A Banker’s Perspective on the Financial Crisis

During the last several years Robert Amzallag as Senior Fellow at CIRANO has taken an active interest in the research and transfer activities undertaken by the Finance Group. He has suggested initiatives that would be relevant to the financial industry in Montreal, particularly in derivative products and concerning practical issues in governance at the director’s level. As the former President and CEO at BNP Paribas (Canada), Mr. Amzallag is certainly well placed to offer insightful commentary on the financial crisis that has preoccupied us over the last several months. Mr. Amzallag’s presentation combines a retrospective analysis of root causes of the crisis followed by some thoughts on what’s to come. As to causes, he isolates three trends that have been gathering force over several decades. These include the erosion of certain stabilizing factors, particularly in the credit market, that has lead to extreme concentrations of risk. Looking to the future, Mr. Amzallag cautiously explores the consequences of several scenarios or responses to the crisis. The first two represent the pursuit of policies reflecting established political sensibilities involving different degrees of government intervention. The third represents a more thoughtful re-appraisal of the different functions that the key players—governments, central banks, regulators and financial institutions —should pursue and should be left to pursue. We have also invited CIRANO Fellow Michel Magnan, Professor of Accounting at Concordia’s John Molson School of Business to present an overview of the controversy surrounding marking to market, an issue highlighted by Mr. Amzallag as an important aspect of the crisis. Professor Michel Magnan takes up the technical but crucial issue of whether fair-value accounting [FVA] was an inadvertent messenger of the financial crisis or was an actual contributor to the crisis. The point is far from academic. By way of appendices to these presentations, the Finance Group has prepared a graphic tool that permits the time-series presentation of key financial indicators against the historical background of the crisis. As well, we have prepared a primer on structured products, including synthetic CDOs, that have played a lead role in the current crisis. This presentation leads naturally to the software module developed at CIRANO that explores the risk management dimensions of these products.

La crise financière vue par un banquier

Au cours des dernières années, Robert Amzallag, Fellow invité du CIRANO, s’est beaucoup intéressé à la recherche et aux activités de transfert menées par le Groupe Finance. Il a proposé des initiatives sur des sujets d’actualité touchant le marché financier de Montréal. Notamment à titre de Président et chef de la direction de BNP Paribas (Canada), Monsieur Amzallag est bien placé pour faire des observations éclairées sur la crise financière. La présentation de monsieur Amzallag consiste en une analyse rétrospective des causes fondamentales de la crise, suivie d’une réflexion sur les événements à prévoir. Pour ce qui est des causes, il isole trois tendances qui ont pris de l’ampleur au cours des dernières décennies. Ces tendances comprennent l’érosion de certains facteurs de stabilisation, particulièrement dans le marché du crédit, qui contribuent à des concentrations excessives du risque. Dans une perspective d’avenir, monsieur Amzallag explore les implications de trois scénarios ou réponses liés à la crise. Les deux premiers scénarios représentent l’application de règles de conduite reflétant les sensibilités politiques établies. Le troisième scénario consiste en une réévaluation sérieuse des différentes fonctions que les partenaires clés, gouvernements, banques centrales, organismes de réglementation et institutions financières, devraient assumer et devraient avoir la latitude nécessaire pour l’assumer. Nous avons aussi invité monsieur Michel Magnan, Fellow CIRANO et professeur à l’École de gestion John Molson, Université Concordia à présenter un survol de la controverse entourant l’évaluation des prix du marché, une question qui constitue, d’après monsieur Amzallag, un aspect important de la crise. Il examine les fondements théoriques et empiriques de la comptabilisation de la juste valeur [fair value accounting (FVA)]. D’après le professeur Magnan, il existe des preuves appuyant la théorie selon laquelle la FVA ne constitue pas seulement un messager, mais qu’elle peut avoir contribué à l’accélération de la crise. Dans les annexes qui suivent les interventions des invités, le Groupe Finance a préparé un graphique permettant de présenter des séries chronologiques des principaux indicateurs financiers par rapport au contexte historique de la crise. Nous avons également préparé une introduction aux produits structurés, incluant les obligations synthétiques adossées à des prêts (synthetic collateralized debt obligations - cdos), lesquels ont joué un rôle de premier plan dans la crise actuelle. Cette présentation nous amène naturellement à un module logiciel élaboré au CIRANO et qui explore les dimensions que prennent ces produits dans le cadre de la gestion du risque.

