Intentionality as DispositionBoccaccini, Federico ![]() E-print/Working paper (2014) Detailed reference viewed: 6 (2 ULg) Approximation Algorithms for Multi-Dimensional Vector Assignment Problems; Crama, Yves ; E-print/Working paper (2013) We consider a special class of axial multi-dimensional assignment problems called multi-dimensional vector assignment (MVA) problems. An instance of the MVA problem is defined by $m$ disjoint sets, each ... [more ▼] We consider a special class of axial multi-dimensional assignment problems called multi-dimensional vector assignment (MVA) problems. An instance of the MVA problem is defined by $m$ disjoint sets, each of which contains the same number $n$ of $p$-dimensional vectors with nonnegative integral components, and a cost function defined on vectors. The cost of an $m$-tuple of vectors is defined as the cost of their component-wise maximum. The problem is now to partition the $m$ sets of vectors into $n$ $m$-tuples so that no two vectors from the same set are in the same $m$-tuple and so that the total cost of the $m$-tuples is minimized. The main motivation comes from a yield optimization problem in semi-conductor manufacturing. We consider two classes of polynomial-time heuristics for MVA, namely, hub heuristics and sequential heuristics, and we study their approximation ratio. In particular, we show that when the cost function is monotone and subadditive, hub heuristics, as well as sequential heuristics, have finite approximation ratio for every fixed $m$. Moreover, we establish better approximation ratios for certain variants of hub heuristics and sequential heuristics when the cost function is monotone and submodular, or when it is additive. We provide examples to illustrate the tightness of our analysis. Furthermore, we show that the MVA problem is APX-hard even for the case $m=3$ and for binary input vectors. Finally, we show that the problem can be solved in polynomial time in the special case of binary vectors with fixed dimension $p$. [less ▲] Detailed reference viewed: 18 (1 ULg) Le pape François se trompe-t-il ?Choffray, Jean-Marie ![]() E-print/Working paper (2013) La crise de panique généralisée à laquelle nous avons assisté depuis 2007/2008 – pour reprendre l’analyse qu’en fait l’homme le mieux informé du monde, Ben Bernanke –, n’est rien d’autre que le double ... [more ▼] La crise de panique généralisée à laquelle nous avons assisté depuis 2007/2008 – pour reprendre l’analyse qu’en fait l’homme le mieux informé du monde, Ben Bernanke –, n’est rien d’autre que le double d’une crise de confiance trouvant son origine dans l’accélération de l’information et la difficulté du pouvoir politique à en percevoir et à en accepter les conséquences. [less ▲] Detailed reference viewed: 61 (18 ULg) Les FAQs du tableau de bord - Mythes et réalités du tableau de bord à l'ère de la mondialisationVan Caillie, Didier ![]() E-print/Working paper (2013) Ce document synthétise en 8 questions clés l'état de notre expérience en matière de conception et d'implémentation d'un tableau de bord dans une organisation, privée ou publique, grande ou petite. Les 8 ... [more ▼] Ce document synthétise en 8 questions clés l'état de notre expérience en matière de conception et d'implémentation d'un tableau de bord dans une organisation, privée ou publique, grande ou petite. Les 8 questions abordées sont : 1. Qu’est-ce qu’un tableau de bord ? 2. Quelle est son utilité pour une organisation à l’ère de la mondialisation ? 3. Quels sont les prérequis à l’utilisation d’un tableau de bord ? 4. Faut-il un tableau de bord unique ou plusieurs tableaux de bord ? 5. Quels indicateurs intégrer au tableau de bord ? 6. Quelle forme donner à un tableau de bord ? 7. Quelle forme donner aux indicateurs retenus ? 8. Comment piloter le projet "Conception & implémentation d’un tableau de bord" ? [less ▲] Detailed reference viewed: 33 (4 ULg) La fin d'une époque...?Choffray, Jean-Marie ![]() E-print/Working paper (2013) Il est des moments exceptionnels dans la vie qui rappellent les lignes de fracture de l’histoire. C’est, peut-être, ce que notre monde moderne vit aujourd’hui. Dans ce document, et avant que nous ne ... [more ▼] Il est des moments exceptionnels dans la vie qui rappellent les lignes de fracture de l’histoire. C’est, peut-être, ce que notre monde moderne vit aujourd’hui. Dans ce document, et avant que nous ne vivions ce qui pourrait être un printemps, ou un automne « chaud », il m’a paru utile de mettre un peu d’ordre dans mes observations sur « L’air du temps. » Pas d’autre ambition pour ce texte, donc, que de chercher à comprendre les événements passés, et de prendre date sur les nuages qui s’amoncellent ! [less ▲] Detailed reference viewed: 125 (20 ULg) Retour au travail après une longue absence...Mairiaux, Philippe ![]() E-print/Working paper (2013) Detailed reference viewed: 16 (1 ULg) When does the Market feel it? Magnitude, speed and persistence of market reactions to of cross-listingsMouchette, Xavier ; ; Muller, Aline ![]() E-print/Working paper (2013) Detailed reference viewed: 2 (0 ULg) Impact of uncertainty in climate forcing on projections of the West Antarctic ice sheet over the 21st and 22nd centuries; ; et al E-print/Working paper (2013) Detailed reference viewed: 17 (0 ULg) Lettre d’information trimestrielle du projet Développement d’Alternatives Communautaires à l’Exploitation Forestière Illégale; ; et al E-print/Working paper (2013) Detailed reference viewed: 11 (0 ULg) Social Security and Economic IntegrationArtige, Lionel ; Dedry, Antoine ; Pestieau, Pierre ![]() E-print/Working paper (2013) Detailed reference viewed: 9 (2 ULg) La pratique des inventaires multi-ressources dans les forêts communautaires, ou comment rendre la foresterie communautaire inaccessible aux villageois; Vermeulen, Cédric ; et alE-print/Working paper (2013) Des inventaires trop complexes imposés aux populations locales risquent de freiner considérablement l'appropriation des futures forêts communautaires gabonaises. La présente fiche technique compare les ... [more ▼] Des inventaires trop complexes imposés aux populations locales risquent de freiner considérablement l'appropriation des futures forêts communautaires gabonaises. La présente fiche technique compare les avantages et inconvénients des inventaires par poches, des inventaires d'exploitation habituellement réalisés dans les Forêts Communautaires camerounaises et une approche plus simple par normes proposée par l'équipe rédactionnelle. [less ▲] Detailed reference viewed: 24 (1 ULg) Analyse des divergences entre forêts communautaires et permis de gré à gré au Gabon; ; et al E-print/Working paper (2013) Detailed reference viewed: 27 (1 ULg) A Learning Procedure for Sampling Semantically Different Valid ExpressionsLupien St-Pierre, David ; ; Ernst, Damien et alE-print/Working paper (2013) Detailed reference viewed: 21 (3 ULg) La tolérance est coûteuse. On essaye l'intolérance ?Jacquemain, Marc ![]() E-print/Working paper (2013) Le texte a servi à présenter une conférence à des étudiants de bacheliers pédagogiques. Il rappelle, sur un ton informel, mais en essayant d'être rigoureux, la place et l'importance de la tolérance dans ... [more ▼] Le texte a servi à présenter une conférence à des étudiants de bacheliers pédagogiques. Il rappelle, sur un ton informel, mais en essayant d'être rigoureux, la place et l'importance de la tolérance dans toute conception raisonnable de la vie en société. Il rappelle notamment que si la tolérance n'est pas une vertu "flamboyante", elle constitue un préalable indispensable à d'autres modalités plus exigeantes du vivre ensemble [less ▲] Detailed reference viewed: 14 (0 ULg) Oceanic forcing of Antarctic climate change: A study using a stretched-grid atmospheric general circulation model; ; Agosta, Cécile et alE-print/Working paper (2013) A variable-resolution atmospheric general circulation model is used for climate change projections over the Antarctic. The present-day simulation uses prescribed observed sea-surface conditions, while a ... [more ▼] A variable-resolution atmospheric general circulation model is used for climate change projections over the Antarctic. The present-day simulation uses prescribed observed sea-surface conditions, while a set of five simulations for the end of the 21st century (2070-2099) under the SRES-A1B scenario uses sea-surface condition anomalies from selected CMIP3 coupled models. Analysis of the results shows that the prescribed sea- surface condition anomalies have a very strong influence on the simulated climate change on the Antarctic continent, up to twice the direct effect of the prescribed greenhouse gas concentration changes in the AGCM simulations. An analysis of circulation changes using self-organizing maps shows that the simulated climate change on regional scales is not principally caused by shifts of the frequencies of the dominant circulation patterns, except for precipitation changes in some coastal regions. We suggest that in some respects the use of bias-corrected sea-surface boundary conditions in climate projections with a variable-resolution atmospheric general circulation model has some distinct advantages over the use of limited-area atmospheric circulation models directly forced by generally biased AOGCM output. [less ▲] Detailed reference viewed: 24 (0 