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See detailWhen Firms Cross-List, do Investors care?
Mouchette, Xavier ULg

Doctoral thesis (2014)

Over the past three decades, financial markets have experienced a tremendous increase in global linkages. Cross-Listing is one prominent example of these trends. By cross-listing firms can proactively ... [more ▼]

Over the past three decades, financial markets have experienced a tremendous increase in global linkages. Cross-Listing is one prominent example of these trends. By cross-listing firms can proactively broaden their shareholder basis, overcome limitations of their domestic markets, and link their securities to multiple capital markets at a time. Its far-reaching financial effects are associated with this internationalization of the firm’s capital structure. This thesis focuses on the valuation implications of cross-listing towards major international exchanges. Early attempts to explain these valuation effects called upon international capital market segmentation. This view has since then been highly challenged. Nevertheless, the magnitude of segmentation and its relationship with cross-listing has received much less attention. Our empirical investigations first establish that firms that are about-to-cross-list are not entirely integrated with global capital markets. Furthermore, previous cross-listings which originate from the same home country and country funds both have significant importance to assess the degree of this integration. We next disentangle between the validity of segmentation and informational improvement arguments in explaining the magnitude of cross-listing price effects. Our results suggest that firms that cross-list towards the US markets obtain benefits through the resolution of informational barriers only, while firms from emerging markets derive benefits as a function of their pre-cross-listing segmentation. Crucially, both channels appear conditional on the preceding cross-listing activity. Finally, reactions to cross-listing prove to be not as immediate as assumed by the classical event study literature. Substantial investors' anticipation of the cross-listing decision is demonstrated, as well as the variation regarding the speed and length of the reactions. Size, destination exchange, and the extent to which the firm is integrated into international capital markets appear to be the most influential factors. [less ▲]

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See detailA new methodological approach for error distributions selection in Finance
Hambuckers, julien ULg; Heuchenne, Cédric ULg

Conference (2014, April)

In this article, we propose a robust methodology to select the most appropriate error distribution candidate, in a classical multiplicative heteroscedastic model. In a first step, unlike to the ... [more ▼]

In this article, we propose a robust methodology to select the most appropriate error distribution candidate, in a classical multiplicative heteroscedastic model. In a first step, unlike to the traditional approach, we don't use any GARCH-type estimation of the conditional variance. Instead, we propose to use a recently developed nonparametric procedure (Mercurio and Spokoiny, 2004): the Local Adaptive Volatility Estimation (LAVE). The motivation for using this method is to avoid a possible model misspecification for the conditional variance. In a second step, we suggest a set of estimation and model selection procedures (Berk-Jones tests, kernel density-based selection, censored likelihood score, coverage probability) based on the so-obtained residuals. These methods enable to assess the global fit of a given distribution as well as to focus on its behavior in the tails. Finally, we illustrate our methodology on three time series (UBS stock returns, BOVESPA returns and EUR/USD exchange rates). [less ▲]

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See detailEpigenetic mechanisms underlying long-term programming effects of prenatal protein undernutrition by albumen removal in the chicken
Willems, E.; Guerrero-Bosagna, C.; Buyse, J. et al

Poster (2014, April)

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See detailNetamines H-N, Tricyclic Alkaloids from the Marine Sponge Biemna laboutei and Their Antimalarial Activity.
Gros, Emmanuelle; Al-Mourabit, Ali; Martin, Marie-Therese et al

in Journal of natural products (2014), 77(4), 818-23

Chemical examination of the CH2Cl2-MeOH (1:1) extract of the Madagascar sponge Biemna laboutei resulted in the isolation of seven new tricyclic alkaloids, netamines H-N (1-7), along with the known ... [more ▼]