Space optical instruments optimisation thanks to CMOS image sensor technology

Today, both CCD and CMOS sensors can be envisaged for nearly all visible sensors and instruments designed for space needs. Indeed, detectors built with both technologies allow excellent electro-optics performances to be reached, the selection of the most adequate device being driven by their functional and technological features and limits. The first part of the paper presents electro-optics characterisation results of CMOS Image Sensors (CIS) built with an optimised CMOS process, demonstrating the large improvements of CIS electro-optics performances. The second part reviews the advantages of CMOS technology for space applications, illustrated by examples of CIS developments performed by EADS Astrium and Supaéro/CIMI for current and short term coming space programs

High performances monolithic CMOS detectors for space applications

During the last 10 years, research about CMOS image sensors (also called APS -Active Pixel Sensors) has been intensively carried out, in order to offer an alternative to CCDs as image sensors. This is particularly the case for space applications as CMOS image sensors feature characteristics which are obviously of interest for flight hardware: parallel or semi-parallel architecture, on chip control and processing electronics, low power dissipation, high level ofradiation tolerance... Many image sensor companies, institutes and laboratories have demonstrated the compatibility of CMOS image sensors with consumer applications: micro-cameras, video-conferencing, digital-still cameras. And recent designs have shown that APS is getting closer to the CCD in terms ofperformance level. However, the large majority ofthe existing products do not offer the specific features which are required for many space applications. ASTRI1JM and SUPAERO/CIMI have decided to work together in view of developing CMOS image sensors dedicated to space business. After a brief presentation of the team organisation for space image sensor design and production, the latest results of a high performances 512x512 pixels CMOS device characterisation are presented with emphasis on the achieved electro-optical performance. Finally, the on going and short-term coming activities of the team are discussed

Development of high-performances monolithic CMOS detectors for space applications

This paper describes the development of a 750x750 pixels CMOS image sensor for star tracker applications. A first demonstrator of such a star tracker called SSM star tracker built around a 512x512 detector has been recently developed and proves the feasibility of such instrument. In order to take fully advantage of the CMOS image sensor step, the 750x750 device called SSM CMOS detector which will take part of the final star tracker, can be considered as a major technical breakthrough that gives a decisive advantage in terms of on satellite implementation cost and flexibility (sensor mass and power consumption minimisation, electronics and architecture flexibility). Indeed, built using the 0.5μm Alcatel Microelectronics standard CMOS technology, the SSM CMOS detector will feature on-chip temperature sensor and on-chip sequencer. In order to evaluate the radiation tolerance of such manufacturing technology, a radiation campaign that contains studies of total dose and latch-up effects has been led on a specific test vehicle

Research-grade CMOS image sensors for remote sensing applications

Imaging detectors are key elements for optical instruments and sensors on board space missions dedicated to Earth observation (high resolution imaging, atmosphere spectroscopy...), Solar System exploration (micro cameras, guidance for autonomous vehicle...) and Universe observation (space telescope focal planes, guiding sensors...). This market has been dominated by CCD technology for long. Since the mid-90s, CMOS Image Sensors (CIS) have been competing with CCDs for consumer domains (webcams, cell phones, digital cameras...). Featuring significant advantages over CCD sensors for space applications (lower power consumption, smaller system size, better radiations behaviour...), CMOS technology is also expanding in this field, justifying specific R&D and development programs funded by national and European space agencies (mainly CNES, DGA and ESA). All along the 90s and thanks to their increasingly improving performances, CIS have started to be successfully used for more and more demanding space applications, from vision and control functions requiring low-level performances to guidance applications requiring medium-level performances. Recent technology improvements have made possible the manufacturing of research-grade CIS that are able to compete with CCDs in the high-performances arena. After an introduction outlining the growing interest of optical instruments designers for CMOS image sensors, this paper will present the existing and foreseen ways to reach high-level electro-optics performances for CIS. The developments and performances of CIS prototypes built using an imaging CMOS process will be presented in the corresponding section

The relationship of individual comorbid chronic conditions to diabetes care quality.

