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In this paper, we present a discrete time regime switching binomial-like model of the term structure where the regime switches are governed by a discrete time semi-Markov process. We model the evolution of the prices of zero-coupon when given an initial term structure as in the model by Ho and Lee that we aim to extend. We discuss and derive conditions for the model to be arbitrage free and relate this to the notion of martingale measure. We explicitly show that due to the extra source of uncertainty coming from the underlying semi-Markov process, there are an infinite number of equivalent martingale measures. The notion of path independence is also studied in some detail, especially in the presence of regime switches. We deal with the market incompleteness by giving an explicit characterization of the minimal entropy martingale measure. We give an application to the pricing of a European bond option both in a Markov and semi-Markov framework. Finally, we conclude.

The objective of this paper is to focus on the inequalities facing immigrants in access to the labour market and the impact of these on immigrant entrepreneurship. Unlike in other areas of legislation regarding foreigners, there has been a tendency to increase legal discrimination for over a century. Whereas European states have become the destination countries of immigrants mainly since 1945, France has been a receiving country for much longer. It was a destination for neighbouring Europeans as well as for people from other continents for a long time, with systematic evidence since the second half of the nineteenth century (381,000 resident foreigners in 1851, one million in 1881). Most of the discriminatory measures of the 1930s are still in force today. However, a class of small entrepreneurs of foreign origin has asserted itself in the receiving society during the past three decades, partly compensating for the continuous decrease in the number of French native entrepreneurs.

Agroecology is an alternative for social transformation that guarantees the sustainability of life in a world that periodically faces food crisis. There is a lack of studies regarding the applicability of agroecological principles by part of organizations carrying out sustainable agriculture as part of the so called Popular and Solidarity Economy in Azuay, Ecuador. For this reason, this study aims to analyze the meaningful differences found in the application of agroecological principles by these organizations considering their antiquity, number of members, and municipal division. ; La agroecología constituye una alternativa de transformación social, que garantiza la sostenibilidad de la vida frente a las crisis alimentarias que enfrenta el mundo. Existe un vacío de análisis sobre la práctica de principios agroecológicos por parte de organizaciones dedicadas a garantizar la agricultura sostenible del sector de la Economía Popular y Solidaria en la provincia de Azuay, Ecuador. Por ello, el presente artículo tiene como objetivo analizar las diferencias significativas en la práctica de principios agroecológicos por antigüedad, tamaño y cantón, en organizaciones de la provincia de Azuay.

Երկրորդ համաշխարհային պատերազմից հետո, երբ վերաձևվում են եվրոպական երկրների սահմանները, և Լեհաստանի արևելյան նահանգները` Լվով, Կամենից և այլ քաղաքներով, անցնում են Ուկրաինային, լեհերի և լեհահայերի մեծ մասը, թողնելով անշարժ գույքը (կալվածքներ, առանձնատներ, հոգևոր ու հասարակական շինություններ) և ամբողջ հարստությունը, շարժվում է արևմուտք և հիմնականում հաստատվում Կրակովում, Գդանսկում, Վարշավայում, Լյուբլինում, Պոզնանում, Կատովիցեում, Լոձում, Օլավում, Լիվիցեում, Բիելսկա-Բիալայում ; International audience After World War II, when Lvov and other cities became part of Ukraine, a number of Polish Armenians migrated to Poland. Prior to the fall of the USSR, there were 20.000 Polish people in Warsaw, Krakow, Lodz, and other cities who acknowledged their Armenian origin. From 1991 to 1998, according to unofficial sources, 80-120.000 Armenians moved from Armenia and other ex-Soviet republics to Poland veuse of the war and economic problems. Polish Armenians have their own public and cultural organisations, and they actively take part in political and social life of the country.

Homophily, or the fact that similar individuals tend to interact with each other, is a prominent feature of economic and social networks. Most existing theories of homophily are based on a descriptive approach and abstract away from equilibrium considerations. I show that the equilibrium structure of homophily has empirical power, as it can be used to recover underlying preference parameters. I build a non-cooperative model of network formation, which produces a unique, empirically realistic equilibrium network. Individuals have homophilic preferences and face capacity constraints on the number of links. I develop a novel empirical method, based on the shape of the equilibrium network, which allows for the identification and estimation of the underlying homophilic preferences. I apply this new methodology to race-based choices regarding friendship decisions among American teenagers.

