882 resultados para One free bad policy
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We consider a discrete-time financial model in a general sample space with penalty costs on short positions. We consider a friction market closely related to the standard one except that withdrawals from the portfolio value proportional to short positions are made. We provide necessary and sufficient conditions for the nonexistence of arbitrages in this situation and for a self-financing strategy to replicate a contingent claim. For the finite-sample space case, this result leads to an explicit and constructive procedure for obtaining perfect hedging strategies.
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PEM fuel cells seem to be the most affordable and commercially viable hydrogen-based cells, the biggest challenge being to obtain CO-free H-2 (<100 ppm) as the fuel. In this study, the use of CuO-CeO2 catalysts in preferential oxidation of CO to obtain CO-free H-2 (PROX reaction) was investigated. Ce1-xCuxO2 catalysts, with x (mol%) = 0, 0.01, 0.03, 0.05 and 0.10, were synthesized in one-step by the polymeric precursor method, to obtain a very fine dispersion and strong metal-support interaction, to favor active copper species and a preference for the PROX reaction. The results obtained from catalyzed reactions and characterization of the catalysts by XRD, Rietveld refinement, BET surface area, UV-Vis and TPR, suggest that this one-step synthesis method gives rise to catalysts with copper species selective for the PROX reaction, which reaches a maximum rate on Ce0.97Cu0.03O2 catalyst. Copyright (C) 2012, Hydrogen Energy Publications, LLC. Published by Elsevier Ltd. All rights reserved.
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Prevalence of Toxoplasma gondii infection in 510 free-range (FR) chickens (380 from 33 small farms, and 130 from a slaughter house for FR chickens) from Espirito Santo state, southeastern Brazil, was investigated. Antibodies to T. gondii were sought using commercial indirect haemagglutination (IHAT, Imuno-HAI Toxo (R), Wama Diagnostica, Sao Paulo, Brazil, cut-off 1:16) and the modified agglutination test (MAT, cut-off 1:25) tests. Attempts were made to isolate viable T. gondii from seropositive chickens by bioassay in mice. Pooled samples of brain, heart and quadriceps muscle of one thigh (total 40 g) from 64 chickens with IHAT titers of >= 1:16 were minced, digested in pepsin and bioassayed in mice. Antibodies to T. gondii were found in 40.4% (206/510) FR chickens by IHAT (titer >= 1:16) and 38.8% (198/510) by MAT (titer >= 1:25); concordance between IHAT and MAT was 81.6% (kappa index = 0.614). Viable T. gondii was isolated (designated TgCkBr234-281) from 48 of 64(75%) seropositive (IHAT titers >= 1:32) FR chickens. Most isolates of T. gondii were virulent for mice; 100% of mice inoculated with 44 of 48 isolates died of toxoplasmosis within 30 days post inoculation (p.i). An epidemiological investigation revealed that people living in rural areas have little knowledge about the parasite and about the risk of acquiring it from raw meat. Results indicated that the locally available IHAT was useful for screening of chicken sera for T. gondii antibodies. (C) 2012 Elsevier B.V. All rights reserved.
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Vortex-Induced Vibration (VIV) experiments were carried out with yawed cylinders. The purpose was to investigate the validity of the Independence Principle (IP) for properly describing the flow characteristics and the dynamics of structures subjected to oblique flow. Five yaw angles in relation to the direction perpendicular to the free stream velocity were tested, namely View the MathML sourceθ=0°,10°,20°,30° and 45°. Both the upstream and downstream orientations were tested. The models were mounted on a leaf spring apparatus that allows experiments with one or two degrees of freedom. The Reynolds numbers based on the component normal to the cylinder axis fell in the interval 3×103
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Meiofauna, and especially marine nematodes are common in sediments around the world. Despite very wide ranging distributions in many nematode species, little is presently known about their dispersal mechanisms shaping these patterns. Rafting, and perhaps ballast water transport has been suggested as viable means for nematode long-range transport. On a much smaller scale other processes have been suggested for their dispersal. They generally include some form of passive suspension into the water column and later on a passive, haphazard settling back towards the bottom. Small-scale phenomena in nematode dispersal were studied by conducting a series of studies at Askö field station, Trosa Archipelago, Baltic proper. Studied aspects were one case of macrofaunal influence on nematode dispersal rate, using an amphipod, Monoporeia affinis as disturbing agent, and three different studies on mechanisms related to settling. The experiments were conducted both in laboratory and field settings. The amphipod Monoporeia affinis did not exert any influence on the dispersal rate in the nematodes. The nematode dispersal was only an effect of time, in the aspect that the more time that past, the more nematodes dispersed from their place of origin. The settling experiments revealed that nematodes do have an active component in their settling behaviour, as they were able to exert influence on the spot where they were to settle. They were able to choose settling spot in response to the food quality of the sediment. It also became evident that contrary to common belief, nematodes are able to extend their presence in the water column far beyond the times that would be predicted considering settling velocities and hydrodynamic conditions alone.
