The Macroeconomics of Massive Giveaways

In a framework similar to the models of expectation on economic policy, we purpose a model where the government subsidizes firms privatized by massive giveaways to the managers who are empire- builders. The government injects funds because its aim is to avoid a drastic fall of output when a negative external macroshock hits the country. The consequence is that the economy can be locked into a soft budget constraint equilibrium and a path of underdevelopment. At the heart of the model there are i) the behavior of managers, ii) the macroshock and iii) the credibility of the government when it affirms that it stops subsidies. Therefore, we argue that the model explains why the soft budget constraint syndrome is worse in the CIS than in the Central European Countries: massive giveaways, largely used in the CIS, do not avoid that unproductive managers divert funds when an important macroshock hits the economy (worse in the CIS) and governments are not credible. Finally we derive from the model some policy recommendations: First, to create an economic union with Articles prohibiting any subsidies which favor unrestructured Firms; second, to privatize and restructure the banking system, i.e. to apply standard risk analysis technics in order to strengthen the budget constraint.Transition, privatization, soft budget constraint

Which Firms Have a Soft Loan ? Managers' Believes in a Cross-Country Survey in Transition Economies

This paper is an empirical work grounded in the soft budget constraint literature. A loan is soft when a bank cannot commit to hold an enterprise to a fixed initial budget and/or the timing of repayment. Using data collected by the EBRD (BEEPS 2002) in 26 transition economies, we analyze the determinants of managers' expectations to have a soft loan. We show that managers' believes integrate some of the decision criteria of the banks: managers' expectations to have soft loans are lower when the initial financing requires collateral, higher for big firms and higher when firms had recently experienced financial distress. ...French Abstract : Ce papier empirique s'inscrit dans la littérature sur la contrainte budgétaire lâche. Un prêt est lâche quand la banque ne peut pas s'engager, de manière crédible, à maintenir le prêt à un certain montant et/ou à certaines échéances. A l'aide de données collectées par la BERD (BEEPS 2002) dans 26 pays en transition, on analyse les croyances des managers d'obtenir un prêt lâche. Les managers intègrent dans leurs croyances les critères de décision des banques. Les anticipations d'avoir un prêt lâche sont plus faibles quand le financement engage un collatéral. Les grandes firmes et les firmes qui ont connu des difficultés financières ont, elles, des anticipations plus élevées.SOFT BUDGET CONSTRAINT; EASTERN EUROPE

When Kahneman meets Manski: making sense of individual expectations on equity returns

To understand how decisions to invest in stocks are taken, economists need to elicit expectations relative to expected risk-return trade-off. One of the few surveys which have included such questions is the Survey of Economic Expectations in 1999-2001. Using this survey, Dominitz and Manski find an important heterogeneity across respondents that can hardly be accounted for by simple models of expectations formation. This paper claims that much of the heterogeneity derives from pathologies affecting respondents. Adapting a principle of dual-reasoning borrowed from Kahneman, we classify respondents according to their sensitivity to these pathologies, and find a strong homogeneity across the less sensitive respondents. We then sketch a model of expectation formation

An empirical analysis of valence in electoral competition

Spatial models of voting have dominated mathematical political theory since the seminal work of Downs. The Downsian model assumes that each elector votes on the basis of his utility function which depends only on the distance between his preferred policy platform and the ones proposed by candidates. A succession of papers introduces valence issues into the model, i.e. candidates' characteristics which are independent of the platforms they propose. So far, little is known about which of the existing utility functions used in valence models is the most empirically founded. Using a large survey run prior to the 2007 French presidential election, we evaluate and compare several spatial voting models with valence. Existing models perform poorly in ¯tting the data. However, strong empirical regularities emerge. This leads us to a new model of valence that we call the partisan valence model. This new model makes sense theoretically and is sound empirically

Eleven ancestral gene families lost in mammals and vertebrates while otherwise universally conserved in animals

