Energiahatékonysági kötelezettségi rendszerek Európában

Az Energiahatékonysági Irányelv energiahatékonysági kötelezettségi rendszerek felállítására kötelezi a tagországokat, mely alapján az energiakereskedőknek vagy elosztóknak előre meghatározott mértékű energiamegtakarítást kell megvalósítaniuk 2020-ig. A kutatás célja a hazai rendszer kialakításának támogatása a már működő európai rendszerek (Egyesült Királyság, Franciaország, Olaszország, Dánia és Flandria/Belgium) áttekintésével és a hazai rendszer kialakítása során felmerülő legfontosabb kérdések meghatározásával.

Volt-e likviditási válság? Volatilitás és likviditás kapcsolatának vizsgálata (Was there a liquidity crisis? Analysis the relationship between volatility and liquidity)

Széleskörűen alátámasztott, empirikus tény, hogy önmagában a nagyobb volatilitás csökkenti a piac likviditását, vagyis változékonyabb piacokon várhatóan nagyobb lesz egy-egy tranzakció áreltérítő hatása. Kutatásomban azt a kérdést vizsgáltam, hogy a Budapesti Értéktőzsdén az OTP-részvény piacán a 2007/2008-as válságban tapasztalható, átmeneti likviditáscsökkenés betudható volt-e egyszerűen a megnövekedett volatilitásnak, vagy ezen túl abban más tényezők (pl. a szereplők körének és viselkedésének drasztikus megváltozása, általános forráscsökkenés stb.) is szerepet játszhattak-e. A volatilitást a loghozamok szórásával, illetve a tényleges ársávval, míg az illikviditást a Budapesti Likviditási Mértékkel (BLM) reprezentáltam. Egyrészt azt állapítottam meg, hogy az OTP esetében a tényleges ársáv szorosabban korrelál a BLM-mel, mint a szórás. Másrészt az is egyértelmű, hogy a válság előtti kapcsolat a volatilitás és a likviditás között a válságban és azután már jelentősen megváltozott. Válságban az illikviditás jóval nagyobb volt, mint amit a volatilitás növekedése alapján vártunk, a válság lecsengése után azonban megfordult ez a reláció. _________ It is a widely supported empirical fact, that the greater volatility in itself decreases the liquidity of the market, namely more volatile a market is, the higher a transaction’s price impact will be. I have examined in my paper the question, whether the decrease of liquidity during the crisis of 2007/2008 in case of the OTP stock – traded on the Budapest Stock Exchange – was the consequence of the increased volatility, or other factors had an effect on the illiquidity as well (e.g.: the drastic change of market participants’ behaviour; reduction of fi nancing sources; etc.). I have represented volatility with the standard deviation of the logreturns, and with the true range, while the illiquidity with the Budapest Liquidity Measure (BLM). On one hand I have identifi ed, that in case of the OTP, the true range has a stronger relationship with the BLM than the standard deviation has. On the other hand it was clear, that the relationship between volatility and liquidity has changed notably during and after the crisis. During crisis the illiquidity was greater than what I have estimated based on the volatility increase, but after the crisis this relation has changed.

Devizás tételek értékelése. A számviteli szabályozás és a gazdálkodók döntéseinek összefüggései (Exchange differences from accounting perspective – regulation and business decision)

