Investing Online: Concerns about the Evolving Use of the Internet as an Investment Tool in the Secondary Market Context

La croissance dramatique du commerce électronique des titres cache un grand potentiel pour les investisseurs, de même que pour l’industrie des valeurs mobilières en général. Prenant en considération ses risques particuliers, les autorités réglementaires vivent un défi important face à l’Internet en tant que nouveau moyen d’investir. Néanmoins, malgré l’évolution technologique, les objectifs fondamentaux et l’approche des autorités réglementaires restent similaires à ce qui se produit présentement. Cet article analyse l’impact de l’Internet sur le commerce des valeurs mobilières en se concentrant sur les problèmes soulevés par l’utilisation de ce nouveau moyen de communication dans le contexte du marché secondaire. Par conséquent, son objectif est de dresser le portrait des plaintes typiques des investisseurs, de même que celui des activités frauduleuses en valeurs mobilières propres au cyberespace. L’auteur fait une synthèse des développements récents en analysant l’approche des autorités réglementaires, les études doctrinales, la jurisprudence et les cas administratifs. L'auteure désire remercier la professeure Raymonde Crête pour ses précieux commentaires et conseils.

Les simulations militaires pratiquées au sein d’organisations civiles au Québec : une analyse des apprentissages stratégiques, tactiques et opérationnels

La pratique de simulations militaires ne cesse de croître en popularité au sein de la population civile québécoise, et nous en savons jusqu’à maintenant très peu sur ces activités marginales et sur le risque que peuvent poser de tels entraînements. En considérant divers processus d’apprentissage, nous nous intéressons aux simulations militaires pour mieux comprendre la façon dont ces apprentissages peuvent mener à la création d’un capital préjudiciable pouvant expliquer un passage à des actes de violence extrême. Nous proposons et appuyons empiriquement une approche sociocriminologique visant à mieux comprendre ce qu’on appelle la radicalisation violente, en avançant que tout comportement délinquant doit être appris, au même titre que n’importe quel autre comportement, ce qui suggère inévitablement qu’une certaine compétence est nécessaire pour exécuter un acte délinquant. Ainsi, nous posons la question de recherche suivante : comment pourrions-nous mieux comprendre le processus menant à la commission d’un acte de violence extrême en nous intéressant aux apprentissages découlant de simulations militaires et menant au développement d’un capital préjudiciable? En utilisant une méthodologie mixte comprenant des observations, des questionnaires et des entretiens, nous faisons ressortir que l’étude de la radicalisation dans une perspective uniquement idéologique est insuffisante pour dresser un portrait complet de ce phénomène complexe. Même si nos résultats démontrent que, dans les communautés que nous avons étudiées, de nombreux affects positifs amènent les participants à adopter des comportements prosociaux, nous établissons aussi qu’ils développent un capital préjudiciable. Ces affects positifs se présentent sous différentes formes de contrôle social informel issues des normes sociales dominantes, de la pluralité des acteurs et des personnalités influentes du milieu. Quant au capital préjudiciable, il provient premièrement d’apprentissages de techniques de combat avancées pouvant faciliter la commission d’actes de violence extrême. Les participants apprennent notamment le maniement tactique d’armes à feu et d’autres engins explosifs improvisés. De plus, nous soutenons que ces activités peuvent avoir un impact sur leur jugement moral, puisqu’elles présentent plusieurs formes de banalisations pour des pratiques liées à la commission d’un acte violent. Parmi celles-ci, nous soulignons que l’activité consiste à pointer et tirer quelqu’un avec une arme de manière répétitive, alors que les participants rationalisent ces actions en utilisant un vocabulaire qui ne décrit pas concrètement les gestes violents qu’ils commettent.

