Essays in general equilibrium asset pricing

ABSTRACT : Research in empirical asset pricing has pointed out several anomalies both in the cross section and time series of asset prices, as well as in investors' portfolio choice. This dissertation aims to discover the forces driving some of these "puzzling" asset pricing dynamics and portfolio decisions observed in the financial market. Through the dissertation I construct and study dynamic general equilibrium models of heterogeneous investors in the presence of frictions and evaluate quantitatively their implications for financial-market asset prices and portfolio choice. I also explore the potential roots of puzzles in international finance. Chapter 1 shows that, by introducing jointly endogenous no-default type of borrowing constraints and heterogeneous beliefs in a dynamic general-equilibrium economy, many empirical features of stock return volatility can be reproduced. While most of the research on stock return volatility is empirical, this paper provides a theoretical framework that is able to reproduce simultaneously the cross section and time series stylized facts concerning stock returns and their volatility. In contrast to the existing theoretical literature related to stock return volatility, I don't impose persistence or regimes in any of the exogenous state variables or in preferences. Volatility clustering, asymmetry in the stock return-volatility relationship, and pricing of multi-factor volatility components in the cross section all arise endogenously as a consequence of the feedback between the binding of no-default constraints and heterogeneous beliefs. Chapters 2 and 3 explore the implications of differences of opinion across investors in different countries for international asset pricing anomalies. Chapter 2 demonstrates that several international finance "puzzles" can be reproduced by a single risk factor which captures heterogeneous beliefs across international investors. These puzzles include: (i) home equity preference; (ii) the dependence of firm returns on local and foreign factors; (iii) the co-movement of returns and international capital flows; and (iv) abnormal returns around foreign firm cross-listing events in the local market. These are reproduced in a setup with symmetric information and in a perfectly integrated world with multiple countries and independent processes producing the same good. Chapter 3 shows that by extending this framework to multiple goods and correlated production processes; the "forward premium puzzle" arises naturally as a compensation for the heterogeneous expectations about the depreciation of the exchange rate held by international investors. Chapters 2 and 3 propose differences of opinion across international investors as the potential resolution of several international finance `puzzles'. In a globalized world where both capital and information flow freely across countries, this explanation seems more appealing than existing asymmetric information or segmented markets theories aiming to explain international finance puzzles.

Formation of aluminosilicate-bearing quartz veins in the Simano nappe (Central Alps): structural, thermobarometric and oxygen isotope constraints

We combined structural analysis, thermobarometry and oxygen isotope geochemistry to constrain the evolution of kyanite and/or andalusite-bearing quartz veins from the amphibolite facies metapelites of the Simano nappe, in the Central Alps of Switzerland. The Simano nappe records a complex polyphase tectonic evolution associated with nappe stacking during Tertiary Alpine collision (D1). The second regional deformation phase (132) is responsible for the main penetrative schistosity and mineral lineation, and formed during top-to-the-north thrusting. During the next stage of deformation (D3) the aluminosilicate-bearing veins formed by crystallization in tension gashes, in tectonic shadows of boudins, as well as along shear bands associated with top-to-the-north shearing. D2 and D3 are coeval with the Early Miocene metamorphic peak, characterised by kyanite + staurolite + garnet + biotite assemblages in metapelites. The peak pressure (P) and temperature (T) conditions recorded are constrained by multiple-equilibrium thermobarometry at 630 +/- 20 degrees C and 8.5 +/- 1 kbar (similar to 27 km depth), which is in agreement with oxygen isotope thermometry indicating isotopic equilibration of quartz-kyanite pairs at 670 +/- 50 degrees C. Quartz-kyanite pairs from the aluminosilicate-bearing quartz veins yield equilibration temperatures of 645 +/- 20 degrees C, confirming that the veins formed under conditions near metamorphic peak. Quartz and kyanite from veins and the surrounding metapelites have comparable isotopic compositions. Local intergranular diffusion in the border of the veins controls the mass-transfer and the growth of the product assemblage, inducing local mobilization of SiO2 and Al2O3. Andalusite is absent from the host rocks, but it is common in quartz veins, where it often pseudomorphs kyanite. For andalusite to be stable at T-max, the pressure in the veins must have been substantially lower than lithostatic. An alternative explanation consistent with structural observations would be inheritance by andalusite of the kyanite isotopic signature during polymorphic transformation after the metamorphic peak.

