Three essays in dynamic corporate finance

Summary Throughout my thesis, I elaborate on how real and financing frictions affect corporate decision making under uncertainty, and I explore how firms time their investment and financing decisions given such frictions. While the macroeconomics literature has focused on the impact of real frictions on investment decisions assuming all equity financed firms, the financial economics literature has mainly focused on the study of financing frictions. My thesis therefore assesses the join interaction of real and financing frictions in firms' dynamic investment and financing decisions. My work provides a rationale for the documented poor empirical performance of neoclassical investment models based on the joint effect of real and financing frictions on investment. A major observation relies in how the infrequency of corporate decisions may affect standard empirical tests. My thesis suggests that the book to market sorts commonly used in the empirical asset pricing literature have economic content, as they control for the lumpiness in firms' optimal investment policies. My work also elaborates on the effects of asymmetric information and strategic interaction on firms' investment and financing decisions. I study how firms time their decision to raise public equity when outside investors lack information about their future investment prospects. I derive areal-options model that predicts either cold or hot markets for new stock issues conditional on adverse selection, and I provide a rational approach to study jointly the market timing of corporate decisions and announcement effects in stock returns. My doctoral dissertation therefore contributes to our understanding of how under real and financing frictions may bias standard empirical tests, elaborates on how adverse selection may induce hot and cold markets in new issues' markets, and suggests how the underlying economic behaviour of firms may induce alternative patterns in stock prices.

Early change in defence mechanisms and coping in short-term dynamic psychotherapy: relations with symptoms and alliance.

Several patient-related variables have already been investigated as predictors of change in psychodynamic psychotherapy. Defensive functioning is one of them. However, few studies have investigated adaptational processes, encompassing defence mechanisms and coping, from an integrative or comparative viewpoint. This study includes 32 patients, mainly diagnosed with adjustment disorder and undergoing time-limited psychodynamic psychotherapy lasting up to 40 sessions, and will focus on early change in defence and coping. Observer-rater methodology was applied to the transcripts of two sessions of the first part of the psychotherapeutic process. It is assumed that the contextual-relational variable of therapeutic alliance intervenes as moderator on change in adaptational processes. Results corroborated the hypothesis, but only for coping, whereas for defences, overall functioning remained stable over the first 20 sessions of psychotherapy. These results are discussed within the framework of disentangling processes underlying adaptation, i.e., related to issues on trait and state aspects, as well as the role of the therapeutic alliance.

Geometry, petrology and growth of a shallow crustal laccolith : the Torres del Paine Mafic Complex (Patagonia)

