EVOLUTION ET EFFETS INCITATIFS DES STOCK-OPTIONS : LE CAS DES DIRIGEANTS DU CAC40

Cet article étudie l'évolution et les effets incitatifs des stock-options attribuées aux dirigeants de dix-huit entreprises du CAC40 entre 1994 et 2003. Une base de données portant sur 184 plans d'attribution de stock-options par ces entreprises est utilisée afin de suivre l'évolution et la sensibilité des stock-options aux variations de la valeur boursière, du prix d'exercice et de la volatilité. Nos résultats montrent que les stock-options en France ont évolué d'une manière spectaculaire entre 1994 et 2003. Leurs valeurs étaient étroitement liées aux variations du cours boursiers, du prix d'exercice et de la volatilité. En outre, nous établissons que la valeur des stock-options est plus sensible à la rentabilité spécifique associée à l'effort et au savoir-faire des dirigeants qu'à la performance due aux fluctuations du marché.Classification JEL : J33 ; G13. Mots clés : stock-options, incitations, rémunération des dirigeants, évaluation des options

Frequency Change-Point Detection in physiological Signals : an Algebraic Approach

International audienceThis paper considers the problem of change-point detection for noisy data. Estimation of signal frequency content relies on differential algebra and non-commutative algebra together with operational calculus. We adapt this approach to the study of changes that may be observed in EEG signal dynamics during epileptic seizure and in ECG signal during the occurrence of a QRS complex. The correlation with frequency change is what this idea is based on. The interest of our estimator is firstly il lustrated according to several academic examples. Then, the method is applied on real physiological signals to detect abrupt frequency changes

“With every passing day I feel like a candle, melting little by little.” experiences of long-term displacement amongst Syrian refugees in Shatila, Lebanon

Abstract Background Long term displacement and exposure to challenging living conditions can influence family dynamics; gender roles; violence at home and in the community and mental well-being. This qualitative study explores these issues as perceived by Syrian refugees who have been living in Shatila, a Palestinian camp in South Beirut, Lebanon, for at least 2 years. Methods Twenty eight in-depth interviews with men and women were conducted between February and June 2018. Women were recipients of mental health services, and men were recruited from the local community. Interviews were conducted in Arabic, translated, transcribed, coded and analysed using thematic content analysis. Results Our results show patterns of harsh living conditions similar to those described earlier in the course of the Syrian refugee crisis. Lack of infrastructure, overcrowding, cramped rooms and violence were all reported. Participants also described a lack of social support, discrimination and harassment within the host community, as well as limited social support networks within their own Syrian refugee community. Family dynamics were affected by the increased responsibilities on men, women and children; with additional economic and employment demands on men, women assuming the roles of ‘mother and father’ and children having to work and contribute to the household. Participants discussed several types of violence, including parental violence against children and violence in the community. Violence against women was also reported. Reported mental health issues included depression, anxiety, sadness, frustration, hopelessness, self-neglect and a loss of sense of self and self-worth. Some participants expressed a wish to die. Conclusions This study describes experiences of changing gender roles, family dynamics, violence and mental health after long-term displacement in in Shatila camp, South Beirut as perceived by Syrian refugees. A lack of safety and security coupled with economic hardship rendered refugees even more susceptible to exploitation and harassment. Parental violence was the most commonly reported type of domestic violence

Antithrombin attenuates myocardial dysfunction and reverses systemic fluid accumulation following burn and smoke inhalation injury: a randomized, controlled, experimental study

Introduction: We hypothesized that maintaining physiological plasma levels of antithrombin attenuates myocardial dysfunction and inflammation as well as vascular leakage associated with burn and smoke inhalation injury. Therefore, the present prospective, randomized experiment was conducted using an established ovine model. Methods: Following 40% of total body surface area, third degree flame burn and 4 × 12 breaths of cold cotton smoke, chronically instrumented sheep were randomly assigned to receive an intravenous infusion of 6 IU/kg/h recombinant human antithrombin (rhAT) or normal saline (control group; n = 6 each). In addition, six sheep were designated as sham animals (not injured, continuous infusion of vehicle). During the 48 h study period the animals were awake, mechanically ventilated and fluid resuscitated according to standard formulas. Results: Compared to the sham group, myocardial contractility was severely impaired in control animals, as suggested by lower stroke volume and left ventricular stroke work indexes. As a compensatory mechanism, heart rate increased, thereby increasing myocardial oxygen consumption. In parallel, myocardial inflammation was induced via nitric oxide production, neutrophil accumulation (myeloperoxidase activity) and activation of the p38-mitogen-activated protein kinase pathway resulting in cytokine release (tumor necrosis factor-alpha, interleukin-6) in control vs. sham animals. rhAT-treatment significantly attenuated these inflammatory changes leading to a myocardial contractility and myocardial oxygen consumption comparable to sham animals. In control animals, systemic fluid accumulation progressively increased over time resulting in a cumulative positive fluid balance of about 4,000 ml at the end of the study period. Contrarily, in rhAT-treated animals there was only an initial fluid accumulation until 24 h that was reversed back to the level of sham animals during the second day. Conclusions: Based on these findings, the supplementation of rhAT may represent a valuable therapeutic approach for cardiovascular dysfunction and inflammation after burn and smoke inhalation injury.<br

Les frontières de l'égalité de traitement : le service militaire reste réservé aux hommes

International audienc

Vente d’Immeuble. Environnement. Prévention des risques naturels

International audienc

La responsabilité des concepteurs en droit administratif

International audienc