional construct encompassing digital basic capability, digital integration capability, digital application capability, and digital optimization capability. Building on the four-factor model identified in Study 1, Study 2 formulated an 18-item scale with robust measurement properties. Additionally, …


Learn From The Past, Covid-19 And Beyond: The Case Of Türkiye, Gül Erkol Bayram, Ali Turan Bayram, Melike Sak Dec 2023

Learn From The Past, Covid-19 And Beyond: The Case Of Türkiye, Gül Erkol Bayram, Ali Turan Bayram, Melike Sak

Journal of Mediterranean Tourism Research

The tourism sector has a delicate balance that is affected by its era. Political, economic, sociological problems and events affect the course of tourism, and when necessary, they can stop tourism movements. Epidemics affect tourism negatively. Covid-19 has a very different feature in terms of its effects on world tourism. In this context, the study examines the effects of Covid-19 on world and Turkish tourism. Within the scope of the study, related literature was reviewed, the effects of Covid-19 on world and Turkey tourism were examined with a qualitative approach. As a result, it can be expressed that travel restrictions …


Pengaruh Digital Marketing Dan Brand Image Terhadap Keputusan Pembelian Konsumen E-Commerce Shopee Di Kota Cilegon, Dini Fajar Lestari, Jihan Nur Azizah Dec 2023

Pengaruh Digital Marketing Dan Brand Image Terhadap Keputusan Pembelian Konsumen E-Commerce Shopee Di Kota Cilegon, Dini Fajar Lestari, Jihan Nur Azizah

Jurnal Administrasi Bisnis Terapan

This research aims to determine the influence of digital marketing and brand image on purchasing decisions of Shopee e-commerce consumers in Cilegon City. This type of research is quantitative with a sample size of 100 respondents. The data collection technique used was a questionnaire. The data analysis method in this research is multiple linear regression analysis using SPSS software. The research results show that the digital marketing variable has a significant effect on purchasing decisions with a t-count value of 2.613 > t-table 1.985, and a significance value of 0.010 < 0.05. The brand image variable does not have a significant effect on purchasing decisions with a t-value of 0.794 < t-table 1.985, and a significance value of 0.429 > 0.05. Furthermore, digital marketing and brand image simultaneously influence purchasing decisions …


Implementasi Social Entrepreneur Dalam Umkm: Studi Kasus Program Csr “Umkm Kopi Tarzzan” Pt Geo Dipa Energi (Persero), Denindra Dwiputra Margono, Feriska Ajeng Anantri Dec 2023

Implementasi Social Entrepreneur Dalam Umkm: Studi Kasus Program Csr “Umkm Kopi Tarzzan” Pt Geo Dipa Energi (Persero), Denindra Dwiputra Margono, Feriska Ajeng Anantri

Jurnal Administrasi Bisnis Terapan

Social problems lead to situations or conditions that disrupt the welfare and harmony of society, social problems have a difference between expectations and reality or as a gap between the existing situation and the situation that should be. One of the social problems that occur in Indonesia is poverty. Poverty is a state of deprivation such as food & drink, housing, and clothing. Poverty is related to low levels of education, health, and employment. One solution to the problem of poverty is to carry out CSR programs carried out by the Company. One of the companies that implement the program …


Analisis Pengaruh Kebijakan Fiskal Dan Moneter Terhadap Tingkat Pengembalian Saham Indonesia Tahun 2015-2019, Annisa Ramadhanti, Muthia Pramesti Dec 2023

Analisis Pengaruh Kebijakan Fiskal Dan Moneter Terhadap Tingkat Pengembalian Saham Indonesia Tahun 2015-2019, Annisa Ramadhanti, Muthia Pramesti

Jurnal Administrasi Bisnis Terapan

This study aims to analyze the effect of fiscal and monetary policies projected by variables of state revenue income, government spending, inflation rates, and interest rates on the projected rate of return on stocks in Indonesia through returns or returns on the JCI. The data used is secondary data taken from various source in the form of monthly data from 2015 to 2019. The analytical method used in this study is multiple regression analysis to see the effect of all the independent variables on the dependent variable. The results of the study show that the variables of fiscal policy in …


The Role Of Live Streaming In Building Consumer Trust, Engagement, And Purchase Intention In Indonesian Social Commerce Thrift Clothes Sellers, Amyra Salsabela Yasser, Gita Gayatri Dec 2023

The Role Of Live Streaming In Building Consumer Trust, Engagement, And Purchase Intention In Indonesian Social Commerce Thrift Clothes Sellers, Amyra Salsabela Yasser, Gita Gayatri

ASEAN Marketing Journal

Manuscript type: Research Article

Research Aims: Examine the relationship between shopping values consumers perceive during live streaming and their trust, engagement, and intention to purchase from Indonesian social commerce thrift clothes sellers.

Design/methodology/approach: Data was gathered through an online survey from consumers who have watched a live-streaming session of an online thrift clothes shop on Instagram. Data were analysed using covariance-based Structural Equation Modelling (SEM).

