Risk aversion and Uncertainty in European Sovereign Bond Markets

Risk aversion and uncertainty are often both at play in market price determination, but it is empirically challenging to disentangle one from the other. In this paper we set up a theoretical model particularly suited for opaque over-the-counter markets that is shown to be empirically tractable. Based on high frequency data, we thus propose an evaluation of risk aversion and uncertainty inherent to the government bond markets in the euro area between 2007 and 2011. We particularly examine the impact of the European Central Bank Securities Markets Programme [SMP] implemented in May 2010 and re- activated in August 2011 to ease the pressure on the European sovereign bond markets. We show how this programme has killed market uncertainty but raised risk aversion for all countries except Greece in a risk-pooling mechanism: this can therefore weaken the impact of market interventions over the long-term.MES, systemic risk, tail correlation, balance sheet ratios, panel.

The role of elasticity in slab bending

International audiencePrevious studies showed that plate rheology exerts a dominant control on the shape and velocity of subducting plates. Here, we perform a systematic investigation of the role of elasticity in slab bending, using fully dynamic 2-D models where an elastic, viscoelastic, or viscoelastoplastic plate subducts freely into a purely viscous mantle. We derive a scaling relationship between the bending radius of viscoelastic slabs and the Deborah number, De, which is the ratio of Maxwell time over deformation time. We show that De controls the ratio of elastically stored energy over viscously dissipated energy and find that at De>10-2, substantially less energy is required to bend a viscoelastic slab to the same shape as a purely viscous slab with the same intrinsic viscosity. Elastically stored energy at higher De favors retreating modes of subduction via unbending, while trench advance only occurs for some cases with De 1, where most zones have low De 0.1. Slabs with De<10-2 either have very low viscosities or they may be yielding, in which case our De estimates may be underestimated by up to an order of magnitude, potentially pointing towards a significant role of elasticity in ∼60% of the subduction zones. In support of such a role of elasticity in subduction, we find that increasing De correlates with increasing proportion of larger seismic events in both instrumental and historic catalogues

Petit guide pratique de la revue : à l\u27usage de ceux qui la font, la diffusent, la vendent et la prêtent

Le Petit Guide pratique de la revue rassemble des informations utiles aux créateurs de revues comme aux libraires et aux bibliothécaires afin de contribuer au rayonnement de ces publications créatives et multiformes, lieux d’expérimentation et de réflexion. Publié à l’occasion de la 2e édition du Festival de la revue, qui se déroule à Lyon du 12 au 15 mai 2016, il est édité par l’Arald en partenariat avec Livraisons. Des revues en Rhône-Alpes, et en collaboration avec l’Enssib et Libraires en Rhône-Alpes

MIMAC : A micro-tpc matrix for directional detection of dark matter

Directional detection of non-baryonic Dark Matter is a promising search strategy for discriminating WIMP events from background. However, this strategy requires both a precise measurement of the energy down to a few keV and 3D reconstruction of tracks down to a few mm. To achieve this goal, the MIMAC project has been developed. It is based on a gaseous micro-TPC matrix, filled with CF4 and CHF3. The first results on low energy nuclear recoils (H, F) obtained with a low mono-energetic neutron field are presented. The discovery potential of this search strategy is discussed and illustrated by a realistic case accessible to MIMAC.Comment: 6 pages, Proc. of the fifth international symposium on large TPCs for low energy rare event detection, Paris, France, Dec. 2010. To appear in Journal of Physic

MIMAC: MIcro-tpc MAtrix of Chambers for dark matter directional detection

Directional detection of non-baryonic Dark Matter is a promising search strategy for discriminating WIMP events from neutrons, the ultimate background for dark matter direct detection. This strategy requires both a precise measurement of the energy down to a few keV and 3D reconstruction of tracks down to a few mm. The MIMAC (MIcro-tpc MAtrix of Chambers) collaboration has developed in the last years an original prototype detector based on the direct coupling of large pixelized micromegas with a special developed fast self-triggered electronics showing the feasibility of a new generation of directional detectors. The first bi-chamber prototype has been installed at Modane, underground laboratory in June 2012. The first undergournd background events, the gain stability and calibration are shown. The first spectrum of nuclear recoils showing 3D tracks coming from the radon progeny is presented.Comment: Proceedings of the 4th International Conference on Directional Dark Matter Detection CYGNUS2013, held in Toyoma (Japan), June 201