BACKGROUND: Gene losses played a role which may have been as important as gene and genome duplications and rearrangements, in modelling today species' genomes from a common ancestral set of genes. The set and diversity of protein-coding genes in a species has direct output at the functional level. While gene losses have been reported in all the major lineages of the metazoan tree of life, none have proposed a focus on specific losses in the vertebrates and mammals lineages. In contrast, genes lost in protostomes (i.e. arthropods and nematodes) but still present in vertebrates have been reported and extensively detailed. This probable over-anthropocentric way of comparing genomes does not consider as an important phenomena, gene losses in species that are usually described as "higher". However reporting universally conserved genes throughout evolution that have recently been lost in vertebrates and mammals could reveal interesting features about the evolution of our genome, particularly if these losses can be related to losses of capability. RESULTS: We report 11 gene families conserved throughout eukaryotes from yeasts (such as Saccharomyces cerevisiae) to bilaterian animals (such as Drosophila melanogaster or Caenorhabditis elegans). This evolutionarily wide conservation suggests they were present in the last common ancestors of fungi and metazoan animals. None of these 11 gene families are found in human nor mouse genomes, and their absence generally extends to all vertebrates. A total of 8 out of these 11 gene families have orthologs in plants, suggesting they were present in the Last Eukaryotic Common Ancestor (LECA). We investigated known functional information for these 11 gene families. This allowed us to correlate some of the lost gene families to loss of capabilities. CONCLUSION: Mammalian and vertebrate genomes lost evolutionary conserved ancestral genes that are probably otherwise not dispensable in eukaryotes. Hence, the human genome, which is generally viewed as being the result of increased complexity and gene-content, has also evolved through simplification and gene losses. This acknowledgement confirms, as already suggested, that the genome of our far ancestor was probably more complex than ever considered

Une offre de services adaptée aux comportements des étudiants ? Evaluation et propositions dans le cadre du SCD de Reims Champagne-Ardenne

Projet professionnel personnalisé, travail de fin d\u27étude des élèves bibliothécaires, portant sur l\u27évaluation de l\u27offre de service en bibliothèque universitaire

Politiques de site dans l’enseignement supérieur : quels enjeux pour la documentation ?

Mémoire de fin d\u27étude du diplôme de conservateur, promotion 24, portant sur la stratégie des bibliothèques universitaires en matière de politique documentaire de site, dans le contexte de la recomposition du paysage de l’enseignement supérieur et de la recherche français

FIGENIX: Intelligent automation of genomic annotation: expertise integration in a new software platform

BACKGROUND: Two of the main objectives of the genomic and post-genomic era are to structurally and functionally annotate genomes which consists of detecting genes' position and structure, and inferring their function (as well as of other features of genomes). Structural and functional annotation both require the complex chaining of numerous different software, algorithms and methods under the supervision of a biologist. The automation of these pipelines is necessary to manage huge amounts of data released by sequencing projects. Several pipelines already automate some of these complex chaining but still necessitate an important contribution of biologists for supervising and controlling the results at various steps. RESULTS: Here we propose an innovative automated platform, FIGENIX, which includes an expert system capable to substitute to human expertise at several key steps. FIGENIX currently automates complex pipelines of structural and functional annotation under the supervision of the expert system (which allows for example to make key decisions, check intermediate results or refine the dataset). The quality of the results produced by FIGENIX is comparable to those obtained by expert biologists with a drastic gain in terms of time costs and avoidance of errors due to the human manipulation of data. CONCLUSION: The core engine and expert system of the FIGENIX platform currently handle complex annotation processes of broad interest for the genomic community. They could be easily adapted to new, or more specialized pipelines, such as for example the annotation of miRNAs, the classification of complex multigenic families, annotation of regulatory elements and other genomic features of interest

A rigorous method for multigenic families' functional annotation: the peptidyl arginine deiminase (PADs) proteins family example

BACKGROUND: large scale and reliable proteins' functional annotation is a major challenge in modern biology. Phylogenetic analyses have been shown to be important for such tasks. However, up to now, phylogenetic annotation did not take into account expression data (i.e. ESTs, Microarrays, SAGE, ...). Therefore, integrating such data, like ESTs in phylogenetic annotation could be a major advance in post genomic analyses. We developed an approach enabling the combination of expression data and phylogenetic analysis. To illustrate our method, we used an example protein family, the peptidyl arginine deiminases (PADs), probably implied in Rheumatoid Arthritis. RESULTS: the analysis was performed as follows: we built a phylogeny of PAD proteins from the NCBI's NR protein database. We completed the phylogenetic reconstruction of PADs using an enlarged sequence database containing translations of ESTs contigs. We then extracted all corresponding expression data contained in EST database This analysis allowed us 1/To extend the spectrum of homologs-containing species and to improve the reconstruction of genes' evolutionary history. 2/To deduce an accurate gene expression pattern for each member of this protein family. 3/To show a correlation between paralogous sequences' evolution rate and pattern of tissular expression. CONCLUSION: coupling phylogenetic reconstruction and expression data is a promising way of analysis that could be applied to all multigenic families to investigate the relationship between molecular and transcriptional evolution and to improve functional annotation