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

Non-damping oscillations at flaring loops

Context. QPPs are usually detected as spatial displacements of coronal loops in imaging observations or as periodic shifts of line properties in spectroscopic observations. They are often applied for remote diagnostics of magnetic fields and plasma properties on the Sun. Aims. We combine imaging and spectroscopic measurements of available space missions, and investigate the properties of non-damping oscillations at flaring loops. Methods. We used the IRIS to measure the spectrum over a narrow slit. The double-component Gaussian fitting method was used to extract the line profile of Fe XXI 1354.08 A at "O I" window. The quasi-periodicity of loop oscillations were identified in the Fourier and wavelet spectra. Results. A periodicity at about 40 s is detected in the line properties of Fe XXI, HXR emissions in GOES 1-8 A derivative, and Fermi 26-50 keV. The Doppler velocity and line width oscillate in phase, while a phase shift of about Pi/2 is detected between the Doppler velocity and peak intensity. The amplitudes of Doppler velocity and line width oscillation are about 2.2 km/s and 1.9 km/s, respectively, while peak intensity oscillate with amplitude at about 3.6% of the background emission. Meanwhile, a quasi-period of about 155 s is identified in the Doppler velocity and peak intensity of Fe XXI, and AIA 131 A intensity. Conclusions. The oscillations at about 40 s are not damped significantly during the observation, it might be linked to the global kink modes of flaring loops. The periodicity at about 155 s is most likely a signature of recurring downflows after chromospheric evaporation along flaring loops. The magnetic field strengths of the flaring loops are estimated to be about 120-170 G using the MHD seismology diagnostics, which are consistent with the magnetic field modeling results using the flux rope insertion method.Comment: 9 pages, 9 figures, 1 table, accepted by A&

Prospect of Making Ceramic Shell Mold by Ceramic Laser Fusion

Manufacturing prototypical castings by conventional investment casting not only takes several weeks, but also is prohibitively expensive. Z Corporation in USA, EOS GmbH and IPT in Germany employ the techniques of 3DP and SLS respectively to make directly ceramic shell molds for metal castings. Although those techniques dramatically reduce time expenditure and production cost, each layer cannot be thinner than 50 µm because of using powder to pave layers. The dimensional accuracy and roughness of the castings still cannot meet the specification of precision casting. Therefore, in this paper the ceramic laser fusion (CLF) was used to pave layers. Each layer can be thinner than 25 µm, so that the step effect can be diminished and the workpiece surface can be smoother; drying time will be shortened dramatically. Moreover, the inherent solid-state support formed by green portion has the capability of preventing upward and downward deformation of the scanned cross sections. In order to make shell mold which meets the roughness requirement (Rq=3.048µm) of the precision casting, following issues have to be further studied: (1) design a proper ceramic shell mold structure, (2) design a paving chamber for paving a complete green layer which can be easily collapsed, (3) cut down drying time, (4) optimize laser scanning process parameters with the smallest distortion, (5) eliminate sunken area, (6) reduce layer thickness to less than13µm, (7) control power to guarantee the energy uniformly absorbed by workpiece, and (8) develop a method which can directly clean green portion in cavity from gate.Mechanical Engineerin

Technique for validating remote sensing products of water quality

Remote sensing of water quality is initiated as an additional part of the on going activities of the EAGLE2006 project. Within this context intensive in-situ and airborne measurements campaigns were carried out over the Wolderwijd and Veluwemeer natural waters. However, in-situ measurements and image acquisitions were not simultaneous. This poses some constraints on validating air/space-borne remote sensing products of water quality. Nevertheless, the detailed insitu measurements and hydro-optical model simulations provide a bench mark for validating remote sensing products. That is realized through developing a stochastic technique to quantify the uncertainties on the retrieved aquatic inherent optical properties (IOP). The output of the proposed technique is applied to validate remote sensing products of water quality. In this processing phase, simulations of the radiative transfer in the coupled atmosphere-water system are performed to generate spectra at-sensor-level. The upper and the lower boundaries of perturbations, around each recorded spectrum, are then modelled as function of residuals between simulated and measured spectra. The perturbations are parameterized as a function of model approximations/inversion, sensor-noise and atmospheric residual signal. All error sources are treated as being of stochastic nature. Three scenarios are considered: spectrally correlated (i.e. wavelength dependent) perturbations, spectrally uncorrelated perturbations and a mixed scenario of the previous two with equal probability of occurrence. Uncertainties on the retrieved IOP are quantified with the relative contribution of each perturbation component to the total error budget of the IOP. This technique can be used to validate earth observation products of water quality in remote areas where few or no in– situ measurements are available

