On November 23, 2023, Innovation, Science, and Economic Development (ISED) Canada concluded its auction of spectrum licenses in the 3800 MHz band, which is an important band for 5G wireless service. The auction used a clock auction format with intra-round bidding to allocate thousands of spectrum licenses. The design followed a two-stage process in which generic licenses were allocated in the first stage, and then specific frequencies were assigned in a subsequent assignment stage.
The Secretariat team of Allan Ingraham, Shreyas Ravi, and William Schwartz supported the Canadian government as independent verifiers of the 3800 MHz auction. In this role, the Secretariat team independently verified the software that ISED used to conduct the 3800 MHz auction. We then verified the accuracy of the results from the assignment stage of the auction.
The 3800 MHz auction lasted 21 bidding days. It began on October 24, 2023, and it successfully concluded on November 24, 2023. The auction raised $2.158 billion Canadian for the allocation of 4,099 licenses via competitive bidding.
The auction licensing framework and the provisional results are both available on ISED’s website: auction licensing framework, provisional results.
New York and California Step Forward as Federal Enforcement Retreats
As federal regulatory priorities narrow under the Trump administration, state attorneys general and financial regulators are preparing to take on a more active role in white collar and securities enforcement. With the DOJ and the SEC recalibrating their focus, states such as New York and California are asserting their authority to fill gaps in corporate oversight.
Policy News and Stock Market Volatility
When it comes to explaining stock market volatility, the story is rarely straightforward. In their article Policy News and Stock Market Volatility for the Journal of Financial Economics, Director Kyle Kost and coauthors Scott R. Baker, Nicholas Bloom, and Steven J. Davis revisit Robert Shiller’s 1981 finding that stock market fluctuations cannot be fully explained by realized future dividends.
This article focuses on the two main dispute mechanisms under the Premier League’s Rules: disciplinary proceedings under Rule W and arbitration under Rule X. The article also looks at the role of experts in both sets of proceedings.