Financial Markets and Real Ecinomy: Four Essays in International Trade

Financial markets play an important role in an economy performing various functions like mobilizing and pooling savings, producing information about investment opportunities, screening and monitoring investments, implementation of corporate governance, diversification and management of risk. These functions influence saving rates, investment decisions, technological innovation and, therefore, have important implications for welfare. In my PhD dissertation I examine the interplay of financial and product markets by looking at different channels through which financial markets may influence an economy.My dissertation consists of four chapters. The first chapter is a co-authored work with Martin Strieborny, a PhD student from the University of Lausanne. The second chapter is a co-authored work with Melise Jaud, a PhD student from the Paris School of Economics. The third chapter is co-authored with both Melise Jaud and Martin Strieborny. The last chapter of my PhD dissertation is a single author paper.Chapter 1 of my PhD thesis analyzes the effect of financial development on growth of contract intensive industries. These industries intensively use intermediate inputs that neither can be sold on organized exchange, nor are reference-priced (Levchenko, 2007; Nunn, 2007). A typical example of a contract intensive industry would be an industry where an upstream supplier has to make investments in order to customize a product for needs of a downstream buyer. After the investment is made and the product is adjusted, the buyer may refuse to meet a commitment and trigger ex post renegotiation. Since the product is customized to the buyer's needs, the supplier cannot sell the product to a different buyer at the original price. This is referred in the literature as the holdup problem. As a consequence, the individually rational suppliers will underinvest into relationship-specific assets, hurting the downstream firms with negative consequences for aggregate growth. The standard way to mitigate the hold up problem is to write a binding contract and to rely on the legal enforcement by the state. However, even the most effective contract enforcement might fail to protect the supplier in tough times when the buyer lacks a reliable source of external financing. This suggests the potential role of financial intermediaries, banks in particular, in mitigating the incomplete contract problem. First, financial products like letters of credit and letters of guarantee can substantially decrease a risk and transaction costs of parties. Second, a bank loan can serve as a signal about a buyer's true financial situation, an upstream firm will be more willing undertake relationship-specific investment knowing that the business partner is creditworthy and will abstain from myopic behavior (Fama, 1985; von Thadden, 1995). Therefore, a well-developed financial (especially banking) system should disproportionately benefit contract intensive industries.The empirical test confirms this hypothesis. Indeed, contract intensive industries seem to grow faster in countries with a well developed financial system. Furthermore, this effect comes from a more developed banking sector rather than from a deeper stock market. These results are reaffirmed examining the effect of US bank deregulation on the growth of contract intensive industries in different states. Beyond an overall pro-growth effect, the bank deregulation seems to disproportionately benefit the industries requiring relationship-specific investments from their suppliers.Chapter 2 of my PhD focuses on the role of the financial sector in promoting exports of developing countries. In particular, it investigates how credit constraints affect the ability of firms operating in agri-food sectors of developing countries to keep exporting to foreign markets.Trade in high-value agri-food products from developing countries has expanded enormously over the last two decades offering opportunities for development. However, trade in agri-food is governed by a growing array of standards. Sanitary and Phytosanitary standards (SPS) and technical regulations impose additional sunk, fixed and operating costs along the firms' export life. Such costs may be detrimental to firms' survival, "pricing out" producers that cannot comply. The existence of these costs suggests a potential role of credit constraints in shaping the duration of trade relationships on foreign markets. A well-developed financial system provides the funds to exporters necessary to adjust production processes in order to meet quality and quantity requirements in foreign markets and to maintain long-standing trade relationships. The products with higher needs for financing should benefit the most from a well functioning financial system. This differential effect calls for a difference-in-difference approach initially proposed by Rajan and Zingales (1998). As a proxy for demand for financing of agri-food products, the sanitary risk index developed by Jaud et al. (2009) is used. The empirical literature on standards and norms show high costs of compliance, both variable and fixed, for high-value food products (Garcia-Martinez and Poole, 2004; Maskus et al., 2005). The sanitary risk index reflects the propensity of products to fail health and safety controls on the European Union (EU) market. Given the high costs of compliance, the sanitary risk index captures the demand for external financing to comply with such regulations.The prediction is empirically tested examining the export