18 23 39 ; Senia ; [EN] Gypsophila tomentosa and G. struthium are closely related species, characteristic of two European priority habitats, salt and gypsum inland steppes, respectively. Germination strategies of the two taxa were investigated in plants from two nearby populations, growing under the same climatic conditions but on different types of soil, and belonging to different plant communities. Their germination patterns were studied at five constant temperatures in darkness: 5 degrees C, 10 degrees C, 15 degrees C, 20 degrees C and 25 degrees C, and the base temperature and the thermal time requirement were calculated. As the distribution area of both species is subjected to a Mediterranean continental climate with significant differences between day and night, the possible preferences for an alternating temperature regime (25/10 degrees C) were contrasted, as well as the influence of cold stratification and freezing. The effects on seed germination of light at constant 20 degrees C and a 12/12 h photoperiod were also compared in the two species. The main conclusions of the work are the similarity of behaviour of both species, with an absence of seed dormancy, their opportunistic germination strategy, and water availability as the principal limitation to seed germination and plant establishment. The base temperature and thermal time indicate higher competitiveness of G. struthium at low temperatures, but seed germination of G. tomentosa is the most efficient at temperatures higher than 13.3 degrees C. Optimal temperature and illumination conditions for nursery propagation depend on the species. The high viability of seeds observed after freezing prove the orthodox character of these seeds, providing additional information for long term seed conservation procedures. The experiments were conducted at the Botanical Garden of the University of Valencia and were co-financed by the European Union Interreg Project GENMEDOC (Création d'un reseau de centres de conservation du matériel génétique de la flore des ...

International audience The PEFC system of forest certification has met with rapid success in Germany; in just one year, from August 2000 to October 2001, more than 4.9 million hectares have been certified. The certification scheme developed in Germany implements strong involvement by forest owners (public and private), a determination to be open to all the interested parties and a two-tiered monitoring mechanism The main reason for its rapid development however is the active central support provided to regional authorities. The article describes implementation procedures, provides a status report on PEFC certification in Germany and suggests a number of comparisons with France. ; La certification forestière PEFC a connu un succès rapide en Allemagne : en à peine plus d'un an, d'août 2000 à octobre 2001, plus de 4,9 millions d'hectares ont été certifiés. Le système de certification adopté se base sur une forte implication des propriétaires (publics et privés), sur une volonté d'ouverture à toutes les parties intéressées et sur un double contrôle. Mais ce développement rapide est surtout lié aux soutiens politiques reçus de la part des administrations régionales. L'article présente les procédures mises en ¦uvre, dresse l'état d'avancement de la certification PEFC en Allemagne et propose des éléments de comparaison avec la situation en France.

This study is an analysis of a historical document dating back to 1758, entitled Atlas topographique du comté de Bitche (north-eastern France). This document was signed by a French engineer. It was drafted during the small ice age, following a period when forestry practices were stopped for 100 years or so because of severe political unrest. The document describes beech-oak forests (age, dimensions, sanitary state, regeneration) of the Pays de Bitche, in order to evaluate their richness. By converting the qualitative data of the atlas into semi-quantitative data, we managed to recreate landscapes at that time. The age-diameter matching proposed by the atlas was re-evaluated by coring present-day trees. The results showed the presence of a mature beech forest dominated by beech, very rich in large and very large trees, including a substantial number of oaks that died following competition with beech and repeated climate stress. The better resistance of beech to climate stress is discussed. ; National audience Cette étude analyse un document historique datant de 1758, dénommé l'Atlas topographique du comté de Bitche, situé au nord-est de la France. Ce document signé d'un ingénieur français a été élaboré au cours du petit âge glaciaire, après une période d'abandon des usages d'environ 100 ans en raison de graves troubles politiques. Il y décrit les hêtraies-chênaies (âge, dimensions, état sanitaire, régénération) du Pays de Bitche, afin d'en évaluer les richesses forestières. Par conversion des données qualitatives de l'atlas en données semi-quantitatives, il a été possible de reconstituer les paysages de l'époque. Les correspondances âges et diamètres proposés par l'atlas ont été réévaluées par carottages d'arbres actuels. Les résultats indiquent une hêtraie mature dominée par le Hêtre, très riche en gros bois et très gros bois incluant aussi une grande quantité de chênes morts par compétition avec le hêtre et stress climatiques répétés. La meilleure résistance du hêtre aux stress climatiques est discutée.

