Financial market integration in the EU: A practical inventory of benefits and hurdles in the Single Market

It is 25 years since the European Union (EU) agreed to complete the European Single Market (SM) in goods, ser- vices, people, and capital. While many barriers to the free movement of capital across borders have been removed, some important practical hurdles are still in place. The euro crisis has shown that the European finan- cial sector in particular remains vulnerable and fragmented and this poses serious risks to the stability of both national economies and the euro area as a whole. In 2015, the European Commission therefore set out a list of measures to establish an integrated capital market in the EU by 2019. The first part of this policy paper analyzes the channels through which financial integration affects growth, stabil- ity, and convergence in the EU, including capital allocation, production specialization, diversification of risk, and access to investment opportunities. The second part takes stock of persisting administrative and legal hurdles that impede full market integration. In particular, this paper distinguishes between a firm-level perspective, inves- tors, and banks in its analysis. The final part provides some specific recommendations to improve the internal market for capital in the EU

Unitarity of Time-Like Noncommutative Gauge Theories: The Violation of Ward Identities in Time-Ordered Perturbation Theory

We study Ward identities for simple processes with external gauge bosons in the time-ordered perturbation theory approach to time-like noncommutative gauge theories. We demonstrate that these Ward identities cannot be satisfied when all orders in the noncommutativity parameters theta_i0 are taken into account. We conclude that in time-ordered perturbation theory one cannot solve the unitarity problem of time-like noncommutative quantum field theories.Comment: 16 pages LaTeX (feynmp.sty, elsart.cls and thophys.sty included). Clarified the comments on Seiberg-Witten Maps, updated references. This version has been accepted for publication in Nuclear Physics

Super-high-resolution Earth observation datasets of North American permafrost landscapes

While temperatures are increasing on the global scale, the Arctic regions are especially vulnerable to this changing climate and landscapes underlain by permafrost experience increased thaw and degradation. The enhanced warming of organic-rich frozen ground can have severe consequences on infrastructure and ecosystems and is projected to become a highly relevant driver of greenhouse gas fluxes into the atmosphere. Degrading permafrost landscapes occur extensively in vast areas of the North American Arctic, directly affecting communities and ecosystems. To identify and quantify these widespread degradation phenomena over vast areas, we require highest-resolution Earth observation dataset that we collect during aerial imaging campaigns. We here report on observations and first results from three airborne campaigns in 2018, 2019 and 2021. We performed large-scale monitoring of permafrost-affected areas in northern Canada and Alaska, focusing on sites that experienced disturbances in the past or recently. This included sites with vulnerable settlements, coastal erosion, thaw slumping, lake expansion and drainage, ice-wedge degradation and thaw subsidence, fire scars, pingos, methane seeps, and sites affected by beaver activities. All surveys were flown with the Alfred Wegener Institute's Polar-5 and -6 scientific airplanes at 500-1500 m altitude above terrain. The onboard sensor, the Modular Aerial Camera System (MACS), a very-high-resolution multispectral camera developed by the German Aerospace Center, operated in the visible (RGB) and near-infrared (NIR) domain. From the comprehensive collection of multiple TB of gathered data, super-high-resolution (up to 7 cm/px) RGB+NIR image mosaics and stereophotogrammetric digital surface models were derived. By presenting the data and first analyses, we would like to invite the community to discuss best use for maximized benefit of the data, in order to substantially contribute to our understanding of permafrost thaw dynamics

Технологические решения для строительства разведочной вертикальной скважины глубиной 2900 метров на нефтяном месторождении (Томская область)

Выпускная квалификационная работа посвящена практическому решению задачи бурения разведывательной скважины, оптимизации процесса бурения, подбор необходимого инструмента и выбор промывочной жидкости и последующих режимов бурения, также работа включает в семя и рассматривает такую тему как проблем как вынос песка из пласта и способы предотвращения подобных негативных моментов. Так же в работе содержатся результаты расчетов режима бурения, подробное обоснование выбора инструмента и предложены пути оптимизации действующего проекта.The final qualification work is devoted to the practical solution of the problem of drilling an exploration well, optimizing the drilling process, selecting the necessary tools and choosing the washing liquid and subsequent drilling modes, and the work also includes and considers such a topic as problems such as sand removal from the reservoir and ways to prevent such negative moments. The paper also contains the results of calculations of the drilling mode, a detailed justification for the choice of the tool, and offers ways to optimize the current project. This work contains an introduction, sections, conclusion, and a list of references

Environmental impact of warehousing: a scenario analysis for the United States

In recent years, there has been observed a continued growth of global carbon dioxide emissions, which are considered as a crucial factor for the greenhouse effect and associated with substantial environmental damages. Amongst others, logistic activities in global supply chains have become a major cause of industrial emissions and the progressing environmental pollution. Although a significant amount of logistic-related carbon dioxide emissions is caused by storage and material handling processes in warehouses, prior research mostly focused on the transport elements. The environmental impact of warehousing has received only little attention by research so far. Operating large and highly technological warehouses, however, causes a significant amount of energy consumption due to lighting, heating, cooling and air condition as well as fixed and mobile material handling equipment which induces considerable carbon dioxide emissions. The aim of this paper is to summarise preliminary studies of warehouse-related emissions and to discuss an integrated classification scheme enabling researchers and practitioners to systematically assess the carbon footprint of warehouse operations. Based on the systematic assessment approach containing emissions determinants and aggregates, overall warehouse emissions as well as several strategies for reducing the carbon footprint will be studied at the country level using empirical data of the United States. In addition, a factorial analysis of the warehouse-related carbon dioxide emissions in the United States enables the estimation of future developments and facilitates valuable insights for identifying effective mitigation strategies

Airborne LiDAR and stereo-photogrammetric characterization of permafrost landscapes and thaw subsidence