Energetic Polymers

High energy materials are essential ingredients in both rocket and explosive formulations. These can be vulnerable due to maltreatment. During gulf war, several catastrophic accidents have been reported from their own payload munitions. The role of energetic binders here was to wrap the explosive formulations to convert it into insensitive munitions. With the aid of energetic binders, the explosive charges are not only protected from tragic accidents due to fire, bullet impact, adjacent detonation, unplanned transportation, but also form total energy output presumption. The use of energetic binders in rocket propellants and explosive charges has been increased after the Second World War. Inert binders in combination with energetic materials, performed well as binders but they diluted the final formulation. Obviously the total energy output was reduced. Currently, the research in the field of energetic polymers is an emerging area, since it plays crucial role in insensitive munitions. The present work emphasises on the synthesis and characterization of oxetanes, oxiranes and polyphosphazene based energetic polymers. The thesis is structured into six chapters. First part of chapter 1 deals with brief history of energetic polymers. The second part describes a brief literature survey of energetic polymers based on oxetanes and oxiranes. Third and fourth parts deal with energetic plasticizers and energetic polyphosphazenes. Finally, the fifth part deals with the various characterization techniques adopted for the current study and sixth part includes objectives of the present work.

Zum Querkrafttragverhalten von UHPC-Balken mit kombinierter Bewehrung aus Stahlfasern und Stabstahl

Ultrahochfester Beton besitzt aufgrund seiner Zusammensetzung eine sehr hohe Druckfestigkeit von 150 bis über 200 N/mm² und eine außergewöhnlich hohe Dichtigkeit. Damit werden Anwendungen in stark belasteten Bereichen und mit hohen Anforderungen an die Dauerhaftigkeit des Materials ermöglicht. Gleichzeitig zeigt ultrahochfester Beton bei Erreichen seiner Festigkeit ein sehr sprödes Verhalten. Zur Verhinderung eines explosionsartigen Versagens werden einer UHPC-Mischung Fasern zugegeben oder wird eine Umschnürung mit Stahlrohren ausgebildet. Die Zugabe von Fasern zur Betonmatrix beeinflusst neben der Verformungsfähigkeit auch die Tragfähigkeit des UHPC. Das Versagen der Fasern ist abhängig von Fasergeometrie, Fasergehalt, Verbundverhalten sowie Zugfestigkeit der Faser und gekennzeichnet durch Faserauszug oder Faserreißen. Zur Sicherstellung der Tragfähigkeit kann daher auf konventionelle Bewehrung außer bei sehr dünnen Bauteilen nicht verzichtet werden. Im Rahmen des Schwerpunktprogramms SPP 1182 der Deutschen Forschungsgemeinschaft (DFG) wurden in dem dieser Arbeit zugrunde liegenden Forschungsprojekt die Fragen nach der Beschreibung des Querkrafttragverhaltens von UHPC-Bauteilen mit kombinierter Querkraftbewehrung und der Übertragbarkeit bestehender Querkraftmodelle auf UHPC untersucht. Neben einer umfassenden Darstellung vorhandener Querkraftmodelle für Stahlbetonbauteile ohne Querkraftbewehrung und mit verschiedenen Querkraftbewehrungsarten bilden experimentelle Untersuchungen zum Querkrafttragverhalten an UHPC-Balken mit verschiedener Querkraftbewehrung den Ausgangspunkt der vorliegenden Arbeit. Die experimentellen Untersuchungen beinhalteten zehn Querkraftversuche an UHPC-Balken. Diese Balken waren in Abmessungen und Biegezugbewehrung identisch. Sie unterschieden sich nur in der Art der Querkraftbewehrung. Die Querkraftbewehrungsarten umfassten eine Querkraftbewehrung aus Stahlfasern oder Vertikalstäben, eine kombinierte Querkraftbewehrung aus Stahlfasern und Vertikalstäben und einen Balken ohne Querkraftbewehrung. Obwohl für die in diesem Projekt untersuchten Balken Fasergehalte gewählt wurden, die zu einem entfestigenden Nachrissverhalten des Faserbetons führten, zeigten die Balkenversuche, dass die Zugabe von Stahlfasern die Querkrafttragfähigkeit steigerte. Durch die gewählte Querkraftbewehrungskonfiguration bei ansonsten identischen Balken konnte außerdem eine quantitative Abschätzung der einzelnen Traganteile aus den Versuchen abgeleitet werden. Der profilierte Querschnitt ließ einen großen Einfluss auf das Querkrafttragverhalten im Nachbruchbereich erkennen. Ein relativ stabiles Lastniveau nach Erreichen der Höchstlast konnte einer Vierendeelwirkung zugeordnet werden. Auf Basis dieser Versuchsergebnisse und analytischer Überlegungen zu vorhandenen Querkraftmodellen wurde ein additiver Modellansatz zur Beschreibung des Querkrafttragverhaltens von UHPCBalken mit einer kombinierten Querkraftbewehrung aus Stahlfasern und Vertikalstäben formuliert. Für die Formulierung der Traganteile des Betonquerschnitts und der konventionellen Querkraftbewehrung wurden bekannte Ansätze verwendet. Für die Ermittlung des Fasertraganteils wurde die Faserwirksamkeit zugrunde gelegt. Das Lastniveau im Nachbruchbereich aus Viendeelwirkung ergibt sich aus geometrischen Überlegungen.