RESUMEN This work focuses on the study of large headgear during the Clásico Tardío period (650-900 d.C.) as objects of social identity. To this end, a case study was carried out on aquatic snake headgear, which were visual elements used by a network of allies led by Kanu'l dinasty during the 7th century. In this work, I believe that there are three types of aquatic snake headgear that were linked to the Kanu'l dinasty, as well as one that was linked to the dear of Dos Pilas. At the end of the Clásico Tardío, aquatic snake headgear became local adaptations to a number of highest-profile signs that sought to legitimise their position at the top of the Maya socio-political order. ; RESUMEN Este trabajo se centra en el estudio de los tocados mayas durante el periodo Clásico Tardío (650-900 d.C.) como objetos de identidad social. Para ello se llevó a cabo un estudio de caso de los tocados de serpiente acuática, los cuales fueron elementos visuales utilizados por una red de aliados encabezada por la dinastía Kanu'l durante el siglo VII. En este trabajo planteo que hay tres tipos de tocados de serpiente acuática que estuvieron relacionados con la dinastía Kanu'l, así como uno más que se vinculó con el señorío de Dos Pilas. A finales del Clásico Tardío los tocados de serpiente acuática se convirtieron en adaptaciones locales en diversos señoríos mayas que buscaban legitimar su posición en lo alto del orden sociopolítico maya.

Progress made in malaria control during the past decade has prompted increasing global dialogue on malaria elimination and eradication. The product development pipeline for malaria has never been stronger, with promising new tools to detect, treat, and prevent malaria, including innovative diagnostics, medicines, vaccines, vector control products, and improved mechanisms for surveillance and response. There are at least 25 projects in the global malaria vaccine pipeline, as well as 47 medicines and 13 vector control products. In addition, there are several next-generation diagnostic tools and reference methods currently in development, with many expected to be introduced in the next decade. The development and adoption of these tools, bolstered by strategies that ensure rapid uptake in target populations, intensified mechanisms for information management, surveillance, and response, and continued financial and political commitment are all essential to achieving global eradication.

International audience Soil microbial activity Faecal indicator Catabolic activity Enzymatic activities a b s t r a c t Advanced oxidation processes based on UV radiations have been shown to be a promising wastewater disinfection technology. The UV-LED system involves innovative materials and could be an advantageous alternative to mercury-vapor lamps. The use of the UV-LED system results in good water quality meeting the legislative requirements relating to wastewater reuse for irrigation. The aim of this study was to investigate the impact of watering with UV-LED treated wastewaters (UV-LED WW) on soil parameters. Solid-state 13 C NMR shows that watering with UV-LED WW do not change the chemical composition of soil organic matter compared to soil watered with potable water. Regarding microbiological parameters, laccase, cellulase, protease and urease activities increase in soils watered with UV-LED WW which means that organic matter brought by the effluent is actively degraded by soil microorganisms. The functional diversity of soil microorganisms is not affected by watering with UV-LED WW when it is altered by 4 and 8 months of watering with wastewater (WW). After 12 months, functional diversity is similar regardless of the water used for watering. The persistence of faecal indicator bacteria (coliform and enterococci) was also determined and watering with UV-LED WW does not increase their number nor their diversity unlike soils irrigated with activated sludge wastewater. The study of watering-soil microcosms with UV-LED WW indicates that this system seems to be a promising alternative to the UV-lamp-treated wastewaters. ª

Summary This article deals with opinion polls conducted around the 2012 presidential election that were published in the media. One of the purposes of the work is to analyse the number of surveys published, the frequency of the surveys (as in the case of the Millennium newspaper, which published the results of a survey on a daily basis), and the effect of bandwagon (winning trolley) that the media characterised as a horn (the advantage of a potential winner over the other contenders). However, this did not mean an improvement in the accuracy of the tool: it can be said that the 2012 opinion polls were incorporated into the media as part of the media performance, with limitations in the calculation of the sample and the procedures for selecting respondents, which allowed errors in the application of the surveys. ; Resumen El presente artículo trata de las encuestas de opinión realizadas en torno a la elección presidencial del 2012 que fueron publicadas en medios de información. Uno de los propósitos del trabajo es analizar la cantidad de sondeos publicados, la periodicidad de los mismos (como es el caso del periódico Milenio, que publicaba diariamente los resultados de una encuesta), y el efecto de bandwagon (carro ganador) que los medios caracterizaron como una horse race (la ventaja de un posible ganador sobre los demás contendientes). Sin embargo, todo esto no significó una mejoría en la precisión de la herramienta: se puede afirmar que las encuestas de opinión de 2012 fueron incorporadas a los medios de comunicación como parte del espectáculo mediático, con limitaciones en el cálculo de la muestra y las modalidades de selección de los entrevistados, lo que posibilitó errores en la aplicación de las encuestas.

