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See detailThe Market Timing Skills of Hedge Funds during the Financial Crisis
Hübner, Georges ULg; Sougné, Danielle ULg; Cavé, Arnaud ULg

in Managerial Finance (2011), vol 38(issue 1), 4-26

The performance of a market timer can be measured through the Treynor and Mazuy (1966) model, provided the regression alpha is properly adjusted by using the cost of an option-based replicating portfolio ... [more ▼]

The performance of a market timer can be measured through the Treynor and Mazuy (1966) model, provided the regression alpha is properly adjusted by using the cost of an option-based replicating portfolio, as shown by Hübner (2010). We adapt this approach to the case of multi-factor models with positive, negative or neutral betas. This new approach is applied on a sample of hedge funds whose managers are likely to exhibit market timing skills. We stick to funds that post weekly returns, and analyze three hedge funds strategies in particular: long-short equity, managed futures, and funds of hedge funds. We analyze a particular period during which the managers of these funds are likely to magnify their presumed skills, namely around the financial and banking crisis of 2008. Some funds adopt a positive convexity as a response to the US market index, while others have a concave sensitivity to the returns of an emerging market index. Thus, we identify “positive”, “mixed” and “negative” market timers. A number of signs indicate that only positive market timers manage to acquire options below their cost, and deliver economic significant performance, even in the midst of the financial crisis. Negative market timers, by contrast, behave as if they were forced to sell options without getting the associated premium. We interpret this behavior as a possible result of fire sales, leading them to liquidate positions under the pressure of redemption orders, and inducing negative performance adjusted for market timing. [less ▲]

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See detailRepresenting real numbers in a generalized numeration system
Charlier, Emilie ULg; Le Gonidec, Marion; Rigo, Michel ULg

in Journal of Computer & System Sciences (2011), 77

We show how to represent an interval of real numbers in an abstract numeration system built on a language that is not necessarily regular. As an application, we consider representations of real numbers ... [more ▼]

We show how to represent an interval of real numbers in an abstract numeration system built on a language that is not necessarily regular. As an application, we consider representations of real numbers using the Dyck language. We also show that our framework can be applied to the rational base numeration systems. [less ▲]

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See detailImpact of Greenland and Antarctic ice sheet interactions on climate sensitivity
Goelzer, H.; Huybrechts, P.; Loutre, M.-F. et al

in Climate Dynamics (2011), 37(5-6), 1005-1018

We use the Earth system model of intermediate complexity LOVECLIM to show the effect of coupling interactive ice sheets on the climate sensitivity of the model on a millennial time scale. We compare the ... [more ▼]

We use the Earth system model of intermediate complexity LOVECLIM to show the effect of coupling interactive ice sheets on the climate sensitivity of the model on a millennial time scale. We compare the response to a 2xCO2 warming scenario between fully coupled model versions including interactive Greenland and Antarctic ice sheet models and model versions with fixed ice sheets. For this purpose an ensemble of different parameter sets have been defined for LOVECLIM, covering a wide range of the model's sensitivity to greenhouse warming, while still simulating the present-day climate and the climate evolution over the last millennium within observational uncertainties. Additional freshwater fluxes from the melting ice sheets have a mitigating effect on the model's temperature response, leading to generally lower climate sensitivities of the fully coupled model versions. The mitigation is effectuated by changes in heat exchange within the ocean and at the sea-air interface, driven by freshening of the surface ocean and amplified by sea-ice-related feedbacks. The strength of the effect depends on the response of the ice sheets to the warming and on the model's climate sensitivity itself. With the ensemble approach in this study we cover a wide range of possible model responses. [less ▲]

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See detailApplication de l’optique non-linéaire à l’analyse des interactions peptide-monocouches à l’interface air-eau
Nasir, Mehmet Nail ULg; Benichou, Emmanuel; Brevet, Pierre-François et al

Scientific conference (2011)

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See detailDiagnostic d'une perte de poids involontaire chez l'adulte.
Paquot, Nicolas ULg

in Revue Médicale de Liège (2011), 66(7-8), 456-60

Significant non intentional weight loss in adults is a problem encountered frequently in clinical practice that poses a diagnostic challenge for the clinician. Causes are quite diverse, as are the ... [more ▼]

