Securities: Its Conception and Protection of Interests of its Holders

Theoretical studies of the problems of the securities markets in the Russian Federation incline to one or other of the two traditional approaches. The first consists of comparing the definition of "valuable paper" set forth in the current legislation of the Russian Federation, with the theoretical model of "Wertpapiere" elaborated by German scholars more than 90 years ago. The problem with this approach is, in Mr. Pentsov's opinion, that any new features of the definition of "security" that do not coincide with the theoretical model of "Wertpapiere" (such as valuable papers existing in non-material, electronic form) are claimed to be incorrect and removed from the current legislation of the Russian Federation. The second approach works on the basis of the differentiation between the Common Law concept of "security" and the Civil Law concept of "valuable paper". Mr. Pentsov's research, presented in an article written in English, uses both methodological tools and involves, firstly, a historical study of the origin and development of certain legal phenomena (securities) as they evolved in different countries, and secondly, a comparative, synchronic study of equivalent legal phenomena as they exist in different countries today. Employing the first method, Mr. Pentsov divided the historical development of the conception of "valuable paper" in Russia into five major stages. He found that, despite the existence of a relatively wide circulation of valuable papers, especially in the second half of the 19th century, Russian legislation before 1917 (the first stage) did not have a unified definition of valuable paper. The term was used, in both theoretical studies and legislation, but it covered a broad range of financial instruments such as stocks, bonds, government bonds, promissory notes, bills of exchange, etc. During the second stage, also, the legislation of the USSR did not have a unified definition of "valuable paper". After the end of the "new economic policy" (1922 - 1930) the stock exchanges and the securities markets in the USSR, with a very few exceptions, were abolished. And thus during the third stage (up to 1985), the use of valuable papers in practice was reduced to foreign economic relations (bills of exchange, stocks in enterprises outside the USSR) and to state bonds. Not surprisingly, there was still no unified definition of "valuable paper". After the beginning of Gorbachev's perestroika, a securities market began to re-appear in the USSR. However, the successful development of securities markets in the USSR was retarded by the absence of an appropriate regulatory framework. The first effort to improve the situation was the adoption of the Regulations on Valuable Papers, approved by resolution No. 590 of the Council of Ministers of the USSR, dated June 19, 1990. Section 1 of the Regulation contained the first statutory definition of "valuable paper" in the history of Russia. At the very beginning of the period of transition to a market economy, a number of acts contained different definitions of "valuable paper". This diversity clearly undermined the stability of the Russian securities market and did not achieve the goal of protecting the investor. The lack of unified criteria for the consideration of such non-standard financial instruments as "valuable papers" significantly contributed to the appearance of numerous fraudulent "pyramid" schemes that were outside of the regulatory scheme of Russia legislation. The situation was substantially improved by the adoption of the new Civil Code of the Russian Federation. According to Section 1 of Article 142 of the Civil Code, a valuable paper is a document that confirms, in compliance with an established form and mandatory requisites, certain material rights whose realisation or transfer are possible only in the process of its presentation. Finally, the recent Federal law No. 39 - FZ "On the Valuable Papers Market", dated April 22 1996, has also introduced the term "emission valuable papers". According to Article 2 of this Law, an "emission valuable paper" is any valuable paper, including non-documentary, that simultaneously has the following features: it fixes the composition of material and non-material rights that are subject to confirmation, cession and unconditional realisation in compliance with the form and procedure established by this federal law; it is placed by issues; and it has equal amount and time of realisation of rights within the same issue regardless of when the valuable paper was purchased. Thus the introduction of the conception of "emission valuable paper" became the starting point in the Russian federation's legislation for the differentiation between the legal regimes of "commercial papers" and "investment papers" similar to the Common Law approach. Moving now to the synchronic, comparative method of research, Mr. Pentsov notes that there are currently three major conceptions of "security" and, correspondingly, three approaches to its legal definition: the Common Law concept, the continental law concept, and the concept employed by Japanese Law. Mr. Pentsov proceeds to analyse the differences and similarities of all three, concluding that though the concept of "security" in the Common Law system substantially differs from that of "valuable paper" in the Continental Law system, nevertheless the two concepts are developing in similar directions. He predicts that in the foreseeable future the existing differences between these two concepts will become less and less significant. On the basis of his research, Mr. Pentsov arrived at the conclusion that the concept of "security" (and its equivalents) is not a static one. On the contrary, it is in the process of permanent evolution that reflects the introduction of new financial instruments onto the capital markets. He believes that the scope of the statutory definition of "security" plays an extremely important role in the protection of investors. While passing the Securities Act of 1933, the United States Congress determined that the best way to achieve the goal of protecting investors was to define the term "security" in sufficiently broad and general terms so as to include within the definition the many types of instruments that in the commercial world fall within the ordinary concept of "security' and to cover the countless and various devices used by those who seek to use the money of others on the promise of profits. On the other hand, the very limited scope of the current definition of "emission valuable paper" in the Federal Law of the Russian Federation entitled "On the Valuable Papers Market" does not allow the anti-fraud provisions of this law to be implemented in an efficient way. Consequently, there is no basis for the protection of investors. Mr. Pentsov proposes amendments which he believes would enable the Russian markets to become more efficient and attractive for both foreign and domestic investors.

