Regulating the financial analysis industry : Is the European Directive effective ?

In the recent years, the US and the EC have witnessed the adoption of new regulations focused on financial analysts. This study investigates whether the European regulations, known as the Market Abuse Directive (MAD) changed the distribution of recommendations and increased their credibility...financial analysts ; conflicts of interest ; recommendations ; Market Abuse Directive; European Union

Integer and fractional charge Lorentzian voltage pulses analyzed in the frame of Photon-assisted Shot Noise

The periodic injection $n$ of electrons in a quantum conductor using periodic voltage pulses applied on a contact is studied in the energy and time-domain using shot noise computation in order to make comparison with experiments. We particularly consider the case of periodic Lorentzian voltage pulses. When carrying integer charge, they are known to provide electronic states with a minimal number of excitations, while other type of pulses are all accompanied by an extra neutral cloud of electron and hole excitations. This paper focuses on the low frequency shot noise which arises when the pulse excitations are partitioned by a single scatterer in the framework of the Photo Assisted Shot Noise (PASN) theory. As a unique tool to count the number of excitations carried per pulse, shot noise reveals that pulses of arbitrary shape and arbitrary charge show a marked minimum when the charge is integer. Shot noise spectroscopy is also considered to perform energy-domain characterization of the charge pulses. In particular it reveals the striking asymmetrical spectrum of Lorentzian pulses. Finally, time-domain information is obtained from Hong Ou Mandel like noise correlations when two trains of pulses generated on opposite contacts collide on the scatterer. As a function of the time delay between pulse trains, the noise is shown to measure the electron wavepacket autocorrelation function for integer Lorentzian thanks to electron antibunching. In order to make contact with recent experiments all the calculations are made at zero and finite temperature

Bilan des connaissances de la dynamique de l’érosion des côtes du Québec maritime laurentien

Un bilan des connaissances de la dynamique de l’érosion côtière dans l’estuaire et le golfe du Saint-Laurent montre que le recul du littoral dans les formations meubles est très important, variant généralement entre 0,5 et 2 m/an. Les données indiquent une accélération récente du phénomène, ce qui va dans le sens de la tendance mondiale appréhendée dans le contexte des changements climatiques. Il semble que les côtes à marais maritimes soient les plus sensibles, certains schorres supérieurs ayant déjà disparu au cours de la dernière décennie. Cela s’explique par le fait que, dans les régions froides, les marais maritimes sont affectés par un grand nombre de processus, dont le sapement par les vagues et les courants de marée, l’affouillement et l’arrachement par les glaces littorales, les processus cryogéniques, la dessiccation et les activités anthropiques et biologiques. Si l’action des vagues pendant les marées de vive eau et les tempêtes conditionne, dans une large mesure, le recul des falaises sableuses, les processus cryogéniques et hydrogéologiques sont les principaux responsables de la réactivation et de l’érosion des falaises à base argileuse et silteuse des complexes deltaïques. À l’échelle du Québec maritime, des études quantitatives saisonnières sont nécessaires pour bien comprendre la répartition spatio-temporelle des processus et surtout, les facteurs et les causes qui régissent l’érosion côtière dans les régions tempérées froides.A review of coastal erosion dynamics in the St. Lawrence maritime Estuary and Gulf demonstrates that shoreline retreat in unconsolidated formations varies between 0.5 and 2.0 m/yr. The data indicate a recent acceleration of coastal erosion that corresponds with the anticipated global trend resulting from climatic change. Saltmarshes are the most sensitive to coastal erosion, with some upper marshes having already disappeared in the last decade. In cold regions saltmarshes are affected by numerous processes such as undercutting by waves and tidal currents, ice foot scouring, freeze-thaw processes, wetting and drying processes, biologic processes and anthropogenic activities. Wave action during spring tides or storm surges is an important factor causing shoreline retreat in sandy cliffs, whereas cryogenic and hydrogeological processes are mainly responsible for reactivation and erosion of silt and clay-based cliffs in deltaic environments. In maritime Québec, quantitative seasonal studies are needed to develop a better understanding of spatio-temporal process distribution and to better assess the causes that regulate coastal erosion in mid-latitude cold regions

La terrasse Mitis à la pointe de Mille-Vaches (péninsule de Portneuf), rive nord de l’estuaire maritime du Saint-Laurent : nature des dépôts et évolution du niveau marin relatif à l’holocène