Alteration of amino acid metabolism in neuronal aggregate cultures exposed to hypoglycaemic conditions.

The neuronal effects of glucose deficiency on amino acid metabolism was studied on three-dimensional cultures of rat telencephalon neurones. Transient (6 h) exposure of differentiated cultures to low glucose (0.25 mm instead of 25 mm) caused irreversible damage, as judged by the marked decrease in the activities of two neurone-specific enzymes and lactate dehydrogenase, 1 week after the hypoglycemic insult. Quantification of amino acids and ammonia in the culture media supernatants indicated increased amino acid utilization and ammonia production during glucose-deficiency. Measurement of intracellular amino acids showed decreased levels of alanine, glutamine, glutamate and GABA, while aspartate was increased. Added lactate (11 mm) during glucose deficiency largely prevented the changes in amino acid metabolism and ammonia production, and attenuated irreversible damage. Higher media levels of glutamine (4 mm instead of 0.25 mm) during glucose deprivation prevented the decrease of intracellular glutamate and GABA, while it further increased intracellular aspartate, ammonia production and neuronal damage. Both lactate and glutamine were readily oxidized in these neuronal cultures. The present results suggest that in neurones, glucose deficiency enhances amino acid deamination at the expense of transamination reactions. This results in increased ammonia production and neuronal damage.

Mineralogical, K-Ar, stable and Sr isotope systematics of K-white micas during very low-grade metamorphism of limestones (Helvetic nappes, Western Switzerland)

Mineralogical, K-Ar, Rb-Sr and stable isotope analyses have been carried out on K-white micas from Helvetic Malm limestones in order to examine their evolution during very low- to low-grade Alpine metamorphism, associated with intense ductile deformation. Metamorphic temperatures were estimated al approximately 300-degrees-C from stable isotopes (quartz-calcite thermometry), occurrence of chloritoid, and `'epizonal'' illite crystallinity index. K-white micas consist of variable mixtures of 2M, phengite and muscovite, as revealed by detailed X-ray diffraction analyses using peak decomposition of the (060, 331) spectra. K-Ar apparent ages display a strong grain-size dependence in which mainly fine-grained size fractions (< 2 mum) record Alpine ages (37-15 Ma). However, these ages provide a relative rather than an absolute chronology of the diachronous Alpine metamorphic evolution of the Helvetic nappes. The resetting of the K-Ar isotopic system of K-white micas to Alpine metamorphic conditions reflects an apparent combination of crystallization/recrystallization and radiogenic Ar-40 diffusion loss. The oxygen isotope compositions of micas (+ 15 to + 22 parts per thousand) are intermediate between detrital and O-18-enriched values expected for micas neoformed within an abundant marine carbonate matrix. No isotopic equilibrium has been reached between calcite and micas. The variable depletion of hydrogen isotope compositions (- 126 to - 82 parts per thousand) is influenced by the interaction with organic matter under closed-system conditions. Organic matter, if not removed, may also represent a serious source of error in K-Ar age determination, by introducing radiogenic Ar-40 contamination. Sr-87/Sr-86 isotope ratios of micas range from 0.70879 to 0.70902 with one outlier at 0.71794. The low values reflect Sr exchange with calcite occurring during crystallization/recrystallization of micas under closed-system conditions.

