Corporate Finance in Europe from 1986 to 1996

After publishing its first report in September 1997, the Own Funds Working Group, in agreement with the European Committee of Central Balance Sheet Offices, decided to continue its work in order to gain a better understanding of the differences in financing structures between countries. To this end, the Group decided firstly to broaden the review period from 1986 to 1996. The compilation of figures and ratios over a longer period is advantageous in a number of ways. It not only enables an assessment of trends in financing structures in each country, but also of any changes in the ranking of the different countries involved. Furthermore, it gives an insight into the influence of cyclical and structural factors on this ranking. The Group also set itself the objective of not only taking a closer look at the influence of institutional factors The study was based, as the previous study, on incorporated companies (partnerships and sole proprietorships are therefore excluded) of the manufacturing industry, which is uniformly defined across all the countries. Once again, five size brackets according to turnover expressed in euros are analyzed. The size-based approach is essential because the aggregate values conceal the diversity of the situations in the various countries, especially in Germany where the results are strongly influenced by large firms. The two statistical parameters used are the weighted mean and the median. Moreover, to gain a better understanding of the influence of financing needs, assets have been broken down into their main items. As previously, efforts have been made to align methodologies so that the analyses cover variables that are as homogenous as possible from country to country.corporate finance, capital structure, europe, financial systme, credit, bankrutcy

Impact of the spatial resolution on the Greenland ice sheet surface mass balance modelling

peer reviewedBy using the regional climate model MAR (Modèle Atmosphérique Régional), we have modelled the Greenland Ice Sheet (GrIS) Surface Mass Balance (SMB) at 20, 25, 30, 40 and 50km resolution to assess the impact of the spatial resolution. As part of the ICE2SEA project, the 25km-resolution SMB outputs of the MAR model are used as forcing fields for ice sheet models, in order to produce projections of the GrIS contribution to sea-level rise over the next 200 years. However, the ice sheet models often run at a higher resolution (typically 5-10km) than the current MAR resolution (25km). Such higher-resolution runs of the MAR model on the same integration domain generate a significant additional computing time and are not doable until now. That is why several enhanced SMB interpolations are tested here in order to reduce biases when interpolating the MAR outputs onto higher resolution, in the framework of the ICE2SEA project

Equity of European Industriel Corporations from 1991 to 1993

Throughout the Member States of the European Union, economic policy debate has centred on the terms of corporate financing, and in particular on whether the companies of each country have sufficient equity to compete in a single market. Moreover, faced with the risk of corporate insolvency, credit institutions consider a certain equity level to be one of several indicators of creditworthiness. Given this situation and within the framework of the work of the European Committee of Central Balance Sheet Offices, Germany, Austria, Spain, France and Italy and the second General Directorate of the European Commission invited a working group , to compare the f-inancial autonomy of European industriel companies. This study covered the period 1991 to 1993 and examined several issues. Do corporate equity levels vary according to the country ? Do these levels vary according to company size, regardless of the country? Do small companies have a specific position in each country? This study is based on an évaluation of corporate solvency, given that equity is used by companies and their financial partners to control risk exposure. After a brief reminder of the role of equity, the study sums up the research conducted since the publication in 1958 of the paper by Modigliani and Miller and gives a critical analysis of the empirical findings of intenational comparisons. All such research must begin by identifying and solving the financial and statistical methodological problems inherent to comparisons of the financing conditions of different countries. The work conducted gives rise to clear conclusions. - Corporate equity levels vary from country to country. These differences are at least partially related to variations in taxation, bankruptcy regulations, the organization of the banking system, the relationship between banks and companies and the financing practices of each country. - An overall analysis is insufficient and must be complemented by an analysis by company size. - The situation of the companies in each country can not be evaluated without taking into account financial requirements. - In France, regardless of the size of the company, the share of equity in overall financial resources appears larger than in other countries. Moreover, the difference between the equity of small and medium-sized companies and that of large corporations is narrower than in Germany or Austria. It should also be noted that this company classification is relatively recent in France.

A proposed search for a fourth neutrino with a PBq antineutrino source

Several observed anomalies in neutrino oscillation data can be explained by a hypothetical fourth neutrino separated from the three standard neutrinos by a squared mass difference of a few eV^2. We show that this hypothesis can be tested with a PBq (ten kilocurie scale) 144Ce or 106Ru antineutrino beta-source deployed at the center of a large low background liquid scintillator detector. In particular, the compact size of such a source could yield an energy-dependent oscillating pattern in event spatial distribution that would unabiguously determine neutrino mass differences and mixing angles.Comment: 4 pages ; 1 table ; 4 figures - Add energy spectrum shape only analysis + referee comments/suggestion

Estimation of the Sea Level Rise by 2100 Resulting from Changes in the Surface Mass Balance of the Greenland Ice Sheet

Medical imagin

Security in transnational interoperable PPDR communications: threats and requirements

The relevance of cross border security operations has been identified as a priority at European level for a long time. A European network where Public Protection and Disaster Relief (PPDR) forces share communications processes and a legal framework would greatly enforce response to disaster recovery and security against crime. Nevertheless, uncertainty on costs, timescale and functionalities have slowed down the interconnection of PPDR networks across countries and limited the transnational cooperation of their PPDR forces so far. In this context, the European research project ISITEP is aimed at developing the legal, operational and technical framework to achieve a cost effective solution for PPDR interoperability across European countries. Inter alia, ISITEP project is specifying a new Inter-System-Interface (ISI) interface for the interconnection of current TETRA and TETRAPOL networks that can be deployed over Internet Protocol (IP) connectivity. This approach turns communications security as a central aspect to consider when deploying the new IP ISI protocol between PPDR national networks. Ensuring that threats to the interconnected communications systems and terminals are sufficiently and appropriately reduced by technical, procedural and environmental countermeasures is vital to realise the trusted and secure communication system needed for the pursued PPDR transnational cooperation activities. In this context, this paper describes the framework and methodology defined to carry out the development of the security requirements and provides a discussion on the undertaken security risk and vulnerability analysis.Peer ReviewedPostprint (author's final draft

The center of pure complex braid groups

Brou\'e, Malle and Rouquier conjectured in that the center of the pure braid group of an irreducible finite complex reflection group is cyclic. We prove this conjecture, for the remaining exceptional types, using the analogous result for the full braid group due to Bessis, and we actually prove the stronger statement that any finite index subgroup of such braid group has cyclic center

New records of the silver-cheeked toadfish Lagocephalus sceleratus (Gmelin, 1789) in the Tyrrhenian and Ionian Seas: early detection and participatory monitoring in practice

5 pages, 3 figuresThe silver-cheeked toadfish Lagocephalus sceleratus (Gmelin, 1789)—an invasive toxic species well established in the eastern Mediterranean—is rapidly expanding through the western Basin and a public campaign was set to inform Italian citizens on the risks associated with its consumption. Both news media and local communities responded rapidly to the initiative generating an increasing flow of information. On 15 April 2016, a new capture of this species (off Briatico, Calabria, Italy at 25 m of depth), was promptly reported to the authors, representing the first documented record of L. sceleratus from the Tyrrhenian Sea. On 7 June 2016, a second specimen was captured at Montebello Ionico in Calabria. This case of early detection is here presented as a successful example of interplay among citizens, researchers, and policy makers: a powerful approach for monitoring the spread of invasive species and reducing their potential impacts through increasing awarenessPeer Reviewe