ULg) The agyieus pillar, Egyptian legal papyri, and the cult of Arsinoe Philadephos in the streets of AlexandriaCaneva, Stefano ![]() E-print/Working paper (2013) This paper is divided into two sections. The first aims to offer a thorough discussion of the agyieus and of types of altar for Arsinoe Philadelphos as well as of the offerings devoted to her in the ... [more ▼] This paper is divided into two sections. The first aims to offer a thorough discussion of the agyieus and of types of altar for Arsinoe Philadelphos as well as of the offerings devoted to her in the Ptolemaic kingdom. The second explores the relationship that exists between the agyieus and the creation of cultic double names of Arsinoe in the streets of Alexandria. By combining the evidence on Arsinoe’s altars with a set of legal papyri attesting her divine names in Alexandria, I argue that in the Ptolemaic capital, the agyieis had a twofold function. They served firstly, as cult places for Arsinoe and secondly, as city landmarks. I will also argue that the second function of the agyieis, as city landmarks, survived the Ptolemaic cult of the Philadelphos and was ultimately preserved in long-lasting toponyms. [less ▲] Detailed reference viewed: 17 (1 ULg) Given to a deity? Religious and Social Reappraisal of Human Consecrations in the Greek WorldCaneva, Stefano ![]() E-print/Working paper (2013) Various cases of human beings “dedicated” to deities are attested in Greek epigraphical evidence. Are these kinds of offerings comparable to the dedication of inanimate objects? Besides, does the fact ... [more ▼] Various cases of human beings “dedicated” to deities are attested in Greek epigraphical evidence. Are these kinds of offerings comparable to the dedication of inanimate objects? Besides, does the fact that someone is said to be “sacred” to a specific deity necessarily involve that he went through a process of dedication? This article aims at providing a global picture of different situations in which processes of dedications took place. Among the several issues that are tackled, the cornerstone of this article consists of two questions: for what purposes did some people decide to consecrate a human being to a deity and what were the consequences for the consecrated individuals on religious and social levels? Different categories of persons will be contrasted, in terms of processes through which they acquire their new status but also in terms of the freedom/lack of freedom which is conveyed by this new status. It will also be shown that, as far as method is concerned, it is necessary to complete a lexical analysis with a contextual perspective for a deeper understanding of the problem. [less ▲] Detailed reference viewed: 22 (2 ULg) From Alexander to the Theoi Adelphoi: Foundation and Legitimation of a Monarchy (332-246 BC)Caneva, Stefano ![]() E-print/Working paper (2013) The book focuses on the first century of the Macedonian rule over Egypt in order to study how the Ptolemies had their power legitimated in Africa and in the broader Mediterranean context. Literary sources ... [more ▼] The book focuses on the first century of the Macedonian rule over Egypt in order to study how the Ptolemies had their power legitimated in Africa and in the broader Mediterranean context. Literary sources, inscriptions, papyri, and iconography, both Greek and Egyptian, are used to set an interdisciplinary approach to the topic. Major attention is paid to the social contexts where power legitimating motifs originate and spread as well as to the further history of there themes in later tradition. The book comprises Introduction, 3 sections and 5 chapters. Section I: From Alexander to the Ptolemies. Chapter I: Alexander in Egypt. Focus is on the role of Siwah in the perspective of the Greek, Macedonian, and Egyptian legitimation of Alexander's power in Egypt; particular attention is paid to how legitimating traditions are used and reshaped to the purpose of broadening the limits of Macedonian kingship by depicting Alexander as a Greek hero and as the heir of Pharaohs. Chapter II: In the name of Alexander. The chapter discusses the career of Ptolemy I and his strategies to legitimate his personal power in Egypt and then to establish a new dynasty. Section II: The Political Use of Religious Festivals under Ptolemy II. Chapter III: The Ptolemaia. The chapter discussed the festival Ptolemaia from the point of view of the interaction between political networks and religion. Chapter IV: Anatomy of a Festival: The Grand Procession of Ptolemy II. Focus is on the creation of a political and religious legitimating representation of the dynasty through the scenes of the procession. Detailed discussion of specific traits of Hellenistic religion is provided, especially concerning Dionysus. Section III: Shaping the dynastic couple Chapter V: The Theoi Adelphoi. The political and religious interaction between Ptolemy II and Arsinoe II are discussed to provide a study of the creation of the royal couple as a leading motif in the representation of the dynasty. [less ▲] Detailed reference viewed: 22 (2 ULg) Theatralität in E.T.A. Hoffmanns narrativen Texten: Zum Beispiel "Das Fräulein von Scuderi"Küpper, Achim ![]() E-print/Working paper (2013) Detailed reference viewed: 5 (2 ULg) L'atelier du réalisateur ou l'usine à répliques. Citations iconographiques chez Luis Buñuel : Francisco de Goya (et d'autres) dans "Belle de jour"Küpper, Achim ![]() E-print/Working paper (2013) Detailed reference viewed: 18 (2 ULg) High-resolution modelling of the Antarctic surface mass balance, application for the 20th, 21st and 22nd centuriesAgosta, Cécile ; ; et alE-print/Working paper (2013) About 75% of the Antarctic surface mass gain occurs over areas below 2000 m asl, which cover 40% of the grounded ice-sheet. As the topography is complex in many of these regions, SMB modelling is highly ... [more ▼] About 75% of the Antarctic surface mass gain occurs over areas below 2000 m asl, which cover 40% of the grounded ice-sheet. As the topography is complex in many of these regions, SMB modelling is highly dependent on resolution, and studying the impact of Antarctica on the future rise in sea level requires physical approaches. We have developed a low time consuming, physical downscaling model for high-resolution (15 km) long-term surface mass balance (SMB) projections. Here, we present results of this model, called SMHiL (surface mass balance high-resolution downscaling), which was forced with the LMDZ4 atmospheric general circulation model to assess SMB variation in the 21st and the 22nd centuries under two different scenarios. The higher resolution of SMHiL better reproduces the geographical patterns of SMB and increase significantly the averaged SMB over the grounded ice-sheet for the end of the 20th century. A comparison with more than 3200 quality-controlled field data shows that LMDZ4 and SMHiL compare the observed values equally well. Nevertheless, field data below 2000 m asl are too scarce to efficiency show the interest of SMHiL and measuring the SMB in these undocumented areas should be then a future scientific priority. Our results suggest that running LMDZ4 at a finer resolution (15km) may give a future increase in SMB in Antarctica about 30% higher than by using its standard resolution (60 km) due to higher increase in precipitation in the coastal areas at 15 km. However, a part (~ 15%) of these discrepancies could be an artefact from SMHiL since it neglects the foehn effect and then likely overestimates the precipitation increase. Future changes in the Antarctic SMB at low elevations will result from the conflict between higher snow accumulation and runoff. For this reason, developing downscaling models is crucial to represent processes in sufficient detail and correctly model the SMB in the coastal areas. [less ▲] Detailed reference viewed: 31 (3 ULg) L’appropriation discursive et pratique du concept de développement durable par des GACEURS et des bénévoles/travailleurs du commerce équitable, vers un imaginaire critique partagé ?Thys, Séverine ![]() E-print/Working paper (2013) Ce Working Paper interroge l’existence d’un référentiel critique et argumentatif commun à des initiatives d’Economie Sociale du secteur alimentaire. En utilisant l’appareillage théorique de la « ... [more ▼] Ce Working Paper interroge l’existence d’un référentiel critique et argumentatif commun à des initiatives d’Economie Sociale du secteur alimentaire. En utilisant l’appareillage théorique de la « sociologie des épreuves », les propos de GACEURS et de bénévoles/salariés du commerce équitable sont analysés afin de voir si le concept de Développement Durable porte en lui un projet sociétal, un référentiel fédérateur, apte à mobiliser des consom’acteurs autour de revendications partagées. L’analyse met en évidence un corpus critique commun articulé autour de quatre axes, dont trois relèvent bien du développement durable, mais nuance ses conclusions au vu de la faiblesse de la grammaire argumentative construite, et des contradictions qui la parcourent. [less ▲] Detailed reference viewed: 7 (2 ULg) Excess Return Forecast Using a Dynamic Asset Class Factor ModelHübner, Georges ; Sougné, Danielle ; Wijnandts, Jean-Charles ![]() E-print/Working paper (2012) We propose a Dynamic Hierarchical Factor Model using Asset