Standard Language in Bosna and Hercegovina - in Language Policy Documents

From the beginning of the standardisation of language in Bosnia and Herzegovina, i.e. from the acceptance of Karadzic's phonetic spelling in the mid-19th century, to the present day when there are three different language standards in force - Bosniac (Muslim), Croatian and Serbian, language in Bosnia and Herzegovina has been a subject of political conflict. Documents on language policy from this period show the degree to which domestic and foreign political factors influenced the standard language issue, beginning with the very appellation for the specific norm regulation. The material analysed (proclamations by political, cultural and other organisations as well as corresponding constitutional and statutory provisions on language use) shows the differing treatment of the standard language in Bosnia and Herzegovina in different historical periods. During the period of Turkish rule (until 1878) there was no real political interest in the issue. Under Austro-Hungarian rule (1878-1918) there was an attempt to use the language as a means of forming a united Bosnian nation, but this was later abandoned. During the first Yugoslavia (1918-1941) a uniform solution was imposed on Bosnia and Herzegovina, as throughout the Serbo-Croatian language area, while under the Independent State of Croatia (1941-1945), the official language of Bosnia and Herzegovina was Croatian. The period from 1945 to 1991 had two phases: the first a standard language unity of Serbs, Croats, Muslims and Montenegrins (until 1965), and the second a gradual but stormy separation of national languages, which has been largely completed since 1991. The introductory study includes a detailed analysis of all the expressions used, with special reference to the present state, and accompanies the collection of documents which represent the main outcome of the research.

Colour Symbolism, Colour Preference in Hungarian Folklore and Folk Architecture"

The Hungarian way of decoration has certain characteristics which are rooted in the deep symbolism of ancient Hungarian mythical thinking. The ancient heritage of the Hungarians' former homeland somewhere in the Urals included eastern elements. During their migrations, the Hungarian tribes met other eastern peoples and their culture of decoration became mixed with elements drawn from these new contacts. These diverse influences mean that the Hungarian way of thinking, building and ornamentation show a certain dualism of Puritanism and rationalism in the creation of space and manufacturing, and rich fantasy in decoration and ornamentation. The Hungarians use coloured ornamentation to emphasise the symbolic importance of details. The colouring system of the built environment shows the same dualism: the main colour of the facades and inner walls is white, while the furniture, textiles, gates and windows, and sometimes the gable and fireplace are richly decorated. In Hungarian symbolism, the house and settlement are a model of the universe, so their different parts also have a transcendent meaning. The traditional meanings of the different colours reflect this transcendence. Each colour has ambivalent meanings: RED - the colour of blood - means violence and love. YELLOW - means sickness, death and ripeness (golden yellow). BLUE - means innocence, eternity (light blue) and old age, death (dark blue). BLACK - can be both ceremonial and mourning. WHILE - can have sacred meaning (bright white), while yellowish white fabric is the most common garb of both men and women in village society. GREEN - the only colour without a dual meaning, symbolises the beginning of life. Until the late 18th and early 19th centuries Hungarian folk art used one or two-coloured decoration (red, black, blue, red-blue or red-black), and from the early 19th century it moved to multi-coloured decoration. Colours are characteristically used in complementary contrast, with bright colours on a plain ground and an avoidance of subtle shadings.

