Small, alone and poor: a merciless portrait of insolvent French firms, 2007-2010

This empirical paper investigates the path to bankruptcy for a sample of French firms in default, in particular the decision to file a petition for bankruptcy, the arbitrage between rescuing and liquidation and the effective survival. The procedure is depicted as a sequence of three steps in which judges play a crucial role as they decide whether a company is insolvent or not and determine whether an insolvent company deserves to be rescued or, on the contrary, should be liquidated, the market having the last word since the effective success depends on the capability of the firm to recover from the judicial proceedings. We test different hypotheses about the variables influencing each possibility which include i) the role of the market in the firm's health, ii) the influence of financial structures, iii) the importance of corporate governance and iv) the inherent corporate factors of probable survival. Using three linked LOGIT models, our first finding is that the probability to default depends mainly on the market. Secondly the probability to be rescued depends essentially on the financial structure. Finally, the probability for the firm to remain in business in the long term is largely influenced by the market and profitability. Our results also support the idea that governance, size and resources are the main determinants of exit from the market or success of any company.Insolvency, bankruptcy, firm default, financial indicators, size, logit models.

Low-mass star formation in CG1: a diffraction limited search for pre-main sequence stars next to NX Puppis

Using adaptive optics at the ESO 3.6m telescope, we obtained diffraction limited JHK-images of the region around the Herbig AeBe star NX Pup. We clearly resolved the close companion (sep. 0.128") to NX Pup -- originally discovered by HST -- and measured its JHK magnitudes. A third object at a separation of 7.0" from NX Pup was identified as a classical T Tauri star so that NX Pup may in fact form a hierarchical triple system. We discuss the evolutionary status of these stars and derive estimates for their spectral types, luminosities, masses and ages.Comment: Latex using l-aa-ps.sty with links to 5 postscript figures. Complete postscript version also available at http://lucky.astro.uni-wuerzburg.de/ Accepted for publication in A&

Effect of evaporator length on the performance of a self-oscillating fluidic heat engine (SOFHE)

Abstract: This paper reports the effect of evaporator length on the performance of a self-oscillating fluidic heat engine (SOFHE). The SOFHE is a thermal energy harvester, when coupled with an electro-mechanical transducer that was proposed to power wireless sensors widely used in the Internet of Things (IoT). The mechanical power of the SOFHE is in the order of fraction of milliwatts, which makes it a promising power supply for a range of wireless sensors with the power requirements of 10s µW. The SOFHE consists of a vapor bubble trapped by an oscillating liquid plug acting as a piston. The working principle of the SOFHE is similar to a singlebranch pulsating heat pipe. The engine is a small tube (inner diameter of 2 mm) filled with deionized water heated from a closed end and cooled from the opposite open end. By perturbing the equilibrium of the vapor bubble-liquid plug, oscillation start and are sustained by cyclic evaporationcondensation from a thin film in the vapor bubble. To characterize SOFHE’s mechanical power as a function of the evaporator length, measurements of pressure, oscillation amplitude, and frequency are conducted. As the evaporator length decreases (from 7 cm to 1 cm), the oscillation amplitude decreases (from 5.9 mm to 1.5 mm) while the frequency increases (from 27 Hz to 52 Hz). In theory, the power of SOFHE is proportional to the square of frequency and amplitude, so the trend in power is not obvious given the opposing effects. The results show a decrease in the mechanical power from 380 µW to 180 µW, which implies that the negative effect of the amplitude decrease dominates over the increase in frequency. A fourfold decrease was also observed in the net evaporation rate (from 1027 to 242 µg/s), which explains why the amplitude decreases with the evaporator length. The research findings contribute to the design of both SOFHEs and pulsating heat pipes by suggesting that a longer heated zone improves the performance.Communication présentée lors du congrès international tenu conjointement par Canadian Society for Mechanical Engineering (CSME) et Computational Fluid Dynamics Society of Canada (CFD Canada), à l’Université de Sherbrooke (Québec), du 28 au 31 mai 2023

La cause de l'emploi, les usages du droit dans la contestation de plans sociaux

National audienceLa loi du 27 janvier 1993 a fourni aux comités d'entreprise une ressource nouvelle pour contester la régularité des procédures de licenciement collectif. L'emploi n'est plus ainsi l'objet exclusif d'une politique publique, et peut, dans certains cas, devenir l'objet d'une cause des salariés et de leurs représentants. A travers l'étude de trois situations économiques au sein desquelles des procédures de licenciement ont été annulées par la justice, les auteurs s'interrogent sur la pluralité des formes que prend dans chaque situation la cause de l'emploi. A côté d'une cause générale de l'emploi construite à partir du recours au niveau politique le plus élevé, ils distinguent une cause située de l'emploi fondée sur la préservation d'un potentiel productif pour faire face à l'incertitude de marchés spécifiques. La spécificité de ces causes et des mobilisations auxquelles elles donnent lieu tient aux ressources que les salariés tirent d'histoires, de qualifications et de compétences singulières et, plus généralement de l'activité de production à laquelle ils participent. S'appuyant sur les conventions du travail propres à chaque produit, les auteurs analysent la manière dont ces causes influent sur le devenir économique des entreprises en question

