How does investor sentiment affect stock market crises? Evidence from panel data

We test the impact of investor sentiment on a panel of international stock markets. Specifically, we examine the influence of investor sentiment on the probability of stock market crises. We find that investor sentiment increases the probability of occurrence of stock market crises within a one-year horizon. The impact of investor sentiment on stock markets is more pronounced in countries that are culturally more prone to herd-like behavior and overreaction or in countries with low institutional involvement. Results also suggest that investors' sentiment is not a reliable predictor of stock market reversal pointsInvestor sentiment ; stock market crises ; reversal points

Clinical and angiographic results of angioplasty with a paclitaxel-eluting stent for unprotected left main coronary artery disease (a study of 101 consecutive patients)

SummaryBackgroundAfter coronary stenting with drug eluting stents, long-term clinical outcome of unprotected left main coronary artery disease is unknown, even large scale registries or randomised trials with coronary artery bypass graft are ongoing.AimsTo report clinical and angiographic results of paclitaxel-eluting stent implantation for left main coronary artery stenosis (a series of 101 consecutive patients).MethodsThis report is a prospective study performed to evaluate the immediate and mid-term clinical and angiographic outcomes of patients undergoing paclitaxel-eluting stent (PES) implantation for unprotected left main coronary artery (LMCA) stenosis.From January 2004 to December 2005, 101 consecutive patients were stented with paclitaxel-eluting stents (the provisional T stenting technique followed by Kissing balloon for distal left main vessel disease).ResultsMean age was 68.9±11.07 years. 73.3% of patients were male. Acute coronary syndrome was present in 65% of patients, of whom 22.8% had ST elevation. Distal left main trunk lesions were present in 87.1% of cases. Three-vessel disease represented 7% of cases. Angiographic success was obtained in 97.03% of patients with an acute gain of 2.18±0.53mm. GPIIbIIIa inhibitors were used in only 8.9% of cases. Hospital stay was 7.6±3.7 days. In-hospital complications were present in 7.9%, with a hospital mortality rate of 2%.At six month follow-up, the rate of target lesion revascularization (TLR) was 3%, and the rate for major adverse cardiac events (MACE) was 8.9%. Angiographic control was performed in 88.1% and a late loss of 0.1mm (0.04–0.2mm) was noted. Re-stenosis occurred in 4 patients (4.5% of cases). 4 patients (4%) died, including 2 from cardiac causes.ConclusionPaclitaxel-eluting stent implantation for unprotected left main coronary disease appears to be safe with high procedural success rate and a low re-stenosis rate at six month-follow-up

A new device for measurement of fibrin clot lysis: application to the Euglobulin Clot Lysis Time

BACKGROUND: Determination of clot lysis times on whole blood, diluted whole blood, plasma or plasma fraction has been used for many years to assess the overall activity of the fibrinolytic system. We designed a completely computerised semi-automatic 8-channel device for measurement and determination of fibrin clot lysis. The lysis time is evaluated by a mathematical analysis of the lysis curve and the results are expressed in minute (range: 5 to 9999). We have used this new device for Euglobulin Clot Lysis Time (ECLT) determination, which is the most common test used in laboratories to estimate plasma fibrinolytic capacity. RESULTS: The correlation between ECLT and manual method is very tight : R = 0,99; p < 10(-6). The efficiency scores of the method are <4% in intra-assay and <7% in inter-assay. It allows to achieve the tests on hyperlipaemic samples. This new device has been easily integrated in laboratory routine and allows to achieve several ECLT every day without disturbance of laboratory workflow. CONCLUSIONS: The routine use of this new device could be useful in various situations such as assessment in atherosclerosis and arteriosclerosis associated diseases, coagulation survey of liver transplantations, cardiovascular surgery or pharmacological research. It has already provided highly promising results in preliminary studies on the relation between fibrinolysis and cardiovascular risk factors

STABILITE ELASTOPLASTIQUE DES BARRES COMPRIME-FLECHIES A IMPERFECTIONS INITIALES

La sédimentation des barrages dans les pays de l’Afrique du nord est très élevée et même spectaculaire. Elle est due directement aux forts taux d’érosion des bassins versants, dont les particules solides sont drainées directement par les cours d’eau et provoqueront à l’entrée des retenues des courants de densité. Cette sédimentation pose d’énormes problèmes à savoir ; la réduction de la capacité, l’obturation des organes de vidange, la sécurité de l’ouvrage, la sédimentation des canaux d’irrigation et elle a même un impact sur la qualité de l’eau

Location Optimization of a Hydraulic Turbine for Koudiet Acerdoune Water Treatment Plants

This study aims to recover the residual energy of the water in the water treatment plant using turbines instead of wasting energy in the dissipator as it is currently done by means of load- breaker valves. Analysis of the technical efficiency of the project and an assessment of the hydroelectric potential available were carried out and different options for the installation of turbines were proposed. The estimated maximum amount of energy that can be recovered is around 7.44 GWh, and the maximum amount of carbon emissions saved are 446.210 tons. The evaluation of the profitability of our project integrating an energy recovery device is fair