Az elmúlt években hazánkban a svájcifrank- és a japánjen-alapú hitelezés gyakorlatilag megszűnt, a devizaalapú hitelek folyósításának feltételei szigorodtak, a már meglévő portfólió romlott, a hitelezők által elszenvedett veszteség megnőtt. A számviteli előírások azonban alig változtak, azaz a jelenlegi szabályozás képes a számviteli törvény által alapvető célként megjelölt megbízható és valós kép bemutatására. A számviteli megközelítés szerint a deviza- és a devizaalapú ügyletek között nincs lényegi különbség, az aktiválási, értékelési, valamint értékvesztés-képzési szabályok megegyeznek. A probléma nagyságrendjének bemutatása után ismertetem a devizás vagyonrészek értékelésével kapcsolatos szabályok változását azok indokaival együtt. Ezután bemutatom a különféle alkalmazott árfolyamok hatásait a beszámolóra, s az alkalmazható árfolyamok és a mérlegben megjelenő devizapozíciók összefüggéseit. A devizás követelésekre képzendő értékvesztés témakörben bemutatom az év végi zárási feladatok sorrendjét, valamint a deviza- és a devizaalapú ügyletek értékvesztése közötti különbségeket is. _______ Loan fi nancing in Swiss Franc and Japanese Yen has disappeared in the last few years, fi nancing in foreign currency has become more diffi cult, while the actual loan portfolio has worsened, losses born by fi nancial institutions have increased. Despite this, the accounting prescriptions have hardly changed, which can be seen as if the current regulation is able to provide the fair and true picture. According to the accounting approach, there is no material difference between FX and FX-denominated deals: rules on the recognition in the balance sheet, valuation and loan loss provisions are identical. In this article – after highlighting the magnitude of the problem -, I introduce the changes in the rules regarding items in foreign currency and the reasons behind those changes. In the next part, I investigate the impact of application of different FX rates on the fi nancial statement and their correspondence with the FX-position reported in the Balance sheet. Later, I discuss the adequate order of the periodical accounting closing tasks, and the differences between impairment of receivables to be settled and denominated in foreign currency, or only denominated in FX with Forint Cash Flow.

A geometriai Brown-mozgás feltevésének elfogadhatósága a reálopciók értékelésében (The acceptability of the assumption of geometric brownian motion in the valuation of real options)

A reálopciók a döntési rugalmasság megtestesítőiként jelen vannak a vállalatvezetők mindennapjaiban, és cégtől függően jelentős értéket képviselhetnek. Értékelésük a hagyományos diszkontált pénzáramlás módszerekkel csak korlátozottan lehetséges, ezért alternatívaként felmerül a pénzügyi opcióárazás módszertana, amelynek hagyományos változatai az alaptermék alakulásáról geometriai Brown-mozgást feltételeznek. A cikk ezt a feltevést veszi górcső alá a reálopciókra történő alkalmazás szempontjából, és megmutatja, hogy habár önkényesnek tűnhet, valójában nem pusztán egy matematikai szempontból kényelmes megoldás, hanem pénzügyileg is elfogadható feltétel. _______ Real options represent the fl exibility of decision-making, and are thus part of the everyday work of corporate executives, often having great value. Valuing them with the use of traditional Discounted Cash Flow models has limited relevance, therefore arises the alternative methodology of fi nancial option pricing, the traditional versions of which assume that the price of the underlying asset follows Geometric Brownian Motion. The paper examines this assumption from the aspect of real option valuation and shows that although it might seem arbitrary, it is not only a mathematically convenient choice, but also a fi nancially acceptable one.

"Értelem és érzelem" A lakossági ügyfelek gazdasági magatartása és a bankokkal kapcsolatos attitűdjei ("Sense and sensibility" Retail customer behaviours and attitudes towards banks)

A globális pénzügyi és világgazdasági válság sok szempontból újszerű versenyhelyzetet teremtett a lakossági banki piacon az ügyfelek megtartása és az új ügyfelek megszerzése terén. A gazdasági és társadalmi környezetben bekövetkezett változásokhoz való alkalmazkodás sikeressége érdekében fontos a banki ügyfelek gazdasági viselkedésmódjának alaposabb és mélyrehatóbb megértése. Tanulmányunkban bemutatjuk azokat a főbb, releváns pszichológiai, szociológiai és gazdasági tényezőket, amelyek az ügyfelek bankokkal kapcsolatos magatartását és attitűdjeit befolyásolják. A vonatkozó elméleteket és kutatásokat egy konceptuális keretben foglaljuk össze; ennek az alappilléreit a bizalom, a pénzzel kapcsolatos attitűdök és az emocionális komponensek alkotják. _______ The global fi nancial and economic crisis created new competition in the market for retail banking, and in the areas of existing customer retention and new customers’ acquisition. The corresponding economic and social change called for new adaptive strategies on behalf of banks to better understand the economic behaviour of their customers. This paper focuses on certain relevant psychological, sociological and economic factors that tend to characterize customer behaviours and attitudes towards banks. With particular emphasis on highlighting the potential implications of relevant theories for the purposes of banks, our conceptual model incorporates elements of trust, monetary attitudes and underlying emotional components.

