Plan de finance, pour être présenté aux Etats Généraux ([Reprod.]) / par M. Desmarest,...

Collection : Les archives de la Révolution française ; 10.1.46

Protecting mobile agents from external replay attacks

Peer-reviewed

Paediatric bi-ventricular external assist device based on artificial muscles

Objective: Existing VADs are single-ventricle pumps needing anticoagulation. We developed a bi ventricular external assist device that reproduces the physiological heart muscle movement completely avoiding anticoagulants. Methods: The device has a carbon fibre skeleton fitting a 30-40 kg patient's heart, to which a Nitinol based artificial muscle is connected. The artificial muscle wraps both ventricles. The strength of the Nitinol fibres is amplified by a pivot articulation in contact with the ventricle wall. The fibres are electrically driven and a dedicated control unit has been developed. We assessed hemodynamic performances of this device using a previously described dedicated bench test. Volume ejected and pressure gradient has been measured with afterload ranging from 25 to 50mmHg. Results: With anafterload of 50mmHg the system has an ejection fraction (EF) of 10% on the right side and 8% on the left side. The system is able to generate a systolic ejection of 5,5 ml on the right side and 4,4 ml on the left side. With anafterload of 25mmHg the results are reduced of about 20%. The activation frequency is 80/minute resulting in a total volume displacement of 440 ml/minute on the right side and 352 ml/minute on the left side. Conclusions: The artificial muscle follows Starling's law as the ejected volume increases when afterload increases. These preliminary studies confirmed the possibility of improving the EF of a failing heart using artificial muscle for external cardiac compression. This device could be helpful in weaning CPB and/or for short-term cardio-circulatory support in paediatric population with cardiac failure.

The use of external mesh reinforcement to reduce intimal hyperplasia and preserve the structure of human saphenous veins.

The saphenous vein is the conduit of choice in bypass graft procedures. Haemodynamic factors play a major role in the development of intimal hyperplasia (IH), and subsequent bypass failure. To evaluate the potential protective effect of external reinforcement on such a failure, we developed an ex vivo model for the perfusion of segments of human saphenous veins under arterial shear stress. In veins submitted to pulsatile high pressure (mean pressure at 100 mmHg) for 3 or 7 days, the use of an external macroporous polyester mesh 1) prevented the dilatation of the vessel, 2) decreased the development of IH, 3) reduced the apoptosis of smooth muscle cells, and the subsequent fibrosis of the media layer, 4) prevented the remodelling of extracellular matrix through the up-regulation of matrix metalloproteinases (MMP-2, MMP-9) and plasminogen activator type I. The data show that, in an experimental ex vivo setting, an external scaffold decreases IH and maintains the integrity of veins exposed to arterial pressure, via increase in shear stress and decrease wall tension, that likely contribute to trigger selective molecular and cellular changes.

Ignition of a human body by a modest external source: a case report.

A case of sustained combustion of a human body that occurred in 2006 in Geneva, Switzerland, is presented. The body of a man was discovered at home and found to have been almost completely incinerated between the knees and the mid-chest, with less damage to the head, arms, lower legs and feet. His dog was also found dead just behind the house door. The external source of ignition was most likely a cigarette or a cigar. The chair in which the man had been sitting was largely consumed while other objects in the room exhibited only a brown oily or greasy coating and were virtually undamaged. Toxicological analyses carried out on the blood from the lower legs showed low levels of desalkylflurazepam. Alcohol concentration was 1.10 per thousand, carboxyhaemoglobin levels were 12% and cyanide concentration was 0.05 mg/L. Toxicological analyses carried out on the dog's blood showed carboxyhaemoglobin levels at 65%.

