1,265 research outputs found
Asset market equilibrium with short-selling and differential information
No full textWe introduce differential information in the asset market model studied by Cheng (1991), Dana and Le Van (1996) and Le Van and Truong Xuan (2001). An equilibrium existence result is proven assuming that the economy's information structure satisfies the conditional independency property.Asset market, differential information, competitive equilibrium
Insider Trading in a Two-Tier real market structure model
No full textIn this paper, we study the real and financial effects of insider trading in the spirit of Jain and Mirman (1999). Unlike the previous works that address this issue, we suppose that the production of the real good is costly and depends mainly of the price of an intermediate good produced locally by a privately-owned firm. We show that the real output of the final good chosen by the insider as well as the price of the intermediate good set by the privately-owned firm are both greater than it would be in the absence of insider trading. Furthermore, the parameters of both real markets affect the stock price and the stock pricing rule. Besides, when compared to Jain and Mirman (2000) and (2002), this two-tier real market structure does not alter the amount of information disseminated in the stock price or the level of insider trading. Next, we add a second insider to the model. We show that competition in the financial sector decreases the level of output produced by firm 1 and the price of the intermediate good with respect to initial model. Moreover, it affects the insiders' trades and increases the amount of information revealed in the stock price.Insider trading, Two-Tier market, Stackelberg, correlated signals, Kyle model.
Caractérisation de la fonction de la tétraspanine CD81 et de ses ligands chez Mycobacterium abscessus au cours de l'invasion de la cellule hôte
No full textMycobacterium abscessus (Mab) est une mycobactérie à croissance rapide, résistante aux antibiotiques, qui provoque de graves infections pulmonaires, notamment chez les patients atteints de mucoviscidose. En général, l'inhalation d'aérosols contenant les bacilles infectieux provoque l'infection par Mycobacterium. L'adhésion des bacilles à la surface des macrophages via des récepteurs spécifiques conduit à la phagocytose et aux événements immunologiques sous-jacents. Cependant, le mécanisme exact de l'internalisation de Mab par les cellules hôtes demeure mal compris. Au cours de ma thèse, j'ai étudié le rôle de la grande boucle extracellulaire (LEL) de CD81, un nouveau récepteur humain appartenant à la famille des tétraspanines, et de ses ligands mycobactériens associés dans l'internalisation de Mab par les macrophages et les pneumocytes. Mes résultats ont montré que la délétion de CD81LEL, les anticorps bloquant le récepteur CD81 exposé en surface des macrophages et la pré-incubation des bacilles avec la protéine recombinante GST-CD81LEL ou des peptides synthétiques mimant une partie de CD81LEL réduisaient significativement l'entrée des mycobactéries dans les cellules hôtes. En outre, des expériences de pull-down ont révélé, parmi d'autres protéines d'interaction, qu'un ligand mycobactérien, l'Alkylhydroperoxydase C ou AhpC (Mab_4408c) appartenant au système antioxydant bactérien, interagissait avec CD81LEL. Il est intéressant de noter que la saturation des macrophages par la protéine recombinante AhpC soluble réduit l'internalisation des bactéries, mais que lorsque celle-ci est surproduite dans les mycobactéries, elle favorise l'internalisation des bacilles. De plus, la pré-incubation des macrophages avec des anticorps anti-CD81LEL a complètement inhibé la phagocytose des billes fluorescentes enrobées d'AhpC, indiquant une interaction directe entre le récepteur CD81LEL et l'adhésine mycobactérienne AhpC. Enfin, le knock-down conditionnel d'AhpC dans Mab a conduit à une diminution de l'invasion mycobactérienne, en corrélation avec nos données précédentes. En conclusion, mon projet de thèse décrit un nouveau mécanisme d'invasion de Mab dans la cellule hôte, qui pourrait ouvrir la voie à de futures applications translationnelles pour réduire ou inhiber les infections mycobactériennes.Mycobacterium abscessus (Mab) is a fast-growing, antibiotic-resistant mycobacterium that causes severe lung infections, particularly in patients with cystic fibrosis. In general, inhalation of aerosols containing the infectious bacilli causes Mycobacterium infection. Adhesion of the bacilli to the surface of macrophages via specific receptors leads to phagocytosis and the underlying immunological events. However, the exact mechanism of Mab uptake by