Security analysts as frame-makers

In this paper we explore the mechanisms that allow securities analysts to value companies in contexts of Knightian uncertainty, that is, in the face of information that is unclear, subject to unforeseeable contingencies or to multiple interpretations. We address this question with a grounded-theory analysis of the reports written on Amazon.com by securities analyst Henry Blodget and rival analysts during the years 1998-2000. Our core finding is that analysts' reports are structured by internally consistent associations that includecategorizations, key metrics and analogies. We refer to these representations as calculative frames, and propose that analysts function as frame-makers - that is, asspecialized intermediaries that help investors value uncertain stocks. We conclude by considering the implications of frame-making for the rise of new industry categories, analysts' accuracy, and the regulatory debate on analysts'independence.

Fil.lis. Jyrki Juurmaa 27/3 1963

Kirje 27.3.1963

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')

The predictive value of preoperative B-type natriuretic peptide in children undergooing heart surgery.

Introduction: Low cardiac output syndrome is frequent in childrenafter heart surgery for congenital heart disease and may result in pooroutcome and increased morbidity. In the adult population, preoperativebrain natriuretic peptide (BNP) was shown to be predictive of postoperative complications. In children, the value of preoperative BNP onpostoperative outcome is not so clear. The aim of this study was todetermine the predictive value of preoperative BNP on postoperativeoutcome and low cardiac output syndrome in children after heartsurgery for congenital heart disease.Methods: We examined, retrospectively, the postoperative course of97 pediatric patients (mean age 3.7 years, range 0-14 years old) whounderwent heart surgery in a tertiary care pediatric intensive caresetting. NTproBNP was measured preoperatively in all patients(median 412 pg/ml, range 12-35'000 pg/ml). Patients were divided intothree groups according to their NTproBNP levels (group 1: 0-300 pg/ml, group 2: 300-600 pg/ml, group 3: >600 pg/ml) and then,correlations with postoperative outcomes were examined.Results: We found that patients with a high preoperative BNP requiredmore frequently prolonged (>2 days) mechanical ventilation (33%vs 40% vs 61%, p = 0.045) and stayed more frequently longer than6 days in the intensive care unit (42% vs 50% vs 71%, p = 0.03).However, high preoperative BNP was not correlated with occurrenceof low cardiac output syndrome.Conclusion: Preoperative BNP cannot be used, in children, as areliable and sole predictor of postoperative low cardiac outputsyndrome. However it may help identify, before surgery, those patientsat risk of having a difficult postoperative course.

Vasopressin-inducible ubiquitin-specific protease 10 increases ENaC cell surface expression by deubiquitylating and stabilizing sorting nexin 3

Adjustment of Na+ balance in extracellular fluids is achieved by regulated Na+ transport involving the amiloride-sensitive epithelial Na+ channel (ENaC) in the distal nephron. In this context, ENaC is controlled by a number of hormones, including vasopressin, which promotes rapid translocation of water and Na+ channels to the plasma membrane and long-term effects on transcription of vasopressin-induced and -reduced transcripts. We have identified a mRNA encoding the deubiquitylating enzyme ubiquitin-specific protease 10 (Usp10), whose expression is increased by vasopressin at both the mRNA and the protein level. Coexpression of Usp10 in ENaC-transfected HEK-293 cells causes a more than fivefold increase in amiloride-sensitive Na+ currents, as measured by whole cell patch clamping. This is accompanied by a three- to fourfold increase in surface expression of alpha- and gamma-ENaC, as shown by cell surface biotinylation experiments. Although ENaC is well known to be regulated by its direct ubiquitylation, Usp10 does not affect the ubiquitylation level of ENaC, suggesting an indirect effect. A two-hybrid screen identified sorting nexin 3 (SNX3) as a novel substrate of Usp10. We show that it is a ubiquitylated protein that is degraded by the proteasome; interaction with Usp10 leads to its deubiquitylation and stabilization. When coexpressed with ENaC, SNX3 increases the channel's cell surface expression, similarly to Usp10. In mCCD(cl1) cells, vasopressin increases SNX3 protein but not mRNA, supporting the idea that the vasopressin-induced Usp10 deubiquitylates and stabilizes endogenous SNX3 and consequently promotes cell surface expression of ENaC

