Development path and capital structure of belgian biotechnology firms

This study investigates the relationship between the evolution of real options values and associated financing policies for Belgian companies in the sector of bio-industries. Each firm's situation regarding the relevant types of real options is stylistically represented through a scenario tree. The consumption of a time-to-build or a growth option is respectively considered as a success or a failure in company development. Empirically, several variables enable us to locate each company along the tree at any time. The study of transitions leads us to discover that failures tend to trigger higher leverage, unlike in the trade-off theory. Yet, the increases in debt maturity, in lease and in convertible financing confirm our predictions. Overall, we emphasize evidence of undercapitalization and of proper, yet insufficient, use of hybrid financing by biotech companies.

Sociologie économique début de siècle: L’impossible troisième voie entre histoire et théorie économique

International audienceCet article propose à partir de textes de Weber, Durkheim et Simiand et de quelques études récentes sur ces auteurs, de réfléchir aux processus de constitution de deux traditions de sociologie économique qui se présentent aussi comme deux modalités possibles d’un entre-deux entre histoire et théorie économique

Computer Aided Diagnosis System Based on Random Forests for the Prognosis of Alzheimer’s Disease

peer reviewedIn this abstract, we propose an original CAD system consisting in the combination of brain parcelling, ensemble of trees methods, and selection of (groups of) features using the importance scores embedded in tree-based methods. Indeed, on top of their ease of use and accuracy without ad hoc parameter tuning, tree ensemble methods such as random forests (RF) (Breiman, 2001) or extremely randomized trees (ET) (Geurts et al., 2006) provide interpretable results in the form of feature importance scores. We also compare the performance and interpretability of our proposed method to standard RF and ET approaches, without feature selection, and to multiple kernel learning (MKL). The latter was shown to be an efficient method notably capable of dealing with anatomically defined regions of the brain by the use of multiple kernels

1s2s2p23d 6L - 1s2p33d 6D, L=F, D, P Transitions in O IV, F V and Ne VI

We present observations of VUV transitions between doubly excited sextet states in O IV, F V and Ne VI. Spectra were produced by collisions of an O+ beam with a solid carbon target. We also studied spectra obtained previously of F V and Ne VI. Some observed lines were assigned to the 1s2s2p23d 6L - 1s2p33d 6D, L=F, D, P electric-dipole transitions, and compared with results of MCHF (with QED and higher-order corrections) and MCDF calculations. 42 new lines have been identified. Highly excited sextet states in five-electron ions provide a new form of energy storage and are possible candidates for VUV and x-ray lasers.Comment: 11 pages, 12 figure

On a multistage discrete stochastic optimization problem with stochastic constraints and nested sampling

fals

Description and Predictive Factors of individual outcomes in a refugee camp based mental health intervention (Beirut, Lebanon)

There is little evidence on the effectiveness of services for the care of people with mental disorders among refugee populations. Médecins sans Frontières (MSF) has established a mental health centre in a mixed urban-refugee population in Beirut to respond to the significant burden of mental health problems. Patients received comprehensive care through a multidisciplinary team. A cohort of people with common and severe mental disorders has been analysed between December 2008 and June 2011 to evaluate individual outcomes of treatment in terms of functionality

Overview of possibilities and challenges of the use of infrared spectrometry in cattle breeding

peer reviewedNear or mid-infrared (NIR or MIR) spectrometry is a versatile and cost-efficient technology used in cattle production to trace the chemical composition of gases, liquids and solid matters. Recent research showed the potential of MIR spectrometry in milk to predict many different milk components but also status and well-being of the cows, quality of their products, their efficiency and their environmental impact. Under changing socio-economic circumstances, novels traits could help to select for enlarged breeding objectives. But the following challenges need to be overcome: (1) access to and harmonization of MIR data; (2) availability of reference values representing the variability to be described, also highlighting the importance of international collaborations; (3) difficulties to obtain, but also to transfer prediction equations between instruments; (4) modeling of the massive longitudinal data generated; (5) estimation of parameters to assess phenotypic and genetic variability and links with other traits leading to the; (6) assessment of the position of novel traits in breeding objectives. Recent research reported how to address these issues for traits close to routine use including fatty acids and methane. Expected future developments include direct use of MIR data and multivariate modeling of novel traits. Similarly, genomic prediction for novel traits, which are limited by the availability of phenotyped reference populations, will also benefit from the use of correlated, MIR predicted, traits. Currently, MIR instruments can only be used in the frame of milk recording and not on-farm. But recent research showed that NIR is closing the gap thereby allowing advances in precise on-farm phenotyping and giving new opportunities for breeding, but also management. Possibilities for the use of infrared technologies for other trait groups such as meat composition and quality should allow cross-fostering of developments

The Neural Substrates of Memory Suppression: A fMRI Exploration of Directed Forgetting

The directed forgetting paradigm is frequently used to determine the ability to voluntarily suppress information. However, little is known about brain areas associated with information to forget. The present study used functional magnetic resonance imaging to determine brain activity during the encoding and retrieval phases of an item-method directed forgetting recognition task with neutral verbal material in order to apprehend all processing stages that information to forget and to remember undergoes. We hypothesized that regions supporting few selective processes, namely recollection and familiarity memory processes, working memory, inhibitory and selection processes should be differentially activated during the processing of to-be-remembered and to-be-forgotten items. Successful encoding and retrieval of items to remember engaged the entorhinal cortex, the hippocampus, the anterior medial prefrontal cortex, the left inferior parietal cortex, the posterior cingulate cortex and the precuneus; this set of regions is well known to support deep and associative encoding and retrieval processes in episodic memory. For items to forget, encoding was associated with higher activation in the right middle frontal and posterior parietal cortex, regions known to intervene in attentional control. Items to forget but nevertheless correctly recognized at retrieval yielded activation in the dorsomedial thalamus, associated with familiarity-based memory processes and in the posterior intraparietal sulcus and the anterior cingulate cortex, involved in attentional processes