Adaption of Courses and Learning Environment to the User Context in dotLRN

The explosive growth of Internet during the last years has been reflected in the ever-increasing amount of the diversity and heterogeneity of user preferences, types and features of devices and access networks. Usually the heterogeneity in the context of the users which request Web contents is not taken into account by the servers that deliver them implying that these contents will not always suit their needs. In the particular case of e-learning platforms this issue is especially critical due to the fact that it puts at stake the knowledge acquired by their users. In the following paper we present a system that aims to provide the dotLRN e-learning platform with the capability to adapt to its users context. By integrating dotLRN with a multi-agent hypermedia system, online courses being undertaken by students as well as their learning environment are adapted in real time

Determination of the Anthropometric and Physical Qualities Profile in Footballers Children of Bogotá

Objective. The objective of this study is to define the profile anthropometric and of basic physical qualities, in 306 children in 7-16 yearold ages. Method. Is carried out anthropometric mensurations of weight (kg) and it height (m), IMC (weight (kg)/it height (m2), percentage of corporal fat, besides the test of Course Navatte, horizontal jump without impulse, Sit and Reach to each one of the fellows. Results. The results were analyzed from the statistical point of view with measures of central tendency, you uses the stocking, the typical standard deviation as I calculate of variability, with a p <0,05 like significant difference. You identifies the variable anthropometric and of physical qualities finding differences in the population as for the percentage of corporal fat, the power aerobic, the flexibility and the explosive force in inferior members. Conclusions. Differences are shown in the opposing values and this can be influenced, for nutritional, socioeconomic factors and for the type of used training.

Precios del Suelo en Bogota: crecimiento versus especulación.

Bogota’s urban land price had an explosive acceleration in its annual valorization between 1991 and 1995, which could impla a speculative bubble. This document uses local Real Estate Association information to determine the spatial aspect of the existente or inexistente of a spatial speculative process.

Natural resource windfalls and efficiency of local government expenditures: evidence from Peru

We study the role of natural resource windfalls in explaining the efficiency of public expenditures. Using a rich dataset of expenditures and public good provision for 1,836 municipalities in Peru for period 2001-2010, we estimate a non-monotonic relationship between the efficiency of public good provision and the level of natural resource transfers. Local governments that were extremely favored by the boom of mineral prices were more efficient in using fiscal windfalls whereas those benefited with modest transfers were more inefficient. These results can be explained by the increase in political competition associated with the boom. However, the fact that increases in efficiency were related to reductions in public good provision casts doubts about the beneficial effects of political competition in promoting efficiency.

Análisis y evaluación de la vulnerabilidad de la población de La Fortuna de San Carlos a la actividad volcànica del Volcán Arenal, Costa Rica.

