Implication of Regret on Mutual Fund Managers' Risk-Shifting Decision

We investigate whether regret can explain mutual fund managers' risk-shifting behavior. We propose a theoretical framework by introducing a modi_ed utility function for mutual fund managers who are both risk averse and regret averse. The empirical tests of the proposed framework imply that mutual fund managers who perform worse than their peers (i.e., who exhibit return-regret) tend to have a positive risk-shifting, whereas those who have a higher portfolio volatility (i.e., who exhibit variance-regret) tend to have a negative risk-shifting behavior over the next period. Furthermore, we document that the e_ect of variance regret is more signi_cant for institutional funds than for retail funds. Finally, when considering fund ows, the return-regret e_ect is more signifcant than the variance-regret e_ect, conrming that investors' outows are mainly due fund managers' bad performance relative to their peers. The results are robust to using alternative measures of regret based on funds' potential benchmarks

Implication of Regret on Mutual Funds Managers Risk-Shifting Decision

We investigate whether regret can explain mutual fund managers’ risk-shifting behav-ior. We propose a theoretical framework by introducing a modified utility functionfor mutual fund managers who are both risk averse and regret averse. The empiricaltests of the proposed framework imply that mutual fund managers who perform worsethan their peers (i.e., who exhibit return-regret) tend to have a positive risk-shifting,whereas those who have a higher portfolio volatility (i.e., who exhibit variance-regret)tend to have a negative risk-shifting behavior over the next period. Furthermore, wedocument that the effect of variance regret is more significant for institutional fundsthan for retail funds. Finally, when considering fund flows, the return-regret effect ismore significant than the variance-regret effect, confirming that investors’ outflows aremainly due fund managers’ bad performance relative to their peers. The results arerobust to using alternative measures of regret based on funds’ potential benchmarks

Implication of Regret on Mutual Fund Managers' Risk-Shifting Decision

We investigate whether regret can explain mutual fund managers' risk-shifting behavior. We propose a theoretical framework by introducing a modi_ed utility function for mutual fund managers who are both risk averse and regret averse. The empirical tests of the proposed framework imply that mutual fund managers who perform worse than their peers (i.e., who exhibit return-regret) tend to have a positive risk-shifting, whereas those who have a higher portfolio volatility (i.e., who exhibit variance-regret) tend to have a negative risk-shifting behavior over the next period. Furthermore, we document that the e_ect of variance regret is more signi_cant for institutional funds than for retail funds. Finally, when considering fund ows, the return-regret e_ect is more signifcant than the variance-regret e_ect, conrming that investors' outows are mainly due fund managers' bad performance relative to their peers. The results are robust to using alternative measures of regret based on funds' potential benchmarks

Le rôle de l'oncoprotéine INT6 dans la maintenance des télomères

The INT6/EIF3E protein encoded by the mammalian integration site 6 (int-6) gene, has been implicated in mouse and human breast carcinogenesis. Although, INT6 is a subunit of the eIF3 translation initiation factor, it is not essential for bulk translation but for specific mRNAs expression as histone mRNA translation. It has also been implicated in DNA replication by stabilizing the DNA replication licensing factor MCM7, in DNA Damage Response (DDR) and in the Nonsense mRNA Decay (NMD) pathway. Relative to the latter activity, I investigated whether INT6 can specifically meddle in telomere homeostasis by acting on TERRA transcripts. Deletion of INT6 by RNA interference approach revealed an increase in the telomeric RNA TERRA levels which is depending on the chromosome and cellular type. Although INT6 is a NMD factor, it doesn’t change TERRA steady-state. DNA-FISH experiments showed an increase in Telomere Induced Foci (TIFs) in INT6 depleted cells. These aberrations correspond to Telomere Free Ends (TFE) and Multi-Telomeric signals (MTS) which implicate INT6 in DDR. By means of Microccocal Nuclease (MNase) mapping assay, we found a rapid accumulation of telomeric mono-nucleosomes in INT6-depleted cells, suggesting a role in telomeric chromatin structure. These findings evidenced that INT6 is a novel key player in telomere stability.La protéine INT6/EIF3E codée par le gène mammalien correspondant au site d’intégration du rétrovirus Mouse Mammary tumor virus (MMTV) n°6 (int-6), a été impliquée dans le cancer du sein chez la souris et l’homme. Malgré qu’INT6 soit une sous-unité du facteur d’initiation de la traduction eIF3, elle n’est pas essentielle pour la traduction générale mais pour l’expression d’ARNm spécifiques tel qu’il a été montré pour la traduction d’ARNm histones. Elle a aussi été impliquée dans la réplication d’ADN en stabilisant le facteur de licence de la réplication MCM7, dans la réponse aux dommages à l’ADN (DDR) et dans la voie du “nonsense-mediated mRNA decay“ (NMD). Par rapport à cette dernière activité j’ai étudié si INT6 pouvait spécifiquement intervenir au niveau de l’homéostasie des télomères en agissant sur les transcrits TERRA. La délétion d’INT6 par une approche d’ARN interférence révèle une augmentation des niveaux des ARN télomériques TERRA qui est dépendante du chromosome et du type cellulaire. Malgré qu’INT6 soit un facteur du NMD, elle n’agit pas sur la demi-vie des TERRA. Les expériences de DNA-FISH ont montré une augmentation des dommages aux télomères (TIF) dans les cellules en absence d’INT6. Les aberrations observées correspondent à des pertes de télomères (TFE) et des signaux multi-télomériques (MTS). Par la technique de digestion de la chromatine à la nucléase micrococcale, nous avons retrouvé une plus rapide accumulation des mono-nucléosomes aux télomères en absence d’INT6, suggérant un rôle dans la conformation de la chromatine télomérique. Ces résultats mettent en évidence INT6 comme un nouveau facteur régulateur de la stabilité des télomères

