An economic analysis of trading on private information by external administrators: international comparisons

This paper examines the regulation of trades in listed securities by external administrators (EAs), such as trustees in bankruptcy, liquidators, receivers, and administrators on the basis of private information. We consider the economic policy issues associated with such trades. The principal considerations counsel in favour of taking a permissive approach. These are: the difficulties of associating trades with insider information, given the EA's necessarily short expected holding period, the asymmetric application of the insider trading prohibition to sales (rather than decisions not to sell), the market incentives not to misuse private information that apply to EAs, and the unlikelihood that the EA has monopolistic access to the information in question. We consider these considerations by reference to a number of hypothetical scenarios. The paper argues that the law should regulate the subject by coupling a broad exemption for EAs with a "goiod faith" proviso, a continuous disclosure obligation, and a requirement to sell "all or nothing" of a holding of listed securities

Evolutionary growth for Space Station Freedom electrical power system

Over an operational lifetime of at least 30 yr, Space Station Freedom will encounter increased space station user requirements and advancing technologies. The space station electrical power system is designed with the flexibility to accommodate these emerging technologies and expert systems and is being designed with the necessary software hooks and hardware scars to accommodate increased growth demand. The electrical power system is planned to grow from the initial 75 kW up to 300 kW. The Phase 1 station will utilize photovoltaic arrays to produce the electrical power; however, for growth to 300 kW, solar dynamic power modules will be utilized. Pairs of 25 kW solar dynamic power modules will be added to the station to reach the power growth level. The addition of solar dynamic power in the growth phase places constraints in the initial space station systems such as guidance navigation and control, external thermal, truss structural stiffness, computational capabilities and storage which must be planned-in in order to facilitate the addition of the solar dynamic modules

Three-dimensional imaging of direct-written photonic structures

Third harmonic generation microscopy has been used to analyze the morphology of photonic structures created using the femtosecond laser direct-write technique. Three dimensional waveguide arrays and waveguide-Bragg gratings written in fused-silica and doped phosphate glass were investigated. A sensorless adaptive optical system was used to correct the optical aberrations occurring in the sample and microscope system, which had a lateral resolution of less than 500 nm. This non-destructive testing method creates volume reconstructions of photonic devices and reveals details invisible to other linear microscopy and index profilometry techniques.Comment: 8 pages, 3 color figures, 2 hyper-linked animation

Point-by-point inscription of apodized fiber Bragg gratings

We demonstrate apodized fiber Bragg gratings inscribed with a point-by-point technique. We tailor the grating phase and coupling amplitude through precise control over the longitudinal and transverse position of each laser-inscribed modification. This method of apodization is facilitated by the highly-localized, high-contrast modifications generated by focussed IR femtosecond laser inscription. Our technique provides a simple method for the design and implementation of point-by-point fiber Bragg gratings with complex apodization profiles.Comment: 6 pages, 4 figures, article in revie

2003 Victorian Longitudinal Community Attitudes Survey

This report is Project 3 of the Gambling Research Panel’s 2001–2002 Research Plan, and is the eighth in a series of community attitudes surveys. The survey was conducted by ACNielsen in April and May 2003 using an effective random sample of 8,479 Victorian residents, a significantly larger sample than previous Victorian gambling surveys, and the resultant data provided to the Australian National University research team for analysis in July 2003. Three groups were identified — non-gamblers, non-regular gamblers and regular gamblers — and interviewed about their gambling behaviour, and their attitudes to gambling and its impact on the community. The significant finding of this survey is that large numbers of Victorians continue to experience problems associated with their gambling. Therefore problem gambling remains an important issue for public policy

Luminous Satellites II: Spatial Distribution, Luminosity Function and Cosmic Evolution

We infer the normalization and the radial and angular distributions of the number density of satellites of massive galaxies ($\log_{10}[M_{h}^*/M\odot]>10.5$) between redshifts 0.1 and 0.8 as a function of host stellar mass, redshift, morphology and satellite luminosity. Exploiting the depth and resolution of the COSMOS HST images, we detect satellites up to eight magnitudes fainter than the host galaxies and as close as 0.3 (1.4) arcseconds (kpc). Describing the number density profile of satellite galaxies to be a projected power law such that P(R)\propto R^{\rpower}, we find \rpower=-1.1\pm 0.3. We find no dependency of \rpower on host stellar mass, redshift, morphology or satellite luminosity. Satellites of early-type hosts have angular distributions that are more flattened than the host light profile and are aligned with its major axis. No significant average alignment is detected for satellites of late-type hosts. The number of satellites within a fixed magnitude contrast from a host galaxy is dependent on its stellar mass, with more massive galaxies hosting significantly more satellites. Furthermore, high-mass late-type hosts have significantly fewer satellites than early-type galaxies of the same stellar mass, likely a result of environmental differences. No significant evolution in the number of satellites per host is detected. The cumulative luminosity function of satellites is qualitatively in good agreement with that predicted using subhalo abundance matching techniques. However, there are significant residual discrepancies in the absolute normalization, suggesting that properties other than the host galaxy luminosity or stellar mass determine the number of satellites.Comment: 23 pages, 12 figures, Accepted for publication in the Astrophysical Journa

Validation of the Victorian Gambling Screen

This report is a result of research commissioned by the Gambling Research Panel (GRP) to, firstly, identify current gambling patterns and perceptions and, secondly, evaluate the Victorian Gambling Screen. The first research requirement was addressed in the 2003 Victorian Longitudinal Community Attitudes Survey while this report, Validation of the Victorian Gambling Screen, addresses the second requirement.Funded by the Victorian Government through the Community Support Fun

A Directly-Written Monolithic Waveguide-Laser Incorporating a DFB Waveguide-Bragg Grating

We report the fabrication and performance of the first C-band directly-written monolithic waveguide-laser. The waveguide-laser device was created in an Erbium and Ytterbium doped phosphate glass host and consisted of an optical waveguide that included a distributed feedback Bragg grating structure. The femtosecond laser direct-write technique was used to create both the waveguide and the waveguide-Bragg grating simultaneously and in a single processing step. The waveguide-laser was optically pumped at approximately 980 nm and lased at 1537nm with a bandwidth of less than 4 pm.Comment: 6 pages, 13 references, 4 figure