The multistage crystallization of zircon in calc-alkaline granitoids : U-Pb age constraints on the timing of Variscan tectonic activity in SW Iberia

CL imaging and U–Th–Pb data for a population of zircons from two of the Évora Massif granitoids (Ossa-Morena Zone, SW Iberia) show that both calc-alkaline granitoids have zircon populations dominated by grains with cores and rims either showing or not showing differences in Th/U ratio, and having ages in the range ca. 350–335 Ma (Early Carboniferous). Multistage crystallization of zircon is revealed in two main growth stages (ca. 344–342 Ma and ca. 336–335 Ma), well represented by morphologically complex zircons with cores and rims with different ages and different Th/U ratios that can be explained by: (1) crystallization from melts with different compositions (felsic peraluminous to felsic-intermediate metaluminous; 0.001 Th/U ratio < 0.5) and (2) transient temperature fluctuations in a system where anatectic felsic melts periodically underwent injection of more mafic magmas at higher temperatures. The two studied calc-alkaline granitoids do not include inherited zircons (pre-Carboniferous), probably because they were formed at the highest grade of metamorphism (T 837 °C; granulite facies) and/or because they were derived from inheritance-poor felsic and mafic rocks from a previous cycle, as suggested by the internal structures of zircon cores. These Variscan magmatic rocks with crystallization ages estimated at ca. 336–335 Ma are spatially and temporally related to high-temperature metamorphism, anatexis, processes of interaction between crustal- and mantle-derived magmas and intra-orogenic extension that acted in SW Iberia during the Early Carboniferous.

Ecoviability for small-scale fisheries in the context of food security constraints

This paper applies a stochastic viability approach to a tropical small-scale fishery, offering a theoretical and empirical example of ecosystem-based fishery management approach that accounts for food security. The model integrates multi-species, multi-fleet and uncertainty as well as profitability, food production, and demographic growth. It is calibrated over the period 2006–2010 using monthly catch and effort data from the French Guiana's coastal fishery, involving thirteen species and four fleets. Using projections at the horizon 2040, different management strategies and scenarios are compared from a viability viewpoint, thus accounting for biodiversity preservation, fleet profitability and food security. The analysis shows that under certain conditions, viable options can be identified which allow fishing intensity and production to be increased to respond to food security requirements but with minimum impacts on the marine resources.

Empirical studies on share issuance and repurchase decisions

Financial constraints influence corporate policies of firms, including both investment decisions and external financing policies. The relevance of this phenomenon has become more pronounced during and after the recent financial crisis in 2007/2008. In addition to raising costs of external financing, the effects of financial crisis limited the availability of external financing which had implications for employment, investment, sale of assets, and tech spending. This thesis provides a comprehensive analysis of the effects of financial constraints on share issuance and repurchases decisions. Financial constraints comprise both internal constraints reflecting the demand for external financing and external financial constraints that relate to the supply of external financing. The study also examines both operating performance and stock market reactions associated with equity issuance methods. The first empirical chapter explores the simultaneous effects of financial constraints and market timing on share issuance decisions. Internal financing constraints limit firms’ ability to issue overvalued equity. On the other hand, financial crisis and low market liquidity (external financial constraints) restrict availability of equity financing and consequently increase the costs of external financing. Therefore, the study explores the extent to which internal and external financing constraints limit market timing of equity issues. This study finds that financial constraints play a significant role in whether firms time their equity issues when the shares are overvalued. The conclusion is that financially constrained firms issue overvalued equity when the external equity market or the general economic conditions are favourable. During recessionary periods, costs of external finance increase such that financially constrained firms are less likely to issue overvalued equity. Only unconstrained firms are more likely to issue overvalued equity even during crisis. Similarly, small firms that need cash flows to finance growth projects are less likely to access external equity financing during period of significant economic recessions. Moreover, constrained firms have low average stock returns compared to unconstrained firms, especially when they issue overvalued equity. The second chapter examines the operating performance and stock returns associated with equity issuance methods. Firms in the UK can issue equity through rights issues, open offers, and private placement. This study argues that alternative equity issuance methods are associated with a different level of operating performance and long-term stock returns. Firms using private placement are associated with poor operating performance. However, rights issues are found empirically to be associated with higher operating performance and less negative long-term stock returns after issuance in comparison to counterpart firms that issue private placements and open offers. Thus, rights issuing firms perform better than open offers and private placement because the favourable operating performance at the time of issuance generates subsequent positive long-run stock price response. Right issuing firms are of better quality and outperform firms that adopt open offers and private placement. In the third empirical chapter, the study explores the levered share repurchase of internally financially unconstrained firms. Unconstrained firms are expected to repurchase their shares using internal funds rather than through external borrowings. However, evidence shows that levered share repurchases are common among unconstrained firms. These firms display this repurchase behaviour when they have bond ratings or investment grade ratings that allow them to obtain cheap external debt financing. It is found that internally financially unconstrained firms borrow to finance their share repurchase when they invest more. Levered repurchase firms are associated with less positive abnormal returns than unlevered repurchase firms. For the levered repurchase sample, high investing firms are associated with more positive long-run abnormal stock returns than low investing firms. It appears the market underreact to the levered repurchase in the short-run regardless of the level of investments. These findings indicate that market reactions reflect both undervaluation and signaling hypotheses of positive information associated with share repurchase. As the firms undertake capital investments, they generate future cash flows, limit the effects of leverage on financial distress and ultimately reduce the risk of the equity capital.