1. ABSTRACTS - RÉSUMÉSSCIENTIFIC ABSTRACT - ENGLISH VERSIONGeometry, petrology and growth of a shallow crustal laccolith: the Torres del Paine Mafi c Complex (Patagonia)The Torres del Paine intrusive complex (TPIC) is a composite mafic-granitic intrusion, ~70km2, belonging to a chain of isolated Miocene plutons in southern Patagonia. Their position is intermediate between the Mesozoic-Cenozoic calc-alkaline subduction related Patagonian batholith in the West and the late Cenozoic alkaline basaltic back-arc related plateau lavas in the East. The Torres del Paine complex formed during an important reconfiguration of the Patagonian geodynamic setting, with a migration of magmatism from the arc to the back-arc, possibly related to the Chile ridge subductionThe complex intruded the flysch of the Cretaceous Cerro Toro and Punta Barrosa Formations during the Miocene, creating a well-defined narrow contact aureole of 200-400 m width.In its eastern part, the Torres del Paine intrusive complex is a laccolith, composed of a succession of hornblende-gabbro to diorite sills at its base, with a total thickness of ~250m, showing brittle contacts with the overlying granitic sills, that form spectacular cliffs of more than 1000m. This laccolith is connected, in the western part, to its feeding system, with vertical alternating sheets of layered gabbronorite and Hbl-gabbro, surrounded and percolated by diorites. ID-TIMS U-Pb on zircons on feeder zone (FZ) gab- bros yield 12.593±0.009Ma and 12.587±0.009Ma, which is identifcal within error to the oldest granite dated so far by Michel et al. (2008). In contrast, the laccolith mafic complex is younger than than the youngest granite (12.50±0.02Ma), and has been emplaced from 12.472±0.009Ma to 12.431 ±0.006Ma, by under-accretion beneath the youngest granite at the interface with previously emplaced mafic sills.The gabbronorite crystallization sequence in the feeder zone is dominated by olivine, plagioclase, clinopyroxene and orthopyroxene, while amphibole forms late interstitial crystals. The crystallization sequence is identical in Hornblende-gabbro from the feeder zone, with higher modal hornblende. Gabbronorite and Hornblende-gabbro both display distinct Eu and Sr positive anomalies. In the laccolith, a lower Hornblende-gabbro crystallized in sills and evolved to a high alkali shoshonitic series. The Al203, Ti02, Na20, K20, Ba and Sr composition of these gabbros is highly variable and increases up to ~50wt% Si02. The lower hornblende-gabbro is characterized by kaersutite anhedral cores with inclusions of olivine, clino- and orthopyroxene and rare apatite and An70 plagioclase. Trace element modelling indicates that hornblende and clinopyroxene are in equilibrium with a liquid whose composition is similar to late basaltic trachyandesitic dikes that cut the complex. The matrix in the lower hornblende gabbro is composed of normally zoned oligoclase, Magnesio-hornblende, biotite, ilmenite and rare quartz and potassium feldspar. This assemblage crystallized in-situ from a Ba and Sr-depleted melts. In contrast, the upper Hbl-gabbro is high-K calc-alkaline. Poikilitic pargasite cores have inclusions of euhedral An70 plagioclase inclusions, and contain occasionally clinopyroxene, olivine and orthopyroxene. The matrix composition is identical to the lower hornblende-gabbro and similar to the diorite. Diorite bulk rock compositions show the same mineralogy but different modal proportions relative to hornblende-gabbrosThe Torres del Paine Intrusive Complex isotopic composition is 87Sr/86Sr=0.704, 143Nd/144Nd=0.5127, 206Pb/204Pb=18.70 and 207Pb/204Pb=15.65. Differentiated dioritic and granitic units may be linked to the gabbroic cumulates series, with 20-50% trapped interstitial melt, through fractionation of olivine-bearing gabbronorite or hornblende-gabbro fractionation The relative homogeneity of the isotopic compositions indicate that only small amounts of assimilation occurred. Two-pyroxenes thermometry, clinopyroxene barometry and amphibole-plagioclase thermometry was used to estimate pressure and temperature conditions. The early fractionation of ultramafic cumulates occurs at mid to lower crustal conditions, at temperatures exceeding 900°C. In contrast, the TPIC emplacement conditions have been estimated to ~0.7±0.5kbar and 790±60°C.Based on field and microtextural observations and geochemical modelling, fractionation of basaltic-trachyandesitic liquids at intermediate to lower crustal levels, has led to the formation of the Torres del Paine granites. Repetitive replenishment of basaltic trachy- andesitic liquid in crustal reservoirs led to mixed magmas that will ascend via the feeder zone, and crystallize into a laccolith, in the form of successive dioritic and gabbroic sills. Dynamic fractionation during emplacement concentrated hornblende rich cumulates in the center of individual sills. Variable degrees.of post-emplacement compaction led to the expulsion of felsic liquids that preferentially concentrated at the top of the sills. Incremental sills amalgamation of the entire Torres del Paine Intrusive Complex