classes to predict mutual funds excess returns. We use different forecast combination schemes of bivariate model considering each asset class ... [more ▼] We propose a Dynamic Hierarchical Factor Model using Asset classes to predict mutual funds excess returns. We use different forecast combination schemes of bivariate model considering each asset class factor in isolation. Primary analysis highlights the importance to account for asset class specific variations together with between classes or common variations. Further refinements of the a priori repartition are however in order. Forecasting performance of the model outperforms the historical mean benchmark both in terms of MSPE and utility based criteria. A forecasting exercise matching more closely real-time conditions must be undertaken to validate these initial results. [less ▲] Detailed reference viewed: 25 (1 ULg) Lettre d'Information trimestrielle du projet N°8; ; Vermeulen, Cédric ![]() E-print/Working paper (2012) Detailed reference viewed: 12 (2 ULg) Les investisseurs institutionnels dans les Maisons de luxe familiales belges: entre diabolisation et sacralisationRiguelle, France ; Van Caillie, Didier ![]() E-print/Working paper (2012) Abstract : Belgian family luxury Houses are increasingly confrontated to a problem of independence caused by the growing influence of great financial groups and of private investment funds, on the one ... [more ▼] Abstract : Belgian family luxury Houses are increasingly confrontated to a problem of independence caused by the growing influence of great financial groups and of private investment funds, on the one hand, and by a problem of image due to their Belgian origin, on the other hand. Nevertheless, their growing need for internationalization in order to counter the threats of the market and to seize opportunities leads them to concede one part of their control to institutional investors. The interest of this research is to study the potential impact, as perceived by the leaders of Belgian luxury Houses, of the venue of public institutional investors in their capital structure. We show that this perceived impact oscillates between sacralization and diabolisation of public institutional investors. [less ▲] Detailed reference viewed: 39 (7 ULg) Comparison Between Mornigstar Ratings And Traditional Performance Measures RatingsBodson, Laurent ; Delhalle, Stéphanie ; Sougné, Danielle ![]() E-print/Working paper (2012) In this paper, we compare Morningstar ratings with those obtained using the same methodology of rating attribution with a set of commonly used performance measures. We look at three types of investment ... [more ▼] In this paper, we compare Morningstar ratings with those obtained using the same methodology of rating attribution with a set of commonly used performance measures. We look at three types of investment horizons: 3-year, 5-year and 10-year ratings. Our analysis focuses on Open-End US Mutual Funds available in Morningstar Direct Database from which we create three sets of 16,617, 13,505 and 7,992 funds corresponding respectively to the three investment horizons analyzed. Our results show that Morningstar ratings are very close (correlation around 80%) to ratings obtained with Sharpe’s alpha, Jensen’s alpha, Four-factor alpha and Excess returns. And less significantly, we also observe that ratings given by the Sortino ratio, Sharpe MVaR, M-squared, Sharpe ratio, One-factor information ratio, Four-factor information ratio, Prospect ratio and Stutzer index are quite similar to Morningstar’s ratings (correlation lying between 70% and 78%). At the other end of the spectrum, however, ratings obtained with Annual return diverge widely from Morningstar ratings. We also analyse which explanatory variables can explain the differences between ratings computed with Morningstar as compared with the alternative performance measures using a probit regression. We find that Load adjustments, tax and risk included by Morningstar in the computation of MRAR are often determining. Expense ratio, Return Skewness and the three factors of the Fama-French model (Beta, Size load and Book-to-market loading) can be significant determinants depending on the performance measure analyzed and on the selected investment horizon. Fund characteristics such as Age, Fund size, Turnover rate and Manager tenure are not statistically significant in determining the differences in ratings. Besides, we analyze differences between ratings (in terms of number of STARs) and we confirm previous results (i.e. the link between Morningstar’s and the alternative performance measures, but also the explanatory capacity of the load for lots of differences between ratings). Finally, we test all possible combinations of our set of performance measures, and observe that Sharpe’s alpha, excess return, Sharpe MVaR, Four-factor alpha and Jensen’s alpha are part of the best combinations. As a conclusion, Morningstar ratings can be replicated using simple and traditional performance measures but the replication is less accurate when tax and loads features are important. Therefore, Morningstar data management and access bring the most of its ratings’ value added. [less ▲] Detailed reference viewed: 20 (3 ULg) Multi-period vehicle loading with stochastic release datesArda, Yasemin ; Crama, Yves ; Kronus, David et alE-print/Working paper (2012) This paper investigates a multi-period vehicle loading problem with stochastic information regarding the release dates of items to be transported. The deterministic version of the problem can be ... [more ▼] This paper investigates a multi-period vehicle loading problem with stochastic information regarding the release dates of items to be transported. The deterministic version of the problem can be formulated as a large-scale set covering problem. Several heuristic algorithms are proposed to generate decision policies for the stochastic optimization model over a long rolling horizon. The resulting policies have been extensively tested on instances which display the main characteristics of the industrial case-study that motivated the research. The tests demonstrate the benefits of the multi-period stochastic model over simple myopic strategies. A simple and efficient heuristic is shown to deliver good policies and to be robust against errors in the estimation of the probability distribution of the release dates. [less ▲] Detailed reference viewed: 27 (4 ULg) Coûts d’efficience des dépositaires centraux des titres des pays africainsTeuwa Nkeuwo, Mathieu Hugues ; Muller, Aline ![]() E-print/Working paper (2012) This paper examines the potential of economies of scale and scope among the African central securities depository institutions. We address whether the consolidation of settlement and custody activities of ... [more ▼] This paper examines the potential of economies of scale and scope among the African central securities depository institutions. We address whether the consolidation of settlement and custody activities of securities make these institutions efficient in light of the costs of service parameter. To do this, we rely on the translog cost function [introduced by Christensen et al. (1971)] and the constant elasticity of substitution of seven central securities depositories in Africa over the period 2004-2009. The results show the existence of significant economies of scale and scope in these institutions. The extent of these economies differs upon the size of the institution and the level of automation mechanisms to combine securities settlement and custody activities. Our findings also indicate that, unlike large institutions in countries such as South Africa and Mauritius, which have heavily invested in automation mechanisms, smaller institutions have higher service costs, which implies a need for consolidation of activities to reduce these costs. [less ▲] Detailed reference viewed: 12 (2 ULg) Les Jourdain de la réflexivité : Du bon usage des incidents diplomatiquesThoreau, François ; Despret, Vinciane ![]() E-print/Working paper (2012) Detailed reference viewed: 100 (29 ULg) Deregulation of Oxytocin and Vasopressin in Williams Syndrome: A New Model For Exploring Neurogenetics and Neurobiology of Human Social BehaviorGeenen, Vincent ; Bakker, Julie ; et alE-print/Working paper (2012) Detailed reference viewed: 21 (8 ULg) Plan Simple de Gestion à vocation de production de bois énergie; Vermeulen, Cédric ; E-print/Working paper (2012) Les zones d’interventions du Projet Makala présentent des contextes différents liés à l’occupation spatiale coutumière, l’organisation des structures sociales traditionnelles (lignage, clan, chefferie ... [more ▼] Les zones d’interventions du Projet Makala présentent des contextes différents liés à l’occupation spatiale coutumière, l’organisation des structures sociales traditionnelles (lignage, clan, chefferie coutumière), les types de formations végétales présentes dans la zone et les activités principales des populations. L’ensemble de ces éléments structure l’intervention du projet dans son objectif d’aménagement des espaces forestiers périurbains dégradés. Des enquêtes d’identification du finage et des terroirs villageois partenaires ont d’abord été réalisées pour caractériser le contexte social et environnemental d’intervention. Les données recueillies ont constituées