10 research outputs found
Une approche "DEA-Finance" pour évaluer la performance des portefeuilles
No full textCette thèse de doctorat étudie la transposition d’une méthodologie héritée de la théorie de la production, couramment appelée "méthode DEA", à l’analyse de la performance des actifs financiers. Elle souligne la pertinence de l’utilisation d’un estimateur tel que DEA, présente en détail la méthodologie qui lui est traditionnellement associée et fournit une revue de la littérature appliquant cette méthodologie à des portefeuilles d’actifs financiers. La méthodologie étudiée requiert la définition de conditions de régularité caractérisant la technologie commune à chaque entité étudiée. Elle implique donc une définition rigoureuse des intrants et produits caractérisant la technologie de production. La littérature actuelle considère implicitement un processus de génération du rendement des investissements dans des portefeuilles d’actifs par le niveau risque. Cette thèse propose un traitement différent basé sur l’idée de production jointe, également héritée de la théorie de la production et selon laquelle des intrants peuvent générer des produits indésirables et inévitables. L’approche proposée dans cette thèse considère les divers types de risque associés à l’investissement comme des produits indésirables. Cette thèse propose donc une définition d’un processus de production financier et étudie les implications théoriques d’une telle définition sur le traditionnel ensemble d’axiomes. Elle recommande également la prise en compte d’une possible préférence pour le risque là où seule l’aversion au risque est généralement supposée, et rappelle la pertinence d’inclure dans les cadres théoriques des mesures de risque associées à des préférences telles que la prudence ou la tempérance.This doctoral thesis studies the transposition of a methodology inherited from production theory, and commonly referred to as “DEA” (Data Envelopment Analysis) only, to the study of performance of financial assets. It underlines the accuracy of using DEA as an estimator to assess the performance of financial assets, provides a detailed presentation of the methodology associated to DEA and a review of the literature that applies this methodology to the performance measurement of portfolios of financial assets.The traditional methodology requires the definition of regularity conditions that characterize the technology shared by all entities. It then implies a rigorous definition of inputs and outputs that characterize the production technology. The current literature implicitly assumes a production process that generates returns on investment in portfolios of financial assets by the level of risk taken. This thesis proposes a different treatment based on the idea of joint productions inherited from production theory and according to which inputs can generate undesirable outputs that cannot be freely disposed of. The approach proposed in this thesis then considers the various types of risk associated to the investment as undesirable outputs. This thesis proposes a definition a financial production process and studies the theoretical implications of such a definition on the traditional set of axioms. It also recommends taking into account a possible preference for risk where only risk aversion is generally assumed and reminds the importance to include in the theoretical frameworks some measures of risk associated to preferences for some risks, such as prudence or temperance
CSR Performance and Firm Value: Disentangling the Role of ESG Rating Providers
No full textInternational audienceWe study the impact on firm valuation of a novel exogenous shock to environmental, social, and governance (ESG) data that affects how firms’ corporate social responsibility (CSR) gets measured by a third‐party ESG data provider. Our analysis reveals a significantly higher sensitivity of firm values to CSR ratings for firms whose CSR ratings were affected by the change in ESG reporting methodology. Moreover, firms with low capital constraints or low institutional ownership tend to drive the value sensitivity of CSR ratings when ESG reporting gets revamped. These findings provide insight into how ESG rating providers could influence and shape firms’ actual CSR engagement
How Methodological Changes in ESG Ratings Influence Investors"
No full textThe Columbia Law School Blue Sky Blo
How Methodological Changes in ESG Ratings Influence Investors"
No full textThe Columbia Law School Blue Sky Blo
Rejoindre la France ? Les choix des élites de Messine (1674-1678) et leurs conséquences
No full textAprès avoir analysé les parcours familiaux sur la longue durée, pour mieux comprendre les positionnements des élites de Messine, lors de la révolte qui a opposé Merli et Malvizzi, l’article cherche à évaluer les effets de la crise sur de possibles reconfigurations sociales : les exilés ont-ils réussi à s’insérer dans de nouveaux réseaux et de nouvelles fidélités ou à récupérer les positions qu’ils détenaient précédemment ? Dans quelle mesure la crise a-t-elle constitué une opportunité d’ascension sociale pour de nouvelles familles ? L’étude est centrée sur les membres du patriciat urbain de Messine et sur la noblesse féodale du Val Demone et utilise des sources diverses : principalement des listes d’appartenance institutionnelle et de positionnement politique durant la crise, des successions féodales et des généalogies mais aussi, ponctuellement, des consultes émises par le Conseil d’Italie qui permettent de saisir les relations entre le souverain et ses « fidèles » serviteurs.By analyzing the long-term family histories of Messina’s elites –including members of the urban patriciate or feudal nobility– this article sheds light on their positions during the revolt opposing the Merli and the Malvizzi. The author then assesses the impact of this crisis in terms of social reconfigurations: did the exiles succeed in securing new networks and new loyalties, or in recovering the positions they previously held? To what extent has the crisis been an opportunity for new families to move up the social ladder? The study is based on various sources, including lists of institutional membership and political loyalties during the crisis, feudal successions and genealogies, but also, occasionally, consultations issued by the Council of Italy, which document the relations between the sovereign and his “faithful” servants
New estimation of the NOx snow-source on the Antarctic Plateau - repository dataset
No full text<p>Notebook and data set used to present the results.</p>
<p>For more information, please, do not hesitate to contact the corresponding author to this study.</p>
Identification of heart rate-associated loci and their effects on cardiac conduction and rhythm disorders
No full textElevated resting heart rate is associated with greater risk of cardiovascular disease and mortality. In a 2-stage meta-analysis of genome-wide association studies in up to 181,171 individuals, we identified 14 new loci associated with heart rate and confirmed associations with all 7 previously established loci. Experimental downregulation of gene expression in Drosophila melanogaster and Danio rerio identified 20 genes at 11 loci that are relevant for heart rate regulation and highlight a role for genes involved in signal transmission, embryonic cardiac development and the pathophysiology of dilated cardiomyopathy, congenital heart failure and/or sudden cardiac death. In addition, genetic susceptibility to increased heart rate is associated with altered cardiac conduction and reduced risk of sick sinus syndrome, and both heart rate-increasing and heart rate-decreasing variants associate with risk of atrial fibrillation. Our findings provide fresh insights into the mechanisms regulating heart rate and identify new therapeutic targets
Genetic interaction analysis among oncogenesis-related genes revealed novel genes and networks in lung cancer development
No full textThe development of cancer is driven by the accumulation of many oncogenesis-related genetic alterations and tumorigenesis is triggered by complex networks of involved genes rather than independent actions. To explore the epistasis existing among oncogenesis-related genes in lung cancer development, we conducted pairwise genetic interaction analyses among 35,031 SNPs from 2027 oncogenesis-related genes. The genotypes from three independent genome-wide association studies including a total of 24,037 lung cancer patients and 20,401 healthy controls with Caucasian ancestry were analyzed in the study. Using a two-stage study design including discovery and replication studies, and stringent Bonferroni correction for multiple statistical analysis, we identified significant genetic interactions between SNPs in RGL1:RAD51B (OR=0.44, p value=3.27x10 -11 in overall lung cancer and OR=0.41, p value=9.71x10 -11 in non-small cell lung cancer), SYNE1:RNF43 (OR=0.73, p value=1.01x10 -12 in adenocarcinoma) and FHIT:TSPAN8 (OR=1.82, p value=7.62x10 -11 in squamous cell carcinoma) in our analysis. None of these genes have been identified from previous main effect association studies in lung cancer. Further eQTL gene expression analysis in lung tissues provided information supporting the functional role of the identified epistasis in lung tumorigenesis. Gene set enrichment analysis revealed potential pathways and gene networks underlying molecular mechanisms in overall lung cancer as well as histology subtypes development. Our results provide evidence that genetic interactions between oncogenesis-related genes play an important role in lung tumorigenesis and epistasis analysis, combined with functional annotation, provides a valuable tool for uncovering functional novel susceptibility genes that contribute to lung cancer development by interacting with other modifier genes. Copyright: Li et al. This is an open-access article distributed under the terms of the Creative Commons Attribution License 3.0 (CC BY 3.0), which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited
Physical activity and risks of breast and colorectal cancer:A Mendelian randomization analysis
No full textPhysical activity has been associated with lower risks of breast and colorectal cancer in epidemiological studies; however, it is unknown if these associations are causal or confounded. In two-sample Mendelian randomisation analyses, using summary genetic data from the UK Biobank and GWA consortia, we found that a one standard deviation increment in average acceleration was associated with lower risks of breast cancer (odds ratio [OR]: 0.51, 95% confidence interval [CI]: 0.27 to 0.98, P-value = 0.04) and colorectal cancer (OR: 0.66, 95% CI: 0.48 to 0.90, P-value = 0.01). We found similar magnitude inverse associations for estrogen positive (ER+ve) breast cancer and for colon cancer. Our results support a potentially causal relationship between higher physical activity levels and lower risks of breast cancer and colorectal cancer. Based on these data, the promotion of physical activity is probably an effective strategy in the primary prevention of these commonly diagnosed cancers