Model anisotropic quantum Hall states

Model quantum Hall states including Laughlin, Moore-Read and Read-Rezayi states are generalized into appropriate anisotropic form. The generalized states are exact zero-energy eigenstates of corresponding anisotropic two- or multi-body Hamiltonians, and explicitly illustrate the existence of geometric degrees of in the fractional quantum Hall effect. These generalized model quantum Hall states can provide a good description of the quantum Hall system with anisotropic interactions. Some numeric results of these anisotropic quantum Hall states are also presented.Comment: 10 pages, 5 figure

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

Estimation of soil and vegetation temperatures with multiangular thermal infrared observations: IMGRASS, HEIFE, and SGP 1997 experiments

The potential of directional observations in the thermal infrared region for land surface studies is a largely uncharted area of research. The availability of the dual-view Along Track Scanning Radiometer (ATSR) observations led to explore new opportunities in this direction. In the context of studies on heat transfer at heterogeneous land surfaces, multiangular thermal infrared (TIR) observations offer the opportunity of overcoming fundamental difficulties in modeling sparse canopies. Three case studies were performed on the estimation of the component temperatures of foliage and soil. The first one included the use of multi-temporal field measurements at view angles of 0°, 23° and 52°. The second and third one were done with directional ATSR observations at view angles of 0° and 53° only. The first one was a contribution to the Inner-Mongolia Grassland Atmosphere Surface Study (IMGRASS) experiment in China, the second to the Hei He International Field Experiment (HEIFE) in China and the third one to the Southern Great Plains 1997 (SGP 1997) experiment in Oklahoma, United States. The IMGRASS experiment provided useful insights on the applicability of a simple linear mixture model to the analysis of observed radiance. The HEIFE case study was focused on the large oasis of Zhang-Ye and led to useful estimates of soil and vegetation temperatures. The SGP 1997 contributed a better understanding of the impact of spatial heterogeneity on the accuracy of retrieved foliage and soil temperatures. Limitations in the approach due to varying radiative and boundary layer forcing and to the difference in spatial resolution between the forward and the nadir view are evaluated through a combination of modeling studies and analysis of field data

Eigenvalue variance bounds for Wigner and covariance random matrices

This work is concerned with finite range bounds on the variance of individual eigenvalues of Wigner random matrices, in the bulk and at the edge of the spectrum, as well as for some intermediate eigenvalues. Relying on the GUE example, which needs to be investigated first, the main bounds are extended to families of Hermitian Wigner matrices by means of the Tao and Vu Four Moment Theorem and recent localization results by Erd\"os, Yau and Yin. The case of real Wigner matrices is obtained from interlacing formulas. As an application, bounds on the expected 2-Wasserstein distance between the empirical spectral measure and the semicircle law are derived. Similar results are available for random covariance matrices

Characterizing Ranked Chinese Syllable-to-Character Mapping Spectrum: A Bridge Between the Spoken and Written Chinese Language

One important aspect of the relationship between spoken and written Chinese is the ranked syllable-to-character mapping spectrum, which is the ranked list of syllables by the number of characters that map to the syllable. Previously, this spectrum is analyzed for more than 400 syllables without distinguishing the four intonations. In the current study, the spectrum with 1280 toned syllables is analyzed by logarithmic function, Beta rank function, and piecewise logarithmic function. Out of the three fitting functions, the two-piece logarithmic function fits the data the best, both by the smallest sum of squared errors (SSE) and by the lowest Akaike information criterion (AIC) value. The Beta rank function is the close second. By sampling from a Poisson distribution whose parameter value is chosen from the observed data, we empirically estimate the $p$-value for testing the two-piece-logarithmic-function being better than the Beta rank function hypothesis, to be 0.16. For practical purposes, the piecewise logarithmic function and the Beta rank function can be considered a tie.Comment: 15 pages, 4 figure