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[EN] The groups of local cohomology with supports in the non-free locus of a module are used in order to obtain three classifications and one characterization of four classes of modules
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Clusters have increasingly become an essential part of policy discourses at all levels, EU, national, regional, dealing with regional development, competitiveness, innovation, entrepreneurship, SMEs. These impressive efforts in promoting the concept of clusters on the policy-making arena have been accompanied by much less academic and scientific research work investigating the actual economic performance of firms in clusters, the design and execution of cluster policies and going beyond singular case studies to a more methodologically integrated and comparative approach to the study of clusters and their real-world impact. The theoretical background is far from being consolidated and there is a variety of methodologies and approaches for studying and interpreting this phenomenon while at the same time little comparability among studies on actual cluster performances. The conceptual framework of clustering suggests that they affect performance but theory makes little prediction as to the ultimate distribution of the value being created by clusters. This thesis takes the case of Eastern European countries for two reasons. One is that clusters, as coopetitive environments, are a new phenomenon as the previous centrally-based system did not allow for such types of firm organizations. The other is that, as new EU member states, they have been subject to the increased popularization of the cluster policy approach by the European Commission, especially in the framework of the National Reform Programmes related to the Lisbon objectives. The originality of the work lays in the fact that starting from an overview of theoretical contributions on clustering, it offers a comparative empirical study of clusters in transition countries. There have been very few examples in the literature that attempt to examine cluster performance in a comparative cross-country perspective. It adds to this an analysis of cluster policies and their implementation or lack of such as a way to analyse the way the cluster concept has been introduced to transition economies. Our findings show that the implementation of cluster policies does vary across countries with some countries which have embraced it more than others. The specific modes of implementation, however, are very similar, based mostly on soft measures such as funding for cluster initiatives, usually directed towards the creation of cluster management structures or cluster facilitators. They are essentially founded on a common assumption that the added values of clusters is in the creation of linkages among firms, human capital, skills and knowledge at the local level, most often perceived as the regional level. Often times geographical proximity is not a necessary element in the application process and cluster application are very similar to network membership. Cluster mapping is rarely a factor in the selection of cluster initiatives for funding and the relative question about critical mass and expected outcomes is not considered. In fact, monitoring and evaluation are not elements of the cluster policy cycle which have received a lot of attention. Bulgaria and the Czech Republic are the countries which have implemented cluster policies most decisively, Hungary and Poland have made significant efforts, while Slovakia and Romania have only sporadically and not systematically used cluster initiatives. When examining whether, in fact, firms located within regional clusters perform better and are more efficient than similar firms outside clusters, we do find positive results across countries and across sectors. The only country with negative impact from being located in a cluster is the Czech Republic.