A jelzálogpiaci válság és a Közép-Kelet-Európában aktív nagybankok részvényárfolyama (The impact of the subprime crisis on the banks being active in Central and Eastern Europe)

Tanulmányunkban azt vizsgáljuk, hogy a jelzálogpiaci válsághoz köthető hírek milyen hatással vannak a Közép-Kelet-Európában aktív nagybankokra. A vizsgálathoz tíz Közép-Kelet-Európában aktív, tőzsdei nagybankot választottunk ki, amelyek közül hat nyugat-európai, míg négy közép-kelet-európai székhelyű bank volt. A tíz pénzintézettel kapcsolatosan 128 hírt gyűjtöttünk össze a 2007. június 1. és 2009. december 31. közötti időszakból. A híreket öt kategóriába csoportosítottuk, és az egyes kategóriáknak a részvényárfolyamokra gyakorolt, rövid távú hatását külön vizsgáltuk. Számításaink alapján a jelzálogpiaci válság során a befektetők pozitívan fogadták az állami feltőkésítéssel kapcsolatos bejelentéseket és a kielégítő védelmet nyújtó, átfogó kormányzati bankmentő csomagokat. A veszteségekkel, a leminősítéssel és az ECB intézkedéseivel kapcsolatos hírek esetén rövid távon nem tudtunk szignifikáns hatást kimutatni. A kutatás során a hírek számosságában igen, de a hírek által kiváltott hatás nagyságrendjében nem észleltünk jelentős különbséget a nyugat-európai és a középkelet- európai bankok között. ______ The research measures the impact of the subprime crisis on the shareholders of the banks being active in Central and Eastern Europe. The analysis focuses on the ten largest banks of the region measured by the asset size. The authors address the question whether the crisis affected more signifi cantly the large banks headquartered in Western Europe or the banks domiciled in Central and Eastern Europe. With the aim of capturing the short-term impact of various news on the shareholders of the banks, the popular event-study methodology with a one-day event window is employed. Within the period of 1 June 2007 and 31 December 2009, altogether 128 news were collected and grouped into fi ve categories (downgrades, loss, capital strengthening, governmental rescue packages, interventions of the ECB). Among others, the authors found empirical evidence that the shareholders appreciated the interventions of the governments: their capital injections resulted in signifi cant positive abnormal returns. Governmental rescue packages also resulted in signifi cant abnormal returns in the share price, however, the sign of the returns was unambiguous. No empirical evidence was found that in the short run the news in connection with loss announcements, downgrades and ECB interventions resulted in signifi cant abnormal returns. We concluded that although Western European banks and banks domiciled in Central and Eastern Europe differed in the number of news announced, the crisis affected the banks in both regions in a similar manner.

Estudo da influência dos genes LRP5, TGFB1, IGF1 e IGF1R no metabolismo ósseo de pacientes com diabetes mellitus tipo 1

Conselho Nacional de Desenvolvimento Científico e Tecnológico - CNPq

Estudo Clínico Longitudinal Comparativo da Condição Periodontal de Pilares Diretos de Próteses Parciais Removíveis Dento- Suportada e Dento-Muco-Suportada

Objective: To perform a long-term clinical evaluation of the periodontium of removable parti al denture (RPD) wearers, comparing the direct pillar teeth of tooth-supported and toothtissue supported RPDs. Method: Fifty patients with mean age of 45 years were enrolled in the study. The individuals were examined by a single examiner at the moment of denture installation and after 3, 6, 9 and 12 months. In each exam, the following parameters were verified: gingival recession (GR), probing depth (PD), plaque index (PI), gingival index (GI) e amount kerati nized mucosa (KM). All patients received oral hygiene instructions and prophylaxis and, when necessary, scaling and root planing. An analysis from the confidence interval was done to evaluate the endpoints regarding the type of denture in the direct pillar group. Results: The tooth-tissue supported dentures showed significantly higher GR, GI and PI values, and significantly lower KM values. Over time, neither of the types of denture presented statistically significant difference from the initial to the final examination for the parameters GR, PD, KM and GI, while the PI was significant only for the tooth-supported dentures. Conclusion: Pillar teeth adjacent to free ends presented a less favorable periodontal conditi on than the pillar teeth adjacent to intercalated spaces. However, the use of RPD did not aggravate the initial condition, after a follow-up period of 12 months. The findings of the study indicate that, within 1 year, there were no significant differences between the direct pillars of the toothsupported and tooth-ti ssue supported dentures, and suggest the need of professional follow up for a longer period.

