Calculation of wave attenuation due to friction and shoaling : an evaluation /

"October 1980."

Wave breaking on a current at an idealized inlet with an ebb shoal /

"April 2001."

Oceanography of the Grand Banks region and the Labrador Sea in 1964

"CG 373-10."

Studies of physical, chemical, and biological oceanography in the vicinity of the Revilla Gigedo Islands during the “Island Current Survey” of 1957

ENGLISH: The tendency of the tunas, especially the yellowfin (Neothunnus macropterus) to be more abundant in the near vicinity of islands and seamounts, or "banks", than in the surrounding oceanic areas, is well known to commercial fishermen. This has been confirmed by statistical analysis of fishing vessel logbook records, which demonstrates that the catch-per-day's-fishing is, indeed, higher in the near vicinity of these features. It is hypothesized that islands and seamounts cause changes in the physical circulation or the biochemical cycle resulting in greater supplies of food for tunas in their immediate environs. In order to examine this hypothesis, and in order to study possible mechanisms involved, the "Island Current Survey" was undertaken from 8 May to 12 June, 1957, under the joint auspices of the Inter-American Tropical Tuna Commission and the Scripps Institution of Oceanography. Surveys of varying nature and extent were made from M/V Spencer F. Baird near Alijos Rocks, Clarion Island, Shimada Bank and Socorro Island (Figure 1). These studies sought to provide knowledge of the action of islands and seamounts in arresting, stalling or deflecting the mean current past them, in establishing convergence and divergence in the surface flow, in producing vertical motion (mixing and upwelling), and in influencing the primary production and the standing crops of phytoplankton and zooplankton. Each survey is discussed below in detail. Observations made at a front on 10 June will be discussed in another paper. SPANISH: Los pescadores que realizan la pesca comercial conocen muy bien la tendencia de los atunes, en particular del atún aleta amarilla (Neothunnus macropterus), de presentarse en mayor abundancia en las cercanías inmediatas a las islas y cimas submarinas, o "bancos", que en las áreas oceánicas circundantes. Este hecho ha sido confirmado par el análisis estadístico de los registros de los cuadernos de bitácora de las embarcaciones pesqueras, demostrándose que la captura par dias de pesca es, en efecto, más abundante en la inmediata proximidad de tales formaciones. Hipotéticamente se admite que las islas y las cimas submarinas provocan cambios en la circulación física o en el ciclo bioquímico, lo cual se pone de manifiesto a través de un mejor abastecimiento de alimento para los atunes en sus cercanías inmediatas. Con la finalidad de verificar esta hipótesis y de estudiar los mecanismos que ella involucra, se realizó la “Island Current Survey” del 8 de mayo al 12 de junio de 1957, bajo los auspicios de la Comisión Interamericana del Atún Tropical y de la Institución Scripps de Oceanografia. Con el barco Spencer F. Baird se hicieron observaciones de distintas clases y alcances cerca de las Rocas Alijos, la Isla Clarion, el Banco Shimada y la Isla Socorro (Figura 1). Estos estudios tuvieron por objeto adquirir conocimientos sobre la acción que ejercen las islas y cimas submarinas sobre la corriente promedio, ya sea deteniéndola, reduciendo su velocidad o desviando su curso, así como estableciendo convergencia o divergencia en su flujo de superficie, o provocando un movimiento vertical (mezcla y afloramiento) e influyendo en la producción primaria y en las existencias de fitoplancton y zooplancton. Cada operación será tratada a continuación por separado. Las observaciones hechas el dia 10 de junio sobre un frente serán objeto de otra publicación.

Physical oceanography during Maria S. Merian cruise MSM21/2

Flemish Pass, located at the western subpolar margin, is a passage (sill depth 1200 m) that is constrained by the Grand Banks and the underwater plateau Flemish Cap. In addition to the Deep Western Boundary Current (DWBC) pathway offshore of Flemish Cap, Flemish Pass represents another southward transport pathway for two modes of Labrador Sea Water (LSW), the lightest component of North Atlantic Deep Water carried with the DWBC. This pathway avoids potential stirring regions east of Flemish Cap and deflection into the interior North Atlantic. Ship-based velocity measurements between 2009 and 2013 at 47°N in Flemish Pass and in the DWBC east of Flemish Cap revealed a considerable southward transport of Upper LSW through Flemish Pass (15-27%, -1.0 to -1.5 Sv). About 98% of the denser Deep LSW were carried around Flemish Cap as Flemish Pass is too shallow for considerable transport of Deep LSW. Hydrographic time series from ship-based measurements show a significant warming of 0.3°C/decade and a salinification of 0.03/decade of the Upper LSW in Flemish Pass between 1993 and 2013. Almost identical trends were found for the evolution in the Labrador Sea and in the DWBC east of Flemish Cap. This indicates that the long-term hydrographic variability of Upper LSW in Flemish Pass as well as in the DWBC at 47°N is dominated by changes in the Labrador Sea, which are advected southward. Fifty years of numerical ocean model simulations in Flemish Pass suggest that these trends are part of a multidecadal cycle.