survival of different agri-food products from firms operating in Ghana, Mali, Malawi, Senegal and Tanzania. The results suggest that agri-food products that require more financing to keep up with food safety regulation of the destination market, indeed sustain longer in foreign market, when they are exported from countries with better developed financial markets.Chapter 3 analyzes the link between financial markets and efficiency of resource allocation in an economy. Producing and exporting products inconsistent with a country's factor endowments constitutes a serious misallocation of funds, which undermines competitiveness of the economy and inhibits its long term growth. In this chapter, inefficient exporting patterns are analyzed through the lens of the agency theories from the corporate finance literature. Managers may pursue projects with negative net present values because their perquisites or even their job might depend on them. Exporting activities are particularly prone to this problem. Business related to foreign markets involves both high levels of additional spending and strong incentives for managers to overinvest. Rational managers might have incentives to push for exports that use country's scarce factors which is suboptimal from a social point of view. Export subsidies might further skew the incentives towards inefficient exporting. Management can divert the export subsidies into investments promoting inefficient exporting.Corporate finance literature stresses the disciplining role of outside debt in counteracting the internal pressures to divert such "free cash flow" into unprofitable investments. Managers can lose both their reputation and the control of "their" firm if the unpaid external debt triggers a bankruptcy procedure. The threat of possible failure to satisfy debt service payments pushes the managers toward an efficient use of available resources (Jensen, 1986; Stulz, 1990; Hart and Moore, 1995). The main sources of debt financing in the most countries are banks. The disciplining role of banks might be especially important in the countries suffering from insufficient judicial quality. Banks, in pursuing their rights, rely on comparatively simple legal interventions that can be implemented even by mediocre courts. In addition to their disciplining role, banks can promote efficient exporting patterns in a more direct way by relaxing credit constraints of producers, through screening, identifying and investing in the most profitable investment projects. Therefore, a well-developed domestic financial system, and particular banking system, would help to push a country's exports towards products congruent with its comparative advantage.This prediction is tested looking at the survival of different product categories exported to US market. Products are identified according to the Euclidian distance between their revealed factor intensity and the country's factor endowments. The results suggest that products suffering from a comparative disadvantage (labour-intensive products from capital-abundant countries) survive less on the competitive US market. This pattern is stronger if the exporting country has a well-developed banking system. Thus, a strong banking sector promotes exports consistent with a country comparative advantage.Chapter 4 of my PhD thesis further examines the role of financial markets in fostering efficient resource allocation in an economy. In particular, the allocative efficiency hypothesis is investigated in the context of equity market liberalization.Many empirical studies document a positive and significant effect of financial liberalization on growth (Levchenko et al. 2009; Quinn and Toyoda 2009; Bekaert et al., 2005). However, the decrease in the cost of capital and the associated growth in investment appears rather modest in comparison to the large GDP growth effect (Bekaert and Harvey, 2005; Henry, 2000, 2003). Therefore, financial liberalization may have a positive impact on growth through its effect on the allocation of funds across firms and sectors.Free access to international capital markets allows the largest and most profitable domestic firms to borrow funds in foreign markets (Rajan and Zingales, 2003). As domestic banks loose some of their best clients, they reoptimize their lending practices seeking new clients among small and younger industrial firms. These firms are likely to be more risky than large and established companies. Screening of customers becomes prevalent as the return to screening rises. Banks, ceteris paribus, tend to focus on firms operating in comparative-advantage sectors because they are better risks. Firms in comparative-disadvantage sectors finding it harder to finance their entry into or survival in export markets either exit or refrain from entering export markets. On aggregate, one should therefore expect to see less entry, more exit, and shorter survival on export markets in those sectors after financial liberalization.The paper investigates the effect of financial liberalization on a country's export pattern by comparing the dynamics of entry and exit of different products in a country export portfolio before and after financial liberalization.The results suggest that products that lie far from the country's comparative advantage set tend to disappear relatively faster from the country's export portfolio following the liberalization of financial markets. In other words, financial liberalization tends to rebalance the composition of a country's export portfolio towards the products that intensively use the economy's abundant factors.

