The Demand for Directors' and Officers' Insurance in Canada

This paper looks at the insurance demand of a firm's directors and officers using a sample of Canadian corporations (excluding firms from the Financial services and Mining sectors) from 1993-1999. More to the point, we study the demand for director's and officer's insurance. Our results suggest that larger corporation are more likely to purchase D&O insurance. Firms that are strong financially are less likely to purchase D&O insurance. Firms are also less likely to purchase D&O insurance when there are many outsiders on the board of directors and when the board member have an important financial stake in the corporation. Surprisingly, being listed on a stock exchange in the United States does not seem to have an impact on the demand for D&O insurance, contrary to previous results. Cette recherche se penche sur la demande d'assurance de la responsabilité civile des administrateurs et des dirigeants d'entreprise en utilisant des données pour plus de 350 compagnies canadiennes entre 1993 et 1999. Les firmes dans les secteurs des services financiers et des mines ne sont pas inclues. Plus précisément, nous nous intéressons à la demande d'assurance de la responsabilité civile des administrateurs et des dirigeants. Nos résultats suggèrent qu'il est plus probable pour une corporation de grande taille d'avoir une assurance D&O que pour une corporation de petite taille. Les corporations qui ont une bonne santé financière ont moins de chance d'avoir une assurance, tout comme les corporations où la présence d'administrateurs indépendants au conseil d'administration est importante. De plus, plus les membres des conseils d'administration sont impliqués financièrement dans la santé d'une corporation, moins importante est la probabilité que cette compagnie possède une assurance D&O. Un résultat surprenant que nous obtenons est le fait que d'être enregistré dans une bourse américaine ne semble pas avoir d'impact sur la demande d'assurance D&O, contrairement aux études précédentes.Executive Compensation, D&O Insurance, Rémunération des dirigeants, assurance D&O

RBF neural net based classifier for the AIRIX accelerator fault diagnosis

The AIRIX facility is a high current linear accelerator (2-3.5kA) used for flash-radiography at the CEA of Moronvilliers France. The general background of this study is the diagnosis and the predictive maintenance of AIRIX. We will present a tool for fault diagnosis and monitoring based on pattern recognition using artificial neural network. Parameters extracted from the signals recorded on each shot are used to define a vector to be classified. The principal component analysis permits us to select the most pertinent information and reduce the redundancy. A three layer Radial Basis Function (RBF) neural network is used to classify the states of the accelerator. We initialize the network by applying an unsupervised fuzzy technique to the training base. This allows us to determine the number of clusters and real classes, which define the number of cells on the hidden and output layers of the network. The weights between the hidden and the output layers, realising the non-convex union of the clusters, are determined by a least square method. Membership and ambiguity rejection enable the network to learn unknown failures, and to monitor accelerator operations to predict future failures. We will present the first results obtained on the injector.Comment: 3 pages, 4 figures, LINAC'2000 conferenc

Average characteristic polynomials in the two-matrix model

The two-matrix model is defined on pairs of Hermitian matrices $(M_1,M_2)$ of size $n\times n$ by the probability measure $$\frac{1}{Z_n} \exp\left(\textrm{Tr} (-V(M_1)-W(M_2)+\tau M_1M_2)\right)\ dM_1\ dM_2,$$ where $V$ and $W$ are given potential functions and \tau\in\er. We study averages of products and ratios of characteristic polynomials in the two-matrix model, where both matrices $M_1$ and $M_2$ may appear in a combined way in both numerator and denominator. We obtain determinantal expressions for such averages. The determinants are constructed from several building blocks: the biorthogonal polynomials $p_n(x)$ and $q_n(y)$ associated to the two-matrix model; certain transformed functions $\P_n(w)$ and \Q_n(v); and finally Cauchy-type transforms of the four Eynard-Mehta kernels $K_{1,1}$, $K_{1,2}$, $K_{2,1}$ and $K_{2,2}$. In this way we generalize known results for the $1$-matrix model. Our results also imply a new proof of the Eynard-Mehta theorem for correlation functions in the two-matrix model, and they lead to a generating function for averages of products of traces.Comment: 28 pages, references adde

Non-colliding Brownian Motions and the extended tacnode process

We consider non-colliding Brownian motions with two starting points and two endpoints. The points are chosen so that the two groups of Brownian motions just touch each other, a situation that is referred to as a tacnode. The extended kernel for the determinantal point process at the tacnode point is computed using new methods and given in a different form from that obtained for a single time in previous work by Delvaux, Kuijlaars and Zhang. The form of the extended kernel is also different from that obtained for the extended tacnode kernel in another model by Adler, Ferrari and van Moerbeke. We also obtain the correlation kernel for a finite number of non-colliding Brownian motions starting at two points and ending at arbitrary points.Comment: 38 pages. In the revised version a few arguments have been expanded and many typos correcte