WorldFish Center report on the opportunities and constraints to improved fisheries exploitation and management in the Maringa – Lopori – Wamba landscape

The WorldFish Center was contracted by Africa Wildlife Foundation to conduct a preliminary survey of the role of fisheries in livelihoods, and opportunities and constraints to improved fisheries exploitation and management, in the Maringa-Lopori-Wamba Landscape. In May 2007, a three person WorldFish Center team, supported by AWF staff, visited the landscape to explore how the fishery operates to meet local needs and identify scope for interventions that might improve fisheries livelihood opportunities without undermining its sustainability. It is clear that although fishing is important for both income and subsistence in the areas visited, profits are nonetheless modest and somewhat unpredictable. Moreover, fisherfolk should not be considered a homogeneous group: there are different sub-groups, using different gears and skills, involving women and men in both fishing and post-harvest activities, groups who are more or less dependent on farming, and who fish, on balance, more either for cash or subsistence needs. Thus the findings here need to be set within this context of different sub-groups, fishing for generally very modest remuneration, with the latter subject to considerable variability and uncertainty.

Biomechanical constraints remain major risk factors for low back pain. Results from a prospective cohort study in French male employees

International audience

Thinning of the Goban Spur continental margin and formation of early oceanic crust: Constraints from forward modelling and inversion of marine magnetic anomalies

The deep seismic reflection profile Western Approaches Margin (WAM) cuts across the Goban Spur continental margin, located southwest of Ireland. This non-volcanic margin is characterized by a few tilted blocks parallel to the margin. A volcanic sill has been emplaced on the westernmost tilted block. The shape of the eastern part of this sill is known from seismic data, but neither seismic nor gravity data allow a precise determination of the extent and shape of the volcanic body at depth. Forward modelling and inversion of magnetic data constrain the shape of this volcanic sill and the location of the ocean-continent transition. The volcanic body thickens towards the ocean, and seems to be in direct contact with the oceanic crust. In the contact zone, the volcanic body and the oceanic magnetic layer display approximately the same thickness. The oceanic magnetic layer is anomalously thick immediately west of the volcanic body, and gradually thins to reach more typical values 40 km further to the west. The volcanic sill would therefore represent the very first formation of oceanic crust, just before or at the continental break-up. The ocean-continent transition is limited to a zone 15 km wide. The continental magnetic layer seems to thin gradually oceanwards, as does the continental crust, but no simple relation is observed between their respective thinnings.

