The new risk management: the good, the bad, and the ugly

At one time, risk management was limited to insurance and the avoidance of lawsuits and accidents. The new risk management also includes using tools developed for pricing financial options for the management of financial risks within the firm. Trading in financial markets based on these tools can insulate companies from the risk of changes in interest rates, input prices, or currency fluctuations. In this article Philip H. Dybvig and William J. Marshall introduce the new risk management and the policy choices firms should be considering.Management ; Risk

RingFinder: automated detection of galaxy-scale gravitational lenses in ground-based multi-filter imaging data

We present RingFinder, a tool for finding galaxy-scale strong gravitational lenses in multiband imaging data. By construction, the method is sensitive to configurations involving a massive foreground early-type galaxy and a faint, background, blue source. RingFinder detects the presence of blue residuals embedded in an otherwise smooth red light distribution by difference imaging in two bands. The method is automated for efficient application to current and future surveys, having originally been designed for the 150-deg2 Canada France Hawaii Telescope Legacy Survey (CFHTLS). We describe each of the steps of RingFinder. We then carry out extensive simulations to assess completeness and purity. For sources with magnification mu>4, RingFinder reaches 42% (resp. 25%) completeness and 29% (resp. 86%) purity before (resp. after) visual inspection. The completeness of RingFinder is substantially improved in the particular range of Einstein radii 0.8 < REin < 2. and lensed images brighter than g = 22.5, where it can be as high as 70%. RingFinder does not introduce any significant bias in the source or deflector population. We conclude by presenting the final catalog of RingFinder CFHTLS galaxy-scale strong lens candidates. Additional information obtained with Hubble Space Telescope and Keck Adaptive Optics high resolution imaging, and with Keck and Very Large Telescope spectroscopy, is used to assess the validity of our classification, and measure the redshift of the foreground and the background objects. From an initial sample of 640,000 early type galaxies, RingFinder returns 2500 candidates, which we further reduce by visual inspection to 330 candidates. We confirm 33 new gravitational lenses from the main sample of candidates, plus an additional 16 systems taken from earlier versions of RingFinder. First applications are presented in the SL2S galaxy-scale Lens Sample paper series.Comment: 32 pages (aastex 2col format), 6 figs, ApJ Accepte

The SL2S Galaxy-scale Lens Sample. III. Lens Models, Surface Photometry and Stellar Masses for the final sample

We present Hubble Space Telescope (HST) imaging data and CFHT Near IR ground-based images for the final sample of 56 candidate galaxy-scale lenses uncovered in the CFHT Legacy Survey as part of the Strong Lensing in the Legacy Survey (SL2S) project. The new images are used to perform lens modeling, measure surface photometry, and estimate stellar masses of the deflector early-type galaxies. Lens modeling is performed on the HST images (or CFHT when HST is not available) by fitting the spatially extended light distribution of the lensed features assuming a singular isothermal ellipsoid mass profile and by reconstructing the intrinsic source light distribution on a pixelized grid. Based on the analysis of systematic uncertainties and comparison with inference based on different methods we estimate that our Einstein Radii are accurate to \sim3%. HST imaging provides a much higher success rate in confirming gravitational lenses and measuring their Einstein radii than CFHT imaging does. Lens modeling with ground-based images however, when successful, yields Einstein radius measurements that are competitive with spaced-based images. Information from the lens models is used together with spectroscopic information from the companion paper IV to classify the systems, resulting in a final sample of 39 confirmed (grade-A) lenses and 17 promising candidates. The redshifts of the main deflector span a range 0.3<zd< 0.8, providing an excellent sample for the study of the cosmic evolution of the mass distribution of early-type galaxies over the second half of the history of the Universe.Comment: Submitted to The Astrophysical Journa

Extraordinarily high leaf selenium to sulfur ratios define ‘se-accumulator’ plants