has lasted for ~160ka.RESUME SCIENTIFIQUE - VERSION FRANÇAISEGéométrie, pétrologie et croissance d'un laccolite peu profond : Le complexe ma- fique du Torres del Paine (Patagonie)Le Complexe Intrusif du Torres del Paine (CITP) est une intrusion bimodale, d'environ 70km2, appartenant à une chaîne de plutons Miocènes isolés, dans le sud de la Patago-nie. Leur position est intermédiaire entre le batholite patagonien calco-alcalin, à l'Ouest, mis en place au Mesozoïque-Cenozoïque dans un contexte de subduction, et les basal-tes andésitiques et trachybasaltes alcalins de plateau, plus jeune, à l'Est, lié à l'ouverture d'un arrière-arc.A son extrémité Est, le CITP est une succession de sills de gabbro à Hbl et de diorite, sur une épaisseur de ~250m, avec des évidences de mélange. Les contacts avec les sills de granite au-dessus, formant des parois de plus de 1000m, sont cassants. Ce laccolite est connecté, dans sa partie Ouest, à une zone d'alimentation, avec des intrusions sub-ver- ticales de gabbronorite litée et de gabbro à Hbl, en alternance. Celles-ci sont traversées et entourées par des diorites. Les zircons des gabbros de la zone d'alimentation, datés par ID-TIMS, ont cristallisés à 12.593±0.009Ma et 12.587±0.009Ma, ce qui correspond au plus vieux granite daté à ce jour par Michel et al. (2008). A l'inverse, les roches manques du laccolite se sont mises en place entre 12.472±0.009Ma et 12.431 ±0.006Ma, par sous-plaquage successifs à l'interface avec le granite le plus jeune daté à ce jour (12.50±0.02Ma).La séquence de cristallisation des gabbronorites est dominée par Ol, Plg, Cpx et Opx, alors que la Hbl est un cristal interstitiel. Elle est identique dans les gabbros à Hbl de la zone d'alimentation, avec ~30%vol de Hbl. Les gabbros de la zone d'alimentation montrent des anomalies positives en Eu et Sr distinctes. Dans le laccolite, le gabbro à Hbl inférieur évolue le long d'une série shoshonitique, riche en éléments incompatibles. Sa concentration en Al203, Ti02, Na20, K20, Ba et Sr est très variable et augmente rapide-ment jusqu'à ~50wt% Si02. Il est caractérisé par la présence de coeurs résorbés de kaer- sutite, entourés de Bt, et contenant des inclusions d'OI, Cpx et Opx, ou alors d'Ap et de rares Plg (An70). Hbl et Cpx ont cristallisés à partir d'un liquide de composition similaire aux dykes trachy-andesite basaltique du CITP. La matrice, cristallisée in-situ à partir d'un liquide pauvre en Ba et Sr, est composée d'oligoclase zoné de façon simple, de Mg-Hbl, Bt, llm ainsi que de rares Qtz et KF. Le gabbro à Hbl supérieur, quant à lui, appartient à une suite chimique calco-alcaline riche en K. Des coeurs poecilitiques de pargasite con-tiennent de nombreuses inclusions de Plg (An70) automorphe, ainsi que des Ol, Cpx et Opx. La composition de la matrice est identique à celle des gabbros à Hbl inférieurs et toutes deux sont similaires à la minéralogie des diorites. Les analyses sur roches totales de diorites montrent la même variabilité que celles de gabbros à Hbl, mais avec une ten-eur en Si02 plus élevée.La composition isotopique des liquides primitifs du CITP a été mesurée à 87Sr/86Sr=0.704, 143Nd/144Nd=0.5127, 206Pb/204Pb=18.70 et 207Pb/204Pb=15.65. Les granites et diorites différenciés peuvent être reliés à des cumulais gabbronoritiques (F=0.74 pour les granites et F=1-0.5 pour les diorites) et gabbroïques à Hbl (fractionnement supplémentaire pour les granites, avec F=0.3). La cristallisation de 20 à 50%vol de liquide interstitiel piégé dans les gabbros du CITP explique leur signature géochimique. Seules de faibles quantités de croûte continentale ont été assimilées. La température et la pression de fractionnement ont été estimées, sur la base des thermobaromètres Opx-Cpx, Hbl-Plg et Cpx, à plus de 900°C et une profondeur correspondant à la croûte inférieure-moyenne. A l'inverse, les conditions de cristallisation de la matrice des gabbros et diorites du laccolite ont été estimées à 790±60°C et ~0.7±0.5kbar.Je propose que les liquides felsiques du CITP se soient formés par cristallisation frac-tionnée en profondeur des assemblages minéralogiques observés dans les gabbros du CITP, à partir d'un liquide trachy-andesite basaltique. La percolation de magma dans les cristaux accumulés permet la remontée du mélange à travers la zone d'alimentation, vers le laccolite, où des sills se mettent en place successivement. L'amalgamation de sills dans le CITP a duré ~160ka.Le CITP s'est formé durant une reconfiguration importante du contexte géodynamique en Patagonie, avec un changement du magmatisme d'arc vers un volcanisme d'arrière- arc. Ce changement est certainement lié à la subduction de la ride du Chili.RESUME GRAND PUBLIC - VERSION FRANÇAISEGéométrie, pétrologie et croissance d'une chambre magmatique peu profonde : Le complexe mafique du Torres del Paine (Patagonie)Le pourtour de l'Océan Pacifique est caractérisé par une zone de convergence de plaques tectoniques, appelée zone de subduction, avec le plongement de croûte océa-nique sous les Andes dans le cas de la Patagonie. De nombreux volcans y sont associés, formant la ceinture de