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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 Gregoriou, Greg.N. (Ed.) Managerial Finance (2011)

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 detailLe compromis en politique
Nachi, Mohamed ULg

in Nachi, Mohamed (Ed.) Actualité du compromis: La construction politique de la différence (2011)

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See detailEnhanced Activity of Meprin-a, a Pro-Migratory and Pro-Angiogenic Protease, in Colorectal Cancer
Lottaz, Daniel; Maurer, Christoph A; Noël, Agnès ULg et al

in PLoS ONE (2011), 6(11), 26450

Meprin-α is a metalloprotease overexpressed in cancer cells, leading to the accumulation of this protease in a subset of colorectal tumors. The impact of increased meprin-α levels on tumor progression is ... [more ▼]

Meprin-α is a metalloprotease overexpressed in cancer cells, leading to the accumulation of this protease in a subset of colorectal tumors. The impact of increased meprin-α levels on tumor progression is not known. We investigated the effect of this protease on cell migration and angiogenesis in vitro and studied the expression of meprin-α mRNA, protein and proteolytic activity in primary tumors at progressive stages and in liver metastases of patients with colorectal cancer, as well as inhibitory activity towards meprin-α in sera of cancer patient as compared to healthy controls. We found that the hepatocyte growth factor (HGF)- induced migratory response of meprin-transfected epithelial cells was increased compared to wild-type cells in the presence of plasminogen, and that the angiogenic response in organ-cultured rat aortic explants was enhanced in the presence of exogenous human meprin-α. In patients, meprin-α mRNA was expressed in colonic adenomas, primary tumors UICC (International Union Against Cancer) stage I, II, III and IV, as well as in liver metastases. In contrast, the corresponding protein accumulated only in primary tumors and liver metastases, but not in adenomas. However, liver metastases lacked meprin-α activity despite increased expression of the corresponding protein, which correlated with inefficient zymogen activation. Sera from cancer patients exhibited reduced meprin-α inhibition compared to healthy controls. In conclusion, meprin-α activity is regulated differently in primary tumors and metastases, leading to high proteolytic activity in primary tumors and low activity in liver metastases. By virtue of its pro-migratory and pro-angiogenic activity, meprin-α may promote tumor progression in colorectal cancer. [less ▲]

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See detailInfections à herpèsvirus chez les ruminants et les éléphants
Thiry, Etienne ULg; Thiry, J.

in Bulletin de l'Académie Vétérinaire de France (2011), 164

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See detailInterpretations of Polar Bear (Ursus maritimus) Tracks by Inuit Hunters: Inter-rater Reliability and Inferences Concerning Accuracy
Wong, Pamela; Van Coeverden de Groot, Peter; Fekken, Cynthia et al

in Canadian Field-Naturalist (2011), 125(2), 140-153

due to their tracking experience in pursuing Polar Bears (Ursus maritimus), Inuit hunters could provide non-invasive estimates of Polar Bear characteristics from tracks, and Polar Bear monitoring programs ... [more ▼]

due to their tracking experience in pursuing Polar Bears (Ursus maritimus), Inuit hunters could provide non-invasive estimates of Polar Bear characteristics from tracks, and Polar Bear monitoring programs could benefit from Inuit input. We determined i) inter-rater reliability of estimates of the sex, age, and size of Polar Bears, and estimates of the age of tracks made by a group of nine Inuit hunters who interpreted 78 tracks; ii) we made preliminary comparisons of sex and size estimates with conventional (scientific) estimates; iii) we catalogued the Polar Bear hunting experience and track interpretation techniques of nine Inuit hunters; and iv) we explored relationships between hunting experience and the ability to interpret tracks. The group of Inuit hunters made reliable and consistent estimates of Polar Bear sex, age, and size, as well as estimates of age of track (after data from one participant was excluded). Although our comparisons are based on small samples, our findings suggest that Inuit hunters may be accurate in estimating the sex of Polar Bears (74.42% agreement with genetic determinations) and the size of Polar Bears from their tracks. our data indicate shared tracking techniques used by hunters may explain high agreement in making specific estimates, while individual hunting experience and particular methods used to interpret tracks may lead to inter-rater reliability and accuracy in interpreting tracks. [less ▲]

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See detail10 façons d’interpréter une neuropathie asymétrique
WANG, François-Charles ULg

Conference (2011)

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See detailFunctional analysis of hydrogen photoproduction in respiratory-deficient mutants of Chlamydomonas reinhardtii
Lecler, Renaud ULg; Godaux, Damien ULg; Vigeolas, Hélène ULg et al

in International Journal of Hydrogen Energy (2011), 36

In this paper, mitochondrial mutants of Chlamydomonas reinhardtii defective for respiratory complex I (NADH:ubiquinone oxidoreductase), complex III (ubiquinol cytochrome c oxidoreductase) and both ... [more ▼]

