Innovación, financiación y mercados financieros : análisis de las relaciones entre inversión en I+D, estructura de capital y señalización contable

Aquest treball té com a objectiu determinar l'existència de restriccions en el finançament de projectes empresarials de recerca i desenvolupament (R+D) i analitzar-ne les causes. Els resultats de la investigació mostren els fets següents: en primer lloc, hi ha restriccions financeres per a la realització d'inversions en R+D i es manifesten en la necessitat de les empreses de recórrer a recursos interns i a fons aliens a curt termini; en segon lloc, les restriccions esmentades fonamentalment sorgeixen a causa de dos factors, el desequilibri entre les característiques econòmiques de les inversions d'R+D i el comportament dels agents finançadors en els mercats de capitals, i l'existència d'asimetries d'informació entre agents gestors i finançadors; finalment, en tercer lloc, la formulació per part de les empreses de més informació comptable sobre l'R+D desenvolupada comporta la millora de la valoració de l'empresa en els mercats financers i, per tant, l'assignació de fons als processos d'innovació.El presente trabajo tiene como objetivo determinar la existencia de restricciones en la financiación de proyectos empresariales de investigación y desarrollo (I+D) y analizar sus causas. Los resultados de la investigación muestran los siguientes hechos: en primer lugar, existen restricciones financieras para la realización de inversiones en I+D y se manifiestan en la necesidad de las empresas de recurrir a recursos internos y a fondos ajenos a corto plazo; en segundo lugar, dichas restricciones emergen debido fundamentalmente a dos factores, el desequilibrio entre las características económicas de las inversiones de I+D y el comportamiento de los agentes financiadores en los mercados de capitales, y la existencia de asimetrías de información entre agentes gestores y financiadores; finalmente, en tercer lugar, la formulación por parte de las empresas de mayor información contable sobre la I+D desarrollada comporta la mejora de la valoración de la empresa en los mercados financieros y, por tanto, la asignación de fondos a los procesos de innovación.This working paper aims to determine what restrictions exist in terms of financing businesses' research and development (R+D) projects and analyse the causes. The results of the research show that: 1) there are financial restrictions on making investments in R+D and these are seen in companies' need to use internal resources or short-term third-party funding; 2) these restrictions emerge, fundamentally, as the result of two factors: the imbalance between the economic characteristics of investments in R+D and the behaviour of financial agents in the capitals markets, and the existence of information asymmetries between managing and financing agents, and 3) production by companies of more accounting information on the R+D undertaken leads to an improved valuation of the company in financial markets and, thus, the assignment of funds to innovation processes

Detection of Weak Gravitational Lensing by Large-scale Structure

We report a detection of the coherent distortion of faint galaxies arising from gravitational lensing by foreground structures. This ``cosmic shear'' is potentially the most direct measure of the mass power spectrum, as it is unaffected by poorly-justified assumptions made concerning the biasing of the distribution. Our detection is based on an initial imaging study of 14 separated 8' x 16' fields observed in good, homogeneous conditions with the prime focus EEV CCD camera of the 4.2m William Herschel Telescope. We detect an rms shear of 1.6% in 8' x 8' cells, with a significance of 3.4 sigma. We carefully justify this detection by quantifying various systematic effects and carrying out extensive simulations of the recovery of the shear signal from artificial images defined according to measured instrument characteristics. We also verify our detection by computing the cross-correlation between the shear in adjacent cells. Including (gaussian) cosmic variance, we measure the shear variance to be (0.016)^2 plus/minus (0.012)^2 plus/minus (0.006)^2, where these 1 sigma errors correspond to statistical and systematic uncertainties, respectively. Our measurements are consistent with the predictions of cluster-normalised CDM models (within 1 sigma) but a COBE-normalised SCDM model is ruled out at the 3.0 sigma level. For the currently-favoured Lambda-CDM model (with Omega_m = 0.3), our measurement provides a normalisation of the mass power spectrum of sigma_8 = 1.5 plus/minus 0.5, fully consistent with that derived from cluster abundances. Our result demonstrates that ground-based telescopes can, with adequate care, be used to constrain the mass power spectrum on various scales. The present results are limited mainly by cosmic variance, which can be overcome in the near future with more observations.Comment: 17 LaTex pages, including 13 figures and 3 tables. Accepted for publication in MNRAS, minor revisio

La fortification du Bas-Empire

International audienc

Nuclear AGO1 Regulates Gene Expression by Affecting Chromatin Architecture in Human Cells

The impact of mammalian RNA interference components, particularly, Argonaute proteins, on chromatin organization is unexplored. Recent reports indicate that AGO1 association with chromatin appears to influence gene expression. To uncover the role of AGO1 in the nucleus, we used a combination of genome-wide approaches in control and AGO1-depleted HepG2 cells. We found that AGO1 strongly associates with active enhancers and RNA being produced at those sites. Hi-C analysis revealed AGO1 enrichment at the boundaries of topologically associated domains (TADs). By Hi-C in AGO1 knockdown cells, we observed changes in chromatin organization, including TADs and A/B compartment mixing, specifically in AGO1-bound regions. Distinct groups of genes and especially eRNA transcripts located within differentially interacting loci showed altered expression upon AGO1 depletion. Moreover, AGO1 association with enhancers is dependent on eRNA transcription. Collectively, our data suggest that enhancer-associated AGO1 contributes to the fine-tuning of chromatin architecture and gene expression in human cells