Chemical examination of the CH2Cl2-MeOH (1:1) extract of the Madagascar sponge Biemna laboutei resulted in the isolation of seven new tricyclic alkaloids, netamines H-N (1-7), along with the known netamine G and mirabilins A, C, and F. Their structures were elucidated by interpretation of 1D and 2D NMR spectra and HRESIMS data. All compounds were evaluated for their cytotoxicity against KB cells and their antiplasmodial activity. Netamine M (6) was found to be cytotoxic, with an IC50 value in the micromolar range, and netamine K (4) exhibited activity against Plasmodium falciparum with an IC50 value of 2.4 muM. [less ▲]

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See detailCardiac troponins and natriuretic peptides in runners: useful for cardiac risk screening ?
LE GOFF, Caroline ULg; Kaux, Jean-François ULg; Fillet, Marianne ULg et al

in British Journal of Sports Medicine (2014, April), 48(7), 173

Background Cardiac troponins (cTn) are considered as the best biomarkers for detection of myocardial cell injury and NT-proBNP as the best for the cardiac insufficiency. Objective Our aim was to compare ... [more ▼]

Background Cardiac troponins (cTn) are considered as the best biomarkers for detection of myocardial cell injury and NT-proBNP as the best for the cardiac insufficiency. Objective Our aim was to compare cTnT and NT-proBNP levels before and after the stress tests, in sportive subjects. Design Prospective, cohort study. Setting Amateur marathon runners and ultrarunners. Patients 28 subjects (26 men, 42.5±11 yrs) were enrolled. Interventions Subjects ran the Maasmarathon (42.195 kilometers) and 33 subjects (33 men, 45.7±9.3 yrs) ran the Ultratour of Liège (Belgium; 67 km). All subjects gave their informed consent. We took blood sample before (T0), just after (T1) and 3 hours after the race (T3). Main outcome measurements cTnT concentrations were measured by high sensitive methods (hsTnT, Roche Diagnostics) on heparin plasma. The NT-proBNP was also determined with the kit Roche on heparin plasma. All statistical analyses were performed using Medcalc version 8.1 for Windows. P-value <.01 was regarded as statistically significant. Results A significant difference between hsTnT concentrations at T0 and T1 (P<.001), and between T0 and T3 (P<.001) for NT-proBNP have been observed, but not between T1 and T3. This observation appeared only after a strenuous exercise. However, up to now this type of exercise is not reproducible easily in a laboratory. Moreover, nobody knows if these observations would have cardiac consequences at long terms. Conclusion Measurement of cardiac troponins by high sensitive methods allows detecting significant release of biomarkers from the heart during exercise. The value of NT-proBNP are also significant but less than TnThs. We think that the TnThs could be an interesting tool in the future to help sport medicine to detect risk of developing a cardiac problem in the future or a sudden death. [less ▲]

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See detailDroit d’auteur et pratiques de création amateur : l’exemple des fanfictions sur Internet
Barnabé, Fanny ULg

Article for general public (2014)

Depuis l’avènement du numérique, la propriété de l’auteur sur son œuvre ne cesse d’être remise en question par l’expansion des pratiques de réappropriation, de détournement ou de réécriture menées par les ... [more ▼]

Depuis l’avènement du numérique, la propriété de l’auteur sur son œuvre ne cesse d’être remise en question par l’expansion des pratiques de réappropriation, de détournement ou de réécriture menées par les consommateurs. Loin de recevoir passivement des productions culturelles qui seraient considérées comme fixes et intouchables, ceux-ci ont plutôt tendance à utiliser les œuvres qu’ils apprécient comme des matériaux pour créer à leur tour : empruntant là un personnage, là une chanson populaire, là une image,… ils produisent des dessins, des films ou des écrits qu’ils diffusent ensuite sur Internet. Face à ces détournements inventifs, le droit d’auteur représente-t-il une protection nécessaire ou une entrave à la créativité ? La question ne cesse de se poser dans le milieu des amateurs de fanfictions. [less ▲]