CONSTRAINTS ON THE LITHOSPHERIC STRUCTURE OF MID OCEAN RIDGES FROM OCEANIC CORE COMPLEX MORPHOLOGY

The Mid-oceanic ridge system is a feature unique to Earth. It is one of the fundamental components of plate tectonics and reflects interior processes of mantle convection within the Earth. The thermal structure beneath the mid-ocean ridges has been the subject of several modeling studies. It is expected that the elastic thickness of the lithosphere is larger near the transform faults that bound mid-ocean ridge segments. Oceanic core complexes (OCCs), which are generally thought to result from long-lived fault slip and elastic flexure, have a shape that is sensitive to elastic thickness. By modeling the shape of OCCs emplaced along a ridge segment, it is possible to constraint elastic thickness and therefore the thermal structure of the plate and how it varies along-axis. This thesis builds upon previous studies that utilize thin plate flexure to reproduce the shape of OCCs. I compare OCC shape to a suite of models in which elastic thickness, fault dip, fault heave, crustal thickness, and axial infill are systematically varied. Using a grid search, I constrain the parameters that best reproduce the bathymetry and/or the slope of ten candidate OCCs identified along the 12°—15°N segment of the Mid-Atlantic Ridge. The lithospheric elastic thicknesses that explains these OCCs is thinner than previous investigators suggested and the fault planes dip more shallowly in the subsurface, although at an angle compatible with Anderson’s theory of faulting. No relationships between model parameters and an oceanic core complexes location within a segment are identified with the exception that the OCCs located less than 20km from a transform fault have slightly larger elastic thickness than OCCs in the middle of the ridge segment.

Dinocyst assemblage constraints on oceanographic and atmospheric processes in the eastern equatorial Atlantic over the last 44 kyr

A new 44 kyr long record of dinoflagellate (phytoplanktonic organisms) cysts (dinocysts) is presented from a marine sediment core collected on the Congolese margin with the aim of reconstructing past hydrological changes in the equatorial eastern Atlantic Ocean since Marine Isotopic Stage (MIS) 3. Our high-resolution dinocyst record indicates that significant temperature and moisture variations occurred across the glacial period, the last deglaciation and the Holocene. The use of specific dinocyst taxa, indicative of fluvial, upwelling and Benguela Current past environments for instance, provides insights into the main forcing mechanisms controlling palaeohydrological changes on orbital timescales. In particular, we are able, for the last 44 kyr, to correlate fluvial-sensitive taxa to monsoonal mechanisms related to precession minima–obliquity maxima combinations. While upwelling mechanisms appear as the main drivers for dinoflagellate productivity during MIS 2, dissolved nutrient-enriched Congo River inputs to the ocean also played a significant role in promoting dinoflagellate productivity between approximately 15.5 and 5 ka BP. Finally, this high-resolution dinocyst study permits us to precisely investigate the suborbital timing of the last glacial–interglacial termination, including an atypical warm and wet oceanic LGM signature, northern high-latitude abrupt climate change impacts in the equatorial eastern Atlantic, as well as a two-step decrease in moisture conditions during the Holocene at around 7–6 and 4–3.5 ka BP.

Motion Planning and Controls with Safety and Temporal Constraints

Motion planning, or trajectory planning, commonly refers to a process of converting high-level task specifications into low-level control commands that can be executed on the system of interest. For different applications, the system will be different. It can be an autonomous vehicle, an Unmanned Aerial Vehicle(UAV), a humanoid robot, or an industrial robotic arm. As human machine interaction is essential in many of these systems, safety is fundamental and crucial. Many of the applications also involve performing a task in an optimal manner within a given time constraint. Therefore, in this thesis, we focus on two aspects of the motion planning problem. One is the verification and synthesis of the safe controls for autonomous ground and air vehicles in collision avoidance scenarios. The other part focuses on the high-level planning for the autonomous vehicles with the timed temporal constraints. In the first aspect of our work, we first propose a verification method to prove the safety and robustness of a path planner and the path following controls based on reachable sets. We demonstrate the method on quadrotor and automobile applications. Secondly, we propose a reachable set based collision avoidance algorithm for UAVs. Instead of the traditional approaches of collision avoidance between trajectories, we propose a collision avoidance scheme based on reachable sets and tubes. We then formulate the problem as a convex optimization problem seeking control set design for the aircraft to avoid collision. We apply our approach to collision avoidance scenarios of quadrotors and fixed-wing aircraft. In the second aspect of our work, we address the high level planning problems with timed temporal logic constraints. Firstly, we present an optimization based method for path planning of a mobile robot subject to timed temporal constraints, in a dynamic environment. Temporal logic (TL) can address very complex task specifications such as safety, coverage, motion sequencing etc. We use metric temporal logic (MTL) to encode the task specifications with timing constraints. We then translate the MTL formulae into mixed integer linear constraints and solve the associated optimization problem using a mixed integer linear program solver. We have applied our approach on several case studies in complex dynamical environments subjected to timed temporal specifications. Secondly, we also present a timed automaton based method for planning under the given timed temporal logic specifications. We use metric interval temporal logic (MITL), a member of the MTL family, to represent the task specification, and provide a constructive way to generate a timed automaton and methods to look for accepting runs on the automaton to find an optimal motion (or path) sequence for the robot to complete the task.

