The definition of "Insider" in section 3 of the securities markets Act 1988: A review and comparison with other jurisdictions

Statutory definitions of what constitutes an “insider” for the purposes of insider trading laws may be based on either a “person connection” approach or an “information connection” approach. The “person connection” approach defines “insider” by reference to the relationship of the person to the public issuer of securities, while the “information connection” approach considers anyone who has material price-sensitive information about the issuer to be an insider, regardless of his or her relationship to the issuer. In common with Japan, Hong Kong and China, New Zealand’s insider trading law — the Securities Markets Act 1988 — uses a person connection approach in its definition of “insider”. Other jurisdictions, however, including both the United Kingdom and Australia, have, to varying degrees, recently amended their definitions to reflect the information connection approach. The United States, although the first country to address the issue of insider trading, lacks a statutory definition of “insider” and instead relies on generally applicable laws against securities fraud. It has developed a definition with elements of both approaches. This paper reviews the definitions in use in the United States and in other countries (including New Zealand) which have been influenced by the American experience. It concludes that the narrow, relationship-based approach does not capture some conduct that may be damaging to the integrity of the securities market. A definition based on the information connection approach (perhaps combined with elements of the person connection approach) may therefore be preferable to New Zealand’s current definition

Transport Properties in the "Strange Metal Phase" of High Tc Cuprates: Spin-Charge Gauge Theory Versus Experiments

The SU(2)xU(1) Chern-Simons spin-charge gauge approach developed earlier to describe the transport properties of the cuprate superconductors in the ``pseudogap'' regime, in particular, the metal-insulator crossover of the in-plane resistivity, is generalized to the ``strange metal'' phase at higher temperature/doping. The short-range antiferromagnetic order and the gauge field fluctuations, which were the key ingredients in the theory for the pseudogap phase, also play an important role in the present case. The main difference between these two phases is caused by the existence of an underlying statistical $\pi$-flux lattice for charge carriers in the former case, whereas the background flux is absent in the latter case. The Fermi surface then changes from small ``arcs'' in the pseudogap to a rather large closed line in the strange metal phase. As a consequence the celebrated linear in T dependence of the in-plane and out-of-plane resistivity is shown explicitly to recover. The doping concentration and temperature dependence of theoretically calculated in-plane and out-of-plane resistivity, spin-relaxation rate and AC conductivity are compared with experimental data, showing good agreement.Comment: 14 pages, 5 .eps figures, submitted to Phys. Rev. B, revised version submitted on 24 Oc

Fractional exclusion and braid statistics in one dimension: a study via dimensional reduction of Chern-Simons theory

The relation between braid and exclusion statistics is examined in one-dimensional systems, within the framework of Chern-Simons statistical transmutation in gauge invariant form with an appropriate dimensional reduction. If the matter action is anomalous, as for chiral fermions, a relation between braid and exclusion statistics can be established explicitly for both mutual and nonmutual cases. However, if it is not anomalous, the exclusion statistics of emergent low energy excitations is not necessarily connected to the braid statistics of the physical charged fields of the system. Finally, we also discuss the bosonization of one-dimensional anyonic systems through T-duality.Comment: 19 pages, fix typo

In-Plane Conductivity Anisotropy in Underdoped Cuprates in the Spin-Charge Gauge Approach

Applying the recently developed spin-charge gauge theory for the pseudogap phase in cuprates, we propose a self-consistent explanation of several peculiar features of the far-infrared in-plane AC conductivity, including a broad peak as a function of frequency and significant anisotropy at low temperatures, along with a similar temperature-dependent in-plane anisotropy of DC conductivity in lightly doped cuprates. The anisotropy of the metal-insulator crossover scale is considered to be responsible for these phenomena. The obtained results are in good agreement with experiments. An explicit proposal is made to further check the theory.Comment: 5 pages, 3 figures, to appear in Phys. Rev.