In this paper, mitochondrial mutants of Chlamydomonas reinhardtii defective for respiratory complex I (NADH:ubiquinone oxidoreductase), complex III (ubiquinol cytochrome c oxidoreductase) and both complexes I and III were analyzed for H2 photoproduction. Several parameters were followed during the S-deficiency stage and the anaerobic stage leading to H2 photoproduction. At the early aerobic S-deficiency stage, starch and neutral lipids accumulated in all strains but their amount was significantly decreased in mutants compared to wild type. During the H2 photoproduction process, whereas starch content strongly decreased in all strains, neutral lipid amount remained nearly unchanged, suggesting that starch degraded by glycolysis is the preferential substrate for energy production during anaerobiosis. The mutants displayed a decrease in H2 photoproduction correlating to the number of active mitochondrial proton-pumping sites lost in the strains. Our results thus highlight the critical role of oxidative phosphorylation during the first (aerobic) stage of S-starvation when carbon resources are accumulated. [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 detailA new Barremian (Early Cretaceous) ichthyosaur from western Russia
Fischer, Valentin ULg; Masure, Edwige; Arkhangelsky, Maxim et al

in Journal of Vertebrate Paleontology (2011), 31(5), 1010-1025

A new ophthalmosaurid ichthyosaur, Sveltonectes insolitus gen. et sp. nov., is described from a sub-complete and three-dimensionally preserved specimen from the late Barremian of western Russia. This new ... [more ▼]

A new ophthalmosaurid ichthyosaur, Sveltonectes insolitus gen. et sp. nov., is described from a sub-complete and three-dimensionally preserved specimen from the late Barremian of western Russia. This new taxon is supported by 11 cranial, dental, and postcranial autapomorphies, and is also characterized by features previously considered as autapomorphic for some other Ophthalmosauridae, such as a processus narialis on the prefrontal and relatively long hindfins with pre- and postaxial accessory digits. We conducted a new phylogenetic analysis of Thunnosauria, which supports a ‘Stenopterygius-origin’ for Ophthalmosauridae. Sveltonectes is regarded as the sister taxon of Aegirosaurus, which shares a similar skull roof construction. Contrary to most other Cretaceous ichthyosaurs, Sveltonectes is characterized by delicate and sharply pointed teeth, confirming that the Ophthalmosauridae were ecologically highly diversified during the Early Cretaceous [less ▲]

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See detailLes pratiques de coordination en situation extrême
Bouty, Isabelle; Drucker-Godard, Carole; Godé-Sanchez, Cécile et al

in Revue Management et Avenir [= RMA] (2011), 41

Introduction au cahier spécial consacré à ce thème

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See detailInvolvement of z-MMP-2 in Zebrafish lymphangiogenesis
Paupert, Jenny ULg; Pendeville, Hélène; Detry, Benoît ULg et al

Conference (2011)

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See detailpi N transition distribution amplitudes: Their symmetries and constraints from chiral dynamics
Pire, Bernard; Semenov-Tyan-Shanskiy, Kirill ULg; Szymanowski, Lech

in Physical Review. D : Particles and Fields (2011), 84

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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 detailLes enjeux d’un accueil de qualité en Communauté française de Belgique
Camus, Pascale ULg; Pirard, Florence ULg

in Feutry, J. P. (Ed.) Respect des droits de l’enfant et pratiques éducatives en Europe (2011)

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See detailKurt Smith, Matter Matters. Metaphysics and Methodology in the Early Modern Period
Dubouclez, Olivier ULg

in Bulletin cartésien (2011)

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See detailGobernabilidad desde las agrupaciones usuarias del agua con fines agrícolas en 8 municipios del territorio de la Mancomunidad de Municipios de la cuenca del río Naranjo (MANCUERNA)
Estrada Orozco, Nick Kenner ULg; Mux, Victor

in Tikalia (2011), XXIX(1-2), 37-46

En Guatemala, para alcanzar los Objetivos de desarrollo del Milenio se implemen- tan Programas Conjuntos con el apoyo del Sistema de Naciones Unidas. Existen en la actualidad cinco Programas Conjuntos ... [more ▼]

