Overconfidence and market efficiency with heterogeneous agents

We study financial markets in which both rational and overconfident agents coexist and make endogenous information acquisition decisions. We demonstrate the following irrelevance result: when a positive fraction of rational agents (endogeneously) decides to become informed in equilibrium, prices are set as if all investors were rational, and as a consequence the overconfidence bias does not aect informational efficiency, price volatility, rational traders expected profits or their welfare. Intuitively, as overconfidence goes up, so does price infornativeness, which makes rational agents cut their information acquisition activities, effectively undoing the standard effect of more aggressive trading by the overconfident.

Selectividad con red chinchorro con dos diferentes tipos de copo en la Isla San Lorenzo, Callao. 16 al 20 de febrero 1998

Presenta información sobre el trabajo realizado con la finalidad de medir la respuesta selectiva, eficiencia y comportamiento del arte de pesca con red chinchorro, dicha experiencia se realizó entre el 16 y el 20 de febrero de 1998.

The genome of the leaf-cutting ant Acromyrmex echinatior suggests key adaptations to advanced social life and fungus farming.

We present a high-quality (>100× depth) Illumina genome sequence of the leaf-cutting ant Acromyrmex echinatior, a model species for symbiosis and reproductive conflict studies. We compare this genome with three previously sequenced genomes of ants from different subfamilies and focus our analyses on aspects of the genome likely to be associated with known evolutionary changes. The first is the specialized fungal diet of A. echinatior, where we find gene loss in the ant's arginine synthesis pathway, loss of detoxification genes, and expansion of a group of peptidase proteins. One of these is a unique ant-derived contribution to the fecal fluid, which otherwise consists of "garden manuring" fungal enzymes that are unaffected by ant digestion. The second is multiple mating of queens and ejaculate competition, which may be associated with a greatly expanded nardilysin-like peptidase gene family. The third is sex determination, where we could identify only a single homolog of the feminizer gene. As other ants and the honeybee have duplications of this gene, we hypothesize that this may partly explain the frequent production of diploid male larvae in A. echinatior. The fourth is the evolution of eusociality, where we find a highly conserved ant-specific profile of neuropeptide genes that may be related to caste determination. These first analyses of the A. echinatior genome indicate that considerable genetic changes are likely to have accompanied the transition from hunter-gathering to agricultural food production 50 million years ago, and the transition from single to multiple queen mating 10 million years ago.

Pension plan funding and stock market efficiency

The paper argues that the market signifficantly overvalues firms with severely underfunded pension plans. These companies earn lower stock returns than firms with healthier pension plans for at least five years after the first emergence of the underfunding. The low returns are not explained by risk, price momentum, earnings momentum, or accruals. Further, the evidence suggests that investors do not anticipate the impact of the pension liability on future earnings, and they are surprised when the negative implications of underfunding ultimately materialize. Finally, underfunded firms have poor operating performance, and they earn low returns, although they are value companies.

Portable alphas from pension mispricing

We introduce a new dynamic trading strategy based on the systematic misspricing of U.S. companies sponsoring Defined Benefit pension plans. This portfolio produces an average return of 1.51% monthly between 1989 and 2004, with a Sharpe Ratio of 0.26. The returns of the strategy are not explained by those of primary assets. These returns are not related to those of benchmarks in the alternative investments industry either. Hence, we are in the presence of a "pure alpha" strategy that can be ported into a large variety of portfolios to significantly enhance their performance.

Indications des différens chemins et défilés des frontières de France et d'Espagne, relatifs à la carte de Saint-Jean-Pied-de-Port

Ancien possesseur : Argenson, Antoine-René de Voyer (1722-1787 ; marquis de Paulmy d')

Mastectomy, body deconstruction, and impact on identity: a qualitative study.

Objectives This qualitative study aims at understanding the consequences of body deconstruction through mastectomy on corporality and identity in women with breast cancer. Design Nineteen women were contacted through the hospital. All had to undergo mastectomy. Some were offered immediate breast reconstruction, others, because of cancer treatments, had no planned reconstruction. A qualitative reflexive methodological background was chosen. Method Women were invited to participate in three semi-structured interviews, one shortly before or after mastectomy, and the other interviews later in their illness courses, after surgery. All interviews were transcribed verbatim. Thematic analysis was performed. The analysis of the first interview of each woman is presented in this article. Results Mastectomy provokes a painful experience of body deconstruction. Even when immediate reconstruction is proposed, contrasted feelings and dissonance are expressed when comparing the former healthy body to the present challenged body entity. Body transformations are accompanied with experiences of mutilation, strangeness, and modify the physical, emotional social, symbolic and relational dimensions of the woman's gendered identity. Although the opportunity of breast reconstruction is seen as a possible recovery of a lost physical symmetry and body integrity, grieving the past body and integrating a new corporality leads to a painful identity crisis. Conclusion With mastectomy, the roots of the woman's identity are challenged, leading to a re-evaluation of her existential values. The consequences of mastectomy transform the woman's corporality and embodiment, and question her identity. Psychological support is discussed in the perspective of our results.

Impact of recombination on genetic variability within Staphylococcus aureus clonal complexes.

