The somatic mutation theory (SMT) of cancer has been and remains the prevalent theory attempting to explain how neoplasms arise and progress. This theory proposes that cancer is a clonal, cell-based disease, and implicitly assumes that quiescence is the default state of cells in multicellular organisms. The SMT has not been rigorously tested, and several lines of evidence raise questions that a...

I n this article on "Mises and Hayek on Calculation and Knowledge ," Leland Yeager argues against the view recently propounded by Murray Rothbard, Jeffrey Herbener, and myself that calculation and knowledge constitute separate and distinct problems of economic organization and that Ludwig von Mises attributed the impossibility of socialism exclusively to its inability to solve the former proble...

Secure multiparty computation (MPC) allows multiple parties to evaluate functions without disclosing the private inputs. Secure comparisons (testing equality and greater-than) are important primitives required by many MPC applications. We propose two equality tests for `bit values with O(1) online communication that require O(`) respectively O(κ) total work, where κ is a correctness parameter. ...

This paper studies the optimal compensation problem between shareholders and the agent in the Leland (1994) capital structure model, and finds that the debt-overhang effect on the endogenous managerial incentives lowers the optimal leverage. Consistent with data, our model delivers a negative relation between pay-performance sensitivity and firm size, and the interaction between debt-overhang a...

In this paper, we extend the framework of Leland (1994b) who proposed a structural model of roll-over debt structure in a Black-Scholes framework to the case of a double exponential jump diffusion process. We consider a trade-off model with firm’s parameters as firm risk, riskfree interest rate, payout rate as well as tax benefit of coupon payments, default costs, violation of the absolute prio...