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The thesis main topic is the conflict between disclosure in financial markets and the need for confidentiality of the firm. After a recognition of the major dynamics of information production and dissemination in the stock market, the analysis moves to the interactions between the information that a firm is tipically interested in keeping confidential, such as trade secrets or the data usually covered by patent protection, and the countervailing demand for disclosure arising from finacial markets. The analysis demonstrates that despite the seeming divergence between informational contents tipically disclosed to investors and information usually covered by intellectual property protection, the overlapping areas are nonetheless wide and the conflict between transparency in financial markets and the firm’s need for confidentiality arises frequently and sistematically. Indeed, the company’s disclosure policy is based on a continuous trade-off between the costs and the benefits related to the public dissemination of information. Such costs are mainly represented by the competitive harm caused by competitors’ access to sensitive data, while the benefits mainly refer to the lower cost of capital that the firm obtains as a consequence of more disclosure. Secrecy shields the value of costly produced information against third parties’ free riding and constitutes therefore a means to protect the firm’s incentives toward the production of new information and especially toward technological and business innovation. Excessively demanding standards of transparency in financial markets might hinder such set of incentives and thus jeopardize the dynamics of innovation production. Within Italian securities regulation, there are two sets of rules mostly relevant with respect to such an issue: the first one is the rule that mandates issuers to promptly disclose all price-sensitive information to the market on an ongoing basis; the second one is the duty to disclose in the prospectus all the information “necessary to enable investors to make an informed assessment” of the issuers’ financial and economic perspectives. Both rules impose high disclosure standards and have potentially unlimited scope. Yet, they have safe harbours aimed at protecting the issuer need for confidentiality. Despite the structural incompatibility between public dissemination of information and the firm’s need to keep certain data confidential, there are certain ways to convey information to the market while preserving at the same time the firm’s need for confidentality. Such means are insider trading and selective disclosure: both are based on mechanics whereby the process of price reaction to the new information takes place without any corresponding activity of public release of data. Therefore, they offer a solution to the conflict between disclosure and the need for confidentiality that enhances market efficiency and preserves at the same time the private set of incentives toward innovation.
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The European External Action Service (EEAS or Service) is one of the most significant and most debated innovations introduced by the Lisbon Treaty. This analysis intends to explain the anomalous design of the EEAS in light of its function, which consists in the promotion of external action coherence. Coherence is a principle of the EU legal system, which requires synergy in the external actions of the Union and its Members. It can be enforced only through the coordination of European policy-makers' initiatives, by bridging the gap between the 'Communitarian' and intergovernmental approaches. This is the 'Union method' envisaged by A. Merkel: "coordinated action in a spirit of solidarity - each of us in the area for which we are responsible but all working towards the same goal". The EEAS embodies the 'Union method', since it is institutionally linked to both Union organs and Member States. It is also capable of enhancing synergy in policy management and promoting unity in international representation, since its field of action is delimited not by an abstract concern for institutional balance but by a pragmatic assessment of the need for coordination in each sector. The challenge is now to make sure that this pragmatic approach is applied with respect to all the activities of the Service, in order to reinforce its effectiveness. The coordination brought by the EEAS is in fact the only means through which a European foreign policy can come into being: the choice is not between the Community method and the intergovernmental method, but between a coordinated position and nothing at all.
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This dissertation investigates corporate governance and dividend policy in banking. This topic has recently attracted the attention of numerous scholars all over the world and currently remains one of the most discussed topics in Banking. The core of the dissertation is constituted by three papers. The first paper generalizes the main achievements in the field of relevant study using the approach of meta-analysis. The second paper provides an empirical analysis of the effect of banking corporate governance on dividend payout. Finally, the third paper investigates empirically the effect of government bailout during 2007-2010 on corporate governance and dividend policy of banks. The dissertation uses a new hand-collected data set with information on corporate governance, ownership structure and compensation structure for a sample of listed banks from 15 European countries for the period 2005-2010. The empirical papers employ such econometric approaches as Within-Group model, difference-in-difference technique, and propensity score matching method based on the Nearest Neighbor Matching estimator. The main empirical results may be summarized as follows. First, we provide evidence that CEO power and connection to government are associated with lower dividend payout ratios. This result supports the view that banking regulators are prevalently concerned about the safety of the bank, and powerful bank CEOs can afford to distribute low payout ratios, at the expense of minority shareholders. Next, we find that government bailout during 2007-2010 changes the banks’ ownership structure and helps to keep lending by bailed bank at the pre-crisis level. Finally, we provide robust evidence for increased control over the banks that receive government money. These findings show the important role of government when overcoming the consequences of the banking crisis, and high quality of governance of public bailouts in European countries.