The population structure of Staphylococcus aureus is generally described as highly clonal and is consequently subdivided into several clonal complexes (CCs). Recent data suggested that recombination might occur more frequently within than among CCs. To test this hypothesis as well as to understand how genetic diversity is created in S. aureus, we analyzed a collection of 182 isolates with MLST and five highly variable core adhesion (ADH) genes. As expected the polymorphism of ADH genes was higher than MLST genes. However both categories of genes showed low within CCs diversity with a dominant haplotype and its single nucleotide variants. Several recombination events were detected but none involved intra-CC recombination. This did not confirm the hypothesis of higher recombination within CCs. Nevertheless, molecular analyses of variance indicated that these few recombination events have a significant impact on the genetic diversity within CCs. In addition, although most ADH genes were under purifying selection, signs of positive selection associated with a recombinant group were detected. These data highlight the importance of recombination on the evolution of the highly clonal S. aureus and suggest that recombination when combined with demographic mechanisms as well as selection might favor the rapid creation of new clonal complexes.

Lettres de Nicolas COLBERT. — Mélanges historiques.

Contient : Onze lettres adressées à Baluze par Nicolas Colbert, évêque de Luçon et d'Auxerre (16 mars 1667-30 avril 1675) ; Deux lettres de Philippe IV, roi d'Espagne, à Louis XIV (3 novembre 1661) ; « Traduction de ce que M. le marquis de Fuentes doit dire au Roi. » ; Liste des couvents de Paris avant et après 1600 ; « Pour rendre compte à Monseigneur du discours latin adressé au pape, » sur les propositions du clergé de France ; « Articles pour la pacification des troubles du Berry » (23-24 octobre 1650) ; Délibérations des assemblées tenues par l'archevêque de Paris, à la suite du projet d'établissement de Monts-de-Piété en France (27 juin 1630) ; Extraits et collations de quelques pièces d'Avitus ; « Catalogue des auteurs contemporains qui ont escrit l'histoire des rois de France depuis le roy Robert jusqu'à présent » (1685), de la main de Baluze ; Pronostics tirés de la comète de 1578, en italien ; « Tractatus de votis » par [Jules-César ?] Boulanger ; Liste des traités de paix et d'alliance concernant les rois de France ; Epitaphes de Henri et Charles de Schomberg ; Fragment de poème latin sur la quatrième croisade ; Mémoire sur la succession de Philippe IV, roi d'Espagne (incomplet de la fin) ; Fragment de chronique des événements parisiens de la première partie de l'année 1597 ; Lettre de M. de Thou au comte de Brienne (12 septembre 1661) ; « Discours au Roi » (la suite est au f. 144) ; « Harangue de M. le Cardinal, par lui prononcée en Parlement le 18 janvier 1634. » ; « Récit véritable de ce qui s'est passé à Paris depuis le 24e avril 1617. » ; Pièces concernant divers négociants de Lyon et la Compagnie des Indes (1666) ; Lettre de M. de Briel à « M. le comte de Tremese », capitaine des gardes (21 septembre 1635) ; Liste de surintendants, contrôleurs généraux, etc., tirée des comptes de l'Epargne (1608-1635) ; Notes sur l'histoire des Juifs à Paris ; Notes sur les séjours des princes et des rois à Nesle ; « Extrait d'une lettre du patriarche d'Ethiopie, religieux de la Compagnie de Jesus » (14 décembre 1637) ; deux copies ; Extrait d'une lettre de la prieure de Loudun à un Père Jésuite (19 novembre 1638) ; Corrections pour le recueil des Conciles ; Notes, de la main de Baluze, sur les écrits de divers Pères de l'Eglise ; Notes sur diverses affaires ecclésiastiques ; « Il Badoaro di Francesco Patritio » (1558) ; Lettre, en latin, de Jean Maury à Colbert ; « Narratio rei nuper gestae in Parnasso, » en vers latins, adressée à Perrault ; Responsio cur Mecaenas litteratorum laudari abnuat », en vers latins, adressée à Quinault ; Lettre de P. Danès, évêque de Lavaur, à son neveu George Danès (18 avril 1566) ; Lettre de l'abbé Gamurrini, sans adresse (22 janvier 1680) ; Lettre de [Samuel] Sorbière [à Baluze] (2 juillet 1662) ; Samuelis Sorberii ad Stephanum Baluzium allocutio in funere... Petri de Marca ; imprimé de 4 pages ; Lettre de M. Lefranc à Baluze (Montauban), (27 février 1667) ; Lettre de [Henri] d'Aguesseau au même (Limoges, 6 avril 1668) ; Deux lettres de M. Devaubourg à Baluze (5 et 29 décembre 1638)

Que promettent les styles d'interactions? Une approche sociologique de l'intimité conjugale

This article intends to grasp the stabilization process, deterioration or improvement of the conjugal intimacy over five years, based on a representative sample of couples living in Switzerland. The dynamics develop in different ways depending on the degree of autonomy of the partners, the gendering of household tasks, conjugal openess and the coping strategies of the couples.

Opéras suisses en voyage - de Bätely à Betly = Schweizer Opern en voyage - von Bätely zu Betly

En 1834, Eugène Scribe réécrit un Singspiel de Goethe qui se déroule en Suisse ('Jeri und Bätely', 1780) pour la scène de l'Opéra comique, avec la musique d'Adolphe Adam. Deux ans plus tard, Gaetano Donizetti traduit le livret de Scribe en italien. Ces migrations et traductions ont fait, entre autres, l'objet d'un projet de recherche dirigé par Marie Caffari à l'Institut Littéraire Suisse de Bienne. Bernard Banoun, Francesco Micieli et Raphael Urweider se sont confrontés dans leurs propres traductions avec ce texte stratifié. Le volume regroupe aussi des essais de traductologues et musicologues qui offrent différentes perspectives méthodologiques sur cet opéra en voyage.