Multi-dimensional approach to bullying

RÉSUMÉ : Le bullying est un type de comportement agressif qu'un élève (ou plusieurs) fait subir à un autre et qui se manifeste par des agressions verbales, physiques et/ou psychologiques. Les caractéristiques du bullying sont la répétitivité d'actions négatives sur le long terme et une relation de pouvoir asymétrique. Pour la victime, ce type de comportement peut avoir des conséquences graves telles qu'échec scolaire, dépression, troubles alimentaires, ou idées suicidaires. De plus, les auteurs de bullying commettent plus de comportements déviants au sein de l'école ou à l'extérieur de cette dernière. La mise en place d'actions ciblées auprès des auteurs de bullying pourrait donc non seulement prévenir une victimisation, mais aussi réduire les actes de délinquance en général. Hormis quelques études locales ou cantonales, aucune recherche nationale auprès d'adolescents n'existait dans le domaine. Ce travail propose de combler cette lacune afin d'obtenir une compréhension suffisante du phénomène qui permet de donner des pistes pour définir des mesures de prévention appropriées. Afin d'appréhender la problématique du bullying dans les écoles secondaires suisses, deux sondages de délinquance juvénile autoreportée ont été effectués. Le premier a eu lieu entre 2003 et 2005 dans le canton de Vaud auprès de plus de 4500 écoliers. Le second a été administré en 2006 dans toute la Suisse et environ 3600 jeunes y ont participé. Les jeunes ont répondu au sondage soit en classe (questionnaire papier) soit en salle d'informatique (questionnaire en ligne). Les jeunes ayant répondu avoir sérieusement harcelé un autre élève est d'environ 7% dans le canton de Vaud et de 4% dans l'échantillon national. Les analyses statistiques ont permis tout d'abord de sélectionner les variables les plus fortement liées au bullying. Les résultats montrent que les jeunes avec un bas niveau d'autocontrôle et ayant une attitude positive envers la violence sont plus susceptibles de commettre des actes de bullying. L'importance des variables environnementales a aussi été démontrée: plus le jeune est supervisé et encadré par des adultes, plus les autorités (école, voisinage) jouent leur rôle de contrôle social en faisant respecter les règles et en intervenant de manière impartiale, moins le jeune risque de commettre des actes de bullying. De plus, l'utilisation d'analyses multiniveaux a permis de montrer l'existence d'effets de l'école sur le bullying. En particulier, le taux de bullying dans une école donnée augmente lorsque les avis des jeunes divergent par rapport à leur perception du climat scolaire. Un autre constat que l'on peut mettre en évidence est que la réaction des enseignants lors de bagarres a une influence différente sur le taux de bullying en fonction de l'établissement scolaire. ABSTRACT : Bullying is the intentional, repetitive or persistent hurting of one pupil by another (or several), where the relationship involves an imbalance of power. Bullying is a type of aggressive behaviour and the act can be verbal, physical and/or psychological. The consequences on the victims are serious: school failure, depressive symptomatology, eating disorders, or suicidal ideation. Moreover, the authors of bullying display more delinquent behaviour within or outside the school. Thus, preventive programmes targeting bullying could not only prevent victimisation, but also reduce delinquency in general. Very little data concerning bullying had been collected in Switzerland and, except some local or cantonal studies, no national research among teenagers existed in the field. This work intends to fill the gap in order to provide sufficient understanding of the phenomenon and to suggest some tracks for defining appropriate measures of prevention. In order to understand the problems of bullying in Swiss secondary schools better, two surveys of self-reported juvenile delinquency were carried out. The first one took place between 2003 and 2005 in the canton Vaud among more than 4500 pupils, the second in 2006 across Switzerland with about 3600 youths taking part. The pupils answered to the survey either in the classroom (paper questionnaire) or in the computer room (online questionnaire). The youths that answered having seriously bullied another pupil are about 7% in canton Vaud and 4% in the national sample. Statistical analyses have selected the variables most strongly related to bullying. The results show that the youths with a low level of self-control and adopting a positive attitude towards violence are more likely to bully others. The importance of the environmental variables was also shown: the more that youth is supervised and monitored by adults, and the more the authorities (school, neighbourhood) play their role of social control by making the rules be respected through intervening in an impartial way, the less the youth bully. Moreover, the use of multilevel analyses permitted to show the existence of effects of the school on bullying. In particular, the rate of bullying in a given school increases when there is a wide variation among students of the same school in their perception of their school climate. Another important aspect concerns teachers' reactions when pupils fight: this variable does not influence the bullying rate to the same extent, and depends on the school.

Ubiquitylation and control of renal na+ balance and blood pressure.

Ubiquitylation is crucial for regulating numerous cellular functions. In the kidney, ubiquitylation regulates the epithelial Na(+) channel ENaC. The importance of this process is highlighted in Liddle's syndrome, where mutations interfere with ENaC ubiquitylation, resulting in constitutive Na(+) reabsorption and hypertension. There is emerging evidence that NCC, involved in hypertensive diseases, is also regulated by ubiquitylation. Here, we discuss the current knowledge and recent findings in this field.

Mice carrying ubiquitin-specific protease 2 (Usp2) gene inactivation maintain normal sodium balance and blood pressure.

Ubiquitylation plays an important role in the control of Na⁺ homeostasis by the kidney. It is well established that the epithelial Na⁺ channel ENaC is regulated by the ubiquitin-protein ligase NEDD4-2, limiting ENaC cell surface expression and activity. Ubiquitylation can be reversed by the action of deubiquitylating enzymes (DUBs). One such DUB, USP2-45, was identified previously as an aldosterone-induced protein in the kidney and is also a circadian output gene. In heterologous expression systems, USP2-45 binds to ENaC, deubiquitylates it, and enhances channel density and activity at the cell surface. Because the role of USP2-45 in renal Na⁺ transport had not been studied in vivo, we investigated here the effect of Usp2 gene inactivation in this process. We demonstrate first that USP2-45 protein has a rhythmic expression with a peak at ZT12. Usp2-KO mice did not show any differences from wild-type littermates with respect to the diurnal control of Na⁺ or K⁺ urinary excretion and plasma levels either on a standard diet or after acute and chronic changes to low- and high-Na⁺ diets, respectively. Moreover, they had similar aldosterone levels on either a low- or high-Na⁺ diet. Blood pressure measurements using telemetry did not reveal variations compared with control mice. Usp2-KO mice did not display alterations in expression of genes involved in sodium homeostasis or the ubiquitin system, as evidenced by transcriptome analysis in the kidney. Our data suggest that USP2 does not play a primary role in the control of Na⁺ balance or blood pressure.