Multibeam and seismic survey, physical oceanography, and sea-bottom videos from the Bay of Biscay

We report the northernmost and deepest known occurrence of deep-water pycnodontine oysters, based on two surveys along the French Atlantic continental margin to the La Chapelle continental slope (2006) and the Guilvinec Canyon (2008). The combined use of multibeam bathymetry, seismic profiling, CTD casts and a remotely operated vehicle (ROV) made it possible to describe the physical habitat and to assess the oceanographic control for the recently described species Neopycnodonte zibrowii. These oysters have been observed in vivo in depths from 540 to 846 m, colonizing overhanging banks or escarpments protruding from steep canyon flanks. Especially in the Bay of Biscay, such physical habitats may only be observed within canyons, where they are created by both long-term turbiditic and contouritic processes. Frequent observations of sand ripples on the seabed indicate the presence of a steady, but enhanced bottom current of about 40 cm/s. The occurrence of oysters also coincides with the interface between the Eastern North Atlantic Water and the Mediterranean Outflow Water. A combination of this water mass mixing, internal tide generation and a strong primary surface productivity may generate an enhanced nutrient flux, which is funnelled through the canyon. When the ideal environmental conditions are met, up to 100 individuals per m² may be observed. These deep-water oysters require a vertical habitat, which is often incompatible with the requirements of other sessile organisms, and are only sparsely distributed along the continental margins. The discovery of these giant oyster banks illustrates the rich biodiversity of deep-sea canyons and their underestimation as true ecosystem hotspots.

Physical oceanography during three Maria S. Merian cruises (MSM21/2, MSM27, MSM28)

Flemish Pass, located at the western subpolar margin, is a passage (sill depth 1200 m) that is constrained by the Grand Banks and the underwater plateau Flemish Cap. In addition to the Deep Western Boundary Current (DWBC) pathway offshore of Flemish Cap, Flemish Pass represents another southward transport pathway for two modes of Labrador Sea Water (LSW), the lightest component of North Atlantic Deep Water carried with the DWBC. This pathway avoids potential stirring regions east of Flemish Cap and deflection into the interior North Atlantic. Ship-based velocity measurements between 2009 and 2013 at 47°N in Flemish Pass and in the DWBC east of Flemish Cap revealed a considerable southward transport of Upper LSW through Flemish Pass (15-27%, -1.0 to -1.5 Sv). About 98% of the denser Deep LSW were carried around Flemish Cap as Flemish Pass is too shallow for considerable transport of Deep LSW. Hydrographic time series from ship-based measurements show a significant warming of 0.3°C/decade and a salinification of 0.03/decade of the Upper LSW in Flemish Pass between 1993 and 2013. Almost identical trends were found for the evolution in the Labrador Sea and in the DWBC east of Flemish Cap. This indicates that the long-term hydrographic variability of Upper LSW in Flemish Pass as well as in the DWBC at 47°N is dominated by changes in the Labrador Sea, which are advected southward. Fifty years of numerical ocean model simulations in Flemish Pass suggest that these trends are part of a multidecadal cycle.

The level and quality of Value-at-Risk disclosure by commercial banks

In this paper we study both the level of Value-at-Risk (VaR) disclosure and the accuracy of the disclosed VaR figures for a sample of US and international commercial banks. To measure the level of VaR disclosures, we develop a VaR Disclosure Index that captures many different facets of market risk disclosure. Using panel data over the period 1996–2005, we find an overall upward trend in the quantity of information released to the public. We also find that Historical Simulation is by far the most popular VaR method. We assess the accuracy of VaR figures by studying the number of VaR exceedances and whether actual daily VaRs contain information about the volatility of subsequent trading revenues. Unlike the level of VaR disclosure, the quality of VaR disclosure shows no sign of improvement over time. We find that VaR computed using Historical Simulation contains very little information about future volatility.