host cells remains poorly understood. During my thesis, I investigated the role of the large extracellular loop (LEL) of CD81, a novel human receptor belonging to the tetraspanin family, and its associated mycobacterial ligands in Mab internalization by macrophages and pneumocytes. My findings showed that deletion of CD81LEL, antibodies blocking surface-exposed CD81, and pre-incubation of bacilli with recombinant GST-CD81LEL protein or synthetic peptides mimicking a small portion of CD81LEL significantly reduced mycobacterial uptake by host cells. Furthermore, pull-down experiments revealed, among other interactant proteins, a mycobacterial ligand, Alkylhydroperoxidase C or AhpC (Mab_4408c) belonging to the bacterial antioxidant system, interacting with CD81LEL. Interestingly, soluble AhpC saturating macrophages reduces bacterial internalization, however when overproduced in mycobacteria, AhpC promotes bacilli internalization. Moreover, pre-incubation of macrophages with anti-CD81LEL antibodies completely inhibited phagocytosis of AhpC-coated fluorescent beads, indicating a direct interaction between the CD81LEL receptor and the mycobacterial adhesin AhpC. Finally, conditional knock-down of AhpC in Mab led to a decrease in mycobacterial invasion, in correlation with our previous data. In conclusion, my thesis project describes a novel mechanism of invasion of pathogenic Mab within the host, which could pave the way for future translational applications to reduce or inhibit mycobacterial infections
Mycobacterial biotin biosynthesis counters airway alkalinity
No full textInternational audienceMycobacterium abscessus requires high levels of biotin biosynthesis during infection, because this vitamin enables key adaptations to the alkaline lung airway environment through fatty acid remodelling that increases fluidity of the cell envelope
Insider Trading in a Two-Tier real market structure model
No full textURL des Documents de travail : http://ces.univ-paris1.fr/cesdp/cesdp2011.htmlDocuments de travail du Centre d'Economie de la Sorbonne 2011.68 - ISSN : 1955-611XIn this paper, we study the real and financial effects of insider trading in the spirit of Jain and Mirman (1999). Unlike the previous works that address this issue, we suppose that the production of the real good is costly and depends mainly of the price of an intermediate good produced locally by a privately-owned firm. We show that the real output of the final good chosen by the insider as well as the price of the intermediate good set by the privately-owned firm are both greater than it would be in the absence of insider trading. Furthermore, the parameters of both real markets affect the stock price and the stock pricing rule. Besides, when compared to Jain and Mirman (2000) and (2002), this two-tier real market structure does not alter the amount of information disseminated in the stock price or the level of insider trading. Next, we add a second insider to the model. We show that competition in the financial sector decreases the level of output produced by firm 1 and the price of the intermediate good with respect to initial model. Moreover, it affects the insiders' trades and increases the amount of information revealed in the stock price.Dans ce papier, nous étudions les effets réels et financiers des marchés d'initiés dans l'esprit de Jain et Mirman (1999). Contrairement aux travaux qui abordent cette question, nous supposons que le bien réel est produit avec un coût total qui dépend principalement du prix d'un autre bien intermédiaire produit localement par une firme privée. Nous montrons que le montant du bien final choisi par l'initié ainsi que le prix du bien intermédiaire choisi par la firme privée sont à la fois supérieurs à ce qu'ils seraient en l'absence des initiés. Par ailleurs, les paramètres des deux marchés réels sont affectés par le marché financier. En outre, par rapport à Jain et Mirman (2000) et (2002), cette structure du marché réel ne modifie pas la quantité d'informations diffusée dans le cours des actions ainsi que l'ordre de l'initié. Ensuite, nous ajoutons un second initié au modèle. Nous montrons que la concurrence dans le marché financier diminue le niveau du bien final produit par la firme publique et le prix du bien intermédiaire par rapport au modèle initial. Par ailleurs, il affecte le niveau d'ordre de l'initié et augmente la quantité d'informations révélée dans le prix des actions
A Single System Universe: A Cognitive Approach
No full textDiscovering the Universe requires upgrading the means that man is utilizing for this endeavor. The power of cognitive thought has long been neglected in favor of mathematical formulas. The only tool that can roam the Univers