la base de travail de la construction du processus d’élaboration des Plans Simples de Gestion (PSG). Le présent document présente les étapes structurant le PSG, l’outil de démarche participatif permettant une appropriation collective du processus et les activités techniques développées pour la reconstitution des espaces forestiers dégradés. [less ▲] Detailed reference viewed: 40 (8 ULg) Lettre d'information trimestrielle N°7 Projet Dacefi; Boldrini, Sylvie ; et alE-print/Working paper (2012) Detailed reference viewed: 47 (6 ULg) Conditional asset allocation: Does Market-Wide Liquidity Matter?Bazgour, Tarik ; Sougné, Danielle ; Heuchenne, Cédric ![]() E-print/Working paper (2012) This paper investigates the effect of market-wide liquidity on optimal portfolio allocations across US equity portfolios sorted by size and book-to-market characteristics. In particular, we consider a ... [more ▼] This paper investigates the effect of market-wide liquidity on optimal portfolio allocations across US equity portfolios sorted by size and book-to-market characteristics. In particular, we consider a single-period investor with a relative risk aversion of 5, and use the nonparametric approach of Brandt (1999) to directly express optimal portfolio weights as functions of market-wide liquidity innovations. We find, first, that the effect of market-wide liquidity is a decreasing function of investment horizon. Second, this effect is stronger in allocations in the small stock portfolio and gets weaker as we move towards the large stock portfolio. Third, conditional allocations in risky asset(s) decrease and exhibit shifts towards more liquid and less risky assets as market-wide liquidity worsens. Overall, our results show that allocations based on market-wide liquidity as a signal capture many phenomena that have been identified by researchers in the US market, such as the so-called “flight-to-safety”, flight-to-quality” and “flight-to-liquidity” episodes. Furthermore, in an out-of-sample test, results demonstrate the superior performance of a strategy based on market-wide liquidity compared to a benchmark strategy. [less ▲] Detailed reference viewed: 35 (6 ULg) Les chemins de l’… sont pavés de bonnes intentionsChoffray, Jean-Marie ![]() E-print/Working paper (2012) C’est un fait connu : « Les Liégeois ont été plus que tous les ans domptés. Néanmoins, ils ont toujours relevé leurs crestes » Citation de Michel de L’Hospital, 1558, gravée au fronton du bâtiment de la ... [more ▼] C’est un fait connu : « Les Liégeois ont été plus que tous les ans domptés. Néanmoins, ils ont toujours relevé leurs crestes » Citation de Michel de L’Hospital, 1558, gravée au fronton du bâtiment de la Cité Administrative de Liège. [less ▲] Detailed reference viewed: 102 (39 ULg) The economic and environmental feasibility of biogas buses in LiegeMostert, Martine ; Limbourg, Sabine ![]() E-print/Working paper (2012) Every day, many of the students at the University of Liege have to drive to the Sart-Tilman village in order to attend their courses. These movements require many journeys that are responsible for the ... [more ▼] Every day, many of the students at the University of Liege have to drive to the Sart-Tilman village in order to attend their courses. These movements require many journeys that are responsible for the emission of harmful particles which have a negative impact on climate or human health. The objective of this paper is therefore to analyze the economic and environmental feasibility of using biogas buses for public transport in Liege. The idea of implementing biogas buses is based on the proposed recycling of organic waste by the company INTRADEL, which manages and treats waste in the region. The project is also in line with the willingness of the city of Liege to demonstrate its commitment to environmental issues. The advantages and disadvantages of biogas buses are developed and compared with those of the current diesel bus fleet of the city. The main conclusion of this study is that, while internalizing external costs due to pollution, the use of biogas buses becomes an attractive option compared with classical diesel buses. Nevertheless, it requires investment and might lead to resistance to change. However, it remains a good solution for the reduction of CO2 emissions that are responsible for the greenhouse effect caused by human beings. It is also a good opportunity to market the city, especially within the framework of the application to host the International Exhibition in 2017. [less ▲] Detailed reference viewed: 42 (6 ULg) Do Mutual Fund Investors Still Trust Standard Risk-Adjusted Performance Measures?Bodson, Laurent ; ; Sougné, Danielle ![]() E-print/Working paper (2012) We study the relationship between the risk-adjusted performance of mutual funds and their money flows (i.e. their subscriptions and redemptions). Testing the most traditional risk-adjusted performance ... [more ▼] We study the relationship between the risk-adjusted performance of mutual funds and their money flows (i.e. their subscriptions and redemptions). Testing the most traditional risk-adjusted performance measures, we identify the ones which best explain the flows of equity, bond or mixed funds. The risk-adjusted performance measures which attract the most the attention from investors are the Information ratios (mono- and multi-factor), the M-squared and the Sharpe ratios (traditional Sharpe ratios and Sharpe MVaR). We may conclude that fund managers who want to maximize their AuM (and, if applicable, increase their AuM based fees) must mainly focus their efforts on improving these standard performance measures. Furthermore, we also demonstrate that the performance-flow relationship is concave then convex. Indeed, amongst the funds with a negative performance, those achieving the worst results are affected by disproportionately high net outflows whereas, on the opposite side of the spectrum, the most successful funds experience much higher capital inflows. [less ▲] Detailed reference viewed: 5 (1 ULg) Do Mutual Fund Investors Still Trust Standard Risk-Adjusted Performance Measures?Sougné, Danielle ; Bodson, Laurent ; E-print/Working paper (2012) We study the relationship between the past performance of mutual funds and their capital flows (i.e. their subscriptions and redemptions). Testing the most traditional risk-adjusted performance measures ... [more ▼] We study the relationship between the past performance of mutual funds and their capital flows (i.e. their subscriptions and redemptions). Testing the most traditional risk-adjusted performance measures, we identify the ones which best explain the flows of US equity mutual funds. [less ▲] Detailed reference viewed: 26 (4 ULg) A Global Approach to Mutual Funds Market Timing AbilitySougné, Danielle ; Bodson, Laurent ; E-print/Working paper (2012) In this paper, we globally investigate market timing abilities of mutual fund managers from the three perspectives: market return, market-wide volatility and aggregate liquidity. We propose a new ... [more ▼] In this paper, we globally investigate market timing abilities of mutual fund managers from the three perspectives: market return, market-wide volatility and aggregate liquidity. We propose a new specification to study market timing. Instead of considering an average market exposure for mutual funds, we allow mutual fund market betas to follow a random walk in the absence of market timing ability. As a consequence, we capture market exposure dynamics which is really due to manager market timing skills while allowing dynamics to come from other sources than market timing. We find that on average 6% of mutual funds display return market timing abilities while this percentage amounts to respectively 13% and 14% for volatility and liquidity market timing. We also analyze market timing by investment strategies and for surviving and dead funds. Dead fund exhibit lower volatility and liquidity timing skills than live funds. [less ▲] Detailed reference viewed: 64 (4 ULg) Newsletter n° 5 - DACEFI 2; ; et al E-print/Working paper (2012) Detailed reference viewed: 20 (4 ULg) Le design du système de contrôle de gestion dans les PMI tunisiennes: une modélisation contingenteGhorbel, Jihene ; Van Caillie, Didier ![]() E-print/Working paper (2012) A l'heure actuelle, il existe relativement peu de recherches qui traitent du système de contrôle de gestion des PME, spécialement dans le contexte tunisien, malgré leur importance économique. La présente ... [more ▼] A l'heure actuelle, il existe relativement peu de recherches qui traitent du système de contrôle de gestion des PME, spécialement dans le contexte tunisien, malgré leur importance économique. La présente communication vise dès lors à élaborer un modèle théorique expliquant le design du système de contrôle de gestion dans les PMI tunisiennes, au départ d'une analyse de la littérature portant spécifiquement soit sur les PMI tunisiennes, soit sur le système de contrôle de gestion de la PME. Cette étude est réalisée en privilégiant deux angles d'analyse particulièrement importants au vu du contexte tunisien, à savoir la taille de l'entreprise et son positionnement sur le cycle de vie. [less ▲] Detailed reference viewed: 38 (26 ULg) Module 3, techniques de reconstitution forestière; Vermeulen, Cédric ![]() E-print/Working paper (2012) Detailed reference viewed: 25 (4 ULg) Measuring Downside and Extreme Risk Allocation in Equity Hedge FundsLambert, Marie ![]() E-print/Working paper (2012) Detailed reference viewed: 21 (3 ULg) Internet-Based Investing at the Edge of ChaosChoffray, Jean-Marie ![]() E-print/Working paper (2012) This paper presents a simple, seven-step approach, to surviving on World Street: an investment environment characterized by high frequency trading system; over leveraged shadow entities and hedge funds ... [more ▼] This paper presents a simple, seven-step approach, to surviving on World Street: an investment environment characterized by high frequency trading system; over leveraged shadow entities and hedge funds; flash crashes, incompetent management, reverse merger frauds, dot bubble 2.0 IPOs and stealth central banks’ actions. Its goal is to help you design efficient investment strategies while protecting your assets. It is based on a personal research conducted over the last ten years, involving hundreds of observations, investment simulations and actual decisions. [less ▲] Detailed reference viewed: 214 (37 ULg) Dynamic Trading Strategies of Equity Hedge Funds: Empirical evidence on how they adapt to market conditionsLambert, Marie ; Muller, Aline ; Babaei, Hamid ![]() E-print/Working paper (2012) Detailed reference viewed: 49 (15 ULg) Entrepreneuriat socialMertens de Wilmars, Sybille ; Defourny, Jacques ![]() E-print/Working paper (2012) Detailed reference viewed: 11 (0 ULg) Le financement des associations en Belgique francophoneMertens de Wilmars, Sybille ; Marée, Michel ![]() E-print/Working paper (2012) En raison de la nature de leurs activités et de leur finalité non lucrative, les associations rencontrent des problèmes spécifiques de financement, que ce soit au niveau de leurs opérations courantes ou ... [more ▼] En raison de la nature de leurs activités et de leur finalité non lucrative, les associations rencontrent des problèmes spécifiques de financement, que ce soit au niveau de leurs opérations courantes ou de leurs dépenses d'investissements. Toutefois, Il existe encore peu d'études empiriques sur cette question dans les pays francophones, de sorte que nombre d'a priori - comme par exemple le fait que les associations auraient peu de garanties à offrir aux banques - sont communément admis sans qu'ils soient validés par des données de terrain. Pour mieux cerner la problématique du financement de l'associatif dans ses dimensions concrètes, on a réalisé un premier "état des lieux" du financement du secteur associatif en Belgique francophone (Wallonie et Bruxelles) en procédant à une enquête auprès d'un échantillon représentatif. Un des enseignements de cette recherche concerne précisément les relations avec les institutions bancaires. En cas de difficultés de trésorerie, la moitié à peine des associations recourent au crédit de caisse, les autres préférant se tourner vers leurs membres, vers les pouvoirs publics ou encore vers une autre association. Moins nombreuses encore sont les associations qui s'adressent aux banques pour financer leurs investissements. Mais contrairement à l'opinion courante, la principale raison ne réside ni dans les difficultés d'obtention d'un crédit, ni dans la lourdeur des formalités nécessaires : si les associations n'empruntent guère aux banques, c'est essentiellement pour des raisons de principe (ne pas s'endetter auprès des institutions bancaires). Ces raisons sont vraisemblablement liées, d'une part, à une aversion plus marquée du risque que les PME et, d'autre part, à une prise de distance à l'égard des principes de l'économie marchande. [less ▲] Detailed reference viewed: 7 (0 ULg) Statistical design of the variable parameters Hotelling's T2 control chart with run rules: using Genetic Algorithms approachFaraz, Alireza ; Heuchenne, Cédric ; E-print/Working paper (2012) Detailed reference viewed: 64 (3 ULg) Bronfenbrenner, écologie du développement humain. Réflexion et action pour la promotion de la santéAbsil, Gaëtan ; Vandoorne, Chantal ; E-print/Working paper (2012) Detailed reference viewed: 144 (29 ULg) Contextual Multi-armed Bandits for the Prevention of Spam in VoIP NetworksJung, Tobias ; Martin, Sylvain ; Ernst, Damien et alE-print/Working paper (2012) In this paper we argue that contextual multi-armed bandit algorithms could open avenues for designing self-learning security modules for computer networks and related tasks. The paper has two ... [more ▼] In this paper we argue that contextual multi-armed bandit algorithms could open avenues for designing self-learning security modules for computer networks and related tasks. The paper has two contributions: a conceptual one and an algorithmical one. The conceptual contribution is to formulate -- as an example -- the real-world problem of preventing SPIT (Spam in VoIP networks), which is currently not satisfyingly addressed by standard techniques, as a sequential learning problem, namely as a contextual multi-armed bandit. Our second contribution is to present CMABFAS, a new algorithm for general contextual multi-armed bandit learning that specifically targets domains with finite actions. We illustrate how CMABFAS could be used to design a fully self-learning SPIT filter that does not rely on feedback from the end-user (i.e., does not require labeled data) and report first simulation results. [less ▲] Detailed reference viewed: 66 (24 ULg) L'économie sociale et coopérative dans la revue du CIRIEC, Annales de l'économie publique, sociale et coopérativeFecher-Bourgeois, Fabienne ; E-print/Working paper (2012) Detailed reference viewed: 31 (17 ULg) The role of segmentation and investor recognition trough the lens of cross-listing activityMouchette, Xavier ; ; Muller, Aline ![]() E-print/Working paper (2012) Detailed reference viewed: 24 (5 ULg) A capacity game in transportation managementAmand, Guillaume ; Arda, Yasemin ![]() E-print/Working paper (2012) Detailed reference viewed: 22 (10 ULg) Inventaire des papiers Michel Gloesener (1794-1876); ; Oger, Cécile ![]() E-print/Working paper (2012) Detailed reference viewed: 55 (31 ULg) Instituants et prix culturels, Québec, 1919-1939 : histoire culturelle et base de donnéesDozo, Björn-Olav ; ; E-print/Working paper (2012) Detailed reference viewed: 19 (2 ULg) Review of Giulio Massimilla (ed.), Callimaco. Aitia: libro terzo e quarto. Biblioteca di studi antichi 92. Pisa/Roma: Fabrizio Serra editore, 2010Caneva, Stefano ![]() E-print/Working paper (2012) Detailed reference viewed: 38 (1 ULg) Germanistische Mitteilungen 38.1; ; et al E-print/Working paper (2012) Detailed reference viewed: 6 (0 ULg) Les initiatives informelles dans le Sud partagent-elles une logique capitaliste ou représentent-elles les germes d’une économie solidaire ? Le cas de Santiago du ChiliBauwens, Thomas ; E-print/Working paper (2012) Do informal initiatives display the capitalist spirit of entrepreneurship that they are often supposed to share? It is this question that this working paper is devoted to, trying to answer it through the ... [more ▼] Do informal initiatives display the capitalist spirit of entrepreneurship that they are often supposed to share? It is this question that this working paper is devoted to, trying to answer it through the “popular economy” approach, focusing on the case of Chile. In a first step, based on a historical approach, we try to understand why the number of economic popular organizations shrank substantially since the end of the 80’s. In a second step, we bring elements of answer to the original question on the basis of deep case-studies undertaken in 2012 in Santiago de Chile. [less ▲] Detailed reference viewed: 18 (9 ULg) Comment se finance le secteur associatif? Résultats d'une enquête de terrain en Belgique francophoneMertens de Wilmars, Sybille ; Marée, Michel ![]() E-print/Working paper (2011) Ce rapport expose les résultats d'une enquête de terrain menée en Belgique francophone fin 2010 auprès d 'environ 500 associations employeurs. Les thèmes de l'enquête concernent la situation bilantaire ... [more ▼] Ce rapport expose les résultats d'une enquête de terrain menée en Belgique francophone fin 2010 auprès d 'environ 500 associations employeurs. Les thèmes de l'enquête concernent la situation bilantaire des associations, le financement des dépenses courantes, le financement des dépenses d'investissement, la situation de trésorerie et les apports non monétaires. [less ▲] Detailed reference viewed: 92 (17 ULg) Lève-toi et entreprends !...Choffray, Jean-Marie ![]() E-print/Working paper (2011) Quelques pistes de réflexion pour faire face, avec solidarité, créativité, intelligence, et détermination, aux défis humains et économiques que pose la reconversion industrielle d'ArcelorMittal. Detailed reference viewed: 234 (69 ULg) Surprise… Surprise ! Six ouvrages publiés sur le Net, que je n’ai jamais autorisés !Choffray, Jean-Marie ![]() E-print/Working paper (2011) Passé un premier étonnement, ce n’est pas désagréable de découvrir que d’autres apprécient suffisamment certaines de vos contributions scientifiques pour se les approprier, et les publier sur le Net sous ... [more ▼] Passé un premier étonnement, ce n’est pas désagréable de découvrir que d’autres apprécient suffisamment certaines de vos contributions scientifiques pour se les