Significant non intentional weight loss in adults is a problem encountered frequently in clinical practice that poses a diagnostic challenge for the clinician. Causes are quite diverse, as are the prognostic implications. Cancer, gastrointestinal disease, and psychiatric problems were the three most common diagnoses, but a significant proportion of patients had no clear cause of their weight loss. The prognosis of this subset is generally favourable. Ruling out malignancy is one of the prime tasks. The investigation is based on a rational stepwise approach with a detailed history, a meticulous physical examination and a simple, non-invasive screening battery of tests (laboratory tests and medical imaging). A completely normal laboratory screening argues against severe organic disease in general and malignancy in particular. Additional testing should be targeted towards areas of concern raised by the initial evaluation. If this baseline examination is normal and reassuring, a strategy of careful clinical follow-up is preferred to non-targeted additional more invasive or expensive investigations. [less ▲]

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See detailAngry faces hold the eyes
Belopolsky, Artem; Devue, Christel ULg; Theeuwes, Jan

in Visual Cognition (2011), 19

Efficient processing of complex social and biological stimuli associated with threat is crucial for survival. Previous studies have suggested that threatening stimuli such as angry faces not only capture ... [more ▼]

Efficient processing of complex social and biological stimuli associated with threat is crucial for survival. Previous studies have suggested that threatening stimuli such as angry faces not only capture visual attention, but also delay the disengagement of attention from their location. However, in the previous studies disengagement of attention was measured indirectly and was inferred on the basis of delayed manual responses. The present study employed a novel paradigm that allows to directly examine the delayed disengagement hypothesis by measuring the time it takes to disengage the eyes from threatening stimuli. The results showed that participants were indeed slower to make an eye movement away from an angry face presented at fixation than from either a neutral or a happy face. This finding provides converging support that the delay in disengagement of attention is an important component of processing threatening information. [less ▲]

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See detailGalectin-9 splice variants in endothelial cells: identification of novel variants and functional characterization
Heusschen, Roy ULg; De Bree, Martijn; Griffioen, Arjan et al

in Angiogenesis (2011)

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See detailOptimal and robust event-related designs for fMRI
Maus, Bärbel ULg; van Breukelen, Gerard J P; Goebel, R et al

Conference (2011)

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See detailClosure to "Energy Dissipation and Turbulent Production in Weak Hydraulic Jumps" by E. Mignot and R. Cienfuegos
Mignot, E.; Peltier, Yann ULg; Cienfuegos, R.

in Journal of Hydraulic Engineering (2011), 137(8), 862-863

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See detailA partial hybrid stress solid-shell element for the analysis of laminated composites
Rah, Kamran; Van Paepegem, Wim; Habraken, Anne ULg et al

in Computer Methods in Applied Mechanics and Engineerinrg (2011), 200(49-52), 35263539

In this paper a low order partial hybrid stress solid-shell element based on the composite energy functional for the analysis of laminated composite structures is presented. This solid-shell element has ... [more ▼]

In this paper a low order partial hybrid stress solid-shell element based on the composite energy functional for the analysis of laminated composite structures is presented. This solid-shell element has eight nodes with only displacement degrees of freedoms, and three-dimensional constitutive models can be directly employed in the present formulation without any additional treatment. The assumed interlaminar stress field provides very accurate interlaminar stress calculation through the element thickness. These elements can be stacked on top of each other to model multilayer structures, fulfilling the interlaminar stress continuity at the interlayer surfaces and zero traction conditions on the top and bottom surfaces of the laminate. The present solid-shell does not show the transverse shear, trapezoidal and thickness locking phenomenon. [less ▲]

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See detailNumerical modeling of relativistic shock acceleration
Meli, Athina ULg

in Astrophysics & Space Sciences Transactions : ASTRA (2011)

The shock acceleration mechanism is invoked to explain non-thermal cosmic rays in Supernova Remnants, Active Galactic Nuclei and Gamma Ray Bursts jets. Especially, the importance of relativistic shock ... [more ▼]

The shock acceleration mechanism is invoked to explain non-thermal cosmic rays in Supernova Remnants, Active Galactic Nuclei and Gamma Ray Bursts jets. Especially, the importance of relativistic shock acceleration in extragalactic sources is a recurring theme raising a significant interest in the research community. We will briefly discuss the shock acceleration mechanism and we will address the properties of non-relativistic and relativistic shocks, particularly focusing on relativistic numerical Monte Carlo studies. [less ▲]

