The Potential Impact of Blockchains on Corporate Governance: A Survey on Shareholders’ Rights in the Digital Era

International audienceBlockchains offer a revolutionary application of cryptography and information technology to old financial record-keeping issues while forging great hopes with regard to lower cost, greater liquidity, more accurate record-keeping, and transparency of ownership. There is also an increasing demand from individual companies to employ blockchains in their activities as some stock exchanges see blockchain technology as a new method for trading corporate equities and tracking their ownership.At the same time, an expanded use of this new technology may introduce new risks on the market and lead to far-reaching changes in corporate governance. The end of anonymity is one of these issues but other corporate governance issues may be raised. While EU regulation regarding shareholders’ rights is moving forward, these risks have not been taken into account so far: the potential impact blockchains may have on shareholders’ protection in the EU Market and elsewhere is absent. European institutions seem to have dodged consideration of this impact.This paper evaluates the potential implication blockchains may have in a near future, assessing whether and how this new technology may modify the balance of power among managers, institutional investors, small shareholders, proxy advisors and other parties involved in corporate governance

THE POTENTIAL IMPACT OF BLOCKCHAINS ON CORPORATE GOVERNANCE: A SURVEY ON SHAREHOLDERS’ RIGHTS IN THE DIGITAL ERA

Blockchains offer a revolutionary application of cryptography and information technology to old financial record-keeping issues while forging great hopes with regard to lower cost, greater liquidity, more accurate record-keeping, and transparency of ownership. There is also an increasing demand from individual companies to employ blockchains in their activities as some stock exchanges see blockchain technology as a new method for trading corporate equities and tracking their ownership. At the same time, an expanded use of this new technology may introduce new risks on the market and lead to far-reaching changes in corporate governance. The end of anonymity is one of these issues but other corporate governance issues may be raised. While EU regulation regarding shareholders’ rights is moving forward, these risks have not been taken into account so far: the potential impact blockchains may have on shareholders’ protection in the EU Market and elsewhere is absent. European institutions seem to have dodged consideration of this impact. This paper evaluates the potential implication blockchains may have in a near future, assessing whether and how this new technology may modify the balance of power among managers, institutional investors, small shareholders, proxy advisors and other parties involved in corporate governance

Analysis of Neptune's 2017 Bright Equatorial Storm

We report the discovery of a large ($\sim$8500 km diameter) infrared-bright storm at Neptune's equator in June 2017. We tracked the storm over a period of 7 months with high-cadence infrared snapshot imaging, carried out on 14 nights at the 10 meter Keck II telescope and 17 nights at the Shane 120 inch reflector at Lick Observatory. The cloud feature was larger and more persistent than any equatorial clouds seen before on Neptune, remaining intermittently active from at least 10 June to 31 December 2017. Our Keck and Lick observations were augmented by very high-cadence images from the amateur community, which permitted the determination of accurate drift rates for the cloud feature. Its zonal drift speed was variable from 10 June to at least 25 July, but remained a constant $237.4 \pm 0.2$ m s$^{-1}$ from 30 September until at least 15 November. The pressure of the cloud top was determined from radiative transfer calculations to be 0.3-0.6 bar; this value remained constant over the course of the observations. Multiple cloud break-up events, in which a bright cloud band wrapped around Neptune's equator, were observed over the course of our observations. No "dark spot" vortices were seen near the equator in HST imaging on 6 and 7 October. The size and pressure of the storm are consistent with moist convection or a planetary-scale wave as the energy source of convective upwelling, but more modeling is required to determine the driver of this equatorial disturbance as well as the triggers for and dynamics of the observed cloud break-up events.Comment: 42 pages, 14 figures, 6 tables; Accepted to Icaru

Weighing the Giants - I. Weak-lensing masses for 51 massive galaxy clusters: project overview, data analysis methods and cluster images

This is the first in a series of papers in which we measure accurate weak-lensing masses for 51 of the most X-ray luminous galaxy clusters known at redshifts 0.15<z<0.7, in order to calibrate X-ray and other mass proxies for cosmological cluster experiments. The primary aim is to improve the absolute mass calibration of cluster observables, currently the dominant systematic uncertainty for cluster count experiments. Key elements of this work are the rigorous quantification of systematic uncertainties, high-quality data reduction and photometric calibration, and the "blind" nature of the analysis to avoid confirmation bias. Our target clusters are drawn from RASS X-ray catalogs, and provide a versatile calibration sample for many aspects of cluster cosmology. We have acquired wide-field, high-quality imaging using the Subaru and CFHT telescopes for all 51 clusters, in at least three bands per cluster. For a subset of 27 clusters, we have data in at least five bands, allowing accurate photo-z estimates of lensed galaxies. In this paper, we describe the cluster sample and observations, and detail the processing of the SuprimeCam data to yield high-quality images suitable for robust weak-lensing shape measurements and precision photometry. For each cluster, we present wide-field color optical images and maps of the weak-lensing mass distribution, the optical light distribution, and the X-ray emission, providing insights into the large-scale structure in which the clusters are embedded. We measure the offsets between X-ray centroids and Brightest Cluster Galaxies in the clusters, finding these to be small in general, with a median of 20kpc. For offsets <100kpc, weak-lensing mass measurements centered on the BCGs agree well with values determined relative to the X-ray centroids; miscentering is therefore not a significant source of systematic uncertainty for our mass measurements. [abridged]Comment: 26 pages, 19 figures (Appendix C not included). Accepted after minor revisio