Lessons learned from developing a national NCD programme in low- and middle-income countries (Seychelles)

This paper identifies selected issues and lessons learned from the implementation of a national program of prevention and control of non-communicable diseases (NCD) during the past 20 years in the Seychelles, a small island state in the African region. As early as in 1989, population-based surveys demonstrated high levels of several cardiovascular risk factors, which prompted an organized response by the government. The early creation of a NCD unit within the Ministry of Health, coupled with cooperation with international partners, enabled incremental capacity building and coherent development of NCD programs and policy. Information campaigns and screening for hypertension and diabetes in work/public places raised awareness and rallied increasingly broad awareness and support to NCD prevention and control. A variety of interventions were organized for tobacco control and comprehensive tobacco control legislation was enacted in 2009 (including total bans on tobacco advertising and on smoking in all enclosed public and work places). A recent School Nutrition Policy prohibits the sale of soft drinks in schools. At primary health care level, guidelines were developed for the management of hypertension and diabetes (these conditions are managed in all health centers within a national health system); regular interactive education sessions were organized for groups of high risk patients ("heart health club"); and specialized "NCD nurses" were trained. Decreasing prevalence of smoking is evidence of success, but the raising "diabesity epidemic" calls for strengthened health care to high-risk patients and broader multisectoral policy to mould an environment conducive to healthy behaviors. Key components of NCD prevention and control in Seychelles include effective surveillance mechanisms supplemented by focused research; generating broad interest and consensus on the need for prevention and control of NCD; mobilizing leadership and commitment at all levels; involving local and international expertise; building on existing efforts; and seeking integrated, multi-disciplinary and multisectoral approaches.

Implementation methodology of practices based on scientific evidence for assistance in natural delivery: a pilot study

AbstractOBJECTIVEPresenting methodology for transferring knowledge to improve maternal outcomes in natural delivery based on scientific evidence.METHOD: An intervention study conducted in the maternity hospital of Itapecerica da Serra, SP, with 50 puerperal women and 102 medical records from July to November 2014. The PACES tool from Joanna Briggs Institute, consisting of pre-clinical audit (phase 1), implementation of best practice (phase 2) and Follow-up Clinical Audit (phase 3) was used. Data were analyzed by comparing results of phases 1 and 3 with Fisher's exact test and a significance level of 5%.RESULTSThe vertical position was adopted by the majority of puerperal women with statistical difference between phases 1 and 3. A significant increase in bathing/showering, walking and massages for pain relief was found from the medical records. No statistical difference was found in other practices and outcomes. Barriers and difficulties in the implementation of evidence-based practices have been identified. Variables were refined, techniques and data collection instruments were verified, and an intervention proposal was made.CONCLUSIONThe study found possibilities for implementing a methodology of practices based on scientific evidence for assistance in natural delivery.

Maternal effect on female caste determination in a social insect.

Caste differentiation and division of labor are the hallmarks of social insect colonies [1, 2]. The current dogma for female caste differentiation is that female eggs are totipotent, with morphological and physiological differences between queens and workers stemming from a developmental switch during the larval stage controlled by nutritional and other environmental factors (e.g., [3-8]). In this study, we tested whether maternal effects influence caste differentiation in Pogonomyrmex harvester ants. By conducting crossfostering experiments we identified two key factors in the process of caste determination. New queens were produced only from eggs laid by queens exposed to cold. Moreover, there was a strong age effect, with development into queens occurring only in eggs laid by queens that were at least two years old. Biochemical analyses further revealed that the level of ecdysteroids was significantly lower in eggs developing into queens than workers. By contrast, we found no significant effect of colony size or worker exposure to cold, suggesting that the trigger for caste differentiation may be independent of the quantity and quality of resources provided to larvae. Altogether these data demonstrate that the developmental fate of female brood is strongly influenced by maternal effects in ants of the genus Pogonomyrmex.

Oxidative and glycogenolytic cCapacities within the developing chick heart.

