901 resultados para Mortgage-backed securities
Resumo:
A recent increase in sea temperature has established a new ecosystem dynamic regime in the North Sea. Climate-induced changes in decapods have played an important role. Here, we reveal a coincident increase in the abundance of swimming crabs and lesser black-backed gull colonies in the North Sea, both in time and in space. Swimming crabs are an important food source for lesser black-backed gulls during the breeding season. Inhabiting the land, but feeding mainly at sea, lesser black-backed gulls provide a link between marine and terrestrial ecosystems, since the bottom-up influence of allochthonous nutrient input from seabirds to coastal soils can structure the terrestrial food web. We, therefore, suggest that climate-driven changes in trophic interactions in the marine food web may also have ensuing ramifications for the coastal ecology of the North Sea.
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Zooplankton play a key role in climate change through the transfer of large quantities of CO sub(2) to the deep ocean by a process known as the biological pump. Plankton composition is crucial as associated mineral material facilitates sinking of carbon rich debris and some taxa package faecal and detrital material. Ocean acidification may impact calcareous groups. Zooplankton have also been shown to be highly sensitive indicators of environmental change. Results will be presented to show that ocean temperature, circulation and planktonic ecosystems (using data from the Continuous Plankton Recorder, CPR survey) in the North Atlantic are changing rapidly in concert and that there is evidence to suggest that the changes are an ocean wide response to global warming with potential feedback effects. Given the importance of the oceans to the carbon cycle, even a minor change in the flux of carbon to the deep ocean would have a big impact increasing growth of atmospheric CO sub(2). We have virtually no understanding of the spatial and temporal variability in the efficiency of the biological pump for most of the world's ocean. Establishing new plankton monitoring programmes backed up by appropriate research to help understand processes is needed to address this gap in knowledge. There is little doubt within a global change context and the future of mankind that a potential acceleration in the growth of atmospheric carbon due to a reduction in the efficiency of the biological pump is a key issue for future research in zooplankton ecology.
Much Ado About Nothing: The Limitation of Liability and the Market for 19th century Irish Bank Stock
Resumo:
Abstract Limited liability is widely believed to be a prerequisite for the emergence of an active and liquid securities market because the transactions costs associated with trading ownership of unlimited liability firms are viewed as prohibitive. In this article, we examine the trading of shares in an Irish bank, which limited its liability in 1883. Using this bank’s archives, we assemble a time series of trading data, which we test for structural breaks. Our results suggest that the move to limited liability had a negligible impact upon the trading of this bank’s shares.
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In Spain, during the recent housing bubble, purchasing a home seemed the most advantageous strategy to access housing, and there was a wide social consensus about the unavoidability of mortgage indebtedness. However, such consensus has been challenged by the financial and real-estate crisis. The victims of home repossessions have been affected by the transgression of several principles, such as the fair compensation for effort and sacrifice, the prioritisation of basic needs over financial commitments, the possibility of a second chance for over-indebted people, or the State's responsibility to guarantee its citizens' livelihood. Such principles may be understood as part of a moral economy, and their transgression has resulted in the emergence of a social movement, the Plataforma de Afectados por la Hipoteca (PAH), that is questioning the legitimacy of mortgage debts. The article reflects on the extent to which the perception of over-indebtedness and evictions as unfair situations can have an effect on the reproduction of the political-economic system, insofar the latter is perceived as able or unable to repair injustice.
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This paper examines the relation between technical possibilities, liberal logics, and the concrete reconfiguration of markets. It focuses on the enrolling of innovations in communication and information technologies into the markets traditionally dominated by stock exchanges. With the development of capacities to trade on-screen, the power of incumbent market makers has been challenged as a less stable array of competing quasi-public and private marketplaces emerges. Developing a case study of the Toronto Stock Exchange, I argue that narrative emphasis on the performative power of sociotechnical innovations, the deterritorialisation of financial relations, and the erosion of state capacities needs qualification. A case is made for the importance of developing an understanding of: the spaces of encounter between emerging social technologies and property rights, rules of exchange, and structures of governance; and the interplay of orderings of different institutional composition and spatial reach in the reconfiguration of market architectures. Only then can a better grasp be gained of the evolving dynamics between making markets, the regulatory powers of the state, and their delimitations.