Estudo Clínico Longitudinal Comparativo da Condição Periodontal de Pilares Diretos de Próteses Parciais Removíveis Dento- Suportada e Dento-Muco-Suportada

Objective: To perform a long-term clinical evaluation of the periodontium of removable parti al denture (RPD) wearers, comparing the direct pillar teeth of tooth-supported and toothtissue supported RPDs. Method: Fifty patients with mean age of 45 years were enrolled in the study. The individuals were examined by a single examiner at the moment of denture installation and after 3, 6, 9 and 12 months. In each exam, the following parameters were verified: gingival recession (GR), probing depth (PD), plaque index (PI), gingival index (GI) e amount kerati nized mucosa (KM). All patients received oral hygiene instructions and prophylaxis and, when necessary, scaling and root planing. An analysis from the confidence interval was done to evaluate the endpoints regarding the type of denture in the direct pillar group. Results: The tooth-tissue supported dentures showed significantly higher GR, GI and PI values, and significantly lower KM values. Over time, neither of the types of denture presented statistically significant difference from the initial to the final examination for the parameters GR, PD, KM and GI, while the PI was significant only for the tooth-supported dentures. Conclusion: Pillar teeth adjacent to free ends presented a less favorable periodontal conditi on than the pillar teeth adjacent to intercalated spaces. However, the use of RPD did not aggravate the initial condition, after a follow-up period of 12 months. The findings of the study indicate that, within 1 year, there were no significant differences between the direct pillars of the toothsupported and tooth-ti ssue supported dentures, and suggest the need of professional follow up for a longer period.

Nouvelles thérapies immunosuppressives dans la prévention et le traitement du rejet aigu d'allogreffes vascularisées chez le rat

Thèse numérisée par la Direction des bibliothèques de l'Université de Montréal.

Roles of CTCF and YY1 in T Cell Receptor Gene Rearrangement And T Cell Development

Diversity of T cell receptors (TCR) and immunoglobulins (Ig) is generated by V(D)J recombination of antigen receptor (AgR) loci. The Tcra-Tcrd locus is of particular interest because it displays a nested organization of Tcrd and Tcra gene segments and V(D)J recombination follows an intricate developmental program to assemble both TCRδ and TCRα repertoires. However, the mechanisms that dictate the developmental regulation of V(D)J recombination of the Tcra-Tcrd locus remain unclear.

We have previously shown that CCCTC-binding factor (CTCF) regulates Tcra gene transcription and rearrangement through organizing chromatin looping between CTCF- binding elements (CBEs). This study is one of many showing that CTCF functions as a chromatin organizer and transcriptional regulator genome-wide. However, detailed understanding of the impact of specific CBEs is needed to fully comprehend the biological function of CTCF and how CTCF influences the generation of the TCR repertoire during thymocyte development. Thus, we generated several mouse models with genetically modified CBEs to gain insight into the CTCF-dependent regulation of the Tcra-Tcrd locus. We revealed a CTCF-dependent chromatin interaction network at the Tcra-Tcrd locus in double-negative thymocytes. Disruption of a discrete chromatin loop encompassing Dδ, Jδ and Cδ gene segments allowed a single Vδ segment to frequently contact and rearrange to diversity and joining gene segments and dominate the adult TCRδ repertoire. Disruption of this loop also narrowed the TCRα repertoire, which, we believe, followed as a consequence of the restricted TCRδ repertoire. Hence, a single CTCF-mediated chromatin loop directly regulates TCRδ diversity and indirectly regulates TCRα diversity. In addition, we showed that insertion of an ectopic CBE can modify chromatin interactions and disrupt the rearrangement of particular Vδ gene segments. Finally, we investigated the role of YY1 in early T cell development by conditionally deleting YY1 in developing thymocytes. We found that early ablation of YY1 caused severe developmental defects in the DN compartment due to a dramatic increase in DN thymocyte apoptosis. Furthermore, late ablation of YY1 resulted in increased apoptosis of DP thymocytes and a restricted TCRα repertoire. Mechanistically, we showed that p53 was upregulated in both DN and DP YY1-deficient thymocytes. Eliminating p53 in YY1-deficient thymocytes rescued the survival and developmental defects, indicating that these YY1-dependent defects were p53-mediated. We conclude that YY1 is required to maintain cell viability during thymocyte development by thwarting the accumulation of p53.