Cardiac morphogenesis and function are known to depend on both aerobic and anaerobic energy-producing pathways. However, the relative contribution of mitochondrial oxidation and glycogenolysis, as well as the determining factors of oxygen demand in the distinct chambers of the embryonic heart, remains to be investigated. Spontaneously beating hearts isolated from stage 11, 20, and 24HH chick embryos were maintained in vitro under controlled metabolic conditions. O(2) uptake and glycogenolytic rate were determined in atrium, ventricle, and conotruncus in the absence or presence of glucose. Oxidative capacity ranged from 0.2 to 0.5 nmol O(2)/(h.microg protein), did not depend on exogenous glucose, and was the highest in atria at stage 20HH. However, the highest reserves of oxidative capacity, assessed by mitochondrial uncoupling, were found at the youngest stage and in conotruncus, representing 75 to 130% of the control values. At stage 24HH, glycogenolysis in glucose-free medium was 0.22, 0.17, and 0.04 nmol glucose U(h.microg protein) in atrium, ventricle, and conotruncus, respectively. Mechanical loading of the ventricle increased its oxidative capacity by 62% without altering glycogenolysis or lactate production. Blockade of glycolysis by iodoacetate suppressed lactate production but modified neither O(2) nor glycogen consumption in substrate-free medium. These findings indicate that atrium is the cardiac chamber that best utilizes its oxidative and glycogenolytic capacities and that ventricular wall stretch represents an early and major determinant of the O(2) uptake. Moreover, the fact that O(2) and glycogen consumptions were not affected by inhibition of glyceraldehyde-3-phosphate dehydrogenase provides indirect evidence for an active glycerol-phosphate shuttle in the embryonic cardiomyocytes.

Umbilical venous concentrations of estradiol in infants with early-onset neonatal sepsis and chorioamnionitis.

Objective: Fetuses are exposed to high concentrations of estradiol due to placental production. Experimental data suggest that estradiol is an important modulator of the immune response. However, the role of estradiol in the pathogenesis of early-onset neonatal sepsis (EOS) is unknown. The purpose of this pilot study was to determine estradiol levels in umbilical venous blood of newborns with EOS or chorioamnionitis exposure. Methods: Estradiol concentrations were measured by enzyme immunoassay in 37 newborns with EOS, 37 newborns with chorioamnionitis and 37 controls matched for gestational age and gender. Results: Estradiol levels correlated with gestational age, birth weight, gender and mode of delivery (p < 0.05). Multivariate analysis revealed higher estradiol levels in the EOS than in the chorioamnionitis group (odds ratio 8.43, 95% CI 1.63-43.45, p = 0.01) with the highest levels in patients with proven bacteraemia (p = 0.02). No difference was found between the EOS and the control group. Exploratory analysis showed an association between lower estradiol levels and a longer duration of mechanical ventilation (n = 28, p = 0.02). Conclusions: Umbilical venous estradiol levels were similar in EOS compared to controls. Further investigation is needed to evaluate whether high estradiol levels in infants with chorioamnionitis increases the risk of developing EOS.

The impact of "early" nineteenth-century globalization on foreign trade in the Southern Cone: A study of British trade statistics

This paper deals with the impact of "early" nineteenth-century globalization (c.1815-1860) on foreign trade in the Southern Cone (SC). Most of the evidence is drawn from bilateral trades between Britain and the SC, at a time when Britain was the main commercial partner of the new republics. The main conclusion drawn is that early globalization had a positive impact on foreign trade in the SC, and this was due to: improvements in the SC's terms of trade during this period; the SC's per capita consumption of textiles (the main manufacture traded on world markets at that time) increased substantially during this period, at a time when clothing was one of the main items of SC household budgets; British merchants brought with them capital, shipping, insurance, and also facilitated the formation of vast global networks, which further promoted the SC's exports to a wider range of outlets.

Tolerance of whitefish embryos to Pseudomonas fluorescens linked to genetic and maternal effects, and reduced by previous exposure.