Rapid climate change in the northern high latitudes has a strong impact on permafrost stability, apparent as coastal erosion, subsidence, or lake dynamics with potentially severe consequences for local communities and ecology. In a rapidly warming Arctic, the monitoring of these processes is essential to understand and predict permafrost dynamics over the upcoming decades. These landscape dynamics are highly diverse, localized, but widely distributed and require datasets with very high spatial resolution, which are barely achieved by satellite data alone. Repeat observations over several years allow for unprecedented insights into highly critical landscape dynamics and the potential integration with and validation of more coarse resolution satellite data. AWI’s research aircraft (Polar-5 and Polar-6) were equipped with airborne LiDAR (full-waveform, multi-echo) as well with experimental modular sensors such as the DLR-developed multi-spectral optical Modular Airborne Camera System (MACS) with a spatial resolution of few cm, stereo capabilities and a very broad radiometric range. The incoming data stream of acquired laser return point cloud data as well as hundreds of thousands of high-resolution images for individual campaigns poses new challenges of handling and processing large data volumes. Here we present an overview about past and upcoming flight campaigns in Alaska and northwestern Canada. Furthermore, we will show applications of the acquired datasets, such as assessments of subsidence, coastal erosion or infrastructure development

18F-FDG PET/CT-derived total lesion glycolysis predicts abscess formation in patients with surgically confirmed infective endocarditis: Results of a retrospective study at a tertiary center

Background Abnormal activity of 18F-FDG PET/CT is a major Duke criterion in the diagnostic work-up of infective prosthetic valve endocarditis (IE). We hypothesized that quantitative lesion assessment by 18F-FDG PET/CT-derived standard maximum uptake ratio (SURmax), metabolic volume (MV), and total lesion glycolysis (TLG) might be useful in distinct subgroups of IE patients (e.g. IE-related abscess formation). Methods All patients (n = 27) hospitalized in our tertiary IE referral medical center from January 2014 to October 2018 with preoperatively performed 18F-FDG PET/CT and surgically confirmed IE were included into this retrospective analysis. Results Patients with surgically confirmed abscess formation (n = 10) had significantly increased MV (by ~ fivefold) and TLG (by ~ sevenfold) as compared to patients without abscess (n = 17). Receiver operation characteristics (ROC) analyses demonstrated that TLG (calculated as MV × SURmean, i.e. TLG (SUR)) had the most favorable area under the ROC curve (0.841 [CI 0.659 to 1.000]) in predicting IE-related abscess formation. This resulted in a sensitivity of 80% and a specificity of 88% at a cut-off value of 14.14 mL for TLG (SUR). Conclusion We suggest that 18F-FDG PET/CT-derived quantitative assessment of TLG (SUR) may provide a novel diagnostic tool in predicting endocarditis-associated abscess formation

Hermansky-Pudlak syndrome type 2 manifests with fibrosing lung disease early in childhood

Background: Hermansky-Pudlak syndrome (HPS), a hereditary multisystem disorder with oculocutaneous albinism, may be caused by mutations in one of at least 10 separate genes. The HPS-2 subtype is distinguished by the presence of neutropenia and knowledge of its pulmonary phenotype in children is scarce. Methods: Six children with genetically proven HPS-2 presented to the chILD-EU register between 2009 and 2017;the data were collected systematically and imaging studies were scored blinded. Results: Pulmonary symptoms including dyspnea, coughing, need for oxygen, and clubbing started 3.3 years before the diagnosis was made at the mean age of 8.83 years (range 2-15). All children had recurrent pulmonary infections, 3 had a spontaneous pneumothorax, and 4 developed scoliosis. The frequency of pulmonary complaints increased over time. The leading radiographic pattern was ground-glass opacities with a rapid increase in reticular pattern and traction bronchiectasis between initial and follow-up Computer tomography (CT) in all subjects. Honeycombing and cysts were newly detectable in 3 patients. Half of the patients received a lung biopsy for diagnosis;histological patterns were cellular non-specific interstitial pneumonia, usual interstitial pneumonia-like, and desquamative interstitial pneumonia. Conclusions: HPS-2 is characterized by a rapidly fibrosing lung disease during early childhood. Effective treatments are required

Leading-order determination of the gluon polarisation from semi-inclusive deep inelastic scattering data

Using a novel analysis technique, the gluon polarisation in the nucleon is re-evaluated using the longitudinal double-spin asymmetry measured in the cross section of semi-inclusive single-hadron muoproduction with photon virtuality $Q^2>1~({\rm GeV}/c)^2$. The data were obtained by the COMPASS experiment at CERN using a 160 GeV/$c$ polarised muon beam impinging on a polarised $^6$LiD target. By analysing the full range in hadron transverse momentum $p_{\rm T}$, the different $p_{\rm T}$-dependences of the underlying processes are separated using a neural-network approach. In the absence of pQCD calculations at next-to-leading order in the selected kinematic domain, the gluon polarisation $\Delta g/g$ is evaluated at leading order in pQCD at a hard scale of $\mu^2= \langle Q^2 \rangle = 3 ({\rm GeV}/c)^2$. It is determined in three intervals of the nucleon momentum fraction carried by gluons, $x_{\rm g}$, covering the range $0.04 \!<\! x_{ \rm g}\! <\! 0.28$~ and does not exhibit a significant dependence on $x_{\rm g}$. The average over the three intervals, $\langle \Delta g/g \rangle = 0.113 \pm 0.038_{\rm (stat.)}\pm 0.036_{\rm (syst.)}$ at $\langle x_{\rm g} \rangle \approx 0.10$, suggests that the gluon polarisation is positive in the measured $x_{\rm g}$ range.Comment: 14 pages, 6 figure