LES EFFETS DE LA CROISSANCE ET DE L'ENDETTEMENT SUR LES MULTIPLES DE CAPITAUX PROPRES : REPRESENTATION THEORIQUE ET COMPARAISON INTERNATIONALE

Cet article s‟interroge sur le rôle de la croissance et de l‟endettement sur l‟apport informationnel de la valeur comptable des fonds propres. A cette fin, un modèle de type Residual Income est développé et ses implications empiriques testées sur un échantillon d‟entreprises américaines, de pays développés hors Etats-Unis et de pays émergents sur la période 2000-2007. Les résultats montrent que dans la plupart des pays considérés, l‟association entre la valeur comptable et la valeur de marché des fonds propres dépend significativement du stade de croissance et des modalités de financement caractérisant l‟entreprisen entreprise en la matière. Par ailleurs, l'engagement affectif envers la profession est lié à l'acquisition de compétences en matière de RSE.Residual income – Association studies – ERC – Endettement – Book value

Assessing Temporary Carbon Sequestration and Storage Projects through Land Use, Land-Use Change and Forestry: Comparison of Dynamic Life Cycle Assessment with Ton-Year Approaches

In order to properly assess the climate impact of temporary carbon sequestration and storage projects through land-use, land-use change and forestry (LULUCF), it is important to consider their temporal aspect. Dynamic life cycle assessment (dynamic LCA) was developed to account for time while assessing the potential impact of life cycle greenhouse gases (GHG) emissions. In this paper, the dynamic LCA approach is applied to a temporary carbon sequestration project through afforestation, and the results are compared with those of the two principal ton-year approaches: the Moura-Costa and the Lashof methods. The dynamic LCA covers different scenarios, which are distinguished by the assumptions regarding what happens at the end of the sequestration period. In order to ascertain the degree of compensation of an emission through a LULUCF project, the ratio of the cumulative impact of the project to the cumulative impact of a baseline GHG emission is calculated over time. This ratio tends to 100% when assuming that, after the end of the sequestration project period, the forest is maintained indefinitely. Conversely, the ratio tends to much lower values in scenarios where part of the carbon is released back to the atmosphere. The comparison of the dynamic LCA approach with the Moura-Costa and the Lashof methods shows that dynamic LCA is a more flexible approach as it allows the consideration of every life cycle stage of the project and it gives decision makers the opportunity to test the sensitivity of the results to the choice of different time horizons.JRC.H.8-Sustainability Assessmen

Surface ocean-lower atmosphere study: Scientific synthesis and contribution to Earth system science

The domain of the surface ocean and lower atmosphere is a complex, highly dynamic component of the Earth system. Better understanding of the physics and biogeochemistry of the air-sea interface and the processes that control the exchange of mass and energy across that boundary define the scope of the Surface Ocean-Lower Atmosphere Study (SOLAS) project. The scientific questions driving SOLAS research, as laid out in the SOLAS Science Plan and Implementation Strategy for the period 2004-2014, are highly challenging, inherently multidisciplinary and broad. During that decade, SOLAS has significantly advanced our knowledge. Discoveries related to the physics of exchange, global trace gas budgets and atmospheric chemistry, the CLAW hypothesis (named after its authors, Charlson, Lovelock, Andreae and Warren), and the influence of nutrients and ocean productivity on important biogeochemical cycles, have substantially changed our views of how the Earth system works and revealed knowledge gaps in our understanding. As such SOLAS has been instrumental in contributing to the International Geosphere Biosphere Programme (IGBP) mission of identification and assessment of risks posed to society and ecosystems by major changes in the Earth́s biological, chemical and physical cycles and processes during the Anthropocene epoch. SOLAS is a bottom-up organization, whose scientific priorities evolve in response to scientific developments and community needs, which has led to the launch of a new 10-year phase. SOLAS (2015–2025) will focus on five core science themes that will provide a scientific basis for understanding and projecting future environmental change and for developing tools to inform societal decision-making

Green Edge ice camp campaigns : understanding the processes controlling the under-ice Arctic phytoplankton spring bloom

The Green Edge initiative was developed to investigate the processes controlling the primary productivity and fate of organic matter produced during the Arctic phytoplankton spring bloom (PSB) and to determine its role in the ecosystem. Two field campaigns were conducted in 2015 and 2016 at an ice camp located on landfast sea ice southeast of Qikiqtarjuaq Island in Baffin Bay (67.4797∘ N, 63.7895∘ W). During both expeditions, a large suite of physical, chemical and biological variables was measured beneath a consolidated sea-ice cover from the surface to the bottom (at 360 m depth) to better understand the factors driving the PSB. Key variables, such as conservative temperature, absolute salinity, radiance, irradiance, nutrient concentrations, chlorophyll a concentration, bacteria, phytoplankton and zooplankton abundance and taxonomy, and carbon stocks and fluxes were routinely measured at the ice camp. Meteorological and snow-relevant variables were also monitored. Here, we present the results of a joint effort to tidy and standardize the collected datasets, which will facilitate their reuse in other Arctic studies

