(Table 1) Compressional- and share-wave velocieties at elevated confining pressure of ODP Holes 136-842C and 136-843A

Identification of a sediment/basement contact using seismic reflection recordings has proven to be extremely difficult in wide areas of the North Pacific Ocean owing to the presence of massive, highly reflective chert layers within the sediment column. Leg 136 of the Ocean Drilling Program recovered coherent pieces of chert of sufficient size for the first comprehensive laboratory measurements of the seismic properties of this material. Compressional-wave velocities of six samples at 40-MPa confining pressure averaged 5.33 km/s, whereas shear-wave velocities at the same pressure averaged 3.48 km/s. Velocities were independent of porosity, which ranged from 5% to 13%, suggesting that pores within the samples were mostly high aspect ratio vugs as opposed to low aspect ratio cracks. Back-scattered electron images made with a scanning electron microscope confirmed this observation. Acoustic impedances were calculated for the chert samples and from shipboard measurements of the red clay sediment overlying the chert layers. An extremely large compressional-wave reflection coefficient (0.73) characterized the interface between the two lithologies. A synthetic seismogram was calculated using chert and typical pelagic carbonate properties to illustrate the influence of chert layers on a marine seismic-reflection section. Compressional-wave to shear-wave velocity ratios of the chert samples (Vp/Vs =1.53) are close to that of single-crystal quartz in spite of variable porosity. Shear-wave reflection coefficients are estimated to be approximately 0.94. A compressional-wave reflection coefficient for a basement/sediment (carbonate) interface is estimated to be approximately 0.50, significantly less than that of sediment/chert.

The 2015 Swiss elections: A landslide win for the right, despite limited changes in vote share

Switzerland held federal elections on 18 October, with the conservative Swiss People’s Party winning the largest share of the votes. Daniel Bochsler, Marlène Gerber and David Zumbach write that while the increase in vote share for the Swiss People’s Party was relatively limited, the party managed to significantly increase the number of seats it holds in Switzerland’s lower house of parliament, the National Council. Nevertheless, the party is unlikely to make substantial gains in the country’s upper house, the Senate, as it traditionally struggles under the two-round electoral system used in Senate elections.

Incentives Embedded in Institutions: The Case of Share Contracts in Ghanaian Cocoa Production

Providing price incentives to farmers is usually considered essential for agricultural development. Although such incentives are important, regarding price as the sole explanatory factor is far from satisfactory in understanding the complex realities of agricultural production in Africa. By analyzing the share contracts widely practiced in Ghana, this article argues that local institutions such as land tenure systems and agrarian contracts provide strong incentives and disincentives for agricultural production. Based on data derived from fieldwork in the 1990s, the study analyzes two types of share contracts and the incentive structures embedded in them. The analysis reveals that farmers' investment behavior needs to be understood in terms of both short-term incentive to increase yield and long-term incentive to strengthen land rights. The study concludes that the role of price incentives in agricultural production needs to be reconsidered by placing it in wider incentive structures embedded in local institutions.

Separation of Control and Cash-Flow Rights of State Owned Listed Enterprises: Channels of Expropriation after the Discriminated Share Reform in China

Literature on agency problems arising between controlling and minority owners claim that separation of cash flow and control rights allows controllers to expropriate listed firms, and further that separation emerges when dual class shares or pyramiding corporate structures exist. Dual class share and pyramiding coexisted in listed companies of China until discriminated share reform was implemented in 2005. This paper presents a model of controller to expropriate behavior as well as empirical tests of expropriation via particular accounting items and pyramiding generated expropriation. Results show that expropriation is apparent for state controlled listed companies. While reforms have weakened the power to expropriate, separation remains and still generates expropriation. Size of expropriation is estimated to be 7 to 8 per cent of total asset at mean. If the "one share, one vote" principle were to be realized, asset inflation could be reduced by 13 percent.

Does the use of multiple FTAs force firms to raise local input share? : evidence of the spaghetti bowl phenomenon

This paper empirically investigates the firm-level relationship between the local input share and the number of used FTAs by employing the data on FTA utilization in Japanese affiliates in ASEAN. As a result, we do not find a robust linear relationship. However, affiliates using a large number of FTAs (seven or eight) have an extremely higher share of local inputs. This result might be interpreted as the first evidence of the “spaghetti bowl phenomenon”.

Impacts of foreign exchange auctions on the informal market rate in Myanmar

Since the abolition of the official peg and the introduction of a managed float in April 2012, the Central Bank of Myanmar has operated the daily two–way auctions of foreign exchange aimed at smoothing exchange rate fluctuations. Despite the reforms to the foreign exchange regime, however, informal trading of foreign exchange remains pervasive. Using the daily informal exchange rate and Central Bank auction data, this study examines the impacts of auctions on the informal market rate. First, a VAR analysis indicates that the official rate did not Granger cause the informal rate. Second, GARCH models indicate that the auctions did not reduce the conditional variance of the informal rate returns. Overall, the auctions have only a quite modest impact on the informal exchange rate.

Simulating digital dividend auctions: Service neutrality versus dedicated licences

The award of the digital dividend can consolidate auctions as the preferred mechanism for spectrum allocation. Knowing in advance an estimate of what the results of an auction with these characteristics could be would be unquestionably useful for those in charge of designing the process, even if at the end another method such as a beauty contest is chosen. This article provides a simulation of a digital dividend auction in a major-type European country. In one of the scenarios, the spectrum is not pre-allocated to any service in particular (service neutrality) while in the remaining four, blocks of spectrum are pre-allocated to DTT, mobile multimedia and mobile broadband communications. The results of the simulations reveal that the service neutrality scenario maximizes revenues for the seller and that, in general, DTT operators would seem to have fewer opportunities as the spectrum packaging is less protective for them.

Factors impacting the market share of Construction and Demolition (C&D) Waste recycling solutions

Current EU Directives force the Member States to assure by 2020 that 70% of the Construction and Demolition (C&D) waste is recovered instead of landfilled. While some countries have largely achieved this target, others still have a long way to go. For better understanding the differences arising from local disparities, six factors related to technical, economic, legislative and environmental aspects have been identified as crucial influences in the market share of C&D waste recycling solutions. These factors are able to identify the causes that limit the recycling rate of a certain region. Moreover, progress towards an efficient waste management can vary through the improvement of a single factor. This study provides the background for further fine-tuning the factors and their combination into a mathematical model for assessing the market share of C&D recycling solutions.

Species that share traits do not necessarily form distinct and universally applicable functional effect groups

Peer reviewed