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.

Numerical Modelling of Tsunami Propagation in the South East Arabian Sea (SEAS) and Inundation along the Kerala Coast

Tsunamis are water waves generated by a sudden vertical displacement of the water surface. They are waves generated in the ocean by the disturbance associated with seismic activity, under sea volcanic eruptions, submarine landslides, nuclear explosion or meteorite impacts with the ocean. These waves are generated in the ocean and travel into coastal bays, gulfs, estuaries and rivers. These waves travel as gravity waves with a velocity dependent on water depth. The term tsunami is Japanese and means harbour (tsu) and wave (nami). It has been named so because such waves often develop resonant phenomena in harbours after offshore earthquakes.

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.

On the influence of stratospheric water vapor changes on the tropospheric circulation

Observations suggest that the mixing ratio of water vapour in the stratosphere has increased by 20–50% between the 1960s and mid-1990s. Here we show that inclusion of such a stratospheric water vapour (SWV) increase in a state-of-the-art climate model modifies the circulation of the extratropical troposphere: the modeled increase in the North Atlantic Oscillation (NAO) index is 40% of the observed increase in NAO index between 1965 and 1995, suggesting that if the SWV trend is real, it explains a significant fraction of the observed NAO trend. Our results imply that SWV changes provide a novel mechanism for communicating the effects of large tropical volcanic eruptions and ENSO events to the extratropical troposphere over timescales of a few years, which provides a mechanism for interannual climate predictability. Finally, we discuss our results in the context of regional climate change associated with changes in methane emissions.

Pb-210-Ra-226 and Ra-228-Th-232 systematics in young arc lavas: implications for magma degassing and ascent rates

New data show that island arc rocks have (Pb-210/Ra-226)(o) ratios which range from as low as 0.24 up to 2.88. In contrast, (Ra-22S/Th-232) appears always within error of I suggesting that the large Ra-226-excesses observed in arc rocks were generated more than 30 years ago. This places a maximum estimate on melt ascent velocities of around 4000 m/year and provides further confidence that the Ra-226 excesses reflect deep (source) processes rather than shallow level alteration or seawater contamination. Conversely, partial melting must have occurred more than 30 years prior to eruption. The Pb-210 deficits are most readily explained by protracted magma degassing. Using published numerical models, the data suggest that degassing occurred continuously for periods up to several decades just prior to eruption but no link with eruption periodicity was found. Longer periods are required if degassing is discontinuous, less than 100% efficient or if magma is recharged or stored after degassing. The long durations suggest much of this degassing occurs at depth with implications for the formation of hydrothermal and copper-porphyry systems. A suite of lavas erupted in 1985-1986 from Sangeang Api volcano in the Sunda arc are characterised by deficits of Pb-210 relative to Ra-226 from which 6-8 years of continuous Rn-222 degassing would be inferred from recent numerical models. These data also form a linear (Pb-210)/Pb-(Ra-226)/Pb array which might be interpreted as a 71-year isochron. However, the array passes through the origin suggesting displacement downwards from the equiline in response to degassing and so the slope of the array is inferred not to have any age significance. Simple modelling shows that the range of (Ra-226)/Pb ratios requires thousands of years to develop consistent with differentiation occurring in response to cooling at the base of the crust. Thus, degassing post-dated, and was not responsible for magma differentiation. The formation, migration and extraction of gas bubbles must be extremely efficient in mafic magma whereas the higher viscosity of more siliceous magmas retards the process and can lead to Pb-210 excesses. A possible negative correlation between (Pb-210/Ra-226)(o) and SO2 emission rate requires further testing but may have implications for future eruptions. (C) 2004 Elsevier B.V. All rights reserved.

Geochemical precursors to volcanic activity at Mount St. Helens, USA

The importance of the interplay between degassing and crystallization before and after the eruption of Mount St. Helens (Washington, USA) in 1980 is well established. Here, we show that degassing occurred over a period of decades to days before eruptions and that the manner of degassing, as deduced from geochemicai signatures within the magma, was characteristic of the eruptive style. Trace element (lithium) and short-lived radioactive isotope (lead-210 and radium-226) data show that ascending magma stalled within the conduit, leading to the accumulation of volatiles and the formation of lead-210 excesses, which signals the presence of degassing magma at depth.

Tracing pre-eruptive magma degassing using (Pb-210/Ra-226) disequilibria in the volcanic deposits of the 1980-1986 eruption of Mount St. Helens

Disequilibria between Pb-210 and Ra-226 can be used to trace magma degassing, because the intermediate nuclides, particularly Rn-222, are volatile. Products of the 1980-1986 eruptions of Mount St. Helens have been analysed for (Pb-210/Ra-226). Both excesses and deficits of Pb-210 are encountered suggesting rapid gas transfer. The time scale of diffuse, non-eruptive gas escape prior to 1980 as documented by Pb-210 deficits is on the order of a decade using the model developed by Gauthier and Condomines (Earth Planet. Sci. Lett. 172 (1999) 111-126) for a non-renewed magma chamber and efficient Rn removal. The time required to build-up Pb-210 excess is much shorter (months) as can be observed from steady increases of (Pb-210/Ra-226) with time during 1980-1982. The formation of Pb-210 excess requires both rapid gas transport through the magma and periodic blocking of gas escape routes. Superposed on this time trend is the natural variability of (Pb-210/Ra-226) in a single eruption caused by tapping magma from various depths. The two time scales of gas transport, to create both Pb-210 deficits and Pb-210 excesses, cannot be reconciled in a single event. Rather Pb-210 deficits are associated with pre-eruptive diffuse degassing, while Pb-210 excesses document the more vigorous degassing associated with eruption and recharge of the system. (c) 2006 Elsevier B.V. All rights reserved.