La mesure de performance de la gestion indicielle française

Cet article analyse la performance à long terme des fonds indiciels français en utilisant l'erreur de suivi (Tracking error) comme la mesure la plus appropriée dans le domaine de la gestion indicielle. Malgré la forte croissance des fonds indiciels en France et aux Etats-Unis depuis 1990, leurs performances n'ont guère été étudiées. A partir d'une base de données comprenant 23 fonds indiciels, cet article montre l'existence d'erreur de suivi significative pour les fonds indiciels français, la différence entre la rentabilité mensuelle des fonds et celle de l'indice CAC40 pour une durée de douze ans est entre 0,1 et 2,5 point de base. Ceci est un bilan très honorable pour ce mode de gestion en France par rapport aux autres pays dont l'étude sur erreur de suivi a été faite, notamment l'Australie et les Etats-Unis. cet article analyse aussi l'effet de la stratégie adoptée par les gestionnaires pour dupliquer la rentabilité de Bechmark, sur l'erreur de suivi.Fonds indiciel ; gestion indicielle ; mesure de performance ; erreur de suivi

How to regulate a financial market? The impact of the 1893-1898 regulatory reforms on the Paris Bourse

Theoretical and historical experience suggests a financial centre may either include a single, consolidated and loosely regulated stock exchange attracting all intermediaries and actors, or a variety of exchanges going from strictly regulated to completely unregulated and adapted to the needs of different categories of intermediaries, investors and issuers. Choosing between these two solutions is uneasy because few substantial changes occur at this "meta-regulatory" level. The history of the Paris exchanges provides a good example, since two legal changes in opposite directions occurred in the late 19th century, when Paris was the second financial centre in the world. In 1893, a law threatened the existing two-exchanges equilibrium by diminishing the advantages of the more regulated exchange; in 1898, another law brought them back. We analyse the impact of these two changes on the competition between the exchanges in terms of securities listed, traded volumes and spreads. We conclude competition among exchanges is a delicate matter and efficiency is not always where one would think.Paris stock exchange ; microstructure ; monopoly ; regulation

How to regulate a financial market? The impact of the 1893-1898 regulatory reforms on the Paris Bourse

Theoretical and historical experience suggests a financial centre may either include a single, consolidated and loosely regulated stock exchange attracting all intermediaries and actors, or a variety of exchanges going from strictly regulated to completely unregulated and adapted to the needs of different categories of intermediaries, investors and issuers. Choosing between these two solutions is uneasy because few substantial changes occur at this "meta-regulatory" level. The history of the Paris exchanges provides a good example, since two legal changes in opposite directions occurred in the late 19th century, when Paris was the second financial centre in the world. In 1893, a law threatened the existing two-exchanges equilibrium by diminishing the advantages of the more regulated exchange; in 1898, another law brought them back. We analyse the impact of these two changes on the competition between the exchanges in terms of securities listed, traded volumes and spreads. We conclude competition among exchanges is a delicate matter and efficiency is not always where one would think.Des considérations historiques et théoriques suggèrent qu'une place financière peut s'organiser autour soit d'un marché boursier peu réglementé dont le monopole résulte d'une attraction forte sur tous les intermédiaires, les émetteurs et les investisseurs, soit d'une pluralité de marchés en concurrence par leur niveau de réglementation et par la diversité des services qu'ils proposent, attirant des investisseurs, des émetteurs et des intermédiaires aux préférences différentes. Le choix entre ces deux solutions (unipolaire ou multipolaire) n'est pas facile dans la mesure où peu de changements ont lieu au niveau de cette "méta-organisation. L'histoire de la place de Paris fournit un exemple intéressant dans la mesure où, à la fin du 19e siècle, deux changements réglementaires ont fortement affecté la concurrence entre les différentes bourses : en 1893, une loi menaça l'équilibre existant en restreignant les avantages du marché officiel plus contrôlé, tandis qu'en 1898 une autre le rendit dominant. Nous étudions l'impact de ces lois sur les cotations, les volumes échangés et les spreads observables sur les deux principales bourses de la place. Nous montrons qu'une concurrence efficace entre bourse exige une réglementation délicate à mettre en place

Evaluation of Depression and its Related Factors Among Female Students in Fasa, Iran

Background: We aimed to determine frequency of depression among female adolescent students and its related factors in Fasa, Iran.Methods: In a cross-sectional study, female high school students were evaluated. Depression, mental disorder and family’s relative peace were measured using standard scales.Results: A total of 516 students were evaluated in which 157 (30.4%) students did not suffer any type of depression. The mean depression score of students had significant relationship with history of an addicted family member (P < 0.001), family relative peace (P < 0.001), history of any mental-psychological disorder in family (P < 0.001) and parents’ educational level (P = 0.03).Conclusion: The prevalence of depression was high in female students and was associated with variables such as drug-addicted family member, relative peace and history of mental-psychological disorders in the family

Evaluating the Psychometric Properties of the Persian version of Parkinson Fatigue Scale (PFS-16) in Patients with Parkinson's Disease

