Adaptation strategies of Luxembourg's financial centre under pressure

The financial crisis has highlighted the vulnerability of International Financial Centres (IFCs). However, very little is known about specialised IFCs, in particular about the impact on their niche activities and the strategies they have developed to return to growth. This article addresses these questions by examining the case of Luxembourg. Firstly, the findings suggest that the increasing concentration of financial services companies has over time created agglomeration economies and contributed to making Luxembourg one of the few global specialist financial centres. IFCs such as Luxembourg are part of a new environment in which competitive advantage will increasingly be based less on regulatory issues and more on the diversity and quality of the services offered. Secondly, the evolution of the financial industry in Luxembourg suggests that a strategy of continuous innovation has been adopted to maintain the comparative competitiveness of the financial centre.

The role of subtemperate slip in thermally driven ice stream margin migration

The amount of ice discharged by an ice stream depends on its width, and the widths of unconfined ice streams such as the Siple Coast ice streams in West Antarctica have been observed to evolve on decadal to centennial timescales. Thermally driven widening of ice streams provides a mechanism for this observed variability through melting of the frozen beds of adjacent ice ridges. This widening is driven by the heat dissipation in the ice stream margin, where strain rates are high, and at the bed of the ice ridge, where subtemperate sliding is possible. The inflow of cold ice from the neighboring ice ridges impedes ice stream widening. Determining the migration rate of the margin requires resolving conductive and advective heat transfer processes on very small scales in the ice stream margin, and these processes cannot be resolved by large-scale ice sheet models. Here, we exploit the thermal boundary layer structure in the ice stream margin to investigate how the migration rate depends on these different processes. We derive a parameterization of the migration rate in terms of parameters that can be estimated from observations or large-scale model outputs, including the lateral shear stress in the ice stream margin, the ice thickness of the stream, the influx of ice from the ridge, and the bed temperature of the ice ridge. This parameterization will allow the incorporation of ice stream margin migration into large-scale ice sheet models

Influence of Process and Material Parameters on Impact Response in Composite Structure: Methodology Using Design of Experiments

Even if the mechanical performances of composite materials give new perspectives for the aircraft and space design, the variability of their behavior, linked to the presence of initial microscopic defects or led in service, constitute however a still important brake in their development. As regards particularly the response to fatigue loads or ageing, the behavior of these materials is affected by several sources of uncertainties, notably on the nature of the physical mechanisms of degradation, which are translated by a strong dispersion in life time. In aerospace industry, low energy impact phenomenon is not well known concerning composite materials and composite structures. Many manufacturers use important safety factors to design structures. The aim of this work is to define the most predominant parameters which permit a good response of damage using experiences plans. The differences of these parameters by using Resin Transfer Molding (RTM) or Liquid Resin Infusion (LRI) process than prepreg one is also studied in this work

Mapping plant diversity in cocoa-based agroforestry systems to improve overall productivity

In cocoa-based agroforestry systems (CAFS), the cocoa trees are associated with other cultivated plant species at variable densities. There, the spatial distribution of the cultivated plants can be regular, random or aggregated, and their age may vary even in the same species. Variables of (i) density, (ii) spatial distribution and (iii) age can thus influence the overall productivity of CAFS and its distribution in space. We studied the relationships between these 3 variables and CAFS productivity based on data collected in 34 experimental yield tracking plots placed in agroforestry fields of producers in the Dominican Republic. A mapping of the cultivated plants was carried out on each plot at their installation and harvests of the ripe products of each individual plant were carried out every two weeks over a period of one year. The first results of this study indicate that optimal CAFS productivity can be maintained along a decreasing density gradient of crops, associated with cocoa tree ageing. In addition, regular and random spatial distribution of all plant species may increase overall productivity. The analysis of the variability of cocoa, fruit, tuber and timber yields allows us to provide recommendations on the most suitable species and the optimal distance between plants to improve overall productivity and therefore the producer's income

Geometric and form feature recognition tools applied to a design for assembly methodology

The paper presents geometric tools for an automated Design for Assembly (DFA) assessment system. For each component in an assembly a two step features search is performed: firstly (using the minimal bounding box) mass, dimensions and symmetries are identified allowing the part to be classified, according to DFA convention, as either rotational or prismatic; secondly form features are extracted allowing an effective method of mechanised orientation to be determined. Together these algorithms support the fuzzy decision support system, of an assembly-orientated CAD system known as FuzzyDFA

A note on the Malliavin differentiability of the Heston volatility

We show that the Heston volatility or equivalently the Cox-Ingersoll-Ross process is Malliavin differentiable and give an explicit expression for the derivative. This result assures the applicability of Malliavin calculus in the framework of the Heston stochastic volatility model and the Cox-Ingersoll-Ross model for interest rates.Malliavin calculus, stochastic volatility models, Heston model, Cox-Ingersoll-Ross process