The evolving SARS-CoV-2 epidemic in Africa: Insights from rapidly expanding genomic surveillance

INTRODUCTION Investment in Africa over the past year with regard to severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) sequencing has led to a massive increase in the number of sequences, which, to date, exceeds 100,000 sequences generated to track the pandemic on the continent. These sequences have profoundly affected how public health officials in Africa have navigated the COVID-19 pandemic. RATIONALE We demonstrate how the first 100,000 SARS-CoV-2 sequences from Africa have helped monitor the epidemic on the continent, how genomic surveillance expanded over the course of the pandemic, and how we adapted our sequencing methods to deal with an evolving virus. Finally, we also examine how viral lineages have spread across the continent in a phylogeographic framework to gain insights into the underlying temporal and spatial transmission dynamics for several variants of concern (VOCs). RESULTS Our results indicate that the number of countries in Africa that can sequence the virus within their own borders is growing and that this is coupled with a shorter turnaround time from the time of sampling to sequence submission. Ongoing evolution necessitated the continual updating of primer sets, and, as a result, eight primer sets were designed in tandem with viral evolution and used to ensure effective sequencing of the virus. The pandemic unfolded through multiple waves of infection that were each driven by distinct genetic lineages, with B.1-like ancestral strains associated with the first pandemic wave of infections in 2020. Successive waves on the continent were fueled by different VOCs, with Alpha and Beta cocirculating in distinct spatial patterns during the second wave and Delta and Omicron affecting the whole continent during the third and fourth waves, respectively. Phylogeographic reconstruction points toward distinct differences in viral importation and exportation patterns associated with the Alpha, Beta, Delta, and Omicron variants and subvariants, when considering both Africa versus the rest of the world and viral dissemination within the continent. Our epidemiological and phylogenetic inferences therefore underscore the heterogeneous nature of the pandemic on the continent and highlight key insights and challenges, for instance, recognizing the limitations of low testing proportions. We also highlight the early warning capacity that genomic surveillance in Africa has had for the rest of the world with the detection of new lineages and variants, the most recent being the characterization of various Omicron subvariants. CONCLUSION Sustained investment for diagnostics and genomic surveillance in Africa is needed as the virus continues to evolve. This is important not only to help combat SARS-CoV-2 on the continent but also because it can be used as a platform to help address the many emerging and reemerging infectious disease threats in Africa. In particular, capacity building for local sequencing within countries or within the continent should be prioritized because this is generally associated with shorter turnaround times, providing the most benefit to local public health authorities tasked with pandemic response and mitigation and allowing for the fastest reaction to localized outbreaks. These investments are crucial for pandemic preparedness and response and will serve the health of the continent well into the 21st century

Les collectivités : une source de déchets organiques et une voie de valorisation de la chaleur pour la méthanisation agricole ?

Un des intérêts de la méthanisation est qu'elle peut participer à un recyclage extrêmement rentable des déchets. De fait, les collectivités ont un rôle à jouer dans ce processus car elles génèrent de nombreux types de déchets. Mais dans quelles mesures leur participation est-elle actuellement intéressante ? La volonté d'aboutir à une plus grande efficacité induit des changements de comportement de la part des foyers et des institutions. Quels sont-ils

Les collectivités : une source de déchets organiques et une voie de valorisation de la chaleur pour la méthanisation agricole ?

Un des intérêts de la méthanisation est qu'elle peut participer à un recyclage extrêmement rentable des déchets. De fait, les collectivités ont un rôle à jouer dans ce processus car elles génèrent de nombreux types de déchets. Mais dans quelles mesures leur participation est-elle actuellement intéressante ? La volonté d'aboutir à une plus grande efficacité induit des changements de comportement de la part des foyers et des institutions. Quels sont-ils

LES COURS BOURSIERS ET LES PREVISIONS DE RENTABILITE DES ANALYSTES SONT-ILS EN PHASE?

International audienceIn this paper we propose a new analysis of the association between the growth of the earnings per share (eps) as reflected in analysts' forceasts, the book value of equity, the eps and the market value of equity. Specifically, we motivate and introduce a new specification of the dynamics of the growth in eps and test its implications in equity valuation. Our empirical results support the predictions of the valuation model and appear consistent with the time varying level of association between the stock prices, the eps and the grouth in eps.Nous nous intéressons à l'influence de la spécification de la croissance attendue des bénéfices sur l'évaluation des actions. Nous présentons un modèle d'évaluation permettant d'apprécier les relations entre le cours boursier, le résultat net par action prévu par les analystes, la croissance à court terme attendue et la valeur comptable des capitaux propres. Les résultats empiriques indiquent notamment que le lien avec la croissance attendue à court terme s'avère d'une intensité très variable, comme le laisse prévoir le modèle théorique. Plus spécifiquement, après avoir connu une longue période de faible association avec la rentabilité espérée et la croissance attendue, les cours boursiers des entreprises américaines apparaissent depuis 2006 beaucoup plus en phase avec les prévisions