approprier, et les publier sur le Net sous la forme de divers ouvrages numériques et/ou physiques. [less ▲] Detailed reference viewed: 255 (30 ULg) "Oh wow. Oh wow. Oh wow."Choffray, Jean-Marie ![]() E-print/Working paper (2011) Pour les enseignants/chercheurs universitaires, et autres scientifiques, de ma génération, il y a incontestablement un « avant » et un « après » Apple II !... Plus que tout autre, au travers de sa ... [more ▼] Pour les enseignants/chercheurs universitaires, et autres scientifiques, de ma génération, il y a incontestablement un « avant » et un « après » Apple II !... Plus que tout autre, au travers de sa créativité, de son ingéniosité, et de son sens de l’entreprise, Steve Jobs a durablement créé de nouvelles opportunités de développement intellectuel et professionnel. [less ▲] Detailed reference viewed: 140 (47 ULg) Module 3, techniques de reconstitution forestière; Vermeulen, Cédric ![]() E-print/Working paper (2011) Detailed reference viewed: 20 (2 ULg) Le prix de l'incompétence (2)Choffray, Jean-Marie ![]() E-print/Working paper (2011) Poser la question de la compétence des administrateurs des banques belges, et celle de la pertinence du démantèlement de Fortis, c'est y répondre !... Réaction personnelle à la position courageuse ... [more ▼] Poser la question de la compétence des administrateurs des banques belges, et celle de la pertinence du démantèlement de Fortis, c'est y répondre !... Réaction personnelle à la position courageuse exprimée par La Libre Belgique. [less ▲] Detailed reference viewed: 150 (53 ULg) Bienvenue dans le désert des marchésChoffray, Jean-Marie ![]() E-print/Working paper (2011) La dernière fois que nous avons évoqué ensemble l’évolution du monde, nous étions convenus que : « La crise de 2008/09 n’en était peut-être pas une, à tout le moins pas encore ! » Cet exposé fait le point ... [more ▼] La dernière fois que nous avons évoqué ensemble l’évolution du monde, nous étions convenus que : « La crise de 2008/09 n’en était peut-être pas une, à tout le moins pas encore ! » Cet exposé fait le point sur la situation actuelle, dans toute sa radicalité. Pour nous y aider, il aborde trois dimensions qui permettent d’en définir, au mieux, le contour : la confiance, la compétence et la virtualité. [less ▲] Detailed reference viewed: 393 (50 ULg) Claude Bernard (1813-1878), the father of modern physiology and experimental medicineGeenen, Vincent ![]() E-print/Working paper (2011) Detailed reference viewed: 25 (6 ULg) Impact of the thymus emergence on integrated evolution of the adaptative immune and neuroendocrine systemsGeenen, Vincent ![]() E-print/Working paper (2011) Detailed reference viewed: 28 (8 ULg) Power indices and the measurement of control in corporate structuresCrama, Yves ; Leruth, Luc ![]() E-print/Working paper (2011) This paper proposes a review of the use of power indices in the corporate governance literature. It places the emphasis on the game-theoretic aspects of this research, but it also addresses some of the ... [more ▼] This paper proposes a review of the use of power indices in the corporate governance literature. It places the emphasis on the game-theoretic aspects of this research, but it also addresses some of the key issues linked to the specific field of application. [less ▲] Detailed reference viewed: 66 (1 ULg) Newsletter N° 3 - DACEFIMeunier, Quentin ; ; et alE-print/Working paper (2011) Detailed reference viewed: 20 (5 ULg) Réflexion sur la vie de Tony ChoffrayChoffray, Jean-Marie ![]() E-print/Working paper (2011) Réflexion sur la vie de Monsieur Tony Choffray, ingénieur et entrepreneur Detailed reference viewed: 327 (50 ULg) Sudokus' ranksMerciadri, Luca ; E-print/Working paper (2011) A Latin square of order n^2 is a Sudoku matrix if subdividing its entries into n^2 disjoint n-by-n subblocks causes each symbol to appear once in each subblock. Symbols are taken from {1, ..., n^2}, and n ... [more ▼] A Latin square of order n^2 is a Sudoku matrix if subdividing its entries into n^2 disjoint n-by-n subblocks causes each symbol to appear once in each subblock. Symbols are taken from {1, ..., n^2}, and n^2 = 9 then corresponds to the familiar recreation. A construction of cyclic latin squares (see Shiu, W.C. and Fang, K.T. and Ma, S. L., On the Rank of Cyclic Latin Squares, Linear and Multilinear Algebra, Vol. 40, pp. 183-188) determines their minimum rank and shows they can attain full rank. It follows that Sudoku matrices can also be full rank. The present authors initially thought that the minimum ranks of Sudoku matrices would equal the minimum ranks of cyclic latin squares of the same order, i.e. 1 + \sum_{i=1}^{s} \varphi\left((p_i)^{t_i}\right) where n=\prod_{i=1}^{s} (p_i)^{t_i} is the prime factorization (of n), and \varphi is Euler's totient function. However, a block-cyclic latin square construction is found that attains a smaller rank. For the case n^2 = 9, one gets a rank 5 matrix rather than rank 7. Some generalizations such as taking symbols from {0, ..., n^2 -1} are discussed, and comparisons made to ranks of more general kinds of latin squares. We also discuss the possibility of finding a rank inferior to 5 for a 9*9 Sudoku matrix. (Until here, no test revealed such a possibility, but tests are not finished yet.) [less ▲] Detailed reference viewed: 37 (5 ULg) Polymer Maximum Drag Reduction: A Unique Transitional State; ; et al E-print/Working paper (2011) The upper bound of polymer drag reduction is identified as a unique transitional state between laminar and turbulent flow corresponding to the onset of the nonlinear breakdown of flow instabilities. Detailed reference viewed: 18 (4 ULg) A Monte Carlo Analysis of the VAR-Based Indirect Inference Estimation of DSGE ModelsDubois, David ![]() E-print/Working paper (2011) In this paper we study estimation of DSGE models. More specifically, in the indirect inference framework, we analyze how critical is the choice of the reduced form model for estimation purposes. As it ... [more ▼] In this paper we study estimation of DSGE models. More specifically, in the indirect inference framework, we analyze how critical is the choice of the reduced form model for estimation purposes. As it turns out, simple VAR parameters performs better than commonly used impulse response functions. This can be attributed to the fact that IRF worsen identifica- tion issues for models that are already plagued by that phenomenon. [less ▲] Detailed reference viewed: 16 (1 ULg) The comparative performance of for-profit, public and third sector providers. The case of the "service-vouchers" field in Belgium".Defourny, Jacques ; E-print/Working paper (2011) Within the Belgian service-voucher system, various types of organizations can provide services (house cleaning, ironing and various types of help to vulnerable persons). Based on a detailed survey ... [more ▼] Within the Belgian service-voucher system, various types of organizations can provide services (house cleaning, ironing and various types of help to vulnerable persons). Based on a detailed survey covering 50 providers of different types, this paper examines their comparative performance based on three different specifications of the latter and by using Data Envelopment Analysis. [less ▲] Detailed reference viewed: 62 (13 ULg) Newsletter n°1 - DACEFI; Vermeulen, Cédric ![]() E-print/Working paper (2011) Detailed reference viewed: 21 (1 ULg) Seele - Saite/Nerve - Körper. Anthropologische Aspekte des Violinspiels um 1800.Viehöver, Vera ![]() E-print/Working paper (2011) Detailed reference viewed: 24 (6 ULg) Agriculture familiale et production avicole au Vietnam; ; Lebailly, Philippe ![]() E-print/Working paper (2011) This research was carried out at Chương Mỹ and Phú Xuyên Districts for two years of 2009 – 2010 by production record keeping system according to a production cycle of 270 poultry flocks at 210 farms and ... [more ▼] This research was carried out at Chương Mỹ and Phú Xuyên Districts for two years of 2009 – 2010 by production record keeping system according to a production cycle of 270 poultry flocks at 210 farms and smallholders to aim at better understanding the diversification, technical productivity in this region through an approach of animal production systems and the supply chains with their various constraints. Agricultural by-products are taken full advantage maximum but the daily diet is not balanced in smallholders or commercial farms. Production productivity is good with industrial broilers of ISA Brown, Ai Cập hens and Mix 1. Rate of mortality occupied about 2% with ISA Brown hens, 3% with broiler Mix 1 compared with 15% - 27% of Lương Phượng chickens, CV Super Meat, French Muscovy ducks and backyard production. Poultry production in these zones is really diversified, complex about the races, feed sources and preventive sanitation. But this poultry production is facing grave difficulties such as good quality of DOCs, large fluctuation risk of prices of inputs/outputs and the high risks with epidemic diseases from this year to another. [less ▲] Detailed reference viewed: 155 (28 ULg) Bande dessinée et poème en proseGabrielle, Cindy ![]() E-print/Working paper (2011) Cet essai se propose d‟explorer les filaments unissant dans une même toile conceptuelle bande dessinée et poème en prose. Il s’agira en particulier de démontrer