71 research outputs found
Investor protection through model case procedures – implementing collective goals and individual rights under the 2012 Amendment of the German Capital Markets Model Case Act (KapMuG)
The German Capital Markets Model Case Act (KapMuG) and its amendment of 2012 highlight some fundamentals of collective redress in civil law countries at the example of model case procedures in the field of investor protection. That is why a survey of the ongoing activities of the European Union in the area of collective redress and of its repercussions on the member state level forms a suitable basis for the following analysis of the 2012 amendment of the KapMuG. It clearly brings into focus a shift from sector-specific regulation with an emphasis on the cross-border aspect of protecting consumers towards a “coherent approach” strengthening the enforcement of EU law. As a result, regulatory policy and collective redress are two sides of the same coin today. With respect to the KapMuG such a development brings about some tension between its aim to aggregate small individual claims as efficiently as possible and the dominant role of individual procedural rights in German civil procedure. This conflict can be illustrated by some specific rules of the KapMuG: its scope of application, the three-tier procedure of a model case procedure, the newly introduced notification of claims and the new opt-out settlement under the amended §§ 17-19
Use and Abuse of the Fisher Information Matrix in the Assessment of Gravitational-Wave Parameter-Estimation Prospects
The Fisher-matrix formalism is used routinely in the literature on
gravitational-wave detection to characterize the parameter-estimation
performance of gravitational-wave measurements, given parametrized models of
the waveforms, and assuming detector noise of known colored Gaussian
distribution. Unfortunately, the Fisher matrix can be a poor predictor of the
amount of information obtained from typical observations, especially for
waveforms with several parameters and relatively low expected signal-to-noise
ratios (SNR), or for waveforms depending weakly on one or more parameters, when
their priors are not taken into proper consideration. In this paper I discuss
these pitfalls; show how they occur, even for relatively strong signals, with a
commonly used template family for binary-inspiral waveforms; and describe
practical recipes to recognize them and cope with them.
Specifically, I answer the following questions: (i) What is the significance
of (quasi-)singular Fisher matrices, and how must we deal with them? (ii) When
is it necessary to take into account prior probability distributions for the
source parameters? (iii) When is the signal-to-noise ratio high enough to
believe the Fisher-matrix result? In addition, I provide general expressions
for the higher-order, beyond--Fisher-matrix terms in the 1/SNR expansions for
the expected parameter accuracies.Comment: 24 pages, 3 figures, previously known as "A User Manual for the
Fisher Information Matrix"; final, corrected PRD versio
Sensitivity and parameter-estimation precision for alternate LISA configurations
We describe a simple framework to assess the LISA scientific performance
(more specifically, its sensitivity and expected parameter-estimation precision
for prescribed gravitational-wave signals) under the assumption of failure of
one or two inter-spacecraft laser measurements (links) and of one to four
intra-spacecraft laser measurements. We apply the framework to the simple case
of measuring the LISA sensitivity to monochromatic circular binaries, and the
LISA parameter-estimation precision for the gravitational-wave polarization
angle of these systems. Compared to the six-link baseline configuration, the
five-link case is characterized by a small loss in signal-to-noise ratio (SNR)
in the high-frequency section of the LISA band; the four-link case shows a
reduction by a factor of sqrt(2) at low frequencies, and by up to ~2 at high
frequencies. The uncertainty in the estimate of polarization, as computed in
the Fisher-matrix formalism, also worsens when moving from six to five, and
then to four links: this can be explained by the reduced SNR available in those
configurations (except for observations shorter than three months, where five
and six links do better than four even with the same SNR). In addition, we
prove (for generic signals) that the SNR and Fisher matrix are invariant with
respect to the choice of a basis of TDI observables; rather, they depend only
on which inter-spacecraft and intra-spacecraft measurements are available.Comment: 17 pages, 4 EPS figures, IOP style, corrected CQG versio
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