Dual formulation of the utility maximization problem: the case of nonsmooth utility

We study the dual formulation of the utility maximization problem in incomplete markets when the utility function is finitely valued on the whole real line. We extend the existing results in this literature in two directions. First, we allow for nonsmooth utility functions, so as to include the shortfall minimization problems in our framework. Second, we allow for the presence of some given liability or a random endowment. In particular, these results provide a dual formulation of the utility indifference valuation rule

Competing Ways of Life: Islamism, Secularism, and Public Order in the Tunisian Transition

Near Eastern Languages and Civilization

Content Analysis Of Board Reports On Corporate Governance, Internal Controls And Risk Management: Evidence From France

The French legislature has mandated in 2008 that the board chairperson reports on governance, internal controls, and risk management approach with the objective to enhance corporate disclosures to investors.  This study examines the content of board chair reports to assess their relevance and compliance with mandated disclosure requirements. Based on a sample of 109 french publicly listed comapnies in 2009, Our results show that,  with the exception of banks subject to a more stringent regulatory standard, the mandatory nature of the legislation did not translate in extended disclosures about internal controls and risk management practices. We further observe significant variations among the different indices of disclosure particularly with regards internal accounting and financial control. The multivaraite results validate the influence of the chosen internal control framework as well as firm characteristics on the content of the information disclosed about governance, internal control, and risk management practices

Earnings Management Effect In Different Stock Market Cycles

This study examines the association between stock prices and discretionary accruals in different stock market cycles. The study presents evidence for a discrepancy in prior research and shows that investors are able to identify earnings management only in some cases. We argue that investors’ reaction to the true nature of EPS varies in different market cycles. We suggests that investors pay less attention to the nature of EPS changes in an optimistic cycles, and are more critical in neutral or pessimistic cycles. Therefore, investors are more likely to detect and count for any earnings management in the neutral or pessimistic cycle than in the optimistic cycle. The test results indicated that the association between discretionary accruals and abnormal stock returns were insignificant in the neutral market cycle, significant and positive in the optimistic cycle and significant and negative in the pessimistic cycle. These findings indicate that investors tend to ignore the income-increasing effect of discretionary accruals on EPS changes in an optimistic market. The findings suggest that researchers investigating the association between stock prices and earnings management should control for the type of the market cycle from which their samples are drawn

Oxidative stress and histopathological changes induced by methylthiophanate, a systemic fungicide, in blood, liver and kidney of adult rats

Background: Methyl-thiophanate (MT), a fungicide largely used in agriculture throughout the world including Tunisia, protects many vegetables, fruits and field crops against a wide spectrum of fungal diseases. Oxidative stress has been proposed as a possible mechanism involved in MT toxicity on non-target organism.Methods: In the present study, the effect of MT injected intraperitoneally to adult rats at 300 or 500 mg/kg of body weight was studied on blood, liver and kidney.Results: Our results showed 3 days after MT injection, a significant decrease in hemoglobin and hematocrit values. A disruption in total white blood cells and platelets also occurred. Accordingly, an increased in malondialdehyde, H2O2 and advanced oxidation protein levels in liver and kidney were noted with the two doses. A significant change in plasma biomarkers and organ enzymatic and non-enzymatic activities were observed after MT treatment. The modifications in biochemical parameters were substantiated by histopathological data.Conclusion: These data confirmed the pro-oxidant effects of this fungicide. Accordingly, care must be taken to avoid mammalian and human exposure to MT.Keywords: Methyl-thiophanate, white blood cells, red blood cells, liver, kidne

The Implicit Sharia: Established Religion and Varieties of Secularism in Tunisia

Near Eastern Languages and Civilization

Centre d’études interdisciplinaires des faits religieux

Malika Zeghal, chargée de recherche au CNRS Religion et politique en Islam : réformisme, islamismes, et institutions religieuses dans l’islam du XXe siècle Le séminaire a abordé la question de la non-séparabilité du religieux et du politique dans l’Islam à partir de l’exemple de pays arabes et musulmans. Nous avons réfléchi à la manière de désenclaver l’étude de l’islam contemporain des présupposés orientalistes et culturalistes, et de comprendre comment s’organisent – à travers des exemples ..

Veiling and Unveiling Muslim Women: State Coercion, Islam, and the "Disciplines of the Heart"

Near Eastern Languages and Civilization

Religion et politique en Islam : islamismes, réformismes et institutions religieuses

Malika Zeghal, chargée de recherche au CNRS Le séminaire a abordé la question de la non-séparabilité du religieux et du politique dans l’Islam à partir de l’exemple de pays arabes et musulmans au XXe siècle. Nous avons réfléchi à la manière de désenclaver l’étude de l’Islam contemporain des présupposés orientalistes et culturalistes, et de comprendre comment s’organisent - à travers des exemples précis - les relations entre deux grandes sphères : celles du politique et du religieux. Le sémina..