Non-intersecting squared Bessel paths at a hard-edge tacnode

The squared Bessel process is a 1-dimensional diffusion process related to the squared norm of a higher dimensional Brownian motion. We study a model of $n$ non-intersecting squared Bessel paths, with all paths starting at the same point $a>0$ at time $t=0$ and ending at the same point $b>0$ at time $t=1$. Our interest lies in the critical regime $ab=1/4$, for which the paths are tangent to the hard edge at the origin at a critical time $t^*\in (0,1)$. The critical behavior of the paths for $n\to\infty$ is studied in a scaling limit with time $t=t^*+O(n^{-1/3})$ and temperature $T=1+O(n^{-2/3})$. This leads to a critical correlation kernel that is defined via a new Riemann-Hilbert problem of size $4\times 4$. The Riemann-Hilbert problem gives rise to a new Lax pair representation for the Hastings-McLeod solution to the inhomogeneous Painlev\'e II equation $q"(x) = xq(x)+2q^3(x)-\nu,$ where $\nu=\alpha+1/2$ with $\alpha>-1$ the parameter of the squared Bessel process. These results extend our recent work with Kuijlaars and Zhang \cite{DKZ} for the homogeneous case $\nu = 0$.Comment: 54 pages, 13 figures. Corrected error in Theorem 2.

Multi-wavelength observations of 3FGL J2039.6-5618: a candidate redback millisecond pulsar

We present multi-wavelength observations of the unassociated gamma-ray source 3FGL J2039.6-5618 detected by the Fermi Large Area Telescope. The source gamma-ray properties suggest that it is a pulsar, most likely a millisecond pulsar, for which neither radio nor $\gamma$-ray pulsations have been detected yet. We observed 3FGL J2039.6-5618 with XMM-Newton and discovered several candidate X-ray counterparts within/close to the gamma-ray error box. The brightest of these X-ray sources is variable with a period of 0.2245$\pm$0.0081 d. Its X-ray spectrum can be described by a power law with photon index $\Gamma_X =1.36\pm0.09$, and hydrogen column density $N_{\rm H} < 4 \times 10^{20}$ cm$^{-2}$, which gives an unabsorbed 0.3--10 keV X-ray flux of $1.02 \times 10^{-13}$ erg cm$^{-2}$ s$^{-1}$. Observations with the Gamma-Ray Burst Optical/Near-Infrared Detector (GROND) discovered an optical counterpart to this X-ray source, with a time-average magnitude $g'\sim 19.5$. The counterpart features a flux modulation with a period of 0.22748$\pm$0.00043 d that coincides, within the errors, with that of the X-ray source, confirming the association based on the positional coincidence. We interpret the observed X-ray/optical periodicity as the orbital period of a close binary system where one of the two members is a neutron star. The light curve profile of the companion star, with two asymmetric peaks, suggests that the optical emission comes from two regions at different temperatures on its tidally-distorted surface. Based upon its X-ray and optical properties, we consider this source as the most likely X-ray counterpart to 3FGL J2039.6-5618, which we propose to be a new redback system.Comment: 35 pages, 8 figures, accepted for publication on Astrophysical Journa

Correlation between the optical veiling and accretion properties: A case study of the classical T Tauri star DK Tau

Classical T Tauri stars (cTTs) accrete from their circumstellar disk. The material falls onto the stellar surface, producing an accretion shock, which generates veiling in a star's spectra. In addition, the shock causes a localized accretion spot at the level of the chromosphere. Our goal is to investigate the accretion, particularly the mass accretion rates (Macc), for the cTTs DK Tau, over two periods of 17 and 29 days, using two different procedures for comparison purposes. The first method relies on the derivation of the accretion luminosity via accretion-powered emission lines. The second compares the variability of the optical veiling with accretion shock models to determine mass accretion rates. We used observations taken in 2010 and 2012 with the ESPaDOnS spectropolarimeter at the CFHT. We find peak values of the veiling (at 550 nm) ranging from 0.2 to 1.3, with a steeper trend across the wavelength range for higher peak values. When using the accretion-powered emission lines, we find mass accretion rate values ranging from log(Macc[Msol/yr]) = -8.20 to log(Macc[Msol/yr]) = -7.40. This agrees with the values found in the literature, as well as the values calculated using the accretion shock models and the veiling. In addition, we identify a power-law correlation between the values of the accretion luminosity and the optical veiling. For the 2010 observations, using the values of the filling factors (which represent the area of the star covered by an accretion spot) derived from the shock models, we infer that the accretion spot was located between +45 degrees and +75 degrees in latitude. We show that both methods of determining the mass accretion rate yield similar results. We also present a helpful means of confirming the accretion luminosity values by measuring the veiling at a single wavelength in the optical