Introduction: Parkinson’s disease (PD) is one of the common disorders in the central nervous system. Among non-motor symptoms, fatigue is the most widespread one with prevalence rates of 40-65 that can have an impact on the quality of life of patients. The aim of this study was to evaluate the validity and the reliability of the Persian version of Parkinson Fatigue Scale (PFS-16). Materials and Methods: 70 patients with PD (mean age: 62.7±11.6) participated in this study through non-probability and available sampling method. Test-retest reliability and internal consistency were used to measure the reliability and the Fatigue Severity Scale (FSS), Parkinson's disease questionnaire (PDQ-8) and Visual Analogue fatigue Scale (VAS-F) were employed to measure the criteria validity. Results: Cronbach's alpha and ICC of the Persian version of PFS-16 were both measured to be 0.97. In addition, Kappa coefficient for each item of the scale was measured to be between 0.76 and 1.00, which indicated a very good level of reliability. Correlations between PFS-16 and FSS, PDQ-8 and VAS-F were estimated to be 0.58, 0.51 and 0.49, respectively. Conclusion: Results indicated high reliability and the validity of Persian-version of the mentioned scale. Therefore, its application in related studies is highly recommended.Key words: Fatigue, Parkinson’s disease, Parkinson Fatigue Scale (PFS-16), Reliability, Validit

In Vitro Effects of Four Porcelain Surface Treatment Methods on Adhesion of Lactobacilli Acidophilus

Objective: Adhesion of Lactobacillus acidophilus (L. acidophilus) to dental porcelain surface may lead to gingival inflammation and secondary caries. Surface roughness is among the factors affecting this adhesion. The purpose of this study was to evaluate the effects of four different  surface treatment methods on adhesion of L. acidophilus to dental porcelain.Methods: Sixty specimens (3x10mm) were fabricated of Noritake porcelain and divided into 4 groups (n=15) treated with one of the following four surface finishing techniques:    1. Auto-glazing;2. Over-glazing; 3. Polishing with Kenda kit and 4. No surface treatment (non-glazed specimens). Specimens were inoculated with bacterial suspension containing 1x106colony forming units per milliliter (CFU/mL) and L. acidophilus adhesion to the surfaces was evaluated using a spectrophotometer. Data were analyzed using one-way ANOVA and Tukey’s HSD test.Results: The mean bacterial adhesion was 0.1440 (0.00429) to auto-glazed specimens, 0.0750 (0.00256) to over-glazed specimens, 0.1800 (0.00325) to polished specimens and 0.7064 (0.00408) to the non-glazed specimens. The differences in this regard among groups were statistically significant (p<0.001).Conclusion: Over-glazed specimens caused the lowest and non-glazed specimens caused the highest bacterial adhesion. The glazed surfaces caused less adhesion than the polished surface

The Effect of Instruction and Motivational Self Talk on Performance and Retention of Discrete and Continuous Motor Tasks

Abstract: The aim of this study was to determine the effect of instructional and motivational self-talk in performance and retention of discrete and continuous motor tasks. Participants were 120 males, who divided to six experiential groups. Dart throwing and dynamic balance was selected as discrete and continuous motor tasks, respectively. The scores were recorded after every trial as performance test. 48 hours later was done retention test. Results of MANOVA showed that there is significant difference between instructional, motivational and combinational groups. Therefore, instructional selftalk had a significant and higher effect on discrete motor task; and motivational self-talk had significant and higher effect on continuous motor task. Also, there is no significant difference between groups in retention test. Results of this study were discussed in short term effect of self-talk on performance

Le mauvais ton de Stendhal

L’affaire est entendue : Stendhal écrit mal, et il écrit mal parce qu’il n’a pas de style ou parce qu’il ne soigne pas son style. Il n’a pas de style : lui-même a avoué lire une page du Code civil chaque jour, avant de commencer à écrire, pour obtenir le degré de sécheresse convenable et se prémunir contre les fausses élégances du beau style romantique ; il ne soigne pas son style : Balzac dans son grand article sur La Chartreuse le lui reproche vertement et donne des exemples de ses négligen..

Understanding User Intent Modeling for Conversational Recommender Systems: A Systematic Literature Review

Context: User intent modeling is a crucial process in Natural Language Processing that aims to identify the underlying purpose behind a user's request, enabling personalized responses. With a vast array of approaches introduced in the literature (over 13,000 papers in the last decade), understanding the related concepts and commonly used models in AI-based systems is essential. Method: We conducted a systematic literature review to gather data on models typically employed in designing conversational recommender systems. From the collected data, we developed a decision model to assist researchers in selecting the most suitable models for their systems. Additionally, we performed two case studies to evaluate the effectiveness of our proposed decision model. Results: Our study analyzed 59 distinct models and identified 74 commonly used features. We provided insights into potential model combinations, trends in model selection, quality concerns, evaluation measures, and frequently used datasets for training and evaluating these models. Contribution: Our study contributes practical insights and a comprehensive understanding of user intent modeling, empowering the development of more effective and personalized conversational recommender systems. With the Conversational Recommender System, researchers can perform a more systematic and efficient assessment of fitting intent modeling frameworks