Juvenile or adult fish can alter their behaviour and rely on an innate and adaptive immune system to avoid/counteract pathogens, while fish embryos have to depend on egg characteristics and may be partly protected by their developing immune system that is building up from a certain age on. We developed an infection protocol that allows testing the reaction of individual whitefish embryos (Coregonus palaea) to repeated exposures to Pseudomonas fluorescens, an opportunistic bacterial fish pathogen. We used a full-factorial in vitro breeding design to separately test the effects of paternal and maternal contributions to the embryos' susceptibility to different kinds of pathogen exposure. We found that a first non-lethal exposure had immunosuppressive effects: pre-exposed embryos were more susceptible to future challenges with the same pathogen. At intermediate and high levels of pathogen intensity, maternal effects turned out to be crucial for the embryos' tolerance to infection. Paternal (i.e. genetic) effects played a significant role at the strongest level of infection, i.e. the embryos' own genetics already explained some of the variation in embryo susceptibility. Our findings suggest that whitefish embryos are largely protected by maternally transmitted substances, but build up some own innate immunocompetence several days before hatching.

Early Stage Primary Bone Lymphoma: A Retrospective, Multicenter Rare Cancer Network Study

Purpose/Objective(s): Primary bone lymphoma (PBL) represents less than 1% of all malignant lymphomas, and 4-5% of all extranodal lymphomas. In this study, we assessed the disease profile, outcome, and prognostic factors in patients with stage I and II PBL.Materials/Methods: Between 1987 and 2008, 116 consecutive patients with PBL treated in 13 RCNinstitutions were included in this study. Inclusion criteriawere: age.17 yrs, PBLin stage I and II, andminimum6months follow-up. The median agewas 51 yrs (range: 17-93).Diagnosticwork-up included plain boneXray (74%of patients), scintigraphy (62%), CT-scan (65%),MRI (58%), PET (18%), and bone-marrow biopsy (84%).All patients had biopsy-proven confirmation of non-Hodgkin's lymphoma (NHL). The histopathological type was predominantly diffuse large B-cell lymphoma (78%) and follicular lymphoma (6%), according to theWHOclassification. One hundred patients had a high-grade, 7 intermediate and 9 low-gradeNHL. Ninety-three patients had anAnn-Arbor stage I, and 23 had a stage II. Seventy-seven patients underwent chemoradiotherapy (CXRT), 12 radiotherapy (RT) alone, 10 chemotherapy alone (CXT), 9 surgery followed by CXRT, 5 surgery followed by CXT, and 2 surgery followed by RT. One patient died before treatment.Median RT dosewas 40Gy (range: 4-60).Themedian number ofCXTcycleswas 6 (range, : 2-8).Median follow-upwas 41months (range: 6-242).Results: Following treatment, the overall response rate was 91% (CR 74%, PR 17%). Local recurrence was observed in 12 (10%) patients, and systemic recurrence in 17 (15%) patients. Causes of death included disease progression in 16, unrelated disease in 6, CXT-related toxicity in 1, and secondary cancer in 2 patients. The 5-yr overall survival (OS), disease-free survival (DFS), lymphoma- specific survival (LSS), and local control (LC) were 76%, 69%, 78%, and 92%, respectively. In univariate analyses (log-rank test), favorable prognostic factors for survival were: age\50 years (p = 0.008), IPI score #1 (p = 0.009), complete response (p\0.001), CXT (p = 0.008), number of CXT cycles $6 (p = 0.007), and RT dose . 40 Gy (p = 0.005). In multivariate analysis age, RT dose, complete response, and absence of B symptoms were independent factors influencing the outcome. There were 3 patients developing grade 3 or more (CTCAE.V3.0) toxicities.Conclusions: This large multicenter study, confirms the relatively good prognosis of early stage PBL, treated with combined CXRT. Local control was excellent, and systemic failure occurred infrequently. A sufficient dose of RT (. 40 Gy) and completeCXT regime (. 6 cycles) were associated with a better outcome. Combined modality appears to be the treatment of choice.Author Disclosure: L. Cai, None; M.C. Stauder, None; Y.J. Zhang, None; P. Poortmans, None; Y.X. Li, None; N. Constantinou, None; J. Thariat, None; S. Kadish, None; M. Ozsahin, None; R.O. Mirimanoff, None.