Bacterial GDGTs in Holocene sediments and catchment soils of a high Alpine lake: application of the MBT/CBT-paleothermometer

A novel proxy for continental mean annual air temperature (MAAT) and soil pH, the MBT/CBT-paleothermometer, is based on the temperature (T) and pH-dependent distribution of specific bacterial membrane lipids (branched glycerol dialkyl glycerol tetraethers – GDGTs) in soil organic matter. Here, we tested the applicability of the MBT/CBT-paleothermometer to sediments from Lake Cadagno, a high Alpine lake in southern Switzerland with a small catchment of 2.4 km2. We analysed the distribution of bacterial GDGTs in catchment soils and in a radiocarbon-dated sediment core from the centre of the lake, covering the past 11 000 yr. The distribution of bacterial GDGTs in the catchment soils is very similar to that in the lake's surface sediments, indicating a common origin of the lipids. Consequently, their transfer from the soils into the sediment record seems undisturbed, probably without any significant alteration of their distribution through in situ production in the lake itself or early diagenesis of branched GDGTs. The MBT/CBT-inferred MAAT estimates from soils and surface sediments are in good agreement with instrumental values for the Lake Cadagno region (~0.5 °C). Moreover, downcore MBT/CBT-derived MAAT estimates match in timing and magnitude other proxy-based T reconstructions from nearby locations for the last two millennia. Major climate anomalies recorded by the MBT/CBT-paleothermometer are, for instance, the Little Ice Age (~14th to 19th century) and the Medieval Warm Period (MWP, ~9th to 14th century). Together, our observations indicate the quantitative applicability of the MBT/CBT-paleothermometer to Lake Cadagno sediments. In addition to the MWP, our lacustrine paleo T record indicates Holocene warm phases at about 3, 5, 7 and 11 kyr before present, which agrees in timing with other records from both the Alps and the sub-polar North-East Atlantic Ocean. The good temporal match of the warm periods determined for the central Alpine region with north-west European winter precipitation strength implies a strong and far-reaching influence of the North Atlantic Oscillation on continental European T variations during the Holocene.

Fieber - Thema seit Jahrtausenden

Since the antiquity up to the 19th century fever goes for an illness of its own rights. About 1900 temperature measurement has become clinical routine and fever synonymous with elevated body heat. In the time before accelerated pulse rate was the pathognomic sign. The detection of specific pathogen organisms leads to a new understanding of nosology and to the dissolution of the fever entity. However the antipyretic therapy remains essentially the same until the appearance of antibiotics.

Climate and human impact during the past 2000 years as recorded in the Lagunas de Yala, Jujuy, northwestern Argentina

210Pb, 137Cs and 14C dated sediments of two late Holocene landslide lakes in the Provincial Park Lagunas de Yala (Laguna Rodeo, Laguna Comedero, 24°06′S, 65°30′W, 2100 m asl, northwestern Argentina) reveal a high-resolution multi-proxy data set of climate change and human impact for the past ca. 2000 years. Comparison of the lake sediment data set for the 20th century (sediment mass accumulation rates MARs, pollen spectra, nutrient and charcoal fluxes) with independent dendroecological data from the catchment (fire scars, tree growth) and long regional precipitation series (from 1934 onwards) show that (1) the lake sediment data set is internally highly consistent and compares well with independent data sets, (2) the chronology of the sediment is reliable, (3) large fires (1940s, 1983/1984–1989) as documented in the local fire scar frequency are recorded in the charcoal flux to the lake sediments and coincide with low wet-season precipitation rates (e.g., 1940s, 1983/1984) and/or high interannual precipitation variability (late 1940s), and (4) the regional increase in precipitation after 1970 is recorded in an increase in the MARs (L. Rodeo from 100 to 390 mg cm−2 yr−1) and in an increase in fern spores reflecting wet vegetation. The most significant change in MARs and nutrient fluxes (Corg and P) of the past 2000 years is observed with the transition from the Inca Empire to the Spanish Conquest around 1600 AD. Compared with the pre-17th century conditions, MARs increased by a factor of ca. 5 to >8 (to 800 +130, −280 mg cm−2 yr−1), PO4 fluxes increased by a factor of 7, and Corg fluxes by a factor of 10.5 for the time between 1640 and 1930 AD. 17th to 19th century MARs and nutrient fluxes also exceed 20th century values. Excess Pb deposition as indicated by a significant increase in Pb/Zr and Pb/Rb ratios in the sediments after the 1950s coincides with a rapid expansion of the regional mining industry. Excess Pb is interpreted as atmospheric deposition and direct human impact due to Pb smelting.

On the variability of return periods of European winter precipitation extremes over the last three centuries

We investigate the changes of extreme European winter (December-February) precipitation back to 1700 and show for various European regions that return periods of extremely wet and dry winters are subject to significant changes both before and after the onset of anthropogenic influences. Generally, winter precipitation has become more extreme. We also examine the spatial pattern of the changes of the extremes covering the last 300 years where data quality is sufficient. Over central and Eastern Europe dry winters occurred more frequently during the 18th and the second part of the 19th century relative to 1951–2000. Dry winters were less frequent during both the 18th and 19th century over the British Isles and the Mediterranean. Wet winters have been less abundant during the last three centuries compared to 1951–2000 except during the early 18th century in central Europe. Although winter precipitation extremes are affected by climate change, no obvious connection of these changes was found to solar, volcanic or anthropogenic forcing. However, physically meaningful interpretation with atmospheric circulation changes was possible.

