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chapitre dans des actes de colloques; absent

International audience

This paper examines legal and regulatory measures that can be taken to promote access to the primary market in emerging market economies. While capital market development depends on many factors including, primarily, a favorable macroeconomic environment, an appropriately designed and effective legal and regulatory framework can help to encourage market growth and to increase access to finance for all companies, including small- and medium-sized enterprises. In this paper we identify the basic necessities that underpin a regulatory regime that is cost effective and strikes an appropriate balance between, on the one hand, laws and regulations that may be too restrictive to achieve a supply of capital and, on the other, those that may be so relaxed that investors feel that there is an unacceptable level of risk and do not care to venture into the market. We explore the legal foundations for the successful operation of a primary market for securities and identify disclosure and effective monitoring and enforcement as essential elements of legal protection. We then examine different legal and regulatory approaches for improving access to finance. We discuss measures that can be used by traditional stock exchanges to attract smaller enterprises to their lists as well as recent initiatives to create second boards or divide the main board into different market segments. We also discuss different mechanisms for companies to raise funds outside of a formal stock market listing, including private placements and private equity. Finally, we propose some recommendations for a simple legal and regulatory framework that will help promote access to primary equity markets, via both the traditional exchange as well as other alternatives.

Mestrado Vinifera Euromaster - Instituto Superior de Agronomia - UL / Universitá degli Studi di Torino In recent years, New Zealand in terms of production has expressed a certain respect and attention towards Sauvignon Blanc for its organoleptic chemical characteristics. In this project seven different amino acids were used, two blend of amino acids and the DAP (di-ammonium phosphate) used in wineries, with the aim of investigating the effect of different levels of nitrogenous source of musts from the two different vineyards ( Omaka Vineyard and Gifford's Creek Vineyard), on the progress of fermentation and the impact on the aromatic component, with the use of the "New Zealand Grape and Wine Research Program" winemaking protocols, with all the processes being reduced to improve the aromatic quality of Sauvignon Blanc in the Marlborough region of New Zealand. This experimental thesis project with the title "Influences of amino acids during alcoholic fermentation and the development of aromatic compounds in Sauvignon Blanc", observes the single amino acids added starting from two musts, with different initial nitrogenous source, and examines the reaction from the yeast during alcoholic fermentation, with reference to the type of free aromatic compounds and their concentration N/A

Mestrado Vinifera Euromaster - Viticulture and Enology - Instituto Superior de Agronomia - UL / Institut National d'Etudes Superieures Agronomiques de Montpellier In many ways New Zealand has become an ideal for a New World wine country. With the first commercial Sauvignon blanc only released in 1974, Sauvignon blanc fought its way to become not only the flagship of New Zealand`s wine industry, holding around 66 % of the country’s total grape production at the 2015 harvest, but also made its way to be recognized for its outstanding quality all over the world. For some critics, New Zealand Sauvignon blanc is arguably the best in the world and others called the Marlborough wine region the best place to grow Sauvignon blanc in New Zealand. Even though testimonies like that may be subjective as taste lies on the tongue of the beholder, New Zealand Sauvignon blanc clearly came a way plastered with success leading to an export value of $1.424 billion NZD in 2015. Key to this success is that the industry found a way to distance itself from its French archetype, world famous Sauvignon blanc originated from the Loire valley, and reinvented itself, introducing a unique winestyle that does not need to shy any comparison. In the heart of this winestyle aroma compounds of the thiol group play an important role. Derived during yeast activity during fermentation from non-odorous precursors found in grapejuice, the two most important thiols that have been related with Marlborough Sauvignon blanc are 3MH and 3MHA. These deliver exotic nuances reminiscent of grapefruit, passionfruit, gooseberry, guava and boxtree. Due to the high oxidability of thiols, several strategies have been adapted by the industry to preserve these key compounds and their non-odorous precursors during the processing of grapes, which includes harvesting, transportation, processing and storage. Although a lot of research has been carried out to further understand the relations between precursors, thiols and their preserving, and to be able to continuously contrast New Zealand Sauvignon blanc from competitors, many questions still remain unclear at the present day. One of them is the effect of juice turbidity on aroma development during fermentation. Research has revealed a broad idea on the positive and negative effects, caused by micronutrients and physical parameters of grape solids derived during process steps leading to juice extraction from the berries on fermentation kinetics and general aroma development. To my best knowledge no research has been published to the present day that focuses on the effect of juice turbidity on the thiol development and expression in Sauvignon blanc ferments. This masterthesis in hand, with the title “Effects of must turbidity on fermentative aroma development in Sauvignon blanc” is supposed to give an overview over the state of research on Sauvignon blanc with a further focus on the question about possible effects and practical applications of juice turbidity. Finally, this work tries to improve the small scale winemaking protocol of Plant and Food Research, Blenheim, where this research has been conducted. N/A