Electronic Band Transitions in γ-Ge3N4

This work has been carried out within the framework of the EUROfusion Consortium and has received funding from the Euratom research and training programme 2014-2018 and 2019-2020 under grant agreement No 633053. The views and opinions expressed herein do not necessarily reflect those of the European Commission. Support from Estonian Research Council grant PUT PRG 619 is gratefully acknowledged. The multi-anvil experiments at LMV were supported by the French Government Laboratory of Excellence initiative no ANR-10-LABX-0006, the Région Auvergne and the European Regional Development Fund (ClerVolc Contribution Number 478).Electronic band structure in germanium nitride having spinel structure, γ-Ge3N4, was examined using two spectroscopic techniques, cathodoluminescence and synchrotron-based photoluminescence. The sample purity was confirmed by x-ray diffraction and Raman analyses. The spectroscopic measurements provided first experimental evidence of a large free exciton binding energy De≈0.30 eV and direct interband transitions in this material. The band gap energy Eg = 3.65 ± 0.05 eV measured with a higher precision was in agreement with that previously obtained via XES/XANES method. The screened hybrid functional Heyd–Scuseria–Ernzerhof (HSE06) calculations of the electronic structure supported the experimental results. Based on the experimental data and theoretical calculations, the limiting efficiency of the excitation conversion to light was estimated and compared with that of w-GaN, which is the basic material of commercial light emitting diodes. The high conversion efficiency, very high hardness and rigidity combined with a thermal stability in air up to ~ 700 °C reveal the potential of γ-Ge3N4 for robust and efficient photonic emitters. © 2021, The Korean Institute of Metals and Materials. Published under the CC BY license.Euratom research and training programme 2014-2018 633053; Eesti Teadusagentuur ANR-10-LABX-0006, PUT PRG 619; ERDF; Institute of Solid State Physics, University of Latvia as the Center of Excellence has received funding from the European Union’s Horizon 2020 Framework Programme H2020-WIDESPREAD-01-2016-2017-TeamingPhase2 under grant agreement No. 739508, project CAMART2

MRI-Based Radiomics Input for Prediction of 2-Year Disease Recurrence in Anal Squamous Cell Carcinoma

International audiencePurpose: Chemo-radiotherapy (CRT) is the standard treatment for non-metastatic anal squamous cell carcinomas (ASCC). Despite excellent results for T1-2 stages, relapses still occur in around 35% of locally advanced tumors. Recent strategies focus on treatment intensification, but could benefit from a better patient selection. Our goal was to assess the prognostic value of pre-therapeutic MRI radiomics on 2-year disease control (DC). Methods: We retrospectively selected patients with non-metastatic ASCC treated at the CHU Bordeaux and in the French FFCD0904 multicentric trial. Radiomic features were extracted from T2-weighted pre-therapeutic MRI delineated sequences. After random division between training and testing sets on a 2:1 ratio, univariate and multivariate analysis were performed on the training cohort to select optimal features. The correlation with 2-year DC was assessed using logistic regression models, with AUC and accuracy as performance gauges, and the prediction of disease-free survival using Cox regression and Kaplan-Meier analysis. Results: A total of 82 patients were randomized in the training (n = 54) and testing sets (n = 28). At 2 years, 24 patients (29%) presented relapse. In the training set, two clinical (tumor size and CRT length) and two radiomic features (FirstOrder_Entropy and GLCM_JointEnergy) were associated with disease control in univariate analysis and included in the model. The clinical model was outperformed by the mixed (clinical and radiomic) model in both the training (AUC 0.758 versus 0.825, accuracy of 75.9% versus 87%) and testing (AUC 0.714 versus 0.898, accuracy of 78.6% versus 85.7%) sets, which led to distinctive high and low risk of disease relapse groups (HR 8.60, p = 0.005). Conclusion: A mixed model with two clinical and two radiomic features was predictive of 2-year disease control after CRT and could contribute to identify high risk patients amenable to treatment intensification with view of personalized medicine

