Efficience Informationnelle faible des Marchés Boursiers Africains

In order to study the performance capacity of African countries markets, it is necessary to analyze the daily results of stock indices. For a period of six years, and based on four types of tests namely: Autocorrelation tests, runs tests, unit root and normality tests, the results obtained in a period of 1674days (from03/04/2013 to 18/12/2020) have shown and reported a mixed production of different indications. On the other hand, and at the level of the weak sense of efficiency, the African market return series indicate the low efficiency of the market. Overall, it is inferred that in African countries, daily stock index results do not follow a random walk; So it is concluded that due to the inefficiency of the market, insiders can get profit streams from arbitrage. On the other side, the concept of efficiency designates the right foot of the theory of modern finance; As a result, one can only confirm the existence of efficiency in the market if it deciphers and manifests all the information available and translated by each financial asset; in other words, the presence of efficiency expresses the capacity of the market to reconstitute its equilibrium and its persistence while allowing a better allocation of resources to investors. In other words, the presence of efficiency expresses the capacity of the market to reconstitute its equilibrium and persistence while allowing a better allocation of resources to investors. It is in the interest of explaining the doubt of the speed of information reflected in each stock exchange price that FAMA (1970) proceeded to the deconstruction of the efficiency in three sub-forms, namely: the weak form of the efficiency, the semi-strong form and finally the strong formAfin d’étudier la capacité de rendement des marchés des pays africains, il faut procéder à l’analyse des rendements quotidiens des indices boursiers. Pour une période de six ans, et en s’appuyant sur quatre types de tests à savoir : Les tests d’autocorrélation, les Runs tests, les tests de racine unitaire et les tests de normalité, les résultats obtenus pour un nombre d’observations de 1674 jours (du03/04/2013 au 18/12/2020) ont indiqués et signalés une production mixte pour différents indices. En revanche, et au niveau du sens faible de l’efficience, les séries des rendements des marchés africains indiquent l’absence d’efficience du marché. Dans l’ensemble, il est déduit que dans les pays de l’Afrique, les rendements quotidiens des indices boursiers ne suivent pas une marche au hasard (marche aléatoire) ; Alors qu’il est conclu qu’en raison de l’inefficience du marché, les initiés peuvent obtenir des flux de bénéfices d’arbitrages. Dans un autre point de vue, la conception de l’efficience désigne le pied -droit de la théorie de la finance moderne ; Du coup, on ne peut confirmer l’existence d’efficience dans un marché que s’il déchiffre et manifeste toute l’information disponible et traduite par chaque actif financier ; En d’autres termes, la présence de l’efficience exprime la capacité du marché à reconstituer son équilibre et sa persistance tout en permettant une meilleure allocation des ressources aux investisseurs. C’est dans l’intérêt d’expliquer le doute de la rapidité d’informations reflétées dans chaque cours boursier que FAMA (1970) a procédé à la décortication de l’efficience en trois sous-formes à savoir : la forme faible de l’efficience, la forme semi-forte et finalement la forme forte

Effects of Ad5FGF-4 in Patients With Angina An Analysis of Pooled Data From the AGENT-3 and AGENT-4 Trials

ObjectivesThe goal of this study was to explore the effects of angiogenic gene therapy.BackgroundPreclinical studies with intracoronary administration of Ad5FGF-4 (alferminogene tadenovec, Generx, Berlex Biosciences, Richmond, California) suggested it could induce angiogenesis and provide a new clinical approach to the treatment of chronic angina pectoris. Two preliminary clinical trials provided evidence that it could improve exercise treadmill test (ETT) time and myocardial perfusion. The AGENT (Angiogenic GENe Therapy)-3 and -4 trials of a low and high dose of Ad5FGF-4 for chronic angina were initiated in the U.S. and other countries and enrolled 532 patients in a randomized, double-blind, placebo-controlled fashion. Both studies were halted when an interim analysis of the AGENT-3 trial indicated that the primary end point change from baseline in total ETT time at 12 weeks would not reach significance.MethodsWe performed a pooled data analysis from the 2 nearly identical trials to investigate possible treatment effects on primary and secondary end points in prespecified subgroups.ResultsThe effect of placebo was large and not different than active treatment in men, but the placebo effect in women was negligible and the treatment effect was significantly greater than placebo. We found a significant, gender-specific beneficial effect of Ad5FGF-4 on total ETT time, time to 1 mm ST-segment depression, time to angina, and Canadian Cardiovascular Society class in women. This is the first clinical report of a gender difference in response to cardiac angiogenic therapy.ConclusionsThe potential importance of the observed gender-specific angiogenic response on the clinical treatment of refractory angina is substantial and deserves further investigation. (Efficacy and Safety of Intracoronary Ad5FGF-4 in Patients With Stable Angina; http://www.clinicaltrials.gov/ct/show/NCT00346437; NCT00346437) (Safety and Efficacy of Intracoronary Ad5FGF-4 in Patients With Stable Angina [AGENT-4]; http://www.clinicaltrials.gov/ct/show/NCT00185263; NCT00185263) (AWARE; http://www.clinicaltrials.gov/ct/show/NCT00438867; NCT00438867