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Particulate matter is one of the main atmospheric pollutants, with a great chemical-environmental relevance. Improving knowledge of the sources of particulate matter and of their apportionment is needed to handle and fulfill the legislation regarding this pollutant, to support further development of air policy as well as air pollution management. Various instruments have been used to understand the sources of particulate matter and atmospheric radiotracers at the site of Mt. Cimone (44.18° N, 10.7° E, 2165 m asl), hosting a global WMO-GAW station. Thanks to its characteristics, this location is suitable investigate the regional and long-range transport of polluted air masses on the background Southern-Europe free-troposphere. In particular, PM10 data sampled at the station in the period 1998-2011 were analyzed in the framework of the main meteorological and territorial features. A receptor model based on back trajectories was applied to study the source regions of particulate matter. Simultaneous measurements of atmospheric radionuclides Pb-210 and Be-7 acquired together with PM10 have also been analysed to acquire a better understanding of vertical and horizontal transports able to affect atmospheric composition. Seasonal variations of atmospheric radiotracers have been studied both analysing the long-term time series acquired at the measurement site as well as by means of a state-of-the-art global 3-D chemistry and transport model. Advection patterns characterizing the circulation at the site have been identified by means of clusters of back-trajectories. Finally, the results of a source apportionment study of particulate matter carried on in a midsize town of the Po Valley (actually recognised as one of the most polluted European regions) are reported. An approach exploiting different techniques, and in particular different kinds of models, successfully achieved a characterization of the processes/sources of particulate matter at the two sites, and of atmospheric radiotracers at the site of Mt. Cimone.
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The composition of the atmosphere is frequently perturbed by the emission of gaseous and particulate matter from natural as well as anthropogenic sources. While the impact of trace gases on the radiative forcing of the climate is relatively well understood the role of aerosol is far more uncertain. Therefore, the study of the vertical distribution of particulate matter in the atmosphere and its chemical composition contribute valuable information to bridge this gap of knowledge. The chemical composition of aerosol reveals information on properties such as radiative behavior and hygroscopicity and therefore cloud condensation or ice nucleus potential. rnThis thesis focuses on aerosol pollution plumes observed in 2008 during the POLARCAT (Polar Study using Aircraft, Remote Sensing, Surface Measurements and Models, of Climate, Chemistry, Aerosols, and Transport) campaign over Greenland in June/July and CONCERT (Contrail and Cirrus Experiment) campaign over Central and Western Europe in October/November. Measurements were performed with an Aerodyne compact time-of-flight aerosol mass spectrometer (AMS) capable of online size-resolved chemical characterization of non-refractory submicron particles. In addition, the origins of pollution plumes were determined by means of modeling tools. The characterized pollution episodes originated from a large variety of sources and were encountered at distinct altitudes. They included pure natural emissions from two volcanic eruptions in 2008. By the time of detection over Western Europe between 10 and 12 km altitude the plume was about 3 months old and composed to 71 % of particulate sulfate and 21 % of carbonaceous compounds. Also, biomass burning (BB) plumes were observed over Greenland between 4 and 7 km altitude (free troposphere) originating from Canada and East Siberia. The long-range transport took roughly one and two weeks, respectively. The aerosol was composed of 78 % organic matter and 22 % particulate sulfate. Some Canadian and all Siberian BB plumes were mixed with anthropogenic emissions from fossil fuel combustion (FF) in North America and East Asia. It was found that the contribution of particulate sulfate increased with growing influences from anthropogenic activity and Asia reaching up to 37 % after more than two weeks of transport time. The most exclusively anthropogenic emission source probed in the upper troposphere was engine exhaust from commercial aircraft liners over Germany. However, in-situ characterization of this aerosol type during aircraft chasing was not possible. All long-range transport aerosol was found to have an O:C ratio close to or greater than 1 implying that low-volatility oxygenated organic aerosol was present in each case despite the variety of origins and the large range in age from 3 to 100 days. This leads to the conclusion that organic particulate matter reaches a final and uniform state of oxygenation after at least 3 days in the free troposphere. rnExcept for aircraft exhaust all emission sources mentioned above are surface-bound and thus rely on different types of vertical transport mechanisms, such as direct high altitude injection in the case of a volcanic eruption, or severe BB, or uplift by convection, to reach higher altitudes where particles can travel long distances before removal mainly caused by cloud scavenging. A lifetime for North American mixed BB and FF aerosol of 7 to 11 days was derived. This in consequence means that emission from surface point sources, e.g. volcanoes, or regions, e.g. East Asia, do not only have a relevant impact on the immediate surroundings but rather on a hemispheric scale including such climate sensitive zones as the tropopause or the Arctic.