El Volcán Arenal es un joven estratovolcán (7ka) localizado en el noroeste de Costa Rica. Inicio su presente ciclo eruptivo el 29 de Julio de 1968 con una gran explosión lateral que mató alrededor de 90 personas. En el momento inicial de la erupción los alrededores del volcán estaban ocupados principalmente por fincas ganaderas. Hoy día, 40 años después de constante actividad volcánica las tierras dedicadas a la ganadería en los alrededores del volcán han retrocedido como principal actividad económica para dar paso a la creciente infraestructura turística. La población de La Fortuna, la ciudad más cercana al volcán (5 km) ha crecido aceleradamente como producto del desarrollo del turismo y la cercanía al volcán. Considerando los peligros volcánicos presentes, las tendencias de crecimiento de la población, y la extensión de la actividad turística, se propone una zonificación de los usos del suelo en La Fortuna de San Carlos y alrededores del Volcán Arenal. El estudio de percepción del riesgo en la población fue implementado en La Fortuna y alrededores con posee una población de aproximadamente 12000 personas. La población fue dividida en dos segmentos para el análisis. Lo primero fue una muestra (N=32) de la población directamente involucrada en la actividad turística (dueños de hotel, empleados, dueños de restaurante, operadora de tour, etc). La segunda (N=40) fue una muestra de la población residente en la ciudad de La Fortuna y alrededores, relacionados o no con las actividades turísticas. Se diseño una entrevista para cada segmento investigado. Así se investigó la percepción del riesgo de la población directamente beneficiada por el turismo atreves de la actividad volcánica y la población residente. El Volcán Arenal es visto de dos formas diferentes por la población que vive en la zona de La Fortuna. Por un lado, la población que vive directamente de la actividad turística, mencionan que el volcán es la razón del acelerado crecimiento económico en el lugar durante la última década. Además, para este grupo el Arenal es la fuente de cientos de empleos y la fuerza que ha transformado a La Fortuna de un poblado rural a una prospera ciudad con una inusual oferta de servicios para los turistas y residentes. Por otra parte, los residentes que no dependen directamente de la actividad turística creen que el volcán es el más importante peligro natural en la zona, sin embargo han aprendido a convivir con él.

A simple model of multiple equilibria and default. CEPS Working Document No. 366, 16 July 2012

This Working Document by Daniel Gros presents a simple model that incorporates two types of sovereign default cost: first, a lump-sum cost due to the fact that the country does not service its debt fully and is recognised as being in default status, by ratings agencies, for example. Second, a cost that increases with the size of the losses (or haircut) imposed on creditors whose resistance to a haircut increases with the proportional loss inflicted upon them. One immediate implication of the model is that under some circumstances the creditors have a (collective) interest to forgive some debt in order to induce the country not to default. The model exhibits a potential for multiple equilibria, given that a higher interest rate charged by investors increases the debt service burden and thus the temptation to default. Under very high debt levels credit rationing can set in as the feedback loop between higher interest rates and the higher incentive to default can become explosive. The introduction of uncertainty makes multiple equilibria less likely and reduces their range.

The magma budget of Volcan Arenal, Costa Rica from 1980 to 2004

Using topographic data collected by radar interferometry, stereo-photogrammetry, and field survey we have measured the changing surface of Volcan Arenal in Costa Rica over the period from 1980 to 2004. During this time this young volcano has mainly effused basaltic andesite lava, continuing the activity that began in 1968. Explosive products form only a few percent of the volumetric output. We have calculated digital elevation models for the years 1961, 1988 and 1997 and modified existing models for 2000 and 2004. From these we have estimated the volume of lava effused and coupled this with the data presented by an earlier study for 1968-1980. We find that a dense rock equivalent volume of 551 M m(3) was effused from 1968 to 2004. The dense rock equivalent effusion rate fell from about 2 m(3) s(-1) to about 0.1-0.2 m(3) s(-1) over the same period, with an average rate of about 0.5 m(3) s(-1). Between 1980 and 2004, the average effusion rate was 0.36 m(3) s(-1), a similar rate to that measured between 1974 and 1980. There have been two significant deviations from this long-term rate. The effusion rate increased from 1984 to 1991, at the same time as explosivity increased. After a period of moderate effusion rates in the 1990s, the rate fell to lower levels around 1999. (c) 2006 Elsevier B.V. All rights reserved.