In vitro evaluation of the temperature increment at the external root surface after Er,Cr: YSGG laser irradiation of the root canal

Objectives: A study was made to determine the temperature increment at the dental root surface following Er,Cr:YSGG laser irradiation of the root canal. Design. Human canines and incisors previously instrumented to K file number ISO 30 were used. Irradiation was carried out with glass fiber endodontic tips measuring 200 μm in diameter and especially designed for insertion in the root canal. The teeth were irradiated at 1 and 2 W for 30 seconds, without water spraying or air, and applying a continuous circular movement (approximately 2 mm/sec.) in the apico-coronal direction. Results: At the 1 W power setting, the mean temperature increment was 3.84ºC versus 5.01ºC at 2 W. In all cases the difference in mean value obtained after irradiation versus the mean baseline temperature proved statistically significant (p< 0.05). Conclusions: Application of the Er,Cr:YSGG laser gives rise to a statistically significant temperature increment at the external root surface, though this increment is probably clinically irrelevant, since it would appear to damage the tissues (periodontal ligament and alveolar bone) in proximity to the treated tooth

External validation of the ASTRAL score to predict 3- and 12-month functional outcome in the China National Stroke Registry.

BACKGROUND AND PURPOSE: The ASTRAL score was recently introduced as a prognostic tool for acute ischemic stroke. It predicts 3-month outcome reliably in both the derivation and the validation European cohorts. We aimed to validate the ASTRAL score in a Chinese stroke population and moreover to explore its prognostic value to predict 12-month outcome. METHODS: We applied the ASTRAL score to acute ischemic stroke patients admitted to 132 study sites of the China National Stroke Registry. Unfavorable outcome was assessed as a modified Rankin Scale score >2 at 3 and 12 months. Areas under the curve were calculated to quantify the prognostic value. Calibration was assessed by comparing predicted and observed probability of unfavorable outcome using Pearson correlation coefficient. RESULTS: Among 3755 patients, 1473 (39.7%) had 3-month unfavorable outcome. Areas under the curve for 3 and 12 months were 0.82 and 0.81, respectively. There was high correlation between observed and expected probability of unfavorable 3- and 12-month outcome (Pearson correlation coefficient: 0.964 and 0.963, respectively). CONCLUSIONS: ASTRAL score is a reliable tool to predict unfavorable outcome at 3 and 12 months after acute ischemic stroke in the Chinese population. It is a useful tool that can be readily applied in clinical practice to risk-stratify acute stroke patients.

Leasingsopimusten kirjaaminen tilinpäätökseen, case: Toyota Finance Finland Oy

Tutkielman pääaiheena on leasingsopimusten kirjaaminen tilinpäätökseen viiden eri tilinpäätösnormiston näkökulmasta. Tutkielman tavoitteena on selvittää viiden tilinpäätösnormiston, suomalaisen GAAP:n ja IFRS:n, UK GAAP:n, US GAAP:n sekä Japanin GAAP:n, eroavaisuuksia ja yhteneväisyyksiä ja keskittyä näissä varsinkin leasingsopimusten kirjanpidollisten käsittelytapojen eroavaisuuksien tarkasteluun. Lisäksi tutkielman alatavoitteena on selvittää näiden normistojen yleisiä kirjanpidon ja tilinpäätöksen periaatteita. Tutkielman empiria perustuu case-yritys Toyota Finance Finland Oy:n ja sen emoyritysten tilinpäätösten muodon sekä konsernitilinpäätösten sisällön ja leasingsopimusten käsittelyn tarkasteluun. Tutkielma on case-tutkimus mutta se perustuu myös ongelman teoreettiseen käsittelyyn lähdemateriaalin, caseyrityksestä saadun informaation ja oman päättelyn pohjalta. Tutkielma on deskriptiivistä ja sen tarkoituksena onpyrkiä saamaan vastauksia kysymyksiin 'miten on?' ja 'miksi on?'. Tutkielman edetessä voidaan havaita, että vaikka yleiset kirjanpito- ja tilinpäätösperiaatteet ovat aika lailla samansisältöisiä kaikissa viidessä tilinpäätösnormistossa, sisältävät tietyt tilinpäätösstandardit ja -periaatteet huomattaviakin eroavaisuuksia. Leasingsopimukset ovat hyvä esimerkki tilinpäätöseristä, joiden käsittelypoikkeaa huomattavasti toisistaan näiden viiden tilinpäätösnormiston välillä.Suurimman ongelman aiheuttavat käyttö- ja rahoitusleasingsopimusten erilaiset käsittelytavat eri tilinpäätösnormistoissa. Suomalaisen lainsäädännön mukaan käyttö- ja rahoitusleasingsopimukset käsitellään kirjanpidollisesti samalla tavalla mutta esimerkiksi IFRS-normiston, UK GAAP:n ja US GAAP:n mukaan leasingsopimukset tulee jaotella käyttö- ja rahoitusleasingsopimuksiksi niille annettujen luokittelukriteereiden perusteella. Leasingsopimuksen luonteen perusteella määräytyy myös sen kirjanpidollinen käsittely. Suurimman eron suomalaisen käytännön ja esimerkiksi IFRS-normiston välillä aiheuttaa se, että rahoitusleasingsopimukset viedään IFRS-normistossa vuokralle ottajan taseeseen omaisuudeksi ja rahoitusleasingsopimuksen myötä vuokralle ottajalle siirtyy myös kaikki leasinghyödykkeeseen liittyvät edut ja riskit. Suomalaisessa käytännössä rahoitusleasing käsitellään aivan kuin käyttöleasingsopimus, vuokralle antajan taseessa. Käyttöleasingsopimuksen kirjanpidollinen käsittelytapa on kaikissa normistoissa jokseenkin samankaltainen.