Prograde mica 40Ar/39Ar growth ages recorded in high pressure rocks (Syros, Cyclades, Greece)

Phengites from the eclogite and blueschist-facies sequences of the Cycladic island of Syros (Greece) have been dated by the in situ UV-laser ablation Ar-40/Ar-39 method. A massive, phengite-rich eclogite and an omphacite-rich metagabbro were investigated. The phengites are eubedral and coarse-grained (several 100 mum), strain-free and exhibit no evidence for late brittle deformation or recrystallization. Apparent ages in these samples range from 43 to 50 Ma for the phengite-rich eclogite and 42 to 52 Ma for the ompbacitic metagabbro. This large spread of ages is visible at all scales-within individual grains as well as in domains of several 100 mum and across the entire sample (ca. 2 cm). Such variations have been traditionally attributed to metamorphic cooling or the incorporation of excess argon. However, the textural equilibrium between the phengites and other high pressure phases and the subtle compositional variations within the phengites, especially the preservation of growth textures, alternatively suggest that the observed range in ages may reflect variations of radiogenic argon acquired during phengite formation and subsequent growth, thus dating a discrete event on the prograde path. This implies that the oldest phengite 40Ar/39Ar ages provide the best estimate of a minimum crystallization age, which is in agreement with recently reported U-Pb and Lu-Hf geochronological data. Our results are consistent with available stable isotope data and further suggest that, under fluid-restricted conditions, both stable and radiogenic isotopic systems can survive without significant isotopic exchange during subduction and exhumation from eclogite-facies P-T conditions. (C) 2004 Elsevier B.V. All rights reserved.

Environmental sex reversal, Trojan sex genes, and sex ratio adjustment: conditions and population consequences.

Abstract The great diversity of sex determination mechanisms in animals and plants ranges from genetic sex determination (GSD, e.g. mammals, birds, and most dioecious plants) to environmental sex determination (ESD, e.g. many reptiles) and includes a mixture of both, for example when an individual's genetically determined sex is environmentally reversed during ontogeny (ESR, environmental sex reversal, e.g. many fish and amphibia). ESD and ESR can lead to widely varying and unstable population sex ratios. Populations exposed to conditions such as endocrine-active substances or temperature shifts may decline over time due to skewed sex ratios, a scenario that may become increasingly relevant with greater anthropogenic interference on watercourses. Continuous exposure of populations to factors causing ESR could lead to the extinction of genetic sex factors and may render a population dependent on the environmental factors that induce the sex change. However, ESR also presents opportunities for population management, especially if the Y or W chromosome is not, or not severely, degenerated. This seems to be the case in many amphibians and fish. Population growth or decline in such species can potentially be controlled through the introduction of so-called Trojan sex genes carriers, individuals that possess sex chromosomes or genes opposite from what their phenotype predicts. Here, we review the conditions for ESR, its prevalence in natural populations, the resulting physiological and reproductive consequences, and how these may become instrumental for population management.

Modelling tree population dynamics at the alpine and boreal tree-line ecotones in response to climate and land-use change