The Seventh Data Release of the Sloan Digital Sky Survey

This paper describes the Seventh Data Release of the Sloan Digital Sky Survey (SDSS), marking the completion of the original goals of the SDSS and the end of the phase known as SDSS-II. It includes 11663 deg^2 of imaging data, with most of the roughly 2000 deg^2 increment over the previous data release lying in regions of low Galactic latitude. The catalog contains five-band photometry for 357 million distinct objects. The survey also includes repeat photometry over 250 deg^2 along the Celestial Equator in the Southern Galactic Cap. A coaddition of these data goes roughly two magnitudes fainter than the main survey. The spectroscopy is now complete over a contiguous area of 7500 deg^2 in the Northern Galactic Cap, closing the gap that was present in previous data releases. There are over 1.6 million spectra in total, including 930,000 galaxies, 120,000 quasars, and 460,000 stars. The data release includes improved stellar photometry at low Galactic latitude. The astrometry has all been recalibrated with the second version of the USNO CCD Astrograph Catalog (UCAC-2), reducing the rms statistical errors at the bright end to 45 milli-arcseconds per coordinate. A systematic error in bright galaxy photometr is less severe than previously reported for the majority of galaxies. Finally, we describe a series of improvements to the spectroscopic reductions, including better flat-fielding and improved wavelength calibration at the blue end, better processing of objects with extremely strong narrow emission lines, and an improved determination of stellar metallicities. (Abridged)Comment: 20 pages, 10 embedded figures. Accepted to ApJS after minor correction

The Sloan Digital Sky Survey Reverberation Mapping Project : sample characterization

Y.S. acknowledges support from an Alfred P. Sloan Research Fellowship and NSF grant AST-1715579. P.H. acknowledges support from the Natural Sciences and Engineering Research Council of Canada (NSERC), funding reference number 2017-05983. W.N.B. acknowledges support from NSF grant AST-1516784. C.J.G., W.N.B., and D.P.S. acknowledge support from NSF grant AST-1517113. Funding for SDSS-III has been provided by the Alfred P. Sloan Foundation, the Participating Institutions, the National Science Foundation, and the U.S. Department of Energy Office of Science.We present a detailed characterization of the 849 broad-line quasars from the Sloan Digital Sky Survey Reverberation Mapping (SDSS-RM) project. Our quasar sample covers a redshift range of 0.1 < z < 4.5 and is flux-limited to i PSF < 21.7 without any other cuts on quasar properties. The main sample characterization includes: (1) spectral measurements of the continuum and broad emission lines for individual objects from the coadded first-season spectroscopy in 2014, (2) identification of broad and narrow absorption lines in the spectra, and (3) optical variability properties for continuum and broad lines from multi-epoch spectroscopy. We provide improved systemic redshift estimates for all quasars and demonstrate the effects of the signal-to-noise ratio on the spectral measurements. We compile measured properties for all 849 quasars along with supplemental multi-wavelength data for subsets of our sample from other surveys. The SDSS-RM sample probes a diverse range in quasar properties and shows well-detected continuum and broad-line variability for many objects from first-season monitoring data. The compiled properties serve as the benchmark for follow-up work based on SDSS-RM data. The spectral fitting tools are made public along with this work.Publisher PDFPeer reviewe

Analysis of Neptune’s 2017 Bright Equatorial Storm

We report the discovery of a large ( ∼ 8500 km diameter) infrared-bright storm at Neptune’s equator in June 2017. We tracked the storm over a period of 7 months with high-cadence infrared snapshot imaging, carried out on 14 nights at the 10 m Keck II telescope and 17 nights at the Shane 120 inch reflector at Lick Observatory. The cloud feature was larger and more persistent than any equatorial clouds seen before on Neptune, remaining intermittently active from at least 10 June to 31 December 2017. Our Keck and Lick observations were augmented by very high-cadence images from the amateur community, which permitted the determination of accurate drift rates for the cloud feature. Its zonal drift speed was variable from 10 June to at least 25 July, but remained a constant 237.4 ± 0.2 m s^(−1) from 30 September until at least 15 November. The pressure of the cloud top was determined from radiative transfer calculations to be 0.3-0.6 bar; this value remained constant over the course of the observations. Multiple cloud break-up events, in which a bright cloud band wrapped around Neptune’s equator, were observed over the course of our observations. No “dark spot” vortices were seen near the equator in HST imaging on 6 and 7 October. The size and pressure of the storm are consistent with moist convection or a planetary-scale wave as the energy source of convective upwelling, but more modeling is required to determine the driver of this equatorial disturbance as well as the triggers for and dynamics of the observed cloud break-up events

Supplement: "Localization and broadband follow-up of the gravitational-wave transient GW150914" (2016, ApJL, 826, L13)

This Supplement provides supporting material for Abbott et al. (2016a). We briefly summarize past electromagnetic (EM) follow-up efforts as well as the organization and policy of the current EM follow-up program. We compare the four probability sky maps produced for the gravitational-wave transient GW150914, and provide additional details of the EM follow-up observations that were performed in the different bands