Les annonces de notations extrafinancières véhiculent-elles une information au marché?

(VF)Cet article analyse comment les investisseurs réagissent aux annonces de notations sociétales. Grâce à un échantillon d’annonces sur le marché français par Vigeo sur la période 2004-2009, nous mettons en évidence un impact globalement positif sur les rentabilités, qui dépend de la valeur du score et du domaine de notation. Sur les échanges, nous observons deux effets qui se compensent : une baisse des volumes de transaction avant, suivie d'une hausse après l'annonce.(VA)This paper examines how investors react to announcements of corporate social responsibility. From a sample of corporate social rating announcements by Vigeo on the French stock market during the 2004-2009 period, we find a significantly positive effect on stock returns, which depends on the score value and the field of notation. We observe compensating effects on trading volume: a decrease before the announcement followed by an increase afterwards.notation sociétale;performance sociétale et financière;ISR.corporate social responsibility rating;social and financial performance;SRI.

Atmospheric emission inventory of Maurienne valley for an atmospheric numerical model

Within the framework of an air quality study of the French alpine valleys (POVA program), an atmospheric emission inventory concerning major pollutants: CO, NOx, SO(2), CH(4), particles (PT) and non-methane volatile organic compounds (NMVOC) was carried out. This inventory has a spatial resolution of 1 km(2) and was established for the reference year 2003. The coexistence of economic activities and the Vanoise national park makes the Maurienne valley a sensitive site, particularly representative of the problems of sustainable development in alpine areas, where air pollution is one of the most important aspects. The area, which covers 4588 km(2), is an alpine valley that is sensitive to air pollution due to the emission sources (traffic, industries, private heating, etc.), its morphology (a narrow valley surrounded by high ranges), and local meteorology (temperature inversions and slope winds). As expected, the result which includes both biogenic and anthropogenic sources shows serious emissions of pollutants that are mainly due to the presence of highways and industries around. Two emission inventories were drawn up: one with emission factors determined by CORINAIR (from the European Environment Agency) and the other with emission factors determined by BUWAL-OFEFP (from Swiss Agency for the Environment, Forests and Landscape). The inventories were then compared thanks to concentrations calculated from a numerical model. Computations were run for an intensive field observation period from 25 June to 2 July 2003

Evaluation of local ozone production of Chamonix valley (France) during a regional smog episode

Proceedings of the 27 NATO/CCMS International Technical Meeting on Air Pollution Modeling and Its Application held in Banff, Canada, 24-29 October 2004.During the summer 2003 a POVA Intensive Observation Period (IOP) aimed at determining the sources of airborne pollutants and monitoring their concentrations in two French Alpine valleys: the Chamonix and the Maurienne valleys (see figure 1 for geographic location). The Pollution of Alpine Valleys (POVA) program was launched in 2000 after the traffic interruption under the Mont-Blanc that followed the tragic accident in the tunnel. The Mont-Blanc tunnel was reopened at the end of 2002 and caused the high duty vehicle traffic (about 1100 trucks per day) to be back in the Chamonix valley. The summer 2003 IOP took place from 5 to 12 July in the Chamonix valley. A high ozone event occurred from 5 to 14 July at regional scales and was well characterised by measurements at rural monitoring sites. To better understand the particular atmospheric circulation, and to study the chemical reactions of airborne pollutants within the valleys, mesoscale modelling is applied. For meteorological calculation, the fifth generation PSU/NCAR Mesoscale Model (MM5) was used at scales ranging from 27 to 1 km. MM5 was coupled with the Chemistry Transport Model (CTM) CHIMERE at regional scales and with the CTM TAPOM at a one-kilometre resolution. Simulations were performed for the period 5-12 July 2003 with different emission sets aiming at studying the impact of the international road traffic in the valley on airborne pollutant concentrations

Modéles d'atmosphère locale et qualité de l'air en région montagneuse, étude de scénarios

La qualité de l'air dans les régions montagneuses dépend d'une dynamique atmosphérique locale aux vallées qui interagit avec les échelles synoptiques de météorologie. La modélisation associe un calcul tri dimenionnel instationnaire de type simulation des grands échelles à des schémas de réaction chimique. Ces modèles sont évalués par comparaison de leurs résultats avec des mesures collectées sur le terrain et par la bonne reproduction de phénomènes typiques de ces régions tels que les vents de vallée et l'évolution diurne de la hauteur de couche mélangée. Les modèles sont utilisés dans le cadre de scénarios pour évaluer des impacts d'émission sur la qualité de l'air. L'imbrication de domaines de calcul permet de prendre en compte la très large gamme d'échelles de mouvement. On s'appuie sur l'étude de deux sites réels : la vallée de Chamonix encaissée entre de fortes pentes, l'agglomération grenobloise avec des émissions de pollution typique d'une ville importante