Electrification of volcanic plumes

Volcanic lightning, perhaps the most spectacular consequence of the electrification of volcanic plumes, has been implicated in the origin of life on Earth, and may also exist in other planetary atmospheres. Recent years have seen volcanic lightning detection used as part of a portfolio of developing techniques to monitor volcanic eruptions. Remote sensing measurement techniques have been used to monitor volcanic lightning, but surface observations of the atmospheric electric Potential Gradient (PG) and the charge carried on volcanic ash also show that many volcanic plumes, whilst not sufficiently electrified to produce lightning, have detectable electrification exceeding that of their surrounding environment. Electrification has only been observed associated with ash-rich explosive plumes, but there is little evidence that the composition of the ash is critical to its occurrence. Different conceptual theories for charge generation and separation in volcanic plumes have been developed to explain the disparate observations obtained, but the ash fragmentation mechanism appears to be a key parameter. It is unclear which mechanisms or combinations of electrification mechanisms dominate in different circumstances. Electrostatic forces play an important role in modulating the dry fallout of ash from a volcanic plume. Beyond the local electrification of plumes, the higher stratospheric particle concentrations following a large explosive eruption may affect the global atmospheric electrical circuit. It is possible that this might present another, if minor, way by which large volcanic eruptions affect global climate. The direct hazard of volcanic lightning to communities is generally low compared to other aspects of volcanic activity.

The significance of volcanic eruption strength and frequency for climate

A simple physical model of the atmospheric effects of large explosive volcanic eruptions is developed. Using only one input parameter - the initial amount of sulphur dioxide injected into the stratosphere - the global-average stratospheric optical-depth perturbation and surface temperature response are modelled. The simplicity of this model avoids issues of incomplete data (applicable to more comprehensive models), making it a powerful and useful tool for atmospheric diagnostics of this climate forcing mechanism. It may also provide a computationally inexpensive and accurate way of introducing volcanic activity into larger climate models. The modelled surface temperature response for an initial sulphur-dioxide injection, coupled with emission-history statistics, is used to demonstrate that the most climatically significant volcanic eruptions are those of sufficient explosivity to just reach into the stratosphere (and achieve longevity). This study also highlights the fact that this measure of significance is highly sensitive to the representation of the climatic response and the frequency data used, and that we are far from producing a definitive history of explosive volcanism for at least the past 1000 years. Given this high degree of uncertainty, these results suggest that eruptions that release around and above 0.1 Mt SO2 into the stratosphere have the maximum climatic impact.

Modelling the lava dome extruded at Soufrière Hills Volcano, Montserrat, August 2005–May 2006. Part I: Dome shape and internal structure

Lava domes comprise core, carapace, and clastic talus components. They can grow endogenously by inflation of a core and/or exogenously with the extrusion of shear bounded lobes and whaleback lobes at the surface. Internal structure is paramount in determining the extent to which lava dome growth evolves stably, or conversely the propensity for collapse. The more core lava that exists within a dome, in both relative and absolute terms, the more explosive energy is available, both for large pyroclastic flows following collapse and in particular for lateral blast events following very rapid removal of lateral support to the dome. Knowledge of the location of the core lava within the dome is also relevant for hazard assessment purposes. A spreading toe, or lobe of core lava, over a talus substrate may be both relatively unstable and likely to accelerate to more violent activity during the early phases of a retrogressive collapse. Soufrière Hills Volcano, Montserrat has been erupting since 1995 and has produced numerous lava domes that have undergone repeated collapse events. We consider one continuous dome growth period, from August 2005 to May 2006 that resulted in a dome collapse event on 20th May 2006. The collapse event lasted 3 h, removing the whole dome plus dome remnants from a previous growth period in an unusually violent and rapid collapse event. We use an axisymmetrical computational Finite Element Method model for the growth and evolution of a lava dome. Our model comprises evolving core, carapace and talus components based on axisymmetrical endogenous dome growth, which permits us to model the interface between talus and core. Despite explicitly only modelling axisymmetrical endogenous dome growth our core–talus model simulates many of the observed growth characteristics of the 2005–2006 SHV lava dome well. Further, it is possible for our simulations to replicate large-scale exogenous characteristics when a considerable volume of talus has accumulated around the lower flanks of the dome. Model results suggest that dome core can override talus within a growing dome, potentially generating a region of significant weakness and a potential locus for collapse initiation.

The rapid rise of supermarkets?

A series of articles, many of them published in this journal, have charted the rapid spread of supermarkets in developing and middle-income countries and forecast its continuation. In this article, the level of supermarket penetration (share of the retail food market) is modelled quantitatively on a cross-section of 42 countries for which data could be obtained, representing all stages of development. GDP per capita, income distribution, urbanisation, female labour force participation and openness to inward foreign investment are all significant explanators. Projections to 2015 suggest significant but not explosive further penetration; increased openness and GDP growth are the most significant factors.