An Anarchist Foreign Minister?: The Ideological Background of Rudolf Holsti

Former Finnish Minister of Foreign Affairs, Rudolf Holsti, ended his professional career as a professor at Stanford University. In spring 1941, he encountered a news article on Alexandra Kropotkina and was encouraged to send her a letter. In this letter, Holsti revealed his admiration for her father, "anarchist prince" Pjotr Kropotkin. Holsti’s letter to Alexandra Kropotkina further related that as foreign minister he had even sent food from the Finnish embassy in Moscow to Kropotkin while he was being held in custody by the Soviet authorities. The notion of an anarchist foreign minister is profoundly paradoxical, but the aim of my research is to find Kropotkin’s influences in Holsti's work and publications. Before entering politics, Holsti defended his thesis for PhD at the University of Helsinki in 1913 with a rather anarchist theme, “The Relation of War to the Origin of the State.” My paper and presentation will attempt to answer: how are Kropotkin's ideas present in Holsti's academic work? In addition, Holsti and Kropotkin are case studies who guide my interests in the co-relation between the scientific revolution and social thinking in the 19th century.

THREE HUNDRED YEARS OF THE ST. PETERSBURG PARADOX

The St. Petersburg Paradox was first presented by Nicholas Bernoulli in 1713. It is related to a gambling game whose mathematical expected payoff is infinite, but no reasonable person would pay more than $25 to play it. In the history, a number of ideas in different areas have been developed to solve this paradox, and this report will mainly focus on mathematical perspective of this paradox. Different ideas and papers will be reviewed, including both classical ones of 18th and 19th century and some latest developments. Each model will be evaluated by simulation using Mathematica.

Archiving Montana’s Geologic Data

Since the 19th century, enormous amounts of time and money were invested in the exploration and development of Montana’s natural resources. These investments generated tremendous volumes of geologic, geophysical, and environmental data. Over the years, many of these data have been stored, forgotten, lost, or destroyed. In this lecture, Peggy discusses the steps the Bureau is taking to rescue and make the data available to the public.

Age modeling of young non-varved lake sediments: methods and limits. Examples from two lakes in Central Chile

High-resolution and highly precise age models for recent lake sediments (last 100–150 years) are essential for quantitative paleoclimate research. These are particularly important for sedimentological and geochemical proxies, where transfer functions cannot be established and calibration must be based upon the relation of sedimentary records to instrumental data. High-precision dating for the calibration period is most critical as it determines directly the quality of the calibration statistics. Here, as an example, we compare radionuclide age models obtained on two high-elevation glacial lakes in the Central Chilean Andes (Laguna Negra: 33°38′S/70°08′W, 2,680 m a.s.l. and Laguna El Ocho: 34°02′S/70°19′W, 3,250 m a.s.l.). We show the different numerical models that produce accurate age-depth chronologies based on 210Pb profiles, and we explain how to obtain reduced age-error bars at the bottom part of the profiles, i.e., typically around the end of the 19th century. In order to constrain the age models, we propose a method with five steps: (i) sampling at irregularly-spaced intervals for 226Ra, 210Pb and 137Cs depending on the stratigraphy and microfacies, (ii) a systematic comparison of numerical models for the calculation of 210Pb-based age models: constant flux constant sedimentation (CFCS), constant initial concentration (CIC), constant rate of supply (CRS) and sediment isotope tomography (SIT), (iii) numerical constraining of the CRS and SIT models with the 137Cs chronomarker of AD 1964 and, (iv) step-wise cross-validation with independent diagnostic environmental stratigraphic markers of known age (e.g., volcanic ash layer, historical flood and earthquakes). In both examples, we also use airborne pollutants such as spheroidal carbonaceous particles (reflecting the history of fossil fuel emissions), excess atmospheric Cu deposition (reflecting the production history of a large local Cu mine), and turbidites related to historical earthquakes. Our results show that the SIT model constrained with the 137Cs AD 1964 peak performs best over the entire chronological profile (last 100–150 years) and yields the smallest standard deviations for the sediment ages. Such precision is critical for the calibration statistics, and ultimately, for the quality of the quantitative paleoclimate reconstruction. The systematic comparison of CRS and SIT models also helps to validate the robustness of the chronologies in different sections of the profile. Although surprisingly poorly known and under-explored in paleolimnological research, the SIT model has a great potential in paleoclimatological reconstructions based on lake sediments