feu. Mais seuls quelques pourcents de tout le magma traversant la croûte terrestre parviennent à la surface et la majeure partie cristallise en profondeur, dans des chambres magmatiques. Quelles est leur forme, croissance, cristallisation et durée de vie ? Le complexe magmatique du Torres del Paine représente l'un des meilleurs endroits au monde pour répondre à ces questions. Il se situe au sud de la Patagonie, formant un massif de 70km2. Des réponses peuvent être trouvées à différentes échelles, variant de la montagne à des minéraux de quelques 1000ème de millimètres.Il est possible de distinguer trois types de roches : des gabbros et des diorites sur une épaisseur de 250m, surmontées par des parois de granite de plus de 1000m. Les contacts entre ces roches sont tous horizontaux. Entre granites et gabbro-diorite, le contact est net, indiquant que le second magma s'est mis en place au contact avec un magma plus ancien, totalement solidifié. Entre gabbros et diorites, les contacts sont diffus, souvent non-linéaires, indiquant à l'inverse la mise en contact de magmas encore partiellement liquides. Dans la partie Ouest de cette chambre magmatique, les contacts entre roches sont verticaux. Il s'agit certainement du lieu de remplissage de la chambre magmatique.Lors du refroidissement d'un magma, différents cristaux vont se former. Leur stabilité et leur composition varient en fonction de la pression, de la température ou de la chimie du magma. La séquence de cristallisation peut être définie sur la base d'observations microscopiques et de la composition chimique des minéraux. Différents gabbros sont ainsi distingués : le gabbro à la base est riche en hornblende, d'une taille de ~5mm, sans inclusion de plagioclase mais avec des cristaux d'olivine, clinopyroxene et orthopyroxene inclus ; le gabbro supérieur est lui-aussi riche en hornblende (~5mm), avec les mêmes inclusions additionnées de plagioclase. Ces cristaux se sont formés à une température supérieure à 900°C et une profondeur correspondant à la croûte moyenne ou inférieure. Les minéraux plus fin, se trouvant hors des cristaux de hornblende des deux gabbros, sont similaires à ceux des diorites : plagioclase, biotite, hornblende, apatite, quartz et feldspath alcalin. Ces minéraux sont caractéristiques des granites. Ils ont cristallisé à ~790°C et ~2km de profondeur.La cristallisation des minéraux et leur extraction du magma par gravité provoque un changement progressif de la composition de ce dernier. Ainsi, après extraction d'olivine et d'orthopyroxene riches en Mg, de clinopyroxene riche en Ca, de plagioclase riche en Ca et Al et d'hornblende riche en Ca, Al et Mg, le liquide final sera appauvri en ces élé-ments. Un lien peut ainsi être proposé entre les diorites dont la composition est proche du liquide de départ, les granites dont la composition est similaire au liquide final, et les gabbros dont la minéralogie correspond aux minéraux extraits.L'utilisation de zircons, un minéral riche en U dont les atomes se transforment en Pb par décomposition radioactive au cours de millions d'années, permet de dater le refroidissement des roches qui les contiennent. Ainsi, il a été observé que les roches de la zone d'alimentation, à l'Ouest du complexe magmatique, ont cristallisés il y a 12.59±0.01 Ma, en même temps que les granites les plus vieux, se trouvant au sommet de la chambre magmatique, datés par Michel et al. (2008). Les deux roches pourraient donc avoir la même origine. A l'inverse, les gabbros et diorites de la chambre magmatique ont cristallisé entre 12.47±0.01Ma et 12.43±0.01Ma, les roches les plus vieilles étant à la base.En comparant la composition des roches du Torres del Paine avec celles d'autres en-tités géologiques de Patagonie, les causes du magmatisme peuvent être recherchées. A l'Ouest, on trouve en effet des intrusions granitiques, plus anciennes, caractéristiques de zones de convergence de plaque tectonique, alors qu'à l'Est, des laves basaltiques plus jeunes sont caractéristiques d'une dynamique d'extension. Sur la base des compositions chimiques des roches de ces différentes entités, l'évolution progressive de l'une à l'autre a pu être démontrée. Elle est certainement due à l'arrivée d'une dorsale océanique (zone d'extension crustale et de création de croûte océanique par la remontée de magma) dans la zone de subduction, le long des Andes.Je propose que, dans un premier temps, des magmas granitiques sont remontés dans la chambre magmatique, laissant d'importants volumes de cristaux dans la croûte pro-fonde. Dans un second épisode, les cristaux formés en profondeur ont été transportés à travers la croûte continentale, suite au mélange avec un nouveau magma injecté. Ces magmas chargés de cristaux ont traversé la zone d'alimentation avant de s'injecter dans la chambre magmatique. Différents puises ont été distingués, injectés dans la chambre magmatique du sommet à la base concernant les granites, puis à la base du granite le plus jeune pour les gabbros et diorites. Le complexe magmatique du Torres del Paine s'est construit sur une période totale de 160'000±20'000 ans.