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Microemulsions are thermodynamically stable, macroscopically homogeneous but microscopically heterogeneous, mixtures of water and oil stabilised by surfactant molecules. They have unique properties like ultralow interfacial tension, large interfacial area and the ability to solubilise other immiscible liquids. Depending on the temperature and concentration, non-ionic surfactants self assemble to micelles, flat lamellar, hexagonal and sponge like bicontinuous morphologies. Microemulsions have three different macroscopic phases (a) 1phase- microemulsion (isotropic), (b) 2phase-microemulsion coexisting with either expelled water or oil and (c) 3phase- microemulsion coexisting with expelled water and oil.rnrnOne of the most important fundamental questions in this field is the relation between the properties of the surfactant monolayer at water-oil interface and those of microemulsion. This monolayer forms an extended interface whose local curvature determines the structure of the microemulsion. The main part of my thesis deals with the quantitative measurements of the temperature induced phase transitions of water-oil-nonionic microemulsions and their interpretation using the temperature dependent spontaneous curvature [c0(T)] of the surfactant monolayer. In a 1phase- region, conservation of the components determines the droplet (domain) size (R) whereas in 2phase-region, it is determined by the temperature dependence of c0(T). The Helfrich bending free energy density includes the dependence of the droplet size on c0(T) as
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This thesis investigates the synthesis of polymeric ionic liquid [(poly-acryloyloxy)6C6C1im][NTf2], by free radical polymerization of acryloyl imidazolium-base ionic liquid monomer [(acryloyloxy)6C6C1im][NTf2]. Moreover, the smartest synthetic route to obtain this monomer was investigated. Two different synthesis were compared. The first one started from the preparation of the monomer 6-chlorohexyl acrylate followed by substitution and metathesis to reach ionic liquid monomer. The second one started from synthesis of the ionic liquid [(HO)6C6C1im]Cl followed by metathesis and esterification in order to get ionic liquid monomer [(acryloyloxy)6C6C1im][NTf2].
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The aim of this dissertation is to provide a trilingual translation from English into Italian and from Italian into Spanish of a policy statement from the Fédération Internationale de l’Automobile (FIA) regarding road safety. The document, named “Formula Zero: a strategy for reducing fatalities and injuries on track and road”, was published in June 2000 and involves an approach about road safety inspired by another approach introduced in Sweden called ‘Vision Zero’. This work consists of six sections. The first chapter introduces the main purposes and activities of the Federation, as well as the institutions related to it and Vision Zero. The second chapter presents the main lexical, morphosyntactic and stylistic features of the institutional texts and special languages. In particular, the text contains technical nomenclature of transports and elements of sport language, especially regarding motor sport and Formula One. In the third chapter, the methodology is explained, with all the resources used during the preliminary phase and the translation, including corpora, glossaries, expert consultancy and specialised sites. The fourth chapter focuses on the morphosyntactic and terminology features contained in the text, while the fifth chapter presents the source text and the target texts. The final chapter deals with all the translation strategies that are applied, alongside with all the challenging elements detected. Therefore, the dissertation concludes with some theoretical and practical considerations about the role of inverse translation and English as Lingua Franca (ELF), by comparing the text translated into Spanish to the original in English, using Italian as a lingua franca.