Needs Analysis: A Prior Step to ESP Course Design

The globalisation process has made it necessary to help students getting adapted to today’s competitive society, meaning that needs analysis should be directed so as to help learners for future professional communication and be active participants in their world. In sum, analysing the specific needs of a group of learners serves as the prelude a language� course design, because it determines the ‘what’ and the ‘how’ of the course. Materials designers should explore the learners’ potential needs and hence decide about the process of learning and learning skills needed to be taken into account. Needs analysis provides information about the type of language required during the teaching situation, either in terms of target needs or learning needs. This data will determine� � the content of the teaching materials. The collected data determine the content of a language programme that will meet these needs. It provides information about the environment of the learning situation It allow the course designer to determine the process of the organisation of the course or materiel, i.e. pedagogic approach

Connection of a Steel Column Base Plate: Mechanical Behavior and Stiffening Effects

This paper investigates the behaviour of a steel column base connection subjected to a bending moment and compressive axial force. The behaviour of this connection is quite complex due to the number of components, such as the base plate, anchor rods, and stiffeners, to be considered in the numerical models. Moreover, a nonlinear three-dimensional finite element model was used to simulate the column base connection. This model can be used to analyze the moment-rotation relationship for the connection through the validation of numerical modeling with those given by the experimental test results and compared with the analytical model based on the components method of Eurocode 3. It was shown that in addition to the stiffness and bending resistance of the column base connection, other mechanical parameters, such as moment-rotation shape, stress distribution, and prying actions, can be significantly influenced by changing the properties of the components. It has been demonstrated that the anchor rod is not only affected by the axial force but also by a local moment that is not taken into consideration by the analytical model of Eurocode3. An extensive parametric study on stiffeners showed very interesting effects obtained by adding the welded stiffeners to the column base connections. Doi: 10.28991/CEJ-2022-08-09-02 Full Text: PD

Designing an ESP Course for Engineers in SAMSUNG Engineering Work Site in Timimoun

It is not an overstatement to claim that the field of English for Specific Purposes (ESP) has made a great jump in Algeria in the last decade. Moreover, designing an ESP course is one of the important steps in ESP. Entitled “Designing ESP Course for Engineers”, this work aims at designing a course targeted to engineers in SAMSUNG ENGINEERING WORK SITE in TIMIMOUN. Among the main problems encountered by both teachers and engineers is the lack of adequate and appropriate ESP courses and the lack of English language teachers in general and ESP teachers in particular. The study is based on analyzing the needs of the target group (Engineers), and the evaluation of a course. The needs analysis in this action research has been conducted using different tools. The results of the study show that almost all participants (engineers) need an ESP course, with the predominant needs which are speaking and listening first, followed by reading, writing and translation as a fifth skill. They also need vocabulary related to their specific knowledge in order to deal with their jobs. Moreover, this study suggests to take into account the learners’ needs, their level, the degree of motivation and the evaluation of the students’ performances throughout the course as well as the evaluation of the ESP course itself

Antifungal activity of essential oils of three aromatic plants from western Algéria against five fungal pathogens of tomato (Lycopersicon esculentum Mill)