Emergence of Cooperation on Static and Dynamic Networks

Game theory is a branch of applied mathematics used to analyze situation where two or more agents are interacting. Originally it was developed as a model for conflicts and collaborations between rational and intelligent individuals. Now it finds applications in social sciences, eco- nomics, biology (particularly evolutionary biology and ecology), engineering, political science, international relations, computer science, and philosophy. Networks are an abstract representation of interactions, dependencies or relationships. Net- works are extensively used in all the fields mentioned above and in many more. Many useful informations about a system can be discovered by analyzing the current state of a network representation of such system. In this work we will apply some of the methods of game theory to populations of agents that are interconnected. A population is in fact represented by a network of players where one can only interact with another if there is a connection between them. In the first part of this work we will show that the structure of the underlying network has a strong influence on the strategies that the players will decide to adopt to maximize their utility. We will then introduce a supplementary degree of freedom by allowing the structure of the population to be modified along the simulations. This modification allows the players to modify the structure of their environment to optimize the utility that they can obtain.

Mating triggers dynamic immune regulations in wood ant queens.

Mating can affect female immunity in multiple ways. On the one hand, the immune system may be activated by pathogens transmitted during mating, sperm and seminal proteins, or wounds inflicted by males. On the other hand, immune defences may also be down-regulated to reallocate resources to reproduction. Ants are interesting models to study post-mating immune regulation because queens mate early in life, store sperm for many years, and use it until their death many years later, while males typically die after mating. This long-term commitment between queens and their mates limits the opportunity for sexual conflict but raises the new constraint of long-term sperm survival. In this study, we examine experimentally the effect of mating on immunity in wood ant queens. Specifically, we compared the phenoloxidase and antibacterial activities of mated and virgin Formica paralugubris queens. Queens had reduced levels of active phenoloxidase after mating, but elevated antibacterial activity 7 days after mating. These results indicate that the process of mating, dealation and ovary activation triggers dynamic patterns of immune regulation in ant queens that probably reflect functional responses to mating and pathogen exposure that are independent of sexual conflict.

Therapist interventions using the Psychodynamic Interventions Rating Scale (PIRS) in dynamic therapy, psychoanalysis and CBT.

Abstract One requirement for psychotherapy research is an accurate assessment of therapeutic interventions across studies. This study compared frequency and depth of therapist interventions from a dynamic perspective across four studies, conducted in four countries, including three treatment arms of psychodynamic psychotherapy, and one each of psychoanalysis and CBT. All studies used the Psychodynamic Intervention Rating Scales (PIRS) to identify 10 interventions from transcribed whole sessions early and later in treatment. The PIRS adequately categorized all interventions, except in CBT (only 91-93% categorized). As hypothesized, interpretations were present in all dynamic therapies and relatively absent in CBT. Proportions of interpretations increased over time. Defense interpretations were more common than transference interpretations, which were most prevalent in psychoanalysis. Depth of interpretations also increased over time. These data can serve as norms for measuring where on the supportive-interpretive continuum a dynamic treatment lies, as well as identify potentially mutative interventions for further process and outcome study.