que la bande dessinée n’est pas plus ... [more ▼] Cet essai se propose d‟explorer les filaments unissant dans une même toile conceptuelle bande dessinée et poème en prose. Il s’agira en particulier de démontrer que la bande dessinée n’est pas plus limitée dans ses expérimentations par une quelconque linéarité que le poème en prose en s’attachant à des notions telles que métafiction, tressage narratif, logique onirique, mode allégorique, discours idéologique et subversion. In fine, nous verrons dans quelle mesure la bande dessinée expérimentale qui a pour vocation de pousser l’exploration formelle aux confins des genres, tout comme le poème en prose, se traduit en termes de résistance ou bien d’adhérence à la norme idéologique. [less ▲] Detailed reference viewed: 44 (4 ULg) Recension de: Jean-François Courtine, La cause de la phénoménologie, Paris, P.U.F., Coll. « Épiméthée », 2007, 276 p.Dewalque, Arnaud ![]() E-print/Working paper (2011) Detailed reference viewed: 15 (1 ULg) Making Sense of Directive 2005/29/EC on Unfair Practices: Can Psychology Help?Sibony, Anne-Lise ![]() E-print/Working paper (2011) This paper explores in what ways insights from social psychology could be used to shape the interpretation of European law on unfair practices. It is argued that insights from social psychology on ... [more ▼] This paper explores in what ways insights from social psychology could be used to shape the interpretation of European law on unfair practices. It is argued that insights from social psychology on influencing techniques are relevant to the interpretation of the directive on unfair practices. Both conceptual and empirical insights from psychology are valuable from a legal point of view. They could respectively translate as new elements of legal tests or as presumptions. [less ▲] Detailed reference viewed: 186 (13 ULg) Estimating the residual distribution in a semiparametric transformation model.Heuchenne, Cédric ; ; E-print/Working paper (2011) Detailed reference viewed: 11 (0 ULg) Inventaire des archives Ernest Mahaim; ; Geerkens Provin, Eric ![]() E-print/Working paper (2011) Detailed reference viewed: 65 (27 ULg) International Cross-Listing of Firms on Major Stock Markets: A survey of the LiteratureMouchette, Xavier ![]() E-print/Working paper (2011) This contribution is aimed at presenting the large research produced in this particular field of international finance that constitute cross-listing —the secondary listing of company’s shares on an overseas ... [more ▼] This contribution is aimed at presenting the large research produced in this particular field of international finance that constitute cross-listing —the secondary listing of company’s shares on an overseas exchange. For companies, exchanges and investors, the phenomenon of cross-listing raises different non-trivial questions. This paper reviews the most important research initiatives addressing the economic effects of this important corporate decision. Early studies were drawing much of their argumentation from segmentation theory, concluding that cross-listing was a way for companies to lower barriers to international investment in their stocks, leading to a revaluation of their shares. Equally crucial as segmentation was in the early course of the cross-listing activity, new initiatives are now exploring many additional ways that help to get a better picture of the rationales underpinning the far-reaching effects of cross-listing: valuation impacts and other financial benefits, change in the company’s market profile, and interaction with her home and host markets. Cross-listing is then at a cross-roads of different theories. The advances in academic contributions over the last decade have helped to understand some of the underlying dynamics and rationales surrounding it, but are also leaving some unanswered questions. [less ▲] Detailed reference viewed: 24 (7 ULg) La géométrie de LobachevskiDe Rop, Yves ; E-print/Working paper (2011) Detailed reference viewed: 62 (14 ULg) La mauvaise gestion de l'entreprise : trois profils-types de petites entreprises en difficultéCrutzen, Nathalie ; Van Caillie, Didier ![]() E-print/Working paper (2010) After an in-depth review of the scientific literature dedicated to (small) business failure causes (Crutzen et Van Caillie, 2008), it comes out that mismanagement is, by far, the failure cause which is ... [more ▼] After an in-depth review of the scientific literature dedicated to (small) business failure causes (Crutzen et Van Caillie, 2008), it comes out that mismanagement is, by far, the failure cause which is the most commonly evoked by previous researchers (Argenti, 1976; Wichman, 1983; Newton, 1985; O'Neill and Duker, 1986; Thornhill and Amit, 2003). Nevertheless, the concept of « mismanagement » is relatively vague and large (Bruno et al., 1987; Sheldon, 1994). It is thus now necessary to clarify it if one wants to better understand the causes of small business failure and, in fine, to better prevent this phenomenon (Argenti, 1976). In particular, it is essential to distinguish between the main categories of managerial problems small businesses can be faced to in order to be able to better anticipate their failure (thanks to adequate trainings, for example) and in order to propose adequate remedies to specific managerial problems small distressed firms are confronted to. In this context, the current article identifies, on the basis of two complementary statistical analyses, three specific patterns for badly-managed firms, amongst a sample of 91 small distressed firms. [less ▲] Detailed reference viewed: 343 (49 ULg) Critical analysis of the WORLDNET freight flow matrices; Limbourg, Sabine ![]() E-print/Working paper (2010) The growing trade between Europe and the rest of the world and the enlargement of the European Union has led the European Commission’s Directorate-General for Energy and Transport to fund Worldnet – ... [more ▼] The growing trade between Europe and the rest of the world and the enlargement of the European Union has led the European Commission’s Directorate-General for Energy and Transport to fund Worldnet – Worldwide Cargo Flows – within the Framework 6 research project under the Scientific Support to Policies initiative. The main outputs have been an extended freight origin-destination database for the year 2005, extended road and rail networks, and new maritime and air-cargo networks. Moreover, these outputs were developed according to TRANSTOOLS (Tools for TRansport forecasting ANd Scenario testing) specifications. Due to the magnitude of the project and to the consequences that its results could generate in transportation planning at European level, this study assesses the validity of the freight origin-destination matrix. Our analysis indicates multiple problem cases, inconsistencies and aberrations. [less ▲] Detailed reference viewed: 56 (4 ULg) CO2 valorizationLéonard, Grégoire ; E-print/Working paper (2010) Brief presentation of the results achieved during a workshop on CO2 valorization Detailed reference viewed: 13 (1 ULg) A Practical Guide to LaTeX Tips and TricksMerciadri, Luca ![]() E-print/Working paper (2009) LaTeX is a beautiful programming language. One sometimes wants to write in an easy and quick way various documents, such as letters, papers, reports, theses, and so on. Here, “one” can be a new student ... [more ▼] LaTeX is a beautiful programming language. One sometimes wants to write in an easy and quick way various documents, such as letters, papers, reports, theses, and so on. Here, “one” can be a new student, an old professor, or even somebody who is not linked at all with any academic stuff. We often want special constructs in our documents. This is more difficult than basic typesetting, especially using LaTeX when you are not experienced. On one hand, scientists do not always have the time to learn another programming language, especially if they are making a PhD, or doing something else which asks for a lot of time. Using direct and working programming tricks can speed up your productivity, and make you learning better. But where can they be found? On the other hand, everybody wants to make nice documents, if possible. A nicer document attracts the reader. Evidently, “a nice document” is a subjective notion. By “nice document,” we want to speak about a document which 1. is structured in an unambiguous way, and has a clear presentation, 2. is read with pleasure, if possible. The beginner, whoever he is, often faces strange errors because he tries to teach LaTeX to do what he wants it to do. It is difficult to learn the advanced notions about LaTeX, even in an average period of time. The good books have to be found. But that is often the moment where you lack of time and that you are happy to find complete solutions. That is a moment where you tell to yourself “Is there no folk out there to give me such a trivial tip?” but nobody hears it. The aim of this book, is to avoid you these problems: you do not need to write everything from scratch, ask on various forums or Usenet groups, or even read heaps of books just to make a simple script. That is my goal. You can now continue writing your document in LaTeX’s philosophy: concentrating on your document’s content, at the place of its appearence. These reasons justify the presence of this book. I