The antifungal effect of the essential oils from Thymus capitatus L., Daucus crinitus Desf. and Tetraclinis articulate Vahl., aerial parts was evaluated in vitro against five phytopathogenic fungi of tomato (Fusarium oxysporum, Alternaria solani, Aspergillus niger, Penicillium sp1 and Penicillium sp2). Our results showed that among the three plant species tested, T. capitatus oil was the most potent antifungal against the fungi (inhibition of mycelial growth of 100 % at a concentration of 2 µg mL-1). Furthermore, the essential oil of T. articulata was also effective against F. oxysporum, A. solani, A. niger, Penicillium sp1 and Penicillium sp2 with an inhibition of mycelial growth greater than 57 % at a concentration of 5 µg mL-1. D. crinitus essential oil was less effective. T. capitatus essential oil was dominated by carvacrol (69.6 %) and p-cymene (12.4 %). The isochavicol isobutyrate (44.9 %) and isochavicol 2-methylbutyrate (9.7 %) were the major compounds in D. crinitus essential oil, while the most abundant compounds in T. articulata were α-pinene (32.0 %), cedrol (11.0 %) and 3-carene (9.6 %).The plant essential oils were found to be an effective antifungal against of mycelial growth and, therefore, can be exploited as an ideal treatment against disease rot of tomato or as a new potential source of natural additives for the food and/or pharmaceutical industries

Rhaponticum acaule (L) DC essential oil: chemical composition, in vitro antioxidant and enzyme inhibition properties

Background: α-glucosidase is a therapeutic target for diabetes mellitus (DM) and α-glucosidase inhibitors play a vital role in the treatments for the disease. Furthermore, xanthine oxidase (XO) is a key enzyme that catalyzes hypoxanthine and xanthine to uric acid which at high levels can lead to hyperuricemia which is an important cause of gout. Pancreatic lipase (PL) secreted into the duodenum plays a key role in the digestion and absorption of fats. For its importance in lipid digestion, PL represents an attractive target for obesity prevention. Methods: The flowers essential oil of Rhaponticum acaule (L) DC (R. acaule) was characterized using gas chromatography-mass spectrometry (GC-MS). The antioxidant activities of R. acaule essential oil (RaEO) were also determined using 2,2’-azinobis-3-ethylbenzothiazoline-6-sulfonic acid (ABTS), reducing power, phosphomolybdenum, and DNA nicking assays. The inhibitory power of RaEO against α-glucosidase, xanthine oxidase and pancreatic lipase was evaluated. Enzyme kinetic studies using Michaelis-Menten and the derived Lineweaver-Burk (LB) plots were performed to understand the possible mechanism of inhibition exercised by the components of this essential oil. Results: The result revealed the presence of 26 compounds (97.4%). The main constituents include germacrene D (49.2%), methyl eugenol (8.3%), (E)-β-ionone (6.2%), β-caryophyllene (5.7%), (E,E)-α-farnesene (4.2%), bicyclogermacrene (4.1%) and (Z)-α-bisabolene (3.7%). The kinetic inhibition study showed that the essential oil demonstrated a strong α-glucosidase inhibiton and it was a mixed inhibitor. On the other hand, our results evidenced that this oil exhibited important xanthine oxidase inhibitory effect, behaving as a non-competitive inhibitor. The essential oil inhibited the turkey pancreatic lipase, with maximum inhibition of 80% achieved at 2 mg/mL. Furthermore, the inhibition of turkey pancreatic lipase by RaEO was an irreversible one. Conclusion: The results revealed that the RaEO is a new promising potential source of antioxidant compounds, endowed with good practical applications for human health. Keywords: α-glucosidase, Antioxidant activity, Chemical composition, Pancreatic lipase inhibition, Rhaponticum acaule essential oil, Xanthine oxidase

Implication of Regret on Mutual Fund Managers' Risk-Shifting Decision

We investigate whether regret can explain mutual fund managers' risk-shifting behavior. We propose a theoretical framework by introducing a modi_ed utility function for mutual fund managers who are both risk averse and regret averse. The empirical tests of the proposed framework imply that mutual fund managers who perform worse than their peers (i.e., who exhibit return-regret) tend to have a positive risk-shifting, whereas those who have a higher portfolio volatility (i.e., who exhibit variance-regret) tend to have a negative risk-shifting behavior over the next period. Furthermore, we document that the e_ect of variance regret is more signi_cant for institutional funds than for retail funds. Finally, when considering fund ows, the return-regret e_ect is more signifcant than the variance-regret e_ect, conrming that investors' outows are mainly due fund managers' bad performance relative to their peers. The results are robust to using alternative measures of regret based on funds' potential benchmarks