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In this paper, we show that a multilayer freestanding slot array can be designed to give an insertion loss which is significantly lower than the value obtainable from a conventional dielectric backed printed frequency selective surface (FSS). This increase in filter efficiency is highlighted by comparing the performance of two structures designed to provide frequency selective beamsplitting in the quasioptical feed train of a submillimeter wave space borne radiometer. A two layer substrateless FSS providing more than 20 dB of isolation between the bands 316.5â??325.5 GHz and 349.5â??358.5 GHz, gives an insertion loss of 0.6 dB when the filter is orientated at 45 incidence in the TM plane, whereas the loss exhibited by a conventional printed FSS is in excess of 2 dB. A similar frequency response can be obtained in the TE plane, but here a triple screen structure is required and the conductor loss is shown to be comparable to the absorption loss of a dielectric backed FSS. Experimental devices have been fabricated using a precision micromachining technique. Transmission measurements performed in the range 250â??360 GHz are in good agreement with the simulated spectral performance of the individual periodic screens and the two multilayer freestanding FSS structures.
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Plane wave scattering from a flat surface consisting of two periodic arrays of ring elements printed on a grounded dielectric sheet is investigated. It is shown that the reflection phase variation as a function of ring diameter is controlled by the difference in the centre resonant frequency of the two arrays. Simulated and measured results at X-band demonstrate that this parameter can be used to reduce the gradient and improve the linearity of the reflection phase versus ring size slope. These are necessary conditions for the re-radiating elements to maximise the bandwidth of a microstrip reflectarray antenna. The scattering properties of a conventional dual resonant multilayer structure and an array of concentric rings printed on a metal backed dielectric substrate are compared and the trade-off in performance is discussed.
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We present the current status of the WASP project, a pair of wide angle photometric telescopes, individually called SuperWASP. SuperWASP-I is located in La Palma, and SuperWASP-II at Sutherland in South Africa. SW-I began operations in April 2004. SW-II is expected to be operational in early 2006. Each SuperWASP instrument consists of up to 8 individual cameras using ultra-wide field lenses backed by high-quality passively cooled CCDs. Each camera covers 7.8 x 7.8 sq degrees of sky, for nearly 500 sq degrees of total sky coverage. One of the current aims of the WASP project is the search for extra-solar planet transits with a focus on brighter stars in the magnitude range similar to 8 to 13. Additionally, WASP will search for, optical transients, track Near-Earth Objects, and study many types of variable stars and extragalactic objects. The collaboration has developed a custom-built reduction pipeline that achieves better than I percent photometric precision. We discuss future goals, which include: nightly on-mountain reductions that could be used to automatically drive alerts via a small robotic telescope network, and possible roles of the WASP telescopes as providers in such a network. Additional technical details of the telescopes, data reduction, and consortium members and institutions can be found on the web site at: http://www.superwasp.org/. (c) 2006 WILEY-VCH Verlag GmbH & Co. KGaA, Weinheim.
Resumo:
The search for funding is an ongoing task of the company, which is exacerbated, particularly in times of economic crisis, affecting also to the cooperatives. Cooperative legislation available to these entities various instruments of external financing through the issuance of securities (bonds, equity securities, special shares), to them accounts are added in participation, but without much detail in the legal texts. At work we investigate their potential, by looking, especially in those last; We seek to clarify their legal status and contrast their potential as a technical instrument, alternative for funding in the area of cooperative societies. Finally, we also see the impact of the recent Law 5/2015, of promoting business financing in the cooperative sector and ended up proposing some policy adjustments.
