OPTION HEDGING BY AN INFLUENT INFORMED INVESTOR

In this paper a model with an influent and informed investor is presented from a hedging point of view. The financial agent is supposed to possess an additional information, and is also supposed to influence the market prices. The problem is modeled by a forward-backward stochastic differential equation (FBSDE), to be solved under an initial enlargement of the Brownian filtration. An existence and uniqueness Theorem is proved under standard assummptions. The financial interpretation is derived, together with an example of such influenced informed model.Enlargement of filtration; FBSDE; insider trading; influent investor; asymmetric information; martingale representation.

Quadratic hedging in an incomplete market derived by an influent informed investor

In this paper a model with an influent and informed investor is presented. The studied problem is the point of view of a non informed agent hedging an option in this influenced and informed market. Her lack of information makes the market incomplete to the non informed agent. The obtained results, by means of Malliavin calculus and Clark-Ocone Formula, as well as Filtering Theory are the expressions and a comparison between the strategy of the non informed trader, and the strategy of the informed agent. An expression of the residual risk a non informed trader keeps by detaining an option in this influenced and informed market is derived using a quadratic approach of hedging in incomplete market. Finally, the analysis leads to a measure of the lack of information that makes the incompleteness of the market. The financial interpretation is explained throughout the theoretical analysis, together with an example of such influenced informed model.Enlargement of filtration; FBSDE; quadratic hedging; risk minimization; insider trading; influent investor; asymmetric information; martingale representation; Clark-Ocone formula.

La L.O.L.F. et les projets annuels de performance (P.A.P.) : Elaboration des figures du citoyen, de l'usager, du contribuable et du service public

Nous nous intéresserons ici à la fois aux questions de la mesure des effets de l'action publique - ici l'action publique éducative universitaire -, aux dispositifs qui « construisent » les figures de l'usager (en tant que client ?), du citoyen, du contribuable et du service public, et aux nouvelles formes de démocratie que ces dispositifs génèrent (ou pas)

Explorer Satellite Electronics

A discussion is presented of the design restrictions and the philosophy which enabled the Explorer satellites to be first during the IGY to reveal the presence of a belt of intense cosmic radiation encircling the earth's equator. In addition, an indication of the amount and momentum of cosmic dust in the solar system was obtained from the Explorers. Methods used to obtain reliability in the transducing and communications system are described, together with interpretations of space-environment information as deduced from the narrow-band telemetry

Comptabilité (publique et d'entreprise) et sociologie, ou l'analyse sociologique des catégorisations sociales

National audienceNous nous intéressons à la comptabilité en tant que système de catégorisations sociales, et mobilisons les travaux sociologiques réalisés sur la construction des groupes sociaux et la catégorisation qui l'accompagne. A travers deux exemples, celui de la réforme comptable des entreprises chinoises et celui de la réforme de la comptabilité budgétaire française, nous tenterons de montrer, d'une part, ce que l'analyse sociologique des catégorisations sociales peut apporter à l'étude de la comptabilité, et, d'autre part, l'intérêt pour le sociologue d'intégrer la question comptable dans son analyse des phénomènes économiques et sociaux