First- and Second-Order Phase Transitions, Fulde-Ferrel Inhomogeneous State and Quantum Criticality in Ferromagnet/Superconductor Double Tunnel Junctions

First- and second-order phase transitions, Fulde-Ferrel (FF) inhomogeneous superconducting (SC) state and quantum criticality in ferromagnet/superconductor/ferromagnet double tunnel junctions are investigated. For the antiparallel alignment of magnetizations, it is shown that a first-order phase transition from the homogeneous BCS state to the inhomogeneous FF state occurs at a certain bias voltage $V^{\ast}$; while the transitions from the BCS state and the FF state to the normal state at $V_{c}$ are of the second-order. A phase diagram for the central superconductor is presented. In addition, a quantum critical point (QCP), $$, is identified. It is uncovered that near the QCP, the SC gap, the chemical potential shift induced by the spin accumulation, and the difference of free energies between the SC and normal states vanish as $$ with the quantum critical exponents $z\nu =1/2$, 1 and 2, respectively. The tunnel conductance and magnetoresistance are also discussed.Comment: 5 pages, 4 figures, Phys. Rev. B 71, 144514 (2005

Footprint issues in scintillometry over heterogeneous landscapes

Scintillometry is widely recognized as a potential tool for obtaining spatially aggregated sensible heat fluxes at regional scales. Although many investigations have been made over contrasting component surfaces, few aggregation schemes consider footprint contributions. In this paper, an approach is presented to infer average sensible heat flux over a very heterogeneous landscape by using a large aperture scintillometer. The methodology is demonstrated on simulated data and tested on a time series of measurements obtained during the SPARC2004 experiment in Barrax, Spain. Results show that the two-dimensional footprint approach yields more accurate results of aggregated sensible heat flux than traditional methods

Simple algebras of Weyl type

Over a field $F$ of any characteristic, for a commutative associative algebra $A$ with an identity element and for the polynomial algebra $F[D]$ of a commutative derivation subalgebra $D$ of $A$, the associative and the Lie algebras of Weyl type on the same vector space $A[D]=A\otimes F[D]$ are defined. It is proved that $A[D]$, as a Lie algebra (modular its center) or as an associative algebra, is simple if and only if $A$ is $D$-simple and $A[D]$ acts faithfully on $A$. Thus a lot of simple algebras are obtained.Comment: 9 pages, Late

Pair creation for bosons in electric and magnetic fields

By solving the quantum field theoretical version of the Klein-Gordon equation numerically, we study the creation process for charged boson-antiboson pairs in static electric and magnetic fields. The fields are perpendicular to each other and spatially localized along the same direction, which permits us to study the crucial impact of the magnetic field\u27s spatial extension on dynamics. If its width is comparable to that of the electric field, we find a magnetically induced Lorentz suppression of the pair-creation process. When the width is increased such that the created bosons can revisit the interaction region, we find a region of exponential self-amplification that can be attributed to a spontaneous emissionlike enhancement. If the width is increased further, this trend is reversed and the magnetic field can even shut off the particle production completely

National Environmental Factors for Implementing Total Quality Environmental Management in the Libyan Food Industry

Aims: Investigates national environmental factors on implementing total quality environmental management (TQEM) in the Libyan food industry (LFI), in order to develop modern managerial techniques. Study Design: A questionnaire was conducted with 62 managers and 518 employees from three companies in the LFI. Place and Duration of Study: The study was carried out in Libya, the fieldwork was conducted in 2013. Methodology: Using existing measures obtained from the literature and new ones specifically developed for this research, a battery of items was derived to investigate technical capability, organizational culture, competition, government policy and human resource. Results: The results revealed that, five national environmental factors are identified. The findings show that the social responsibility factor is a new phenomenon that has not generally been studied in Libya, and particularly not in the LFI. Conclusion: This research contributes to the knowledge by investigating the national environmental factors for implementation of TQEM in a different context (i.e., the Arab/North African context). The findings provide a valuable basis to establish a framework model for the implementation of the TQEM in the Libyan context