895 resultados para Structured finance


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A CNF-monolith sample (carbon nanofibres grown on a ceramic monolith), and a granular carbon xerogel have been used as supports for hybrid catalysts where the active species is an Rh diamine complex. The advantages of these supports are their open porous structure and their morphology, which make catalyst handling easier and avoid difficult separation processes. The obtained catalysts are noticeably more active than the homogeneous Rh complex and are stable against leaching. At first use, partial reduction of the Rh complex takes place and nanometer-sized Rh particles develop, which increases the catalyst activity. Despite the open porous structure, mass transport limitations are present, especially in the case of the carbon xerogel based catalyst. Differences in internal mass transfer limitations are essentially due to the different diffusional path lengths.

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The purpose of the present study was to determine whether adolescent females had unique developmental experiences in different types of basketball programs. The Youth Experiences Survey 2.0 [YES] (Hansen & Larson, 2005) was used to measure the learning experiences of 14 and 15 year old females (n = 212) who were enrolled in a school, recreational, or competitive basketball program. Interviews with organization representatives were conducted to determine the structure of each basketball program (n= 16) from which participants were drawn. One-way ANOVAs and Bonferroni comparisons were used to compare YES 2.0 positive experience scale scores of participants in school, recreational and competitive basketball programs. Results revealed that females in recreational programs had significantly lower scores than those in competitive and school programs on numerous positive experiences scales. Mann-Whitney U tests found that those in school and competitive programs reported higher stress levels. Interview results indicate that four characteristics of competitive and school programs may contribute to participants in these programs reporting more growth experiences: 1) time commitment, 2) coaches’ training and background, 3) competition, and 4) volunteer opportunities.

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The developmental histories of 32 players in the Australian Football League (AFL), independently classified as either expert or less skilled in their perceptual and decision- making skills, were collected through a structured interview process and their year-on-year involvement in structured and deliberate play activities retrospectively determined. Despite being drawn from the same elite level of competition, the expert decision-makers differed from the less skilled in having accrued, during their developing years, more hours of experience in structured activities of all types, in structured activities in invasion-type sports, in invasion-type deliberate play, and in invasion activities from sports other than Australian football. Accumulated hours invested in invasion-type activities differentiated between the groups, suggesting that it is the amount of invasion-type activity that is experienced and not necessarily intent (skill development or fun) or specificity that facilitates the development of perceptual and decision-making expertise in this team sport.

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Even though one recognizes the physical and psychological kindness of h more and more involvement of the children to the physical and sporty activities, these programs seem more and more inaccessible to some. This article underlines the importance school déprogrammes centered on structured physical and sporty activities. In the setting of a recent survey, one asked youngsters to 5th year to take in note all their activities (as diary calendar) during two days of consecutive week. L·s children that participated in structured physical and sporty activities before and after the hours class sembkient to pull a lot more phisir of their day that those that didn't participate in these activities. Besides, seuk the young that took to structured physical and sporty activities reached the rates recommended of daily physical activity. The article proposes to the school administrators, to the parents, to the children and to the collectivities various measures encouraging the adoption of additional programs centered on the physical and sporty activities in school environment.

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Sovereign wealth funds (SWFs), government-owned or managed investment vehicles, have proliferated at a remarkable rate over the past decade, even as political controversy has surrounded them. Why? The extant literature depicts the process of SWF creation as driven by functional imperatives associated with “excess” revenue and reserves accumulated from commodity booms and large current account surpluses. I argue that SWF creation also reflects in large part a process of contingent emulation in which first this policy has been constructed as appropriate for countries with given characteristics, and then when countries took on these characteristics, they followed their peers. Put simply, fashions and fads in finance matter for policy diffusion. I assess this argument using a new dataset on SWF creation that covers nearly 80 countries from 1984 to 2007. The results suggest peer-based contingent emulation has been a crucial factor shaping the decision of many countries to create a SWF, especially among fuel exporters. An earlier version of this paper was presented at the annual meeting of the American Political Science Association, Washington, DC, 2 – 5 September 2010. The author would like to thank Eric Neumayer for his many suggestions and comments on previous versions of the manuscript. The author would also like to thank Zachary Elkins for sharing data. Finally, the author would like to acknowledge the research assistance of Natali Bulamacioglu and Christopher Gandrud.

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In 2013 the European Council for the first time since long will deal with European defence. An excellent opportunity: to move key Pooling & Sharing projects to the implementation stage in the short term, and to launch a permanent and structured approach to the development of European military capabilities for the long term.