Intensification et requalification des centralités pour lutter contre l'étalement urbain et la dépendance à la voiture : rapport final de la subvention 2021

Intensification et requalification des centralités pour lutter contre l’étalement urbain et la dépendance à la voiture12. Responsible consumption and production13. Climate actio

Functional annotation of human long noncoding RNAs via molecular phenotyping

Long noncoding RNAs (lncRNAs) constitute the majority of transcripts in the mammalian genomes, and yet, their functions remain largely unknown. As part of the FANTOM6 project, we systematically knocked down the expression of 285 lncRNAs in human dermal fibroblasts and quantified cellular growth, morphological changes, and transcriptomic responses using Capped Analysis of Gene Expression (CAGE). Antisense oligonucleotides targeting the same lncRNAs exhibited global concordance, and the molecular phenotype, measured by CAGE, recapitulated the observed cellular phenotypes while providing additional insights on the affected genes and pathways. Here, we disseminate the largest-todate lncRNA knockdown data set with molecular phenotyping (over 1000 CAGE deep-sequencing libraries) for further exploration and highlight functional roles for ZNF213-AS1 and lnc-KHDC3L-2.Peer reviewe

An integrated expression atlas of miRNAs and their promoters in human and mouse

MicroRNAs (miRNAs) are short non-coding RNAs with key roles in cellular regulation. As part of the fifth edition of the Functional Annotation of Mammalian Genome (FANTOM5) project, we created an integrated expression atlas of miRNAs and their promoters by deep-sequencing 492 short RNA (sRNA) libraries, with matching Cap Analysis Gene Expression (CAGE) data, from 396 human and 47 mouse RNA samples. Promoters were identified for 1,357 human and 804 mouse miRNAs and showed strong sequence conservation between species. We also found that primary and mature miRNA expression levels were correlated, allowing us to use the primary miRNA measurements as a proxy for mature miRNA levels in a total of 1,829 human and 1,029 mouse CAGE libraries. We thus provide a broad atlas of miRNA expression and promoters in primary mammalian cells, establishing a foundation for detailed analysis of miRNA expression patterns and transcriptional control regions

Novel mechanisms of transcriptional and posttranscriptional regulation of fibrinogen genes

To gain insight into regulatory processes involved in the biosynthesis of the clotting factor fibrinogen, which high plasma level is a risk factor for cardio vascular diseases, we studied novel mechanisms of transcriptional and post-transcriptional regulation of the three fibrinogen genes. We investigated the putative role of distant cis-regulatory sequences in the basal expression of the fibrinogen genes. The role of microRNAs, known to act as post-transcriptional regulators of gene expression, in the fine-tuning of fibrinogen production, has also been addressed. We identified a liver enhancer in the human fibrinogen gene cluster and discovered that miRNAs can influence fibrinogen expression. These studies add to the known mechanisms that control fibrinogen production and point towards potential cause of variable circulating fibrinogen levels. This work also demonstrates that all complex transcriptional and post-transcriptional mechanisms should be investigated in order to obtain a complete picture of the regulation of protein production

A Lateral Contribution Learning Algorithm for Multi MLP Architecture

: We propose a new learning algorithm for multi Multi Layered Perceptron (MLP) architecture useful for complex classification. First, on the principle "divide and conquer", a quantization is performed on the input space. One classical Neural Network (NN) is devoted to each subregion that results from this quantization. A cooperative learning procedure allows to train the NNs in such a way that NNs belonging to narrow regions can participate to and improve the local convergence. The mathematical characteristics of this new learning algorithm are presented below and are tested on a function modelization. 1. Introduction Connectionism has shown great abilities for classification problems from a theoretical point of view. A large amount of work has been done to increase NN models capacities in term of processing time, mainly for the learning phase [13], but we are still far from needed performances for complex database classification. Studies about the limits of the learning capacities [..

Les colobomes oculaires

Les enfants atteints d’un colobome oculaire pressentent un grand nombre de complications ophtalmologique, orthoptique et parfois neurologique. Nous avons réalisé́ des statistiques sur les différentes manifestations ophtalmologiques retrouvées dans le colobome à partir desquelles nous pouvons énoncer que le type de colobome le plus fréquent est le colobome irien (57,1%), suivi des colobomes papillaires (36,7%). Seulement 16,3% présentent une microphtalmie, 24,5% ont un nystagmus. 6,1% ont une cataracte ou un glaucome. On retrouve un décollement de rétine chez 8,1% des sujets. Un strabisme est observé chez 59,2% des patients. Une grande partie de ces enfants pressentent des troubles des apprentissages. Un sondage a été réalisé et partagé afin de connaître quels sont les troubles visuels et difficultés scolaires rencontrés par les enfants atteints de colobome oculaire. Les résultats de l’enquête révèlent que 78,6% des sujets éprouvent des difficultés académiques. Parmi ces enfants 54,5% des enfants rencontrent des difficultés à lire. 40,9% rencontrent des difficultés à acquérir l’écriture et 13,6% éprouvent des difficultés dans l’acquisition du dessin. Le manque d’attention et de concentration touche 40,9% des sujets. 22,7% des enfants éprouvent des difficultés de localisation dans l’espace, 40,9% présentent des troubles de la coordination et des difficultés dans les activités motrices. 45,4% ont des difficultés de mémorisation. Seulement 21,4% des sujets n’ont aucun problème à l’école. Nous avons cherché́ à savoir si les difficultés auxquelles ils se heurtent à l’école peuvent s’expliquer par la présence de troubles visuels