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See detailTwo biomarkers for the screening of cardiac risk among runners ?
LE GOFF, Caroline ULg; Kaux, Jean-François ULg; Fillet, Marianne ULg et al

in British Journal of Sports Medicine (2014, April), 48(7), 174

Background Heart-type fatty acid-binding protein (H-FABP) is a low molecular weight protein involved in the intracellular uptake and buffering of long chain fatty in the myocardium. Troponin T is a ... [more ▼]

Background Heart-type fatty acid-binding protein (H-FABP) is a low molecular weight protein involved in the intracellular uptake and buffering of long chain fatty in the myocardium. Troponin T is a component of the contractile apparatus of the striated musculature. Both are early markers for acute coronary syndrome. Objective The aim of our study was to compare the results obtained with the H-FABP and the highly sensitive cardiac troponins (hsTnT) and to test their cardiospecificity in healthy runners. Design Prospective, cohort study. Setting Amateur marathon runners. Patients 23 runners (marathon) were enrolled. Interventions We drowned blood samples at three times: just before (T0), just after (T1), and three hours after the end of the race (T3). Main outcome measurements H-FABP and hs-TnT were performed according to the manufacturer's instructions. A linear regression was calculated to observe if there is any correlation between the two biomarkers. Values above the 95th percentile for H-FABP (2.5 ng/mL) and the 99th percentile for hsTnT (14 ng/L) were considered as positive. Results At T0, none of the subjects were positive for hsTnT but 35% were positive for H-FABP; at T1, 83% for hsTnT and 100% for H-FABP; at T3, 83% for hsTnT and 96% for H-FABP. At T0, the regression equation was H-FABP T0=3.9454–0.1001×hsTnT T0; at T1: H-FABP T1=51.838–1.7026×hsTnT T1; at T3: H-FABP T3=47.977–1.6193×hsTnT T3. No correlation was observed between the 2 biomarkers. Conclusion We observed a significant increase of H-FABP and hsTnT in runners. These markers are independent to each other. These values could biologically correspond to a heart ischemia. These biomarkers could be helpful for the screening of cardiac risk among runners. [less ▲]

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See detailEccentric training for elbow hypermobility
Kaux, Jean-François ULg; Delvaux, François ULg; Forthomme, Bénédicte ULg et al

in British Journal of Sports Medicine (2014, April), 48(7), 154

Background: Patients with hypermobility suffer from joints problems and chronic pain is the most frequently reported symptom. Objective: Eccentric muscle strengthening could be very important to protect ... [more ▼]

Background: Patients with hypermobility suffer from joints problems and chronic pain is the most frequently reported symptom. Objective: Eccentric muscle strengthening could be very important to protect hypermobile joints. Design: Case report. Patient: A girl (16 y.o.) affected by an Ehler-Danlos syndrome presented pain in the right elbow and the right wrist after a season of tennis. Interventions: Her training consisted of wrist prono-supination and flexion-extension muscle group reinforcement and proprioceptive training. To protect the wrist against excessive load, the eccentric strengthening exercises of prono-supinator and flexor-extensor muscles of elbow and wrist were undertaken gradually, at increasing speeds within a limited range of motion in flexion and extension, on an isokinetic device after an evaluation. She was also given an orthesis restricting the joint range of motion of the wrist. Main outcome measurements: The evaluation was made by isokinetic evaluation, visual analog scale and MOS-SF36 questionnaire before and after training. Results: The patient rapidly noted a decrease in pain and an increase in the stability of her right arm even when playing tennis. Isokinetic evaluation objectified a significant improvement in maximal torque in flexion-extension muscles of the right elbow. She was also given individualized home exercises. Conclusions: The goal of this eccentric training is to avoid hypermobility by using the muscles as a protective brake in the control of joint positioning. Muscles can be reinforced in eccentric mode with starting position at the maximum length of these muscles when unstreched. The exercises can be carried out safely on an isokinetic device, at slow speed and limited range of joint motion to avoid risk of luxation. Thus, in this case report, the eccentric exercises using an isokinetic device were effective to safely reinforce the muscles as a protective brake for joint hypermobility and prevent pain during practicing tennis. [less ▲]