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La plupart des modèles en statistique classique repose sur une hypothèse sur la distribution des données ou sur une distribution sous-jacente aux données. La validité de cette hypothèse permet de faire de l’inférence, de construire des intervalles de confiance ou encore de tester la fiabilité du modèle. La problématique des tests d’ajustement vise à s’assurer de la conformité ou de la cohérence de l’hypothèse avec les données disponibles. Dans la présente thèse, nous proposons des tests d’ajustement à la loi normale dans le cadre des séries chronologiques univariées et vectorielles. Nous nous sommes limités à une classe de séries chronologiques linéaires, à savoir les modèles autorégressifs à moyenne mobile (ARMA ou VARMA dans le cas vectoriel). Dans un premier temps, au cas univarié, nous proposons une généralisation du travail de Ducharme et Lafaye de Micheaux (2004) dans le cas où la moyenne est inconnue et estimée. Nous avons estimé les paramètres par une méthode rarement utilisée dans la littérature et pourtant asymptotiquement efficace. En effet, nous avons rigoureusement montré que l’estimateur proposé par Brockwell et Davis (1991, section 10.8) converge presque sûrement vers la vraie valeur inconnue du paramètre. De plus, nous fournissons une preuve rigoureuse de l’inversibilité de la matrice des variances et des covariances de la statistique de test à partir de certaines propriétés d’algèbre linéaire. Le résultat s’applique aussi au cas où la moyenne est supposée connue et égale à zéro. Enfin, nous proposons une méthode de sélection de la dimension de la famille d’alternatives de type AIC, et nous étudions les propriétés asymptotiques de cette méthode. L’outil proposé ici est basé sur une famille spécifique de polynômes orthogonaux, à savoir les polynômes de Legendre. Dans un second temps, dans le cas vectoriel, nous proposons un test d’ajustement pour les modèles autorégressifs à moyenne mobile avec une paramétrisation structurée. La paramétrisation structurée permet de réduire le nombre élevé de paramètres dans ces modèles ou encore de tenir compte de certaines contraintes particulières. Ce projet inclut le cas standard d’absence de paramétrisation. Le test que nous proposons s’applique à une famille quelconque de fonctions orthogonales. Nous illustrons cela dans le cas particulier des polynômes de Legendre et d’Hermite. Dans le cas particulier des polynômes d’Hermite, nous montrons que le test obtenu est invariant aux transformations affines et qu’il est en fait une généralisation de nombreux tests existants dans la littérature. Ce projet peut être vu comme une généralisation du premier dans trois directions, notamment le passage de l’univarié au multivarié ; le choix d’une famille quelconque de fonctions orthogonales ; et enfin la possibilité de spécifier des relations ou des contraintes dans la formulation VARMA. Nous avons procédé dans chacun des projets à une étude de simulation afin d’évaluer le niveau et la puissance des tests proposés ainsi que de les comparer aux tests existants. De plus des applications aux données réelles sont fournies. Nous avons appliqué les tests à la prévision de la température moyenne annuelle du globe terrestre (univarié), ainsi qu’aux données relatives au marché du travail canadien (bivarié). Ces travaux ont été exposés à plusieurs congrès (voir par exemple Tagne, Duchesne et Lafaye de Micheaux (2013a, 2013b, 2014) pour plus de détails). Un article basé sur le premier projet est également soumis dans une revue avec comité de lecture (Voir Duchesne, Lafaye de Micheaux et Tagne (2016)).

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This paper maps the initiatives to support access to finance for small- and medium-sized enterprises (SMEs) that were available at national level in 2012 in the five biggest European economies (Germany, France, the UK, Italy and Spain). This mapping distinguishes initiatives promoted and financed primarily through public resources from those developed independently by the market. A second breakdown is proposed for those sources of finance with different targets, i.e. whether the target is debt financing (typically bank loans at favourable conditions, public guarantees on loans, etc.) or equity financing (typically venture capital funds, tax incentives on equity investments, etc.). A broad set of initiatives has been implemented to close the funding gap of SMEs in these five countries. The total amount of public spending for SMEs, however, has remained well below 1% of GDP. Public subsidisation of bank loans has been by far the most diffused type of intervention. Despite the fact that this strategy might prove to be effective in the short term, it fails to address long-term sustainability issues via a more diversified set of financing tools.