Return and Volatility performance comparison of Ethical and Non-ethical publicly-listed financial services companies

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Analyse de maillages surfaciques par construction et comparaison de modèles moyens et par décomposition par graphes s’appuyant sur les courbures discrètes : application à l’étude de la cornée humaine

Réalisé en cotutelle avec Aix Marseille Université.

Déterminer le lien entre l’hyperglycémie et/ou l’hypoinsulinémie et la dégradation clinique observée avant le diagnostic du Diabète Associé à la Fibrose Kystique.

La Fibrose kystique (FK) est une maladie génétique qui se traduit par une destruction progressive des poumons et éventuellement, à la mort. La principale complication secondaire est le diabète associé à la FK (DAFK). Une dégradation clinique (perte de poids et de la fonction pulmonaire) accélérée est observée avant le diagnostic. L’objectif principal de mon projet de doctorat est de déterminer, par l’intermédiaire du test d’hyperglycémie provoquée par voie orale (HGPO), s’il existe un lien entre l’hyperglycémie et/ou l’hypoinsulinémie et la dégradation clinique observée avant le diagnostic du DAFK. Nous allons ainsi évaluer l’importance des temps intermédiaires de l’HGPO afin de simplifier le diagnostic d’une dysglycémie ainsi que d’établir des nouveaux marqueurs indicateurs de patients à risque d’une détérioration clinique. L’HGPO est la méthode standard utilisée dans la FK pour le diagnostic du DAFK. Nous avons démontré que les valeurs de glycémie obtenues au temps 90-min de l’HGPO seraient suffisantes pour prédire la tolérance au glucose des patients adultes avec la FK, autrement établie à l’aide des valeurs à 2-h de l’HGPO. Nous proposons des glycémies à 90-min de l’HGPO supérieure à 9.3 mmol/L et supérieure à 11.5 mmol/L pour détecter l’intolérance au glucose et le DAFK, respectivement. Une cause importante du DAFK est un défaut de la sécrétion d’insuline. Les femmes atteintes de la FK ont un risque plus élevé de développer le DAFK que les hommes, nous avons donc exploré si leur sécrétion était altérée. Contrairement à notre hypothèse, nous avons observé que les femmes avec la FK avaient une sécrétion d’insuline totale plus élevée que les hommes avec la FK, mais à des niveaux comparables aux femmes en santé. Le groupe de tolérance au glucose récemment proposé et nommé indéterminé (INDET : 60-min HGPO > 11.0 mais 2h-HGPO <7.8mmol/L) est à risque élevé de développer le DAFK. Par contre, les caractéristiques cliniques de ce groupe chez les patients adultes avec la FK n’ont pas été établies. Nous avons observé que le groupe INDET a une fonction pulmonaire réduite et similaire au groupe DAFK de novo et aucun des paramètres glucidiques et insulinémiques expliqueraient cette observation. Dans une population pédiatrique de patients avec la FK, une association a été rapportée entre une glycémie élevée à 60-min de l’HGPO et une fonction pulmonaire diminuée. Dans notre groupe de patients adultes avec la FK, il existe une association négative entre la glycémie à 60-min de l’HGPO et la fonction pulmonaire et une corrélation positive entre l’insulinémie à 60-min de l’HGPO et l’indice de masse corporelle (IMC). De plus, les patients avec une glycémie à 60-min HGPO > 11.0 mmol/L ont une fonction pulmonaire diminuée et une sensibilité à l’insuline basse alors que ceux avec une insulinémie à 60-min HGPO < 43.4 μU/mL ont un IMC ainsi qu’une fonction pulmonaire diminués. En conclusion, nous sommes le premier groupe à démontrer que 1) le test d’HGPO peut être raccourci de 30 min sans compromettre la catégorisation de la tolérance au glucose, 2) les femmes avec la FK démontrent une préservation de leur sécrétion de l’insuline, 3) le groupe INDET présente des anomalies précoces de la fonction pulmonaire comparable au groupe DAFK de novo et 4) la glycémie et l’insuline à la première heure de l’HGPO sont associées aux deux éléments clefs de la dégradation clinique. Il est crucial d’élucider les mécanismes pathophysiologiques importants afin de mieux prévoir la survenue de la dégradation clinique précédant le DAFK.