Ostreid herpesvirus 1 detection and relationship with Crassostrea gigas spat mortality in France between 1998 and 2006

Since its molecular characterisation, Ostreid herpesvirus 1 (OsHV-1) has been regularly detected in Crassostrea gigas in France. Although its pathogenicity was demonstrated on larval stages, its involvement during mortality outbreaks at the juvenile stage was highly suspected but not evidenced. To investigate mortality outbreaks, the French National Network for Surveillance and Monitoring of Mollusc Health (REPAMO) carried out two surveys in juvenile C. gigas. The first survey lasted from 1998 to 2006 and was an epidemiological inquiry occurring when oyster farmers reported mortality outbreaks. The second survey, a longitudinal one, was set up in 1998 to complete the network observations on OsHV-1. Data analysis showed a specific pattern of mortality outbreaks associated with OsHV-1 detection. Ostreid herpesvirus 1 detection mainly appeared during the summer, suggesting the influence of the seawater temperature on its occurrence. It mostly presented a patchy distribution in the field in contrast to the nursery. Significant relationship between OsHV-1 detection and spat mortality was found, preferentially in sheltered and closed environments. The longitudinal survey confirmed most of the network observations. Although subsequent works particularly epidemiological surveys would be useful to confirm the causal link between the detection of OsHV-1 and the mortality outbreaks in juvenile C. gigas, the role of OsHV-1 in oyster mortality is progressing

Multi-host disease management: the why and the how to include wildlife

<p>In recent years, outbreaks caused by multi-host pathogens (MHP) have posed a serious challenge to public and animal health authorities. The frequent implication of wildlife in such disease systems and a lack of guidelines for mitigating these diseases within wild animal populations partially explain why the outbreaks are particularly challenging. To face these challenges, the French Ministry of Agriculture launched a multi-disciplinary group of experts that set out to discuss the main wildlife specific concepts in the management of MHP disease outbreaks and how to integrate wildlife in the disease management process. This position paper structures the primary specific concepts of wildlife disease management, as identified by the working group. It is designed to lay out these concepts for a wide audience of public and/or animal health officers who are not necessarily familiar with wildlife diseases. The group's discussions generated a possible roadmap for the management of MHP diseases. This roadmap is presented as a cycle for which the main successive step are: step 1-descriptive studies and monitoring; step 2-risk assessment; step 3-management goals; step 4-management actions and step 5-assessment of the management plan. In order to help choose the most adapted management actions for all involved epidemiological units, we integrated a decision-making framework (presented as a spreadsheet). This tool and the corresponding guidelines for disease management are designed to be used by public and health authorities when facing MHP disease outbreaks. These proposals are meant as an initial step towards a harmonized transboundary outbreak response framework that integrates current scientific understanding adapted to practical intervention.</p

Identification and Evolution of Drug Efflux Pump in Clinical Enterobacter aerogenes Strains Isolated in 1995 and 2003

BACKGROUND: The high mortality impact of infectious diseases will increase due to accelerated evolution of antibiotic resistance in important human pathogens. Development of antibiotic resistance is a evolutionary process inducing the erosion of the effectiveness of our arsenal of antibiotics. Resistance is not necessarily limited to a single class of antibacterial agents but may affect many unrelated compounds; this is termed 'multidrug resistance' (MDR). The major mechanism of MDR is the active expulsion of drugs by bacterial pumps; the treatment of gram negative bacterial infections is compromised due to resistance mechanisms including the expression of efflux pumps that actively expel various usual antibiotics (beta-lactams, quinolones, ...). METHODOLOGY/PRINCIPAL FINDINGS: Enterobacter aerogenes has emerged among Enterobacteriaceae associated hospital infections during the last twenty years due to its faculty of adaptation to antibiotic stresses. Clinical isolates of E. aerogenes belonging to two strain collections isolated in 1995 and 2003 respectively, were screened to assess the involvement of efflux pumps in antibiotic resistance. Drug susceptibility assays were performed on all bacterial isolates and an efflux pump inhibitor (PAbetaN) previously characterized allowed to decipher the role of efflux in the resistance. Accumulation of labelled chloramphenicol was monitored in the presence of an energy poison to determine the involvement of active efflux on the antibiotic intracellular concentrations. The presence of the PAbetaN-susceptible efflux system was also identified in resistant E. aerogenes strains. CONCLUSIONS/SIGNIFICANCE: For the first time a noticeable increase in clinical isolates containing an efflux mechanism susceptible to pump inhibitor is report within an 8 year period. After the emergence of extended spectrum beta-lactamases in E. aerogenes and the recent characterisation of porin mutations in clinical isolates, this study describing an increase in inhibitor-susceptible efflux throws light on a new step in the evolution of mechanism in E. aerogenes