Summary Ecotones are sensitive to change because they contain high numbers of species living at the margin of their environmental tolerance. This is equally true of tree-lines, which are determined by attitudinal or latitudinal temperature gradients. In the current context of climate change, they are expected to undergo modifications in position, tree biomass and possibly species composition. Attitudinal and latitudinal tree-lines differ mainly in the steepness of the underlying temperature gradient: distances are larger at latitudinal tree-lines, which could have an impact on the ability of tree species to migrate in response to climate change. Aside from temperature, tree-lines are also affected on a more local level by pressure from human activities. These are also changing as a consequence of modifications in our societies and may interact with the effects of climate change. Forest dynamics models are often used for climate change simulations because of their mechanistic processes. The spatially-explicit model TreeMig was used as a base to develop a model specifically tuned for the northern European and Alpine tree-line ecotones. For the latter, a module for land-use change processes was also added. The temperature response parameters for the species in the model were first calibrated by means of tree-ring data from various species and sites at both tree-lines. This improved the growth response function in the model, but also lead to the conclusion that regeneration is probably more important than growth for controlling tree-line position and species' distributions. The second step was to implement the module for abandonment of agricultural land in the Alps, based on an existing spatial statistical model. The sensitivity of its most important variables was tested and the model's performance compared to other modelling approaches. The probability that agricultural land would be abandoned was strongly influenced by the distance from the nearest forest and the slope, bath of which are proxies for cultivation costs. When applied to a case study area, the resulting model, named TreeMig-LAb, gave the most realistic results. These were consistent with observed consequences of land-abandonment such as the expansion of the existing forest and closing up of gaps. This new model was then applied in two case study areas, one in the Swiss Alps and one in Finnish Lapland, under a variety of climate change scenarios. These were based on forecasts of temperature change over the next century by the IPCC and the HadCM3 climate model (ΔT: +1.3, +3.5 and +5.6 °C) and included a post-change stabilisation period of 300 years. The results showed radical disruptions at both tree-lines. With the most conservative climate change scenario, species' distributions simply shifted, but it took several centuries reach a new equilibrium. With the more extreme scenarios, some species disappeared from our study areas (e.g. Pinus cembra in the Alps) or dwindled to very low numbers, as they ran out of land into which they could migrate. The most striking result was the lag in the response of most species, independently from the climate change scenario or tree-line type considered. Finally, a statistical model of the effect of reindeer (Rangifer tarandus) browsing on the growth of Pinus sylvestris was developed, as a first step towards implementing human impacts at the boreal tree-line. The expected effect was an indirect one, as reindeer deplete the ground lichen cover, thought to protect the trees against adverse climate conditions. The model showed a small but significant effect of browsing, but as the link with the underlying climate variables was unclear and the model was not spatial, it was not usable as such. Developing the TreeMig-LAb model allowed to: a) establish a method for deriving species' parameters for the growth equation from tree-rings, b) highlight the importance of regeneration in determining tree-line position and species' distributions and c) improve the integration of social sciences into landscape modelling. Applying the model at the Alpine and northern European tree-lines under different climate change scenarios showed that with most forecasted levels of temperature increase, tree-lines would suffer major disruptions, with shifts in distributions and potential extinction of some tree-line species. However, these responses showed strong lags, so these effects would not become apparent before decades and could take centuries to stabilise. Résumé Les écotones son sensibles au changement en raison du nombre élevé d'espèces qui y vivent à la limite de leur tolérance environnementale. Ceci s'applique également aux limites des arbres définies par les gradients de température altitudinaux et latitudinaux. Dans le contexte actuel de changement climatique, on s'attend à ce qu'elles subissent des modifications de leur position, de la biomasse des arbres et éventuellement des essences qui les composent. Les limites altitudinales et latitudinales diffèrent essentiellement