Evaluation du stock de coquilles Saint-Jacques de la Baie de Seine et du Proche Extérieur. COMOR 32 (8-23 juillet 2002)

Scientific scallop surveys called COMOR are carried out in the bay of Seine since 1976. Results are used by fishermen’ associations and by fishing administration to lead management measures. In this report, the scientific results of the survey COMOR 32 realised in July 2002 are described. Abundance and growth indices for scallop, by age and area, are presented. During these surveys, data about most abundant benthic species are also collected since 1998. A first assessment with five years data is made here. A global descriptive analysis is undertaken about all the species present on scallops grounds. A special zoom is applied on both species whitch could be exploited (whelk Buccinum undatum and queen scallop Aequipecten opercularis) and three competitive species (starfish Asterias rubens, American slipper-limpet Crepidula fornicata and brittle star Ophiothrix fragilis)

Report of the pollack (Pollachius pollachius) Exchange 2016

In September 2015, the Working Group on Biological Parameters (WGBIOP) recommended the first otolith exchange for Pollachius pollachius in 2016 (Otolith Exchanges proposals for 2016/2017; ICES, 2015). Kélig Mahe (IFREMER, France) was decided to be the responsible to organise this otolith exchange. A total of 5 readers from 2 countries (France & Spain) participated at the exchange of 2016. The otoliths of 314 individuals sampled from 2011 to 2015 in Southern stock (ICES area: IXa; n=99) and in (ICES areas: IVc, VIId, VIIe, VIIj-h; n=215) were used for this exchange. For the Northern stock, the precision values for both stocks were very high but the value for Northern stock (PA=91.6%, CV=3.8%; APE= 0.8%) was higher than this for Southern stock (PA=74.5%, CV=14.9%; APE= 1.9%). There were some differences between readers but there were no difference between Northern stock readers and between Southern stock readers.

Exchange rate dynamics, structural breaks, and central bank interventions in Colombia

We evaluate the effectiveness of the Colombian Central Bank´s interventions in the foreign exchange market during the period 2000 to 2014 -- We examine the stochastic process that describes the exchange rate, with a focus on the detection of structural breaks or unit roots in the data to determine whether the Central Bank´s interventions were effective -- We find that the exchange rate can be described either by a random walk or by a trend-stationary model with multiple breaks -- In neither cases do we find any evidence that the exchange rate was affected by the Central Bank interventions

Jiao Tong: A Grounded Theory of Chinese International Students' Transition to American Tertiary Education

University students are more globally mobile than ever before, increasingly receiving education outside of their home countries. One significant student exchange pattern is between China and the United States; Chinese students are the largest population of international students in the U.S. (Institute of International Education, 2014). Differences between Chinese and American culture in turn influence higher education praxis in both countries, and students are enculturated into the expectations and practices of their home countries. This implies significant changes for students who must navigate cultural differences, academic expectations, and social norms during the process of transition to a system of higher education outside their home country. Despite the trends in students’ global mobility and implications for international students’ transitions, scholarship about international students does not examine students’ experiences with the transition process to a new country and system of higher education. Related models were developed with American organizations and individuals, making it unlikely that they would be culturally transferable to Chinese international students’ transitions. This study used qualitative methods to deepen the understanding of Chinese international students’ transition processes. Grounded theory methods were used to invite the narratives of 18 Chinese international students at a large public American university, analyze the data, and build a theory that reflects Chinese international students’ experiences transitioning to American university life. Findings of the study show that Chinese international students experience a complex process of transition to study in the United States. Students’ pre-departure experiences, including previous exposure to American culture, family expectations, and language preparation, informed their transition. Upon arrival, students navigate resource seeking to fulfill their practical, emotional, social, intellectual, and ideological needs. As students experienced various positive and discouraging events, they developed responses to the pivotal moments. These behaviors formed patterns in which students sought familiarity or challenge subsequent to certain events. The findings and resulting theory provide a framework through which to better understand the experiences of Chinese international students in the context of American higher education.