Overall, this thesis work has shown that CTCF-dependent looping provides a central framework for lineage- and developmental stage-specific regulation of Tcra-Tcrd gene expression and rearrangements. In addition, we identified YY1 as a novel regulator of thymocyte viability.

On the Origin of Natural Antibody

Natural IgM (nIgM) is constitutively present in the serum, where it aids in the early control of viral and bacterial expansions. nIgM also plays a significant role in the prevention of autoimmune disease by promoting the clearance of cellular debris. However, the cells that maintain high titers of nIgM in the circulation had not yet been identified. Several studies have linked serum nIgM with the presence of fetal-lineage B cells, and others have detected IgM secretion directly by B1a cells in various tissues. Nevertheless, a substantial contribution of undifferentiated B1 cells to nIgM titers is doubtful, as the ability to produce large quantities of antibody (Ab) is a function of the phenotype and morphology of differentiated plasma cells (PCs). No direct evidence exists to support the claim that a B1-cell population directly produces the bulk of circulating nIgM. The source of nIgM thus remained uncertain and unstudied.

In the first part of this study, I identified the primary source of nIgM. Using enzyme-linked immunosorbent spot (ELISPOT) assay, I determined that the majority of IgM Ab-secreting cells (ASCs) in naïve mice reside in the bone marrow (BM). Flow cytometric analysis of BM cells stained for intracellular IgM revealed that nIgM ASCs express IgM and the PC marker CD138 on their surface, but not the B1a cell marker CD5. By spinning these cells onto slides and staining them, following isolation by fluorescence-activated cell sorting (FACS), I found that they exhibit the typical morphological characteristics of terminally differentiated PCs. Transfer experiments demonstrated that BM nIgM PCs arise from a progenitor in the peritoneal cavity (PerC), but not isolated PerC B1a, B1b, or B2 cells. Immunoglobulin (Ig) gene sequence analysis and examination of B1-8i mice, which carry an Ig knockin that prohibits fetal B-cell development, indicated that nIgM PCs differentiate from fetal-lineage B cells. BrdU uptake experiments showed that the nIgM ASC compartment contains a substantial fraction of long-lived plasma cells (LLPCs). Finally, I demonstrated that nIgM PCs occupy a survival niche distinct from that used by IgG PCs.

In the second part of this dissertation, I characterized the unique survival niche of nIgM LLPCs, which maintain constitutive high titers of nIgM in the serum. By using genetically deficient or Ab-depleted mice, I found that neither T cells, type 2 innate lymphoid cells, nor mast cells, the three major hematopoietic producers of IL-5, were required for nIgM PC survival in the BM. However, IgM PCs associate strongly with IL-5-expressing BM stromal cells, which support their survival in vitro when stimulated. In vivo neutralization of IL-5 revealed that, like individual survival factors for IgG PCs, IL-5 is not the sole supporter of IgM PCs, but is likely one of several redundant molecules that together ensure uninterrupted signaling. Thus, the long-lived nIgM PC niche is not composed of hematopoietic sources of IL-5, but a stromal cell microenvironment that provides multiple redundant survival signals.

In the final part of my study, I identified and characterized the precursor of nIgM PCs, which I found in the first project to be resident in the PerC, but not a B1a, B1b, or B2 cell. By transferring PerC cells sorted based on expression of CD19, CD5, and CD11b, I found that only the CD19+CD5+CD11b- population contained cells capable of differentiating into nIgM PCs. Transfer of decreasing numbers of unfractionated PerC cells into Rag1 knockouts revealed an order-of-magnitude drop in the rate of serum IgM reconstitution between stochastically sampled pools of 106 and 3x105 PerC cells, suggesting that the CD19+CD5+CD11b- compartment comprises two cell types, and that interaction between the two necessary for nIgM-PC differentiation. By transferring neonatal liver, I determined that the early hematopoietic environment is required for nIgM PC precursors to develop. Using mice carrying a mutation that disturbs cKit expression, I also found that cKit appears to be required at a critical point near birth for the proper development of nIgM PC precursors.

The collective results of these studies demonstrate that nIgM is the product of BM-resident PCs, which differentiate from a PerC B cell precursor distinct from B1a cells, and survive long-term in a unique survival niche created by stromal cells. My work creates a new paradigm by which to understand nIgM, B1 cell, and PC biology.