Dynamic social representations of the 2009 H1N1 pandemic: Shifting patterns of sense-making and blame

We investigate dynamics of public perceptions of the 2009 H1N1 influenza pandemic to understand changing patterns of sense-making and blame regarding the outbreak of emerging infectious diseases. We draw on social representation theory combined with a dramaturgical perspective to identify changes in how various collectives are depicted over the course of the pandemic, according to three roles: heroes, villains and victims. Quantitative results based on content analysis of three cross-sectional waves of interviews show a shift from mentions of distant collectives (e.g., far-flung countries) at Wave 1 to local collectives (e.g., risk groups) as the pandemic became of more immediate concern (Wave 2) and declined (Wave 3). Semi-automated content analysis of media coverage shows similar results. Thematic analyses of the discourse associated with collectives revealed that many were consistently perceived as heroes, villains and victims.

Aqueous dynamic and histological findings after deep sclerectomy with collagen implant in an animal model.

AIM: The use of an animal model to study the aqueous dynamic and the histological findings after deep sclerectomy with (DSCI) and without collagen implant. METHODS: Deep sclerectomy was performed on rabbits' eyes. Eyes were randomly assigned to receive collagen implants. Measurements of intraocular pressure (IOP) and aqueous outflow facility using the constant pressure method through cannulation of the anterior chamber were performed. The system was filled with BSS and cationised ferritin. Histological assessment of the operative site was performed. Sections were stained with haematoxylin and eosin and with Prussian blue. Aqueous drainage vessels were identified by the reaction between ferritin and Prussian blue. All eyes were coded so that the investigator was blind to the type of surgery until the evaluation was completed. RESULTS: A significant decrease in IOP (p<0.05) was observed during the first 6 weeks after DSCI (mean IOP was 13.07 (2.95) mm Hg preoperatively and 9.08 (2.25) mm Hg at 6 weeks); DS without collagen implant revealed a significant decrease in IOP at weeks 4 and 8 after surgery (mean IOP 12.57 (3.52) mm Hg preoperatively, 9.45 (3.38) mm Hg at 4 weeks, and 9.22 (3.39) mm Hg at 8 weeks). Outflow facility was significantly increased throughout the 9 months of follow up in both DSCI and DS groups (p<0.05). The preoperative outflow facility (OF) was 0.15 (0.02) micro l/min/mm Hg. At 9 months, OF was 0.52 (0.28) microl/min/mm Hg and 0.46 (0.07) micro l/min/mm Hg for DSCI and DS respectively. Light microscopy studies showed the appearance of new aqueous drainage vessels in the sclera adjacent to the dissection site in DSCI and DS and the apparition of spindle cells lining the collagen implant in DSCI after 2 months. CONCLUSION: A significant IOP decrease was observed during the first weeks after DSCI and DS. DS with or without collagen implant provided a significant increase in outflow facility throughout the 9 months of follow up. This might be partly explained by new drainage vessels in the sclera surrounding the operated site. Microscopic studies revealed the appearance of spindle cells lining the collagen implant in DSCI after 2 months.

Three-dimensional ordered-subset expectation maximization iterative protocol for evaluation of left ventricular volumes and function by quantitative gated SPECT: a dynamic phantom study.

The purposes of this study were to characterize the performance of a 3-dimensional (3D) ordered-subset expectation maximization (OSEM) algorithm in the quantification of left ventricular (LV) function with (99m)Tc-labeled agent gated SPECT (G-SPECT), the QGS program, and a beating-heart phantom and to optimize the reconstruction parameters for clinical applications. METHODS: A G-SPECT image of a dynamic heart phantom simulating the beating left ventricle was acquired. The exact volumes of the phantom were known and were as follows: end-diastolic volume (EDV) of 112 mL, end-systolic volume (ESV) of 37 mL, and stroke volume (SV) of 75 mL; these volumes produced an LV ejection fraction (LVEF) of 67%. Tomographic reconstructions were obtained after 10-20 iterations (I) with 4, 8, and 16 subsets (S) at full width at half maximum (FWHM) gaussian postprocessing filter cutoff values of 8-15 mm. The QGS program was used for quantitative measurements. RESULTS: Measured values ranged from 72 to 92 mL for EDV, from 18 to 32 mL for ESV, and from 54 to 63 mL for SV, and the calculated LVEF ranged from 65% to 76%. Overall, the combination of 10 I, 8 S, and a cutoff filter value of 10 mm produced the most accurate results. The plot of the measures with respect to the expectation maximization-equivalent iterations (I x S product) revealed a bell-shaped curve for the LV volumes and a reverse distribution for the LVEF, with the best results in the intermediate range. In particular, FWHM cutoff values exceeding 10 mm affected the estimation of the LV volumes. CONCLUSION: The QGS program is able to correctly calculate the LVEF when used in association with an optimized 3D OSEM algorithm (8 S, 10 I, and FWHM of 10 mm) but underestimates the LV volumes. However, various combinations of technical parameters, including a limited range of I and S (80-160 expectation maximization-equivalent iterations) and low cutoff values (< or =10 mm) for the gaussian postprocessing filter, produced results with similar accuracies and without clinically relevant differences in the LV volumes and the estimated LVEF.