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See detailEvaluation des actions transversales du New Deal bruxellois : Rapport final
Fallon, Catherine ULg; Halin, Jordan ULg; Zeimers, Géraldine ULg et al

Report (2014)

Brussels New Deal or Sustainable Urban Growth Pact (2011) goals administrations, brussels minister's cabinets and social partners working together to promote growth and employment in Brussels Region. By ... [more ▼]

Brussels New Deal or Sustainable Urban Growth Pact (2011) goals administrations, brussels minister's cabinets and social partners working together to promote growth and employment in Brussels Region. By means of 24 interviews and 2 Focus Group, authors evaluated the quality of coordination between these actors studying 8 actions of Brussels New Deal. [less ▲]

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See detailLa place et le rôle des médecins généralistes dans le suivi de chirurgie bariatrique en province de Liège
Gaspard, Stéphanie; Ketterer, Frédéric ULg; Belche, Jean-Luc ULg et al

in Revue Médicale de Liège (2014), 69

This paper is concerned with the place and role of general practitioners in the follow-up of patients submitted to bariatric surgery in the province of Liège. The results of the analysis were compared ... [more ▼]

This paper is concerned with the place and role of general practitioners in the follow-up of patients submitted to bariatric surgery in the province of Liège. The results of the analysis were compared with clinical practice guidelines published by the French Haute Autorité de Santé (HAS). Fifteen interviews were conducted with GPs who follow up operated patients. The results highlight the GPs’ wish to fully participate in the follow-up of those patients. Their medical supervision is centered on the HAS clinical practice guidelines, taking into account the intake deficiencies as well as the patient’s psychological experience. However, some aspects are disregarded, mainly because of a lack of theoretical knowledge (some biological parameters, pregnancy and contraception). The short consultation time along with the poor communication with the hospital multidisciplinary team were mentioned as obstacles to a good quality follow-up. Progress is still needed to reach the clinical practice guidelines. However, there is a wish to better collaborate. Organising coordination meetings between professionals along with an early implication of the GP – even before surgery – represent possible solutions. [less ▲]

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See detailProduction de l'habitat et enjeux territoriaux
Dethier, Perrine ULg; Halleux, Jean-Marie ULg

Report (2014)

Le projet de recherche est basé sur le concept de système de production de l'habitat. Un système de production de l'habitat vise à accroître et à améliorer l'offre en logements. Il se structure par les ... [more ▼]

Le projet de recherche est basé sur le concept de système de production de l'habitat. Un système de production de l'habitat vise à accroître et à améliorer l'offre en logements. Il se structure par les interactions entre les modes d'habiter (la demande), les modes de production (l'offre) et les modes de gestion (l'intervention de la puissance publique). Pour le contexte wallon, le système de production actuel est lié à un usage peu parcimonieux de la ressource foncière et à des problèmes importants d’étalement de la périurbanisation. Néanmoins, des signaux avant-coureurs de la mise en place d'un système de production plus vertueux vis-à-vis des principes stratégiques de l'aménagement du territoire semblent se manifester. La recherche I.5. intitulée « Production de l’habitat et enjeux territoriaux » ambitionne d'étudier l'ampleur de ces changements et de comprendre quels sont les processus socioéconomiques qui les instituent. Au final, son objectif est de préciser comment l’intervention de la puissance publique peut s’appuyer sur ces pratiques émergentes en vue de soutenir la transition vers un nouveau système pour la production de l’habitat wallon. Notre ambition est donc d’identifier les conditions qui conduisent à des pratiques plus vertueuses vis-à-vis des principes stratégiques de l’aménagement durable, afin de les renforcer et de les généraliser dès que possible. [less ▲]

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See detailLa discussion à visée démocratique et philosophique au prisme de la critique deleuzienne de la discussion. Analyse d'un verbatim.
Herla, Anne ULg; Jeanmart, Gaëlle

in Diotime. Revue internationale de didactique de la philosophie. (2014, April), 60

