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LISA Pathfinder is a technology demonstrator space mission, aimed at testing key technologies for detecting gravitational waves in space. The mission is the precursor of LISA, the first space gravitational waves observatory, whose launch is scheduled for 2034. The LISA Pathfinder scientific payload includes two gravitational reference sensors (GRSs), each one containing a test mass (TM), which is the sensing body of the experiment. A mission critical task is to set each TM into a pure geodesic motion, i.e. guaranteeing an extremely low acceleration noise in the sub-Hertz frequency bandwidth. The grabbing positioning and release mechanism (GPRM), responsible for the injection of the TM into a geodesic trajectory, was widely tested on ground, with the limitations imposed by the 1-g environment. The experiments showed that the mechanism, working in its nominal conditions, is capable of releasing the TM into free-fall fulfilling the very strict constraint imposed on the TM residual velocity, in order to allow its capture on behalf of the electrostatic actuation. However, the first in-flight releases produced unexpected residual velocity components, for both the TMs. Moreover, all the residual velocity components were greater than maximum value set by the requirements. The main suspect is that unexpected contacts took place between the TM and the surroundings bodies. As a consequence, ad hoc manual release procedures had to be adopted for the few following injections performed during the nominal mission. These procedures still resulted in non compliant TM states which were captured only after impacts. However, such procedures seem not practicable for LISA, both for the limited repeatability of the system and for the unmanageable time lag of the telemetry/telecommand signals (about 4400 s). For this reason, at the end of the mission, the GPRM was deeply tested in-flight, performing a large number of releases, according to different strategies. The tests were carried out in order to understand the unexpected dynamics and limit its effects on the final injection. Some risk mitigation maneuvers have been tested aimed at minimizing the vibration of the system at the release and improving the alignment between the mechanism and the TM. However, no overall optimal release strategy to be implemented in LISA could be found, because the two GPRMs behaved differently., This work has been made possible by the LISA Pathfinder mission, which is part of the space-science programme of the European Space Agency.The French contribution has been supported by the CNES (Accord Specific de projet CNES 1316634/CNRS 103747), the CNRS, the Observatoire de Paris and the University Paris-Diderot.E. Plagnol and H. Inchauspé would also like to acknowledge the financial support of the UnivEarthS Labex program at Sorbonne Paris Cité (ANR-10-LABX-0023 and ANR-11-IDEX-0005-02).The Albert-Einstein-Institut acknowledges the support of the German Space Agency, DLR. The work is supported by the Federal Ministry for Economic Affairs and Energy based on a resolution of the German Bundestag (FKZ 50OQ0501 and FKZ 50OQ1601).The Italian contribution has been supported by Agenzia Spaziale Italiana and Istituto Nazionale di Fisica Nucleare.The Spanish contribution has been supported by contracts AYA2010-15709 (MICINN), ESP2013-47637-P, and ESP2015-67234-P (MINECO).M. Nofrarias acknowledges support from Fundacion General CSIC (Programa ComFuturo).F. Rivas acknowledges an FPI contract (MINECO). The Swiss contribution acknowledges the support of the Swiss Space Office (SSO) via the PRODEX Programme of ESA. L. Ferraioli is supported by the Swiss National Science Foundation.The UK groups wish to acknowledge support from the United Kingdom Space Agency (UKSA), the University of Glasgow, the University of Birmingham,Imperial College, and the Scottish Universities Physics Alliance (SUPA). J. I. Thorpe and J. Slutsky acknowledge the support of the US National Aeronautics and Space Administration (NASA).