Nouvelles voies de lutte contre plasmodium falciparum (I. analogues ferrocéniques)
No full textLILLE2-BU Santé-Recherche (593502101) / SudocPARIS-BIUP (751062107) / SudocSudocFranceF
Experience with hyperphenylalaninemia in a developing country: Unusual clinical manifestations and a novel gene mutation
No full textWe report our experience in a cohort of patients with hyperphenylalaninemia in a tertiary care referral center in Lebanon. Forty-one sequential patients were studied: 34 classical phenylketonuria (PKU), 3 hyperphenylalaninemia (non-PKU), and 4 biopterin metabolism defects. The majority of cases were clinically diagnosed at variable ages with variable neurological outcomes. Only 29.3percent were detected by neonatal screening. Two unusual cases were observed in the context of inadequate treatment in 1 and delayed therapy in the other: a newborn with PKU developed severe keratomalacia; and a 5-year-old girl with dihydropteridine reductase deficiency due to a novel mutation identified in the quinoid dihydropteridine reductase gene developed Lennox-Gastaut syndrome and white matter changes with periventricular cysts. Part of our experience parallels that in the West. However, the clinical manifestations observed in our patients emphasize the importance of a national newborn screening program with efficient management of diagnosed cases. © 2011 The Author(s).Acosta Phyllis B., 2003, Southeast Asian Journal of Tropical Medicine and Public Health, V34, P202; *BIOMDB, SUM MUT TETR BH4; Daher R, 2003, ANN SAUDI MED, V23, P16; Habot-Wilner Z, 2007, CORNEA, V26, P629; Ozalp I, 2001, TURKISH J PEDIATR, V43, P97; SCHRIVER CR, 2008, ONLINE METABOLIC MOL; SUGITA R, 1990, J COMPUT ASSIST TOMO, V14, P699, DOI 10.1097-00004728-199009000-00003; TADA K, 1980, TOHOKU J EXP MED, V132, P123; Yalaz K, 2006, J CHILD NEUROL, V21, P987, DOI 10.2310-7010.2006.0022825
Market Structure and Insider Trading
No full textURL des Cahiers : https://halshs.archives-ouvertes.fr/CAHIERS-MSEVoir aussi l'article basé sur ce document de travail paru dans "International Review of Economics & Finance", Elsevier, 16, (3), 2007, pp.306-331Cahiers de la MSE 2004.25 - Série Bleue - ISSN : 1624-0340In this paper we examine the real and financial effects of two insiders trading in a static Jain-Mirman model (Henceforth JM). The first insider is the manager of the firm. The second insider is the owner. First, we study the change of the linear-equilibrium variables, in the presence of two insiders. Specifically, we show that the trading order and the real output of the manager are less in this model than in JM model. Secondly, we show that the stock price reveals more information than in Cournot duopoly and monopoly models studied by Jain-Mirman. Finally, we analyze the comparative statics (insiders' profits) of this model, when the market maker receives one or two signals.On étudie dans cet article l'effet financier et réel des deux agents informés dans un modèle statique de Jain-Mirman (JM dans la suite). Le premier agent informé est le manager de la firme et le second agent est le propriétaire. Dans un premier temps, on examine le changement des variables de l'équilibre linéaire. Par rapport à JM, on démontre que la quantité produite par la firme et l'ordre du marché échangé par le manager sont plus petites en présence des deux agents informés. Dans un second temps, on démontre que le prix proposé par le teneur du marché révèle plus d'information que celui des modèles de duopoles de Cournot et de monopole étudiés par Jain-Mirman. Finalement, une étude par statique comparative sur les profits des agents informés est proposée lorsque le teneur de marché reçoit un ou deux signaux
Cournot duopoly and insider trading with two insiders.
No full textIn this paper, we study a version of the static Jain-Mirman (2002) model in which competition in the real sector is introduced. In this paper, we add competition in the stock sector to the Jain-Mirman (2002) paper. We show that the linear equilibrium structure is affected by this competition in the financial sector. Specifically, we show that the stock price set by the market maker reveals more information and that the behaviour of the profits of the manager depends on the parameters of the model. Moreover, we prove that the level of output produced by the manager is less than in Jain-Mirman (2002). Finally, we also study the case in which the market maker receives only one signal and analyze the comparative statics of this model when the market maker receives either one or two signals.Insider trading, stock prices, correlated signals, Kyle model.
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