Changes in ubiquitin immunoreactivity in developing rat brain: a putative role for ubiquitin and ubiquitin conjugates in dendrite outgrowth and differentiation.

The role of ubiquitin in development of the mammalian brain has been studied using a monoclonal antibody, RHUb1, specific for ubiquitin. Immunodevelopment of western blots of homogenate samples of the cerebral cortex, hippocampus and cerebellum prepared from animals of known postnatal age show marked developmental changes in conjugate level. Striking decreases in the level of a prominent conjugate of molecular weight 22,000, which is identified as ubiquitinated histone, are observed during the first postnatal week in the cerebral cortex and hippocampus, but not the cerebellum. A marked overall developmental decrease in the level of high-molecular-weight (> 40,000) ubiquitin conjugates which occurs predominantly during the third, but also the fourth, postnatal week is observed in all three regions. Immunocytochemical data obtained with the RHUb1 antibody show intense staining of neuronal perikarya, nuclei and dendrites in early postnatal cerebral cortex and hippocampus. Staining of pyramidal cell perikarya and dendrites is particularly prominent. The intensity of dendritic staining, particularly for the cerebral cortex, shows a striking decrease after postnatal day 14 and only faint dendritic staining is observed in the adult. In early postnatal cerebellum, immunoreactivity is predominantly nuclear, though some staining of the proximal regions of Purkinje cell dendrites is observed between postnatal days 4 and 19. As with the cerebral cortex and hippocampus, most of the ubiquitin reactivity is lost in adult animals. The loss of dendritic staining, particularly in the cerebral cortex, correlates with the decrease in the level of high-molecular-weight ubiquitin conjugates observed on the western blots. Immunodevelopment of western blots of a range of subcellular fractions prepared from developing rat forebrain shows that the developmental decrease in the level of high-molecular-weight ubiquitin conjugates is not uniform for all fractions. The decrease in conjugate level is most marked for the cell-soluble, mitochondrial and detergent-insoluble cytoskeletal fractions. Taken overall, the data suggest a role for ubiquitin in dendrite outgrowth and arborization, loss of dendritic ubiquitin immunoreactivity correlating with completion of these processes.

Culex nigripalpus Theobald (Diptera, Culicidae) feeding habit at the Parque Ecológico do Tietê, São Paulo, Brazil

The blood feeding of a population of Cx. nigripalpus from Parque Ecológico do Tietê (PET) was investigated using an indirect ELISA protocol. Mosquitoes were captured outside houses. Five hundred sixteen engorged females collected in a reforested area and 25 in an open area were tested. Rodents and dogs were the most common blood sources, accounting for approximately 65.3% of blood meals. Human blood was detected in 10.9%, dog blood in 26.1%, chicken blood in 2.4%, and rodent blood in 39.2% of the 541 insects tested. ELISA failed in identifying the blood sources of 233 engorged females, indicating that the mosquitoes may have fed on a host which was not tested. One hundred six individuals were positive for more than one host. The unweighted human blood index was 0.14 and the rodent/human, human/chicken, and dog/rodent feeding index values were 2.70, 1.51, and 1.33, respectively. Furthermore, rodents are defensive hosts for this haematophagous insect which looks for another host to complete blood-feeding. Considering that rodents are potential reservoirs for Mucambo virus and Saint Louis encephalitis virus and that Cx. nigripalpus feed on the blood of those mammals, we hypothesize that mosquito population in PET could participate in the transmission cycle of those arboviruses. Additionally, this species might be involved in the transmission of Dirofilaria immitis to dogs at this area.

Effects of a treatment gap during adjuvant chemotherapy in node-positive breast cancer: results of International Breast Cancer Study Group (IBCSG) Trials 13-93 and 14-93.