au niveau de la pente des gradients de température qui les sous-tendent les distance sont plus grandes pour les limites latitudinales, ce qui pourrait avoir un impact sur la capacité des espèces à migrer en réponse au changement climatique. En sus de la température, la limite des arbres est aussi influencée à un niveau plus local par les pressions dues aux activités humaines. Celles-ci sont aussi en mutation suite aux changements dans nos sociétés et peuvent interagir avec les effets du changement climatique. Les modèles de dynamique forestière sont souvent utilisés pour simuler les effets du changement climatique, car ils sont basés sur la modélisation de processus. Le modèle spatialement explicite TreeMig a été utilisé comme base pour développer un modèle spécialement adapté pour la limite des arbres en Europe du Nord et dans les Alpes. Pour cette dernière, un module servant à simuler des changements d'utilisation du sol a également été ajouté. Tout d'abord, les paramètres de la courbe de réponse à la température pour les espèces inclues dans le modèle ont été calibrées au moyen de données dendrochronologiques pour diverses espèces et divers sites des deux écotones. Ceci a permis d'améliorer la courbe de croissance du modèle, mais a également permis de conclure que la régénération est probablement plus déterminante que la croissance en ce qui concerne la position de la limite des arbres et la distribution des espèces. La seconde étape consistait à implémenter le module d'abandon du terrain agricole dans les Alpes, basé sur un modèle statistique spatial existant. La sensibilité des variables les plus importantes du modèle a été testée et la performance de ce dernier comparée à d'autres approches de modélisation. La probabilité qu'un terrain soit abandonné était fortement influencée par la distance à la forêt la plus proche et par la pente, qui sont tous deux des substituts pour les coûts liés à la mise en culture. Lors de l'application en situation réelle, le nouveau modèle, baptisé TreeMig-LAb, a donné les résultats les plus réalistes. Ceux-ci étaient comparables aux conséquences déjà observées de l'abandon de terrains agricoles, telles que l'expansion des forêts existantes et la fermeture des clairières. Ce nouveau modèle a ensuite été mis en application dans deux zones d'étude, l'une dans les Alpes suisses et l'autre en Laponie finlandaise, avec divers scénarios de changement climatique. Ces derniers étaient basés sur les prévisions de changement de température pour le siècle prochain établies par l'IPCC et le modèle climatique HadCM3 (ΔT: +1.3, +3.5 et +5.6 °C) et comprenaient une période de stabilisation post-changement climatique de 300 ans. Les résultats ont montré des perturbations majeures dans les deux types de limites de arbres. Avec le scénario de changement climatique le moins extrême, les distributions respectives des espèces ont subi un simple glissement, mais il a fallu plusieurs siècles pour qu'elles atteignent un nouvel équilibre. Avec les autres scénarios, certaines espèces ont disparu de la zone d'étude (p. ex. Pinus cembra dans les Alpes) ou ont vu leur population diminuer parce qu'il n'y avait plus assez de terrains disponibles dans lesquels elles puissent migrer. Le résultat le plus frappant a été le temps de latence dans la réponse de la plupart des espèces, indépendamment du scénario de changement climatique utilisé ou du type de limite des arbres. Finalement, un modèle statistique de l'effet de l'abroutissement par les rennes (Rangifer tarandus) sur la croissance de Pinus sylvestris a été développé, comme première étape en vue de l'implémentation des impacts humains sur la limite boréale des arbres. L'effet attendu était indirect, puisque les rennes réduisent la couverture de lichen sur le sol, dont on attend un effet protecteur contre les rigueurs climatiques. Le modèle a mis en évidence un effet modeste mais significatif, mais étant donné que le lien avec les variables climatiques sous jacentes était peu clair et que le modèle n'était pas appliqué dans l'espace, il n'était pas utilisable tel quel. Le développement du modèle TreeMig-LAb a permis : a) d'établir une méthode pour déduire les paramètres spécifiques de l'équation de croissance ä partir de données dendrochronologiques, b) de mettre en évidence l'importance de la régénération dans la position de la limite des arbres et la distribution des espèces et c) d'améliorer l'intégration des sciences sociales dans les modèles de paysage. L'application du modèle aux limites alpines et nord-européennes des arbres sous différents scénarios de changement climatique a montré qu'avec la plupart des niveaux d'augmentation de température prévus, la limite des arbres subirait des perturbations majeures, avec des glissements d'aires de répartition et l'extinction potentielle de certaines espèces. Cependant, ces réponses ont montré des temps de latence importants, si bien que ces effets ne seraient pas visibles avant des décennies et pourraient mettre plusieurs siècles à se stabiliser.