Recognition of the latency-associated immediate early protein IE63 of varicella-zoster virus by human memory T-lymphocytes

peer reviewedVaricella-zoster virus (VZV) is a human alpha herpesvirus that establishes latency in sensory ganglia. Latency is characterized by the abundant expression of the immediate early protein 63 (IE63), whereas other viral proteins have not yet been detected during the quiescent phase of VZV infection. The IE63 protein is a component of the virion and is expressed very early in the infectious cycle. The IE63 protein is also expressed in skin during episodes of varicella and herpes zoster. We have evaluated the cell-mediated immune response against IE63 in naturally immune adults with a history of chickenpox, by T lymphoproliferation and cytotoxicity assays. Among donors who had T cell proliferation to unfractionated VZV Ags from infected cell extract, 59% had T cell recognition of purified IE63. The CTL response to IE63 was equivalent to CTL recognition of IE62, the major tegument component of VZV whose immunogenicity has been previously described. IgG Abs against IE63 were detected in serum from healthy immune adults. These results indicate that IE63 is an important target of immunity to VZV. T cell recognition of IE63 is likely to be involved in controlling VZV reactivation from latency

A family of Nikishin systems with periodic recurrence coefficients

Suppose we have a Nikishin system of $p$ measures with the $k$th generating measure of the Nikishin system supported on an interval \Delta_k\subset\er with $\Delta_k\cap\Delta_{k+1}=\emptyset$ for all $k$. It is well known that the corresponding staircase sequence of multiple orthogonal polynomials satisfies a $(p+2)$-term recurrence relation whose recurrence coefficients, under appropriate assumptions on the generating measures, have periodic limits of period $p$. (The limit values depend only on the positions of the intervals $\Delta_k$.) Taking these periodic limit values as the coefficients of a new $(p+2)$-term recurrence relation, we construct a canonical sequence of monic polynomials $\{P_{n}\}_{n=0}^{\infty}$, the so-called \emph{Chebyshev-Nikishin polynomials}. We show that the polynomials $P_{n}$ themselves form a sequence of multiple orthogonal polynomials with respect to some Nikishin system of measures, with the $k$th generating measure being absolutely continuous on $\Delta_{k}$. In this way we generalize a result of the third author and Rocha \cite{LopRoc} for the case $p=2$. The proof uses the connection with block Toeplitz matrices, and with a certain Riemann surface of genus zero. We also obtain strong asymptotics and an exact Widom-type formula for the second kind functions of the Nikishin system for $\{P_{n}\}_{n=0}^{\infty}$.Comment: 30 pages, minor change

Determinants of institutional delivery among young married women in Nepal: Evidence from the Nepal Demographic and Health Survey, 2011

OBJECTIVES: To identify the determinants of institutional delivery among young married women in Nepal. DESIGN: Nepal Demographic and Health Survey (NDHS) data sets 2011 were analysed. Bivariate and multivariate logistic regression analyses were performed using a subset of 1662 ever-married young women (aged 15-24 years). OUTCOME MEASURE: Place of delivery. RESULTS: The rate of institutional delivery among young married women was 46%, which is higher than the national average (35%) among all women of reproductive age. Young women who had more than four antenatal care (ANC) visits were three times more likely to deliver in a health institution compared with women who had no antenatal care visit (OR: 3.05; 95% CI: 2.40 to 3.87). The probability of delivering in an institution was 69% higher among young urban women than among young women who lived in rural areas. Young women who had secondary or above secondary level education were 1.63 times more likely to choose institutional delivery than young women who had no formal education (OR: 1.626; 95% CI: 1.171 to 2.258). Lower use of a health institution for delivery was also observed among poor young women. Results showed that wealthy young women were 2.12 times more likely to deliver their child in an institution compared with poor young women (OR: 2.107; 95% CI: 1.53 to 2.898). Other factors such as the age of the young woman, religion, ethnicity, and ecological zone were also associated with institutional delivery. CONCLUSIONS: Maternal health programs should be designed to encourage young women to receive adequate ANC (at least four visits). Moreover, health programs should target poor, less educated, rural, young women who live in mountain regions, are of Janajati ethnicity and have at least one child as such women are less likely to choose institutional delivery in Nepal