Search results for "Pact"
showing 10 items of 2355 documents
On the Tail Risk of Cyberattacks in the Bitcoin Market
2020
In the era of digitalization, cryptocurrencies have become an alternative asset for both retail and institutional investors. While the new emerging digital ecosystem based on blockchain technology has been praised for offering plenty of advantages such as decentralization, discretion or increased efficiency in terms of faster settlements among others, investors need to be aware of new types of risks such as hacking incidents. In the 2011-2018 period, about 1.7 million unit of Bitcoin have been stolen corresponding to losses accumulating more than $655 million highlighting the societal impact of this criminal activity. The novel aspect of our study is that it employs a recently proposed appr…
Operating lease decision and the impact of capitalization in a bank-oriented country
2016
ABSTRACTThis article explores the reasons why firms engage in operating leases and examines the potential impact of a change in the related accounting rules. We focus on the accounting advantage of off-balance financing, which does not affect the typical accounting-based covenants especially important in bank-oriented countries. However, we also consider other economically based arguments. Using manually collected operating lease data for Spanish listed firms, we use the constructive capitalization method to measure as-if liabilities. The results confirm that not only size and industry affect the decision but that firms closer to breaching their covenants are also more inclined to choose op…
Market Impact and Trading Profile of Hidden Orders in Stock Markets
2009
We empirically study the market impact of trading orders. We are specifically interested in large trading orders that are executed incrementally, which we call hidden orders. These are statistically reconstructed based on information about market member codes using data from the Spanish Stock Market and the London Stock Exchange. We find that market impact is strongly concave, approximately increasing as the square root of order size. Furthermore, as a given order is executed, the impact grows in time according to a power law; after the order is finished, it reverts to a level of about 0.5-0.7 of its value at its peak. We observe that hidden orders are executed at a rate that more or less m…
Numerical modelling of low velocity multi-impact test on different stacking sequences
2019
The use of composite materials in the industrial field has been growing significantly for many years. This increase is explained by the fact that the industry, especially aeronautics which was pioneering in this field, is interested in the lightening of structures in order to be able to take up the new environmental challenges. Whether in the aeronautical field or in the land transport sector, structural elements may undergo multi-impactsor impact. Even at low velocitypose a threat to the integrity of the material and the structure itself. The objective of this work is to propose a numerical model to determine the damage within a composite structure subjected to low energy multi-impact. The…
Il paradigma europeo dell'efficienza delle pubbliche amministrazioni
2018
The European lex fiscalis, developed after the sovereign debt crisis of the period 2011-2013 marks, directly and indirectly, a clear solution of continuity with respect to the evolution of the administrative system of the economy of the continental states. The fiscal compact has brought about a change of the rule-based legal paradigm of good administration economy of the containment of public expenditure compared to functionality of the administrative organization. The revision of the Constitution of the 2012 recorded this change. The prevalence of financial interest compared to other public interests, it pushes for a different modulation of the concept of efficiency that art. 97 of the Con…
Demographic effects of full vs. partial protection from harvesting: inference from an empirical before-after control-impact study on Atlantic cod
2015
Summary In recent years, marine protected areas (MPAs) excluding all or some fishing activities have become widely applied as a tool to rebuild marine ecosystems and fisheries, but still, our knowledge of the effects of MPAs on the demography of harvested populations remains scarce, especially in cases where partly protected areas are still supporting some fishing activities. Here, we investigated the influence of partial protection – excluding fixed gears such as gillnets and traps but still allowing a hook and line fishery – on the demography of Atlantic cod Gadus morhua along the Norwegian Skagerrak coast. To do so, we applied novel multi-event models to a 9-year data set containing both…
Fast environmental impact assessment through ICP-MS: application to bivalves from a tropical estuary (Pina Bay, Recife, Brazil)
2002
Energy flexibility in Mediterranean buildings: a case-study in Sicily
2020
Since the building sector is responsible for 40% of the world’s electricity demand, it is essential to act on it in order to reduce emissions of climate change gases on a global scale, as expressed also in the latest directive on the energy performance of buildings. A design approach that focuses on the energy flexibility of buildings can contribute to the improvement of its energy-environmental performances. In this context, the objective of the study is the analysis of the energy performance of a residential building in Sicily and the definition of strategies aimed at increasing its energy flexibility. In particular, the case study is a 631 m2single-family house, modeled and simulated in …
Additional reports for Italian moss flora.
2013
As a result of the study of both recent collections and a review of herbarium specimens, the following taxa are reported for the first time from various Italian regions: Hedwigia stellata Hedenas, Hedwigia ciliata var. leucophaea Bruch & Schimp., Pleurozium schreberi (Willd. ex Brid.) Mitt. and Ptychostomum compactum Hornsch. var. compactum. The last taxon is new for southern Italy, while the report of Pleurozium schreberi confirms the occurrence of this species in southern Italy after more than half a century. Moreover, Crossidium laxefilamentosum Frey & Kurschner represents the second report of this species from Italy.
Analysis of microsphere oblique impact with planar surfaces based on the independent friction-restitution approach
2020
The independent friction restitution closure (IFR) previously applied to describe planar oblique impact of a homogeneous sphere on an infinitely massive rough plane is applied here to microsphere collisions and is extended to describe horizontal launch experiments. The model provides analytical solutions of the motion equations based on a unique set of values of the coefficients of normal and tangential restitution and friction. Comparison with experimental data in literature for the impact of microspheres of diameter <100 mu m yields a satisfactory agreement between experimentation and theory.