Conditions de travail, chômage et santé : la situation en Suisse à la lumière de l'Enquête suisse sur la santé 2007

"L'emploi et les conditions de travail ont une grande incidence sur l'équité en santé", note l'Organisation mondiale de la santé (OMS) dans un rapport publié en 2008: ils font partie des principaux déterminants sociaux "à l'origine d'une grande part des inégalités en santé observées entre pays et dans les pays". Ce constat se fonde sur un vaste corpus d'enquêtes et de recherches menées à l'échelle internationale, dont le renouveau ces trois dernières décennies a été stimulé par l'explosion du chômage et de la précarisation de l'emploi, ainsi que par l'intensification du travail. Pour la première fois, une vue chiffrée d'ensemble de cette problématique est également disponible pour la Suisse, basée sur les données de la dernière enquête suisse sur la santé, réalisée en 2007 par l'Office fédéral de la statistique (OFS). L'étude dont nous présentons ici les résultats cherche à répondre à trois questions?: 1) Quelles sont les conditions de travail à risque (physique ou psycho-social) les plus fréquentes? Qui y est le plus exposé, en fonction notamment du sexe, de la position sociale ou de la branche d'activité? 2) Quelles associations peut-on mettre en évidence entre ces conditions de travail et l'état de santé? 3) Quels sont les liens entre le fait d'être au chômage ou de craindre pour son emploi et l'état de santé? Les données analysées révèlent un lien significatif entre les conditions de travail à risques, plus fréquentes que souvent admis, et une santé dégradée chez les personnes concernées. L'association est encore plus forte avec le fait d'être au chômage. Ces réalités sont souvent passées sous silence, en Suisse encore plus qu'ailleurs. Cette étude contribue à les rendre visibles et à instruire ainsi le débat nécessaire sur les conditions économiques et sociales de leur changement. Débat dont l'actualité est redoublée par les conséquences dramatiques sur l'emploi et sur les conditions de travail de l'actuelle crise économique internationale. [Ed.]

Dissolution-reprecipitation of zircon at low-temperature, high-pressure conditions (Lanzo Massif, Italy)

An eclogite facies meta-plagiogranite from the Lanzo massif (western Alps, Italy) contains crystals of zircon intimately associated with allanite. Zircon displays different microtextures ranging from pristine, euhedral, and magmatic to fractured, porous varieties with mosaic zoning, and pervasive recrystallization into euhedral microcrystals. Fractures and voids in the recrystallized zircon microcrystals are mainly filled by high-pressure Na-rich pyroxene. Electron backscattered diffraction analysis revealed a similar crystallographic orientation for primary magmatic zircon crystals and microcrystals, with less than 2 degrees misorientation among neighboring microdomains. The textural change is coupled with chemical and isotopic modifications: recrystallized zircon domains contain significantly less Th and light- to mid-REE, but are richer in Sr than magmatic zircon crystals. Magmatic zircon preserves the protolith U-Pb age of 163.5 +/- 1.7 Ma, whereas zircon microcrystals have a mean age of 55 +/- 1 Ma. The coexisting allanite also contains inclusions of Na-rich pyroxene and has chemical features (elevated Sr and Ni contents and lack of Eu anomaly) indicating formation at high pressure. Despite being associated texturally with zircon, allanite yields a younger Th-Pb age of 46.5 +/- 3.0 Ma, suggesting that the Lanzo unit remained at relatively high pressure conditions for similar to 8 m.y. Zircon recrystallization proceeded with volume reduction and loss of material to an alkaline metamorphic fluid that acted as the agent for a coupled dissolution-reprecipitation process. Recrystallization occurred with minimum transport, in a low-strain environment, and was not significantly enhanced by metamictization. The source of the fluid for zircon recrystallization is most probably related to prograde devolatilization reactions in the surrounding serpentinite.