IA Critical Study of the Impact of Institutional Finance on Agriculture in Selected Villages of Ernakulam Revenue District

Vast changes have taken place in the field of institutional rural credit in India since the nationalisation of nineteen commercial banks in 1969. The supply of institutional finance to cultivators amounted to 63.2 percent of the total credit in 1981 compared to 31.2 percent in 1971. Insti tutionalisation of agricultural credit envisaged two objectives in general. One was to emancipate cultivators and farmers from the clutches of indigenous financiers and money lenders. The second was to make farmers financially capable of adopting the new technology or improved practices in agriculture so as to increase their agricultural production and thereby contributing to the development of agriculture in India. Though vast literature on Institutional Credi t and agriculture is available, no indepth and serious work examining thoroughly the cause of credit diversion has been undertaken so far. The present study is an attempt to fill up this gap. The study will be helpful to lending insti tutions, viz. Co-ope:r-atives, Commercial banks and various other insti tutional agencies in connection with their lending activity_ Also, the study will help government in .formulating proper policies that will insure a preferential treatment in favour of the most needy category of farmers and cultivators with respect to agricultural credit disbursement

Estudio de caso de los Hospitales: Santa Barbará de Vergara y San Rafael de Facatativá, de Cundinamarca; en el marco de la actual crisis en la administración en salud

El desarrollo del siguiente documento, diseña un plan de intervención para las Instituciones Prestadoras de Salud (IPS), con el fin de establecer mínimos de funcionamiento y de manejo de los aportes financieros de Hospitales y Clínicas en Cundinamarca especialmente el Hospital San Rafael de Facatativá y Hospital de Santa Bárbara de Vergara. Fue a partir del acercamiento a través de un trabajo de campo a las Instituciones mencionadas que se logró conocer y determinar las relaciones de la crisis en la salud y sus efectos tanto en las IPSs como a la sociedad atendida en el departamento. La intermediación entre los recursos del sistema, el dilema entre expansión y calidad del servicio y la legislación son las variables claves que impactan el desarrollo del sector Salud.

La gestión colectiva: Una estrategia para las holdings. Estudio comparativo entre derecho francés y derecho colombiano

Originalmente presentada en francés como proyecto de grado para la Maestría en Derecho Bancario y Financiero de la Universidad de Estrasburgo, la presente monografía tiene por objetivo analizar la Gestión Colectiva como estrategia para las Holdings. La Gestión Colectiva es un término francés empleado para designar al intermediario financiero que convierte el ahorro individual en portafolios colectivos. En Colombia, la Gestión Colectiva es conocida como Carteras Colectivas o Fondos de Inversión Colectiva, (su nombre más reciente). Este vehículo financiero, es en cierto modo una democratización de las finanzas, ya que canaliza el ahorro de la población hacia las principales industrias, permitiendo que las empresas hagan del ahorro individual una fuente de financiación para sus proyectos, y que la mayor parte de la población tenga acceso a las finanzas. Es por esto, que el tema frecuentemente es abordado desde el punto de vista de la protección a los inversionistas y no, desde los vehículos que prestan dicho servicio. Sin embargo, la presente Monografía estudia la Gestión Colectiva como una posible estrategia para las Holdings, analizando desde este punto de vista, la pertinencia de implementar la Gestión Colectiva como estrategia para reunir fondos para las Holdings. De ahí que el derecho comparado sea de gran ayuda para comprender si dicha estrategia es viable en todos los países en general o si, por el contrario, como lo vemos en Derecho Bancario, unos países sean más favorables que otros. El presente, es un estudio multidisciplinario en el cual se tienen en cuenta variables de tipo legal, económico y político, y se implementan teorías económicas aplicables al estudio del Derecho como Law & Economics. En una primera parte nos centramos en un análisis comparado de las legislaciones de dos países con niveles de desarrollo diferente, a saber, Francia y Colombia. Y, en la segunda parte analizamos el rol de la Gestión Colectiva en las Holdings, así como sus ventajas y desventajas según la legislación aplicable.

Lessons from real estate partnerships in the UK: Drivers, barriers and critical success factors

Purpose – This paper seeks to summarise the main research findings from a detailed, qualitative set of structured interviews and case studies of Real Estate Partnership (REP) schemes in the UK, which involve the construction of built facilities. The research, which was funded by the Foundation for the Built Environment, examines the evolution of REPs in the UK and in Europe. The paper also aims to analyse best practice, critical factors for success, and lessons for the future. Design/methodology/approach – The research in this paper is based around ten semi-structured interviews conducted with senior representatives from corporate occupiers, property consultants, legal practices and REP service providers. Findings – The research in the paper demonstrates that REPs are particularly suited to the UK, where lease lengths are relatively long, and the level of corporate real estate owner-occupation is often higher than elsewhere. It also shows that further research is needed to examine the future shape and form of the UK REP market. Research limitations/implications – The paper is based on a limited number of in-depth case study interviews. The paper shows that further research is needed to find better ways to examine REPs empirically. Practical implications – The paper is important in highlighting a number of main issues in developing REPs: identifying with occupier's objectives; risk transfer and size of contract; and developing appropriate innovation and skills. Originality/value – The paper examines the drivers, barriers and critical success factors (at strategic and operational levels) for REPs in the UK in detail and will be of value to property managers, facilities managers, investors, financiers, and others involved in the REP process.