Zerbrochene Spiegel /1

Der Beitrag beschreibt eine doppelte, verfremdete und letztendlich tragische Spiegelung in der Wahrnehmung von Architektur zwischen Europa und Indien: zwischen 1780 und 1856 entstanden in der nordindischen Stadt Lucknow mehrere große Baukomplexe, die von den indisch-islamischen Herrschern der Stadt in europäisch-klassizistischen Formen gestaltet wurden. Nach dem indischen Aufstand, der in den Jahren 1857 und 1858 gegen die britische Herrschaft in Lucknow losbrach, wurden diese Bauten zum Gegenstand einer scharfen europäischen Architekturkritik. Der erste Abschnitt – "Das Eigene und das Fremde" – betrachtet die westliche Rezeption dieser europäisch-klassizistischen Bauten, die über Jahrzehnte durch ein Negativurteil bestimmt war, das sich aus der politischen Interpretation des indischen Aufstands erklärt. Der zweite Abschnitt – "Kopie und Synthese" – geht auf die Suche nach den Zusammenhängen für die positive Europarezeption in Lucknow und für die negative Kritik dieser Bauten in Europa. Es erweist sich, dass die Praxis von Architekturkopie und die Wahrnehmung europäischer Stilformen bei der Übernahme klassizistischer Motive in Indien deutlich anders war als das exakte und moralisch überhöhte Verständnis von Stilformen im Europa nach 1850.

Zerbrochene Spiegel /2

Der Beitrag beschreibt eine doppelte, verfremdete und letztendlich tragische Spiegelung in der Wahrnehmung von Architektur zwischen Europa und Indien: zwischen 1780 und 1856 entstanden in der nordindischen Stadt Lucknow mehre-re große Baukomplexe, die von den indisch-islamischen Herrschern der Stadt in europäisch-klassizistischen Formen gestaltet wurden. Nach dem indischen Auf-stand, der in den Jahren 1857 und 1858 gegen die britische Herrschaft in Lucknow losbrach, wurden diese Bauten zum Gegenstand einer scharfen europäi-scher Architekturkritik. Der erste Abschnitt – "Das Eigene und das Fremde" – betrachtet die westliche Rezeption dieser europäisch-klassizistischen Bauten, die über Jahrzehnte durch ein Negativurteil bestimmt war, das sich aus der politischen Interpretation des indischen Aufstands erklärt. Der zweite Abschnitt – "Kopie und Synthese" – geht auf die Suche nach den Zusammenhängen für die positive Europarezeption in Lucknow und für die negative Kritik dieser Bauten in Europa. Es erweist sich, dass die Praxis von Architekturkopie und die Wahrnehmung europäischer Stilfor-men bei der Übernahme klassizistischer Motive in Indien deutlich anders war als das exakte und moralisch überhöhte Verständnis von Stilformen im Europa nach 1850.

Zukunftsforschung in Deutschland

Die Zukunftsforschung in Deutschland hat eine Geschichte, deren Wurzeln bis ins 19. Jahrhundert zurückreichen. Im ersten Teil wird dargestellt, wie sich seit etwa 1890 ein systematischer Umgang mit Zukunftsfragen herausbildete, welche Ansätze in der Zwischenkriegszeit entwickelt wurden, unter welchen Bedingungen sich die „Futurologie“ nach 1945 allmählich etablierte und welchen Stand sie bis zum Ende ihrer ersten Hochkonjunktur um 1970 erreichte. Den Schwerpunkt bildet dabei eine Analyse der unterschiedlichen methodischen Strömungen sowie der Institutionalisierung.

Global warming in an independent record of the past 130 years

The thermometer-based global surface temperature time series (GST) commands a prominent role in the evidence for global warming, yet this record has considerable uncertainty. An independent record with better geographic coverage would be valuable in understanding recent change in the context of natural variability. We compiled the Paleo Index (PI) from 173 temperature-sensitive proxy time series (corals, ice cores, speleothems, lake and ocean sediments, historical documents). Each series was normalized to produce index values of change relative to a 1901–2000 base period; the index values were then averaged. From 1880 to 1995, the index trends significantly upward, similar to the GST. Smaller-scale aspects of the GST including two warming trends and a warm interval during the 1940s are also observed in the PI. The PI extends to 1730 with 67 records. The upward trend appears to begin in the early 19th century but the year-to-year variability is large and the 1730–1929 trend is small.