Netrin-1 controls sympathetic arterial innervation

Autonomic sympathetic nerves innervate peripheral resistance arteries, thereby regulating vascular tone and controlling blood supply to organs. Despite the fundamental importance of blood flow control, how sympathetic arterial innervation develops remains largely unknown. Here, we identified the axon guidance cue netrin-1 as an essential factor required for development of arterial innervation in mice. Netrin-1 was produced by arterial smooth muscle cells (SMCs) at the onset of innervation, and arterial innervation required the interaction of netrin-1 with its receptor, deleted in colorectal cancer (DCC), on sympathetic growth cones. Function-blocking approaches, including cell type-specific deletion of the genes encoding Ntn1 in SMCs and Dcc in sympathetic neurons, led to severe and selective reduction of sympathetic innervation and to defective vasoconstriction in resistance arteries. These findings indicate that netrin-1 and DCC are critical for the control of arterial innervation and blood flow regulation in peripheral organs

The Changing Landscape for Stroke\ua0Prevention in AF: Findings From the GLORIA-AF Registry Phase 2

Background GLORIA-AF (Global Registry on Long-Term Oral Antithrombotic Treatment in Patients with Atrial Fibrillation) is a prospective, global registry program describing antithrombotic treatment patterns in patients with newly diagnosed nonvalvular atrial fibrillation at risk of stroke. Phase 2 began when dabigatran, the first non\u2013vitamin K antagonist oral anticoagulant (NOAC), became available. Objectives This study sought to describe phase 2 baseline data and compare these with the pre-NOAC era collected during phase 1. Methods During phase 2, 15,641 consenting patients were enrolled (November 2011 to December 2014); 15,092 were eligible. This pre-specified cross-sectional analysis describes eligible patients\u2019 baseline characteristics. Atrial fibrillation disease characteristics, medical outcomes, and concomitant diseases and medications were collected. Data were analyzed using descriptive statistics. Results Of the total patients, 45.5% were female; median age was 71 (interquartile range: 64, 78) years. Patients were from Europe (47.1%), North America (22.5%), Asia (20.3%), Latin America (6.0%), and the Middle East/Africa (4.0%). Most had high stroke risk (CHA2DS2-VASc [Congestive heart failure, Hypertension, Age  6575 years, Diabetes mellitus, previous Stroke, Vascular disease, Age 65 to 74 years, Sex category] score  652; 86.1%); 13.9% had moderate risk (CHA2DS2-VASc = 1). Overall, 79.9% received oral anticoagulants, of whom 47.6% received NOAC and 32.3% vitamin K antagonists (VKA); 12.1% received antiplatelet agents; 7.8% received no antithrombotic treatment. For comparison, the proportion of phase 1 patients (of N = 1,063 all eligible) prescribed VKA was 32.8%, acetylsalicylic acid 41.7%, and no therapy 20.2%. In Europe in phase 2, treatment with NOAC was more common than VKA (52.3% and 37.8%, respectively); 6.0% of patients received antiplatelet treatment; and 3.8% received no antithrombotic treatment. In North America, 52.1%, 26.2%, and 14.0% of patients received NOAC, VKA, and antiplatelet drugs, respectively; 7.5% received no antithrombotic treatment. NOAC use was less common in Asia (27.7%), where 27.5% of patients received VKA, 25.0% antiplatelet drugs, and 19.8% no antithrombotic treatment. Conclusions The baseline data from GLORIA-AF phase 2 demonstrate that in newly diagnosed nonvalvular atrial fibrillation patients, NOAC have been highly adopted into practice, becoming more frequently prescribed than VKA in Europe and North America. Worldwide, however, a large proportion of patients remain undertreated, particularly in Asia and North America. (Global Registry on Long-Term Oral Antithrombotic Treatment in Patients With Atrial Fibrillation [GLORIA-AF]; NCT01468701

Business performance and angels presence: A fresh look from France 2008–2011

Business angels enjoy a strong reputation for being more efficient than other investors among policy makers, practitioners, and scholars. However, due to the limited availability of specific financial data, previous research has barely assessed the impact of angels on companies’ performance. This paper seeks to bridge this gap by providing evidence from a unique dataset made up of 432 angel-backed French companies which are compared to two control groups, one randomly selected and another one consisting of similar enterprises. This double comparison process enables us to purge our analysis of structural effect and to demonstrate the importance of the methodology in generating the sample. Indeed, the results we obtain significantly differ depending on the control group. Our results show that the positive influence of angels depends on the condition of the comparison. The set of BA-backed companies is more likely to exhibit superior performance when it is compared to a random sample whereas the companies’ performance is either identical or worse when it is compared to a sample composed of k-nearest neighbors. In addition, using a quantile regression technique makes it possible to differentiate the effect of business angels based on the distribution of the value of the growth rate. © 2017, Springer Science+Business Media New York