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See detailThe role of segmentation and investor recognition through the lens of cross-listing activity
Mouchette, Xavier ULg; Muller, Aline ULg; Carrieri, Francesca

Scientific conference (2014, April)

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See detailThe role of segmentation and investor recognition through the lens of cross-listing activity
Mouchette, Xavier ULg; Muller, Aline ULg; Carrieri, Francesca

Conference (2014, April)

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See detailIntergenerational conflict in the first trilogy of Nuruddin Farah
Bajou, Issam ULg

Conference (2014, April)

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See detailInvestigation of the death of calves after epileptiform seizures associated with metabolic disorders
Chevalier, Marine; Lebreton, Pascal; Garnier, Catherine et al

in Cattle Practice (2014), 22(1), 10-16

Death of calves after epileptiform seizures can be caused by metabolic disorders including hypomagnesaemia, although a range of other conditions may also be implicated and therefore also warrant ... [more ▼]

Death of calves after epileptiform seizures can be caused by metabolic disorders including hypomagnesaemia, although a range of other conditions may also be implicated and therefore also warrant investigation. Hypomagnesaemia is primarily observed in herds where calves are fed exclusively with either milk or milk substitute products. Hyperparathyroidism is associated with congestion and hypertrophy of the parathyroid gland and causes both hypercalcaemia and hypophosphataemia. However, its exact aetiology currently remains unclear. The purpose of this study was to explain epileptiform seizures in calves from a cattle herd presenting both deaths and decreased average daily gain (ADG). A Montbeliard herd with calves presenting epileptiform seizures from the age of five weeks was studied. The herd consisted of 39 cows and 46 calves. Tachycardia, nervousness and trampling, violent seizures of tetany lasting approximately 15 minutes were all observed, while opisthotonos was observed in 5 calves. Three of the latter calves died. The remaining calves presented a decreased ADG. Blood and urine biochemical assays were performed on 8 sick calves to determine the aetiology of the clinical signs. The assays revealed normo/hyper-calcaemia, hypophosphataemia and hypomagnesaemia, as well as hypocalciuria, hyperphosphaturia and hypomagnesuria. Deficiencies in iodine, iron and vitamins A, D3 and E were also reported in the herd. These calves could potentially be suffering from hyperparathyroidism. Hyperparathyroidism results in hypomagnesaemia, hypovitaminosis-A and, on occassion, hypercalcaemia and hypophosphataemia. This condition can lead to seizures, muscular problems, heart attacks and anorexia. The simultaneous occurrence of hypomagnesaemia, hyperparathyroidism and hypovitaminosis-A has been never described in related research literature. This is, therefore, in all likelihood a new metabolic disorder facing young cattle. Blood and urine biochemical assays are important tools for the detection of this pathological entity in calves. A dosage of parathyroid hormone (PTH) by the enzyme-linked immunosorbent assay (EIA) method using a kit suitable for cattle can be used to detect hyperparathyroidism. [less ▲]

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See detailLa relation structure chimique-propriétés physiques des galactomannanes extraits de la caroube
Gillet, Sébastien ULg; Blecker, Christophe ULg; Paquot, Michel ULg et al

in Comptes Rendus Chimie (2014), 17(4),

Carob galactomannan fine chemical structure is closely related to the physical behavior developed in aqueous solution. Three elements of structural characterization are mainly described in the literature ... [more ▼]

Carob galactomannan fine chemical structure is closely related to the physical behavior developed in aqueous solution. Three elements of structural characterization are mainly described in the literature: the degree of galactose substitution, chain length, and galactose units distribution. This review article will attempt to highlight the impact of different structural features on physical properties such as solubility, viscosity, formation of hydrogels or gels in combination with other saccharides. The impact of industrial purification process on the structure and physical properties is also developed. [less ▲]

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