The inertial sensor (IS) front-end electronic (FEE) is considered to be one of the most critical designs in the laser interferometer space antenna (LISA) and LISA pathfinder (LPF) satellite. The actuation to sensing crosstalk in the IS FEE could deteriorate the IS test mass (TM) sensing information, thus affect the TM control and the mission performance critical estimation of the TM net electrostatic charge level. By detailed modeling, we find that the crosstalk is most likely caused by the capacitance variation at the output stage of the actuation circuit due to the applied actuation signal. Different types of capacitors were tested in the prototype sensing and actuation circuit and the sensing performance for different actuation signals were measured. The measurement results show that the crosstalk in our prototype circuit can be made negligible, but not fully avoided since the capacitors are not absolutely constant when the actuation signal is applied. Compared to the use of other types of capacitors, the use of polyphenylene sulphide (PPS), polyester (PET) and C0G type capacitors can achieve better performance with crosstalk level far below the limit.

During the accounting harmonization process between the universal accounting standards of the International Accounting Standards Board and the American Financial Accounting Standards Board, the standardization of the share-based payment may be pointed out as one of the successful projects. The American Financial Accounting Standards Board accepted the European proposal on the standardization of this field regardless the discontent of the major American corporations. The novelty in the standard is the reporting requirement of the allocated employee stock option costs in the profit and loss account according to their fair value, instead of the usual reporting scheme according to their intrinsic value. The consequence of such a treatment of the employee stock options is that the reported profits have been decreased in the companies who decided to stimulate the employees and the management in this manner. The reduction in profits reported ranges between 10% and 50% of the profits reported before the introduction of the standard. Research results also indicate on a negative correlation between the level of management compensation using stock option plans and their willingness to use derivatives to hedge the company’s fair value, cash-flows and translation exposures. According to the Croatian Accounting Act, it is the Company’s obligation to compile the financial reports in line with the International Financial Reporting Standards adopted by the International Accounting Standards Board. In line with the above law, Croatian companies which securities are traded publicly or which have the obligation to compile consolidated financial reports, also have the duty to apply International Financial Reporting Standards in their full extent. This also implies they have to report in line with the IFRS 2, Share-based payment. This paper shows the effects of the application of the new accounting treatment of executive management awarding schemes, using stock option allotments, on the reported financial position and business results. Moreover, the hypothesis viability on a negative correlation between stock option compensation of the executive managers and active hedging policies will be described in this paper.

The paper deals with the transaction exposure of the Croatian shipbuilding which has the highest currency risks, the highest currency exposures, and the highest losses incurred by such exposures among all Croatian industries. The losses are mostly due to the non existent hedging practice of the shipyards against. The paper identifies the currency exposures and enumerates various possible management tools. The exposure avoidance is explained through derivative and non-derivative instruments. Financial derivatives markets do not exist in Croatia. The introduction of hedging instruments in the Croatian economy isn’t the only problem; it is also an accounting challenge due to the rather straightforward recognition, measurement, and reporting techniques resulting out of the International Accounting Standards (IAS). The paper explains the implementation of the IAS on the financial instruments used. The proposed solutions include the non-hedging techniques; financial derivatives such as forwards, futures, options, swaps and other; or natural hedges with non-derivative financial instruments as for example offsetting borrowing/lending agreements in the settlement currency. The non-hedging techniques needn’t be a second best option. The most advanced financial derivatives may indeed be more expensive than the natural hedging alternatives based on non-derivative financial instruments.

The paper deals with accounts receivable collection risks in Bosnia and Herzegovina. The conducted research and analysis of existing models of accounts receivable collection risks, created a new model of collection risk management suitable for the business environment found in Bosnia and Herzegovina. The model is also applicable in other similar transition economies lacking the modern market economy features. No risk management model can replace a fully functioning legal and economic system. Implementation of reforms in all areas is a fundamental condition for solving these problems. Nevertheless, a well designed accounts receivable risk management is an appropriate transition management tool that may create the preconditions for recovery. The proposed model is based on cash flow indicators, working capital and asset ratios, current and quick ratios, and debt-equity ratios. It is optimal in assuring against accounts receivable payment risks in Bosnia and Herzegovina, as it was based on Bosnian financial statements data, and collateral and insurance instruments in usage in the country.