Differential phosphoproteomics of fragmenting yeast vacuoles

Many organelles exist in an equilibrium of fragmentation into smaller units and fusion into larger structures, which is coordinated with cell division, the increase in cell mass, and envi¬ronmental conditions. In yeast cells, organelle homeostasis can be studied using the yeast vacuole (lysosome) as a model system. Yeast vacuoles are the main compartment for degrada¬tion of cellular proteins and storage of nutrients, ions and metabolites. Fission and fusion of vacuoles can be induced by hyper- and hypotonic shock in vivo, respectively, and have also been reconstituted in vitro using isolated vacuoles. The conserved serine/threonine kinase TOR (target of rapamycin) is a central nutrient sensor and regulates cell growth and metabolism. In yeast, there are two TOR proteins, Torlp and Tor2p, which are part of larger protein complexes, TORCI and TORC2. Only TORCI is rapamycin-sensitive. Disregulation of TOR signaling is linked to a multitude of diseases in humans, e.g. cancer, neurodegenerative diseases and metabolic syndrome. It has been shown that TORCI localizes to the vacuole membrane, and recent findings of our laboratory demonstrated that TORCI positively regulates vacuole fragmentation. This suggests that the fragmentation machinery should contain target proteins phosphorylated by TORCI. I explored the rapamycin-and fission-dependent vacuolar phosphoproteome during frag¬mentation, using a label-free mass-spectrometry approach. I identified many vacuolar factors whose phosphorylation was downregulated in a TORCI- and fission-dependent manner. Among them were known protein complexes that are functionally linked to fission or fusion, like the HOPS, VTC and FAB1 complexes. Hence, TORCI-dependent phosphorylations might positively regulate vacuole fission. Several candidates were chosen for detailed microscopic analysis of in vivo vacuole frag-mentation, using deletion mutants. I was able to identify novel factors not previously linked to fission phenotypes, e.g. the SEA complex, Pib2, and several vacuolar amino acid transporters. Transport of neutral and basic amino acids across the membrane seems to control vacuole fission, possibly via TORCI. I analyzed vacuolar fluxes of amino acids in wildtype yeast cells and found evidence for a selective vacuolar export of basic amino acids upon hyperosmotic stress. This leads me to propose a model where vacuolar export of amino acids is necessary to reshape the organelle under salt stress. - Le nombre et la taille de certaines organelles peut être déterminé par un équilibre entre la fragmentation qui produit des unités plus petites et la fusion qui génère des structures plus larges. Cet équilibre est coordonné avec la division cellulaire, l'augmentation de la masse cellulaire, et les conditions environnementales. Dans des cellules de levure, l'homéostasie des organelles peut être étudié à l'aide d'un système modèle, la vacuole de levure (lysosome). Les vacuoles constituent le principal compartiment de la dégradation des protéines et de stockage des nutriments, des ions et des métabolites. La fragmentation et la fusion des vacuoles peuvent être respectivement induites par un traitement hyper- ou hypo-tonique dans les cellules vivantes. Ces processus ont également été reconstitués in vitro en utilisant des vacuoles isolées. La sérine/thréonine kinase conservée TOR (target of rapamycin/cible de la rapamycine) est un senseur de nutriments majeur qui régule la croissance cellulaire et le métabolisme. Chez la levure, il existe deux protéines TOR, Torlp et Tor2p, qui sont les constituants de plus grands complexes de protéines, TORCI et TORC2. TORCI est spécifiquement inhibé par la rapamycine. Une dysrégulation de la signalisation de TOR est liée à une multitude de maladies chez l'homme comme le cancer, les maladies neurodégénératives et le syndrome métabolique. Il a été montré que TORCI se localise à la membrane vacuolaire et les découvertes récentes de notre laboratoire ont montré que TORCI régule positivement la fragmentation de la vacuole. Ceci suggère que le mécanisme de fragmentation doit être contrôlé par la phosphorylation de certaines protéines cibles de TORCI. J'ai exploré le phosphoprotéome vacuolaire lors de la fragmentation, en présence ou absence de rapamycine et dans des conditions provoquant la fragmentation des organelles. La méthode choisie pour réaliser la première partie de ce projet a été la spectrométrie de masse différentielle sans marquage. J'ai ainsi identifié plusieurs facteurs vacuolaires dont la phosphorylation est régulée d'une manière dépendante de TORCI et de la fragmentation. Parmi ces facteurs, des complexes protéiques connus qui sont fonctionnellement liées à fragmentation ou la fusion, comme les complexes HOPS, VTC et FAB1 ont été mis en évidence. Par conséquent, la phosphorylation dépendante de TORCI peut réguler positivement la fragmentation des vacuoles. Plusieurs candidats ont été choisis pour une analyse microscopique détaillée de la fragmentation vacuolaire in vivo en utilisant des mutants de délétion. J'ai été en mesure d'identifier de nouveaux facteurs qui n'avaient pas été encore associés à des phénotypes de fragmentation tels que les complexes SEA, Pib2p, ainsi que plusieurs transporteurs vacuolaires d'acides aminés. Le transport des acides aminés à travers la membrane semble contrôler la fragmentation de la vacuole. Puisque ces transporteurs sont phosphorylés par TORCI, ces résultats semblent confirmer la