Cell Therapy for Cardiovascular Disease: A Comparison of Methods of Delivery

The field of myocardial regeneration utilizing novel cell-based therapies, gene transfer, and growth factors may prove to play an important role in the future management of ischemic heart disease and cardiomyopathy. Phases I and II clinical trials have been published for a variety of biologics utilizing four methods of delivery: systemic infusion, intracoronary infusion, transvenous coronary sinus, and intramyocardial. This review discusses the advantages and disadvantages of the delivery approaches above

Omecamtiv mecarbil in chronic heart failure with reduced ejection fraction, GALACTIC‐HF: baseline characteristics and comparison with contemporary clinical trials

Aims: The safety and efficacy of the novel selective cardiac myosin activator, omecamtiv mecarbil, in patients with heart failure with reduced ejection fraction (HFrEF) is tested in the Global Approach to Lowering Adverse Cardiac outcomes Through Improving Contractility in Heart Failure (GALACTIC‐HF) trial. Here we describe the baseline characteristics of participants in GALACTIC‐HF and how these compare with other contemporary trials. Methods and Results: Adults with established HFrEF, New York Heart Association functional class (NYHA) ≥ II, EF ≤35%, elevated natriuretic peptides and either current hospitalization for HF or history of hospitalization/ emergency department visit for HF within a year were randomized to either placebo or omecamtiv mecarbil (pharmacokinetic‐guided dosing: 25, 37.5 or 50 mg bid). 8256 patients [male (79%), non‐white (22%), mean age 65 years] were enrolled with a mean EF 27%, ischemic etiology in 54%, NYHA II 53% and III/IV 47%, and median NT‐proBNP 1971 pg/mL. HF therapies at baseline were among the most effectively employed in contemporary HF trials. GALACTIC‐HF randomized patients representative of recent HF registries and trials with substantial numbers of patients also having characteristics understudied in previous trials including more from North America (n = 1386), enrolled as inpatients (n = 2084), systolic blood pressure < 100 mmHg (n = 1127), estimated glomerular filtration rate < 30 mL/min/1.73 m2 (n = 528), and treated with sacubitril‐valsartan at baseline (n = 1594). Conclusions: GALACTIC‐HF enrolled a well‐treated, high‐risk population from both inpatient and outpatient settings, which will provide a definitive evaluation of the efficacy and safety of this novel therapy, as well as informing its potential future implementation

STEM CELL YHERAPY AND TISSUE ENGINEERING FOR CARDIOVASCULAR REPAIR

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Comparison between the predicted performance curve and the Markov Chain models for structural performance of infrastructure components

This paper compares the PPC model to a Markov Chain (MC) stochastic deterioration model. First, inspection data from the Société de Transport de Montréal (STM) is gathered and analyzed. Then Transition Probability Matrices (TPM) are developed, and, using Matlab, MC deterioration curves are developed. Comparison between MC and the PPC deterioration curves is performed for subway station walls and slabs. The comparison has shown that the useful service life can be as low as 2 years for components having many inspection history records, and very high as 30 years for components having very few inspection history records. The PPC model has always a higher useful service life estimate. Also, the MC has a ten times higher deterioration rate (0.2 per year) compared to the PPC model (0.02 per year). It can be concluded that the MC deterioration model requires a high amount of inspection data, and it is mathematically difficult to generate since most practicing managers and engineers have no background in Markov Chain modeling

Amniotic fluid embolism causing severe left ventricular dysfunction and death: case report and review of the literature

Hemodynamic instability in amniotic fluid embolism has previously been demonstrated only by right heart catheterization. We present detailed documentation obtained by echocardiography and cardiac catheterization of a 35-year-old woman who developed amniotic fluid embolism and died from severe left ventricular dysfunction and wide QRS complex tachycardia despite intensive medical therapy (inotropes) and mechanical (intraaortic balloon pump) support