ObjectiveMultimorbidity affects 26 million persons with diabetes, and care for comorbid chronic conditions may impact diabetes care quality. The aim of this study was to determine which chronic conditions were related to lack of achievement or achievement of diabetes care quality goals to determine potential targets for future interventions.Research design and methodsThis is an exploratory retrospective analysis of electronic health record data for 23 430 adults, aged 18-75, with diabetes who were seen at seven Midwestern US health systems. The main outcome measures were achievement of six diabetes quality metrics in the reporting year, 2011 (glycated haemoglobin (HbA1c) control and testing, low-density lipoprotein control and testing, blood pressure control, kidney testing). Explanatory variables were 62 chronic condition indicators. Analyses were adjusted for baseline patient sociodemographic and healthcare utilization factors.ResultsThe 62 chronic conditions varied in their relationships to diabetes care goal achievement for specific care goals. Congestive heart failure was related to lack of achievement of cholesterol management goals. Obesity was related to lack of HbA1c and BP control. Mental health conditions were related to both lack of achievement and achievement of different care goals. Three conditions were related to lack of cholesterol testing, including congestive heart failure and substance-use disorders. Of 17 conditions related to achieving control goals, 16 were related to achieving HbA1c control. One-half of the comorbid conditions did not predict diabetes care quality.ConclusionsFuture interventions could target patients at risk for not achieving diabetes care for specific care goals based on their individual comorbidities

Evaluation of an improved mixing plane interface for OpenFOAM

A mixing plane interface provides a circumferentially averaging rotor-stator coupling interface, which is extremely useful in practical turbomachinery simulations. It allows fundamentally transient problems to be studied in steady-state, using simplified mesh components having periodic properties, and with the help of a multiple reference frames (MRF) approach. An improved version of the mixing plane interface for the community-driven version of OpenFOAM is presented. This new version of the mixing plane introduces a perfield, user-selectable mixing option for the flow fields at the interface, including the possibility to use a mass-flow averaging algorithm for the velocity field. We show that the quality of the mass-flow transfer can be improved by a proper selection of the mixing options at the interface. This paper focuses on the evaluation of the improved mixing plane interface for various steady-state simulations of incompressible flows, applied to a simple 2D validation test case, and to more complex 3D turbomachinery cases

Evaluation of an improved mixing plane interface for OpenFOAM

A mixing plane interface provides a circumferentially averaging rotor-statorcoupling interface, which is extremely useful in practical turbomachinery simulations. Itallows fundamentally transient problems to be studied in steady-state, using simplified meshcomponents having periodic properties, and with the help of a multiple reference frames(MRF) approach. An improved version of the mixing plane interface for the community-drivenversion of OpenFOAM is presented. This new version of the mixing plane introduces a perfield,user-selectable mixing option for the flow fields at the interface, including the possibilityto use a mass-flow averaging algorithm for the velocity field. We show that the quality of themass-flow transfer can be improved by a proper selection of the mixing options at theinterface. This paper focuses on the evaluation of the improved mixing plane interface forvarious steady-state simulations of incompressible flows, applied to a simple 2D validation testcase, and to more complex 3D turbomachinery cases

What is a fish? The life and legend of David L.G. Noakes

David Lloyd George Noakes (1942–2020) is best known for his insatiable curiosity, his quick wit and dry sense of humor, his scientific contributions to the field of animal behaviour, and his ability to form and maintain long-lasting connections. His research interests were vast but remained grounded in early life history, behaviour, social behaviour, the evolution of behaviour, behavioural genetics, and evolutionary ecology. David had a remarkable ability to establish and maintain strong connections within the international academic community. David was also internationally recognized for his numerous contributions as a scientific editor, promoting accessibility to the international community that he served. We memorialize David’s legacy in this tribute article, ensuring that his accomplishments and the momentous impact he had on the scientific community are not soon forgotten