Closed-End Fund Discount -Case: Norvestia & Neomarkka

Tutkimuksen tavoitteena oli määrittää, kuinka suljettuja sijoitusrahastoja tulisi arvioida, jotta voitaisiin ymmärtää, miksi suljetut sijoitusrahastot arvostetaanalennuksella suhteessa niiden substanssiarvoon. Aiemmat yritykset selittää suljettujen rahastojen substanssialennusilmiö esitettiin kirjallisuuskatsauksessa. Tutkimuksen empiirinen osio suoritettiin aineistotutkimus- ja kyselytutkimusmenetelmin hyödyntäen suomalaisia suljettuja sijoitusrahastoja Norvestia Oyj:tä ja Neomarkka Oyj:tä. Teoriaosiossa esitettiin, kuinka substanssialennus on kausaalisten tekijöiden ja markkinatunnelman funktio. Suljettu sijoitusrahasto arvostetaanyli tai alle substanssiarvonsa riippuen johdon aiheuttamien kustannusten, heikosti informoitujen sijoittajien ja rahaston ulkoisen epälikviditeetin suhteesta johdon suorituskykyyn, rahaston avaamisen mahdollisuuteen ja sisäisiin likviditeettietuihin. Suomalaiset suljetut sijoitusrahastot arvostetaan alle substanssiarvonsa mahdollisesti johdon heikon suorituskyvyn, sopimuseriarvoisuuden, heikosti informoitujen sijoittajien läsnäolon ja rahaston osakkeiden epälikviditeetin takia.