Micromegas detector developments for MIMAC

The aim of the MIMAC project is to detect non-baryonic Dark Matter with a directional TPC. The recent Micromegas efforts towards building a large size detector will be described, in particular the characterization measurements of a prototype detector of 10 $\times$ 10 cm$^2$ with a 2 dimensional readout plane. Track reconstruction with alpha particles will be shown.Comment: 8 pages, 7 figures Proceedings of the 3rd International conference on Directional Detection of Dark Matter (CYGNUS 2011), Aussois, France, 8-10 June 2011; corrections on author affiliation

Benzo(a)pyrene inhibits the role of the bioturbator Tubifex tubifex in river sediment biogeochemistry

International audienceThe interactions between invertebrates and micro-organisms living in streambed sediments often play key roles in the regulation of nutrient and organic matter fluxes in aquatic ecosystems. However, benthic sedi- ments also constitute a privileged compartment for the accumulation of persistent organic pollutants such as PAHs or PCBs that may affect the diversity, abundance and activity of benthic organisms. The objective of this study was to quantify the impact of sediment contamination with the PAH benzo(a)pyrene on the in- teraction between micro-organisms and the tubificid worm, Tubifex tubifex, which has been recognized as a major bioturbator in freshwater sediments. Sedimentary microcosms (slow filtration columns) contaminated or not with benzo(a)pyrene (3 tested concentrations: 0, 1 and 5 mg kg−1) at the sediment surface were in- cubated under laboratory conditions in the presence (100 individuals) or absence of T. tubifex. Although the surface sediment contaminations with 1 mg kg−1 and 5 mg kg−1 of benzo(a)pyrene did not affect tubificid worm survival, these contaminations significantly influenced the role played by T. tubifex in biogeochemical processes. Indeed, tubificid worms stimulated aerobic respiration, denitrification, dehydrogenase and hydrolytic activities of micro-organisms in uncontaminated sediments whereas such effects were inhibited in sediments polluted with benzo(a)pyrene. This inhibition was due to contaminant-induced changes in bioturbation (and especially bio-irrigation) activities of worms and their resulting effects on microbial processes. This study reveals the importance of sublethal concentrations of a contaminant on ecological processes in river sediments through affecting bioturbator-microbe interactions. Since they affect microbial processes involved in water purification processes, such impacts of sublethal concentrations of pollutants should be more often considered in ecosystem health assessment

Crustal structure of active deformation zones in Africa: Implications for global crustal processes

The Cenozoic East African rift (EAR), Cameroon Volcanic Line (CVL), and Atlas Mountains formed on the slow-moving African continent, which last experienced orogeny during the Pan-African. We synthesize primarily geophysical data to evaluate the role of magmatism in shaping Africa's crust. In young magmatic rift zones, melt and volatiles migrate from the asthenosphere to gas-rich magma reservoirs at the Moho, altering crustal composition and reducing strength. Within the southernmost Eastern rift, the crust comprises ~20% new magmatic material ponded in the lower crust sills, and intruded as sills and dikes at shallower depths. In the Main Ethiopian rift, intrusions comprise 30% of the crust below axial zones of dike-dominated extension. In the incipient rupture zones of the Afar rift, magma intrusions fed from crustal magma chambers beneath segment centers create new columns of mafic crust, as along slow-spreading ridges. Our comparisons suggest that transitional crust, including seaward-dipping sequences, is created as progressively smaller screens of continental crust are heated and weakened by magma intrusion into 15-20 km-thick crust. In the 30Ma-Recent CVL, which lacks a hotspot age-progression, extensional forces are small, inhibiting the creation and rise of magma into the crust. In the Atlas orogen, localized magmatism follows the strike of the Atlas Mountains from the Canary Islands hotspot towards the Alboran Sea. CVL and Atlas magmatism has had minimal impact on crustal structure. Our syntheses show that magma and volatiles are migrating from the asthenosphere through the plates, modifying rheology and contributing significantly to global carbon and water fluxes