Finance
Livingston County Sheriff's Office accused of breaking campaign finance law by hosting Trump visit
HOWELL, Mich. (WXYZ) — The Michigan Bureau of Elections is now investigating allegations that the Livingston County Sheriff’s Office violated the state’s Campaign Finance Act by hosting former President Donald Trump this week.
On Tuesday Livingston County Sheriff Michael Murphy and his department hosted Trump for a “press conference,” but thousands of residents online took issue saying they found it largely inappropriate.
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Now we’re learning it may also be against Michigan law.
“Folks tend to be very very passionate about politics,” said Sheriff Michael J. Murphy in a Facebook video he posted previewing the event.
7 News Detroit reached out to Research Professor Emeritus at The Center for Political Studies at the University of Michigan, Michael Traugott, to ask if he has ever heard of a sheriff’s department doing something like this in the past.
Traugott responded, “Well it’s not very common because of the fact that it’s illegal.”
He’s referring to the Michigan Campaign Finance Act which says “public body or a person acting for a public body shall not use or authorize the use of funds, personnel, office space, computer hardware or software, property, stationery, postage, vehicles, equipment, supplies, or other public resources” to support political candidates.
7 News Detroit reached out the Sheriff Murphy asking for an interview and he gave our team the following statement, “I don’t believe I violated the Campaign Finance Act. I welcome the investigation.”
Traugott said Sheriff Murphy has been found guilty of breaking campaign finance laws before in 2018 and was fined $100 to the state and another $100 to the county.
“Which is essentially just a slap on the wrist and, obviously, didn’t dissuade him from doing this again,” said Traugott.
The controversy comes as on August 7 JD Vance held an event at the Shelby Township Police Department to “deliver remarks.”
JD Vance blasts Kamala Harris on illegal immigration in Shelby Township
Traugott said he believes these events are being called “remarks” and “press conferences” to avoid being labeled political events.
He added that if Sheriff Murphy is found in violation of the Michigan Campaign Finance Act there is a fine of up to $1,000 and, “In the end, the voters will have to decide how they feel about this because he’s an elected official.”
Once a determination in the investigation is made, it will be made public here.
Finance
Saudi Finance Firm’s $264 Million IPO Gets $35 Billion in Orders
Finance
American Public Education Reports Third Quarter 2024 Financial Results
Net Income & Adjusted EBITDA Performance Driven by Further Stabilization and Improvement in Rasmussen and Hondros Segments
CHARLES TOWN, W.Va., Nov. 12, 2024 /PRNewswire/ — American Public Education, Inc. (Nasdaq: APEI), a portfolio of education companies providing online and campus-based postsecondary education and career learning to over 125,000 students through four subsidiary institutions, has reported unaudited financial and operational results for the third quarter ended September 30, 2024.
“The third quarter demonstrated continued progress in the goals we set out at the beginning of this year,” said Angela Selden, President and Chief Executive Officer of APEI. “In the third quarter of 2024, Rasmussen had its first positive year over year enrollment comparison since our acquisition of the business and we expect continued momentum in that business. Hondros continues to show improvement in the third quarter and we expect further enrollment growth in the fourth quarter of this year.”
“We remain on track to deliver on the expectations we set out at the beginning of this year. We maintained that Rasmussen would be EBITDA positive in the second half of 2024 and we are on track to deliver. We are confident in our revenue, net income and Adjusted EBITDA outlook in 2024.
We believe the steps we have taken throughout last year and this year are leading to greater student engagement and outcomes and will continue to be reflected in the financial results and provide greater long term shareholder value,” concluded Selden.
Finance
The Historian’s Notebook: The Nobel Laureate Who Pioneered Modern Behavioral Finance at Yale
The Historian’s Notebook: 50 Years of Business & Society is a blog series created in preparation for the 50th anniversary of Yale SOM in September 2026. The series is written by Yale SOM’s resident historian, Michelle Spinelli. Reach out if you have an idea for a blog post, memories or photos to share, or an inquiry about SOM history.
One Thursday in January 2014, Yale SOM students, faculty, and staff packed Zhang Auditorium in the newly opened Edward P. Evans Hall to listen to Robert Shiller, now the Sterling Professor Emeritus of Economics, reprise his 2013 Nobel Prize lecture, “Speculative Asset Prices.” Nicholas Barberis, the Stephen and Camille Schramm Professor of Finance at SOM, introduced Shiller as being responsible for “some of the most innovative work of any economist in his generation.”
Just a few weeks prior, Shiller had accepted the Nobel Prize in Economic Sciences along with Eugene F. Fama and Lars Peter Hansen for research that showed that while the price of stocks and other assets cannot be predicted accurately in the very short term, more accurate predictions can be made over a period of years.
Shiller’s research, widely viewed as the starting point for modern behavioral finance, examined stock prices over the previous century and concluded that they were too volatile to be explained only by investors rationally forecasting future dividends. Instead, Shiller argued, irrational thinking, like bias and emotion, played a role. Shiller challenged the efficient market hypothesis, which holds that securities prices properly reflect all available information. The argument “got me in a lot of trouble,” Shiller later remarked, because many thought it oversimplified the place of dividends in the stock market.
Shiller’s work has helped to explain market volatility and the speculative bubbles that can be fueled by mass misinformation and herd instinct. He predicted the collapse of both the dot-com bubble and the U.S. subprime housing bubble. Shiller has also written syndicated articles and books for popular audiences, including Irrational Exuberance, an analysis and explication of speculative bubbles that focuses on real estate and the stock market, and Animal Spirits, an exploration of the government’s role in restoring confidence in the economy, which he co-authored with fellow Nobel laureate George Akerlof.
The audience at Zhang Auditorium was particularly eager to hear Shiller’s talk because of his central role in making Yale SOM a leader in behavioral finance research—the field he pioneered while at Yale. He was instrumental, for example, in facilitating a 2004 grant of $1.6 million from Yale College alum Andrew Redleaf and his company, Whitebox Advisors; the grant enabled the International Center for Finance to engage in more behavioral finance research initiatives, expand outreach, and establish the Yale Summer School in Behavioral Finance, now a widely known program.
Shiller has also attracted faculty with interest in behavioral finance to the school, including Kelly Shue, James Choi, and Barberis, who said he came to SOM in 2004 “to continue the tradition of the work that Shiller began.”
With Shiller’s support and encouragement, Barberis launched the Yale Summer School in Behavioral Finance in 2009. The one-week intensive course of study is offered every two years and educates PhD students from across the globe on path-breaking research. The summer school has now hosted close to 400 students, many of whom have become prominent behavioral finance researchers in their own right.
Shiller retired in 2022, but behavioral finance remains a core area of research and exploration at the school. “Inspired by Bob’s example, SOM faculty and graduate students have been producing remarkable behavioral finance research that has made Yale one of the leading centers, if not the leading center, for innovation in this field,” Barberis says.
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