Taxation of multinational banks : using formulary apportionment to reflect economic reality (Part 1)

Formulary apportionment does not attempt to undertake a transactional division of a highly integrated multinational entity. Rather, it allocates income to the jurisdictions based on an economically justifiable formula. Opposition to formulary apportionment is generally based on the argument that it is not a theoretically superior (or optimal) model because of the implementation difficulties. The conclusion that the unitary taxation model may be theoretically superior to the current arm's-length model that applies to multinational banks, despite significant implementation, compliance, and enforcement issues, is based on the unitary taxation model providing greater alignment with the unique features of these banks. The formulary apportionment model looks to the economic substance of the multinational entity and, in this sense, adopts a substance-over- form approach. Formulary apportionment further recognizes the impossibility of using arm's-length pricing for economically interdependent multinational entities. A final advantage to formulary apportionment, which is also a consequence of this model achieving greater inter-nation equity, is the elimination of double taxation.

The taxation of multinational banks : alternative apportionment through a unitary taxation regime aligning with economic reality

The taxation of multinational banks currently is governed by the general principles of international tax. However, it is arguable that there are characteristics exclusive to multinational banks that may warrant the consideration of a separate taxing regime. This article argues that because of the unique nature of multinational banks, the traditional international tax rules governing jurisdiction to tax and allocation of income do not produce a result which is optimal, as it does not reflect economic reality. That is, the current system does not produce a result that accurately reflects the economic source of the income or the location of the economic activity. The suggested alternative is unitary taxation using global formulary apportionment. Formulary apportionment is considered as an alternative that reflects economic reality by recognising the unique nature of multinational banks and allocating the income to the location of the economic activity. The unique nature of multinational banking is recognised in the fact that formulary apportionment does not attempt to undertake a transactional division of a highly integrated multinational entity. Rather, it allocates income to the jurisdictions based on an economically justifiable formula. Starting from this recognition, the purpose of this article is to demonstrate that formulary apportionment is a theoretically superior (or optimal) model for the taxation of multinational banks. An optimal regime, for the purposes of this article, is considered to be one that distributes the taxing rights in an equitable manner between the relevant jurisdictions, while, simultaneously allowing decisions of the international banks to be tax neutral. In this sense, neutrality is viewed as an economic concept and equity is regarded as a legal concept. A neutral tax system is one in which tax rules do not affect economic choices about commercial activities. Neutrality will ideally be across jurisdictions as well as across traditional and non-traditional industries. The primary focus of this article is jurisdictional neutrality. A system that distributes taxing rights in an equitable manner between the relevant jurisdictions ensures that each country receives its fair share of tax revenue. Given the increase in multinational banking, jurisdictions should be concerned that they are receiving their fair share. Inter-nation equity is concerned with re-determining the proper division of the tax base among countries. Richard and Peggy Musgrave argue that sharing of the tax base by countries of source should be seen as a matter of inter-nation equity requiring international cooperation. The rights of the jurisdiction of residency will also be at issue. To this extent, while it is agreed that inter-nation equity is an essential attribute to an international tax regime, there is no universal agreement as to how to achieve it. The current system attempts to achieve such equity through a combined residency and source regime, with the transfer pricing rules used to apportion income between the relevant jurisdictions. However, this article suggests, that as an alternative to the current regime, equity would be achieved through formulary apportionment. Opposition to formulary apportionment is generally based on the argument that it is not a theoretically superior (or optimal) model because of the implementation difficulties. Yet these are two separate issues. As such, this article is divided into two core parts. The first part examines the theoretical soundness of the formulary apportionment model concluding that it is theoretically superior to the arm’s length pricing requirement of the traditional transfer pricing regime. The second part examines the practical implications of accepting formulary apportionment as an optimal model with a view to disclosing the issues that arise when a formulary apportionment regime is adopted. Prior to an analysis of the theoretical and practical application of formulary apportionment to multinational banks, the unique nature of these banks is considered. The article concludes that, while there are significant implementation, compliance, and enforcement issues to overcome, the unitary taxation model may be theoretically superior to the current arm’s length model which applies to multinational banks. This conclusion is based on the unitary taxation model providing greater alignment with the unique features of these banks.

Taxation of multinational banks : using formulary apportionment to reflect economic reality (Part 2)

As stated in Part 1 of this article, formulary appointment does not attempt to undertake a transactional division of a highly integrated multinational entity; rather, it allocates income to the jurisdictions based on economically justifiable formula. This article argues that the unitary taxation model is superior to the current arms-lenght model for the taxation of multinational banks despite significant implementation, complicance and enforcement issues. Part one of the article gave some background on the taxation of multinational banks, followed by a discussion of their uniqueness, and the theoretical benefits of the unitary tax model for multinational banking. Part 2 below covers the practical implications of accepting formulary apportionment as an 'optimal' regime for taxing multinational banks.