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The performance of a very low loss frequency selective surface (FSS) comprising two air spaced planar arrays of linear slot elements is reported. The beamsplitter generates a low loss passband response with a very sharp transmission roll-off with frequency. Simulated and measured results in the 30 GHz and 300 GHz wavebands are used to quantify the performance improvement compared to a conventional multilayer dielectrically backed conducting ring FSS. The paper also discusses the effect of the array dimensions on the passband width and filter roll-off rate.
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Subwavelength resonators at FIR are presented and studied. The structures consist of 1D cavities formed between a metallized (silver) surface and a metamaterial surface comprising a periodic array of silver patches on a silver-backed silicon substrate. The concept derives from recent discoveries of artificial magnetic conductors (AMC). By studying the currents excited on the metamaterial surface by a normally incident plane wave, the nature of the emerging resonant phenomena and the physical mechanism underlying the AMC operation are investigated. Full wave simulations, based on finite element method and time-domain transmission line modelling technique, have been carried out to demonstrate the effective AMC boundary condition and prove the possibilities for subwavelength cavities. The quality factor of the resonant cavities is assessed as a function of the cavity profile. It is demonstrated that the quality factor drops to about 1/8 of the half-wavelength value for lambda/8 resonant cavity.
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The design, construction and measured performance is described of an offset parabolic reflector antenna which employs a reflectarray subreflector to tilt the focused beam from the boresight direction at 94 GHz. An analysis technique based on the method of moments (MoM) is used to design the dual-reflector antenna. Numerical simulations were employed to demonstrate that the high gain pattern of the antenna can be tilted to a predetermined angle by introducing a progressive phase shift across the aperture of the reflectarray. Experimental validation of the approach was made by constructing a 28 × 28 element patch reflectarray which was designed to deflect the beam 5° from the boresight direction in the azimuth plane. The array was printed on a 115 µm thick metal backed quartz wafer and the radiation patterns of the dual reflector antenna were measured from 92.6-95.5 GHz. The experimental results are used to validate the analysis technique by comparing the radiation patterns and the reduction in the peak gain due to beam deflection from the boresight direction. Moreover the results demonstrate that this design concept can be developed further to create an electronically scanned dual reflector antenna by using a tunable reflectarray subreflector.
Resumo:
There has been a resurgence of interest in cosmopolitanism in contemporary political theory, based upon the hopeful premise that it heralds an ameliorative response to the malignity of sovereignty's lack and the treacherous violence of sovereignty's excess. The promise of cosmopolitanism inheres in the claim that state sovereignty is and should be supplemented by an international system backed by the legitimacy of international law, grounded in the sovereignty of human rights. Drawing upon Foucault and Agamben, my argument in this essay is that the laudable endeavour of liberal cosmopolitans is flawed in two ways: first, cosmopolitanism cannot escape sovereign violence, because it cannot escape sovereignty; and second, cosmopolitans misconstrue the composition of the very sovereignty they aim to escape. This means that cosmopolitan theorists are unable to identify cosmopolitan practices of sovereignty that also entail forms of violence: cosmopolitan exception. Cosmopolitan exception denotes violent sovereign practices that cannot be differentiated from the protection of rights.
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Mineral prospecting and raising finance for ‘junior’ mining firms has historically been regarded as a speculative activity. For the regulators of securities markets upon which ‘junior’ mining companies seek to raise capital, a perennial problem has been handling not only the indeterminacy of scientific claims, but also the social basis of epistemic practices. This paper examines the production of a system of public warrant and associated knowledge practices intended to enable investors to differentiate between ‘destructive’ and ‘productive’ varieties of financial speculation. It traces the use of the notion of ‘disclosure’ in constructing and legitimizing the ‘juniors’ market in Canada. It argues that though the work of ‘economics’ may be necessary in the construction of markets, it is by no means sufficient. Attention must also be given to the ways in which legal models of ‘the free-market’ can be translated and constantly re-worked across the sites and spaces of regulatory practice, animating the geographies of markets.