Research Findings: The output shows that only the utilitarian value of live stream positively affects trust in products and sellers. The variable engagement was only significantly affected by hedonic value. Additionally, the only …


How Do Firms Use Social Media: Topic Modeling Of Twitter Brand Posts Of Four Indonesian Skincare Brands, Annisafira L. Lestari, Arga Hananto Dec 2023

How Do Firms Use Social Media: Topic Modeling Of Twitter Brand Posts Of Four Indonesian Skincare Brands, Annisafira L. Lestari, Arga Hananto

ASEAN Marketing Journal

Manuscript type: Empirical paper

Research Aims: This paper aims to identify the topics of social media posts (on Twitter) from local skincare brands in Indonesia.

Design/methodology/approach: This descriptive study applied text analysis methods, specifically frequency analysis and topic modeling with the Latent Dirichlet Allocation (LDA) method. Data were collected from the top four skincare brands with over 10,000 followers using Twitter Academic API interfaced through the Twarc package in Python. The dataset contained 1290 tweets from Wardah, 17,491 tweets from Avoskin, 1,968 tweets from Somethinc, and 590 tweets from Whitelab. The data analysis used quanteda and …


The Effect Of Social Media Brand Engagement On Customer Brand Loyalty: A Study On Skincare Brands Customers In Indonesia, Dodi Ria Atmaja, Riska Ware Arum Sari Dec 2023

The Effect Of Social Media Brand Engagement On Customer Brand Loyalty: A Study On Skincare Brands Customers In Indonesia, Dodi Ria Atmaja, Riska Ware Arum Sari

ASEAN Marketing Journal

Abstract

Manuscript type: Research Paper

Research Aims: This research aims to examine the impact of brand engagement on social media on consumer brand loyalty (BL), by investigating the moderating roles of brand co-creation, brand trust, and brand experience variables.

Design/methodology/approach: The study employed a purposive sampling method, involving 230 respondents. The data was analyzed using Structural Equation Modeling (SEM).

Research Findings: The results show that brand experience can moderate the impact of brand co-creation (BCC) on brand loyalty (BL). However, social media brand engagement does not always have a direct impact on brand loyalty (BL), suggesting that other factors may …


Effect Of Influencer Marketing Strategy On Consumer Behaviour In Fast Moving Consumer Goods Firms In Ghana, Pearl Fafa Bansah, Vanessa Gaffar, Disman Disman, Ayu Krishna Yuliawati Dec 2023

Effect Of Influencer Marketing Strategy On Consumer Behaviour In Fast Moving Consumer Goods Firms In Ghana, Pearl Fafa Bansah, Vanessa Gaffar, Disman Disman, Ayu Krishna Yuliawati

ASEAN Marketing Journal

Manuscript type: Research paper

Research Aims: This study examines the influence of influencer marketing strategies on consumer purchasing behaviour among fast-moving consumer goods (FMCG) companies in Ghana.

Design/methodology/approach: This study employs an explanatory (causal) research design. A 31-item questionnaire split into four categories was used to collect quantitative data. An online questionnaire was sent to FMCG consumers in Ghana's Greater Accra and Ashanti Regions, aged 18–48 years and older. Multiple regression analysis was performed to establish relationships between the study variables.

Research Findings: The findings showed that YouTube is the most popular social media platform among Ghanaian users, …


The Influence Of Risk Aversion On Brand Loyalty With Brand Trust And Brand Affect As Mediating Variables, Nurfuad Wicaksono Dec 2023

The Influence Of Risk Aversion On Brand Loyalty With Brand Trust And Brand Affect As Mediating Variables, Nurfuad Wicaksono

ASEAN Marketing Journal

Currently cosmetic products are no longer only intended for women, but also for men. Thus, creating opportunities and a conducive environment for the emergence of new companies. With the increasing number of companies in the men's cosmetic industry today, how to build brand loyalty is one of the biggest challenges companies will face. This study aims to explore the relationship between risk aversion and brand loyalty, and test whether this relationship is mediated by brand trust and brand affect on the purchase of cosmetic and body care products by men. The selection of the sample was carried out using a …


Is A Ban On Non-Competes Supported By Empirical Evidence?, Sarah Oh Lam, Thomas Lenard, Scott Wallsten Dec 2023

Is A Ban On Non-Competes Supported By Empirical Evidence?, Sarah Oh Lam, Thomas Lenard, Scott Wallsten

Fordham Journal of Corporate & Financial Law

The U.S. Federal Trade Commission (FTC) has proposed a rule to declare virtually all non-compete agreements unfair methods of competition under Section 5 of the FTC Act and therefore, illegal. However, the empirical literature on non-compete agreements cited by the FTC in its Notice for Proposed Rulemaking (“NPRM”) shows mixed results on earnings, job creation, firm formation, entrepreneurship, training, investment, and firm value. Evidence in other current studies also does not support an economy-wide ban. The FTC concludes that the proposed rule would yield net benefits even though by its own admission it lacks the information necessary to conduct a …


