Le contrat notionnel : efficience et causalité.

The main topic of this paper is about the overall functionnning of the french futures bonds market. Three mains questions are asked: (1) Is the futures market inefficient? (2) Is there any free lunch between the future market and the spot market? (3) Does one of these markets play a leader role? Econometric tests give globally an negative answer to all these three questions. The arbitrage's opportunities which have been detected in the period 86.12-90.06 can be explained by the restrictions to sell-short bonds in the french cash market. The two tests on the rationality of the expectations which have been undertaken (a time series test and a panel data test) yield the same conclusion : one cannot reject the assumption that the market is efficient. Finally, tests of causality between the future market and the cash market on daily data shows strong instantaneous correlation between them. Concerning delayed causality, the future market have played a leader role during the period 90.01-93.06 during which one has observed an overall stability of the futures prices.Futures markets ; Efficiency ; Causality.

Les strategies de "Stop Loss" : Theorie et application au contrat notionnel du MATIF.

Pour expliquer l'existence de règles de «stop-loss» dans les institutions financières, nous développons un modèle principal-agent, où une firme d'investissement (le principal) doit faire appel à l'expertise d'un opérateur (l'agent) pour investir dans un actif risqué et sophistiqué (par exemple, un contrat à terme). Quand l'opérateur a une «responsabilité limitée», nous montrons que la firme d'investissement peut accroître ses gains en s'engageant à mettre en place des règles de «stop-loss», c'est-à-dire a liquider la position de l'opérateur quand ses résultats sont mauvais. En utilisant des données journalières sur les positions individuelles sur le Contrat Notionnel du Matif, nous trouvons certains éléments en faveur d'une des conclusions testables du modèle, à savoir que les positions sont plus souvent liquidées lorsque les pertes sont importantes. Il ressort de l'analyse empirique que plus de 20 % des comptes utilisent des stratégies de ce type.Information ; Institutions financières

Transport and energy in India. Energy used by Indian transport systems and consequent emissions: the need for quantitative analyses (Well-to-Wheel, Lifecycle)

The purpose of this work is, at first, a general overview on the state-of-art of the transportation system in India outlining the related energy consumption, for the different transport modes, with consequent estimated emissions. These elements are essential for the preparation of a high-level strategic transport planning on the whole energy issue, to help India in the choices of most suitable transportation systems, according to the well-to-wheel analysis (WTW). Pursuing a WTW global index for India that takes into account both the energy and environmental aspects on a uniform basis is an important aim: it allows the best choices to be made as well as enabling the comparison between some of the most important powertrain and fuel options on the Indian market, the results are discussed from three different points of view: energy, environmental and economic impact

Contribution à la dépollution d’un rejet textile par adsorption sur un coagulant à base du mélange fer/aluminium préparé par électrocoagulation

L’industrie textile consomme une grande quantité d’eau, générant ainsi des rejets liquides à charge élevée en divers types de polluants. Ces derniers produisent des effets nocifs sur l’environnement. Ce travail s’intéresse à la dépollution d’un rejet d’une industrie textile, par addition d’un coagulant synthétique à base de fer et d’aluminium, préparé par le procédé d’électrocoagulation. Les résultats ont montré que le traitement de ce rejet par ce coagulant, a permis d’atteindre un rendement d’élimination des matières colorantes de 83.37% en terme de demande chimique en oxygène (DCO).Mots clés: traitement, hydroxyde, coagulation, demande chimique en oxygèn

Vectorial Formalism of Polyphase Synchronous Machine with Permanents Magnets

- This paper presents a mathematical model that transforms the real machine to fictitious machines and our goal is to simulate these and see the behavior of these machines in load. The polyphase machines are developed mainly in the field of variable speed drives of high power because increasing the number of phases on the one hand allows to reduce the dimensions of the components in power modulators energy and secondly to improve the operating safety. By a vector approach (vector space), it is possible to find a set of single-phase machine and / or two-phase fictitious equivalent to polyphase synchronous machine. These fictitious machines are coupled electrically and mechanically but decoupled magnetically. This approach leads to introduce the concept of the equivalent machine (multimachine multiconverter system MMS) which aims to analyze systems composed of multiple machines (or multiple converters) in electric drives. A first classification multimachine multiconverter system follows naturally from MMS formalism. We present an example of a pentaphase (polyphase) synchronous machine for a simulation and study the behavior of the machine load

Vectorial Formalism of Polyphase Synchronous Machine With Permanents Magnets

Abstract- This paper presents a mathematical model that transforms the real machine to fictitious machines and our goal is to simulate these and see the behavior of these machines in load. The polyphase machines are developed mainly in the field of variable speed drives of high power because increasing the number of phases on the one hand allows to reduce the dimensions of the components in power modulators energy and secondly to improve the operating safety. By a vector approach (vector space), it is possible to find a set of single-phase machine and / or two-phase fictitious equivalent to polyphase synchronous machine. These fictitious machines are coupled electrically and mechanically but decoupled magnetically. This approach leads to introduce the concept of the equivalent machine (multimachine multiconverter system MMS) which aims to analyze systems composed of multiple machines (or multiple converters) in electric drives. A first classification multimachine multiconverter system follows naturally from MMS formalism. We present an example of a pentaphase (polyphase) synchronous machine for a simulation and study the behavior of the machine load. Keywords: Polyphase machines, multimachine concept, vector space, eigenvectors, eigenvalues, pentaphase machine

Solid-state ion exchange of Fe in small pore SSZ-13 zeolite: Characterization of the exchanged species and their relevance for the NOx SCR reaction