BACKGROUND: The International Breast Cancer Study Group (IBCSG) conducted two complementary randomized trials to assess whether a treatment-free gap during adjuvant chemotherapy influenced outcome. PATIENTS AND METHODS: From 1993 to 1999, IBCSG Trials 13-93 and 14-93 enrolled 2215 premenopausal and postmenopausal women with axillary node-positive, operable breast cancer. All patients received cyclophosphamide (Cytoxan, C) plus either doxorubicin (Adriamycin, A) or epirubicin (E) for four courses followed immediately (No Gap) or after a 16-week delay (Gap) by classical cyclophosphamide, methotrexate, and fluorouracil (CMF) for three courses. The median follow-up was 7.7 years. RESULTS: The Gap and No-Gap groups had similar disease-free survival (DFS) and overall survival (OS). No identified subgroup showed a statistically significant difference, but exploratory subgroup analysis noted a trend towards decreased DFS for Gap compared with No Gap for women with estrogen receptor (ER)-negative tumors not receiving tamoxifen, especially evident during the first 2 years. CONCLUSIONS: A 16-week gap between adjuvant AC/EC and CMF provided no benefit and may have increased early recurrence rates in patients with ER-negative tumors.

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.

Correlation between placental bacterial culture results and histological chorioamnionitis: a prospective study on 376 placentas.

OBJECTIVE: To study the correlation between the bacteriological and histopathological findings in placentas from women with suspected or proven chorioamnionitis (CA). METHODS: Over a 1-year period, 376 placentas were prospectively collected and processed for bacteriological and pathological studies in cases of confirmed or suspected maternal or neonatal infection. RESULTS: Histological CA was diagnosed in 26.9% of placentas (101/376), and 27.7% (28/101) of these placentas had positive bacteriological cultures. A monomicrobial culture, mainly represented by Gram-positive cocci and Gram-negative bacilli, was identified in 27% of the positive bacterial cultures. The proportion of positive cultures was higher (p=0.03) when CA was associated with funisitis, as compared with placental samples with early CA. In placentas without histological CA, bacteriological cultures were mostly negative (230/275), although pathogenic bacteria were identified in 16.3% of them (45/275). CONCLUSIONS: The histological and bacteriological results were concordant in about 70% of the examined placentas, with 61.1% negative cases (CA absent and negative bacterial cultures), and only 7.4% placentas with positive histological and bacteriological results. Discordant results (positive histology with negative bacteriology) were obtained in placentas with early CA documented by histology although possibly in relation with antibiotic prophylaxis and the presence of fastidious bacteria. Conversely, negative histology with positive bacteriology could be explained by the presence of an early-stage bacterial infection that has not yet led to detectable microscopic lesions.

Effect of early antiretroviral therapy during primary HIV-1 infection on cell-associated HIV-1 DNA and plasma HIV-1 RNA.

Background: Early initiation of combination antiretroviral therapy (ART) during primary HIV-1 infection may prevent the establishment of large viral reservoirs, possibly resulting in improved control of plasma viraemia rebound after ART cessation.Methods: Levels of cell-associated HIV-1 DNA and plasma HIV-1 RNA were measured longitudinally in 32 acutely and recently infected patients, who started ART <= 120 days after the estimated date of infection, and interrupted ART after 18 months (median) of continuous therapy. Averages of HIV-1 DNA and RNA concentrations present in blood 30-365 days after therapy interruption (median duration 300 days, range 195-358) were compared between patients who started ART <= 60 days after the estimated date of infection (early starters), those who started between 61 and 120 days (later starters), and, for HIV-1 RNA only, with 89 untreated participants of the Swiss HIV Cohort Study with documented sero-conversion and longitudinal measurements collected 90-455 days after the first positive HIV test.Results: In early ART starters, average levels of plasma HIV-1 RNA and cell-associated HIV-1 DNA after treatment interruption were 1 log(10) (P=0.008) and 0.4 log(10) (P=0.03) lower compared with later starters. Average post-treatment plasma HIV-1 RNA levels in early starters were significantly lower, respectively, compared with untreated controls (-1.2 log(10); P<0.0004).Conclusions: Early treatment initiation within 2 months after HIV infection compared with later therapy initiation resulted in reduced levels of plasma viraemia and proviral HIV-1 DNA for >= 1 year after subsequent ART cessation. Plasma HIV-1 RNA levels in early starters were also significantly lower than in untreated controls.