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See detailK-type geomagnetic index nowcast with data quality control
Stankov, Stanimir; Stegen, Koen; Warnant, René ULg

in Annals of Geophysics = Annali di Geofisica (2011), 54(3), 285-295

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See detailCoping with Minority Status: Responses to Exclusion and Inclusion
Martiniello, Marco ULg

in Contemporary Sociology: a Journal of Reviews (2011), 40(2), 158-159

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See detailNotched Specimens Fracture Prediction with an Advanced GTN Model
Fansi Tchonko, Joseph ULg; Ben Bettaieb, Mohamed ULg; Balan, Tudor et al

in Key Engineering Materials [=KEM] (2011), 488-489

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See detailLa tradizione fiorentina della Supplicatione d’Italia al re di Francia. Con una nuova edizione critica
Moreno, Paola ULg

in Filologia e Critica (2011), XXXV(2), 1-33

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See detailLe Michelsberg de Pont-de-Bonne (province de Liège, Belgique)
Delye, Emmanuel ULg; Gilson, Simon-Pierre; Noiret, Pierre ULg

in Revue Archéologique de Picardie (2011)

Since the beginning of research on the éperon barré of Pont-de-Bonne (Modave, Belgium), we have recovered artefacts attributed to the Middle Neolithic. More recently, during excavation of the entrance ... [more ▼]

Since the beginning of research on the éperon barré of Pont-de-Bonne (Modave, Belgium), we have recovered artefacts attributed to the Middle Neolithic. More recently, during excavation of the entrance system of the fortification, a pot hole and a waste accumulation zone have been analysed. These structures contained abundant archaeological material (ceramic sherd, lithic and bone artefact and fauna). Three radiometric dates have been obtained. The ceramic assemblage is typical of the Belgian Michelsberg and a decorated vase shows Bischheim affinities. [less ▲]

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See detailOrganochlorine pesticides, polychlorinated biphenyls and trace elements in wild European sea bass (Dicentrarchus labrax) off European estuaries
Schnitzler, Joseph ULg; Thomé, Jean-Pierre ULg; Lepage, Mario et al

in Science of the Total Environment (2011), 409(19), 3680-3686

Polychlorinated biphenyls (PCBs) and organochlorine pesticides like dichloro-diphenyl-trichloroethane (DDTs), hexachlorocyclohexanes (HCHs), aldrin, dieldrin and trace elements (Cd, Cu, Se, Pb, Zn and Hg ... [more ▼]

Polychlorinated biphenyls (PCBs) and organochlorine pesticides like dichloro-diphenyl-trichloroethane (DDTs), hexachlorocyclohexanes (HCHs), aldrin, dieldrin and trace elements (Cd, Cu, Se, Pb, Zn and Hg) were analysed in the muscle of European sea bass (Dicentrarchus labrax) sampled in Atlantic coastal regions near several important European river mouths (Gironde, Charente, Loire, Seine and Scheldt). High contamination levels were measured in the muscles of European sea bass sampled in the coastal regions near those river mouths (e.g. Σ ICES PCB=133–10,478 μg kg−1 lw and Hg=250–2000 μg kg−1 dw). The Scheldt and the Seine are still among the most contaminated estuaries in Europe. Each region presented their specific contamination patterns reflecting different sources due to the input of the respective rivers. As fish and fishery products are the main contributors of the total dietary intake of organochlorinated pollutants, regular consumption of European sea bass with the reported contamination levels may represent a significant exposure route for the general human population. [less ▲]

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See detailIndependent single photon emitters – a versatile source for the generation
von Zanthier, J.; Maser, A.; Wiegner, R. et al

Conference (2011)

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See detailBrain functional integration decreases during propofol-induced loss of consciousness.
Schrouff, Jessica ULg; Perlbarg, Vincent; Boly, Mélanie ULg et al

in NeuroImage (2011), 57(1), 198-205

Consciousness has been related to the amount of integrated information that the brain is able to generate. In this paper, we tested the hypothesis that the loss of consciousness caused by propofol ... [more ▼]

Consciousness has been related to the amount of integrated information that the brain is able to generate. In this paper, we tested the hypothesis that the loss of consciousness caused by propofol anesthesia is associated with a significant reduction in the capacity of the brain to integrate information. To assess the functional structure of the whole brain, functional integration and partial correlations were computed from fMRI data acquired from 18 healthy volunteers during resting wakefulness and propofol-induced deep sedation. Total integration was significantly reduced from wakefulness to deep sedation in the whole brain as well as within and between its constituent networks (or systems). Integration was systematically reduced within each system (i.e., brain or networks), as well as between networks. However, the ventral attentional network maintained interactions with most other networks during deep sedation. Partial correlations further suggested that functional connectivity was particularly affected between parietal areas and frontal or temporal regions during deep sedation. Our findings suggest that the breakdown in brain integration is the neural correlate of the loss of consciousness induced by propofol. They stress the important role played by parietal and frontal areas in the generation of consciousness. [less ▲]

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