have tried to pack the most useful tricks which can enhance your documents’ content in a concise way. The aim is not to teach LaTeX programming, but to give a quick reference to all the tips and tricks that can be used if you are encountering a (difficult) problem, or simply facing a question which you cannot find the answer to. I consider that the reader is familiar with basic LATEX programming. It can be learnt from various sources (given in this book's bibliography), and many others. I hope this will give you new ideas about advanced ways to typeset text and to make different processes automatic, thus giving you more time for other activities. Many others subjects were added during Fall 2010. [less ▲] Detailed reference viewed: 866 (54 ULg) UNIX Principal CommandsMerciadri, Luca ![]() E-print/Working paper (2009) In this document, we present the principal commands linked to UNIX systems. We do not claim exhaustiveness. Detailed reference viewed: 457 (39 ULg) Mathématiques Élémentaires -- CondenséMerciadri, Luca ![]() E-print/Working paper (2009) This document is a kind of Math. formula's form. It is majoritarly coming from a volonty of classifying these last so they are easily accessible. Firstly, this document was redacted in order to be ... [more ▼] This document is a kind of Math. formula's form. It is majoritarly coming from a volonty of classifying these last so they are easily accessible. Firstly, this document was redacted in order to be prepared to the engineering studies (at ULg). Many sections have been added, and it is equivalent to a first-year Math. course for a scientific (who is not a mathematician). For this reason, the text has not been very developped, so this document is as short (and quick) as possible, with no need to read unnecessary sentences which would slow the reading. Principal sentences have been written, to make links, because Math. is not only formula's: speaking is a very important way to communicate ideas and to link concepts, especially in Sciences. Indeed, it would not suffice to copy formula's to redact a summary. It is important to translate them to French too, to ensure their understanding. The aim of this summary is not to assemble mathematical ``tricks.'' Indeed, it would not suffice to apply these ready-made ``recipes'' to have success with the exercises: it would be so easy, and why would there be Math. teachers? Only few proves will be made, to lighten the document; however, formula's will be admitted. Many different notations will be used for the same idea, in order to give the habit of the reader to use different notations (e.g. the notation used for the transposed of a matrix). This synthesis is not comprehensive, and does not pretend to be rigourous. Only the essential chapters and sections have been kept. When prerequisites are necessary, they are announced, even if it is sometimes not possible to develop points before others, because, on one hand, they sometimes call each other, and, on the other hand, some notions have volontarily not been given (limits computing, in Calculus). Indeed, many points are supposed to be known: this document consists only in a set of reminds! [less ▲] Detailed reference viewed: 365 (96 ULg) Physique Élementaire -- CondenséMerciadri, Luca ![]() E-print/Working paper (2009) This document is a kind of Physics formula's form. It is majoritarly coming from a volonty of classifying these last so they are easily accessible. Firstly, this document was redacted in order to be ... [more ▼] This document is a kind of Physics formula's form. It is majoritarly coming from a volonty of classifying these last so they are easily accessible. Firstly, this document was redacted in order to be prepared to the engineering studies (at ULg). For this reason, the text has not been very developped, so this document is as short (and quick) as possible, with no need to read unnecessary sentences which would slow the reading. Principal sentences have been written, to make links, because Physics is not only formula's: speaking is a very important way to communicate ideas and to link concepts, especially in Sciences. This document is the minimum minimorum that is given in first degree of Computer Sciences at the University of Liège; some notions also come from the Civil Engineers' course (of this same university). Only few proves will be made, to lighten the document; however, formula's will be admitted. Many different notations will be used for the same idea, in order to give the habit of the reader to use different notations (e.g. $U$ or $V$ in $V=RI$). This synthesis is not comprehensive, and does not pretend to be rigourous. Only the essential chapters and sections have been kept. When prerequisites are necessary, they are announced. Indeed, many points are supposed to be known: this document consists only in a set of reminds! It is clear that the reading of this document needs some basical math. knowledge. A summary of the most important notions is ML_SM2009, from the same author. [less ▲] Detailed reference viewed: 237 (55 ULg) Nepenthes clipeataMerciadri, Luca ![]() E-print/Working paper (2009) Nepenthes clipeata is, according to [1], one of the most endangered species in the world. Few articles were written about it, and we here want to give a summary about its current situation. We finally ... [more ▼] Nepenthes clipeata is, according to [1], one of the most endangered species in the world. Few articles were written about it, and we here want to give a summary about its current situation. We finally give some growing tips which allowed the present author to make it grow. [less ▲] Detailed reference viewed: 61 (12 ULg) World Street: Internet au coeur de la révolte des investisseursChoffray, Jean-Marie ![]() E-print/Working paper (2009) Cet article évoque la "révolte" des investisseurs; une évolution technologique qui remet en question le mode de fonctionnement des marchés et le rôle exercé depuis toujours par les intermédiaires ... [more ▼] Cet article évoque la "révolte" des investisseurs; une évolution technologique qui remet en question le mode de fonctionnement des marchés et le rôle exercé depuis toujours par les intermédiaires financiers; une discipline scientifique nouvelle - Internet-Based Global Investing - qui se situe au carrefour de l’informatique, de la statistique, du marketing et de la finance; un écosystème susceptible de contribuer au développement d’innovations majeures dans les domaines de l’information, de l’analyse, de la sélection et du contrôle des investissements; et, enfin, une opportunité exceptionnelle pour les investisseurs, tant individuels qu’institutionnels, qui se retrouvent, dès à présent, au centre de ce nouvel espace de liberté, d'égalité et de responsabilité. [less ▲] Detailed reference viewed: 186 (31 ULg) Verifying a .c Code Is Correct for SubmissionMerciadri, Luca ![]() E-print/Working paper (2009) To verify whether a .c program is correct for submission, there are some very useful utilities; there is a summarized description of a little part of them. Detailed reference viewed: 32 (16 ULg) Modèles de localisations optimales de hubs de conteneurs sur un réseau multimodal européenLimbourg, Sabine ![]() E-print/Working paper (2009) Le monde des transports et de la mobilité requiert une restructuration vu la croissance des échanges. Transférer une partie du trafic de marchandises de la route vers des modes de transports plus ... [more ▼] Le monde des transports et de la mobilité requiert une restructuration vu la croissance des échanges. Transférer une partie du trafic de marchandises de la route vers des modes de transports plus respectueux de l’environnement est un élément clé d’une politique de transport durable de marchandises sur des longues distances. Cette étude s’inscrit dans ce cadre en essayant d’évaluer l’opportunité de développer le transport combiné rail-route. Plus précisément, elle propose de localiser de manière judicieuse des terminaux dédiés au transbordement de fret continental, afin de permettre l’expédition de marchandises sur longues distances avec des volumes suffisamment grands pour que le transport combiné soit compétitif. Deux problèmes de localisation sont mis en évidence : le problème du p-hub médian qui répond au critère d'efficacité et le problème p-hub centre qui répond au critère d’équité. La méthodologie présentée, offre un outil de décision s’appuyant sur une modélisation du transport combiné et prend en compte la variation des coûts de transbordement en fonction du nombre de conteneurs transbordés. Elle permet également d’analyser les variations des aires de marché des terminaux en fonction de l’offre et de la demande de transport, ainsi que de mesurer les impacts sur la répartition modales. [less ▲] Detailed reference viewed: 52 (2 ULg) Les paramètres en jeu dans le développement de la littératie : aspects liés aux politiques éducativesSchillings, Patricia ; Baye, Ariane ; Lafontaine, Annette et alE-print/Working paper (2009) Detailed reference viewed: 12 (3 ULg) Heinrich Rickert, TranszendentalphilosophieDewalque, Arnaud ![]() E-print/Working paper (2008) Transcription d'un manuscrit inédit de Rickert sur la "Philosophie transcendantale" (Nachlass Rickert, Université de Heidelberg). Detailed reference viewed: 16 (0 ULg) |
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