Discontinuous transitions in double-exchange materials

It is shown that the double-exchange Hamiltonian, with weak antiferromagnetic interactions, has a rich variety of first-order transitions between phases with different electronic densities and/or magnetizations. The paramagnetic-ferromagnetic transition moves towards lower temperatures, and becomes discontinuous as the relative strength of the double-exchange mechanism and antiferromagnetic coupling is changed. This trend is consistent with the observed differences between compounds with the same nominal doping, such as La_(2/3)Sr_(1/3)MnO_(3) and La_(2/3)Ca_(1/3)MnO_(3). Our results suggest that, in the low doping regime, a simple magnetic mechanism suffices to explain the main features of the phase diagram.

Variational mean-field approach to the double-exchange model

It has been recently shown that the double exchange Hamiltonian, with weak antiferromagnetic interactions, has a richer variety of first- and second-order transitions than previously anticipated, and that such transitions are consistent with the magnetic properties of manganites. Here we present a thorough discussion of the variational mean-field approach that leads to these results. We also show that the effect of the Berry phase turns out to be crucial to produce first-order paramagnetic-ferromagnetic transitions near half filling with transition temperatures compatible with the experimental situation. The computation relies on two crucial facts: the use of a mean-field ansatz that retains the complexity of a system of electrons with off-diagonal disorder, not fully taken into account by the mean-field techniques, and the small but significant antiferromagnetic superexchange interaction between the localized spins.

Determinants Of Firm Terminal Value: The Perspective Of North American And European Financial Analysts

Company valuation models attempt to estimate the value of a company in two stages: (1) comprising of a period of explicit analysis and (2) based on unlimited production period of cash flows obtained through a mathematical approach of perpetuity, which is the terminal value. In general, these models, whether they belong to the Dividend Discount Model (DDM), the Discount Cash Flow (DCF), or RIM (Residual Income Models) group, discount one attribute (dividends, free cash flow, or results) to a given discount rate. This discount rate, obtained in most cases by the CAPM (Capital asset pricing model) or APT (Arbitrage pricing theory) allows including in the analysis the cost of invested capital based on the risk taking of the attributes. However, one cannot ignore that the second stage of valuation that is usually 53-80% of the company value (Berkman et al., 1998) and is loaded with uncertainties. In this context, particular attention is needed to estimate the value of this portion of the company, under penalty of the assessment producing a high level of error. Mindful of this concern, this study sought to collect the perception of European and North American financial analysts on the key features of the company that they believe contribute most to its value. For this feat, we used a survey with closed answers. From the analysis of 123 valid responses using factor analysis, the authors conclude that there is great importance attached (1) to the life expectancy of the company, (2) to liquidity and operating performance, (3) to innovation and ability to allocate resources to R&D, and (4) to management capacity and capital structure, in determining the value of a company or business in long term. These results contribute to our belief that we can formulate a model for valuating companies and businesses where the results to be obtained in the evaluations are as close as possible to those found in the stock market

Ciclos económicos, capital bancario y nuevas opciones de política económica

El objetivo de este trabajo es utilizar algunos hechos estilizados de la "Gran recesión", específicamente la drástica caída en el nivel de capitalización bancario, para analizar la relación entre los ciclos financieros y los ciclos reales, así como la efectividad de la política monetaria no convencional y las políticas macroprudenciales. Para esto, en el primer capítulo se desarrolla una microfundamentación de la banca a partir de un modelo de Costly State Verification, que es incluido posteriomente en distintas especificaciones de modelos DSGE. Los resultados muestran que: (i) los ciclos financieros y los ciclos económicos pueden relacionarse a partir del deterioro del capital bancario; (ii) Las políticas macroprudenciales y no convencionales son efectivas para moderar los ciclos económicos, pero son costosas en términos de recursos e inflación.

Password Based Server Aided Key Exchange

We propose a new password-based 3-party protocol with a formal security proof in the standard model. Under reasonable assumptions we show that our new protocol is more efficient than the recent protocol of Abdalla and Pointcheval (FC 2005), proven in the random oracle model. We also observe some limitations in the model due to Abdalla, Fouque and Pointcheval (PKC 2005) for proving security of such protocols.