Dynamic changes in brain functional connectivity during concurrent dual-task performance.

This study investigated the spatial, spectral, temporal and functional proprieties of functional brain connections involved in the concurrent execution of unrelated visual perception and working memory tasks. Electroencephalography data was analysed using a novel data-driven approach assessing source coherence at the whole-brain level. Three connections in the beta-band (18-24 Hz) and one in the gamma-band (30-40 Hz) were modulated by dual-task performance. Beta-coherence increased within two dorsofrontal-occipital connections in dual-task conditions compared to the single-task condition, with the highest coherence seen during low working memory load trials. In contrast, beta-coherence in a prefrontal-occipital functional connection and gamma-coherence in an inferior frontal-occipitoparietal connection was not affected by the addition of the second task and only showed elevated coherence under high working memory load. Analysis of coherence as a function of time suggested that the dorsofrontal-occipital beta-connections were relevant to working memory maintenance, while the prefrontal-occipital beta-connection and the inferior frontal-occipitoparietal gamma-connection were involved in top-down control of concurrent visual processing. The fact that increased coherence in the gamma-connection, from low to high working memory load, was negatively correlated with faster reaction time on the perception task supports this interpretation. Together, these results demonstrate that dual-task demands trigger non-linear changes in functional interactions between frontal-executive and occipitoparietal-perceptual cortices.

One minute of grief: Emotional processing in short-term dynamic psychotherapy for adjustment disorder.

OBJECTIVE: Depth of emotional processing has shown to be related to outcome across approaches to psychotherapy. Moreover, a specific emotional sequence has been postulated and tested in several studies on experiential psychotherapy (Pascual-Leone & Greenberg, 2007). This process-outcome study aims at reproducing the sequential model of emotional processing in psychodynamic psychotherapy for adjustment disorder and linking these variables with ultimate therapeutic outcome. METHOD: In this study, 32 patients underwent short-term dynamic psychotherapy. On the basis of reliable clinical change statistics, a subgroup (n = 16) presented with good outcome and another subgroup (n = 16) had a poor outcome in the end of treatment. The strongest alliance session of each case was rated using the observer-rated system Classification of Affective Meaning States. Reliability coefficients for the measure were excellent (κ = .82). RESULTS: Using 1 min as the fine-grained unit of analysis, results showed that the experience of fundamentally adaptive grief was more common in the in-session process of patients with good outcome, compared with those with poor outcomes (χ2 = 6.56, p = .01, d = 1.23). This variable alone predicted 19% of the change in depressive symptoms as measured by the Beck Depression Inventory at the end of treatment. Moreover, sequences of the original model were supported and related to outcome. CONCLUSIONS: These results are discussed within the framework of the sequential model of emotional processing and its possible relevance for psychodynamic psychotherapy. (PsycINFO Database Record (c) 2015 APA, all rights reserved).

Dynamic properties of human brain structure: learning-related changes in cortical areas and associated fiber connections.

Recent findings in neuroscience suggest that adult brain structure changes in response to environmental alterations and skill learning. Whereas much is known about structural changes after intensive practice for several months, little is known about the effects of single practice sessions on macroscopic brain structure and about progressive (dynamic) morphological alterations relative to improved task proficiency during learning for several weeks. Using T1-weighted and diffusion tensor imaging in humans, we demonstrate significant gray matter volume increases in frontal and parietal brain areas following only two sessions of practice in a complex whole-body balancing task. Gray matter volume increase in the prefrontal cortex correlated positively with subject's performance improvements during a 6 week learning period. Furthermore, we found that microstructural changes of fractional anisotropy in corresponding white matter regions followed the same temporal dynamic in relation to task performance. The results make clear how marginal alterations in our ever changing environment affect adult brain structure and elucidate the interrelated reorganization in cortical areas and associated fiber connections in correlation with improvements in task performance.