Background and Aims: Selenium (Se) and sulfur (S) exhibit similar chemical properties. In flowering plants (angiosperms) selenate and sulfate are acquired and assimilated by common transport and metabolic pathways. It is hypothesized that most angiosperm species show little or no discrimination in the accumulation of Se and S in leaves when their roots are supplied a mixture of selenate and sulfate, but some, termed Se-accumulator plants, selectively accumulate Se in preference to S under these conditions. Methods: This paper surveys Se and S accumulation in leaves of 39 angiosperm species, chosen to represent the range of plant Se accumulation phenotypes, grown hydroponically under identical conditions. Results: The data show that, when supplied a mixture of selenate and sulfate: (1) plant species differ in both their leaf Se ([Se]leaf) and leaf S ([S]leaf) concentrations; (2) most angiosperms show little discrimination for the accumulation of Se and S in their leaves and, in non-accumulator plants, [Se]leaf and [S]leaf are highly correlated; (3) [Se]leaf in Se-accumulator plants is significantly greater than in other angiosperms, but [S]leaf, although high, is within the range expected for angiosperms in general; and (4) the Se/S quotient in leaves of Se-accumulator plants is significantly higher than in leaves of other angiosperms. Conclusion: The traits of extraordinarily high [Se]leaf and leaf Se/S quotients define the distinct elemental composition of Se-accumulator plants

The SWELLS Survey. VI. hierarchical inference of the initial mass functions of bulges and discs

The long-standing assumption that the stellar initial mass function (IMF) is universal has recently been challenged by a number of observations. Several studies have shown that a "heavy" IMF (e.g., with a Salpeter-like abundance of low mass stars and thus normalisation) is preferred for massive early-type galaxies, while this IMF is inconsistent with the properties of less massive, later-type galaxies. These discoveries motivate the hypothesis that the IMF may vary (possibly very slightly) across galaxies and across components of individual galaxies (e.g. bulges vs discs). In this paper we use a sample of 19 late-type strong gravitational lenses from the SWELLS survey to investigate the IMFs of the bulges and discs in late-type galaxies. We perform a joint analysis of the galaxies' total masses (constrained by strong gravitational lensing) and stellar masses (constrained by optical and near-infrared colours in the context of a stellar population synthesis [SPS] model, up to an IMF normalisation parameter). Using minimal assumptions apart from the physical constraint that the total stellar mass within any aperture must be less than the total mass within the aperture, we find that the bulges of the galaxies cannot have IMFs heavier (i.e. implying high mass per unit luminosity) than Salpeter, while the disc IMFs are not well constrained by this data set. We also discuss the necessity for hierarchical modelling when combining incomplete information about multiple astronomical objects. This modelling approach allows us to place upper limits on the size of any departures from universality. More data, including spatially resolved kinematics (as in paper V) and stellar population diagnostics over a range of bulge and disc masses, are needed to robustly quantify how the IMF varies within galaxies.Comment: Accepted for publication in MNRAS. 15 pages, 8 figures. Code available at https://github.com/eggplantbren/SWELLS_Hierarchica

On the detectability of strong lensing in near-infrared surveys

We present new lensing frequency estimates for existing and forthcoming deep near-infrared surveys, including those from JWST and VISTA. The estimates are based on the JAdes extraGalactic Ultradeep Artificial Realisations (JAGUAR) galaxy catalogue accounting for the full photometry and morphologies for each galaxy. Due to the limited area of the JAGUAR simulations, they are less suited to wide-area surveys, however we also present extrapolations to the surveys carried out by Euclid and the Nancy Grace Roman Space Telescope. The methodology does not make assumptions on the nature of the lens itself and probes a wide range of lens masses. The lenses and sources are selected from the same catalogue and extend the analysis from the visible bands into the near-infrared. After generating realistic simulated lensed sources and selecting those that are detectable with SNR>20, we verify the lensing frequency expectations against published lens samples selected in the visible, finding them to be broadly consistent. We find that JWST could yield ~ 65 lensed systems in COSMOS-Web, of which ~ 25 per cent have source redshifts >4. Deeper, narrower programs (e.g. JADES-Medium) will probe more typical source galaxies (in flux and mass) but will find fewer systems (~ 25). Of the surveys we investigate, we find 55-80 per cent have detectable multiple imaging. Forthcoming NIR surveys will likely reveal new and diverse strong lens systems including lensed sources that are at higher redshift (JWST) and dustier, more massive and older (Euclid NISP) than those typically detected in the corresponding visible surveys.Comment: 14 pages, 9 figures, accepted for publication by MNRA