La basse terrasse à l’extrémité sud-ouest de la péninsule de Portneuf, sur la Haute Côte-Nord du Saint-Laurent, correspond à la terrasse Mitis présente dans quelques autres localités de la rive nord de l’estuaire. Entièrement composée de matériaux meubles détritiques, elle comprend plusieurs unités, la plupart sableuses, d’une épaisseur supérieure à 3 m. Mises en place en milieu littoral et intertidal, ces unités reposent sur un dépôt de sable fin gris, infratidal, lui-même susjacent au substrat limono-argileux déposé dans la Mer de Goldthwait, il y a >9,5 ka. Un dépôt de limon sableux, gris, laminé, contenant des débris de plantes en place correspondant à un faciès de schorre inférieur, coiffe la séquence sableuse. Par endroits, ce dépôt est lui-même recouvert d’une couche de tourbe de 25‑30 cm d’épaisseur. L’unité à la base de la falaise active a été mise en place entre 1990 ± 60 et 2740 ± 70 BP. Les unités sableuses au-dessus datent de 1570 ± 60 à 1880 ± 90 BP, alors que l’unité limoneuse à faciès de schorre inférieur a donné un âge au 14C allant de 1570 ± 50 à 1970 ± 70 BP. L’âge médian de la terrasse Mitis est de 1880 ± 90 BP, alors que si on prend en compte uniquement les dates pour l’unité limoneuse à faciès de schorre inférieur, il est de 1830 ± 60 BP. L’édification de la terrasse Mitis à la pointe de Mille-Vaches est donc contemporaine de la plupart des sites des deux rives de l’estuaire. Le substrat argileux de la vaste batture en face de la terrasse, qui se prolonge sous celle-ci, a été érodé lors d’un bas niveau marin pendant l’Holocène moyen qui fut suivi d’une remontée du niveau de quelques mètres. Un glissement de terrain historique, survenu vraisemblablement lors du séisme de 1663, caractérise la partie supérieure de l’estran en face de la falaise active.The low terrace at the SW extremity of the Portneuf Peninsula, on the north shore of the Lower St. Lawrence estuary, is an equivalent of the Mitis terrace occurring at a few other localities. The terrace is entirely made of detritic sediments. The various units, mostly fine to coarse sand deposited in the shore zone, are over 3 m in thickness. These sediments appear to unconformably overlie a subtidal dark grey fine sand resting on a surface eroded into a Goldthwait Sea clay deposit older than 9.5 ka. At the surface of the terrace, there is a grey, laminated sandy silt deposit with plant remains in situ (a lower marsh facies), locally covered by a thin (25‑30 cm) layer of peat. The sand unit at the base of the studied exposure has been dated 1990 ± 60 to 2740 ± 70 BP. The overlying sandy units are dated 1570 ± 60 to 1880 ± 90 BP, whereas the silt unit at the surface is dated 1570 ± 50 to 1970 ± 70 BP. The median age of the terrace is 1880 ± 90 BP, whereas if we use only the 14C dates for the silt unit, it is 1830 ± 60 BP. At Pointe de Mille-Vaches, the Mitis terrace is thus contemporaneous with most localities on both shores of the estuary. The substrate of the wide tidal flat in front of the Mitis terrace (an erosion surface underlying the terrace) was cut into the marine clay during a mid-Holocene lowstand, which was followed by a rising sea level of a few meters. An historical landslide, which possibly occurred during the 1663 seismic event, characterizes the upper part of the tidal zone in front of the active cliff

The SIMBAD astronomical database

Simbad is the reference database for identification and bibliography of astronomical objects. It contains identifications, `basic data', bibliography, and selected observational measurements for several million astronomical objects. Simbad is developed and maintained by CDS, Strasbourg. Building the database contents is achieved with the help of several contributing institutes. Scanning the bibliography is the result of the collaboration of CDS with bibliographers in Observatoire de Paris (DASGAL), Institut d'Astrophysique de Paris, and Observatoire de Bordeaux. When selecting catalogues and tables for inclusion, priority is given to optimal multi-wavelength coverage of the database, and to support of research developments linked to large projects. In parallel, the systematic scanning of the bibliography reflects the diversity and general trends of astronomical research. A WWW interface to Simbad is available at: http://simbad.u-strasbg.fr/SimbadComment: 14 pages, 5 Postscript figures; to be published in A&A

316: Diuretic is safe and superior to volume expansion in normotensive patients with acute pulmonary embolism and right ventricular dilatation

BackgroundThe rational and the benefit of load expansion is controversial in acute pulmonary embolism (PE). Diuretic may reduce RV preload and improve hemodynamic status. The present study reported the safety of furosemide in normotensive acute PE with oligo-anuria.Methods and ResultsWe prospectively included 68 consecutive normotensive patients (systolic blood pressure ≥90mmHg) admitted for acute PE with oligoanuria and RV dilation. RV dilation was defined by a right and left ventricular diameter ratio >0.6. Overall, 29 patients were treated by a repeated bolus of furosemide (83±84mg, range 40 to 160mg), while 39 patients received isotonic saline solution (1.6±0.8 L, range, 0.5 to 4,0L). Patients treated by furosemide and fluid expansion had similar severity of hypoxemia but the furosemide group had lower admission blood pressure (119±21mmHg vs. 132±18mmHg, P=0.007) and greater shock index defined as heart rate and blood pressure ratio (0.81±0.23 vs. 0.69±0.18, P=0.02). Despite these differences, only the furosemide group had decrease shock index (0.81±0.23 vs. 0.62±0.17, P<0.0001) with improved systolic blood pressure (119±21mmHg vs. 133 ±18mmHg, P<0.001), heart rate (93±19bpm vs. 81±18bpm, P<0.001), and creatinin level. Finally, more patients were weaned in oxygen at 24 hours (39% vs. 19%) and in-hospital survival without death and PE-related shock was similar between the two groups (93% vs. 95%).ConclusionsIn normotensive PE with oligoanuria and RV dilatation, diuretic can be safely delivered to improve systolic blood pressure and oxygenation