Assurance et diversification

Le domaine du risk management se limite traditionnellement aux risques purs, par opposition aux risques spéculatifs qui proviennent des aléas du marché. L’objectif de cet article est de mettre en évidence la perte d’efficience qui peut résulter d’une gestion cloisonnée et indépendante de ces deux catégories de risques. Nous proposons un modèle global, inspiré de l’approche portefeuille, au sein duquel différents types d’actions influençant le niveau de risque de la firme sont envisagées simultanément : allocation des ressources entre plusieurs activités, choix d’une structure financière, achat d’assurance. Ce modèle permet d’étudier les arbitrages entre les différentes modalité de réduction du risque. Des conclusions précises sont énoncées, elles concernent principalement la détermination du budget assurances et son allocation.The field of risk management is usually restricted to the pure risks, opposed to speculative risk due to the market uncertainties. The aim of this article is to evidence the lack of efficiency which may result if pure risks are handled separately and independently. We refer to the portfolio approach to build a global model in which different kinds of decisions influencing the final risk level of the firm are simultaneously considered (such as resources allocation between diversified activities, debt ratio and insurance coverage). The main conclusions concern the optimal level of the insurance expenditures and their allocation between risks

Assurance et diversification

The field of risk management is usually restricted to the pure risks, opposed to speculative risk due to the market uncertainties. The aim of this article is to evidence the lack of efficiency which may result if pure risks are handled separately and independently. We refer to the portfolio approach to build a global model in which different kinds of decisions influencing the final risk level of the firm are simultaneously considered (such as resources allocation between diversified activities, debt ratio and insurance coverage). The main conclusions concern the optimal level of the insurance expenditures and their allocation between risks. Le domaine du risk management se limite traditionnellement aux risques purs, par opposition aux risques spéculatifs qui proviennent des aléas du marché. L’objectif de cet article est de mettre en évidence la perte d’efficience qui peut résulter d’une gestion cloisonnée et indépendante de ces deux catégories de risques. Nous proposons un modèle global, inspiré de l’approche portefeuille, au sein duquel différents types d’actions influençant le niveau de risque de la firme sont envisagées simultanément : allocation des ressources entre plusieurs activités, choix d’une structure financière, achat d’assurance. Ce modèle permet d’étudier les arbitrages entre les différentes modalité de réduction du risque. Des conclusions précises sont énoncées, elles concernent principalement la détermination du budget assurances et son allocation.

LiCe9Mo16O35

The structure of lithium nona­cerium hexa­deca­molybdenum penta­trideca­oxide, LiCe9Mo16O35, is isotypic with LiNd9Mo16O35 [Gougeon Gall, Cuny, Gautier, Le Polles, Delevoye & Trebosc (2011 ▶). Chem. Eur. J. 17, 13806–13813]. It is characterized by Mo16O26 iO10 a units (where i = inner and a = apical) containing Mo16 clusters that share some of their O atoms to form infinite molybdenum cluster chains running parallel to the b axis and separated by Li+ and Ce3+ cations. The Mo16 cluster units are centred at Wyckoff positions 2c and have point-group symmetry 2/m. The Li+ atom, in a flattened octa­hedron of O atoms, is in a 2a Wyckoff position with 2/m symmetry. The Ce3+ cations have coordination numbers to the O atoms of 6, 9 or 10. Two Ce, two Mo and five O atoms lie on sites with m symmetry (Wyckoff site 4i), and one Ce and one O atom on sites with 2/m symmetry (Wyckoff sites 2b and 2d, respectively)

Na2.9KMo12S14: a novel quaternary reduced molybdenum sulfide containing Mo12clusters with a channel structure

International audienceThe crystal structure of trisodium potassium dodecamolybdenum tetradecasulfide, Na2.9 (2)KMo12S14, consists of Mo12S14S6 cluster units interconnected through interunit Mo-S bonds and delimiting channels in which the Na+ cations are disordered. The cluster units are centered at Wyckoff positions 2d and have point-group symmetry 3.2. The K atom lies on sites with 3.2 symmetry (Wyckoff site 2c) between two consecutive Mo12S14S6 units. One of the three independent S atoms and one Na atom lie on sites with 3.. symmetry (Wyckoff sites 4e and 4f). The other Na atom occupies a 2b position with -3.. symmetry. The crystal studied was a merohedral twin with refined components of 0.4951 (13) and 0.5049 (13)

The cluster compound In4Ti1.5Mo0.5Mo14O26 containing Mo14 clusters and the new mono- and bi-capped trioctahedral Mo15 and Mo16 clusters: Synthesis, crystal structure, and electrical and magnetic properties.

International audienceSingle crystals of the new quaternary compd. In4Ti1.5Mo0.5Mo14O26 were obtained by solid state reaction. The crystal structure was detd. by single-crystal X-ray diffraction. In4Ti1.5Mo0.5Mo14O26 crystallizes in the orthorhombic space group Pbca with unit-cell parameters a=9.4432(14) Å, b=11.4828(12) Å, c=20.299(4) Å and Z=4. Full-matrix least-squares refinement on F2 using 3807 independent reflections for 219 refinable parameters resulted in R1=0.0259 and wR2=0.0591. The crystal structure contains in addn. to Mo14 clusters the first examples of mono- and bi-capped trioctahedral Mo14 i.e. Mo15 and Mo16 clusters. The oxygen framework derives from a stacking along the a direction of close-packed layers with sequence (...ABAC...). The Mo-Mo distances range between 2.6938(5) and 2.8420(6) Å and the Mo-O distances between 1.879(5) and 2.250(3) Å, as usually obsd. in molybdenum oxide clusters. The indium atoms form In6+4 bent chains with In-In distances of 2.6682(5) and 2.6622(8) Å and the Ti atoms are in highly distorted octahedral sites of oxygen atoms with Ti-O distances ranging between 1.865(4) and 2.161(4) Å. Magnetic susceptibility measurements confirm the presence of Ti4+ cations and the absence of localized moments on the Mo network. Elec. resistivity measurements on a single crystal of In4Ti1.5Mo0.5Mo14O26 show a semimetallic behavior