Constraints to the efficacy of risk management process in entrepreneurial companies

This paper highlights potential factors that affect the degree of efficacy of a formal risk management framework in entrepreneurial organisations. The understanding of entrepreneur’s self-schemas, entrepreneurial organisational culture and working environment is crucial to evaluate the efficacy of a risk management process. This research pointed out two main issues: i) the entrepreneurial decision making process with presence of biases and heuristics in judgement under uncertainty; and ii) the entrepreneurial organisational context that might create constraints to the implementation of a risk management framework.

Essays on Financial Constraints, R&D Investments, and Competition

This dissertation consists of two chapters of theoretical studies that investigate the effect of financial constraints and market competition on research and development (R&D) investments. In the first chapter, I explore the impact of financial constraints on two different types of R&D investments. In the second chapter, I examine the impact of market competition on the relationship between financial constraints and R&D investments. In the first chapter, I develop a dynamic monopoly model to study a firm’s R&D strategy. Contrary to intuition, I show that a financially constrained firm may invest more aggressively in R&D projects than an unconstrained firm. Financial constraints introduce a risk that a firm may run out of money before its project bears fruit, which leads to involuntary termination on an otherwise positive-NPV project. For a company that relies on cash flow from assets in place to keep its R&D project alive, early success can be relatively important. I find that when the discovery process can be expedited by heavier investment (“accelerable” projects), a financially constrained company may find it optimal to “over”-invest in order to raise the probability of project survival. The over-investment will not happen if the project is only “scalable” (investment scales up payoffs). The model generates several testable implications regarding over-investment and project values. In the second chapter, I study the effects of competition on R&D investments in a duopoly framework. Using a homogeneous duopoly model where two unconstrained firms compete head to head in an R&D race, I find that competition has no effect on R&D investment if the project is not accelerable, and the competing firms are not constrained. In a heterogeneous duopoly model where a financially constrained firm competes against an unconstrained firm, I discover interesting strategic interactions that lead to preemption by the constrained firm in equilibrium. The unconstrained competitor responds to its constrained rival’s investment in an inverted-U shape fashion. When the constrained competitor has high cash flow risk, it accelerates the innovation in equilibrium, while the unconstrained firm invests less aggressively and waits for its rival to quit the race due to shortage of funds.

Household portfolio allocation, risk attitudes and credit constraints : evidence from the eurozone

Mestrado em Economia Monetária e Financeira

Three essays on liquidity

Doutoramento em Gestão.

Robust solutions of bi-blend recipe optimization with quadratic constraints

Production companies use raw materials to compose end-products. They often make different products with the same raw materials. In this research, the focus lies on the production of two end-products consisting of (partly) the same raw materials as cheap as possible. Each of the products has its own demand and quality requirements consisting of quadratic constraints. The minimization of the costs, given the quadratic constraints is a global optimization problem, which can be difficult because of possible local optima. Therefore, the multi modal character of the (bi-) blend problem is investigated. Standard optimization packages (solvers) in Matlab and GAMS were tested on their ability to solve the problem. In total 20 test cases were generated and taken from literature to test solvers on their effectiveness and efficiency to solve the problem. The research also gives insight in adjusting the quadratic constraints of the problem in order to make a robust problem formulation of the bi-blend problem.