En Guatemala, para alcanzar los Objetivos de desarrollo del Milenio se implemen- tan Programas Conjuntos con el apoyo del Sistema de Naciones Unidas. Existen en la actualidad cinco Programas Conjuntos apoyando temas de seguridad alimen- taria, construcción de la paz, cambio climático, género y gobernabilidad económi- ca del agua. En el marco del programa conjunto: “Gobernabilidad económica en agua y sanea- miento” se decidió realizar un estudio que permitiera conocer la gobernabilidad en el sector a partir de hacer un inventario de las agrupaciones usuarias de agua con fines agrícolas y conocer algunas de sus características, este estudio contó con la asesoría técnica de la Organización de las Naciones Unidas para la Agricultura y la Alimentación –FAO– y el apoyo en campo de las comunidades asociadas por el agua y el medio ambiente de la cuenca del río Naranjo –CADISNA– en coordina- ción con el Ministerio de Agricultura Ganadería y Alimentación –MAGA– y go- biernos locales. El estudio se realizó en 8 municipios, 3 del departamento de Quetzaltenango y 5 de San Marcos, se identificaron 126 grupos de riego, de ellos, 73 pudieron ser carac- terizados. Se conoció que el 92% de los 73 grupos tiene una junta directiva que vela por el funcionamiento del sistema y la producción se ve diversificada en al menos 14 diferentes hortalizas siendo la principal el cultivo de la Papa. Sin embar- go sólo el 45% paga una tarifa a su grupo y el 60% de los usuarios necesita crédito para poder producir, haciendo uso de al menos 271.99 Lts/seg de agua para fines agrícolas. [less ▲]

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See detailPartial adherence: a new perspective on health economic assessment in osteoporosis.
Kanis, J. A.; Cooper, C.; Hiligsmann, Mickaël ULg et al

in Osteoporosis International (2011), 22(10), 2565-73

Partial adherence in osteoporosis increases the risk for fragility fracture and has considerable impact on cost-effectiveness. This review highlights a number of avenues for further research, such as ... [more ▼]

Partial adherence in osteoporosis increases the risk for fragility fracture and has considerable impact on cost-effectiveness. This review highlights a number of avenues for further research, such as improved definition of thresholds of compliance and persistence, as well as gap length, offset times, and fraction of benefit. INTRODUCTION: A number of economic models have been developed to evaluate osteoporosis therapies and support decisions regarding efficient allocation of health care resources. Adherence to treatment is seldom incorporated in these models, which may reduce their validity for decision-making since adherence is poor in real-world clinical practice. METHODS: An ad hoc working group of the European Society for Clinical and Economic Aspects of Osteoporosis and Osteoarthritis met to review key issues concerning the incorporation of partial adherence in health economic models. RESULTS: Observational data have shown that poor adherence is associated with an increase in the risk for fragility fracture. Health economic modelling indicates that full adherence is associated with more quality-adjusted life years gained than partial adherence, as well as higher treatment costs and lower fracture-related costs. Although adherence appears as an important driver of cost-effectiveness, the effect is dependent on a range of other variables, such as offset time, fraction of benefit, fracture risk, fracture efficacy, fracture-related costs, and drug cost, some of which are poorly defined. Current models used to evaluate cost-effectiveness in osteoporosis may oversimplify the contributions of compliance and persistence. CONCLUSION: Partial adherence has a significant impact on cost-effectiveness. Further research is required to optimise thresholds of compliance and persistence, the impact of gap length, offset times, and fraction of benefit. [less ▲]

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See detailQuantifying hyporheic exchange at high spatial resolution using natural temperature variations along a first order stream
Westhoff, Martijn ULg; Gooseff, M. N.; Bogaard, T. A. et al

in Water Resources Research (2011), 47

Hyporheic exchange is an important process that underpins stream ecosystem function, and there have been numerous ways to characterize and quantify exchange flow rates and hyporheic zone size. The most ... [more ▼]

Hyporheic exchange is an important process that underpins stream ecosystem function, and there have been numerous ways to characterize and quantify exchange flow rates and hyporheic zone size. The most common approach, using conservative stream tracer experiments and 1-D solute transport modeling, results in oversimplified representations of the system. Here we present a new approach to quantify hyporheic exchange and the size of the hyporheic zone (HZ) using high-resolution temperature measurements and a coupled 1-D transient storage and energy balance model to simulate in-stream water temperatures. Distributed temperature sensing was used to observe in-stream water temperatures with a spatial and temporal resolution of 2 and 3 min, respectively. The hyporheic exchange coefficient (which describes the rate of exchange) and the volume of the HZ were determined to range between 0 and 2.7 × 10−3 s−1 and 0 and 0.032 m3 m−1, respectively, at a spatial resolution of 1–10 m, by simulating a time series of in-stream water temperatures along a 565 m long stretch of a small first-order stream in central Luxembourg. As opposed to conventional stream tracer tests, two advantages of this approach are that exchange parameters can be determined for any stream segment over which data have been collected and that the depth of the HZ can be estimated as well. Although the presented method was tested on a small stream, it has potential for any stream where rapid (in regard to time) temperature change of a few degrees can be obtained. [less ▲]

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See detailMultiparametric observation and analysis of the Sea
Alvera Azcarate, Aïda ULg; Poulain, Pierre-Marie

in Ocean Dynamics (2011)

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