The impact of information and communications technology on commercial real estate in the new economy

Purpose – This paper seeks to critically review the conceptual frameworks that have been developed for assessing the impact of information and communications technology (ICT) on real estate. Design/methodology/approach – The research is based on a critical review of existing literature and draws from examples of previous empirical research in the field. Findings – The paper suggests that a “socio-technical framework” is more appropriate to examine ICT impact in real estate than other “deterministic” frameworks. Therefore, ICT is an important part of the new economy, but must be seen in the context of a number of other social and economic factors. Research limitations/implications – The research is based on a qualitative assessment of existing frameworks, and by using examples from commercial real estate, assesses the extent to which a “socio-technical” framework can aid understanding of ICT impact. Practical implications – The paper is important in highlighting a number of the main issues in conceptualising ICT impact in real estate and also critically examines the emergence of a new economy in the information society within the general context of real estate. The paper also highlights research gaps in the field. Originality/value – The paper deconstructs the myths of the “death of real estate” and “productivity increase means jobs loss”, in relation to office real estate. Finally, it examines some of the ways in which ICT is impacting on real estate and suggests the most important components for a future research agenda in the field of ICT and real estate impact, and will be of value to property investors, facilities managers, developers, financiers, and others.

Lessons from the private finance initiative in the UK: benefits, problems and critical success factors

Purpose – This paper summarises the main research findings from a detailed, qualitative set of structured interviews and case studies of private finance initiative (PFI) schemes in the UK, which involve the construction of built facilities. The research, which was funded by the Foundation for the Built Environment, examines the emergence of PFI in the UK. Benefits and problems in the PFI process are investigated. Best practice, the key critical factors for success, and lessons for the future are also analysed. Design/methodology/approach – The research is based around 11 semi-structured interviews conducted with stakeholders in key PFI projects in the UK. Findings – The research demonstrates that value for money and risk transfer are key success criteria. High procurement and transaction costs are a feature of PFI projects, and the large-scale nature of PFI projects frequently acts as barrier to entry. Research limitations/implications – The research is based on a limited number of in-depth case study interviews. The paper also shows that further research is needed to find better ways to measure these concepts empirically. Practical implications – The paper is important in highlighting four main areas of practical improvement in the PFI process: value for money assessment; establishing end-user needs; developing competitive markets and developing appropriate skills in the public sector. Originality/value – The paper examines the drivers, barriers and critical success factors for PFI in the UK for the first time in detail and will be of value to property investors, financiers, and others involved in the PFI process.

Los historiadores y los financieros de la Francia del Antiguo Régimen

This article proposes a brief historiographical survey of works on the financiers of Ancien Regime France. It argues that the historians’ main conclusions vary according to the period they study and their main research issue (e.g. the building of the Absolute monarchy, financial crises, economic growth). It suggests that the new consensus about the social origins of the financiers does not fully clarify the question of their perception by the public and their role in the monarchy. It notes that the activities of the financiers were varied and evolved over time, and that the technical aspects of their activities remain poorly known, making it difficult to offer a simple answer to the broad question of their worth and their cost for the monarchy.

Contingent Edis: a new contractual framework for minimizing the risk of incentive failures

Granting economic development incentives (or “EDIs”) has become commonplace throughout the United States, but the efficiency of these mechanisms is generally unwarranted. Both the politicians granting, and the companies seeking, EDIs have incentives to overestimate the EDIs benefits. For politicians, ribbon–cutting ceremonies can be the highly desirable opportunity to please political allies and financiers, and the same time that they demonstrate to the population that they are successful in promoting economic growth – even when the population would be better off otherwise. In turn, businesses are naturally prone to seek governmental aid. This explains in part why EDIs often “fail” (i.e. don’t pay–off). To increase transparency and mitigate the risk of EDI failure, local and state governments across the country have created a number of accountability mechanisms. The general trait of these accountability mechanisms is that they apply controls to some of the sub–risks that underlie the risk of EDI failure. These sub–risks include the companies receiving EDIs not generating the expected number of jobs, not investing enough in their local facilities, not attracting the expected additional businesses investments to the jurisdiction, etc. The problem with such schemes is that they tackle the problem of EDI failure very loosely. They are too narrow and leave multiplier effects uncontrolled. I propose novel contractual framework for implementing accountability mechanisms. My suggestion is to establish controls on the risk of EDI failure itself, leaving its underlying sub–risks uncontrolled. I call this mechanism “Contingent EDIs”, because the EDIs are made contingent on the government achieving a preset target that benchmarks the risk of EDI failure. If the target is met, the EDIs will ex post kick in; if not, then the EDIs never kick in.