Outsourcing Voting To Ai: Can Chatgpt Advise Index Funds On Proxy Voting Decisions?, Chen Wang Dec 2023

Outsourcing Voting To Ai: Can Chatgpt Advise Index Funds On Proxy Voting Decisions?, Chen Wang

Fordham Journal of Corporate & Financial Law

Released in November 2022, Chat Generative Pre-training Transformer (“ChatGPT”), has risen rapidly to prominence, and its versatile capabilities have already been shown in a variety of fields. Due to ChatGPT’s advanced features, such as extensive pre-training on diverse data, strong generalization ability, fine-tuning capabilities, and improved reasoning, the use of AI in the legal industry could experience a significant transformation. Since small passive funds with low-cost business models generally lack the financial resources to make informed proxy voting decisions that align with their shareholders’ interests, this Article considers the use of ChatGPT to assist small investment funds, particularly small passive …


The Public’S Companies, Andrew K. Jennings Dec 2023

The Public’S Companies, Andrew K. Jennings

Fordham Journal of Corporate & Financial Law

This Essay uses a series of survey studies to consider how public understandings of public and private companies map into urgent debates over the role of the corporation in American society. Does a social-media company, for example, owe it to its users to follow the free-speech principles embodied in the First Amendment? May corporate managers pursue environmental, social, and governance (“ESG”) policies that could reduce short-term or long-term profits? How should companies respond to political pushback against their approaches to free expression or ESG?

The studies’ results are consistent with understandings that both public and private companies have greater public …


Expanding Mfw: Delaware Law Should Offer A Business Judgment Rule Safe Harbor For All Conflicted Controller Transactions, Alex Lindsey Dec 2023

Expanding Mfw: Delaware Law Should Offer A Business Judgment Rule Safe Harbor For All Conflicted Controller Transactions, Alex Lindsey

Fordham Journal of Corporate & Financial Law

While courts usually defer to a board’s business decisions under the business judgment rule, courts will apply a much less deferential standard of review due to loyalty concerns if a conflicted controller is involved in a business decision such as a merger. However, in Kahn v. M & F Worldwide (“MFW”) when a squeeze out merger was challenged by a minority stockholder, the Delaware Supreme Court reviewed the transaction under the deferential business judgment rule standard because the Court found that the structure of the transaction neutralized the controller loyalty concerns. Building on this reasoning, the Court developed a checklist …


The Problem With The “Non-Class” Class: An Urgent Call For Improved Gatekeepers In Merger Objection Litigation, Josh Molder Dec 2023

The Problem With The “Non-Class” Class: An Urgent Call For Improved Gatekeepers In Merger Objection Litigation, Josh Molder

Fordham Journal of Corporate & Financial Law

Until recently, class actions dominated merger objection litigation. However, plaintiff’s lawyers have constructed a “non-class” class where an individual suit can benefit from the leverage of a certified class without ever meeting the stringent class certification requirements of Federal Rules of Civil Procedure 23. This new development has initiated a shift in merger objection litigation where plaintiffs are increasingly filing individual suits instead of class actions. However, this shift has left shareholders vulnerable to collusive settlements because plaintiff’s attorneys have significant control over these suits and a strong incentive to settle quickly for a substantial fee. Additionally, corporate defendants are …


Loophole Entrepreneurship, Brian M. Sirman Dec 2023

Loophole Entrepreneurship, Brian M. Sirman

Fordham Journal of Corporate & Financial Law

All entrepreneurs seek favorable legal or regulatory treatment for their businesses. Sometimes this leads an entrepreneur to build a business within a gap in the law—a loophole. In so doing, these “loophole entrepreneurs” may avoid steep regulatory compliance costs that otherwise would beset (or perhaps prohibit) their businesses, thereby gaining advantages over competitors. Despite these benefits, loophole entrepreneurship is fraught with risks. Loopholes, by nature, are fragile, and their contours are often uncertain. Moreover, the stigma of “exploiting a loophole” (which connotes unfairness or deception) can provoke ill will among competitors, policymakers, and the public.

The ranks of loophole entrepreneurs …


Divined Comity: Assessing The Vitamin C Antitrust Litigation And Updating The Second Circuit’S Prescriptive Comity Framework, William Weingarten Dec 2023

Divined Comity: Assessing The Vitamin C Antitrust Litigation And Updating The Second Circuit’S Prescriptive Comity Framework, William Weingarten

Fordham Journal of Corporate & Financial Law

In re Vitamin C Antitrust Litigation, recently decided by the Second Circuit, sets a grave precedent for American plaintiffs seeking redress for antitrust injuries wrought by foreign defendants. The case involved a group of Chinese manufacturers and exporters of vitamin C, who conspired to fix prices and restrict output in the export market, injuring American consumers in import commerce. The foreign manufacturers conceded that they had colluded in fixing prices and restricting output, in flagrant violation of U.S. antitrust law. And yet, with the assistance of the Chinese government—intervening as amicus curiae—the defendants were successfully able to argue, on appeal …