Three essays in dynamic corporate finance

The three essays constituting this thesis focus on financing and cash management policy. The first essay aims to shed light on why firms issue debt so conservatively. In particular, it examines the effects of shareholder and creditor protection on capital structure choices. It starts by building a contingent claims model where financing policy results from a trade-off between tax benefits, contracting costs and agency costs. In this setup, controlling shareholders can divert part of the firms' cash ows as private benefits at the expense of minority share- holders. In addition, shareholders as a class can behave strategically at the time of default leading to deviations from the absolute priority rule. The analysis demonstrates that investor protection is a first order determinant of firms' financing choices and that conflicts of interests between firm claimholders may help explain the level and cross-sectional variation of observed leverage ratios. The second essay focuses on the practical relevance of agency conflicts. De- spite the theoretical development of the literature on agency conflicts and firm policy choices, the magnitude of manager-shareholder conflicts is still an open question. This essay proposes a methodology for quantifying these agency conflicts. To do so, it examines the impact of managerial entrenchment on corporate financing decisions. It builds a dynamic contingent claims model in which managers do not act in the best interest of shareholders, but rather pursue private benefits at the expense of shareholders. Managers have discretion over financing and dividend policies. However, shareholders can remove the manager at a cost. The analysis demonstrates that entrenched managers restructure less frequently and issue less debt than optimal for shareholders. I take the model to the data and use observed financing choices to provide firm-specific estimates of the degree of managerial entrenchment. Using structural econometrics, I find costs of control challenges of 2-7% on average (.8-5% at median). The estimates of the agency costs vary with variables that one expects to determine managerial incentives. In addition, these costs are sufficient to resolve the low- and zero-leverage puzzles and explain the time series of observed leverage ratios. Finally, the analysis shows that governance mechanisms significantly affect the value of control and firms' financing decisions. The third essay is concerned with the documented time trend in corporate cash holdings by Bates, Kahle and Stulz (BKS,2003). BKS find that firms' cash holdings double from 10% to 20% over the 1980 to 2005 period. This essay provides an explanation of this phenomenon by examining the effects of product market competition on firms' cash holdings in the presence of financial constraints. It develops a real options model in which cash holdings may be used to cover unexpected operating losses and avoid inefficient closure. The model generates new predictions relating cash holdings to firm and industry characteristics such as the intensity of competition, cash flow volatility, or financing constraints. The empirical examination of the model shows strong support of model's predictions. In addition, it shows that the time trend in cash holdings documented by BKS can be at least partly attributed to a competition effect.

Effect of prestorage curing on storage life, internal and external qualities of sweet orange (Citrus sinensis)

Orange fruits from two seasons, in April and August 2006 representing late 2005 and early 2006 harvests respectively were cured in hot air at 36-37(0)C to 1%, 3%, 5% and 7% weight loss before storage at 28(0)C and 86% relative humidity (RH). The fruits were observed for incidence of decay, further weight loss, juice content, firmness or softening of the peel, total soluble solids (TSS), pH, titratable acidity, and colour during storage. Curing reduced the incidence of decay. All control fruits were rotten by day 21 in August harvest while 22.5% of the control was rotten by day 56 in the April harvest. Storage life was extended beyond 56 days in fruits cured with 1, 3, 5 and 7% in April harvest as there was no decay throughout, while decay incidence in August harvest was 88.9, 61.1, 22.2 and 31.3% in 1, 3, 5 and 7% respectively. Penicillium digitatum, Phytophthora sp., Alternaria citri and Collectotrichum gloeosporioides were among decay causing moulds detected. Control fruits lost more weight during storage than cured fruits did. Fruit rind hardening was more noticed in the control and those cured to 1% weight loss, especially from the April harvest. It was insignificant in other treatments in both trials. Titratable acidity, pH, juice content and TSS were not affected by the treatment. Colour change to yellow was however retarded by curing. Curing to 5% weight loss was best for decay control and quality retention.

Spontaneous Emergence of Chirality in the Limited Enantioselectivity Model: Autocatalytic Cycle Driven by an External Reagent

The emergence of chirality in enantioselective autocatalysis for compounds unable to transform according to the Frank-like reaction network is discussed with respect to the controversial limited enantioselectivity (LES) model composed of coupled enantioselective and non-enantioselective autocatalyses. The LES model cannot lead to spontaneous mirror symmetry breaking (SMSB) either in closed systems with a homogeneous temperature distribution or in closed systems with a stationary non-uniform temperature distribution. However, simulations of chemical kinetics in a two-compartment model demonstrate that SMSB may occur if both autocatalytic reactions are spatially separated at different temperatures in different compartments but coupled under the action of a continuous internal flow. In such conditions, the system can evolve, for certain reaction and system parameters, toward a chiral stationary state; that is, the system is able to reach a bifurcation point leading to SMSB. Numerical simulations in which reasonable chemical parameters have been used suggest that an adequate scenario for such a SMSB would be that of abyssal hydrothermal vents, by virtue of the typical temperature gradients found there and the role of inorganic solids mediating chemical reactions in an enzyme-like role.