Solid state ion exchange was performed for the successful introduction of Fe cations in the small pore CHA structured SSZ-13 zeolite. The produced catalysts were characterized by IR and UV-Vis spectroscopies and thermally programmed reaction techniques to probe the Fe sites formed during the exchange and the catalytic activity for the NOx SCR reaction. The results indicate that highly dispersed and heterogeneous Fe sites are formed, and the type depends on the Al distribution in the zeolite. Dimeric Fe species are formed preferentially at the start of the exchange on the 6- and 8-member rings that contain at least two Al exchange sites and once these sites are fully saturated the Fe is exchanged as isolated cations

Contribution à la dépollution des eaux usées de textile par électrocoagulation et par adsorption sur des composés à base de fer et d’aluminium

Les ressources hydriques au monde sont rares et la demande en eau connaît une croissance continue en liaison avec l’évolution démographique et les activités consommatrices en eau, notamment les industries de textiles se voient dans l’obligation de recycler les eaux résiduaires et en particulier celles colorées. Dans ce travail, nous nous sommes intéressés à l’étude de l’élimination des matières organiques et colorantes de deux rejets provenant des industries de textile, un de teinture du tissu de polyester à pH acide et l’autre de teinture du tissu de coton à pH basique. Ces rejets ont été traités de deux manières. La première est par électrocoagulation en utilisant des plaques de fer et/ou d’aluminium. La deuxième est par adsorption sur des composés synthétiques à base de fer et d’aluminium préparés par électrocoagulation. Dans le cas du traitement par le procédé d’électrocoagulation, nous avons constaté que le rendement d’élimination en demande chimique en oxygène (DCO) du rejet de polyester atteint un rendement de DCO de 60% pour un temps de 7 min de réaction. Pour le rejet de coton, le rendement d’élimination, par les plaques de fer/aluminium et l’élimination des matières colorantes, atteint une valeur de 45% en terme de DCO, et ceci en utilisant des plaques d’aluminium seul et de fer/aluminium pour un temps de 12 et 15 min respectivement. Dans le cas du traitement par ajout des coagulants synthétiques préparés au laboratoire, nous pouvons observer que le meilleur rendement d’élimination en DCO du rejet de polyester est obtenu pour une valeur de 48%, pour la faible granulométrie avec une concentration de 5 g/l du composé à base de fer /aluminium. Le rendement d’élimination en DCO du rejet de coton augmente jusqu'à une valeur de 60% avec une concentration de 5 g/l de coagulants appliqués à base d’aluminium seul. Les résultats de la dépollution de ces rejets, ont montré que le rendement d'élimination des matières organiques et colorantes par le procédé d'électrocoagulation est important, et la durée de traitement est courte, mais l'inconvénient de ce procédé c'est la saleté des plaques après chaque utilisation et la fabrication d'une grande quantité des boues par rapport à l’adsorption sur des composés à base de fer /aluminium où on utilise des poudres peu solubles et stables avec un bon rendement d’élimination et faibles quantités de fer et d'aluminium dans le surnageant traité.Keywords: Colorant textile, électrocoagulation, adsorption, dépollution, fer, aluminiu

SO2 deactivation mechanism of NO oxidation and regeneration of the LaCoO3 perovskite

The deactivation mechanism and methods to cope with the poisoning by SO2 of LaCoO3 perovskite-based NO oxidation catalysts were investigated. The LaCoO3 perovskite was synthesized by a sol-gel method and the fresh, sulphate-deactivated and regenerated catalysts were characterized by X-ray diffraction, X-ray photoelectron spectroscopy, H2-and soot-temperature programmed reduction, temperature programmed desorption and diffuse reflectance infrared Fourier transform spectroscopy. The SO2 poisoning strongly affected the NO oxidation activity. It was demonstrated that the deactivation mechanism proceeds in two stages: initially the active sites with a basic character are blocked by SO3 and subsequently the lanthanum sulphate salts grow progressively on the surface and cobalt is unaffected. Above 500 °C, the surface bound sulphates become mobile and migrate into the bulk of the catalyst. Several prevention and regeneration methods were proposed and tested. By mixing the catalyst with Ca(OH)2 as an adsorbent nearly 50% of the original activity was retained. Regeneration by diesel soot was presented here for the first time, where the blocking oxygen can spill over to the soot oxidizing it and releasing the bound sulphur as SO2 and CO2. Furthermore, a facile regeneration method was explored by washing the deactivated catalyst to dissolve the small amounts of sulphates on the surface

The National Pediatric Surgery Simulation Program in France: A tool to develop resident training in pediatric surgery

BACKGROUND/PURPOSE: To implement resident curriculum in France based on theoretical teaching and bed side training, the national council known as the "Collège Hospitalier et Universitaire de Chirurgie Pédiatrique" examined the relevance and feasibility of systematically introducing simulation program in the pediatric surgery resident training. MATERIAL AND METHODS: A national simulation training program was developed and took place in a 2-day session organized in 7 simulation centers in France. The program included technical (laparoscopic/suturing technique on low-fidelity models) and nontechnical (6 scenarios for standardized consultation, and a team work scenario based on errors prevention in the operative room) skills. Evaluation of the program (Likert scale from 1 (bad) to 5 (excellent) and notation on 20 points) concerned trainees and trainers. RESULTS: 40 residents (95% of all pediatric surgery French residents) attended with a ratio of trainees/trainer of ½. The training objectives earned a score of 4.46/5. The pedagogical value of the seminar scored 4.7/5, teaching quality 17.95/20, and the overall seminar score was 17.35/20. CONCLUSION: This program, unique nationally, was assessed very favorably by the participating residents and by the involved trainers. To our knowledge, it represents the first mandatory national simulation training program included within a surgical training model. LEVEL OF EVIDENCE: Level IV