It was eighty years ago that France and Spain first put in place a system of regulations for the control of the planting of vines. In terms of the European Union, with the exception of a brief respite from 1970 to 1976, the CMO (Common Market Organisation) has "temporarily" adopted these regulations. The permanent disappearance of these regulations, validated in the texts of the latest reform in 2008 for implementation by the 1.01.2016 or at the latest by 2018, was abundantly motivated, but as the deadline approaches, the wisdom of this deregulation is increasingly being called into question on a European scale by a large number of professionals and regional elected representatives, who fear that it may lead to disastrous consequences. By implementing such a decision, may we not be opening Pandora's Box in terms of European winemaking? ; Voilà maintenant quatre‐vingts ans, la France et l'Espagne mettaient en place des règles de contrôle des plantations de vigne. Au niveau de l'Union Européenne, à l'exception d'une courte trêve de 1970 à 1976, l'OCM‐vin a repris « temporairement » ces règles. Leur disparition définitive, actée dans les textes de la dernière réforme de 2008 pour le 1.01.2016 ou au plus tard 2018, a été abondamment motivée, mais à l'approche de l'échéance, le bien‐fondé de cette dérégulation est fortement remis en cause à l'échelle européenne par bon nombre de professionnels et d'élus de collectivités territoriales qui craignent des conséquences désastreuses. En mettant en œuvre une telle décision, ne va‐t‐on pas ouvrir la boite de Pandore de la viticulture européenne ? ; Hace ya ochenta años, Francia y España implementaron reglas de control de las plantaciones de vid. A nivel de la Unión Europea, con excepción de una corta tregua entre 1970 y 1976, la OCM Vino asumió "temporalmente" estas reglas. Su desaparición definitiva, incluida en los textos de la última reforma de 2008 para el 1.01.2016 o, a más tardar, en 2018, fue abundantemente motivada, pero, al aproximarse el término, un gran número de ...

The investigations undertaken into the well-known Palace of Castillejo de Monteagudo have shown a number of interesting developments concerning the distribution of indoor areas and access to the building. The survey of the surrounding orchard area has revealed a large number of hydraulic structures, hostels and ditches, and others of dubious identification, which show that the palace was the centre of a large estate at least partially cultivated. We have included in the study three adjacent monuments, the so-called Larache Castle, probably one Arstocratic Almunia; the Castillo de Monteagudo, a castran building, and the remains of Cabezo de Torres, the nature of which is still questionable, in view of the remarkable evidence that the Palace of Castillejo is coetanity. ; Peer reviewed ; The investigations undertaken into the well-known Palace of Castillejo de Monteagudo have shown a number of interesting developments concerning the distribution of indoor areas and access to the building. The survey of the surrounding orchard area has revealed a large number of hydraulic structures, hostels and ditches, and others of dubious identification, which show that the palace was the centre of a large estate at least partially cultivated. We have included in the study three adjacent monuments, the so-called Larache Castle, probably one Arstocratic Almunia; the Castillo de Monteagudo, a castran building, and the remains of Cabezo de Torres, the nature of which is still questionable, in view of the remarkable evidence that the Palace of Castillejo is coetanity. ; The research about the well known palace "Castillejo de Monteagudo" has shown several interesting newness concerning the distribution of the inner spaces as well as the access to the building. Moreover, the prospection of the "huerta" around it revealed the existence of hydraulic structures, irrigation ditches and reservoirs, and non-identificated others, which proove that the palace was the center of a large estate, at least partly cultivated. We have included in ...

After nine years of debate on institutional reform, the entry into force of the Lisbon Treaty brings to a close a turbulent chapter of European integration. Many are of the opinion that the European Union should now focus its attention on other issues. Yet an important lesson can be learned from this saga: the current procedure for revising treaties is doomed to fail and could ultimately paralyze the Union because it increases the number of members who hold veto rights. This is why it is imperative that it be reformed. But how? And when? This study, which is the result of an expert group's collective endeavour, presents several concrete proposals for achieving this goal.