No abstract

Between 1990 and 1994, geodetic measurements (GPS observations) have been conducted across the New Hebrides subduction zone where the Australia plate subducts under the New Hebrides Arc. This paper establishes convergence rate variations along the trench. In the South, at Tanna, the relative motion is oriented N244 ±4 and has a uniform rate of 11.7±0.8 cm/yr. The rate at Efaté is 10.3±0.9 cm/yr, oriented N242 ±4. Both azimuths very well compare with slip vectors of the last major earthquakes. In the North, the rate at Santo is only 3.6 ±1.2 cm/yr, oriented N253 ± 26. The difference in the convergence rates between Santo on the one hand and Efaté and Tanna in the other hand points to a right lateral shear zone between Santo and Efaté. At Santo where the plate coupling is very high, the very low convergence rate might be related to the absence of recent strong earthquakes. No significant variations are detected for the baselines within the Australia plate.

No abstract

The performance of active portfolio managers who must comply with a weights constraint is often assessed against a benchmark. The weights constraint is common as the funds are committed by their own prospectus to a minimum (or maximum) portfolio concentration. We characterize the optimal asset allocation and analyze the implications of the weights constraint on the manager's performance and on the relevance of the information ratio. We obtain that because of the weights constraint, at the optimum, the information ratio often decreases when the manager is free to deviate more from the benchmark.

No abstract