Análise sociológica do romance "Terras do sem fim"

Este trabalho consiste na análise sociológica do romance "Terras do Sem Fim", de Jorge Amado. Partimos da idéia de que a obra de arte não é apenas um reflexo da realidade mas que ela é capaz de reproduzir um determinado momento desta realidade, apreendendo-o em toda sua complexidade, embora através de sua própria especificidade. Procuramos portanto ao analisar esta obra captar o princípio estrutural que ordena o mundo ficcional e mostrar de que forma se faz a transposição do plano real ao plano romanesco. Em "Terras do Sem Fim" nos parece que as relações entre as personagens assim como sua trajetória são de terminadas pelo princípio do autoritarismo e da "malandragem”. Nesta sociedade cacaueira do princípio do século transposta para o romance, os coronéis, fazendeiros de cacau, dominam por meio da violência e da fraude, mas para dar livre curso à sua ambição ou para se realizarem no pleno individual, necessitam do concurso dos representantes dos grupos médios (advogados, médicos, funcionários públicos, jornalistas, etc.). Estes de melhor nível educacional, de origem urbana, detentores do "saber" utilizam-se desses trunfos para obterem dinheiro, prestígio social ou fama que os compensem pela sua submissão e lealdade aos coronéis. Em plano secundário, como na vida real, estão os trabalhadores e pessoas humildes que vivem sob a bota dos coronéis, não tendo maior peso político ou influência os acontecimentos. Para compreender essa estrutura social baseada na realidade baiana, partimos da análise da sociedade brasileira no, período estudado (Primeira República), analisando-a do ponto de vista econômico, político e social. Procuramos também mostrar como a formação e a vivência do escritor contribuem para a apreensão dessa realidade mas não seriam por si sós garantia dessa fidelidade que e, em última instância, determinada pela sensibilidade e pelo trabalho criador do artista.

Aspectos legais referentes à informação, à proteção aos minoritários e às novas práticas de gestão como condição de desenvolvimento do mercado de capitais brasileiro

Nos últimos tempos, principalmente no último decênio, estamos experimentando uma acelerada transformação em diversos parâmetros da vida em sociedade, situando-se no âmbito econômico um destes segmentos mais sensíveis a tais modificações. Para a adaptação ao novo cenário econômico mundial, em que passamos a conviver com uma economia globalizada, o Estado brasileiro necessita reestruturar-se, passando tal tarefa, principalmente pela criação de condições favoráveis ao desenvolvimento e inserção de suas empresas neste novo cenário que exige empresas cada vez mais competitivas. Para que se possa tornar competitivas, devem modernizar-se, e, para tal, necessitam financiar seus projetos dentro de parâmetros de custo e condições viáveis. Como as opções tradicionais de captação junto ao sistema bancário tornaram-se proibitivas e o Estado não pode mais subsidiar tais projetos como outrora, o mercado de capitais tem-se mostrado uma alternativa viável para o financiamento das empresas, que, desta forma, podem captar os recursos de que necessitam,através da participação dos investidores, dividindo com estes os riscos empresariais. Todavia, um mercado de capitais forte pressupõe condições favoráveis para que se possa tornar potencialmente atraente aos investidores. Além das variantes econômicas, o mercado será atraente quando transmitir segurança aos investidores. A presente dissertação prepõe-se a analisar se o atual estágio do ordenamento jurídico pátrio, tendo em vista as alterações legislativas introduzidas pela Lei n. 10.303/2001, e se as práticas de gestão que vem sendo utilizadas no Brasil encontra-se em consonância com os parâmetros exigidos pelos investidores, garantindo as condições necessárias para o desenvolvimento do mercado de capitais no Brasil.

The promised LAN: the transformative power of information and communications technology in developing countries

Este tese analise as implicações dos investimentos em tecnologia de informação e comunicação (ICT) em países ainda em desenvolvimento, especialmente em termos de educação, para estimular a implementação de uma infra-estrutura mais moderna em vez da continuação do uso de métodos tradicionais. Hoje, como o interesse e os investimentos em ICT estão crescendo rapidamente, os módulos e as idéias que existem para medir o estado de ICT são velhos e inexatos, e não podem ser aplicados às culturas de países em desenvolvimento. Políticos e investidores têm que considerar estes problemas quando estão pensando em investimentos ou socorros para programas em ICT no futuro, e investigadores e professores precisam entender os fatores importantes no desenvolvimento para os ICTs e a educação antes de começar estudos nestes países. Este tese conclue que investimentos em tecnologias móbeis e sem fios ajudarem organizações e governos ultrapassar a infra-estrutura tradicional, estreitando a divisão digital e dando o resulto de educação melhor, alfabetização maior, e soluções sustentáveis pelo desenvolvimento nas comunidades pobres no mundo de países em desenvolvimento.