Na4.25Mo15S19: a novel ternary reduced molybdenum sulfide containing Mo6 and Mo9 clusters

International audienceThe structure of tetra-sodium penta-deca-molybdenum nona-deca-sulfide, Na4.25Mo15S19, is isotypic with Na3.9Mo15Se19 [Salloum et al. (2013 ). Acta Cryst. E69, i67-i68]. It is characterized by Mo6S (i) 8S (a) 6 and Mo9S (i) 11S (a) 6 (where i represents inner and a apical atoms) cluster units that are present in a 1:1 ratio. The cluster units are centered at Wyckoff positions 2b and 2c, and have point-group symmetry -3 and -6, respectively. The clusters are inter-connected through additional Mo-S bonds. The Na(+) cations occupy inter-unit voids formed by six or seven S atoms. One Mo, one S and one Na site [occupancy 0.751 (12)] are situated on mirror planes, and two other S atoms and one Na site (full occupancy) are situated on threefold rotation axes

Ag2.54Tl2Mo12Se15: a new structure type containing Mo6 and Mo9 clusters

wosInternational audienceThe novel structure-type Ag2.54Tl2Mo12Se15 (silver thallium molybdenum selenide) is built up of Mo6Sei8Sea6 and Mo9Sei11Sea6 cluster units in a 1:2 ratio, which are three-dimensionally connected to form the Mo-Se network. The Ag and Tl cations are distributed in several voids within the cluster network. Three of the seven independent Se atoms and one Tl atom lie on sites with 3.. symmetry (Wyckoff sites 2c or 2d)

Sc0.43(2)Rb2Mo15S19, a partially Sc-filled variant of Rb2Mo15S19

International audienceThe structure of scandium dirubidium pentadecamolybdenum nonadecasulfide, Sc0.43 (2)Rb2Mo15S19, constitutes a partially Sc-filled variant of Rb2Mo15S19 [Picard, Saillard, Gougeon, Noel & Potel (2000), J. Solid State Chem.155, 417426]. In the two compounds, which both crystallize in the Rc space group, the structural motif is characterized by a mixture of Mo6Si8Sa6 and Mo9Si11Sa6 cluster units ('i' is inner and 'a' is apical) in a 1:1 ratio. The two components are interconnected through interunit MoS bonds. The cluster units are centred at Wyckoff positions 6b and 6a (point-group symmetries and 32, respectively). The Rb+ cations occupy large voids between the different cluster units. The Rb and the two inner S atoms lie on sites with 3. symmetry (Wyckoff site 12c), and the Mo and S atoms of the median plane of the Mo9S11S6 cluster unit lie on sites with .2 symmetry (Wyckoff site 18e). A unique feature of the structure is a partially filled octahedral Sc site with symmetry. Extended Huckel tight-binding calculations provide an understanding of the variation in the MoMo distances within the Mo clusters induced by the increase in the cationic charge transfer due to the insertion of Sc

The Chevrel phase HgMo6S8

The crystal structure of HgMo6S8, mercury(II) hexa­molybdenum octa­sulfide, is based on (Mo6S8)S6 cluster units ( symmetry) inter­connected through inter­unit Mo—S bonds. The Hg2+ cations occupy large voids between the different cluster units and are covalently bonded to two S atoms. The Hg atoms and one S atom lie on sites with crystallographic and 3 symmetry, respectively. Refinement of the occupancy factor of the Hg atom led to the composition Hg0.973 (3)Mo6S8

Redetermination of Zn2Mo3O8

The crystal structure of dizinc trimolybdenum(IV) octa­oxide, Zn2Mo3O8, has been redetermined from single-crystal X-ray data. The structure has been reported previously based on neutron powder diffraction data [Hibble et al. (1999 ▶). Acta Cryst. B55, 683-697] and single-crystal data [McCarroll et al. (1957 ▶). J. Am. Chem. Soc. 79, 5410–5414; Ansell & Katz (1966 ▶) Acta Cryst. 21, 482–485]. The results of the current redetermination show an improvement in the precision of the structural and geometric parameters with all atoms refined with anisotropic displacement parameters. The crystal structure consists of distorted hexa­gonal-close-packed oxygen layers with stacking sequence abac along [001] and is held together by alternating zinc and molybdenum layers. The Zn atoms occupy both tetra­hedral and octa­hedral inter­stices with a ratio of 1:1. The Mo atoms occupy octa­hedral sites and form strongly bonded triangular clusters involving three MoO6 octa­hedra that are each shared along two edges, forming a Mo3O13 unit. All atoms lie on special positions. The Zn atoms are in 2b Wyckoff positions with 3m. site symmetry, the Mo atoms are in 6c Wyckoff positions with . m. site symmetry and the O atoms are in 2a, 2b and 6c Wyckoff positions with 3m. and . m. site symmetries, respectively